# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-26-001754
**Filing Date:** 2026-3
**Character Count:** 205406
**Document Hash:** bf83f42b96bef0c8af38831742d647a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001754.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001580642-26-001754

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**EFFECTIVENESS DATE**: 20260311

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22549
- **FILM NUMBER:** 26743743

**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 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>12/31/25</u>

**Item 1. Reports to Stockholders.**

(a) #### Acclivity Small Cap Value Fund

#### Class I (AXVIX)

#### Annual Shareholder Report - December 31, 2025
![Image](id757021be675bc893df418ee.jpg)

# Fund Overview
This annual shareholder report contains important information about Acclivity Small Cap Value Fund for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $49 | 0.48% |

---

#### How did the Fund perform during the reporting period?
In 2025, global growth remained resilient despite persistent trade and tariff uncertainties. While headline inflation continued its downward trajectory, the pace of deceleration was more gradual than many market participants had anticipated. The labor market transitioned from the "post-pandemic frenzy" to a state of steady cooling, providing the necessary latitude for central banks to initiate policy easing.

Following a volatile start to the year, U.S. equities—represented by the S&P 500 Index—advanced approximately 18%. This growth was underpinned by robust economic fundamentals, strong corporate earnings, and the continued acceleration of capital expenditure spending dedicated to artificial intelligence. Within the U.S. market, performance was bifurcated: Communication Services and Information Technology significantly outperformed, while the Real Estate and Consumer Staples sectors lagged. The broader fixed-income market, represented by the Bloomberg U.S. Aggregate Bond Index, gained approximately 7% for the year. This marked its strongest performance since 2020, as elevated starting yields provided a significant "total return buffer" for investors. In terms of investment style, growth stocks outperformed value across large- and small-cap indices, while notably lagging value within the mid-cap segment.

In 2025, Acclivity Small Cap Value Fund I Share class ("AXVIX") was up 5.14%, while the Morningstar US Small Broad Value Extended Index (the "Benchmark") was up 10.48%. When we break down the fund's results, security selection drove most of the underperformance. From the allocation perspective, overweight in communication services and underweight in real estate gave a boost, whereas having less in utilities and health care detracted. In terms of individual picks, our holdings in real estate and consumer staples contributed the most, while selections in health care, industrials, and technology holdings pulled results lower.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib3b85c6ae146f1e99e88733e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Acclivity Small Cap Value Fund** | **Morningstar US Small Cap Broad Value Extended TR (USD)** | **Russell 2000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Dec-2018** | $10000 | $10000 | $10000 | $10000 |
| **Dec-2019** | $11844 | $12320 | $12239 | $13149 |
| **Dec-2020** | $12733 | $12810 | $12807 | $15568 |
| **Dec-2021** | $17648 | $16653 | $16427 | $20037 |
| **Dec-2022** | $16875 | $14913 | $14048 | $16408 |
| **Dec-2023** | $20692 | $17339 | $16105 | $20721 |
| **Dec-2024** | $21868 | $18947 | $17403 | $25905 |
| **Dec-2025** | $22992 | $20934 | $19594 | $30537 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2018)** |
| Acclivity Small Cap Value Fund | 5.14% | 12.55% | 12.63% |
| Morningstar US Small Cap Broad Value Extended TR (USD) | 10.48% | 10.32% | 11.13% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 10.09% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 17.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 855-873-3837.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $28906277 |
| Number of Portfolio Holdings | 498 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 57% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic01146cce14d45eb522cf7af.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 14.9% |
| Common Stocks | 84.2% |
| Money Market Funds | 0.9% |
| Right | 0.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Asset Portfolio | 17.6% |
| Lincoln National Corporation | 1.3% |
| Alcoa Corporation | 1.1% |
| First American Treasury Obligations Fund, Class X | 1.1% |
| Jackson Financial, Inc. | 1.0% |
| Axis Capital Holdings Ltd. | 1.0% |
| Ovintiv, Inc. | 0.9% |
| ADT, Inc. | 0.9% |
| Dillard's, Inc., Class A | 0.9% |
| Jazz Pharmaceuticals PLC | 0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i59e13cf89c354f1ad59ca4ce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -18.2% |
| Real Estate | 1.6% |
| Communications | 4.3% |
| Consumer Staples | 4.5% |
| Materials | 5.6% |
| Health Care | 7.5% |
| Technology | 7.6% |
| Energy | 7.8% |
| Industrials | 12.1% |
| Money Market Funds | 18.7% |
| Consumer Discretionary | 19.3% |
| Financials | 29.2% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](id757021be675bc893df418ee.jpg)

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

#### Annual Shareholder Report - December 31, 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-AR 123125-AXVIX

#### Acclivity Small Cap Value Fund

#### Class N (AXVNX)

#### Annual Shareholder Report - December 31, 2025
![Image](id757021be675bc893df418ee.jpg)

# Fund Overview
This annual shareholder report contains important information about Acclivity Small Cap Value Fund for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $75 | 0.73% |

---

#### How did the Fund perform during the reporting period?
In 2025, global growth remained resilient despite persistent trade and tariff uncertainties. While headline inflation continued its downward trajectory, the pace of deceleration was more gradual than many market participants had anticipated. The labor market transitioned from the "post-pandemic frenzy" to a state of steady cooling, providing the necessary latitude for central banks to initiate policy easing.

Following a volatile start to the year, U.S. equities—represented by the S&P 500 Index—advanced approximately 18%. This growth was underpinned by robust economic fundamentals, strong corporate earnings, and the continued acceleration of capital expenditure spending dedicated to artificial intelligence. Within the U.S. market, performance was bifurcated: Communication Services and Information Technology significantly outperformed, while the Real Estate and Consumer Staples sectors lagged. The broader fixed-income market, represented by the Bloomberg U.S. Aggregate Bond Index, gained approximately 7% for the year. This marked its strongest performance since 2020, as elevated starting yields provided a significant "total return buffer" for investors. In terms of investment style, growth stocks outperformed value across large- and small-cap indices, while notably lagging value within the mid-cap segment.

In 2025, Acclivity Small Cap Value Fund N Share class ("AXVNX") was up 4.87%, while the Morningstar US Small Broad Value Extended Index (the "Benchmark") was up 10.48%. When we break down the fund's results, security selection drove most of the underperformance. From the allocation perspective, overweight in communication services and underweight in real estate gave a boost, whereas having less in utilities and health care detracted. In terms of individual picks, our holdings in real estate and consumer staples contributed the most, while selections in health care, industrials, and technology holdings pulled results lower.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib6e4c24455f748756019196f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Acclivity Small Cap Value Fund** | **Morningstar US Small Cap Broad Value Extended TR (USD)** | **Russell 2000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **Dec-2018** | $10000 | $10000 | $10000 | $10000 |
| **Dec-2019** | $11834 | $12320 | $12239 | $13149 |
| **Dec-2020** | $12713 | $12810 | $12807 | $15568 |
| **Dec-2021** | $17595 | $16653 | $16427 | $20037 |
| **Dec-2022** | $16829 | $14913 | $14048 | $16408 |
| **Dec-2023** | $20583 | $17339 | $16105 | $20721 |
| **Dec-2024** | $21707 | $18947 | $17403 | $25905 |
| **Dec-2025** | $22763 | $20934 | $19594 | $30537 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2018)** |
| Acclivity Small Cap Value Fund | 4.87% | 12.36% | 12.47% |
| Morningstar US Small Cap Broad Value Extended TR (USD) | 10.48% | 10.32% | 11.13% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 10.09% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 17.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 855-873-3837.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $28906277 |
| Number of Portfolio Holdings | 498 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 57% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic01146cce14d45eb522cf7af.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 14.9% |
| Common Stocks | 84.2% |
| Money Market Funds | 0.9% |
| Right | 0.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Asset Portfolio | 17.6% |
| Lincoln National Corporation | 1.3% |
| Alcoa Corporation | 1.1% |
| First American Treasury Obligations Fund, Class X | 1.1% |
| Jackson Financial, Inc. | 1.0% |
| Axis Capital Holdings Ltd. | 1.0% |
| Ovintiv, Inc. | 0.9% |
| ADT, Inc. | 0.9% |
| Dillard's, Inc., Class A | 0.9% |
| Jazz Pharmaceuticals PLC | 0.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i59e13cf89c354f1ad59ca4ce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -18.2% |
| Real Estate | 1.6% |
| Communications | 4.3% |
| Consumer Staples | 4.5% |
| Materials | 5.6% |
| Health Care | 7.5% |
| Technology | 7.6% |
| Energy | 7.8% |
| Industrials | 12.1% |
| Money Market Funds | 18.7% |
| Consumer Discretionary | 19.3% |
| Financials | 29.2% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](id757021be675bc893df418ee.jpg)

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

#### Annual Shareholder Report - December 31, 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-AR 123125-AXVNX

#### Dynamic International Opportunity Fund

#### Class I (ICCIX)

#### Annual Shareholder Report - December 31, 2025
![Image](i25622a9fc2a6fa3e1cf9f2b1.jpg)

# Fund Overview
This annual shareholder report contains important information about Dynamic International Opportunity Fund for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $141 | 1.24% |

---

#### How did the Fund perform during the reporting period?
In 2025, global growth remained resilient despite persistent trade and tariff uncertainties. While headline inflation continued its downward trajectory, the pace of deceleration was more gradual than many market participants had anticipated. The labor market transitioned from the "post-pandemic frenzy" to a state of steady cooling, providing the necessary latitude for central banks to initiate policy easing.

Following a volatile start to the year, U.S. equities—represented by the S&P 500 Index—advanced approximately 18%. This growth was underpinned by robust economic fundamentals, strong corporate earnings, and the continued acceleration of capital expenditure spending dedicated to artificial intelligence. Within the U.S. market, performance was bifurcated: Communication Services and Information Technology significantly outperformed, while the Real Estate and Consumer Staples sectors lagged. The broader fixed-income market, represented by the Bloomberg U.S. Aggregate Bond Index, gained approximately 7% for the year. This marked its strongest performance since 2020, as elevated starting yields provided a significant "total return buffer" for investors. Internationally, the MSCI ACWI ex-U.S. Index rose approximately 32%, outperforming domestic markets. From a regional perspective, Latin America led global returns, while Developed Asia trailed the broader index.

In 2025, Dynamic International Opportunity Fund I Share class ("ICCIX") was up 26.95%. When breaking down the fund's results, an overweight in defensive fixed-income and an underweight in Taiwan were the primary drags on performance. Meanwhile, an overweight in South Korea and Spain and an underweight in India served as the main positive contributors.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie845997aec7c65bb5c9cdc36.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Dynamic International Opportunity Fund** | **3141 - 70% - M\* Global ex US Target Mkt / 30% - Bloomberg Agg** | **3141 - 70% - MSCI AC World Ex USA Net / 30% - Bloomberg Agg** | **Bloomberg Global Aggregate Index** | **Morningstar Global ex-US Target Market Exposure NR USD** | **MSCI ACWI ex USA Index** |
| **Dec-2015** | $10000 | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Dec-2016** | $11061 | $10406 | $10394 | $10209 | $10468 | $10450 |
| **Dec-2017** | $13667 | $12543 | $12570 | $10964 | $13250 | $13291 |
| **Dec-2018** | $11722 | $11306 | $11272 | $10832 | $11455 | $11404 |
| **Dec-2019** | $12498 | $13245 | $13202 | $11573 | $13924 | $13858 |
| **Dec-2020** | $15898 | $14678 | $14625 | $12637 | $15414 | $15334 |
| **Dec-2021** | $16065 | $15306 | $15210 | $12043 | $16684 | $16533 |
| **Dec-2022** | $13902 | $12937 | $12783 | $10086 | $14127 | $13888 |
| **Dec-2023** | $15424 | $14576 | $14401 | $10662 | $16337 | $16056 |
| **Dec-2024** | $15805 | $15047 | $14883 | $10482 | $17215 | $16945 |
| **Dec-2025** | $20064 | $18709 | $18557 | $11338 | $22701 | $22432 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dynamic International Opportunity Fund | 26.95% | 4.77% | 7.21% |
| MSCI ACWI ex USA Index | 32.38% | 7.91% | 8.41% |
| Bloomberg Global Aggregate Index | 8.17% | -2.15% | 1.26% |
| Morningstar Global ex-US Target Market Exposure NR USD | 31.87% | 8.05% | 8.54% |
| 3141 - 70% - MSCI AC World Ex USA Net / 30% - Bloomberg Agg | 24.68% | 4.88% | 6.38% |
| 3141 - 70% - M\* Global ex US Target Mkt / 30% - Bloomberg Agg | 24.34% | 4.97% | 6.46% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1 (855) USE-ETFS.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $56561249 |
| Number of Portfolio Holdings | 36 |
| Advisory Fee (net of waivers) | $459069 |
| Portfolio Turnover | 98% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9507e170e92592434d7a7f1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 17.8% |
| Exchange-Traded Funds | 77.9% |
| Money Market Funds | 4.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Asset Portfolio | 21.7% |
| Franklin FTSE Japan ETF | 11.1% |
| iShares MSCI South Korea ETF | 6.2% |
| Franklin FTSE Canada ETF | 6.1% |
| Franklin FTSE United Kingdom ETF | 5.4% |
| First American Treasury Obligations Fund, Class X | 5.3% |
| iShares MSCI Spain ETF | 5.2% |
| Franklin FTSE China ETF | 5.2% |
| Franklin FTSE Germany ETF | 5.1% |
| iShares MSCI Italy ETF | 4.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ided4f71309412c24220689f4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -22.0% |
| Money Market Funds | 27.0% |
| Equity | 95.0% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i25622a9fc2a6fa3e1cf9f2b1.jpg)

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

#### Annual Shareholder Report - December 31, 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-AR 123125-ICCIX

#### Dynamic International Opportunity Fund

#### Class N (ICCNX)

#### Annual Shareholder Report - December 31, 2025
![Image](i25622a9fc2a6fa3e1cf9f2b1.jpg)

# Fund Overview
This annual shareholder report contains important information about Dynamic International Opportunity Fund for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $169 | 1.49% |

---

#### How did the Fund perform during the reporting period?
In 2025, global growth remained resilient despite persistent trade and tariff uncertainties. While headline inflation continued its downward trajectory, the pace of deceleration was more gradual than many market participants had anticipated. The labor market transitioned from the "post-pandemic frenzy" to a state of steady cooling, providing the necessary latitude for central banks to initiate policy easing.

