Kind N-CSRS NORTHERN LIGHTS FUND For: Jun 30

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united
states
securities and change fee
washington, d.c. 20549

type n-csr

licensed shareholder report of registered administration
funding corporations

Funding Firm Act file quantity 811-22549

Northern Lights Fund Belief II

(Precise identify of registrant as laid out in constitution)

225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246

(Handle of principal govt workplaces) (Zip
code)

Kevin Wolf, Gemini Fund Companies, LLC

4221 North 203rd Road, Suite 100, Elkhorn, NE 68022

(Identify and handle of agent for service)

Registrant’s phone quantity, together with space code: 631-470-2600

Date of fiscal yr finish: 12/31

Date of reporting interval: 06/30/22

Merchandise 1. Stories to Stockholders.

Acclivity Mid Cap Multi-Model Fund

Acclivity
Small Cap Worth Fund

Semi-Annual
Report

June
30, 2022

www.acclivityfunds.com

1
(855) 873-3837

Distributed
by Northern Lights Distributors, LLC

Member
FINRA

ACCLIVITY
MID CAP MULTI-STYLE FUND

PORTFOLIO
REVIEW (Unaudited)

June
30, 2022

The
Funds efficiency figures* for the durations ended June 30, 2022, in comparison with its benchmark:

			Since Inception
	Six Months	One Yr	(12/31/19)
Acclivity Mid Cap Multi-Model Fund – Class I	(16.43)%	(11.67)%	5.17%
Acclivity Mid Cap Multi-Model Fund – Class N	(16.43)%	(11.67)%	5.17%
Russell Mid-Cap Complete Return Index**	(21.57)%	(17.30)%	4.86%
S&P 500 Complete Return Index***	(19.96)%	(10.62)%	8.27%

The
efficiency knowledge quoted right here represents previous efficiency. The efficiency comparability consists of reinvestment of all dividends and capital
achieve distributions, if any. Present efficiency could also be decrease or greater than the efficiency knowledge quoted above. Previous efficiency is not any
assure of future outcomes. The funding return and principal worth of an funding will fluctuate in order that investors shares,
when redeemed, could also be value roughly than their authentic value. The returns proven don’t mirror the deduction of taxes {that a} shareholder
would pay on Fund distributions or on the redemption of Fund shares. The Funds whole annual working bills are 53.70% for
Class I shares and 53.95% for Class N shares per the Might 1, 2022, prospectus. After charge waivers, the Funds whole annual working
bills are 0.45% for Class I shares and 0.70% for Class N shares. For efficiency data present to the latest month-end,
please name toll-free 1-855-873-3837 (1-855-USE-ETFS).

The
Russell Mid-Cap Complete Return Index measures the efficiency of the smallest 800 corporations within the Russell 1000 index. Traders can’t
make investments instantly in an index.

***

The
S&P 500 Complete Return Index is a broadly accepted, unmanaged index of U.S. inventory market efficiency which doesn’t keep in mind
prices, charges and different bills. Traders can’t make investments instantly in an index.

Holdings By Asset Class as of June 30, 2022	% of Web Property
Insurance coverage		9.4	%
Oil & Fuel Producers		5.9	%
Banking		4.2	%
Retail – Discretionary		4.1	%
Equipment		4.1	%
Software program		3.4	%
Know-how {Hardware}		3.3	%
Well being Care Services & Companies		3.3	%
Chemical substances		3.1	%
Semiconductors		3.0	%
Different Investments & Property in Extra of Liabilities		56.2	%
		100.0	%

Please
check with the Schedule of Investments on this semi-annual report for an in depth evaluation of the Funds holdings.

ACCLIVITY
SMALL CAP VALUE FUND
PORTFOLIO REVIEW (Unaudited)
June 30, 2022

The
Funds efficiency figures* for the durations ended June 30, 2022, in comparison with its benchmark:

				Since Inception
	Six Months	One Yr	Three Yr	(12/31/18)
Acclivity Small Cap Worth Fund – Class I	(12.83)%	(7.93)%	11.33%	13.11%
Acclivity Small Cap Worth Fund – Class N	(12.71)%	(7.81)%	11.30%	13.06%
Russell 2000® Worth Complete Return Index**	(17.31)%	(16.28)%	6.18%	9.16%
S&P 500 Complete Return Index***	(19.96)%	(10.62)%	10.60%	14.47%

The
efficiency knowledge quoted right here represents previous efficiency. The efficiency comparability consists of reinvestment of all dividends and capital
achieve distributions, if any. Present efficiency could also be decrease or greater than the efficiency knowledge quoted above. Previous efficiency is not any
assure of future outcomes. The funding return and principal worth of an funding will fluctuate in order that investors shares,
when redeemed, could also be value roughly than their authentic value. The returns proven don’t mirror the deduction of taxes {that a} shareholder
would pay on Fund distributions or on the redemption of Fund shares. The Funds whole annual working bills are 3.64% for Class
I shares and three.89% for Class N shares per the Might 1, 2022 prospectus. After charge waivers, the Funds whole annual working bills
are 0.49% for Class I shares and 0.74% for Class N shares. For efficiency data present to the latest month-end, please name
toll-free 1-855-873-3837 (1-855-USE-ETFS).

The
Russell 2000® Worth Complete Return Index measures the efficiency of the biggest 2,000 U.S. corporations decided by whole market capitalization.
Traders can’t make investments instantly in an index.

***

Holdings By Asset Class as of June 30, 2022	% of Web Property
Banking		18.6	%
Insurance coverage		7.3	%
Oil & Fuel Producers		5.9	%
Retail – Discretionary		5.3	%
Specialty Finance		5.1	%
Dwelling Development		4.7	%
Transportation & Logistics		4.2	%
Know-how {Hardware}		4.1	%
Business Help Companies		3.2	%
Meals		3.1	%
Different Investments & Property in Extra of Liabilities		38.5	%
		100.0	%

Please
check with the Schedule of Investments on this semi-annual report for an in depth evaluation of the Funds holdings.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4%
		ADVERTISING & MARKETING – 0.6%
	81	Interpublic Group of Corporations, Inc.	$	2,230
	2	Omnicom Group, Inc.		127
	8	Commerce Desk, Inc., Class A^(a)		335
				2,692
		AEROSPACE & DEFENSE – 0.8%
	25	Howmet Aerospace, Inc.		786
	6	Huntington Ingalls Industries, Inc.		1,307
	1	Teledyne Applied sciences, Inc.^(a)		375
	2	Textron, Inc.		122
	9	Woodward, Inc.		833
				3,423
		APPAREL & TEXTILE PRODUCTS – 1.6%
	7	Columbia Sportswear Firm		501
	4	Crocs, Inc.^(a)		195
	5	Deckers Outside Company^(a)		1,277
	20	Hanesbrands, Inc.		206
	5	PVH Company		284
	17	Ralph Lauren Company		1,524
	38	Skechers USA, Inc., Class A^(a)		1,352
	45	Tapestry, Inc.		1,373
				6,712
		ASSET MANAGEMENT – 0.9%
	2	Apollo World Administration, Inc.		97
	7	Ares Administration Company, Class A		398
	16	Carlyle Group, Inc.		506
	9	Franklin Assets, Inc.		210
	3	LPL Monetary Holdings, Inc.		553
	4	Raymond James Monetary, Inc.		358
	31	Stifel Monetary Company		1,737
				3,859
		AUTOMOTIVE – 1.5%
	19	Autoliv, Inc.		1,360
	61	BorgWarner, Inc.		2,035
	42	Gentex Company		1,175

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		AUTOMOTIVE – 1.5% (Continued)
	4	Harley-Davidson, Inc.	$	127
	13	Lear Company		1,636
				6,333
		BANKING – 4.2%
	5	Residents Monetary Group, Inc.		178
	4	Comerica, Inc.		294
	14	Cullen/Frost Bankers, Inc.		1,630
	12	East West Bancorp, Inc.		778
	124	First Horizon Company		2,711
	4	Huntington Bancshares, Inc.		48
	12	KeyCorporation		207
	3	M&T Financial institution Company		478
	19	Pinnacle Monetary Companions, Inc.		1,374
	23	Prosperity Bancshares, Inc.		1,570
	10	Areas Monetary Company		187
	18	SouthState Company		1,389
	1	SVB Monetary Group^(a)		395
	38	Synovus Monetary Company		1,370
	140	Valley Nationwide Bancorp		1,457
	34	Webster Monetary Company		1,433
	8	Western Alliance Bancorp		565
	37	Zions Bancorp NA		1,883
				17,947
		BEVERAGES – 0.6%
	1	Boston Beer Firm, Inc., Class A^(a)		303
	45	Molson Coors Beverage Firm, Class B		2,453
				2,756
		BIOTECH & PHARMA – 2.9%
	1	ACADIA Prescription drugs, Inc.^(a)		14
	3	BioMarin Pharmaceutical, Inc.^(a)		249
	1	Blueprint Medicines Company^(a)		51
	6	Denali Therapeutics, Inc.^(a)		177
	123	Elanco Animal Well being, Inc.^(a)		2,414
	82	Exelixis, Inc.^(a)		1,707

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		BIOTECH & PHARMA – 2.9% (Continued)
	31	Halozyme Therapeutics, Inc.^(a)	$	1,364
	27	Ionis Prescription drugs, Inc.^(a)		1,000
	1	Iovance Biotherapeutics, Inc.^(a)		11
	2	Mirati Therapeutics, Inc.^(a)		134
	15	Neurocrine Biosciences, Inc.^(a)		1,462
	3	Novavax, Inc., Class A^(a)		154
	17	Sarepta Therapeutics, Inc.^(a)		1,274
	1	TG Therapeutics, Inc.^(a)		4
	3	Ultragenyx Pharmaceutical, Inc.^(a)		179
	9	United Therapeutics Company^(a)		2,121
				12,315
		CHEMICALS – 3.1%
	1	Albemarle Company		209
	12	Ashland World Holdings, Inc.		1,237
	1	Avery Dennison Company		162
	2	Celanese Company		235
	8	CF Industries Holdings, Inc.		686
	42	Chemours Firm		1,345
	20	Eastman Chemical Firm		1,795
	11	FMC Company		1,177
	50	Huntsman Company		1,418
	3	Worldwide Flavors & Fragrances, Inc.		357
	22	Mosaic Firm		1,039
	39	Olin Company		1,805
	9	RPM Worldwide, Inc.		708
	56	Univar Options, Inc.^(a)		1,393
				13,566
		COMMERCIAL SUPPORT SERVICES – 1.6%
	46	Aramark		1,409
	9	ASGN, Inc.^(a)		812
	4	Clear Harbors, Inc.^(a)		351
	37	H&R Block, Inc.		1,307
	3	ManpowerGroup, Inc.		229
	22	Robert Half Worldwide, Inc.		1,648

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		COMMERCIAL SUPPORT SERVICES – 1.6% (Continued)
	4	Stericycle, Inc.^(a)	$	175
	24	Terminix World Holdings, Inc.^(a)		976
				6,907
		CONSTRUCTION MATERIALS – 1.6%
	15	Superior Drainage Techniques, Inc.		1,351
	9	Carlisle Corporations, Inc.		2,147
	1	Eagle Supplies, Inc.		110
	1	Martin Marietta Supplies, Inc.		299
	47	MDU Assets Group, Inc.		1,269
	23	Owens Corning		1,709
				6,885
		CONSUMER SERVICES – 0.6%
	37	Service Corp Worldwide		2,558

		CONTAINERS & PACKAGING – 1.5%
	6	Crown Holdings, Inc.		553
	58	Graphic Packaging Holding Firm		1,189
	2	Packaging Corp of America		275
	30	Sealed Air Company		1,732
	3	Sonoco Merchandise Firm		171
	64	Westrock Firm		2,550
				6,470
		DIVERSIFIED INDUSTRIALS – 0.2%
	16	ITT, Inc.		1,076

		E-COMMERCE DISCRETIONARY – 0.5%
	30	Etsy, Inc.^(a)		2,196

		ELECTRIC UTILITIES – 2.3%
	10	Alliant Vitality Company		586
	8	Evergy, Inc.		522
	1	Hawaiian Electrical Industries, Inc.		41
	8	IDACORP, Inc.		847
	16	NextEra Vitality Companions, L.P.		1,187

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		ELECTRIC UTILITIES – 2.3% (Continued)
	9	NRG Vitality, Inc.	$	343
	46	OGE Vitality Company		1,774
	25	Pinnacle West Capital Company		1,828
	1	Portland Normal Electrical Firm		48
	115	Vistra Company		2,628
				9,804
		ELECTRICAL EQUIPMENT – 1.7%
	30	A O Smith Company		1,640
	6	Acuity Manufacturers, Inc.		924
	29	Cognex Company		1,233
	1	Generac Holdings, Inc.^(a)		211
	8	Hubbell, Inc.		1,429
	5	Littelfuse, Inc.		1,270
	2	Nationwide Devices Company		62
	4	Trimble, Inc.^(a)		233
	21	Vertiv Holdings Firm		173
				7,175
		ENGINEERING & CONSTRUCTION – 1.4%
	22	AECOM		1,435
	3	EMCOR Group, Inc.		309
	3	Jacobs Engineering Group, Inc.		381
	23	KBR, Inc.		1,113
	13	MasTec, Inc.^(a)		932
	4	Quanta Companies, Inc.		501
	8	Tetra Tech, Inc.		1,093
	3	WillScot Cellular Mini Holdings Company^(a)		97
				5,861
		ENTERTAINMENT CONTENT – 0.6%
	21	Take-Two Interactive Software program, Inc.^(a)		2,573

		FOOD – 2.3%
	1	BellRing Manufacturers, Inc.^(a)		25
	35	Campbell Soup Firm		1,682
	30	Darling Substances, Inc.^(a)		1,794

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		FOOD – 2.3% (Continued)
	45	Flowers Meals, Inc.	$	1,184
	15	Ingredion, Inc.		1,322
	12	J M Smucker Firm		1,536
	30	Lamb Weston Holdings, Inc.		2,144
	1	Lancaster Colony Company		129
				9,816
		FORESTRY, PAPER & WOOD PRODUCTS – 0.5%
	24	Louisiana-Pacific Company		1,258
	19	Trex Firm, Inc.^(a)		1,034
				2,292
		GAS & WATER UTILITIES – 2.9%
	8	Atmos Vitality Company		897
	47	Important Utilities, Inc.		2,155
	19	Nationwide Gasoline Fuel Firm		1,255
	119	NiSource, Inc.		3,509
	16	Southwest Fuel Holdings, Inc.		1,393
	86	UGI Company		3,321
				12,530
		HEALTH CARE FACILITIES & SERVICES – 3.3%
	1	Amedisys, Inc.^(a)		105
	24	Cardinal Well being, Inc.		1,254
	8	Charles River Laboratories Worldwide, Inc.^(a)		1,712
	3	Chemed Company		1,408
	2	DaVita, Inc.^(a)		160
	24	Embody Well being Company		1,345
	24	Henry Schein, Inc.^(a)		1,842
	2	Invitae Company^(a)		5
	5	LHC Group, Inc.^(a)		779
	20	Syneos Well being, Inc.^(a)		1,434
	36	Teladoc Well being, Inc.^(a)		1,196
	30	Common Well being Companies, Inc., Class B		3,021
				14,261
		HOME & OFFICE PRODUCTS – 1.3%
	8	Leggett & Platt, Inc.		277

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		HOME & OFFICE PRODUCTS – 1.3% (Continued)
	84	Newell Manufacturers, Inc.	$	1,599
	15	Scotts Miracle-Gro Firm		1,185
	13	Tempur Sealy Worldwide, Inc.		278
	16	Whirlpool Company		2,478
				5,817
		HOME CONSTRUCTION – 2.1%
	28	Fortune Manufacturers Dwelling & Safety, Inc.		1,677
	30	Masco Company		1,518
	16	Mohawk Industries, Inc.^(a)		1,985
	63	PulteGroup, Inc.		2,497
	30	Toll Brothers, Inc.		1,338
				9,015
		HOUSEHOLD PRODUCTS – 0.3%
	190	Coty, Inc., Class A^(a)		1,522

		INDUSTRIAL INTERMEDIATE PRODUCTS – 0.0%^(b)
	1	Timken Firm		53

		INDUSTRIAL SUPPORT SERVICES – 1.3%
	7	AMERCO		3,347
	1	SiteOne Panorama Provide, Inc.^(a)		119
	1	United Leases, Inc.^(a)		243
	2	Watsco, Inc.		478
	12	WESCO Worldwide, Inc.^(a)		1,285
				5,472
		INSTITUTIONAL FINANCIAL SERVICES – 1.1%
	16	Houlihan Lokey, Inc.		1,263
	68	Jefferies Monetary Group, Inc.		1,878
	31	SEI Investments Firm		1,675
				4,816
		INSURANCE – 9.4%
	6	Alleghany Company^(a)		4,999
	26	American Monetary Group, Inc.		3,609
	19	Assurant, Inc.		3,284

