INNEALTA CAPITAL COUNTRY ROTATION FUND CLASS A (COUAX) Exchange: NMFQS

DELISTED - The Innealta Sector Rotation strategy is based on a proprietary tactical asset allocation model that potentially invests in U.S. sector and sub-sector (as defined by Global Industry Classification Structure (GICS) and/or similar industry-standard classification systems) equity markets based on the specific risk/reward characteristics of individual sector or sub-sector equity markets by investing in representative exchange-traded funds (“ETFs”) (the “Sector Allocation Portfolio”). The sectors include, but are not limited to: (1) Consumer Discretionary; (2) Consumer Staples; (3) Energy; (4) Financials; (5) Health Care; (6) Industrials; (7) Information Technology; (8) Materials; (9) Telecom Services; and (10) Utilities.   The Sector Rotation Fund operates as a fund of funds, investing primarily in ETFs. Using a proprietary model, the Sector Rotation Fund allocates its portfolio in ETFs that represent the aforementioned sector (or sub-sector) markets as well as fixed income and alternative asset classes (such as, but not limited to, commodities, real estate, currencies and volatility). Under normal market conditions, the Adviser does not anticipate investing generally more than 35% in any single sector or sub-sector equity market and may be invested in any number of sector and sub-sector equity markets including none. For defensive purposes, the Fund may be invested up to 100% in fixed income or alternative asset classes. The Sector Rotation Fund may also invest in leveraged, inverse and inverse leveraged ETFs, as well as ETFs that represent derivatives based on one or more of the aforementioned asset classes. Further, the Sector Rotation Fund may invest in ETFs that track volatility in the market place.   The Innealta Sector Rotation strategy is based on an approach that seeks to balance the trade-off between return generation and risk control. The process incorporates variables that the Adviser believes have predictive capabilities with respect to equity performance. The Investment Committee analyzes these variables daily on an individual equity market basis. Where the Investment Committee finds the prospective risk-relative return of a given specific sector-representative equity exposure to be superior to that of fixed income or an alternative asset class, an allocation is made to the sector-representative ETF. If inferior, the allocation is made to fixed income or alternative asset classes. This strategy seeks to provide excess returns relative to the Barclays Capital U.S. Aggregate Bond Index over periods of three years and longer, with risk levels commensurate with the level of performance, using diversification, active management, style integrity, minimized security selection risk and cost efficiency.   The Sector Rotation Fund’s equity exposures within the sector-representative ETFs may include, but are not limited to common and preferred stocks of all market capitalizations, convertible securities and rights and warrants listed on U.S. markets or non-U.S. markets. Within fixed income, exposures may include, but are not limited to, those of governments, government agencies, asset-backed securities, municipalities and companies across a wide range of industries and market capitalizations within the broader U.S. and international fixed income markets. Such fixed income securities may be of any maturity, duration or quality, including those that are rated below investment grade.   Under normal market conditions, the Sector Rotation Fund will target having approximately 98% of its assets in ETFs. A small cash position, generally 1-2% is on hand at all times for flexibility, although the Sector Rotation Fund reserves the right to invest 100% of its assets in ETFs or have less than 98% in such investments.