Following a volatile start to the year, U.S. equities—represented by the S&P 500 Index—advanced approximately 18%. This growth was underpinned by robust economic fundamentals, strong corporate earnings, and the continued acceleration of capital expenditure spending dedicated to artificial intelligence. Within the U.S. market, performance was bifurcated: Communication Services and Information Technology significantly outperformed, while the Real Estate and Consumer Staples sectors lagged. The broader fixed-income market, represented by the Bloomberg U.S. Aggregate Bond Index, gained approximately 7% for the year. This marked its strongest performance since 2020, as elevated starting yields provided a significant "total return buffer" for investors. Internationally, the MSCI ACWI ex-U.S. Index rose approximately 32%, outperforming domestic markets. From a regional perspective, Latin America led global returns, while Developed Asia trailed the broader index.

In 2025, Dynamic International Opportunity Fund N Share class ("ICCNX") was up 26.62%. When breaking down the fund's results, an overweight in defensive fixed-income and an underweight in Taiwan were the primary drags on performance. Meanwhile, an overweight in South Korea and Spain and an underweight in India served as the main positive contributors.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib4d7bf0a81fcc2bd2bf706ac.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dynamic International Opportunity Fund** | **3141 - 70% - MSCI AC World Ex USA Net / 30% - Bloomberg Agg** | **Bloomberg Global Aggregate Index** | **Morningstar Global ex-US Target Market Exposure NR USD** | **MSCI ACWI ex USA Index** |
| **Dec-2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **Dec-2016** | $11026 | $10394 | $10209 | $10468 | $10450 |
| **Dec-2017** | $13600 | $12570 | $10964 | $13250 | $13291 |
| **Dec-2018** | $11631 | $11272 | $10832 | $11455 | $11404 |
| **Dec-2019** | $12382 | $13202 | $11573 | $13924 | $13858 |
| **Dec-2020** | $15698 | $14625 | $12637 | $15414 | $15334 |
| **Dec-2021** | $15833 | $15210 | $12043 | $16684 | $16533 |
| **Dec-2022** | $13660 | $12783 | $10086 | $14127 | $13888 |
| **Dec-2023** | $15110 | $14401 | $10662 | $16337 | $16056 |
| **Dec-2024** | $15449 | $14883 | $10482 | $17215 | $16945 |
| **Dec-2025** | $19562 | $18557 | $11338 | $22701 | $22432 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dynamic International Opportunity Fund | 26.62% | 4.50% | 6.94% |
| MSCI ACWI ex USA Index | 32.38% | 7.91% | 8.41% |
| Bloomberg Global Aggregate Index | 8.17% | -2.15% | 1.26% |
| Morningstar Global ex-US Target Market Exposure NR USD | 31.87% | 8.05% | 8.54% |
| 3141 - 70% - MSCI AC World Ex USA Net / 30% - Bloomberg Agg | 24.68% | 4.88% | 6.38% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1 (855) USE-ETFS.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $56561249 |
| Number of Portfolio Holdings | 36 |
| Advisory Fee (net of waivers) | $459069 |
| Portfolio Turnover | 98% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9507e170e92592434d7a7f1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 17.8% |
| Exchange-Traded Funds | 77.9% |
| Money Market Funds | 4.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Asset Portfolio | 21.7% |
| Franklin FTSE Japan ETF | 11.1% |
| iShares MSCI South Korea ETF | 6.2% |
| Franklin FTSE Canada ETF | 6.1% |
| Franklin FTSE United Kingdom ETF | 5.4% |
| First American Treasury Obligations Fund, Class X | 5.3% |
| iShares MSCI Spain ETF | 5.2% |
| Franklin FTSE China ETF | 5.2% |
| Franklin FTSE Germany ETF | 5.1% |
| iShares MSCI Italy ETF | 4.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ided4f71309412c24220689f4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -22.0% |
| Money Market Funds | 27.0% |
| Equity | 95.0% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i25622a9fc2a6fa3e1cf9f2b1.jpg)

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

#### Annual Shareholder Report - December 31, 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-AR 123125-ICCNX

#### Dynamic U.S. Opportunity Fund

#### Class I (ICSIX)

#### Annual Shareholder Report - December 31, 2025
![Image](i25622a9fc2a6fa3e1cf9f2b1.jpg)

# Fund Overview
This annual shareholder report contains important information about Dynamic U.S. Opportunity Fund for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $134 | 1.24% |

---

#### How did the Fund perform during the reporting period?
In 2025, global growth remained resilient despite persistent trade and tariff uncertainties. While headline inflation continued its downward trajectory, the pace of deceleration was more gradual than many market participants had anticipated. The labor market transitioned from the "post-pandemic frenzy" to a state of steady cooling, providing the necessary latitude for central banks to initiate policy easing.

Following a volatile start to the year, U.S. equities—represented by the S&P 500 Index—advanced approximately 18%. This growth was underpinned by robust economic fundamentals, strong corporate earnings, and the continued acceleration of capital expenditure spending dedicated to artificial intelligence. Within the U.S. market, performance was bifurcated: Communication Services and Information Technology significantly outperformed, while the Real Estate and Consumer Staples sectors lagged. The broader fixed-income market, represented by the Bloomberg U.S. Aggregate Bond Index, gained approximately 7% for the year. This marked its strongest performance since 2020, as elevated starting yields provided a significant "total return buffer" for investors. Internationally, the MSCI ACWI ex-U.S. Index rose approximately 32%, outperforming domestic markets. From a regional perspective, Latin America led global returns, while Developed Asia trailed the broader index.

In 2025, Dynamic U.S. Opportunity Fund I Share class ("ICSIX") was up 16.27%. When breaking down the fund's results, the overweight in defensive fixed-income and industrials sector were the primary drags on performance. Meanwhile, an underweight in information technology and an overweight in communication services served as the main positive contributors.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i95031635dd22d281f4a56c10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dynamic U.S. Opportunity Fund** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** | **3142 - 70% S&P 500 TR / 30% - Bloomberg US Agg** |
| **Dec-2015** | $10000 | $10000 | $10000 | $10000 |
| **Dec-2016** | $11791 | $11196 | $10265 | $10923 |
| **Dec-2017** | $13581 | $13640 | $10628 | $12679 |
| **Dec-2018** | $12094 | $13042 | $10629 | $12321 |
| **Dec-2019** | $15220 | $17149 | $11556 | $15338 |
| **Dec-2020** | $18090 | $20304 | $12423 | $17752 |
| **Dec-2021** | $21019 | $26132 | $12232 | $21120 |
| **Dec-2022** | $19442 | $21399 | $10641 | $17670 |
| **Dec-2023** | $22562 | $27025 | $11229 | $21166 |
| **Dec-2024** | $24507 | $33786 | $11369 | $24865 |
| **Dec-2025** | $28493 | $39827 | $12199 | $28534 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dynamic U.S. Opportunity Fund | 16.27% | 9.51% | 11.04% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| 3142 - 70% S&P 500 TR / 30% - Bloomberg US Agg | 14.75% | 9.96% | 11.05% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1 (855) USE-ETFS.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $98451427 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $960573 |
| Portfolio Turnover | 259% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9254b14aa1c1982d1c58cec0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 24.6% |
| Exchange-Traded Funds | 75.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Asset Portfolio | 32.9% |
| State Street Technology Select Sector SPDR ETF | 18.5% |
| State Street Communication Services Select Sector | 17.7% |
| State Street Financial Select Sector SPDR ETF | 16.2% |
| State Street Industrial Select Sector SPDR Fund | 13.2% |
| State Street Health Care Select Sector SPDR Fund | 10.5% |
| State Street Consumer Discretionary Select Sector | 7.6% |
| State Street Consumer Staples Select Sector SPDR Fund | 5.4% |
| State Street Utilities Select Sector SPDR ETF | 4.6% |
| iShares Russell Mid-Cap Growth ETF | 2.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6bd1b06271b11f2bced51471.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -33.6% |
| Money Market Funds | 32.9% |
| Equity | 100.7% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i25622a9fc2a6fa3e1cf9f2b1.jpg)

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

#### Annual Shareholder Report - December 31, 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-AR 123125-ICSIX

#### Dynamic U.S. Opportunity Fund

#### Class N (ICSNX)

#### Annual Shareholder Report - December 31, 2025
![Image](i25622a9fc2a6fa3e1cf9f2b1.jpg)

# Fund Overview
This annual shareholder report contains important information about Dynamic U.S. Opportunity Fund for the period of January 1, 2025 to December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N | $161 | 1.49% |

---

#### How did the Fund perform during the reporting period?
In 2025, global growth remained resilient despite persistent trade and tariff uncertainties. While headline inflation continued its downward trajectory, the pace of deceleration was more gradual than many market participants had anticipated. The labor market transitioned from the "post-pandemic frenzy" to a state of steady cooling, providing the necessary latitude for central banks to initiate policy easing.

Following a volatile start to the year, U.S. equities—represented by the S&P 500 Index—advanced approximately 18%. This growth was underpinned by robust economic fundamentals, strong corporate earnings, and the continued acceleration of capital expenditure spending dedicated to artificial intelligence. Within the U.S. market, performance was bifurcated: Communication Services and Information Technology significantly outperformed, while the Real Estate and Consumer Staples sectors lagged. The broader fixed-income market, represented by the Bloomberg U.S. Aggregate Bond Index, gained approximately 7% for the year. This marked its strongest performance since 2020, as elevated starting yields provided a significant "total return buffer" for investors. Internationally, the MSCI ACWI ex-U.S. Index rose approximately 32%, outperforming domestic markets. From a regional perspective, Latin America led global returns, while Developed Asia trailed the broader index.

In 2025, Dynamic U.S. Opportunity Fund N Share class ("ICSNX") was up 15.90%. When breaking down the fund's results, the overweight in defensive fixed-income and industrials sector were the primary drags on performance. Meanwhile, an underweight in information technology and an overweight in communication services served as the main positive contributors.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie997d295540ccc3df9683128.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dynamic U.S. Opportunity Fund** | **S&P 500<sup>®</sup> Index** | **Bloomberg U.S. Aggregate Bond Index** | **3142 - 70% S&P 500 TR / 30% - Bloomberg US Agg** |
| **Dec-2015** | $10000 | $10000 | $10000 | $10000 |
| **Dec-2016** | $11765 | $11196 | $10265 | $10923 |
| **Dec-2017** | $13523 | $13640 | $10628 | $12679 |
| **Dec-2018** | $12016 | $13042 | $10629 | $12321 |
| **Dec-2019** | $15084 | $17149 | $11556 | $15338 |
| **Dec-2020** | $17869 | $20304 | $12423 | $17752 |
| **Dec-2021** | $20714 | $26132 | $12232 | $21120 |
| **Dec-2022** | $19128 | $21399 | $10641 | $17670 |
| **Dec-2023** | $22136 | $27025 | $11229 | $21166 |
| **Dec-2024** | $23977 | $33786 | $11369 | $24865 |
| **Dec-2025** | $27810 | $39827 | $12199 | $28534 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Dynamic U.S. Opportunity Fund | 15.98% | 9.25% | 10.77% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| 3142 - 70% S&P 500 TR / 30% - Bloomberg US Agg | 14.75% | 9.96% | 11.05% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1 (855) USE-ETFS.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $98451427 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $960573 |
| Portfolio Turnover | 259% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9254b14aa1c1982d1c58cec0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 24.6% |
| Exchange-Traded Funds | 75.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mount Vernon Liquid Asset Portfolio | 32.9% |
| State Street Technology Select Sector SPDR ETF | 18.5% |
| State Street Communication Services Select Sector | 17.7% |
| State Street Financial Select Sector SPDR ETF | 16.2% |
| State Street Industrial Select Sector SPDR Fund | 13.2% |
| State Street Health Care Select Sector SPDR Fund | 10.5% |
| State Street Consumer Discretionary Select Sector | 7.6% |
| State Street Consumer Staples Select Sector SPDR Fund | 5.4% |
| State Street Utilities Select Sector SPDR ETF | 4.6% |
| iShares Russell Mid-Cap Growth ETF | 2.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i6bd1b06271b11f2bced51471.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -33.6% |
| Money Market Funds | 32.9% |
| Equity | 100.7% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i25622a9fc2a6fa3e1cf9f2b1.jpg)

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

#### Annual Shareholder Report - December 31, 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-AR 123125-ICSNX

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

**Item 2. Code of Ethics.**

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

(b) Not
 applicable

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

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

(e) Not
 applicable

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

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

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

(a)(2) Not applicable.

(a)(3) Not applicable.

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

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

2025 – $40,500

2024 – $40,650

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

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

2025 – $10,800

2024 – $9,750

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

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended December 31, 2024 and 2025, respectively.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |

---

(g) All
 non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended
 December 31, 2024 and 2025, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's
 principal accountant for the registrant's adviser.