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		INSURANCE – 9.4% (Continued)
	8	Cincinnati Monetary Company	$	952
	161	Equitable Holdings, Inc.		4,197
	34	Globe Life, Inc.		3,314
	11	Hartford Monetary Companies Group, Inc.		720
	79	Lincoln Nationwide Company		3,695
	10	Loews Company		593
	1	Markel Company^(a)		1,293
	134	Previous Republic Worldwide Company		2,996
	3	Primerica, Inc.		359
	11	Principal Monetary Group, Inc.		735
	1	Radian Group, Inc.		20
	15	Reinsurance Group of America, Inc.		1,759
	11	RLI Company		1,282
	79	Unum Group		2,687
	34	Voya Monetary, Inc.		2,024
	27	W R Berkley Company		1,843
				40,361
		INTERNET MEDIA & SERVICES – 0.8%
	2	Expedia Group, Inc.^(a)		190
	26	GoDaddy, Inc., Class A^(a)		1,808
	82	Pinterest, Inc., Class A^(a)		1,489
	1	TripAdvisor, Inc.^(a)		18
				3,505
		LEISURE FACILITIES & SERVICES – 2.2%
	31	Boyd Gaming Company		1,542
	12	Selection Resorts Worldwide, Inc.		1,340
	6	Churchill Downs, Inc.		1,149
	4	Darden Eating places, Inc.		452
	24	Hilton Grand Holidays, Inc.^(a)		857
	9	Marriott Holidays Worldwide Company		1,046
	2	Penn Nationwide Gaming, Inc.^(a)		61
	14	Texas Roadhouse, Inc.		1,025
	4	Vail Resorts, Inc.		872

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		LEISURE FACILITIES & SERVICES – 2.2% (Continued)
	19	Wyndham Resorts & Resorts, Inc.	$	1,249
				9,593
		LEISURE PRODUCTS – 1.4%
	23	Brunswick Company		1,504
	4	Fox Manufacturing unit Holding Company^(a)		322
	27	Hasbro, Inc.		2,211
	14	Mattel, Inc.^(a)		313
	12	Polaris, Inc.		1,191
	8	Thor Industries, Inc.		598
				6,139
		MACHINERY – 4.1%
	16	AGCO Company		1,579
	6	Curtiss-Wright Company		792
	28	Donaldson Firm, Inc.		1,348
	4	Enovis Company^(a)		220
	1	Flowserve Company		29
	28	Graco, Inc.		1,664
	1	IDEX Company		182
	14	Lincoln Electrical Holdings, Inc.		1,727
	9	Middleby Company^(a)		1,128
	2	MSA Security, Inc.		242
	9	Nordson Company		1,822
	12	Oshkosh Company		986
	16	Regal Rexnord Company		1,816
	14	Snap-on, Inc.		2,758
	20	Toro Firm		1,516
				17,809
		MEDICAL EQUIPMENT & DEVICES – 2.4%
	7	ABIOMED, Inc.^(a)		1,733
	2	Bio-Techne Company		693
	2	Bruker Company		126
	50	DENTSPLY SIRONA, Inc.		1,786
	27	Precise Sciences Company^(a)		1,064
	3	Globus Medical, Inc., Class A^(a)		168

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		MEDICAL EQUIPMENT & DEVICES – 2.4% (Continued)
	1	Haemonetics Company^(a)	$	65
	2	Insulet Company^(a)		436
	6	Integra LifeSciences Holdings Company^(a)		324
	1	iRhythm Applied sciences, Inc.^(a)		108
	6	Masimo Company^(a)		784
	1	Nevro Company^(a)		44
	1	Penumbra, Inc.^(a)		125
	1	Repligen Company^(a)		162
	5	Shockwave Medical, Inc.^(a)		956
	7	Teleflex, Inc.		1,721
				10,295
		METALS & MINING – 0.9%
	57	Alcoa Company		2,598
	51	Cleveland-Cliffs, Inc.^(a)		784
	3	Royal Gold, Inc.		320
				3,702
		OIL & GAS PRODUCERS – 5.1%
	82	Antero Assets Company^(a)		2,513
	3	ConocoPhillips		269
	38	Coterra Vitality, Inc.		980
	8	Diamondback Vitality, Inc.		969
	96	EQT Company		3,302
	50	HF Sinclair Company		2,258
	33	Magnolia Oil & Fuel Company		693
	25	Marathon Oil Company		562
	27	Matador Assets Firm		1,258
	50	Murphy Oil Company		1,510
	34	PDC Vitality, Inc.		2,095
	68	Vary Assets Company^(a)		1,683
	39	SM Vitality Firm		1,333
	215	Southwestern Vitality Firm^(a)		1,344
	18	Targa Assets Company		1,074
				21,843

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		OIL & GAS SERVICES & EQUIPMENT – 0.4%
	12	Halliburton Firm	$	376
	68	NOV, Inc.		1,150
				1,526
		PUBLISHING & BROADCASTING – 0.9%
	11	Liberty Media Corp-Liberty System One – Sequence C^(a)		698
	157	Information Company, CLASS A – NON-VOTING		2,446
	4	Nexstar Media Group, Inc., Class A		652
				3,796
		REAL ESTATE SERVICES – 0.4%
	9	Jones Lang LaSalle, Inc.^(a)		1,574

		REIT – 0.3%
	1	Texas Pacific Land Company		1,488

		RENEWABLE ENERGY – 0.9%
	2	Enphase Vitality, Inc.^(a)		390
	21	First Photo voltaic, Inc.^(a)		1,431
	95	Plug Energy, Inc.^(a)		1,574
	14	Sunrun, Inc.^(a)		327
				3,722
		RETAIL – CONSUMER STAPLES – 1.2%
	31	BJs Wholesale Membership Holdings, Inc.^(a)		1,932
	9	Caseys Normal Shops, Inc.		1,665
	12	5 Beneath, Inc.^(a)		1,361
	1	Ollies Discount Outlet Holdings, Inc.^(a)		59
				5,017
		RETAIL – DISCRETIONARY – 4.1%
	2	Advance Auto Elements, Inc.		346
	17	AutoNation, Inc.^(a)		1,900
	59	Builders FirstSource, Inc.^(a)		3,168
	12	Burlington Shops, Inc.^(a)		1,635
	12	Dicks Sporting Items, Inc.		904
	1	Ground & Decor Holdings, Inc., Class A^(a)		63
	16	Hole, Inc.		132

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		RETAIL – DISCRETIONARY – 4.1% (Continued)
	3	Real Elements Firm	$	399
	37	Kohls Company		1,321
	8	Lithia Motors, Inc.		2,199
	111	Macys, Inc.		2,034
	5	RH^(a)		1,061
	1	Tractor Provide Firm		194
	1	Ulta Magnificence, Inc.^(a)		385
	19	Williams-Sonoma, Inc.		2,108
				17,849
		SEMICONDUCTORS – 3.0%
	4	Azenta, Inc.		288
	1	Cirrus Logic, Inc.^(a)		73
	4	Entegris, Inc.		368
	24	II-VI, Inc.^(a)		1,223
	12	IPG Photonics Company^(a)		1,130
	24	Lattice Semiconductor Company^(a)		1,164
	6	Marvell Know-how, Inc.		261
	13	MKS Devices, Inc.		1,334
	1	Monolithic Energy Techniques, Inc.		384
	9	ON Semiconductor Company^(a)		453
	27	Qorvo, Inc.^(a)		2,547
	3	Silicon Laboratories, Inc.^(a)		421
	9	Synaptics, Inc.^(a)		1,062
	4	Teradyne, Inc.		358
	7	Common Show Company		708
	18	Wolfspeed, Inc.^(a)		1,142
				12,916
		SOFTWARE – 3.4%
	1	ACI Worldwide, Inc.^(a)		26
	1	Alteryx, Inc., Class A^(a)		49
	2	Aspen Know-how, Inc.^(a)		367
	26	Black Knight, Inc.^(a)		1,700
	25	CDK World, Inc.		1,369
	26	Citrix Techniques, Inc.		2,526

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		SOFTWARE – 3.4% (Continued)
	3	Concentrix Company	$	407
	1	Five9, Inc.^(a)		91
	11	Guidewire Software program, Inc.^(a)		781
	13	Manhattan Associates, Inc.^(a)		1,490
	4	NortonLifeLock, Inc.		88
	3	Omnicell, Inc.^(a)		341
	7	Paylocity Holding Company^(a)		1,221
	5	Pegasystems, Inc.		239
	20	PTC, Inc.^(a)		2,127
	15	Tenable Holdings, Inc.^(a)		681
	7	Teradata Company^(a)		259
	2	Varonis Techniques, Inc.^(a)		59
	6	Zendesk, Inc.^(a)		444
	3	Ziff Davis, Inc.^(a)		224
				14,489
		SPECIALTY FINANCE – 1.7%
	122	Constancy Nationwide Monetary, Inc.		4,509
	47	First American Monetary Company		2,487
	1	MGIC Funding Company		13
	1	SLM Company		16
	12	Synchrony Monetary		331
				7,356
		STEEL – 0.8%
	6	Reliance Metal & Aluminum Firm		1,019
	11	Metal Dynamics, Inc.		728
	101	United States Metal Company		1,809
				3,556
		TECHNOLOGY HARDWARE – 3.3%
	19	Arrow Electronics, Inc.^(a)		2,130
	33	Ciena Company^(a)		1,508
	18	Dolby Laboratories, Inc., Class A		1,288
	12	F5, Inc.^(a)		1,836
	31	Jabil, Inc.		1,588
	75	Juniper Networks, Inc.		2,137

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		TECHNOLOGY HARDWARE – 3.3% (Continued)
	13	Lumentum Holdings, Inc.^(a)	$	1,032
	4	NetApp, Inc.		261
	73	Pure Storage, Inc., Class A^(a)		1,877
	3	TD SYNNEX Company		273
	1	ViaSat, Inc.^(a)		31
	8	Western Digital Company^(a)		359
				14,320
		TECHNOLOGY SERVICES – 2.9%
	27	Booz Allen Hamilton Holding Company		2,440
	4	CACI Worldwide, Inc., Class A^(a)		1,127
	81	DXC Know-how Firm^(a)		2,455
	2	Euronet Worldwide, Inc.^(a)		201
	1	Truthful Isaac Company^(a)		401
	1	Gartner, Inc.^(a)		242
	12	Jack Henry & Associates, Inc.		2,160
	8	Leidos Holdings, Inc.		806
	79	Western Union Firm		1,301
	8	WEX, Inc.^(a)		1,244
				12,377
		TELECOMMUNICATIONS – 0.1%
	9	Iridium Communications, Inc.^(a)		338

		TRANSPORTATION & LOGISTICS – 2.0%
	22	Alaska Air Group, Inc.^(a)		881
	25	CH Robinson Worldwide, Inc.		2,534
	7	GXO Logistics, Inc.^(a)		303
	1	JB Hunt Transport Companies, Inc.		158
	1	JetBlue Airways Company^(a)		8
	37	Knight-Swift Transportation Holdings, Inc.		1,713
	8	Landstar System, Inc.		1,163
	4	Saia, Inc.^(a)		752
	25	XPO Logistics, Inc.^(a)		1,204
				8,716

See
accompanying notes to monetary statements.

ACCLIVITY
MID CAP MULTI-STYLE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 96.4% (Continued)
		TRANSPORTATION EQUIPMENT – 0.1%
	4	Westinghouse Air Brake Applied sciences Company	$	328

		WHOLESALE – CONSUMER STAPLES – 0.8%
	51	Efficiency Meals Group Firm^(a)		2,345
	38	US Meals Holding Company^(a)		1,166
				3,511
		WHOLESALE – DISCRETIONARY – 0.5%
	34	LKQ Company		1,669
	1	Pool Company		351
				2,020

		TOTAL COMMON STOCKS (Value $435,073)		414,848

		PARTNERSHIP SHARES — 0.8%
		OIL & GAS PRODUCERS – 0.8%
	27	Magellan Midstream Companions, L.P.		1,290
	91	Western Midstream Companions, L.P.		2,212
		TOTAL PARTNERSHIP SHARES (Value $3,541)		3,502


		MONEY MARKET FUNDS – 4.5%
	19,181	First American Treasury Obligations Fund Class X, 1.31%^(c)		19,181
		TOTAL MONEY MARKET FUNDS (Value $19,181)

		TOTAL INVESTMENTS – 101.7% (Value $457,795)	$	437,531
		LIABILITIES IN EXCESS OF OTHER ASSETS – (1.7)%		(7,384	)
		NET ASSETS – 100.0%	$	430,147

^(a)

Non-income
producing safety.

^(b)

Quantity
represents lower than .05%

^(c)

Price
disclosed is the seven day efficient yield as of June 30, 2022

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6%
		ADVERTISING & MARKETING – 0.0%^(a)
	268	Fluent, Inc.^(b)	$	319

		AEROSPACE & DEFENSE – 0.9%
	495	AAR Company^(b)		20,711
	581	Barnes Group, Inc.		18,092
	162	Ducommun, Inc.^(b)		6,973
	358	Kaman Company		11,188
	665	Kratos Protection & Safety Options, Inc.^(b)		9,230
	4	Mercury Techniques, Inc.^(b)		257
	514	Moog, Inc., Class A		40,807
	71	Nationwide Presto Industries, Inc.		4,660
	2	SIFCO Industries, Inc.^(b)		6
				111,924
		APPAREL & TEXTILE PRODUCTS – 0.5%
	443	Culp, Inc.		1,905
	313	Jerash Holdings US, Inc.		1,474
	264	Lakeland Industries, Inc.^(b)		4,055
	368	Movado Group, Inc.		11,382
	495	PVH Company		28,165
	53	Rocky Manufacturers, Inc.		1,812
	209	Superior Group of Corporations, Inc.		3,710
	149	Tandy Leather-based Manufacturing unit, Inc.^(b)		711
	387	Unifi, Inc.^(b)		5,441
	22	Weyco Group, Inc.		538
				59,193
		ASSET MANAGEMENT – 0.4%
	15	Related Capital Group, Inc., Class A		538
	16	Entasis Therapeutics Holdings, Inc.^(b)		35
	14	First Western Monetary, Inc.^(b)		381
	39	Hennessy Advisors, Inc.		407
	1,160	ODP Company^(b)		35,078
	386	Oppenheimer Holdings, Inc., Class A		12,753
				49,192

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		AUTOMOTIVE – 1.6%
	231	American Axle & Manufacturing Holdings, Inc.^(b)	$	1,739
	665	China Automotive Techniques, Inc.^(b)		1,796
	940	Dana, Inc.		13,226
	2,504	Goodyear Tire & Rubber Firm^(b)		26,818
	2,968	Harley-Davidson, Inc.		93,967
	1,725	Kandi Applied sciences Group, Inc.^(b)		4,140
	452	Methode Electronics, Inc.		16,742
	181	Miller Industries, Inc.		4,103
	1,311	Modine Manufacturing Firm^(b)		13,805
	401	Motorcar Elements of America, Inc.^(b)		5,261
	309	Customary Motor Merchandise, Inc.		13,902
	9	Distinctive Fabricating, Inc.^(b)		12
				195,511
		BANKING – 18.6%
	40	ACNB Company		1,188
	395	Allegiance Bancshares, Inc.		14,915
	1,001	Amalgamated Monetary Company		19,800
	227	American Nationwide Bankshares, Inc.		7,856
	1,269	Ameris Bancorp		50,988
	48	Ames Nationwide Company		1,065
	2,544	Related Banc-Company		46,453
	1,158	Atlantic Union Bankshares Company		39,279
	84	Banc of California, Inc.		1,480
	11	Financial institution of Marin Bancorp		350
	281	Financial institution of Princeton		7,716
	1,741	Financial institution OZK		65,340
	845	BankFinancial Company		7,935
	1,546	BankUnited, Inc.		54,991
	141	Bankwell Monetary Group, Inc.		4,378
	35	Banner Company		1,967
	398	Bar Harbor Bankshares		10,292
	512	BayCom Company		10,588
	606	BCB Bancorp, Inc.		10,320
	420	Berkshire Hills Bancorp, Inc.		10,403