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5. Audit Committee of Listed 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 Small Cap Value Fund** |
| **Dynamic International Opportunity Fund** |
| **Dynamic U.S. Opportunity Fund** |
| **Annual Financial Statements and Additional Information** |
| **December 31, 2025** |
| **www.innealtacapital.com** |
| **1 (855) USE-ETFS** |
| **Distributed by Northern Lights Distributors, LLC** |
| **Member FINRA** |

---

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5%** |  |
|  | **AEROSPACE & DEFENSE - 0.2%** |  |
| 94 | Huntington Ingalls Industries, Inc. | $31967 |
| 343 | Mercury Systems, Inc.<sup>(a)</sup> | 25042 |
|  |  | 57009 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.5%** |  |
| 1066 | Movado Group, Inc. | 21981 |
| 920 | PVH Corporation | 61658 |
| 149 | Tandy Leather Factory, Inc. | 408 |
| 5211 | Under Armour, Inc., Class A<sup>(a)</sup> | 25899 |
| 784 | Weyco Group, Inc. | 23983 |
|  |  | 133929 |
|  | **ASSET MANAGEMENT - 1.9%** |  |
| 111 | Affiliated Managers Group, Inc. | 31999 |
| 3116 | Cannae Holdings, Inc. | 49015 |
| 4275 | Compass Diversified Holdings | 20520 |
| 1097 | Hannon Armstrong Sustainable Infrastructure Capital, Inc.<sup>(c)</sup> | 34479 |
| 2186 | Janus Henderson Group PLC | 103988 |
| 2600 | Medallion Financial Corporation<sup>(c)</sup> | 26754 |
| 1107 | Oppenheimer Holdings, Inc., Class A | 80025 |
| 136 | Virtus Investment Partners, Inc. | 22188 |
| 2432 | Voya Financial, Inc. | 181160 |
|  |  | 550128 |
|  | **AUTOMOTIVE - 2.9%** |  |
| 4549 | American Axle & Manufacturing Holdings, Inc.<sup>(a),(c)</sup> | 29159 |
| 1713 | Autoliv, Inc. | 203333 |
| 3803 | BorgWarner, Inc. | 171363 |
| 514 | Fox Factory Holding Corporation<sup>(a)</sup> | 8795 |
| 1213 | Gentex Corporation | 28226 |
| 783 | Gentherm, Inc.<sup>(a)</sup> | 28478 |
| 6492 | Goodyear Tire & Rubber Company (The)<sup>(a)</sup> | 56870 |
| 1266 | Harley-Davidson, Inc. | 25940 |
| 8123 | Holley, Inc.<sup>(a)</sup> | 33548 |
| 1226 | Lear Corporation | 140500 |
| 9635 | Microvast Holdings, Inc.<sup>(a)</sup> | 26978 |
| 712 | Miller Industries, Inc. | 26607 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **AUTOMOTIVE - 2.9% (Continued)** |  |
| 876 | Standard Motor Products, Inc. | $32281 |
| 256 | Visteon Corporation | 24346 |
|  |  | 836424 |
|  | **BANKING - 14.3%** |  |
| 386 | 1st Source Corporation | 24121 |
| 1974 | Ameris Bancorp | 146609 |
| 351 | Axos Financial, Inc.<sup>(a),(c)</sup> | 30242 |
| 2103 | Bank OZK<sup>(c)</sup> | 96780 |
| 551 | Banner Corporation<sup>(c)</sup> | 34526 |
| 512 | BayCom Corporation | 15053 |
| 462 | Beacon Financial Corporation | 12183 |
| 1452 | Byline Bancorp, Inc. | 42326 |
| 443 | C&F Financial Corporation | 32157 |
| 2059 | Cadence Bank | 88208 |
| 621 | Capital Bancorp, Inc. | 17494 |
| 688 | Cathay General Bancorp | 33292 |
| 649 | CNB Financial Corporation | 16984 |
| 378 | Colony Bankcorp, Inc. | 6736 |
| 1912 | Columbia Banking System, Inc. | 53440 |
| 2022 | Comerica, Inc. | 175773 |
| 453 | Community Trust Bancorp, Inc. | 25595 |
| 602 | Customers Bancorp, Inc.<sup>(a)</sup> | 44018 |
| 1788 | CVB Financial Corporation | 33257 |
| 166 | Eagle Bancorp Montana, Inc. | 3303 |
| 1162 | Enterprise Financial Services Corporation | 62748 |
| 568 | FB Financial Corporation | 31694 |
| 580 | Financial Institutions, Inc. | 18079 |
| 862 | First Bancorp | 43781 |
| 3809 | First Commonwealth Financial Corporation | 64220 |
| 3409 | First Financial Bancorp<sup>(c)</sup> | 85293 |
| 563 | First Financial Corporation | 34016 |
| 2117 | First Hawaiian, Inc. | 53560 |
| 858 | First Horizon Corporation | 20506 |
| 2066 | First Interstate BancSystem, Inc., Class A | 71484 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **BANKING - 14.3% (Continued)** |  |
| 2371 | First Merchants Corporation | $88865 |
| 691 | First Mid Bancshares, Inc. | 26949 |
| 4563 | FNB Corporation | 78027 |
| 196 | FS Bancorp, Inc. | 8069 |
| 965 | Glacier Bancorp, Inc.<sup>(c)</sup> | 42508 |
| 2296 | Hancock Whitney Corporation<sup>(c)</sup> | 146209 |
| 1078 | Hanmi Financial Corporation | 29138 |
| 2595 | Heritage Commerce Corporation | 31166 |
| 1426 | Heritage Financial Corporation<sup>(c)</sup> | 33725 |
| 613 | Hilltop Holdings, Inc. | 20805 |
| 290 | Home Bancorp, Inc. | 16762 |
| 2189 | Home BancShares, Inc. | 60810 |
| 739 | HomeTrust Bancshares, Inc. | 31733 |
| 1618 | Independent Bank Corporation (MA) | 118243 |
| 739 | Independent Bank Corporation (MI) | 24040 |
| 969 | International Bancshares Corporation | 64380 |
| 828 | Midland States Bancorp, Inc. | 17529 |
| 1053 | National Bank Holdings Corporation, Class A | 40025 |
| 527 | NBT Bancorp, Inc. | 21881 |
| 5135 | Northwest Bancshares, Inc. | 61620 |
| 1487 | OceanFirst Financial Corporation | 26692 |
| 2223 | Old National Bancorp | 49595 |
| 3280 | Old Second Bancorp, Inc. | 63960 |
| 1935 | Peoples Bancorp, Inc. | 58108 |
| 1440 | Prosperity Bancshares, Inc. | 99518 |
| 1707 | Renasant Corporation | 60121 |
| 243 | Republic Bancorp, Inc., Class A | 16765 |
| 3100 | Republic First Bancorp, Inc.<sup>(a)</sup> |  |
| 1536 | S&T Bancorp, Inc.<sup>(c)</sup> | 60442 |
| 2299 | Seacoast Banking Corporation of Florida | 72235 |
| 240 | Sierra Bancorp | 7843 |
| 2035 | Stellar Bancorp, Inc. | 62963 |
| 1540 | Synovus Financial Corporation | 77077 |
| 1177 | Towne Bank | 39277 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **BANKING - 14.3% (Continued)** |  |
| 787 | TriCompany Bancshares | $37280 |
| 783 | TrustCompany Bank Corp NY | 32361 |
| 2033 | Trustmark Corporation | 79185 |
| 172 | United Bancshares, Inc. | 7654 |
| 2726 | United Bankshares, Inc. | 104678 |
| 2462 | United Community Banks, Inc. | 76864 |
| 507 | Unity Bancorp, Inc. | 26222 |
| 577 | Univest Financial Corporation | 18891 |
| 6780 | Valley National Bancorp | 79190 |
| 2350 | Webster Financial Corporation | 147909 |
| 1252 | WesBanco, Inc. | 41617 |
| 639 | Westamerica BanCorporation | 30563 |
| 1565 | Western Alliance Bancorp | 131570 |
| 2406 | WSFS Financial Corporation | 132907 |
| 1988 | Zions Bancorp NA | 116378 |
|  |  | 4137827 |
|  | **BEVERAGES - 0.4%** |  |
| 355 | Coffee Holding Company, Inc.<sup>(a)</sup> | 1377 |
| 466 | MGP Ingredients, Inc. | 11324 |
| 2211 | Molson Coors Beverage Company, Class B<sup>(c)</sup> | 103210 |
|  |  | 115911 |
|  | **BIOTECH & PHARMA - 2.7%** |  |
| 2658 | Alkermes PLC<sup>(a),(c)</sup> | 74371 |
| 1326 | Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 35510 |
| 266 | ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 20998 |
| 594 | Arrowhead Pharmaceuticals, Inc.<sup>(a),(c)</sup> | 39436 |
| 950 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 56458 |
| 2628 | Elanco Animal Health, Inc.<sup>(a),(c)</sup> | 59472 |
| 981 | Exelixis, Inc.<sup>(a)</sup> | 42997 |
| 1009 | Harmony Biosciences Holdings, Inc.<sup>(a),(c)</sup> | 37757 |
| 147 | Innoviva, Inc.<sup>(a)</sup> | 2939 |
| 1386 | Jazz Pharmaceuticals PLC<sup>(a),(c)</sup> | 235620 |
| 110 | Ligand Pharmaceuticals, Inc., Class B<sup>(a),(c)</sup> | 20798 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **BIOTECH & PHARMA - 2.7% (Continued)** |  |
| 2030 | Pacira BioSciences, Inc.<sup>(a)</sup> | $52536 |
| 408 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 25169 |
| 652 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 32404 |
| 3286 | Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 28983 |
|  |  | 765448 |
|  | **CABLE & SATELLITE - 0.5%** |  |
| 268 | Cable One, Inc.<sup>(c)</sup> | 30244 |
| 6035 | Sirius XM Holdings, Inc. | 120670 |
|  |  | 150914 |
|  | **CHEMICALS - 2.6%** |  |
| 1362 | AdvanSix, Inc. | 23563 |
| 905 | Ashland, Inc. | 53096 |
| 727 | Avient Corporation | 22711 |
| 492 | Celanese Corporation | 20802 |
| 1104 | Eastman Chemical Company | 70468 |
| 3877 | Ecovyst, Inc.<sup>(a)</sup> | 37723 |
| 1998 | Huntsman Corporation<sup>(c)</sup> | 19980 |
| 750 | Intrepid Potash, Inc.<sup>(a)</sup> | 20798 |
| 1203 | Koppers Holdings, Inc. | 32577 |
| 1208 | Minerals Technologies, Inc. | 73628 |
| 2074 | Mosaic Company (The) | 49963 |
| 276 | NewMarket Corporation | 189684 |
| 313 | Quaker Chemical Corporation | 42978 |
| 3654 | Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 21522 |
| 292 | Rogers Corporation<sup>(a)</sup> | 26738 |
| 684 | Stepan Company | 32394 |
|  |  | 738625 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.4%** |  |
| 698 | ABM Industries, Inc. | 29525 |
| 31906 | ADT, Inc. | 257481 |
| 17342 | Alight, Inc., Class A | 33817 |
| 954 | AMN Healthcare Services, Inc.<sup>(a)</sup> | 15035 |
| 1410 | Aramark | 51973 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 2.4% (Continued)** |  |
| 2869 | BrightView Holdings, Inc.<sup>(a)</sup> | $36350 |
| 962 | CoreCivic, Inc.<sup>(a)</sup> | 18384 |
| 1411 | Deluxe Corporation<sup>(c)</sup> | 31508 |
| 2372 | GEO Group, Inc. (The)<sup>(a)</sup> | 38237 |
| 1773 | Kelly Services, Inc., Class A | 15602 |
| 535 | Korn Ferry | 35321 |
| 1408 | ManpowerGroup, Inc.<sup>(c)</sup> | 41860 |
| 520 | UniFirst Corporation | 100308 |
|  |  | 705401 |
|  | **CONSTRUCTION MATERIALS - 0.1%** |  |
| 2871 | Concrete Pumping Holdings, Inc. | 19264 |
|  | **CONSUMER SERVICES - 0.9%** |  |
| 745 | American Public Education, Inc.<sup>(a),(c)</sup> | 28161 |
| 472 | Carriage Services, Inc. | 19966 |
| 132 | Graham Holdings Company, Class B | 145015 |
| 713 | Matthews International Corporation, Class A | 18623 |
| 1197 | Perdoceo Education Corporation | 35108 |
| 333 | Strategic Education, Inc. | 26707 |
|  |  | 273580 |
|  | **CONTAINERS & PACKAGING - 0.6%** |  |
| 436 | Greif, Inc., Class A | 29517 |
| 2818 | O-I Glass, Inc.<sup>(a),(c)</sup> | 41594 |
| 4763 | Ranpak Holdings Corporation<sup>(a)</sup> | 25768 |
| 1286 | Silgan Holdings, Inc. | 51916 |
| 1029 | TriMas Corporation | 36478 |
|  |  | 185273 |
|  | **ELECTRICAL EQUIPMENT - 0.8%** |  |
| 695 | Atkore, Inc.<sup>(c)</sup> | 43959 |
| 257 | Belden, Inc.<sup>(c)</sup> | 29953 |
| 1353 | Hayward Holdings, Inc.<sup>(a)</sup> | 20904 |
| 676 | Kimball Electronics, Inc.<sup>(a)</sup> | 18806 |
| 153 | Littelfuse, Inc. | 38697 |
| 195 | Preformed Line Products Company | 40308 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 0.8% (Continued)** |  |
| 1288 | Vontier Corporation | $47888 |
|  |  | 240515 |
|  | **ENGINEERING & CONSTRUCTION - 0.2%** |  |
| 2184 | Great Lakes Dredge & Dock Corporation<sup>(a)</sup> | 28654 |
| 1648 | Mistras Group, Inc.<sup>(a)</sup> | 20847 |
| 151 | Tutor Perini Corporation | 10120 |
|  |  | 59621 |
|  | **ENTERTAINMENT CONTENT - 0.6%** |  |
| 3066 | AMC Networks, Inc., Class A<sup>(a)</sup> | 29188 |
| 2617 | Paramount Skydance Corporation, Class B | 35068 |
| 602 | Sphere Entertainment Company<sup>(a),(c)</sup> | 57238 |
| 3124 | TEGNA, Inc. | 60637 |
|  |  | 182131 |
|  | **FOOD - 1.8%** |  |
| 1325 | Cal-Maine Foods, Inc. | 105430 |
| 2266 | Darling Ingredients, Inc.<sup>(a)</sup> | 81576 |
| 210 | Ingredion, Inc. | 23155 |
| 7208 | Krispy Kreme, Inc. | 28976 |
| 556 | Post Holdings, Inc.<sup>(a),(c)</sup> | 55072 |
| 30 | Seaboard Corporation | 133345 |
| 312 | Seneca Foods Corporation, Class A<sup>(a)</sup> | 34516 |
| 2313 | TreeHouse Foods, Inc.<sup>(a)</sup> | 54564 |
| 799 | USANA Health Sciences, Inc.<sup>(a)</sup> | 15684 |
|  |  | 532318 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.1%** |  |
| 477 | Boise Cascade Company | 35107 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.2%** |  |
| 3160 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 44840 |
| 4239 | AdaptHealth Corporation<sup>(a)</sup> | 42221 |
| 198 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 39497 |
| 363 | Chemed Corporation | 155313 |
| 6374 | GoodRx Holdings, Inc.<sup>(a)</sup> | 17274 |
| 426 | Henry Schein, Inc.<sup>(a)</sup> | 32197 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.2% (Continued)** |  |
| 570 | National HealthCare Corporation | $78141 |
| 1184 | Option Care Health, Inc.<sup>(a)</sup> | 37722 |
| 4302 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | 92020 |
| 8573 | Teladoc Health, Inc.<sup>(a)</sup> | 60011 |
| 308 | US Physical Therapy, Inc. | 24052 |
|  |  | 623288 |
|  | **HOME & OFFICE PRODUCTS - 0.4%** |  |
| 7992 | ACCO Brands Corporation | 29810 |
| 1185 | HNI Corporation | 49836 |
| 1282 | MillerKnoll, Inc.<sup>(c)</sup> | 23435 |
| 317 | Whirlpool Corporation<sup>(c)</sup> | 22868 |
|  |  | 125949 |
|  | **HOME CONSTRUCTION - 2.5%** |  |
| 352 | American Woodmark Corporation<sup>(a)</sup> | 18973 |
| 1120 | Beazer Homes USA, Inc.<sup>(a)</sup> | 22702 |
| 1152 | Century Communities, Inc. | 68371 |
| 1715 | Forestar Group, Inc.<sup>(a)</sup> | 42241 |
| 621 | Green Brick Partners, Inc.<sup>(a)</sup> | 38912 |
| 256 | Hovnanian Enterprises, Inc., Class A<sup>(a)</sup> | 24970 |
| 857 | Interface, Inc. | 23927 |
| 1434 | KB Home | 80892 |
| 426 | LGI Homes, Inc.<sup>(a)</sup> | 18301 |
| 663 | M/I Homes, Inc.<sup>(a)</sup> | 84831 |
| 834 | Meritage Homes Corporation | 54877 |
| 906 | Mohawk Industries, Inc.<sup>(a)</sup> | 99026 |
| 1611 | Taylor Morrison Home Corporation<sup>(a)</sup> | 94840 |
| 1241 | Tri Pointe Homes, Inc.<sup>(a)</sup> | 39054 |
|  |  | 711917 |
|  | **HOUSEHOLD PRODUCTS - 0.5%** |  |
| 2504 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 73092 |
| 1843 | Edgewell Personal Care Company | 31423 |
| 770 | Spectrum Brands Holdings, Inc. | 45492 |
|  |  | 150007 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 1.4%** |  |
| 189 | Eastern Company (The) | $3721 |
| 48 | Enpro, Inc. | 10278 |
| 415 | Gibraltar Industries, Inc.<sup>(a)</sup> | 20518 |
| 4478 | Hillman Solutions Corporation<sup>(a)</sup> | 38779 |
| 466 | Insteel Industries, Inc. | 14758 |
| 388 | Mueller Industries, Inc. | 44542 |
| 788 | Park-Ohio Holdings Corporation | 16501 |
| 691 | Proto Labs, Inc.<sup>(a)</sup> | 34958 |
| 485 | Timken Company (The) | 40803 |
| 469 | Valmont Industries, Inc. | 188688 |
|  |  | 413546 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.3%** |  |
| 899 | MSC Industrial Direct Company, Inc., Class A | 75606 |
| 3738 | Resideo Technologies, Inc.<sup>(a)</sup> | 131278 |
| 450 | Rush Enterprises, Inc., Class A<sup>(c)</sup> | 24273 |
| 2189 | Titan Machinery, Inc.<sup>(a)</sup> | 32923 |
| 402 | WESCO International, Inc. | 98345 |
|  |  | 362425 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.1%** |  |
| 610 | Virtu Financial, Inc., Class A | 20325 |
|  | **INSURANCE – 8.8%** |  |
| 1294 | Assured Guaranty Ltd. | 116292 |
| 2799 | Axis Capital Holdings Ltd. | 299745 |
| 2850 | Brighthouse Financial, Inc.<sup>(a)</sup> | 184651 |
| 1169 | CNO Financial Group, Inc. | 49647 |
| 2063 | Donegal Group, Inc., Class A | 41219 |
| 1882 | Employers Holdings, Inc. | 81246 |
| 23070 | Genworth Financial, Inc., Class A<sup>(a)</sup> | 208322 |
| 1716 | Global Indemnity Group, LLC, Class A | 48734 |
| 1535 | Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 44914 |
| 2186 | Horace Mann Educators Corporation | 100949 |
| 2814 | Jackson Financial, Inc. | 300113 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **INSURANCE – 8.8% (Continued)** |  |
| 1848 | Kemper Corporation | $74918 |
| 8630 | Lincoln National Corporation | 384294 |
| 1825 | NMI Holdings, Inc., Class A<sup>(a)</sup> | 74442 |
| 828 | Old Republic International Corporation<sup>(c)</sup> | 37790 |
| 5160 | ProAssurance Corporation<sup>(a)</sup> | 124666 |
| 391 | Safety Insurance Group, Inc. | 30463 |
| 2849 | Security National Financial Corporation, Class A<sup>(a)</sup> | 25669 |
| 824 | Selective Insurance Group, Inc. | 68944 |
| 6972 | Selectquote, Inc.<sup>(a)</sup> | 9831 |
| 6419 | SiriusPoint Ltd.<sup>(a)</sup> | 140512 |
| 246 | Unico American Corporation<sup>(a)</sup> |  |
| 2961 | United Fire Group, Inc. | 107632 |
|  |  | 2554993 |
|  | **INTERNET MEDIA & SERVICES - 1.4%** |  |
| 3127 | Angi, Inc.<sup>(a)</sup> | 40432 |
| 5530 | Bumble, Inc., Class A<sup>(a)</sup> | 19742 |
| 2679 | IAC, Inc.<sup>(a)</sup> | 104749 |
| 11695 | Lyft, Inc., Class A<sup>(a)</sup> | 226532 |
|  |  | 391455 |
|  | **LEISURE FACILITIES & SERVICES - 2.4%** |  |
| 10 | Ark Restaurants Corporation<sup>(a)</sup> | 67 |
| 128 | Biglari Holdings, Inc.<sup>(a)</sup> | 42551 |
| 1727 | Boyd Gaming Corporation | 147210 |
| 441 | Brinker International, Inc.<sup>(a)</sup> | 63292 |
| 4060 | Caesars Entertainment, Inc.<sup>(a),(c)</sup> | 94963 |
| 911 | Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 45987 |
| 1994 | El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 20857 |
| 1106 | Golden Entertainment, Inc. | 30072 |
| 714 | Hilton Grand Vacations, Inc.<sup>(a)</sup> | 31952 |
| 2641 | Marcus Corporation (The) | 40962 |
| 1390 | Marriott Vacations Worldwide Corporation | 80189 |
| 1257 | MGM Resorts International<sup>(a),(c)</sup> | 45868 |
| 2918 | Penn Entertainment, Inc.<sup>(a)</sup> | 43041 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.4% (Continued)** |  |
| 1929 | Portillo's, Inc.<sup>(a),(c)</sup> | $8758 |
| 419 | RCI Hospitality Holdings, Inc. | 9989 |
|  |  | 705758 |
|  | **LEISURE PRODUCTS - 1.8%** |  |
| 1526 | Acushnet Holdings Corporation | 121805 |
| 512 | Brunswick Corporation | 38011 |
| 481 | Escalade, Inc. | 6489 |
| 652 | Hasbro, Inc. | 53464 |
| 255 | LCI Industries | 30942 |
| 1071 | Thor Industries, Inc. | 109959 |
| 10583 | Topgolf Callaway Brands Corporation<sup>(a)</sup> | 123504 |
| 824 | Winnebago Industries, Inc. | 33388 |
|  |  | 517562 |
|  | **MACHINERY - 2.5%** |  |
| 211 | AGCO Corporation | 22011 |
| 80 | Alamo Group, Inc. | 13430 |
| 1827 | Donaldson Company, Inc. | 161982 |
| 1259 | Gates Industrial Corporation PLC<sup>(a)</sup> | 27031 |
| 713 | Helios Technologies, Inc. | 38138 |
| 683 | Hillenbrand, Inc. | 21665 |
| 3688 | Kennametal, Inc. | 104776 |
| 2227 | Manitowoc Company, Inc. (The)<sup>(a)</sup> | 26702 |
| 160 | Middleby Corporation (The)<sup>(a)</sup> | 23787 |
| 670 | Oshkosh Corporation | 84172 |
| 1119 | Regal Rexnord Corporation<sup>(c)</sup> | 157018 |
| 504 | Stanley Black & Decker, Inc.<sup>(c)</sup> | 37437 |
|  |  | 718149 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.7%** |  |
| 2410 | AngioDynamics, Inc.<sup>(a)</sup> | 30944 |
| 1437 | Avanos Medical, Inc.<sup>(a)</sup> | 16138 |
| 299 | Bio-Rad Laboratories, Inc., Class A<sup>(a),(c)</sup> | 90594 |
| 317 | CONMED Corporation | 12870 |
| 4964 | Dentsply Sirona, Inc. | 56739 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.7% (Continued)** |  |
| 1619 | Enovis Corporation<sup>(a)</sup> | $43130 |
| 3519 | Envista Holdings Corporation<sup>(a)</sup> | 76398 |
| 811 | FONAR Corporation<sup>(a)</sup> | 15052 |
| 152 | ICU Medical, Inc.<sup>(a)</sup> | 21686 |
| 2932 | Integra LifeSciences Holdings Corporation<sup>(a)</sup> | 36415 |
| 3887 | Neogen Corporation<sup>(a)</sup> | 27170 |
| 1000 | Omnicell, Inc.<sup>(a)</sup> | 45300 |
| 2791 | QIAGEN N.V. | 125511 |
| 1015 | QuidelOrtho Corporation<sup>(a)</sup> | 28988 |
| 873 | Teleflex, Inc. | 106541 |
| 83 | Utah Medical Products, Inc. | 4645 |
| 2518 | Varex Imaging Corporation<sup>(a)</sup> | 29335 |
|  |  | 767456 |
|  | **METALS & MINING - 1.7%** |  |
| 6123 | Alcoa Corporation | 325376 |
| 342 | Kaiser Aluminum Corporation | 39282 |
| 3849 | Peabody Energy Corporation<sup>(c)</sup> | 114316 |
| 54 | Ramaco Resources, Inc., Class B | 632 |
| 3406 | SunCoke Energy, Inc. | 24523 |
|  |  | 504129 |
|  | **OIL & GAS PRODUCERS - 6.3%** |  |
| 1895 | Antero Midstream Corporation | 33712 |
| 9129 | APA Corporation<sup>(c)</sup> | 223295 |
| 3352 | California Resources Corporation | 149885 |
| 1272 | Chord Energy Corporation | 117914 |
| 3548 | Civitas Resources, Inc.<sup>(c)</sup> | 96115 |
| 1180 | CNX Resources Corporation<sup>(a)</sup> | 43389 |
| 10225 | Crescent Energy Company, Class A<sup>(c)</sup> | 85788 |
| 119 | Gulfport Energy Corporation<sup>(a)</sup> | 24751 |
| 1161 | HF Sinclair Corporation | 53499 |
| 2395 | HighPeak Energy, Inc. | 11352 |
| 1701 | Magnolia Oil & Gas Corporation, Class A | 37235 |
| 3042 | Matador Resources Company<sup>(c)</sup> | 129103 |
| 4171 | Murphy Oil Corporation | 130344 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 6.3% (Continued)** |  |
| 3709 | Northern Oil & Gas, Inc.<sup>(c)</sup> | $79632 |
| 6971 | Ovintiv, Inc.<sup>(c)</sup> | 273194 |
| 3270 | Par Pacific Holdings, Inc.<sup>(a)</sup> | 114908 |
| 2804 | Permian Resources Corporation | 39340 |