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		BANKING – 18.6% (Continued)
	1,553	Brookline Bancorp, Inc.	$	20,670
	605	Enterprise First Bancshares, Inc.		12,893
	94	Byline Bancorp, Inc.		2,237
	1	Cadence Financial institution		23
	38	Camden Nationwide Company		1,674
	337	Capital Metropolis Financial institution Group, Inc.		9,399
	275	Capitol Federal Monetary, Inc.		2,524
	73	Capstar Monetary Holdings, Inc.		1,432
	1,014	Carter Bankshares, Inc.^(b)		13,385
	49	CB Monetary Companies, Inc.		1,120
	39	CBTX, Inc.		1,037
	1	Central Pacific Monetary Company		21
	383	Central Valley Neighborhood Bancorp		5,553
	228	ChoiceOne Monetary Companies, Inc.		4,592
	81	Residents & Northern Company		1,958
	514	Residents Neighborhood Bancorp, Inc.		7,109
	518	Civista Bancshares, Inc.		11,013
	513	CNB Monetary Company		12,409
	21	Codorus Valley Bancorp, Inc.		473
	24	Colony Bankcorp, Inc.		362
	1,518	Columbia Banking System, Inc.		43,491
	187	Neighborhood Monetary Company		6,897
	393	Neighborhood Belief Bancorp, Inc.		15,893
	783	ConnectOne Bancorp, Inc.		19,144
	1,062	Prospects Bancorp, Inc.^(b)		36,002
	623	Dime Neighborhood Bancshares, Inc.		18,472
	166	Eagle Bancorp Montana, Inc.		3,305
	2	Eagle Bancorp, Inc.		95
	24	Enterprise Monetary Companies Company		996
	460	Fairness Bancshares, Inc., Class A		13,414
	85	ESSA Bancorp, Inc.		1,428
	5	Farmers & Retailers Bancorp, Inc.		166
	635	Farmers Nationwide Banc Company		9,525
	135	Monetary Establishments, Inc.		3,513

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		BANKING – 18.6% (Continued)
	756	First Bancorp	$	26,384
	491	First Bancshares, Inc.		14,043
	622	First Financial institution		8,696
	1,282	First Busey Company		29,294
	45	First Enterprise Monetary Companies, Inc.		1,404
	1	First Commonwealth Monetary Company		13
	400	First Neighborhood Bankshares, Inc.		11,764
	1,612	First Monetary Bancorp		31,273
	435	First Monetary Company		19,357
	301	First Monetary Northwest, Inc.		4,678
	1,321	First Basis, Inc.		27,054
	286	First Warranty Bancshares, Inc.		6,953
	15	First Horizon Company		328
	235	First Web Bancorp		8,653
	49	First Retailers Company		1,745
	360	First Mid Bancshares, Inc.		12,841
	371	First Northwest Bancorp		5,788
	632	First of Lengthy Island Company		11,079
	1,365	Flagstar Bancorp, Inc.		48,389
	736	Flushing Monetary Company		15,647
	6,206	FNB Company		67,397
	196	FS Bancorp, Inc.		5,627
	3,018	Fulton Monetary Company		43,610
	223	Nice Southern Bancorp, Inc.		13,059
	97	Hancock Whitney Company		4,300
	306	Hanmi Monetary Company		6,867
	1,017	HarborOne Bancorp, Inc.		14,024
	940	Heartland Monetary USA, Inc.		39,048
	62	Heritage Commerce Company		663
	587	Heritage Monetary Company		14,769
	1,359	Hilltop Holdings, Inc.		36,231
	185	Dwelling Bancorp, Inc.		6,314
	22	HomeStreet, Inc.		763
	83	HomeTrust Bancshares, Inc.		2,075

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		BANKING – 18.6% (Continued)
	3,297	Hope Bancorp, Inc.	$	45,630
	97	Horizon Bancorp, Inc.		1,690
	739	Impartial Financial institution Company		14,248
	312	Impartial Financial institution Group, Inc.		21,188
	370	Investar Holding Company		8,103
	1,965	Kearny Monetary Company		21,831
	44	Lakeland Bancorp, Inc.		643
	381	LCNB Company		5,696
	672	Macatawa Financial institution Company		5,940
	56	MainStreet Bancshares, Inc.		1,275
	570	Mercantile Financial institution Company		18,212
	35	Mid Penn Bancorp, Inc.		944
	218	Middlefield Banc Company		5,494
	1,153	Midland States Bancorp, Inc.		27,718
	508	MidWestOne Monetary Group, Inc.		15,098
	7,621	New York Neighborhood Bancorp, Inc.		69,580
	1,129	Northfield Bancorp, Inc.		14,711
	224	Northrim BanCorp, Inc.		9,018
	2,418	Northwest Bancshares, Inc.		30,950
	1,378	OceanFirst Monetary Company		26,361
	45	Ohio Valley Banc Company		1,358
	18	Previous Nationwide Bancorp		266
	6	Previous Level Monetary Company		152
	4	Previous Second Bancorp, Inc.		54
	700	OP Bancorp		7,343
	470	Orrstown Monetary Companies, Inc.		11,360
	1,329	Pacific Premier Bancorp, Inc.		38,860
	2,765	PacWest Bancorp		73,715
	62	Parke Bancorp, Inc.		1,300
	12	Pathfinder Bancorp, Inc.		239
	351	PCSB Monetary Company		6,701
	506	Peapack-Gladstone Monetary Company		15,028
	64	Penns Woods Bancorp, Inc.		1,478
	800	Premier Monetary Company		20,280

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		BANKING – 18.6% (Continued)
	537	Primis Monetary Company	$	7,319
	212	Provident Monetary Holdings, Inc.		3,144
	1,370	Provident Monetary Companies, Inc.		30,496
	252	Prudential Bancorp, Inc.		3,813
	27	QCR Holdings, Inc.		1,458
	705	RBB Bancorp		14,572
	1,086	Renasant Company		31,288
	491	Republic Bancorp, Inc., Class A		23,691
	3,100	Republic First Bancorp, Inc.^(b)		11,811
	782	Riverview Bancorp, Inc.		5,146
	896	S&T Bancorp, Inc.		24,577
	153	SB Monetary Group, Inc.		2,641
	396	Sierra Bancorp		8,605
	1,859	Simmons First Nationwide Company, Class A		39,522
	303	SmartFinancial, Inc.		7,320
	85	South Plains Monetary, Inc.		2,052
	149	SouthState Company		11,495
	1,375	Sterling Bancorp, Inc.^(b)		7,838
	371	Summit Monetary Group, Inc.		10,306
	1	Synovus Monetary Company		36
	266	Territorial Bancorp, Inc.		5,546
	679	Texas Capital Bancshares, Inc.^(b)		35,743
	1,066	Towne Financial institution		28,942
	625	TrustCompany Financial institution Corp NY		19,275
	1,010	Trustmark Company		29,482
	1	Umpqua Holdings Company		17
	172	United Bancshares, Inc.		4,895
	2,080	United Bankshares, Inc.		72,946
	420	United Safety Bancshares		3,200
	732	Univest Monetary Company		18,622
	120	Valley Nationwide Bancorp		1,249
	5	Veritex Holdings, Inc.		146
	1,009	Washington Federal, Inc.		30,290
	602	Waterstone Monetary, Inc.		10,264

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		BANKING – 18.6% (Continued)
	1,144	WesBanco, Inc.	$	36,276
	924	Western New England Bancorp, Inc.		6,893
	694	WSFS Monetary Company		27,822
				2,290,861
		BEVERAGES – 0.0%^(a)
	51	Espresso Holding Firm, Inc.		124

		BIOTECH & PHARMA – 1.1%
	4,063	Amneal Prescription drugs, Inc.^(b)		12,920
	9	Amphastar Prescription drugs, Inc.^(b)		313
	56	ANI Prescription drugs, Inc.^(b)		1,662
	574	Meeting Biosciences, Inc.^(b)		1,205
	5	Collegium Pharmaceutical, Inc.^(b)		89
	47	Cumberland Prescription drugs, Inc.^(b)		98
	113	Eagle Prescription drugs, Inc.^(b)		5,021
	986	Emergent BioSolutions, Inc.^(b)		30,605
	27	Enanta Prescription drugs, Inc.^(b)		1,276
	218	Innoviva, Inc.^(b)		3,218
	255	Ironwood Prescription drugs, Inc.^(b)		2,940
	575	Status Client Healthcare, Inc.^(b)		33,810
	268	REGENXBIO, Inc.^(b)		6,620
	1,022	Sangamo Therapeutics, Inc.^(b)		4,231
	897	Supernus Prescription drugs, Inc.^(b)		25,941
	1	United Therapeutics Company^(b)		236
	1,263	Voyager Therapeutics, Inc.^(b)		7,464
				137,649
		CABLE & SATELLITE – 0.1%
	704	WideOpenWest, Inc.^(b)		12,820

		CHEMICALS – 1.7%
	215	AdvanSix, Inc.		7,190
	1,783	AgroFresh Options, Inc.^(b)		3,192
	734	American Vanguard Company		16,405
	181	Ashland World Holdings, Inc.		18,652

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		CHEMICALS – 1.7% (Continued)
	45	Ecovyst, Inc.	$	443
	1,838	Component Options, Inc.		32,716
	192	Haynes Worldwide, Inc.		6,292
	21	HB Fuller Firm		1,265
	1	Huntsman Company		28
	131	Intrepid Potash, Inc.^(b)		5,933
	402	Koppers Holdings, Inc.		9,101
	42	Materion Company		3,097
	1	Mativ, Inc.		25
	377	Minerals Applied sciences, Inc.		23,125
	28	Oil-Dri Corp of America		858
	135	Quaker Houghton		20,185
	18	Rayonier Superior Supplies, Inc.^(b)		47
	112	Stepan Firm		11,351
	473	Univar Options, Inc.^(b)		11,764
	760	Valhi, Inc.		34,458
				206,127
		COMMERCIAL SUPPORT SERVICES – 3.2%
	1,523	ABM Industries, Inc.		66,129
	2,169	Acacia Analysis Company^(b)		10,932
	25	AMN Healthcare Companies, Inc.^(b)		2,743
	1,386	ARC Doc Options, Inc.		3,645
	37	BGSF, Inc.		457
	1,479	BrightView Holdings, Inc.^(b)		17,748
	875	Cross Nation Healthcare, Inc.^(b)		18,226
	1	Deluxe Company		22
	423	Ennis, Inc.		8,557
	150	Franchise Group, Inc.		5,261
	415	Heidrick & Struggles Worldwide, Inc.		13,430
	106	Huron Consulting Group, Inc.^(b)		6,889
	1,030	Info Companies Group, Inc.		6,963
	919	Kelly Companies, Inc., Class A		18,224
	608	Korn Ferry		35,276
	486	ManpowerGroup, Inc.		37,135

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		COMMERCIAL SUPPORT SERVICES – 3.2% (Continued)
	679	Assets Connection, Inc.	$	13,831
	618	Schnitzer Metal Industries, Inc., Class A		20,295
	572	Stericycle, Inc.^(b)		25,082
	731	Terminix World Holdings, Inc.^(b)		29,715
	676	TrueBlue, Inc.^(b)		12,100
	137	UniFirst Company		23,589
	409	Vectrus, Inc.^(b)		13,685
				389,934
		CONSTRUCTION MATERIALS – 0.6%
	1	Apogee Enterprises, Inc.		39
	2,022	MDU Assets Group, Inc.		54,574
	621	Summit Supplies, Inc., Class A^(b)		14,463
				69,076
		CONSUMER SERVICES – 1.8%
	699	Adtalem World Schooling, Inc.^(b)		25,143
	568	American Public Schooling, Inc.^(b)		9,179
	72	Graham Holdings Firm, Class B		40,812
	274	Grand Canyon Schooling, Inc.^(b)		25,808
	1,017	Lincoln Instructional Companies Company^(b)		6,417
	363	Matthews Worldwide Company, Class A		10,407
	2,263	Perdoceo Schooling Company^(b)		26,658
	539	Strategic Schooling, Inc.		38,043
	853	Stride, Inc.^(b)		34,794
	807	Common Technical Institute, Inc.^(b)		5,754
				223,015
		CONTAINERS & PACKAGING – 0.3%
	372	Greif, Inc., Class A		23,206
	283	TriMas Company		7,836
				31,042
		E-COMMERCE DISCRETIONARY – 0.1%
	875	1-800-Flowers.com, Inc., Class A^(b)		8,321
	519	Lands Finish, Inc.^(b)		5,512
				13,833

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		ELECTRICAL EQUIPMENT – 1.7%
	420	Superior Vitality Industries, Inc.	$	30,652
	21	API Group Company^(b)		314
	247	Argan, Inc.		9,218
	838	Bel Fuse, Inc., Class B		13,039
	547	Belden, Inc.		29,139
	295	Itron, Inc.^(b)		14,582
	644	Kimball Electronics, Inc.^(b)		12,944
	187	Littelfuse, Inc.		47,506
	14	LSI Industries, Inc.		86
	169	Nationwide Devices Company		5,278
	248	OSI Techniques, Inc.^(b)		21,189
	208	Powell Industries, Inc.		4,861
	111	Preformed Line Merchandise Firm		6,827
	16	RF Industries Ltd.^(b)		99
	353	SPX Company^(b)		18,653
	129	WidePoint Company^(b)		308
				214,695
		ENGINEERING & CONSTRUCTION – 0.5%
	347	Arcosa, Inc.		16,111
	1	Dycom Industries, Inc.^(b)		93
	1	EMCOR Group, Inc.		103
	18	Fluor Company^(b)		438
	61	Granite Development, Inc.		1,778
	9	KBR, Inc.		435
	44	Limbach Holdings, Inc.^(b)		235
	1	MasTec, Inc.^(b)		72
	279	Mistras Group, Inc.^(b)		1,657
	2	MYR Group, Inc.^(b)		176
	21	Orion Group Holdings, Inc.^(b)		48
	605	Primoris Companies Company		13,165
	653	Sterling Infrastructure, Inc.^(b)		14,314
	342	Tutor Perini Company^(b)		3,003
	278	VSE Company		10,447
				62,075

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		ENTERTAINMENT CONTENT – 0.2%
	957	AMC Networks, Inc., Class A^(b)	$	27,868

		FOOD – 3.1%
	150	Alico, Inc.		5,344
	750	B&G Meals, Inc.		17,835
	557	Cal-Maine Meals, Inc.		27,521
	704	Hain Celestial Group, Inc.^(b)		16,713
	1,872	Hostess Manufacturers, Inc.^(b)		39,705
	607	Ingredion, Inc.		53,513
	281	Landec Company^(b)		2,802
	37	Pure Well being Developments Company		199
	322	Natures Sunshine Merchandise, Inc.^(b)		3,436
	622	Put up Holdings, Inc.^(b)		51,222
	18	S&W Seed Firm^(b)		18
	353	Sanderson Farms, Inc.		76,082
	14	Seaboard Company		54,356
	191	Seneca Meals Company, Class A^(b)		10,608
	1	Merely Good Meals Firm^(b)		38
	1	Tootsie Roll Industries, Inc.		35
	562	TreeHouse Meals, Inc.^(b)		23,503
				382,930
		FORESTRY, PAPER & WOOD PRODUCTS – 1.1%
	807	Boise Cascade Firm		48,009
	14	Glatfelter Company		96
	2,662	Mercer Worldwide, Inc.		35,005
	2	Neenah, Inc.		68
	3,718	Resolute Forest Merchandise, Inc.		47,442
				130,620
		HEALTH CARE FACILITIES & SERVICES – 2.3%
	988	Acadia Healthcare Firm, Inc.^(b)		66,818
	1,085	AdaptHealth Company^(b)		19,573
	1,727	Brookdale Senior Residing, Inc.^(b)		7,841
	924	Covetrus, Inc.^(b)		19,173