| 1183 | Riley Exploration Permian, Inc. | 31231 |
| 1886 | SandRidge Energy, Inc. | 27215 |
| 3940 | SM Energy Company | 73678 |
| 9273 | VAALCO Energy, Inc. | 33754 |
|  |  | 1809334 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.4%** |  |
| 2138 | Bristow Group, Inc.<sup>(a)</sup> | 78293 |
| 1398 | DMC Global, Inc.<sup>(a)</sup> | 9353 |
| 2968 | DNOW, Inc.<sup>(a)</sup> | 39326 |
| 4300 | Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 26961 |
| 1537 | Helmerich & Payne, Inc. | 44081 |
| 2134 | Liberty Energy, Inc., Class A | 39394 |
| 3956 | NOV, Inc. | 61832 |
| 7278 | Patterson-UTI Energy, Inc. | 44469 |
| 1989 | Ranger Energy Services, Inc. | 27806 |
| 3549 | RPC, Inc.<sup>(c)</sup> | 19306 |
|  |  | 390821 |
|  | **PUBLISHING & BROADCASTING - 0.5%** |  |
| 11313 | Gray Media, Inc.<sup>(c)</sup> | 54755 |
| 491 | Nexstar Media Group, Inc.<sup>(c)</sup> | 99697 |
|  |  | 154452 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.3%** |  |
| 3755 | Five Point Holdings, LLC<sup>(a)</sup> | 20991 |
| 607 | Howard Hughes Holdings, Inc.<sup>(a),(c)</sup> | 48420 |
| 1167 | Legacy Housing Corporation<sup>(a)</sup> | 22780 |
|  |  | 92191 |
|  | **REAL ESTATE SERVICES - 1.3%** |  |
| 7308 | Anywhere Real Estate, Inc.<sup>(a)</sup> | 103481 |
| 9737 | Compass, Inc., Class A<sup>(a)</sup> | 102920 |
| 3910 | Cushman & Wakefield Ltd.<sup>(a)</sup> | 63303 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **REAL ESTATE SERVICES - 1.3% (Continued)** |  |
| 5495 | Newmark Group, Inc., Class A | $95284 |
|  |  | 364988 |
|  | **RENEWABLE ENERGY - 0.2%** |  |
| 369 | EnerSys | 54151 |
|  | **RETAIL - CONSUMER STAPLES - 1.1%** |  |
| 331 | Five Below, Inc.<sup>(a)</sup> | 62347 |
| 1715 | Grocery Outlet Holding Corporation<sup>(a),(c)</sup> | 17321 |
| 1554 | Ingles Markets, Inc., Class A<sup>(c)</sup> | 106527 |
| 856 | Natural Grocers by Vitamin Cottage, Inc. | 21443 |
| 1480 | Village Super Market, Inc., Class A | 52385 |
| 772 | Weis Markets, Inc. | 49477 |
|  |  | 309500 |
|  | **RETAIL - DISCRETIONARY - 6.7%** |  |
| 1632 | Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 81535 |
| 569 | Advance Auto Parts, Inc. | 22362 |
| 2746 | American Eagle Outfitters, Inc. | 72412 |
| 518 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 120450 |
| 1108 | AutoNation, Inc.<sup>(a),(c)</sup> | 228780 |
| 387 | BlueLinx Holdings, Inc.<sup>(a),(c)</sup> | 23773 |
| 421 | Dillard's, Inc., Class A<sup>(c)</sup> | 255269 |
| 1897 | Driven Brands Holdings, Inc.<sup>(a),(c)</sup> | 28113 |
| 715 | Ethan Allen Interiors, Inc. | 16330 |
| 3228 | Gap, Inc. (The) | 82637 |
| 376 | Group 1 Automotive, Inc. | 147881 |
| 1956 | Guess?, Inc. | 32763 |
| 4436 | Kohl's Corporation<sup>(c)</sup> | 90539 |
| 530 | La-Z-Boy, Inc. | 19753 |
| 696 | Lithia Motors, Inc., Class A | 231302 |
| 5637 | Macy's, Inc. | 124296 |
| 1526 | MarineMax, Inc.<sup>(a)</sup> | 36975 |
| 6362 | Mister Car Wash, Inc.<sup>(a)</sup> | 35373 |
| 1747 | Monro, Inc.<sup>(c)</sup> | 35010 |
| 3987 | Sally Beauty Holdings, Inc.<sup>(a),(c)</sup> | 56855 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 6.7% (Continued)** |  |
| 1068 | Shoe Carnival, Inc. | $18028 |
| 684 | Signet Jewelers Ltd.<sup>(c)</sup> | 56690 |
| 479 | Sonic Automotive, Inc., Class A | 29631 |
| 399 | Urban Outfitters, Inc.<sup>(a),(c)</sup> | 30029 |
| 874 | Victoria's Secret & Company<sup>(a),(c)</sup> | 47344 |
|  |  | 1924130 |
|  | **SEMICONDUCTORS - 3.0%** |  |
| 302 | Amkor Technology, Inc. | 11923 |
| 288 | Cirrus Logic, Inc.<sup>(a)</sup> | 34128 |
| 1178 | Diodes, Inc.<sup>(a)</sup> | 58123 |
| 721 | FormFactor, Inc.<sup>(a),(c)</sup> | 40217 |
| 531 | IPG Photonics Corporation<sup>(a),(c)</sup> | 38020 |
| 477 | Kulicke & Soffa Industries, Inc. | 21732 |
| 1416 | MKS, Inc.<sup>(c)</sup> | 226277 |
| 2964 | Photronics, Inc.<sup>(a)</sup> | 94848 |
| 2494 | Qorvo, Inc.<sup>(a)</sup> | 210768 |
| 318 | Skyworks Solutions, Inc. | 20164 |
| 607 | Synaptics, Inc.<sup>(a)</sup> | 44930 |
| 819 | Ultra Clean Holdings, Inc.<sup>(a)</sup> | 20745 |
| 1145 | Veeco Instruments, Inc.<sup>(a),(c)</sup> | 32724 |
| 1652 | Vishay Intertechnology, Inc. | 23938 |
|  |  | 878537 |
|  | **SOFTWARE - 1.1%** |  |
| 2389 | Adeia, Inc. | 41210 |
| 1799 | Bandwidth, Inc., Class A<sup>(a),(c)</sup> | 27795 |
| 2036 | Concentrix Corporation<sup>(c)</sup> | 84657 |
| 622 | Digi International, Inc.<sup>(a)</sup> | 26927 |
| 2791 | Mitek Systems, Inc.<sup>(a)</sup> | 29445 |
| 3974 | Veradigm, Inc.<sup>(a)</sup> | 19075 |
| 2502 | Ziff Davis, Inc.<sup>(a)</sup> | 87945 |
|  |  | 317054 |
|  | **SPECIALTY FINANCE - 4.0%** |  |
| 1466 | Air Lease Corporation<sup>(c)</sup> | 94161 |
| 2356 | Bread Financial Holdings, Inc. | 174415 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **SPECIALTY FINANCE - 4.0% (Continued)** |  |
| 871 | Encore Capital Group, Inc.<sup>(a)</sup> | $47339 |
| 1749 | Essent Group Ltd.<sup>(c)</sup> | 113703 |
| 6464 | EZCORP, Inc., Class A<sup>(a)</sup> | 125531 |
| 462 | First American Financial Corporation | 28385 |
| 3984 | LendingClub Corporation<sup>(a)</sup> | 75457 |
| 4113 | MGIC Investment Corporation | 120182 |
| 610 | PennyMac Financial Services, Inc. | 80422 |
| 3086 | PRA Group, Inc.<sup>(a)</sup> | 54591 |
| 3202 | Radian Group, Inc. | 115240 |
| 1368 | Regional Management Corporation | 53010 |
| 781 | Stewart Information Services Corporation | 54873 |
| 200 | Willis Lease Finance Corporation | 27128 |
|  |  | 1164437 |
|  | **STEEL - 0.4%** |  |
| 951 | Commercial Metals Company | 65828 |
| 1260 | Olympic Steel, Inc. | 53909 |
|  |  | 119737 |
|  | **TECHNOLOGY HARDWARE - 2.0%** |  |
| 477 | Arrow Electronics, Inc.<sup>(a)</sup> | 52556 |
| 1713 | Avnet, Inc. | 82361 |
| 1497 | Benchmark Electronics, Inc. | 64012 |
| 499 | CTS Corporation | 21392 |
| 434 | Dolby Laboratories, Inc., Class A | 27871 |
| 939 | Knowles Corporation<sup>(a)</sup> | 20123 |
| 1217 | NETGEAR, Inc.<sup>(a),(c)</sup> | 29853 |
| 3170 | NetScout Systems, Inc.<sup>(a)</sup> | 85780 |
| 71 | Plexus Corporation<sup>(a)</sup> | 10437 |
| 8952 | Ribbon Communications, Inc.<sup>(a)</sup> | 25782 |
| 86 | Sanmina Corporation<sup>(a),(c)</sup> | 12906 |
| 172 | TD SYNNEX Corporation | 25839 |
| 523 | TTM Technologies, Inc.<sup>(a)</sup> | 36087 |
| 1683 | ViaSat, Inc.<sup>(a),(c)</sup> | 57996 |
| 5597 | Xerox Holdings Corporation | 13265 |
|  |  | 566260 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 1.5%** |  |
| 674 | Amdocs Ltd. | $54264 |
| 435 | ASGN, Inc.<sup>(a)</sup> | 20954 |
| 57 | CACI International, Inc., Class A<sup>(a)</sup> | 30370 |
| 630 | CSG Systems International, Inc. | 48315 |
| 5663 | DXC Technology Company<sup>(a)</sup> | 82963 |
| 273 | ICF International, Inc. | 23287 |
| 162 | Insight Enterprises, Inc.<sup>(a)</sup> | 13198 |
| 2581 | Kyndryl Holdings, Inc.<sup>(a)</sup> | 68551 |
| 470 | Maximus, Inc. | 40570 |
| 4841 | Repay Holdings Corporation<sup>(a)</sup> | 17670 |
| 509 | V2X, Inc.<sup>(a)</sup> | 27766 |
|  |  | 427908 |
|  | **TELECOMMUNICATIONS - 1.3%** |  |
| 966 | Array Digital Infrastructure, Inc. <sup>(c)</sup> | 51797 |
| 1327 | ATN International, Inc. | 30255 |
| 150 | EchoStar Corporation, Class A<sup>(a),(c)</sup> | 16305 |
| 5184 | Frontier Communications Parent, Inc.<sup>(a)</sup> | 197355 |
| 1986 | Telephone and Data Systems, Inc. | 81426 |
|  |  | 377138 |
|  | **TOBACCO & CANNABIS - 0.2%** |  |
| 971 | Universal Corporation | 51220 |
|  | **TRANSPORTATION & LOGISTICS - 3.0%** |  |
| 882 | Alaska Air Group, Inc.<sup>(a)</sup> | 44365 |
| 942 | Allegiant Travel Company<sup>(a)</sup> | 80324 |
| 597 | ArcBest Corporation | 44291 |
| 1272 | Copa Holdings S.A., Class A | 153416 |
| 1034 | Covenant Logistics Group, Inc., Class A | 22789 |
| 1875 | Hub Group, Inc., Class A<sup>(c)</sup> | 79894 |
| 7404 | JetBlue Airways Corporation<sup>(a),(c)</sup> | 33688 |
| 769 | Knight-Swift Transportation Holdings, Inc. | 40203 |
| 1336 | Marten Transport Ltd. | 15204 |
| 712 | Matson, Inc. | 87968 |
| 299 | Ryder System, Inc. | 57226 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 3.0% (Continued)** |  |
| 1564 | Schneider National, Inc., Class B | $41493 |
| 521 | SkyWest, Inc.<sup>(a)</sup> | 52314 |
| 3203 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 46091 |
| 846 | Universal Logistics Holdings, Inc. | 12851 |
| 1380 | Werner Enterprises, Inc. | 41414 |
| 793 | World Kinect Corporation | 18580 |
|  |  | 872111 |
|  | **TRANSPORTATION EQUIPMENT - 0.3%** |  |
| 1611 | Greenbrier Companies, Inc. (The) | 75298 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.5%** |  |
| 1060 | Andersons, Inc. (The) | 56360 |
| 2893 | United Natural Foods, Inc.<sup>(a)</sup> | 97408 |
|  |  | 153768 |
|  | **WHOLESALE - DISCRETIONARY - 1.2%** |  |
| 104 | Acme United Corporation | 4192 |
| 470 | ePlus, Inc. | 41219 |
| 786 | G-III Apparel Group Ltd. | 22763 |
| 3506 | LKQ Corporation<sup>(c)</sup> | 105881 |
| 2828 | OPENLANE, Inc.<sup>(a)</sup> | 84218 |
| 491 | PC Connection, Inc. | 28360 |
| 1272 | ScanSource, Inc.<sup>(a)</sup> | 49684 |
| 3059 | ThredUp, Inc.<sup>(a)</sup> | 19547 |
|  |  | 355864 |
|  | **TOTAL COMMON STOCKS (Cost $26,159,519)** | 28745283 |
|  | **RIGHT — 0.0%<sup>(d)</sup>** |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 0.0%<sup>(d)</sup>** |  |
| 3718 | Resolute Forest Products, Inc. – CVR (Cost $5,280) <sup>(a)(f)</sup> | 8328 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **ACCLIVITY SMALL CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **SHORT-TERM INVESTMENTS — 18.7%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 17.6%** |  |
| 5102865 | Mount Vernon Liquid Assets Portfolio, 3.84%<sup>(b),(e)</sup> | $5102865 |
|  | **MONEY MARKET FUNDS - 1.1%** |  |
| 307877 | First American Treasury Obligations Fund, Class X, 3.68%<sup>(b)</sup> | 307877 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $5,410,742)** | 5410742 |
|  | **TOTAL INVESTMENTS – 118.2% (Cost $31,575,541)** | $34164353 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (18.2)%** | (5258076) |
|  | **NET ASSETS - 100.0%** | $28906277 |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 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 December 31, 2025 was $4,942,717.