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		HEALTH CARE FACILITIES & SERVICES – 2.3% (Continued)
	366	HealthEquity, Inc.^(b)	$	22,469
	79	LHC Group, Inc.^(b)		12,303
	1,062	MEDNAX, Inc.^(b)		22,313
	163	Nationwide HealthCare Company		11,394
	118	OPKO Well being, Inc.^(b)		299
	251	Owens & Minor, Inc.		7,894
	1,476	Patterson Corporations, Inc.		44,723
	793	Premier, Inc., Class A		28,294
	4	Psychemedics Company		25
	876	Choose Medical Holdings Company		20,691
				283,810
		HOME & OFFICE PRODUCTS – 0.4%
	2,422	ACCO Manufacturers Company		15,816
	58	Hooker Furnishings Company		902
	63	iRobot Company^(b)		2,315
	4	Kewaunee Scientific Company^(b)		66
	45	Kimball Worldwide, Inc., Class B		345
	488	Lifetime Manufacturers, Inc.		5,388
	2,506	Steelcase, Inc., Class A		26,889
	100	Virco Mfg. Company^(b)		385
				52,106
		HOME CONSTRUCTION – 4.7%
	139	American Woodmark Company^(b)		6,256
	1,357	Beazer Properties USA, Inc.^(b)		16,379
	636	Century Communities, Inc.		28,601
	5	Dixie Group, Inc.^(b)		6
	1,301	Forestar Group, Inc.^(b)		17,811
	1,493	Inexperienced Brick Companions, Inc.^(b)		29,218
	872	Griffon Company		24,442
	1	Interface, Inc.		13
	1,189	KB Dwelling		33,839
	235	LGI Properties, Inc.^(b)		20,422
	1,193	M/I Properties, Inc.^(b)		47,314
	2,132	MDC Holdings, Inc.		68,885

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		HOME CONSTRUCTION – 4.7% (Continued)
	1,094	Meritage Properties Company^(b)	$	79,315
	495	Patrick Industries, Inc.		25,661
	3,793	Taylor Morrison Dwelling Company^(b)		88,604
	1,050	Toll Brothers, Inc.		46,830
	2,636	Tri Pointe Properties, Inc.^(b)		44,469
				578,065
		HOUSEHOLD PRODUCTS – 0.5%
	12	Central Backyard & Pet Firm, Class A^(b)		480
	546	Clearwater Paper Company^(b)		18,362
	290	Crown Crafts, Inc. ARS		1,815
	721	Edgewell Private Care Firm		24,889
	110	Nu Pores and skin Enterprises, Inc., Class A		4,763
	757	Quanex Constructing Merchandise Company		17,222
				67,531
		INDUSTRIAL INTERMEDIATE PRODUCTS – 0.7%
	585	Ampco-Pittsburgh Company^(b)		2,264
	290	AZZ, Inc.		11,838
	195	Core Molding Applied sciences, Inc.^(b)		1,792
	121	Japanese Firm		2,461
	25	EnPro Industries, Inc.		2,048
	345	L B Foster Firm, Class A^(b)		4,440
	20	Park-Ohio Holdings Company		317
	121	Strattec Safety Company^(b)		4,011
	971	Timken Firm		51,512
	603	Tredegar Company		6,030
				86,713
		INDUSTRIAL SUPPORT SERVICES – 0.6%
	244	DXP Enterprises, Inc.^(b)		7,474
	2,618	Resideo Applied sciences, Inc.^(b)		50,842
	606	Titan Equipment, Inc.^(b)		13,580
	1	WESCO Worldwide, Inc.^(b)		107
				72,003

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES – 0.0% ^(b)
	1	Jefferies Monetary Group, Inc.	$	28

		INSURANCE – 7.3%
	4,021	American Fairness Funding Life Holding Firm		147,048
	1,159	Brighthouse Monetary, Inc.^(b)		47,542
	3,105	Residents, Inc.^(b)		13,010
	6,783	CNO Monetary Group, Inc.		122,705
	1,618	Donegal Group, Inc., Class A		27,587
	850	eHealth, Inc.^(b)		7,931
	785	Employers Holdings, Inc.		32,884
	19,988	Genworth Monetary, Inc., Class A^(b)		70,558
	774	Hallmark Monetary Companies, Inc.^(b)		1,873
	966	Horace Mann Educators Company		37,075
	2,017	Kemper Company		96,614
	551	Kingstone Corporations, Inc.		2,171
	62	Nationwide Western Life Group, Inc., Class A		12,568
	2,654	NMI Holdings, Inc., Class A^(b)		44,189
	3,033	ProAssurance Company		71,670
	5,116	Radian Group, Inc.		100,529
	1,110	Safety Nationwide Monetary Company, Class A^(b)		9,389
	337	Tiptree, Inc.		3,579
	246	Unico American Company^(b)		531
	849	United Hearth Group, Inc.		29,061
	338	United Insurance coverage Holdings Company		527
	1,211	Common Insurance coverage Holdings, Inc.		15,779
	245	Unum Group		8,335
				903,155
		INTERNET MEDIA & SERVICES – 0.2%
	448	Automobiles.com, Inc.^(b)		4,225
	246	DHI Group, Inc.^(b)		1,222
	650	HealthStream, Inc.^(b)		14,111
	1,449	TrueCar, Inc.^(b)		3,753
	1	Yelp, Inc.^(b)		28
				23,339

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		LEISURE FACILITIES & SERVICES – 0.5%
	10	Ark Eating places Company	$	180
	17	Biglari Holdings, Inc.^(b)		2,086
	1,295	Carrols Restaurant Group, Inc.		2,616
	775	Century Casinos, Inc.^(b)		5,580
	353	Chuys Holdings, Inc.^(b)		7,032
	426	El Pollo Loco Holdings, Inc.^(b)		4,192
	555	Fiesta Restaurant Group, Inc.^(b)		3,963
	834	Good Occasions Eating places, Inc.^(b)		2,510
	595	Marcus Company^(b)		8,788
	1,001	Penn Nationwide Gaming, Inc.^(b)		30,450
				67,397
		LEISURE PRODUCTS – 1.5%
	481	Escalade, Inc.		6,248
	541	Funko, Inc., Class A^(b)		12,075
	216	LCI Industries		24,166
	407	Smith & Wesson Manufacturers, Inc.		5,344
	979	Thor Industries, Inc.		73,161
	949	Vista Outside, Inc.^(b)		26,477
	731	Winnebago Industries, Inc.		35,497
				182,968
		MACHINERY – 0.8%
	1	AGCO Company		99
	126	Alamo Group, Inc.		14,670
	588	Altra Industrial Movement Company		20,727
	176	Astec Industries, Inc.		7,177
	292	CECO Environmental Company^(b)		1,746
	61	Columbus McKinnon Company		1,731
	175	ESCO Applied sciences, Inc.		11,965
	29	Flowserve Company		830
	270	Gencor Industries, Inc.^(b)		2,743
	1	Hillenbrand, Inc.		41
	216	Hurco Corporations, Inc.		5,344
	4	Hyster-Yale Supplies Dealing with, Inc., Class A		129
	118	Intevac, Inc.^(b)		571

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		MACHINERY – 0.8% (Continued)
	709	Kennametal, Inc.	$	16,470
	495	LS Starrett Firm, Class A^(b)		3,475
	594	Manitowoc Firm, Inc.^(b)		6,255
	396	NN, Inc.^(b)		1,002
				94,975
		MEDICAL EQUIPMENT & DEVICES – 1.5%
	452	AngioDynamics, Inc.^(b)		8,746
	401	Artivion, Inc.^(b)		7,571
	678	Avanos Medical, Inc.^(b)		18,537
	207	Fonar Company^(b)		3,144
	719	Harvard Bioscience, Inc.^(b)		2,588
	23	ICU Medical, Inc.^(b)		3,781
	178	Inogen, Inc.^(b)		4,304
	266	Integer Holdings Company^(b)		18,796
	56	Integra LifeSciences Holdings Company^(b)		3,026
	588	Meridian Bioscience, Inc.^(b)		17,887
	18	Benefit Medical Techniques, Inc.^(b)		977
	8	Myriad Genetics, Inc.^(b)		145
	698	Natus Medical, Inc.^(b)		22,874
	52	NuVasive, Inc.^(b)		2,556
	608	QuidelOrtho Company^(b)		59,085
	8	Utah Medical Merchandise, Inc.		687
	717	Varex Imaging Company^(b)		15,337
				190,041
		METALS & MINING – 0.8%
	1	Alcoa Company		46
	884	Coeur Mining, Inc.^(b)		2,687
	19	CONSOL Vitality, Inc.^(b)		938
	1	Encore Wire Company		104
	1,720	Gold Useful resource Company		2,804
	4,866	Hecla Mining Firm		19,075
	834	Peabody Vitality Company^(b)		17,789
	3,483	SunCoke Vitality, Inc.		23,719

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		METALS & MINING – 0.8% (Continued)
	1,161	Warrior Met Coal, Inc.	$	35,538
				102,700
		OIL & GAS PRODUCERS – 5.9%
	235	Antero Assets Company^(b)		7,203
	4,661	Berry Company		35,517
	1,691	Callon Petroleum Firm^(b)		66,287
	11,726	Centennial Useful resource Growth, Inc., Class A^(b)		70,122
	1	Civitas Assets, Inc.		52
	4,463	CNX Assets Company^(b)		73,461
	833	Comstock Assets, Inc.^(b)		10,063
	934	Delek US Holdings, Inc.^(b)		24,135
	2,091	Earthstone Vitality, Inc., Class A^(b)		28,542
	1	EQT Company		34
	23	Equitrans Midstream Company		146
	1,634	HF Sinclair Company		73,791
	1,098	Kimbell Royalty Companions, L.P.		17,217
	1	Matador Assets Firm		47
	2,413	Murphy Oil Company		72,849
	1,919	PBF Vitality, Inc., Class A^(b)		55,689
	2	PDC Vitality, Inc.		123
	3,918	Plains GP Holdings, L.P. – Sequence MLP		40,434
	97	Ranger Oil Company^(b)		3,188
	5,604	Ring Vitality, Inc.^(b)		14,907
	103	SilverBow Assets, Inc.^(b)		2,921
	3,103	Talos Vitality, Inc.^(b)		48,003
	767	TravelCenters of America, Inc.^(b)		26,439
	704	Whiting Petroleum Company		47,893
				719,063
		OIL & GAS SERVICES & EQUIPMENT – 1.0%
	1,930	Archrock, Inc.		15,961
	8	Dawson Geophysical Firm^(b)		11
	336	Dril-Quip, Inc.^(b)		8,669
	225	Geospace Applied sciences Company^(b)		1,067
	734	Helix Vitality Options Group, Inc.^(b)		2,275

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		OIL & GAS SERVICES & EQUIPMENT – 1.0% (Continued)
	479	Helmerich & Payne, Inc.	$	20,626
	4	MRC World, Inc.^(b)		40
	126	Pure Fuel Companies Group, Inc.^(b)		1,386
	2,382	Newpark Assets, Inc.^(b)		7,360
	824	NOV, Inc.		13,934
	1,739	NOW, Inc.^(b)		17,007
	1,464	ProPetro Holding Company^(b)		14,640
	598	Choose Vitality Companies, Inc., Class A^(b)		4,078
	24	Good Sand, Inc.^(b)		48
	461	Solaris Oilfield Infrastructure, Inc., Class A		5,016
	618	Thermon Group Holdings, Inc.^(b)		8,683
	402	US Silica Holdings, Inc.^(b)		4,591
				125,392
		PUBLISHING & BROADCASTING – 1.6%
	1,992	Beasley Broadcast Group, Inc., Class A^(b)		2,550
	1,747	Cumulus Media, Inc., Class A^(b)		13,504
	1,954	Entravision Communications Company, Class A		8,910
	3,091	EW Scripps Firm, Class A^(b)		38,545
	4,808	Gannett Firm, Inc.^(b)		13,943
	4	Grey Tv, Inc.		68
	66	Hemisphere Media Group, Inc.^(b)		504
	2,282	iHeartMedia, Inc., Class A^(b)		18,005
	70	Saga Communications, Inc., Class A		1,739
	369	Scholastic Company		13,273
	4,044	TEGNA, Inc.		84,803
	127	Townsquare Media, Inc., Class A^(b)		1,040
				196,884
		REAL ESTATE OWNERS & DEVELOPERS – 0.3%
	1,742	5 Level Holdings, LLC^(b)		6,811
	17	FRP Holdings, Inc.^(b)		1,026
	363	Howard Hughes Company^(b)		24,702
	1	Stratus Properties, Inc.^(b)		33
				32,572

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		REAL ESTATE SERVICES – 0.5%
	4,441	Anyplace Actual Property, Inc.^(b)	$	43,655
	836	RE/MAX Holdings, Inc., Class A		20,499
				64,154
		REIT – 0.0%
	9	Ellington Monetary, Inc.		132

		RENEWABLE ENERGY – 0.3%
	32	Alto Substances, Inc.^(b)		119
	550	EnerSys		32,428
	13	FutureFuel Company		95
	393	Ultralife Company^(b)		1,788
				34,430
		RETAIL – CONSUMER STAPLES – 1.0%
	1,566	Huge Heaps, Inc.		32,839
	353	Ingles Markets, Inc., Class A		30,623
	737	SpartanNash Firm		22,235
	680	Village Tremendous Market, Inc., Class A		15,511
	269	Weis Markets, Inc.		20,051
				121,259
		RETAIL – DISCRETIONARY – 5.3%
	3	Aarons Firm, Inc.		44
	357	Abercrombie & Fitch Firm, Class A^(b)		6,040
	1,614	American Eagle Outfitters, Inc.		18,044
	104	Americas Automotive-Mart, Inc.^(b)		10,462
	454	Asbury Automotive Group, Inc.^(b)		76,880
	1	AutoNation, Inc.^(b)		112
	346	Bassett Furnishings Industries, Inc.		6,269
	24	Beacon Roofing Provide, Inc.^(b)		1,233
	612	Huge 5 Sporting Items Company		6,861
	193	BlueLinx Holdings, Inc.^(b)		12,894
	79	Construct-A-Bear Workshop, Inc.		1,297
	5	Caleres, Inc.		131
	110	Citi Developments, Inc.^(b)		2,601
	1,621	Conns, Inc.^(b)		13,000

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		RETAIL – DISCRETIONARY – 5.3% (Continued)
	882	Container Retailer Group, Inc.^(b)	$	5,495
	1	Designer Manufacturers, Inc., Class A		13
	1	Dicks Sporting Items, Inc.		75
	751	Ethan Allen Interiors, Inc.		15,178
	2,492	Foot Locker, Inc.		62,923
	1,963	Hole, Inc.		16,175
	402	Genesco, Inc.^(b)		20,064
	400	GMS, Inc.^(b)		17,800
	327	Group 1 Automotive, Inc.		55,525
	244	Guess?, Inc.		4,160
	264	Haverty Furnishings Corporations, Inc.		6,120
	104	Hibbett, Inc.		4,546
	829	Kirklands, Inc.^(b)		2,918
	2,024	Kohls Company		72,237
	731	La-Z-Boy, Inc.		17,332
	779	Lazydays Holdings, Inc.^(b)		9,177
	489	LL Flooring Holdings, Inc.^(b)		4,582
	599	MarineMax, Inc.^(b)		21,636
	257	Monro, Inc.		11,020
	1	Penske Automotive Group, Inc.		105
	4	PetIQ, Inc.^(b)		67
	4,281	Qurate Retail, Inc. – Sequence A		12,286
	863	Rush Enterprises, Inc., Class A		41,597
	620	Shoe Carnival, Inc.		13,398
	963	Sonic Automotive, Inc., Class A		35,275
	908	Sportsmans Warehouse Holdings, Inc.^(b)		8,708
	814	Tile Store Holdings, Inc.		2,499
	626	Tillys, Inc., Class A		4,395
	732	City Outfitters, Inc.^(b)		13,659
	819	Vera Bradley, Inc.^(b)		3,554
	382	Zumiez, Inc.^(b)		9,932
				648,319
		SEMICONDUCTORS – 2.7%
	3,455	Amkor Know-how, Inc.		58,562

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		SEMICONDUCTORS – 2.7% (Continued)
	227	Amtech Techniques, Inc.^(b)	$	1,657
	215	Axcelis Applied sciences, Inc.^(b)		11,791
	388	CEVA, Inc.^(b)		13,021
	680	Cirrus Logic, Inc.^(b)		49,327
	1	Cohu, Inc.^(b)		28
	517	CTS Company		17,604
	459	Knowledge I/O Company^(b)		1,409
	60	Diodes, Inc.^(b)		3,874
	227	FormFactor, Inc.^(b)		8,792
	337	GSI Know-how, Inc.^(b)		1,163
	328	IPG Photonics Company^(b)		30,875
	74	Kulicke & Soffa Industries, Inc.		3,168
	741	MagnaChip Semiconductor Company^(b)		10,767
	9	NeoPhotonics Company^(b)		142
	110	Onto Innovation, Inc.^(b)		7,671
	684	Photronics, Inc.^(b)		13,324
	1,695	Rambus, Inc.^(b)		36,425
	260	Richardson Electronics Ltd.		3,812
	48	Trio-Tech Worldwide^(b)		208
	423	Extremely Clear Holdings, Inc.^(b)		12,593
	111	Veeco Devices, Inc.^(b)		2,153
	2,488	Vishay Intertechnology, Inc.		44,336
				332,702
		SOFTWARE – 1.8%
	1,325	ACI Worldwide, Inc.^(b)		34,304
	2,063	Allscripts Healthcare Options, Inc.^(b)		30,594
	287	Asure Software program, Inc.^(b)		1,636
	3,289	Avaya Holdings Company^(b)		7,367
	549	CareCloud, Inc.^(b)		1,880
	361	Laptop Applications and Techniques, Inc.^(b)		11,541
	180	Digi Worldwide, Inc.^(b)		4,360
	535	Ebix, Inc.		9,042
	30	NextGen Healthcare, Inc.^(b)		523
	322	OneSpan, Inc.^(b)		3,832