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

<sup>(e)</sup> This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2025 is $5,102,865.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 95.0%** |  |
|  | **EQUITY - 95.0%** |  |
| 37289 | Franklin FTSE Australia ETF | $1172280 |
| 24217 | Franklin FTSE Brazil ETF | 461334 |
| 71814 | Franklin FTSE Canada ETF<sup>(a)</sup> | 3468617 |
| 122989 | Franklin FTSE China ETF<sup>(a)</sup> | 2927138 |
| 86689 | Franklin FTSE Germany ETF<sup>(a),(d)</sup> | 2906942 |
| 58692 | Franklin FTSE India ETF | 2264924 |
| 181593 | Franklin FTSE Japan ETF<sup>(a)</sup> | 6255880 |
| 69765 | Franklin FTSE Russia ETF<sup>(a),(b),(d),(e),(f)</sup> | 698 |
| 34927 | Franklin FTSE South Korea ETF<sup>(a)</sup> | 1119410 |
| 36831 | Franklin FTSE Switzerland ETF | 1527750 |
| 36995 | Franklin FTSE Taiwan ETF | 2250776 |
| 91073 | Franklin FTSE United Kingdom ETF | 3073714 |
| 53076 | iShares China Large-Cap ETF | 2032280 |
| 6509 | iShares MSCI Brazil ETF<sup>(a)</sup> | 206791 |
| 13790 | iShares MSCI Chile ETF | 557116 |
| 3750 | iShares MSCI Denmark ETF | 429263 |
| 45545 | iShares MSCI France ETF<sup>(a)</sup> | 2049070 |
| 73132 | iShares MSCI Hong Kong ETF | 1554055 |
| 9726 | iShares MSCI Indonesia ETF<sup>(a)</sup> | 181876 |
| 45759 | iShares MSCI Italy ETF<sup>(a)</sup> | 2486086 |
| 1884 | iShares MSCI Malaysia ETF | 51546 |
| 31206 | iShares MSCI Mexico ETF<sup>(a)</sup> | 2163512 |
| 18657 | iShares MSCI Netherlands ETF | 1064009 |
| 6215 | iShares MSCI Peru and Global Exposure ETF<sup>(a)</sup> | 449655 |
| 2997 | iShares MSCI Philippines ETF | 74685 |
| 4191 | iShares MSCI Saudi Arabia ETF<sup>(a)</sup> | 152594 |
| 52720 | iShares MSCI Singapore ETF | 1450327 |
| 25832 | iShares MSCI South Africa ETF<sup>(a)</sup> | 1777242 |
| 35997 | iShares MSCI South Korea ETF | 3499629 |
| 54531 | iShares MSCI Spain ETF<sup>(a)</sup> | 2939766 |
| 19614 | iShares MSCI Sweden ETF | 965597 |
| 19633 | iShares MSCI Taiwan ETF | 1247284 |
| 2328 | iShares MSCI Thailand ETF<sup>(a)</sup> | 138912 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DYNAMIC INTERNATIONAL OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 95.0% (Continued)** |  |
|  | **EQUITY - 95.0% (Continued)** |  |
| 8903 | JPMorgan BetaBuilders Canada ETF<sup>(a)</sup> | $827979 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $44,106,054)** | 53728737 |
|  | **SHORT-TERM INVESTMENTS — 27.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 21.7%** |  |
| 12255961 | Mount Vernon Liquid Assets Portfolio, 3.84%<sup>(c),(g)</sup> | 12255961 |
|  | **MONEY MARKET FUND - 5.3%** |  |
| 2997468 | First American Treasury Obligations Fund, Class X, 3.68% <sup>(c)</sup> | 2997468 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $15,253,429)** | 15253429 |
|  | **TOTAL INVESTMENTS – 122.0% (Cost $59,359,483)** | $68982166 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (22.0)%** | (12420917) |
|  | **NET ASSETS - 100.0%** | $56561249 |

---

ETF - Exchange-Traded Fund

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 December 31, 2025 was $11,922,603.

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

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

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

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

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

<sup>(g)</sup> This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2025 is $12,255,961.

See accompanying notes to financial statements.

---

| |
|:---|
| **DYNAMIC U.S. OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 100.7%** |  |
|  | **EQUITY - 100.7%** |  |
| 17618 | iShares Russell Mid-Cap Growth ETF<sup>(a)</sup> | $2412609 |
| 148024 | State Street Communication Services Select Sector<sup>(a)</sup> | 17425385 |
| 62490 | State Street Consumer Discretionary Select Sector<sup>(a)</sup> | 7461931 |
| 68213 | State Street Consumer Staples Select Sector SPDR Fund<sup>(a)</sup> | 5298786 |
| 25214 | State Street Energy Select Sector SPDR Fund | 1127318 |
| 290470 | State Street Financial Select Sector SPDR ETF | 15909042 |
| 66851 | State Street Health Care Select Sector SPDR Fund<sup>(a)</sup> | 10348535 |
| 83683 | State Street Industrial Select Sector SPDR Fund | 12980907 |
| 25322 | State Street Real Estate Select Sector SPDR Fund | 1021742 |
| 42311 | State Street SPDR Portfolio S&P 500 Value ETF<sup>(a)</sup> | 2403688 |
| 126490 | State Street Technology Select Sector SPDR ETF | 18210765 |
| 106276 | State Street Utilities Select Sector SPDR ETF | 4536922 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $82,747,431)** | 99137630 |
|  | **SHORT-TERM INVESTMENTS — 32.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 32.9%** |  |
| 32351748 | Mount Vernon Liquid Assets Portfolio, 3.84%<sup>(b),(c)</sup> (Cost $32,351,748) | 32351748 |
|  | **TOTAL INVESTMENTS – 133.6% (Cost $115,099,179)** | $131489378 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (33.6)%** | (33037951) |
|  | **NET ASSETS - 100.0%** | $98451427 |

---

ETF - Exchange-Traded Fund

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 December 31, 2025 was $31,491,847.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

<sup>(c)</sup> This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2025 is $32,351,748.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Innealta Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Acclivity Small Cap**<br>**Value Fund** | **Dynamic International**<br>**Opportunity Fund** | **Dynamic U.S.**<br>**Opportunity Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $31575541 | $54522811 | $115099179 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost |  | 4836672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities, at cost | $31575541 | $59359483 | $115099179 |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value | $34164353 | $66074526 | $131489378 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at fair value |  | 2907640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities, at value | $34164353 | $68982166 | $131489378 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 23312 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 14017 | 17925 | 25841 |
| &nbsp;&nbsp;&nbsp;Receivable for securities lending income | 1068 | 26283 | 6964 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 45056 | 17426 | 2213 |
| &nbsp;&nbsp;&nbsp;Receivable due from Advisor | 20024 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 15579 | 7038 | 13293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 34283409 | 69050838 | 131537689 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to Custodian |  |  | 104206 |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned (see note 4) | 5102865 | 12255961 | 32351748 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 238972 |  | 164407 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable |  | 205228 | 412724 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 1 | 379 | 1721 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 6022 | 6966 | 15077 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 29272 | 21055 | 36379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 5377132 | 12489589 | 33086262 |
| **NET ASSETS** | $**28906277** | $**56561249** | $**98451427** |
| **Net Assets Consist Of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $25763679 | $46188961 | $83912936 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 3142598 | 10372288 | 14538491 |
| **NET ASSETS** | $**28906277** | $**56561249** | $**98451427** |
| **Net Asset Value Per Share:** |  |  |  |
| Class I Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**28899856** | $**54764321** | $**90199241** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1554753** | **3848390** | **6480039** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**18.59** | $**14.23** | $**13.92** |
| Class N Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**6421** | $**1796928** | $**8252186** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **341** | **125772** | **591871** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**18.85** **<sup>(a)</sup>** | $**14.29** | $**13.94** |

---

<sup>(a)</sup> 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 OPERATIONS** |
| **For the Year Ended December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Acclivity Small Cap**<br>**Value Fund** | **Dynamic International**<br>**Opportunity Fund** | **Dynamic U.S.**<br>**Opportunity Fund** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $613391 | $1661676 | $1609900 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliates |  | 122277 |  |
| &nbsp;&nbsp;&nbsp;Interest | 7164 | 149324 | 169931 |
| &nbsp;&nbsp;&nbsp;Securities Lending - Net of fees | 39127 | 273802 | 66795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 659682 | 2207079 | 1846626 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 126305 | 566574 | 1069116 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 19 | 4307 | 17989 |
| &nbsp;&nbsp;&nbsp;Administration fees | 58962 | 52769 | 86626 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 32490 | 29669 | 52609 |
| &nbsp;&nbsp;&nbsp;Third party administrative services fees | 30315 | 26111 | 44293 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 21397 | 26009 | 49749 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 26212 | 20514 | 20403 |
| &nbsp;&nbsp;&nbsp;Legal fees | 24742 | 22255 | 19465 |
| &nbsp;&nbsp;&nbsp;Audit fees | 20552 | 20267 | 19260 |
| &nbsp;&nbsp;&nbsp;Registration fees | 18969 | 12603 | 23564 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 10098 | 11728 | 16295 |
| &nbsp;&nbsp;&nbsp;Custody fees | 11744 | 8722 | 12965 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expense | 3399 | 5403 | 11591 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2799 | 3741 | 4290 |
| &nbsp;&nbsp;&nbsp;Other expenses | 6326 | 3474 | 3474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 394329 | 814146 | 1451689 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser | (238577) | (107505) | (108543) |
| **NET EXPENSES** | 155752 | 706641 | 1343146 |
| **NET INVESTMENT INCOME** | 503930 | 1500438 | 503480 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment transactions | 596429 | 963643 | 13119167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment transactions |  | 555465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of realized gains from underlying investment companies |  | 35259 |  |
|  | 596429 | 1554367 | 13119167 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | (146710) | 9214139 | 2328137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  | 1061081 |  |
|  | (146710) | 10275220 | 2328137 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 449719 | 11829587 | 15447304 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**953649** | $**13330025** | $**15950784** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,**<br>**2025** | **For the Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $503930 | $413613 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 596429 | 3308157 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation of investments | (146710) | (1532617) |
| Net increase in net assets resulting from operations | 953649 | 2189153 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1232813) | (2598391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | (243) | (907) |
| Net decrease in net assets from distributions to shareholders | (1233056) | (2599298) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 5694856 | 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 | 937850 | 2105682 |
| &nbsp;&nbsp;&nbsp;Class N | 242 | 907 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (15493613) | (11703394) |
| &nbsp;&nbsp;&nbsp;Class N | (7345) |  |
| Net increase/(decrease) in net assets from shares of beneficial interest | (8868010) | 10493169 |
| **TOTAL INCREASE/(DECREASE) IN NET ASSETS** | (9147417) | 10083024 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 38053694 | 27970670 |
| &nbsp;&nbsp;&nbsp;End of Year | $**28906277** | $**38053694** |
| **SHARE ACTIVITY - CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 320254 | 1064458 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 50368 | 107763 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (879170) | (610224) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | (508548) | 561997 |
| **SHARE ACTIVITY - CLASS N** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 393 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 13 | 46 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (419) |  |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | (406) | 439 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,**<br>**2025** | **For the Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1500438 | $2281914 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | 1519108 | 4785946 |
| &nbsp;&nbsp;&nbsp;Distributions of realized gains from underlying investment companies | 35259 | 4962 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments | 10275220 | (3266239) |
| Net increase in net assets resulting from operations | 13330025 | 3806583 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2174417) | (4266718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | (67082) | (110739) |
| Total distributions paid | (2241499) | (4377457) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 4524315 | 9849155 |
| &nbsp;&nbsp;&nbsp;Class N | 133691 | 93603 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1789684 | 3145720 |
| &nbsp;&nbsp;&nbsp;Class N | 49884 | 80148 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (23776553) | (53239484) |
| &nbsp;&nbsp;&nbsp;Class N | (429451) | (1062899) |
| Net decrease in net assets from shares of beneficial interest | (17708430) | (41133757) |
| **TOTAL DECREASE IN NET ASSETS** | (6619904) | (41704631) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 63181153 | 104885784 |
| &nbsp;&nbsp;&nbsp;End of Year | $**56561249** | $**63181153** |
| **SHARE ACTIVITY - CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 350100 | 794162 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 126479 | 270019 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1896019) | (4172999) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (1419440) | (3108818) |
| **SHARE ACTIVITY - CLASS N** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 9758 | 7289 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 3513 | 6856 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (32844) | (86011) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (19573) | (71866) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,**<br>**2025** | **For the Year Ended**<br>**December 31,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $503480 | $1661251 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | 13119167 | 18830092 |
| &nbsp;&nbsp;&nbsp;Distributions of realized gains from underlying investment companies |  | 683 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments | 2328137 | (9970246) |
| Net increase in net assets resulting from operations | 15950784 | 10521780 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (15197608) | (18042315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | (1315768) | (1122994) |
| Total distributions paid | (16513376) | (19165309) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 11132048 | 27889544 |
| &nbsp;&nbsp;&nbsp;Class N | 2032115 | 2027895 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 13303602 | 15744284 |
| &nbsp;&nbsp;&nbsp;Class N | 1241600 | 1066488 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (42494832) | (33920666) |
| &nbsp;&nbsp;&nbsp;Class N | (1634174) | (3868796) |
| Net increase/(decrease) in net assets from shares of beneficial interest | (16419641) | 8938749 |
| **TOTAL INCREASE/(DECREASE) IN NET ASSETS** | (16982233) | 295220 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 115433660 | 115138440 |
| &nbsp;&nbsp;&nbsp;End of Year | $**98451427** | $**115433660** |
| **SHARE ACTIVITY - CLASS I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 732865 | 1727800 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 950257 | 1107193 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2820416) | (2061733) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | (1137294) | 773260 |
| **SHARE ACTIVITY - CLASS N** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 129747 | 122656 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 88496 | 74894 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (107818) | (236528) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | 110425 | (38978) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **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** |
| Net asset value, beginning of year | $18.44 | $18.63 | $15.36 | $16.76 | $12.39 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.28 | 0.23 | 0.23 | 0.22 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.67 | 0.90 | 3.23 | (0.94) | 4.53 |
| Total from investment operations | 0.95 | 1.13 | 3.46 | (0.72) | 4.78 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.22) | (0.19) | (0.17) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.47 | (1.10) |  | (0.51) | (0.21) |
| Total distributions | (0.80 | (1.32) | (0.19) | (0.68) | (0.41) |
| Net asset value, end of year | $18.59 | $18.44 | $18.63 | $15.36 | $16.76 |
| Total return (3) | 5.14 | 5.68% | 22.62% | (4.38)% | 38.60% |
| Net assets, at end of year (000s) | $28900 | $38040 | $27965 | $15436 | $10648 |
| Ratio of gross expenses to average net assets (4)(5) | 1.22 | 1.04% | 1.57% | 1.99% | 3.63% |
| Ratio of net expenses to average net assets (5) | 0.48 | 0.48% | 0.48% | 0.48% | 0.48% |
| Ratio of net investment income to average net assets (5)(6) | 1.56 | 1.20% | 1.42% | 1.38% | 1.53% |
| Portfolio turnover rate | 57 | 96% | 56% | 59% | 60% |

---

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

(2) Realized and unrealized losses per
 share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not
 reconcile with aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

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

See accompanying notes to financial statements.

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **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** |
| Net asset value, beginning of year | $18.68 | $18.87 | $15.52 | $16.91 | $12.37 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.22 | 0.19 | 0.17 | 0.20 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.69 | 0.91 | 3.28 | (0.92) | 4.59 |
| Total from investment operations | 0.91 | 1.10 | 3.45 | (0.72) | 4.75 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.19) | (0.10) | (0.16) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.47 | (1.10) |  | (0.51) | (0.21 |
| Total distributions | (0.74 | (1.29) | (0.10) | (0.67) | (0.21 |
| Net asset value, end of year | $18.85 | $18.68 | $18.87 | $15.52 | $16.91 |
| Total return (3) | 4.87 | 5.46% (8) | 22.31% (8) | (4.35)% | 38.40 |
| Net assets, at end of year (000s) | $6 | $14 | $6 | $11 | $18 |
| Ratio of gross expenses to average net assets (4)(5) | 1.42 | 1.27% | 1.85% | 1.54% | 3.88 |
| Ratio of net expenses to average net assets (5) | 0.73 | 0.73% | 0.73% | 0.73% | 0.73 |
| Ratio of net investment income to average net assets (5)(7) | 1.23 | 0.99% | 1.07% | 1.25% | 1.28 |
| Portfolio turnover rate | 57 | 96% | 56% | 59% | 60 |

---

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

(2) Realized and unrealized losses per
 share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not
 reconcile with aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

(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) Represents actual net assets.

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

(8) 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.

---

| |
|:---|
| ***Dynamic International Opportunity Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **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** |
| Net asset value, beginning of year | $11.67 | $12.20 | $11.26 | $13.18 | $13.16 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.35 | 0.30 | 0.29 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.79 | 0.00 | 0.94 | (1.92) | 0.02 |
| Total from investment operations | 3.14 | 0.30 | 1.23 | (1.78) | 0.14 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.44) | (0.29) | (0.14) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.19) | (0.39 |  |  |  |
| Total distributions | (0.58) | (0.83 | (0.29) | (0.14) | (0.12) |
| Net asset value, end of year | $14.23 | $11.67 | $12.20 | $11.26 | $13.18 |
| Total return (2) | 26.95% | 2.47 | 10.95% | (13.47)% | 1.05% |
| Net assets, at end of year (000s) | $54764 | $61478 | $102227 | $87534 | $104565 |
| Ratio of gross expenses to average net assets (3)(4) | 1.43% | 1.35 | 1.34% | 1.36% | 1.34% |
| Ratio of net expenses to average net assets (4) | 1.24% | 1.24 | 1.24% | 1.24% | 1.24% |
| Ratio of net investment income to average net assets (4)(5) | 2.66% | 2.42 | 2.46% | 1.17% | 0.91% |
| Portfolio turnover rate | 98% | 72 | 62% | 115% | 54% |

---

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

(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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **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** |
| Net asset value, beginning of year | $11.72 | $12.24 | $11.28 | $13.21 | $13.18 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.32 | 0.27 | 0.12 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.80 | 0.01 | 1.07 | (1.93) | 0.02 |
| Total from investment operations | 3.12 | 0.28 | 1.19 | (1.81) | 0.11 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.41) | (0.23) | (0.12) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.19) | (0.39) |  |  |  |
| Total distributions | (0.55) | (0.80) | (0.23) | (0.12) | (0.08) |
| Net asset value, end of year | $14.29 | $11.72 | $12.24 | $11.28 | $13.21 |
| Total return (2) | 26.62% | 2.25% | 10.61% | (13.72)% | 0.86% |
| Net assets, at end of year (000s) | $1797 | $1703 | $2659 | $8418 | $9217 |
| Ratio of gross expenses to average net assets (3)(4) | 1.68% | 1.61% | 1.61% | 1.61% | 1.59% |
| Ratio of net expenses to average net assets (4) | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
| Ratio of net investment income to average net assets (4)(5) | 2.46% | 2.16% | 1.01% | 0.99% | 0.65% |
| Portfolio turnover rate | 98% | 72% | 62% | 115% | 54% |

---

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

(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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **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** |
| Net asset value, beginning of year | $14.25 | $15.63 | $13.60 | $15.08 | $13.71 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.07 | 0.22 | 0.12 | 0.12 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.27 | 1.12 | 2.06 | (1.25) | 2.18 |
| Total from investment operations | 2.34 | 1.34 | 2.18 | (1.13) | 2.19 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.25) | (0.15) | (0.11) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.58) | (2.47) |  | (0.24) | (0.81) |
| Total distributions | (2.67) | (2.72) | (0.15) | (0.35) | (0.82) |
| Net asset value, end of year | $13.92 | $14.25 | $15.63 | $13.60 | $15.08 |
| Total return (2) | 16.27% | 8.62% | 16.05% | (7.50)% | 16.19% |
| Net assets, at end of year (000s) | $90199 | $108561 | $106992 | $116352 | $97667 |
| Ratio of gross expenses to average net assets (3)(4) | 1.34% | 1.33% | 1.33% | 1.35% | 1.36% |
| Ratio of net expenses to average net assets (4) | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| Ratio of net investment income to average net assets (4)(5) | 0.49% | 1.36% | 0.83% | 0.83% | 0.04% |
| Portfolio turnover rate | 259% | 131% | 70% | 184% | 95% |

---

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

(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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **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** |
| Net asset value, beginning of year | $14.27 | $15.65 | $13.62 | $15.09 | $13.74 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | 0.04 | 0.17 | 0.08 | 0.08 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.26 | 1.12 | 2.06 | (1.23) | 2.19 |
| Total from investment operations | 2.30 | 1.29 | 2.14 | (1.15) | 2.16 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.20) | (0.11) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.58) | (2.47) |  | (0.24) | (0.81) |
| Total distributions | (2.63) | (2.67) | (0.11) | (0.32) | (0.81) |
| Net asset value, end of year | $13.94 | $14.27 | $15.65 | $13.62 | $15.09 |
| Total return (2) | 15.98% | 8.32% | 15.73% | (7.66)% | 15.92% |
| Net assets, at end of year (000s) | $8252 | $6873 | $8146 | $10375 | $10739 |
| Ratio of gross expenses to average net assets (3)(4) | 1.59% | 1.58% | 1.58% | 1.60% | 1.62% |
| Ratio of net expenses to average net assets (4) | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
| Ratio of net investment income/(loss) to average net assets (4)(5) | 0.27% | 1.05% | 0.58% | 0.55% | (0.21)% |
| Portfolio turnover rate | 259% | 131% | 70% | 184% | 95% |

---

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

(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.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

The 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 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.

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

---

| |
|:---|
| &nbsp;&nbsp;***Innealta Funds*** |
| &nbsp;&nbsp;**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| &nbsp;&nbsp;**December 31, 2025** |

---

**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 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.

---

| |
|:---|
| &nbsp;&nbsp;***Innealta Funds*** |
| &nbsp;&nbsp;**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| &nbsp;&nbsp;**December 31, 2025** |

---

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

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASCVF** | **ASCVF** | **ASCVF** | **ASCVF** | **ASCVF** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $28745283 | $— | $— | $28745283 |
| Rights |  |  | 8328 | 8328 |
| Short-Term Investments | $5410742 |  |  | 5410742 |
| Total | $34156025 | $— | $8328 | $34164353 |
| **DIOF** | **DIOF** | **DIOF** | **DIOF** | **DIOF** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $53728737 | $— | $— | $53728737 |
| Short-Term Investments | 15253429 |  |  | 15253429 |
| Total | $68982166 | $— | $— | $68982166 |
| **DUOF** | **DUOF** | **DUOF** | **DUOF** | **DUOF** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $99137630 | $— | $— | $99137630 |
| Short-Term Investment | 32351748 |  |  | 32351748 |
| Total | $131489378 | $— | $— | $131489378 |

---

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

The following table is a reconciliation of assets in which Level 3 inputs were used in determining value for ASCVF:

---

| | | |
|:---|:---|:---|
|  | Pineapple Energy,<br>Inc.\* | Resolute Forest<br>Products, Inc. - CVR |
| Beginning Balance | $3 | $5280 |
| Unrealized Appreciation/(Depreciation) | (3) | 3048 |
| Ending Balance | $— | $8328 |

---

\* As of December 31, 2025, ASCVF no longer held this security.

**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

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

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 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, 2022 to December 31, 2024, or expected to be taken in each Fund's December 31, 2025 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.

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

**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.

---

| |
|:---|
| ***Innealta Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

**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.

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

For the year ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| ASCVF | $18340231 | $27894902 |
| DIOF | 52776928 | 61901156 |
| DUOF | 273975413 | 305903225 |

---

**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 ASCVF, DIOF and DUOF. 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, 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 (Continued)** |
| **December 31, 2025** |

---

The following table represents financial instruments that are subject to enforceable netting arrangements as of December 31, 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 |
| ASCVF | $5102865 | $— | $5102865 | $5102865 | $— | $5102865 |
| DIOF | $12255961 | $— | $12255961 | $12255961 | $— | $12255961 |
| DUOF | $32351748 | $— | $32351748 | $32351748 | $— | $32351748 |

---

The following table breaks out the holdings pledged as collateral as of December 31, 2025:

---

| | |
|:---|:---|
| **Secured Borrowings** |  |
| **<u>Securities Lending Transactions</u>** |  |
| &nbsp;&nbsp;&nbsp;**<u>Overnight and Continuous</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ASCVF</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | $5102865 |
|  | $5102865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>DIOF</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | $12255961 |
|  | $12255961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>DUOF</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio | $32351748 |
|  | $32351748 |

---

---

| |
|:---|
| &nbsp;&nbsp;***Innealta Funds*** |
| &nbsp;&nbsp;**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| &nbsp;&nbsp;**December 31, 2025** |

---

**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 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;ASCVF | &nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;DIOF | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;DUOF | &nbsp;&nbsp;1.00% |

---

For the year ended December 31, 2025, the Adviser earned the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;ASCVF | &nbsp;&nbsp;$126305 |
| &nbsp;&nbsp;DIOF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566574 |
| &nbsp;&nbsp;DUOF | &nbsp;&nbsp; 1069116 |

---

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;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.

---

| |
|:---|
| &nbsp;&nbsp;***Innealta Funds*** |
| &nbsp;&nbsp;**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| &nbsp;&nbsp;**December 31, 2025** |

---

For the year ended December 31, 2025, the Adviser waived the following expenses:

---

| | |
|:---|:---|
| &nbsp;&nbsp;ASCVF | &nbsp;&nbsp;$238577 |
| &nbsp;&nbsp;DIOF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107505 |
| &nbsp;&nbsp;DUOF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108543 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**12/31/2026** | &nbsp;&nbsp;**12/31/2027** | &nbsp;&nbsp;**12/31/2028** |
| &nbsp;&nbsp;ASCVF | &nbsp;&nbsp;$206945 | &nbsp;&nbsp;$193322 | &nbsp;&nbsp;$238577 |
| &nbsp;&nbsp;DIOF | &nbsp;&nbsp;$102045 | &nbsp;&nbsp;$104603 | &nbsp;&nbsp;$107505 |
| &nbsp;&nbsp;DUOF | &nbsp;&nbsp;$117206 | &nbsp;&nbsp;$114855 | &nbsp;&nbsp;$108543 |

---

As of December 31, 2025, 182,812, $120,203 and $126,906 in waived advisory fees expired unrecouped for 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 year ended December 31, 2025, pursuant to the Class N Plan, ASCVF, DIOF and DUOF paid $19, $4,307 and $17,989 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.

---

| |
|:---|
| &nbsp;&nbsp;***Innealta Funds*** |
| &nbsp;&nbsp;**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| &nbsp;&nbsp;**December 31, 2025** |

---

**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 year ended December 31, 2025 with affiliated companies are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | Change in | | | |
|  |  | | | | | Unrealized | | | |
|  |  | Value-Beginning of | | | Net Realized | Appreciation/ | | Shares-End of | |
| CUSIP | Description | Year/Period | Purchases | Sales Proceeds | Gain | (Depreciation) | Value-End of Year | Year/Period | Dividend Income |
| 35473P785 | Franklin FTSE Germany ETF | $3017152 | $— | $(1129972) | $229902 | $789860 | $2906942 | 86689 | $66096 |
| 35473P728 | Franklin FTSE Russia ETF | 698 |  |  |  |  | 698 | 69765 |  |
| 35473P694 | Franklin FTSE Switzerland ETF\* | 3080242 | 16834 | (2166110) | 325563 | 271221 | 1527750 | 36831 | 56181 |
|  | Total | $6098092 |  |  | $555465 | $1061081 | $4435390 |  | $122277 |

---

<sup>\*</sup> This security was not an affiliated company as of December 31, 2025.