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		SOFTWARE – 1.8% (Continued)
	70	PDF Options, Inc.^(b)	$	1,506
	2,387	SolarWinds Company		24,467
	675	Verint Techniques, Inc.^(b)		28,586
	2,526	Xperi Holding Company		36,450
	272	Ziff Davis, Inc.^(b)		20,272
				216,360
		SPECIALTY FINANCE – 5.1%
	2,085	Air Lease Company		69,702
	1,331	Bread Monetary Holdings, Inc.		49,327
	577	Client Portfolio Companies, Inc.^(b)		5,914
	9	Elevate Credit score, Inc.^(b)		21
	933	Enova Worldwide, Inc.^(b)		26,889
	1,630	EZCORP, Inc., Class A^(b)		12,241
	378	GATX Company		35,592
	1	Traders Title Firm		157
	8,134	MGIC Funding Company		102,488
	2,686	Mr Cooper Group, Inc.^(b)		98,684
	4,508	Navient Company		63,067
	9	Nelnet, Inc., Class A		767
	1,918	PennyMac Monetary Companies, Inc.		83,836
	1,008	PRA Group, Inc.^(b)		36,651
	2	Regional Administration Company		75
	699	Stewart Info Companies Company		34,775
	31	Willis Lease Finance Company^(b)		1,162
				621,348
		STEEL – 1.7%
	707	Carpenter Know-how Company		19,732
	2,920	Business Metals Firm		96,652
	76	Friedman Industries, Inc.		619
	72	Northwest Pipe Firm^(b)		2,156
	559	Olympic Metal, Inc.		14,394
	1,277	Ryerson Holding Company		27,187
	1,322	TimkenSteel Company^(b)		24,735

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		STEEL – 1.7% (Continued)
	393	Worthington Industries, Inc.	$	17,331
				202,806
		TECHNOLOGY HARDWARE – 4.1%
	618	ADTRAN, Inc.		10,833
	204	AstroNova, Inc.^(b)		2,444
	25	Aviat Networks, Inc.^(b)		626
	2,750	Avnet, Inc.		117,920
	469	Conscious, Inc.^(b)		1,116
	661	Benchmark Electronics, Inc.		14,912
	639	Comtech Telecommunications Company		5,796
	1,398	Daktronics, Inc.^(b)		4,208
	753	EMCORE Company^(b)		2,312
	39	GoPro, Inc., Class A^(b)		216
	839	Harmonic, Inc.^(b)		7,274
	380	InterDigital, Inc.		23,104
	2	Jabil, Inc.		102
	392	Key Tronic Company^(b)		1,729
	1,290	Knowles Company^(b)		22,356
	215	Maxar Applied sciences, Inc.		5,609
	657	NETGEAR, Inc.^(b)		12,167
	928	NetScout Techniques, Inc.^(b)		31,413
	731	PCTEL, Inc.		2,990
	218	Plexus Company^(b)		17,113
	3,218	Ribbon Communications, Inc.^(b)		9,783
	1,105	Sanmina Company^(b)		45,007
	1,092	Tremendous Micro Laptop, Inc.^(b)		44,062
	2,180	TTM Applied sciences, Inc.^(b)		27,250
	227	Common Electronics, Inc.^(b)		5,804
	865	ViaSat, Inc.^(b)		26,495
	470	Viavi Options, Inc.^(b)		6,218
	245	Vishay Precision Group, Inc.^(b)		7,137
	581	VOXX Worldwide Company^(b)		5,409
	2,741	Xerox Holdings Company		40,704
				502,109

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		TECHNOLOGY SERVICES – 1.2%
	385	comScore, Inc.^(b)	$	793
	8,424	Conduent, Inc.^(b)		36,392
	25	CSG Techniques Worldwide, Inc.		1,492
	11	ICF Worldwide, Inc.		1,045
	289	Perception Enterprises, Inc.^(b)		24,935
	39	John Wiley & Sons, Inc., Class A		1,863
	205	ManTech Worldwide Company, Class A		19,567
	685	MAXIMUS, Inc.		42,819
	108	NetSol Applied sciences, Inc.^(b)		344
	5	RCM Applied sciences, Inc.^(b)		101
	1,053	Repay Holdings Company^(b)		13,531
	791	StarTek, Inc.^(b)		2,286
				145,168
		TELECOMMUNICATIONS – 1.0%
	369	ATN Worldwide, Inc.		17,310
	1,471	Consolidated Communications Holdings, Inc.^(b)		10,297
	2,169	EchoStar Company, Class A^(b)		41,862
	278	KVH Industries, Inc.^(b)		2,419
	425	Spok Holdings, Inc.		2,677
	3,303	Phone and Knowledge Techniques, Inc.		52,154
				126,719
		TOBACCO & CANNABIS – 0.2%
	433	Common Company		26,196

		TRANSPORTATION & LOGISTICS – 4.2%
	1,489	Air Transport Companies Group, Inc.^(b)		42,779
	445	ArcBest Company		31,315
	1,081	Atlas Air Worldwide Holdings, Inc.^(b)		66,708
	717	Covenant Logistics Group, Inc.		17,990
	1,017	Heartland Categorical, Inc.		14,146
	609	Hub Group, Inc., Class A^(b)		43,202
	168	JetBlue Airways Company^(b)		1,406
	618	Kirby Company^(b)		37,599
	595	Marten Transport Ltd.		10,008

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		TRANSPORTATION & LOGISTICS – 4.2% (Continued)
	860	Matson, Inc.	$	62,677
	382	Abroad Shipholding Group, Inc., Class A^(b)		783
	96	Patriot Transportation Holding, Inc.		714
	845	Radiant Logistics, Inc.^(b)		6,270
	735	Ryder System, Inc.		52,229
	2,446	Schneider Nationwide, Inc., Class B		54,741
	119	SkyWest, Inc.^(b)		2,529
	485	Spirit Airways, Inc.^(b)		11,562
	376	Common Logistics Holdings, Inc.		10,269
	487	USA Truck, Inc.^(b)		15,302
	955	Werner Enterprises, Inc.		36,806
				519,035
		TRANSPORTATION EQUIPMENT – 0.2%
	875	Business Automobile Group, Inc.^(b)		5,110
	340	Greenbrier Corporations, Inc.		12,237
	732	REV Group, Inc.		7,957
	59	Wabash Nationwide Company		801
				26,105
		WHOLESALE – CONSUMER STAPLES – 0.4%
	600	Andersons, Inc.		19,794
	845	United Pure Meals, Inc.^(b)		33,293
				53,087
		WHOLESALE – DISCRETIONARY – 0.8%
	48	Acme United Company		1,520
	432	Instructional Growth Company		1,823
	322	ePlus, Inc.^(b)		17,105
	831	G-III Attire Group Ltd.^(b)		16,811
	1,435	KAR Public sale Companies, Inc.^(b)		21,195
	452	PC Connection, Inc.		19,911
	517	ScanSource, Inc.^(b)		16,099
	19	Veritiv Company^(b)		2,062
	7	Wayside Know-how Group, Inc.		233
	443	ZAGG CVR^(b)(c)		—
				96,759

See
accompanying notes to monetary statements.

ACCLIVITY
SMALL CAP VALUE FUND

SCHEDULE
OF INVESTMENTS (Continued)

June
30, 2022 (Unaudited)

Shares			Worth
		COMMON STOCKS — 98.6% (Continued)
		TOTAL COMMON STOCKS (Value $13,169,960)	$	12,124,238

		PARTNERSHIP SHARES — 1.3%
		METALS & MINING – 0.0%^(a)
	300	Alliance Useful resource Companions, L.P.		5,469

		OIL & GAS PRODUCERS – 1.3%
	1,240	Crestwood Fairness Companions, L.P.		29,859
	1,654	DCP Midstream, L.P.		48,925
	1,893	Genesis Vitality, L.P.		15,182
	832	World Companions, L.P.		19,552
	2,812	NuStar Vitality, L.P.		39,368
	3	Plains All American Pipeline, L.P.		29
				152,915
		SPECIALTY FINANCE – 0.0%
	23	America First Multifamily Traders, L.P.		421
	114	Fortress Transportation and Infrastructure Traders, LLC		2,205
				2,626

		TOTAL PARTNERSHIP SHARES (Value $166,410)		161,010

		RIGHT — 0.0%^(a)
		RENEWABLE ENERGY – 0.0%^(a)
	2	Pineapple Vitality, Inc. ^(b) (Value $3)		3

		TOTAL INVESTMENTS – 99.9% (Value $13,336,373)	$	12,285,251
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%		7,761
		NET ASSETS – 100.0%	$	12,293,012

^(a)

Quantity
represents lower than .05%

^(b)

Non-income
producing safety.

^(c)

Truthful
worth was decided utilizing important unobservable inputs. See Word 2.

See
accompanying notes to monetary statements.

Acclivity
Funds

STATEMENTS
OF ASSETS AND LIABILITIES (Unaudited)

June
30, 2022

	Acclivity Mid Cap			Acclivity Small Cap
	Multi-Model Fund			Worth Fund
ASSETS
Funding securities:
At value	$	457,795		$	13,336,373
At worth	$	437,531		$	12,285,251
Receivable for Fund shares offered		—			2,570
Dividends and curiosity receivable		347			8,720
Receivable due from Adviser		22,385			27,381
Pay as you go bills and different property		2,550			24,105
TOTAL ASSETS		462,813			12,348,027

LIABILITIES
As a result of Custodian		—			24,600
Audit charges payable		6,924			7,052
Payable to associated events		10,858			5,059
Accrued bills and different liabilities		14,884			18,304
TOTAL LIABILITIES		32,666			55,015
NET ASSETS	$	430,147		$	12,293,012

Web Property Consist Of:
Paid in capital	$	433,433		$	12,684,104
Collected deficit		(3,286	)		(391,092	)
NET ASSETS	$	430,147		$	12,293,012

Web Asset Worth Per Share:
Class I Shares:
Web Property	$	430,136		$	12,292,997
Shares of helpful curiosity excellent ($0 par worth, limitless shares licensed)		38,445			841,567
Web asset worth (Web Property ÷ Shares Excellent), providing value and redemption value per share	$	11.19		$	14.61

Class N Shares:
Web Property	$	11		$	15
Shares of helpful curiosity excellent ($0 par worth, limitless shares licensed)		1			1
Web asset worth (Web Property ÷ Shares Excellent), providing value and redemption value per share	$	11.19	(a)	$	14.76	(a)

(a)

Web
asset worth might not recalculate because of the rounding of internet property and/or shares excellent.

See
accompanying notes to monetary statements.

Acclivity
Funds

STATEMENTS
OF OPERATIONS (Unaudited)

For
the Six Months Ended June 30, 2022

	Acclivity Mid Cap			Acclivity Small Cap
	Multi-Model Fund			Worth Fund
INVESTMENT INCOME
Dividends (Overseas Taxes Withheld – $0 and $14, respectively)	$	2,681		$	81,942
Curiosity		40			461
TOTAL INVESTMENT INCOME		2,721			82,403

EXPENSES
Funding advisory charges		578			19,222
Administration charges		16,076			17,765
Trustees charges		18,000			13,374
Authorized charges		14,117			16,885
Switch agent charges		11,799			12,188
Registration charges		1,001			16,486
Audit charges		8,906			7,441
Compliance officer charges		3,557			3,452
Insurance coverage expense		3,157			3,283
Shareholder reporting expense		838			4,234
Custody charges		2,968			1,280
Fund accounting charges		1,316			2,519
Third get together administrative servicing charges		51			3,262
Different bills		2,824			5,908
TOTAL EXPENSES		85,188			127,299

Much less: Charges waived/reimbursed by the Adviser		(84,460	)		(103,619	)

NET EXPENSES		728			23,680
NET INVESTMENT INCOME		1,993			58,723

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Web realized achieve from investments		6,243			202,837
Web change in unrealized depreciation on investments		(73,315	)		(1,767,552	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(67,072	)		(1,564,715	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(65,079	)	$	(1,505,992	)

See
accompanying notes to monetary statements.

Acclivity
Mid Cap Multi-Model Fund

STATEMENTS
OF CHANGES IN NET ASSETS

	For the Six Months Ended			For the Yr Ended
	June 30, 2022			December 31,
	(Unaudited)			2021
FROM OPERATIONS
Web funding earnings	$	1,993		$	2,814
Web realized achieve from investments		6,243			23,822
Web change in unrealized appreciation/(depreciation) of investments		(73,315	)		22,276
Web improve/(lower) in internet property ensuing from operations		(65,079	)		48,912

DISTRIBUTIONS TO SHAREHOLDERS
Complete Distributions Paid
Class I		—			(3,958	)
Class N		—			(0	) ^
Web lower in internet property from distributions to shareholders		—			(3,958	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares offered
Class I		199,501			105,000
Web asset worth of shares issued in reinvestment of distributions
Class I		—			3,958
Class N		—			0	^
Web improve in internet property from shares of helpful curiosity		199,501			108,958

TOTAL INCREASE IN NET ASSETS		134,422			153,912

NET ASSETS
Starting of Interval		295,725			141,813
Finish of Interval	$	430,147		$	295,725

SHARE ACTIVITY – CLASS I
Shares offered		16,353			8,954
Shares reinvested		—			296
Web improve in shares of helpful curiosity excellent		16,353			9,250

SHARE ACTIVITY – CLASS N
Shares reinvested		—			0	#
Web improve in shares of helpful curiosity excellent		—			—

Quantity
represents lower than $0.50.

Quantity
represents lower than 0.50 shares.

See
accompanying notes to monetary statements.

Acclivity
Small Cap Worth Fund

STATEMENTS
OF CHANGES IN NET ASSETS

	For the Six Months Ended			For the Yr Ended
	June 30, 2022			December 31,
	(Unaudited)			2021
FROM OPERATIONS
Web funding earnings	$	58,723		$	78,324
Web realized achieve from investments		202,837			938,593
Distributions of realized good points from underlying funding corporations		—			42
Web change in unrealized appreciation/(depreciation) of investments		(1,767,552	)		70,568
Web improve/(lower) in internet property ensuing from operations		(1,505,992	)		1,087,527

DISTRIBUTIONS TO SHAREHOLDERS
Complete Distributions Paid
Class I		—			(256,124	)
Class N		—			(0	) ^
Web lower in internet property from distributions to shareholders		—			(256,124	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares offered
Class I		6,601,501			7,622,596
Class N		—			62,212
Web asset worth of shares issued in reinvestment of distributions
Class I		—			209,922
Class N		—			0	^
Funds for shares redeemed
Class I		(3,451,001	)		(832,252	)
Class N		—			(80,633	)
Web improve in internet property from shares of helpful curiosity		3,150,500			6,981,845

TOTAL INCREASE IN NET ASSETS		1,644,508			7,813,248

NET ASSETS
Starting of Interval		10,648,504			2,835,256
Finish of Interval	$	12,293,012		$	10,648,504

SHARE ACTIVITY – CLASS I
Shares offered		416,567			446,660
Shares reinvested		—			12,684
Shares redeemed		(210,443	)		(51,938	)
Web improve in shares of helpful curiosity excellent		206,124			407,406

SHARE ACTIVITY – CLASS N
Shares offered		—			4,059
Shares reinvested		—			0	#
Shares redeemed		—			(4,885	)
Web lower in shares of helpful curiosity excellent		—			(826	)

Quantity
represents lower than $0.50.

Quantity
represents lower than 0.50 shares.

See
accompanying notes to monetary statements.