**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 December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Cost for**<br>**Federal Tax**<br>**purposes** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** | **Tax Net**<br>**Unrealized**<br>**App/Dep** |
| Acclivity Small Cap Value Fund | $31580542 | $5314676 | $(2730865) | $2583811 |
| Dynamic International Opportunity Fund | 59823856 | 12267965 | (3109655) | 9158310 |
| Dynamic U.S. Opportunity Fund | 118067049 | 16561190 | (3138861) | 13422329 |

---

**8.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the year ended December 31, 2025 and December 31, 2024, and were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the period ended December 31, 2025:** | **For the period ended December 31, 2025:** | **For the period ended December 31, 2025:** | **For the period ended December 31, 2025:** | **For the period ended December 31, 2025:** | **For the period ended December 31, 2025:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** | |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| ASCVF | $1197027 | $36029 | $— | $— | $1233056 |
| DIOF | 1702629 | 538870 |  |  | 2241499 |
| DUOF | 1722728 | 14790648 |  |  | 16513376 |
| **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:** | **For the period ended December 31, 2024:** |
|  | **Ordinary** | **Long-Term** | **Return** | **Tax-Exempt** |  |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Income** | **Total** |
| ASCVF | $874538 | $1724760 | $— | $— | $2599.298 |
| DIOF | 2287944 | 2089513 |  |  | 4377.457 |
| DUOF | 2822304 | 16343005 |  |  | 19165309 |

---

---

| |
|:---|
| &nbsp;&nbsp;***Innealta Funds*** |
| &nbsp;&nbsp;**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| &nbsp;&nbsp;**December 31, 2025** |

---

As of December 31, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary**<br>**Tax-Exempt Income** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** |
| Acclivity Small Cap Value Fund | $— | $474 | $558313 | $— |
| Dynamic International Opportunity Fund |  | 83923 | 1130055 |  |
| Dynamic U.S. Opportunity Fund |  | 1116162 |  |  |
|  | **Capital Loss** | **Other** | **Unrealized** | **Total** |
|  | **Carry** | **Book/Tax** | **Appreciation/** | **Accumulated** |
| **Portfolio** | **Forwards** | **Differences** | **(Depreciation)** | **Earnings/(Deficits)** |
| Acclivity Small Cap Value Fund | $— | $— | $2583811 | $3142598 |
| Dynamic International Opportunity Fund |  |  | 9158310 | 10372288 |
| Dynamic U.S. Opportunity Fund |  |  | 13422329 | 14538491 |

---

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, adjustments for partnerships, and C-Corporation return of capital distributions.

Permanent book and tax differences, primarily attributable to the prior year tax return updates, resulted in reclassifications for the Fund for the fiscal year ended December 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| ASCVF | $(7419) | $7419 |
| DIOF | (850) | 850 |
| DUOF |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;***Innealta Funds*** |
| &nbsp;&nbsp;**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| &nbsp;&nbsp;**December 31, 2025** |

---

**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 December 31, 2025, beneficial ownership in excess of 25% for the Funds is as follows:

---

| | | |
|:---|:---|:---|
|  | **Beneficial Owner** | **% of Outstanding Shares** |
| ASCVF | Charles Schwab & Co. | 32.2% |
|  | NFS | 36.8% |
| DIOF | LPL Financial | 48.1% |
|  | NFS | 29.5% |
| DUOF | NFS | 28.5% |

---

**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.

![(COHEN & CO LOGO)](in002_v1.jpg)

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

To the Shareholders of Acclivity Small Cap Value Fund, Dynamic International Opportunity Fund,

Dynamic U.S. Opportunity Fund and Board of Trustees of Northern Lights Fund Trust II

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Acclivity Small Cap Value Fund**,** Dynamic International Opportunity Fund and Dynamic U.S. Opportunity Fund (the "Funds"), each a series of the Northern Lights Fund Trust II, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended , in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended December 31, 2022, and prior, were audited by other auditors whose report dated March 1, 2023, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![(SIGNATURE)](in003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

---

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

---

---

| |
|:---|
| &nbsp;&nbsp;***Innealta Funds*** |
| &nbsp;&nbsp;**ADDITIONAL INFORMATION (Unaudited)** |
| &nbsp;&nbsp;**December 31, 2025** |

---

**FOREIGN TAX CREDIT (Unaudited)**

The Dynamic International Opportunity Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended December 31, 2025 and December 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended**<br>**December 31, 2025** |<br>**Foreign Taxes Paid** |<br>**Foreign Source Income** |
| DIOF | $0.0366 | $0.3326 |
| **For fiscal year ended** |  |  |
| **December 31, 2024** | **Foreign Taxes Paid** | **Foreign Source Income** |
| DIOF | $0.0289 | $0.3289 |

---

**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**

At a Regular meeting (the "Meeting") of the Board of Trustees (the "Board") of Northern Lights Fund Trust II (the "Trust") held on October 21, 2025, the Board, including the disinterested Trustees (the "Independent Trustees"), considered the renewal of the Investment Advisory Agreement (the "Innealta Advisory Agreement") between the Trust, on behalf of the Acclivity Mid Cap Multi-Style Fund ("Acclivity Mid-Cap"), Acclivity Small Cap Value Fund (Acclivity Small Cap Value"), Dynamic International Opportunity Fund ("Dynamic International") and Dynamic U.S. Opportunity Fund ("Dynamic U.S.") (collectively the "Funds") and Innealta Capital, LLC ("Innealta").

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

In advance of the Meeting, the Board requested and received materials to assist them in considering the renewal of the Innealta Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including the Innealta Advisory Agreement, a memorandum prepared by the Counsel to the Independent Trustees discussing in detail the Independent Trustees fiduciary obligations and the factors they should assess in considering the continuation of the Innealta Advisory Agreement and comparative information relating to the advisory

---

| |
|:---|
| ***Innealta Funds*** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2025** |

---

fee and other expenses of Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic International and Dynamic U.S.

The materials also included due diligence materials relating to Innealta (including due diligence questionnaires completed by Innealta, select financial information of Innealta, bibliographic information regarding Innealta's key management and investment advisory personnel, and comparative fee information relating to Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic International and Dynamic U.S. and other pertinent information). At the Meeting, the Independent Trustees were advised by the Counsel to the Independent Trustees, who is experienced in Investment Company Act of 1940 matters and who is independent of fund management and met with such counsel separately from fund management.

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

*Nature, Extent and Quality of Services*. The Board then reviewed materials provided by Innealta related to the proposed renewal of the Innealta Advisory Agreement, including Innealta's Form ADV and related schedules, a description of the manner in which investment decisions are made and executed, a review of the personnel performing services for each of Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic U.S. and Dynamic International, including the team of individuals that primarily monitor and execute the investment process. The Board discussed Innealta's research capabilities, the quality of Innealta's compliance infrastructure and the experience of its management personnel. Additionally, the Board received satisfactory responses from the representatives of Innealta with respect to a series of important questions, including: whether Innealta was involved in any lawsuits or pending regulatory actions; whether the management of other accounts would conflict with its management of Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic U.S. and Dynamic International; whether there were procedures in place to adequately allocate trades among Innealta's clients; and whether Innealta's CCO would routinely review the portfolio managers' performance of their duties to ensure compliance under Innealta's compliance program. The Board also reviewed the information provided on the practices for monitoring compliance with each of Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic U.S. and Dynamic International's investment limitations. The Board also discussed details of Innealta's compliance program with the CCO of the Trust. The Board noted that the CCO of the Trust continued to represent that Innealta's policies and procedures were reasonably designed to prevent violations of applicable federal securities laws. The Board also noted Innealta's representation that the prospectus and statement of additional information for Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic U.S. and Dynamic International accurately describe such Fund's investment strategies. The Board then reviewed the capitalization of Innealta based on financial information

---

| |
|:---|
| ***Innealta Funds*** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2025** |

---

provided, and representations made, by Innealta and its representatives, and concluded that Innealta was sufficiently well-capitalized, or that Innealta's owners had the ability to make additional contributions, in order to meet its obligations to each of Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic U.S. and Dynamic International. The Board concluded that Innealta had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Innealta Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by Innealta to each of Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic U.S. and Dynamic International were satisfactory.

*Performance.* The Board then discussed the reports prepared by Broadridge and reviewed the performance of Dynamic U.S., Dynamic International, Acclivity Small Cap Value and Acclivity Mid-Cap as compared to its respective peer group, Morningstar category and benchmark for the one-year, three-year, five-year, ten-year (with respect to Dynamic International and Dynamic U.S. only) and since inception periods ended August 31, 2025 . The Board noted that Dynamic U.S. Fund's strong performance relative to its peers, and that it had outperformed its peer group median and Morningstar category median (the Tactical Allocation category) for the one-year, three-year, five-year, ten year and since inception periods, although it underperformed its benchmark (the S&P 500 Total Return Index) for those same periods. The Board noted that Dynamic International underperformed the peer group median, Morningstar category median and benchmark (the MSCI ACWI ex USA Index (USD)) for the one-year, three-year, five-year, ten-year and since inception periods. The Board did note however, that the Dynamic International's performance was slightly improved more recently. With respect to Acclivity Small Cap Value, the Board noted that Acclivity Small Cap Value underperformed its Morningstar category median and benchmark (the S&P 500 Total Return Index), while outperforming its peer group median for the one-year period. For the three-year period, the Acclivity Small Cap Value outperformed its peer group median and Morningstar category median, while underperforming its benchmark and Acclivity Small Cap Value outperformed its peer group median and Morningstar category median for both the five-year period and since inception period. It also outperformed its benchmark for the five-year period but underperformed its benchmark for the since inception period. With respect to Acclivity Mid-Cap, the Board noted that Acclivity Mid-Cap outperformed the peer group median and Morningstar category median (Mid-Cap blend category) but underperformed its benchmark (the S&P 500 Total Return Index) for the one-year, three-year, five-year and since inception periods. After further discussion, the Board concluded that each of Dynamic U.S., Dynamic International, Acclivity Mid-Cap and Acclivity Small Cap Value's past performance was acceptable and generally in line with its risk level, although it noted that it would continue to monitor the performance of Dynamic International.

*Fees and Expenses*. As to the costs of the services to be provided by Innealta, the Board reviewed and discussed each of Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic U.S. and Dynamic International's advisory fee and total operating expenses as compared to its respective peer group and Morningstar category as presented in the Broadridge Report. The Board reviewed the contractual arrangements, noting that Innealta charges an advisory fee at an annual rate of 1.00% of the average daily net assets of each of Dynamic U.S. and Dynamic International and 0.39% and 0.35% of the average daily net assets of Acclivity Small Cap Value and Acclivity Mid-Cap, respectively, under the Innealta Advisory Agreement. The Board noted that the advisory fee for Dynamic International was at the top of its peer group but not the highest in its Morningstar category while the advisory fee for Dynamic U.S. was 10 basis points above the Morningstar category median and equal to the peer group

---

| |
|:---|
| ***Innealta Funds*** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2025** |

---

median. The Board also reviewed the net expenses for each of Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic U.S. and Dynamic International as compared to its peer group and Morningstar category. The Board then reviewed the Operating Expenses Limitation Agreement noting that Innealta had agreed to waive or limit its advisory fee and/or reimburse expenses at least until April 30, 2027 in order to limit net annual operating expenses, exclusive of certain fees, so as not to exceed 1.49% and 1.24% of Dynamic U.S. and Dynamic International's average net assets for Class N and Class I Shares, respectively, 0.48% and 0.73% of Acclivity Small Cap Value's average net assets for Class I and Class N shares, respectively, and 0.44% and 0.69% of Acclivity Mid-Cap's average net assets for Class I and Class N shares, respectively, and found such arrangements to be beneficial to shareholders. The Board concluded that, based on Innealta's experience, expertise and services provided to each of Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic U.S. and Dynamic International, the advisory fees charged by Innealta for each of Acclivity Small Cap Value, Acclivity Mid-Cap, Dynamic U.S. and Dynamic International were not unreasonable.

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

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

*Conclusion.* The Board relied upon the advice of counsel, and their own business judgment in determining the material factors to be considered in evaluating the Innealta Advisory Agreement and the weight to be given to each such factor. Accordingly, having requested and received such information from Innealta as the Board believed to be reasonably necessary to evaluate the terms of the Innealta Advisory Agreement, and as assisted by the advice of independent counsel, the Board, including a majority of the Independent Trustees voting separately, determined that with respect to each of the Funds separately, (a) the terms of the Innealta Advisory Agreement are not unreasonable; (b) the investment advisory fee is not unreasonable; and (c) the Innealta Advisory Agreement is in the best interests of the Fund and its shareholders. In considering the renewal of the Innealta Advisory Agreement, the Board did not identify any one factor as all important but rather considered these factors collectively and determined that renewal of the Innealta Advisory Agreement was in the best interest of each Fund and its shareholders. Moreover, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Innealta Advisory Agreement.

---

| |
|:---|
| **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.**

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable

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

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

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

**Item 19. Exhibits.**

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

(a)(2) Not applicable

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

---

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

---

Date <u>3/6/26</u>

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

By (Signature and Title)

---

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

---

Date <u>3/6/26</u>

By (Signature and Title)

---

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

---

Date <u>3/6/26</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 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: | 3/6/26 | /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 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: | 3/6/26 | /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 December 31, 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: | 3/6/26 | Date: | 3/6/26 |

---

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

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

## Ex-99.Code

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

 **CODE OF ETHICS**

May 17, 2011

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

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

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

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

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

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

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

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

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

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

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

***DEFINITIONS***

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trust or the Advisers (or of any company controlling or controlled by or under common control with the Trust or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trust or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

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

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

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

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

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

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

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

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

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

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

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

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

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

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

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

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

***PROHIBITED ACTIONS AND ACTIVITIES***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

EXEMPTED TRANSACTIONS

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

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

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

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

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

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

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

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

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

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

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

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

INITIAL HOLDINGS REPORT

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

ANNUAL HOLDINGS REPORTS

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

QUARTERLY TRANSACTION REPORTS

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

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

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

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

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

· The date the Access Person Submits the Report.

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

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

***ENFORCEMENTS AND PENALTIES***

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

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

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

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

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

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

***ACKNOWLEDGMENT***

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

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

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

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

<br>