Acclivity
Mid Cap Multi-Model Fund

FINANCIAL
HIGHLIGHTS

Per
Share Knowledge and Ratios for a Share of Useful Curiosity Excellent All through Every Interval

	Class I
	Six Months Ended			Yr Ended			Interval* Ended
	June 30, 2022			December 31,			December 31,
	(Unaudited)			2021			2020
Web asset worth, starting of interval	$	13.39		$	11.04		$	10.00
Exercise from funding operations:
Web funding earnings (1)		0.07			0.13			0.10
Web realized and unrealized achieve/(loss) on investments		(2.27	)		2.40			0.94
Complete from funding operations		(2.20	)		2.53			1.04
Much less distributions from:
Web funding earnings		—			(0.18	)		—
Web realized good points		—			(0.00	) (8)		—
Complete distributions		—			(0.18	)		—
Web asset worth, finish of interval	$	11.19		$	13.39		$	11.04
Complete return (2)		(16.43	)% (3)		22.93	%		10.40	% (3)
Web property, at finish of interval (000s)	$	430		$	296		$	142
Ratio of gross bills to common internet property (4)(5)		51.48	% (6)		53.69	%		97.49	% (6)
Ratio of internet bills to common internet property (5)		0.44	% (6)		0.44	%		0.47	% (6)
Ratio of internet funding earnings to common internet property (5)(7)		1.20	% (6)		1.05	%		1.07	% (6)
Portfolio turnover charge		18	% (3)		40	%		47	% (3)

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

(1)

Per
share quantities calculated utilizing the typical shares methodology, which extra appropriately presents the per share knowledge for the interval.

(2)

Had
the Adviser not waived a portion of the Funds bills, whole returns would have been decrease.

(4)

Represents
the ratio of bills to common internet property absent charge waivers and/or expense reimbursements by the Adviser.

(5)

Does
not embrace the bills of different funding corporations during which the Fund invests.

(7)

Recognition
of internet funding earnings by the Fund is affected by the timing of declaration of dividends by underlying funding corporations during which
the Fund invests.

(8)

Quantity
represents lower than $0.005 per share.

See
accompanying notes to monetary statements.

Acclivity
Mid Cap Multi-Model Fund

FINANCIAL
HIGHLIGHTS

Per
Share Knowledge and Ratios for a Share of Useful Curiosity Excellent All through Every Interval

	Class N
	Six Months Ended			Yr Ended			Interval* Ended
	June 30, 2022			December 31,			December 31,
	(Unaudited)			2021			2020
Web asset worth, starting of interval	$	13.39		$	11.04		$	10.00
Exercise from funding operations:
Web funding earnings (1)		0.16			0.13			0.10
Web realized and unrealized achieve/(loss) on investments		(2.36	)		2.40			0.94
Complete from funding operations		(2.20	)		2.53			1.04
Much less distributions from:
Web funding earnings		—			(0.18	)		—
Web realized good points		—			(0.00	) (9)		—
Complete distributions		—			(0.18	)		—
Web asset worth, finish of interval	$	11.19		$	13.39		$	11.04
Complete return (2)		(16.43	)% (3)		22.93	%		10.40	% (3)
Web property, at finish of interval (4)	$	11		$	14		$	11
Ratio of gross bills to common internet property (5)(6)		51.73	% (7)		53.94	%		97.74	% (7)
Ratio of internet bills to common internet property (6)		0.69	% (7)		0.69	%		0.72	% (7)
Ratio of internet funding earnings to common internet property (6)(8)		0.95	% (7)		0.80	%		0.82	% (7)
Portfolio turnover charge		18	% (3)		40	%		47	% (3)

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

(1)

Per
share quantities calculated utilizing the typical shares methodology, which extra appropriately presents the per share knowledge for the interval.

(2)

Had
the Adviser not waived a portion of the Funds bills, whole returns would have been decrease.

(4)

Represents
precise internet property.

(5)

Represents
the ratio of bills to common internet property absent charge waivers and/or expense reimbursements by the Adviser.

(6)

Does
not embrace the bills of different funding corporations during which the Fund invests.

(8)

Recognition
of internet funding earnings by the Fund is affected by the timing of declaration of dividends by underlying funding corporations during which
the Fund invests.

(9)

Quantity
represents lower than $0.005 per share.

See
accompanying notes to monetary statements.

Acclivity
Small Cap Worth Fund

FINANCIAL
HIGHLIGHTS

Per
Share Knowledge and Ratios for a Share of Useful Curiosity Excellent All through Every Interval

	Class I
	Six Months Ended			Yr Ended			Yr Ended			Interval* Ended
	June 30, 2022			December 31,			December 31,			December 31,
	(Unaudited)			2021			2020			2019
Web asset worth, starting of interval	$	16.76		$	12.39		$	11.76		$	10.00
Exercise from funding operations:
Web funding earnings (1)		0.10			0.25			0.21			0.15
Web realized and unrealized achieve/(loss) on investments		(2.25	)		4.53			0.67			1.69
Complete from funding operations		(2.15	)		4.78			0.88			1.84
Much less distributions from:
Web funding earnings		—			(0.20	)		(0.01	)		(0.08	)
Web realized good points		—			(0.21	)		(0.24	)		—
Complete distributions		—			(0.41	)		(0.25	)		(0.08	)
Web asset worth, finish of interval	$	14.61		$	16.76		$	12.39		$	11.76
Complete return (2)		(12.83	)% (6)		38.60	%		7.51	%		18.44	% (6)
Web property, at finish of interval (000s)	$	12,293		$	10,648		$	2,825		$	2,827
Ratio of gross bills to common internet property (3)(4)		2.58	% (5)		3.63	%		5.62	%		14.59	% (5)
Ratio of internet bills to common internet property (4)		0.48	% (5)		0.48	%		0.54	%		0.67	% (5)
Ratio of internet funding earnings to common internet property (4)(7)		1.19	% (5)		1.53	%		2.12	%		1.34	% (5)
Portfolio turnover charge		48	% (6)		60	%		65	%		166	% (6)

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

(1)

Per
share quantities calculated utilizing the typical shares methodology, which extra appropriately presents the per share knowledge for the interval.

(2)

Had
the Adviser not waived a portion of the Funds bills, whole returns would have been decrease.

(3)

Represents
the ratio of bills to common internet property absent charge waivers and/or expense reimbursements by the Adviser.

(4)

Does
not embrace the bills of different funding corporations during which the Fund invests.

(7)

Recognition
of internet funding earnings by the Fund is affected by the timing of declaration of dividends by the underlying funding corporations in
which the Fund invests.

See
accompanying notes to monetary statements.

Acclivity
Small Cap Worth Fund

FINANCIAL
HIGHLIGHTS

Per
Share Knowledge and Ratios for a Share of Useful Curiosity Excellent All through Every Interval

	Class N
	Six Months Ended			Yr Ended			Yr Ended			Interval* Ended
	June 30, 2022			December 31,			December 31,			December 31,
	(Unaudited)			2021			2020			2019
Web asset worth, starting of interval	$	16.91		$	12.37		$	11.75		$	10.00
Exercise from funding operations:
Web funding earnings (1)		0.03			0.16			0.26			0.16
Web realized and unrealized achieve/(loss) on investments		(2.18	)		4.59			0.61			1.67
Complete from funding operations		(2.15	)		4.75			0.87			1.83
Much less distributions from:
Web funding earnings		—			—			(0.01	)		(0.08	)
Web realized good points		—			(0.21	)		(0.24	)		—
Complete distributions		—			(0.21	)		(0.25	)		(0.08	)
Web asset worth, finish of interval	$	14.76		$	16.91		$	12.37		$	11.75
Complete return (2)		(12.71	)% (6)		38.40	%		7.43	%		18.34	% (6)
Web property, at finish of interval (000s)	$	15	(7)	$	18	(7)	$	10		$	12	(7)
Ratio of gross bills to common internet property (3)(4)		2.83	% (5)		3.88	%		5.87	%		81.62	% (5)
Ratio of internet bills to common internet property (4)		0.73	% (5)		0.73	%		0.79	%		0.92	% (5)
Ratio of internet funding earnings to common internet property (4)(8)		0.94	% (5)		1.28	%		1.87	%		1.44	% (5)
Portfolio turnover charge		48	% (6)		60	%		65	%		166	% (6)

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

(1)

Per
share quantities calculated utilizing the typical shares methodology, which extra appropriately presents the per share knowledge for the interval.

(2)

Had
the Adviser not waived a portion of the Funds bills, whole returns would have been decrease.

(3)

Represents
the ratio of bills to common internet property absent charge waivers and/or expense reimbursements by the Adviser.

(4)

Does
not embrace the bills of different funding corporations during which the Fund invests.

(7)

Represents
precise internet property.

(8)

Recognition
of internet funding earnings by the Fund is affected by the timing of declaration of dividends by the underlying funding corporations in
which the Fund invests.

See
accompanying notes to monetary statements.

Acclivity
Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30, 2022

The
Acclivity Mid Cap Multi-Model Fund (the Mid Cap Fund) and Acclivity Small Cap Worth Fund (the Small Cap Fund)
(every a Fund, collectively the Funds) are every a diversified collection of shares of helpful curiosity of Northern
Lights Fund Belief II (the Belief), a statutory belief organized underneath the legal guidelines of the State of Delaware on August 26, 2010,
and are registered underneath the Funding Firm Act of 1940, as amended (the 1940 Act), as open-end administration funding
corporations. The inception date of the Mid Cap Fund was December 31, 2019, and the Mid Cap Fund commenced operations on January 2, 2020.
The inception date of the Small Cap Fund was December 31, 2018, and the Small Cap Fund commenced operations on January 2, 2019. The Funds
search long run capital appreciation.

The
Funds at present provide Class I shares and Class N shares. Class I and Class N shares are supplied at internet asset worth with out an preliminary
gross sales cost. Class N shares are topic to a 0.25% Rule 12b-1 distribution and shareholder servicing charge. Every class represents an curiosity
in the identical property of a Fund and courses are similar aside from variations in ongoing service and distribution prices. All courses
of shares have equal voting privileges besides that every class has unique voting rights with respect to its shareholder service and/or
distribution plans.

SIGNIFICANT
ACCOUNTING POLICIES

The
following is a abstract of serious accounting insurance policies adopted by the Funds in preparation of their monetary statements. The insurance policies
are in conformity with accounting rules usually accepted in the USA of America (GAAP). The preparation
of monetary statements requires administration to make estimates and assumptions that have an effect on the reported quantities of property and liabilities
and disclosure of contingent property and liabilities on the date of the monetary statements and the reported quantities of earnings and bills
for the interval. Precise outcomes might differ from these estimates. The Funds are every an funding firm and accordingly comply with the
funding firm accounting and reporting steering of the Monetary Accounting Requirements Board (FASB) Accounting Customary
Codification Matter 946 Monetary Companies – Funding Corporations.

Safety
Valuation – Securities listed on an change are valued on the final reported sale value on the shut of the common buying and selling
session of the first change on the enterprise day the worth is being decided, or within the case of securities listed on NASDAQ on the
NASDAQ Official Closing Worth (NOCP). Within the absence of a sale, such securities shall be valued on the imply between the
present bid and ask costs on the day of valuation. Investments valued in currencies aside from the U.S. greenback are transformed to U.S.
{dollars} utilizing change charges obtained from pricing providers. Quick-term debt obligations having 60 days or much less remaining till maturity,
at time of buy, could also be valued at amortized value.

The
Funds might maintain securities, comparable to non-public investments, pursuits in commodity swimming pools, different non-traded securities or briefly illiquid
securities, for which market quotations are usually not available or are decided to be unreliable. These securities can be valued
utilizing the honest worth procedures permitted by the Beliefs Board of Trustees (the Board). The Board has
delegated execution of those procedures to a good worth committee composed of a number of representatives from every of the (i)

Acclivity
Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
June 30, 2022

Belief,
(ii) administrator, and (iii) Adviser. The committee may enlist third get together consultants comparable to a valuation specialist at a public
accounting agency, valuation advisor or monetary officer of a safety issuer on an as-needed foundation to help in figuring out a security-specific
honest worth. The Board has additionally engaged a 3rd get together valuation agency to attend conferences held by the Belief, evaluation minutes of such conferences
and report back to the Board on a quarterly foundation. The Board critiques and ratifies the execution of this course of and the resultant honest worth
costs a minimum of quarterly to guarantee the method produces dependable outcomes.

Truthful
Valuation Course of – As famous above, this honest worth committee consists of a number of representatives from every of the (i)
Belief, (ii) administrator, and (iii) adviser. The relevant investments are valued collectively by way of inputs from every of those teams.
For instance, honest worth determinations are required for the next securities: (i) securities for which market quotations are inadequate
or not available on a specific enterprise day (together with securities for which there’s a brief and non permanent lapse within the provision
of a value by the common pricing supply), (ii) securities for which, within the judgment of the adviser, the costs or values out there
don’t symbolize the honest worth of the instrument. Elements which can trigger the adviser to make such a judgment embrace, however are usually not restricted
to, the next: solely a bid value or an requested value is obtainable; the unfold between bid and requested costs is substantial; the frequency
of gross sales; the thinness of the market; the scale of reported trades; and actions of the securities markets, such because the suspension or limitation
of buying and selling; (iii) securities decided to be illiquid; (iv) securities with respect to which an occasion that can have an effect on the worth thereof
has occurred (a important occasion) because the closing costs have been established on the principal change on which they’re
traded, however previous to a Funds calculation of its internet asset values. Particularly, pursuits in commodity swimming pools or managed futures
swimming pools are valued each day by reference to the closing market costs of every futures contract or different asset held by a pool, as
adjusted for pool bills. Restricted or illiquid securities, comparable to non-public investments or non-traded securities are valued by way of inputs
from the adviser based mostly upon the present bid for the safety from two or extra unbiased sellers or different events fairly acquainted
with the details and circumstances of the safety (who ought to take into accounts all related components as could also be acceptable underneath
the circumstances). If the adviser is unable to acquire a present bid from such unbiased sellers or different unbiased events, the
honest worth committee shall decide the honest worth of such safety utilizing the next components: (i) the kind of safety; (ii) the
value at date of buy; (iii) the scale and nature of the Funds holdings; (iv) the low cost from market worth of unrestricted
securities of the identical class on the time of buy and subsequent thereto; (v) data as to any transactions or provides with respect
to the safety; (vi) the character and period of restrictions on disposition of the safety and the existence of any registration rights;
(vii) how the yield of the safety compares to comparable securities of corporations of comparable or equal creditworthiness; (viii) the extent
of latest trades of comparable or comparable securities; (ix) the liquidity traits of the safety; (x) present market circumstances;
and (xi) the market worth of any securities into which the safety is convertible or exchangeable.

Every
Fund makes use of numerous strategies to measure honest worth of all of its investments on a recurring foundation. GAAP establishes the hierarchy that
prioritizes inputs to valuation strategies. The three ranges of enter are:

Stage
1 – Unadjusted quoted costs in energetic markets for similar property and liabilities that every Fund has the flexibility to entry.

Acclivity
Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
June 30, 2022

Stage
2 – Observable inputs aside from quoted costs included in Stage 1 which might be observable for the asset or legal responsibility, both instantly
or not directly. These inputs might embrace quoted costs for the similar instrument in an inactive market, costs for comparable devices,
rates of interest, prepayment speeds, credit score threat, yield curves, default charges and comparable knowledge.

Stage
3 – Unobservable inputs for the asset or legal responsibility, to the extent related observable inputs are usually not out there, representing a
Funds personal assumptions concerning the assumptions a market participant would use in valuing the asset or legal responsibility, and could be based mostly
on the most effective data out there.

The
availability of observable inputs can differ from safety to safety and is affected by all kinds of things, together with, for instance,
the kind of safety, whether or not the safety is new and never but established within the market, the liquidity of markets, and different traits
explicit to the safety. To the extent that valuation relies on fashions or inputs which might be much less observable or unobservable within the
market, the dedication of honest worth requires extra judgment. Accordingly, the diploma of judgment exercised in figuring out honest worth
is best for devices categorized in Stage 3.

The
inputs used to measure honest worth might fall into completely different ranges of the honest worth hierarchy. In such circumstances, for disclosure functions,
the extent within the honest worth hierarchy inside which the honest worth measurement falls in its entirety, is set based mostly on the bottom
stage enter that’s important to the honest worth measurement in its entirety.

The
inputs or methodology used for valuing securities are usually not essentially a sign of the danger related to investing in these securities.
The next tables summarize the inputs used as of June 30, 2022 for every Funds property measured at honest worth:

Acclivity Mid Cap Multi-Model Fund
Property *	Stage 1		Stage 2		Stage 3		Complete
Frequent Shares	$	414,848	$	—	$	—	$	414,848
Partnership Shares		3,502		—		—		3,502
Cash Market Fund		19,181		—		—		19,181
Complete	$	437,531	$	—	$	—	$	437,531

Acclivity Small Cap Worth Fund
Property *	Stage 1		Stage 2		Stage 3		Complete
Frequent Shares	$	12,124,238	$	—	$	0	$	12,124,238
Partnership Shares		161,010		—		—		161,010
Proper		3		—		—		3
Complete	$	12,285,251	$	—	$	0	$	12,285,251

The
Acclivity Mid Cap Multi-Model Fund didn’t maintain any Stage 3 securities throughout the interval.

See
every Funds Schedule of Investments for classification.

Acclivity
Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
June 30, 2022

The
following desk is a reconciliation of property during which Stage 3 inputs have been utilized in figuring out worth for the Acclivity Small Cap Worth
Fund:

	Zagg CVR
Starting Stability	$	0
Complete realized achieve/(loss)		—
Unrealized
Appreciation/(Depreciation)		—
Value of Purchases		—
Proceeds from Gross sales		—
Proceeds from Principal		—
Accrued Curiosity		—
Web transfers in/out of stage 3		—
Ending Stability	$	0

Safety
Transactions and Associated Revenue – Safety transactions are accounted for on commerce date. Curiosity earnings is acknowledged on an
accrual foundation. Reductions are accreted and premiums are amortized on securities bought over the lives of the respective securities.
Dividend earnings is recorded on the ex-dividend date. Realized good points or losses from gross sales of securities are decided by evaluating the
recognized value of the safety lot offered with the online gross sales proceeds. Every Funds earnings, bills (aside from class particular distribution
charges) and realized and unrealized good points and losses are allotted proportionately every day based mostly upon the relative internet property of every
class.

Dividends
and Distributions to Shareholders – Dividends from internet funding earnings, if any, are declared and paid yearly. Distributable
internet realized capital good points, if any, are declared and distributed yearly in December. Dividends from internet funding earnings and distributions
from internet realized good points are decided in accordance with federal earnings tax rules, which can differ from GAAP. These e book/tax
variations are thought-about both non permanent (i.e., deferred losses) or everlasting in nature. To the extent these variations are everlasting
in nature, such quantities are reclassified inside the composition of internet property based mostly on their Federal tax-basis remedy; non permanent variations
don’t require reclassification. Dividends and distributions to shareholders are recorded on ex-dividend date.

Federal
Revenue Taxes – Every Fund intends to proceed to adjust to the necessities of the Inside Income Code relevant to regulated
funding corporations and to distribute all of their taxable earnings to their shareholders. Due to this fact, no provision for federal earnings
tax is required. The Funds acknowledge the tax advantages of unsure tax positions solely the place the place is extra possible than not
to be sustained assuming examination by tax authorities. Administration has analyzed every Funds tax positions and has concluded that
no legal responsibility for unrecognized tax advantages needs to be recorded associated to unsure tax positions taken on returns filed for the Small
Cap Funds December 31, 2019 year-end or the Small Cap Funds and Mid Cap Funds December 31, 2020-December 31, 2021
yr finish, or anticipated to be taken within the Funds December 31, 2022 tax returns. Every Fund has recognized its main tax jurisdictions
as U.S. Federal, Ohio, and international jurisdictions the place the Funds make important investments. The Funds are usually not conscious of any tax positions
for which it’s fairly doable

Acclivity
Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
June 30, 2022

that
the whole quantities of unrecognized tax advantages will change materially within the subsequent twelve months.

Bills
– Bills of the Belief which might be instantly identifiable to a particular fund are charged to that fund. Bills, which aren’t
readily identifiable to a particular fund, are allotted in such a fashion as deemed equitable, bearing in mind the character and
kind of expense and the relative sizes of the funds within the Belief.

Indemnification
– The Belief indemnifies its officers and Trustees for sure liabilities which will come up from the efficiency of their duties
to the Belief. Moreover, within the regular course of enterprise, the Funds enter into contracts that include quite a lot of representations
and warranties and which give normal indemnities. Every Funds most publicity underneath these preparations is unknown, as this
would contain future claims which may be made in opposition to a Fund that haven’t but occurred. Nonetheless, based mostly on expertise, the Funds anticipate
the danger of loss on account of these warranties and indemnities to be distant.

INVESTMENT
TRANSACTIONS

For
the six months ended June 30, 2022, value of purchases and proceeds from gross sales of portfolio securities, aside from short-term investments,
amounted to:

	Purchases		Gross sales
Mid Cap	$	260,928	$	61,105
Small Cap		8,069,507		4,814,987

INVESTMENT
ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Innealta
Capital, LLC (the Adviser) serves as funding adviser to the Funds. Pursuant to an Advisory Settlement with the Funds,
the Adviser, underneath the oversight of the Board, directs the every day operations of the Funds and supervises the efficiency of administrative
{and professional} providers supplied by others. The Funds pay the Adviser a administration charge at an annual charge of 0.35% and 0.39% of the
Mid Cap Funds and Small Cap Funds common every day internet property, respectively. For the six months ended June 30, 2022, the Adviser
earned $578 and $19,222 from the Mid Cap Fund and Small Cap Fund, respectively.

Acclivity
Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
June 30, 2022

Pursuant
to a written contract (the Waiver Settlement), the Adviser has agreed, a minimum of till April 30, 2023, to waive a portion
of its advisory charge and has agreed to reimburse every Fund for different bills to the extent mandatory in order that the whole bills incurred
by every Fund (excluding any front-end or contingent deferred gross sales masses, brokerage charges and commissions, acquired fund charges and bills,
borrowing prices (comparable to curiosity and dividend expense on securities offered quick), taxes and extraordinary bills comparable to litigation)
don’t exceed 0.44% and 0.69% for Class I and Class N shares of the Mid Cap Fund, respectively, and 0.48% and 0.73% for Class I and Class
N shares of the Small Cap Fund, respectively.

If
the Adviser waives any charge or reimburses any bills pursuant to the Waiver Settlement for a Fund, and a Funds working bills
are subsequently decrease than its respective expense limitation, the Adviser shall be entitled to reimbursement by a Fund supplied that
such reimbursement doesn’t trigger a Funds working bills to exceed its expense limitation. If a Funds working bills subsequently
exceed its expense limitation, the reimbursements for a Fund shall be suspended. The Adviser might search reimbursement just for bills
waived or paid by it throughout the rolling three years previous to such reimbursement; supplied, nevertheless, that such bills might solely be reimbursed
to the extent they have been waived or paid after the date of the Waiver Settlement (or any comparable settlement). The Board might terminate this
expense reimbursement association at any time. For the six months ended June 30, 2022, the Adviser waived advisory charges and reimbursed
the Mid Cap Fund and Small Cap Fund for bills within the quantities of $84,460 and $103,619, respectively.

The
following quantities are topic to recapture by the Funds by the next date:

	12/31/2022		12/31/2023		12/31/2024
Mid Cap		N/A	$	107,373	$	142,515
Small Cap	$	135,510	$	117,329	$	161,991

Distributor
– The distributor for the Funds is Northern Lights Distributors, LLC (the Distributor). The Board has adopted
the Beliefs Grasp Distribution and Shareholder Servicing Plans for Class N shares (the Plan) pursuant to Rule 12b-1
underneath the 1940 Act to pay for ongoing distribution-related actions or shareholder providers. Beneath the Plan, the Funds are permitted
to pay a charge at an annual charge of 0.25% of the typical every day internet property of Class N shares. For the six months ended June 30, 2022, pursuant
to the Class N Plan, the Mid Cap Fund and Small Cap Fund incurred $0 and $0 in 12b-1 charges, respectively.

The
Distributor acts because the Funds principal underwriter in a steady public providing of every Funds shares. For the six months
ended June 30, 2022, the Funds didn’t pay the Distributor any underwriting charges.

Acclivity
Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
June 30, 2022

In
addition, sure associates of the Distributor present providers to the Funds as follows:

Ultimus
Fund Options, LLC (UFS) – UFS, an affiliate of the Distributor, supplies administration, fund accounting,
and switch agent providers to the Belief. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary charges for offering
administration, fund accounting, and switch company providers to the Funds. Sure officers of the Belief are additionally officers of UFS and
are usually not paid any charges instantly by the Funds for serving in such capacities.

Northern
Lights Compliance Companies, LLC (NLCS) – NLCS, an affiliate of UFS and the Distributor, supplies a Chief
Compliance Officer to the Belief, in addition to associated compliance providers, pursuant to a consulting settlement between NLCS and the Belief.
Beneath the phrases of such settlement, NLCS receives customary charges from the Funds.

Blu
Large, LLC (Blu Large) – Blu Large, an affiliate of UFS and the Distributor, supplies EDGAR conversion and
submitting providers in addition to print administration providers for the Funds on an ad-hoc foundation. For the availability of those providers, Blu Large
receives customary charges from the Funds.

AGGREGATE
UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

The
recognized value of investments in securities owned by every Fund for federal earnings tax functions, and its respective gross unrealized
appreciation and depreciation at June 30, 2022, have been as follows:

	Tax		Gross Unrealized		Gross Unrealized			Web Unrealized
	Value		Appreciation		Depreciation			Appreciation
Mid Cap Fund	$	457,663	$	21,410	$	(41,542	)	$	(20,132	)
Small Cap Fund		13,334,922		406,529		(1,456,200	)		(1,049,671	)

SHAREHOLDERS
& TAX COMPONENTS OF CAPITAL

The
tax character of fund distributions paid for the years ended December 31, 2021 and December 31, 2020 was as follows:

For fiscal yr ended	Peculiar		Lengthy-Time period
12/31/2021	Revenue		Capital Features		Complete
Mid Cap Fund	$	3,888	$	70	$	3,958
Small Cap Fund		119,643		136,481		256,124

For fiscal yr ended	Peculiar		Lengthy-Time period
12/31/2020	Revenue		Capital Features		Complete
Mid Cap Fund	$	—	$	—	$	—
Small Cap Fund		55,589		266		55,855

Acclivity
Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
June 30, 2022

As
of December 31, 2021, the parts of collected earnings/(deficit) on a tax foundation have been as follows:

	Undistributed		Undistributed		Put up October Loss		Capital Loss		Different		Unrealized		Complete
	Peculiar		Lengthy-Time period		and		Carry		Guide/Tax		Appreciation/		Collected
	Revenue		Capital Features		Late Yr Loss		Forwards		Variations		(Depreciation)		Earnings/(Deficit)
Mid Cap Fund	$	—	$	8,610	$	—	$	—	$	—	$	53,183	$	61,793
Small Cap Fund		—		397,019		—		—		—		717,881		1,114,900

The
distinction between e book foundation and tax foundation undistributed internet funding earnings/(loss), collected internet realized achieve/(loss), and unrealized
appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash gross sales, changes for partnerships,
mark – to-market on passive international funding corporations, and C-Company return of capital distributions.

At
December 31, 2021, the Funds had capital loss carry forwards for federal earnings tax functions out there to offset future capital good points
as follows:

			Non-Expiring		Non-Expiring
	Expiring		Quick-Time period		Lengthy-Time period		Complete		CLCF Utilized
Mid Cap Fund	$	—	$	—	$	—	$	—	$	15,169
Small Cap Fund		—		—		—		—		398,707

Everlasting
e book and tax variations, primarily attributable to the e book/tax foundation remedy of non-deductible bills, resulted in reclassifications
for the Funds for the fiscal yr ended December 31, 2021 as follows:

	Paid In			Collected
	Capital			Earnings (Deficit)
Mid Cap Fund	$	(46	)	$	46
Small Cap Fund		—			—

Acclivity
Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
June 30, 2022

The
helpful possession, both instantly or not directly, of greater than 25% of the voting securities of a Fund creates presumption of management
of the Fund, underneath Part 2(a)(9) of the 1940 Act. As of June 30, 2022, helpful possession in extra of 25% for the Funds is as follows:

		% of Excellent
	Useful Proprietor	Shares
Mid Cap Fund	Innealta Capital, LLC		100	%
Small Cap Fund	Charles Schwab & Co.		35	%
	Nationwide Monetary Companies, LLC		46	%

The
Belief has no information as as to if all or any portion of the shares owned of report are additionally owned beneficially.

Subsequent
occasions after the date of the Statements of Property and Liabilities have been evaluated via the date the monetary statements have been
issued. Administration has decided that no occasions or transactions occurred requiring adjustment or disclosure within the monetary statements.

Acclivity
Funds
EXPENSE EXAMPLES (Unaudited)
June 30, 2022

As
a shareholder of a Fund, you incur two forms of prices: (1) transaction prices together with redemption charges; and (2) ongoing prices, together with
advisory charges; distribution and/or service (12b-1) charges; and different Fund bills. This instance is meant that will help you perceive your
ongoing prices (in {dollars}) of investing within the Funds and to check these prices with the continued prices of investing in different mutual funds.

The
instance relies on an funding of $1,000 invested firstly of the interval and held for all the interval from January 1, 2022
via June 30, 2022.

Precise
Bills

The
Precise Bills line within the desk beneath supplies details about precise account values and precise bills. You could use
the data beneath along with the quantity you invested, to estimate the bills that you simply paid over the interval. Merely divide your
account worth by $1,000 (for instance, an $8,600 account worth divided by $1,000 = 8.6), then multiply the consequence by the quantity within the
desk underneath the heading entitled Bills Paid Throughout Interval to estimate the bills you paid in your account throughout this
interval.

Hypothetical
Instance for Comparability Functions

The
Hypothetical line within the desk beneath supplies details about hypothetical account values and hypothetical bills based mostly
on the Funds precise expense ratios and an assumed charge of return of 5% per yr earlier than bills, which aren’t the Funds
precise returns. The hypothetical account values and bills will not be used to estimate the precise ending account balances or bills
you paid for the interval. You could use this data to check this 5% hypothetical instance with the 5% hypothetical examples that
seem within the shareholder reviews of different funds.

Please
observe that the bills proven within the desk are supposed to spotlight your ongoing prices solely and don’t mirror any transactional prices,
comparable to redemption charges. Due to this fact, the desk is beneficial in evaluating ongoing prices solely, and won’t make it easier to decide the relative
whole prices of proudly owning completely different funds. As well as, if these transactional prices have been included, your prices would have been greater.

		Starting		Ending		Bills Paid		Annualized
		Account Worth		Account Worth		Throughout Interval *		Expense Ratio
Precise		1/1/22		6/30/22		1/1/22-6/30/22		Throughout Interval
Acclivity Mid Cap Multi-Model Fund
	Class I	$	1,000.00	$	835.70	$	2.00		0.44	%
	Class N		1,000.00		835.70		3.14		0.69	%
Acclivity Small Cap Worth Fund
	Class I	$	1,000.00	$	871.70	$	2.23		0.48	%
	Class N		1,000.00		872.90		3.39		0.73	%
Hypothetical (5% return earlier than Bills)
Acclivity Mid Cap Multi-Model Fund
	Class I	$	1,000.00	$	1,022.61	$	2.21		0.44	%
	Class N		1,000.00		1,021.37		3.46		0.69	%
Acclivity Small Cap Worth Fund
	Class I	$	1,000.00	$	1,022.41	$	2.41		0.48	%
	Class N		1,000.00		1,021.17		3.66		0.73	%

Bills
are equal to the typical account worth over the interval, multiplied by a Funds annualized expense ratio, multiplied by the quantity
of days within the interval (181) divided by the variety of days within the fiscal yr (365).

Acclivity
Funds
SUPPLEMENTAL INFORMATION (Unaudited)
June 30, 2022

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

At
a Common assembly (the Assembly) of the Board of Trustees (the Board) of Northern Lights Fund Belief II (the
Belief) held on October 18 and 19, 2021, the Board, together with the disinterested Trustees (the Impartial Trustees),
thought-about the renewal of the Funding Advisory Settlement between the Belief, on behalf of the Acclivity Mid Cap Multi-Model Fund (Acclivity
Mid Cap) and the Acclivity Small Cap Worth Fund (Acclivity Small Cap Worth, and collectively with Acclivity Mid
Cap, the Funds) and Innealta Capital, LLC (Innealta) (the Innealta Advisory Settlement).

Primarily based
on their analysis of the data supplied by Innealta along with Acclivity Small Cap Worths and Acclivity
Mid Caps different service suppliers, the Board, by a unanimous vote (together with a separate vote of the Impartial Trustees), permitted
the renewal of the Innealta Advisory Settlement with respect to Acclivity Small Cap Worth and Acclivity Mid Cap.

In
advance of the Assembly, the Board requested and acquired supplies to help them in contemplating the renewal of the Innealta Advisory
Settlement. The supplies supplied contained data with respect to the components enumerated beneath, together with the Innealta Advisory
Settlement, a memorandum ready by the Beliefs outdoors authorized counsel discussing intimately the Trustees fiduciary obligations
and the components they need to assess in contemplating the continuation of the Innealta Advisory Settlement and comparative data relating
to the advisory charge and different bills of Acclivity Small Cap Worth and Acclivity Mid Cap. The supplies additionally included due diligence
supplies referring to Innealta (together with due diligence questionnaires accomplished by Innealta, choose monetary data of Innealta,
bibliographic data relating to Innealtas key administration and funding advisory personnel, and comparative charge data
referring to Acclivity Small Cap Worth and Acclivity Mid Cap) and different pertinent data. On the Assembly, the Impartial Trustees
have been suggested by counsel that’s skilled in Funding Firm Act of 1940 issues and that’s unbiased of fund administration and
met with such counsel individually from fund administration.

The
Board reviewed and mentioned the written supplies that have been supplied prematurely of the Assembly and deliberated on the renewal of the
Innealta Advisory Settlement with respect to Acclivity Small Cap Worth and Acclivity Mid Cap. The Board relied upon the recommendation of unbiased
authorized counsel and their very own enterprise judgment in figuring out the fabric components to be thought-about in evaluating the Innealta Advisory
Settlement and the load to be given to every such issue. The conclusions reached by the Board have been based mostly on a complete analysis
of all the data supplied and weren’t the results of anybody issue. Furthermore, every Trustee might have afforded completely different weight
to the varied components in reaching his conclusions with respect to the Innealta Advisory Settlement. In contemplating the approval of the
renewal of the Innealta Advisory Settlement, the Board reviewed and analyzed numerous components that they decided have been related, together with
the components enumerated beneath.

Acclivity
Funds
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
June 30, 2022

Nature,
Extent and High quality of Companies. The Board then reviewed supplies supplied by Innealta associated to the approval of the renewal of
the Innealta Advisory Settlement, together with Innealtas Kind ADV and associated schedules, an outline of the style during which funding
choices are made and executed, a evaluation of the personnel performing providers for every of Acclivity Small Cap Worth and Acclivity Mid
Cap together with the staff of people that primarily monitor and execute the funding course of. The Board mentioned the extent of Innealtas
analysis capabilities, the standard of Innealtas compliance infrastructure and the expertise of its administration personnel. The
Board famous the addition of Dr. Glenn Freed as an funding strategist and portfolio supervisor for sure of the Funds. Moreover,
the Board acquired passable responses from the consultant of Innealta with respect to a collection of vital questions, together with:
whether or not Innealta was concerned in any lawsuits or pending regulatory actions; whether or not the administration of different accounts would battle
with its administration of Acclivity Small Cap Worth and Acclivity Mid Cap,; whether or not there have been procedures in place to adequately allocate
trades amongst its respective purchasers; and whether or not Innealtas CCO would normally evaluation the portfolio managers efficiency
of their duties to make sure compliance underneath Innealtas compliance program. The Board additionally reviewed the data supplied on the
practices for monitoring compliance with every of Acclivity Small Cap Worths and Acclivity Mid Caps funding limitations.
The Board additionally mentioned particulars of Innealtas compliance program with the CCO of the Belief. The Board famous that the CCO of the
Belief continued to symbolize that Innealtas insurance policies and procedures have been fairly designed to stop violations of relevant
federal securities legal guidelines. The Board additionally famous Innealtas illustration that the prospectus and assertion of extra data
for Acclivity Small Cap Worth and Acclivity Mid Cap precisely describe such Funds funding methods. The Board then reviewed
the capitalization of Innealta based mostly on monetary data supplied, and representations made by Innealta and its representatives,
and concluded that Innealta was sufficiently well-capitalized, or Innealtas house owners had the flexibility to make extra contributions,
with a view to meet its obligations to every of Acclivity Small Cap Worth and Acclivity Mid Cap. The Board concluded that Innealta had enough
high quality and depth of personnel, assets, funding strategies and compliance insurance policies and procedures important to performing its duties
underneath the Innealta Advisory Settlement and that the character, general high quality and extent of the administration providers to be supplied by Innealta
to every of Acclivity Small Cap Worth and Acclivity Mid Cap have been passable.

Efficiency.
The Board then mentioned the reviews ready by Broadridge and reviewed the efficiency of Acclivity Small Cap Worth and Acclivity
Mid Cap as in comparison with its respective peer group, Morningstar class and benchmark for the one yr and since inception durations ended
September 30, 2021. With respect to Acclivity Small Cap Worth, the Board famous that Acclivity Small Cap Worth outperformed the peer group
median, Morningstar class median and its benchmark (the S&P 500 Complete Return Index) for the one yr interval, and outperformed
the peer group median and Morningstar class median, however underperformed its benchmark, for the since inception interval. With respect
to Acclivity Mid Cap, the Board famous that Acclivity Mid Cap outperformed the peer group median, Morningstar class median (Mid-Cap
mix class) and benchmark (the S&P 500 Complete Return Index) for the one yr interval and

Acclivity
Funds
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
June 30, 2022

outperformed
the peer group median, but underperformed the Morningstar class median and benchmark, for the since inception interval The Board famous
the portfolio managers capability to handle threat and the latest addition of funding staff personnel. After additional dialogue,
the Board concluded that every of Acclivity Mid Cap and Acclivity Small Cap Worths previous efficiency was acceptable and usually
in keeping with its threat stage.

Charges
and Bills. As to the prices of the providers to be supplied by Innealta, the Board reviewed and mentioned every of Acclivity Small
Cap Worths and Acclivity Mid Caps advisory charge and whole working bills as in comparison with its peer group and its Morningstar
class as offered within the Morningstar Report. The Board reviewed the contractual preparations, noting that Innealta prices an advisory
charge at an annual charge of 0.39% and 0.35% of the typical every day internet property of Acclivity Small Cap Worth and Acclivity Mid Cap, respectively,
underneath the Innealta Advisory Settlement. The Board famous the advisory charge for Acclivity Small Cap Worth and Acclivity Mid Cap was considerably
decrease than the peer group median and Morningstar class median. The Board additionally reviewed the online bills for every of Acclivity Small
Cap Worth and Acclivity Mid Cap as in comparison with its peer group and Morningstar class. The Board then reviewed the Working Bills
Limitation Settlement noting that Innealta had agreed to waive or restrict its advisory charge and/or reimburse bills a minimum of till April
30, 2023, with a view to restrict internet annual working bills, unique of sure charges, in order to not exceed 0.48% and 0.73% of Acclivity
Small Cap Worths common internet property for Class I and Class N shares, respectively, and 0.44% and 0.69% of Acclivity Mid Caps
common internet property for Class I and Class N shares, respectively, and located such preparations to be helpful to shareholders. The Board
concluded that, based mostly on Innealtas expertise, experience and providers supplied to every of Acclivity Small Cap Worth and Acclivity
Mid Cap, the advisory charge charged by Innealta for every of Acclivity Small Cap Worth and Acclivity Mid Cap was not unreasonable. With
respect to Acclivity Small Cap Worth and Acclivity Mid Cap, the Board additionally famous its approval to decrease the advisory charge and expense caps
of every Fund at its assembly held on April 22, 2020.

Profitability.
The Board additionally thought-about the extent of earnings that might be anticipated to accrue to Innealta with respect to every of Acclivity Small
Cap Worth and Acclivity Mid Cap based mostly on profitability reviews and analyses ready by Innealta and reviewed by the Board and the chosen
monetary data of Innealta supplied by Innealta. After evaluation and dialogue, the Board concluded that the anticipated revenue
from Innealtas relationship with every of Acclivity Small Cap Worth and Acclivity Mid Cap was not extreme.

Economies
of Scale. As to the extent to which every of Acclivity Small Cap Worth and Acclivity Mid Cap would understand economies of scale because it
grew, and whether or not the charge ranges mirror these economies of scale for the good thing about traders, the Board mentioned the present measurement
of every of Acclivity Small Cap Worth and Acclivity Mid Cap and Innealtas expectations for development, and concluded that any materials
economies of scale wouldn’t be achieved within the close to time period.

Acclivity
Funds
SUPPLEMENTAL INFORMATION (Unaudited)(Continued)
June 30, 2022

Conclusion.
Having requested and acquired such data from Innealta because the Board believed to be fairly mandatory to guage the phrases
of the Innealta Advisory Settlement, and as assisted by the recommendation of unbiased counsel, the Board, together with a majority of the Impartial
Trustees voting individually, decided that (a) the phrases of the Innealta Advisory Settlement are usually not unreasonable with respect to Acclivity
Mid Cap and Acclivity Small Cap Worth; (b) the funding advisory charge payable for Acclivity Mid Cap and Acclivity Small Cap Worth pursuant
to the Innealta Advisory Settlement just isn’t unreasonable; and (c) the Innealta Advisory Settlement is in the most effective pursuits of Acclivity
Mid Cap and Acclivity Small Cap Worth and its shareholders. In contemplating the renewal of the Innealta Advisory Settlement, the Board
didn’t establish anybody issue as all vital, however slightly thought-about these components collectively and decided that approval of the
renewal of the Innealta Advisory Settlement was in the most effective curiosity of Acclivity Mid Cap and Acclivity Small Cap Worth and its shareholders.
Furthermore, the Board famous that every Trustee might have afforded completely different weight to the varied components in reaching his conclusions with
respect to the Innealta Advisory Settlement.

Privateness
Coverage

Rev. Might 2021

FACTS	WHAT DOES NORTHERN LIGHTS FUND TRUST II (NLFT II) DO WITH YOUR PERSONAL INFORMATION?
Why?	Monetary corporations select how they share your private data. Federal regulation provides shoppers the precise to restrict some however not all sharing. Federal regulation additionally requires us to inform you how we gather, share, and shield your private data. Please learn this discover rigorously to grasp what we do.
What?	The forms of private data we gather and share rely on the services or products you’ve gotten with us. This data can embrace:
	● Social Safety quantity ● Employment data ● Account balances	● Account transactions ● Revenue ● Funding expertise
	When you’re now not our buyer, we proceed to share your data as described on this discover.
How?	All monetary corporations must share a buyers private data to run their on a regular basis enterprise – to course of transactions, preserve buyer accounts, and report back to credit score bureaus. Within the part beneath, we record the explanations monetary corporations can share their buyers private data; the explanations NLFT II chooses to share; and whether or not you possibly can restrict this sharing.

Causes we are able to share your private data	Does NLFT II share?	Can you restrict this sharing?
For our on a regular basis enterprise functions — comparable to to course of your transactions, preserve your account(s), reply to courtroom orders and authorized investigations, or report back to credit score bureaus	Sure	No
For our advertising functions — to supply our services and products to you	Sure	No
For joint advertising with different monetary corporations	Sure	No
For our associates on a regular basis enterprise functions — details about your transactions and experiences	Sure	No
For our associates on a regular basis enterprise functions — details about your creditworthiness	No	We dont share
For nonaffiliates to market to you	No	We dont share

Questions?

Name 1-631-490-4300


Who we’re
Who is offering this discover?	Northern Lights Fund Belief II
What we do
How does NLFT II shield my private data?	To shield your private data from unauthorized entry and use, we use safety measures that adjust to federal regulation. These measures embrace pc safeguards and secured recordsdata and buildings.
How does NLFT II gather my private data?	We gather your private data, for instance, while you
	● open an account ● give us your earnings data ● present employment data	● present account data ● give us your contact data
	We additionally gather your private data from others, comparable to credit score bureaus, associates, or different corporations.
Why cant I restrict all sharing?	Federal regulation provides you the proper to restrict solely ● sharing for associates on a regular basis enterprise functions—details about your creditworthiness ● associates from utilizing your data to market to you ● sharing for nonaffiliates to market to you State legal guidelines and particular person corporations might provide you with extra rights to restrict sharing.
Definitions
Associates	Corporations associated by widespread possession or management. They can be monetary and nonfinancial corporations. ● NLFT II has no associates.
Nonaffiliates	Corporations not associated by widespread possession or management. They can be monetary and nonfinancial corporations. ● NLFT II doesn’t share with nonaffiliates to allow them to market to you.
Joint advertising	A formal settlement between nonaffiliated monetary corporations that collectively market monetary merchandise and providers to you. ● Our joint advertising companions embrace different monetary service corporations.

PROXY
VOTING POLICY

Info
relating to how the Funds voted proxies referring to portfolio securities for the latest twelve month interval ended June 30 as effectively
as an outline of the insurance policies and procedures that the Funds use to find out the way to vote proxies is obtainable with out cost, upon
request, by calling 1-855-873-3837 or by referring to the Securities and Trade Fees (SEC) web site at http://www.sec.gov.

PORTFOLIO
HOLDINGS

Funds
file an entire schedule of portfolio holdings with the Securities and Trade Fee (the SEC) for the primary and
third quarters of every fiscal yr as an exhibit to its reviews on Kind N-PORT, inside sixty days after the tip of the interval. Kind N-PORT
reviews can be found on the SECs web site at www.sec.gov.

INVESTMENT
ADVISER
Innealta Capital, LLC
13215 Bee Cave Pkwy, Bldg A, Suite 240
Austin, Texas 78738

ADMINISTRATOR
Ultimus Fund Options, LLC
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246

Acclivity-SAR-22

(a) Embrace a replica of the report
transmitted to stockholders pursuant to Rule 30e-1 underneath the Act (17 CFR 270.30e-1).

(b) Embrace a replica of every discover
transmitted to stockholders in reliance on Rule 30e-3 underneath the Act (17 CFR 270.30e-3) that comprises disclosures specified by paragraph
(c)(3) of that rule.

Merchandise 2. Code of Ethics. Not relevant.

Merchandise 3. Audit Committee Monetary Knowledgeable. Not relevant.

Merchandise 4. Principal Accountant Charges and Companies. Not relevant.

Merchandise 5. Audit Committee of Listed Corporations. Not relevant to open-end
funding corporations.

Merchandise 6. Schedule of Investments. Schedule of investments in securities
of unaffiliated issuers is included underneath Merchandise 1.

Merchandise 7. Disclosure of Proxy Voting Insurance policies and Procedures for Closed-Finish
Funds. Not relevant to open-end funding corporations.

Merchandise 8. Portfolio Managers of Closed-Finish Administration Funding Corporations.
Not relevant to open-end funding corporations.

Merchandise 9. Purchases of Fairness Securities by Closed-Finish Funds. Not
relevant to open-end funding corporations.

Merchandise 10. Submission of Issues to a Vote of Safety Holders. None

Merchandise 11. Controls and Procedures.

(a) Primarily based on an analysis of
the Registrant’s disclosure controls and procedures as of a date inside 90 days of submitting date of this Kind N-CSR, the principal
govt officer and principal monetary officer of the Registrant have concluded that the disclosure controls and procedures of the
Registrant are fairly designed to make sure that the data required in filings on Kind N-CSR is recorded, processed, summarized,
and reported by the submitting date, together with that data required to be disclosed is collected and communicated to the Registrant’s
administration, together with the Registrant’s principal govt officer and principal monetary officer, as acceptable to permit well timed
choices relating to required disclosure.

(b) There have been no important
modifications within the Registrant’s inner management over monetary reporting that occurred throughout the Registrant’s final fiscal half-year
which have materially affected, or are fairly prone to materially have an effect on, the Registrant’s inner management over monetary reporting.

Merchandise 12. Disclosure of Securities Lending Actions for Closed-Finish
Administration Funding Corporations. Not relevant to open-end funding corporations.

Merchandise 13. Reveals.

(a)(1) Not relevant.

(a)(2) Certifications required by Part 302 of the Sarbanes-Oxley Act of 2002 (and Merchandise 11(a)(2) of Kind N-CSR) are filed herewith.

(a)(3) Not relevant for open-end funding corporations.

(b) Certifications required by Part 906 of the Sarbanes-Oxley Act of 2002 (and Merchandise 11(b) of Kind N-CSR) are filed herewith.

SIGNATURES

Pursuant to the necessities of the Securities Trade Act of 1934 and
the Funding Firm Act of 1940, the registrant has duly induced this report back to be signed on its behalf by the undersigned, thereunto
duly licensed.

(Registrant) Northern Lights Fund Belief II

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Government Officer/President

Date 09/02/22

Pursuant to the necessities of the Securities Trade Act of 1934 and
the Funding Firm Act of 1940, this report has been signed beneath by the next individuals on behalf of the registrant and within the
capacities and on the dates indicated.

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Government Officer/President

Date 09/02/22

By (Signature and Title)

/s/ Erik Naviloff

Erik Naviloff, Principal Monetary Officer/Treasurer

Date 09/02/22

ATTACHMENTS / EXHIBITS

cert1.htm

cert2.htm

Supply hyperlink