Northern Lights Fund Trust II

03/11/2026 | Press release | Distributed by Public on 03/11/2026 14:26

Annual Report by Investment Company (Form N-CSR)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-22549
Northern Lights Fund Trust II
(Exact name of registrant as specified in charter)
225 Pictoria Drive, Cincinnati, Ohio 45246
(Address of principal executive offices) (Zip code)
Kevin E. Wolf, Ultimus Fund Solutions, LLC
4221 North 203rd Street, Suite 100, Elkhorn, NE 68022
(Name and address of agent for service)
Registrant’s telephone number, including area code: 631-470-2600
Date of fiscal year end: 12/31
Date of reporting period: 12/31/25

Item 1. Reports to Stockholders.

(a)

Acclivity Small Cap Value Fund

Class I (AXVIX )

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Acclivity Small Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.innealtafunds.com/#front-page-3. You can also request this information by contacting us at 855-873-3837.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

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

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

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

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Acclivity Small Cap Value Fund
Morningstar US Small Cap Broad Value Extended TR (USD)
Russell 2000® Value Index
S&P 500® Index
Dec-2018
$10,000
$10,000
$10,000
$10,000
Dec-2019
$11,844
$12,320
$12,239
$13,149
Dec-2020
$12,733
$12,810
$12,807
$15,568
Dec-2021
$17,648
$16,653
$16,427
$20,037
Dec-2022
$16,875
$14,913
$14,048
$16,408
Dec-2023
$20,692
$17,339
$16,105
$20,721
Dec-2024
$21,868
$18,947
$17,403
$25,905
Dec-2025
$22,992
$20,934
$19,594
$30,537

Average Annual Total Returns

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

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

Fund Statistics

Net Assets
$28,906,277
Number of Portfolio Holdings
498
Advisory Fee (net of waivers)
$0
Portfolio Turnover
57%

Asset Weighting (% of total investments)

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

Top 10 Holdings (% of net assets)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

Acclivity Small Cap Value Fund - Class I (AXVIX )

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.innealtafunds.com/#front-page-3), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 123125-AXVIX

Acclivity Small Cap Value Fund

Class N (AXVNX )

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Acclivity Small Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.innealtafunds.com/#front-page-3. You can also request this information by contacting us at 855-873-3837.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

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

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

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

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Acclivity Small Cap Value Fund
Morningstar US Small Cap Broad Value Extended TR (USD)
Russell 2000® Value Index
S&P 500® Index
Dec-2018
$10,000
$10,000
$10,000
$10,000
Dec-2019
$11,834
$12,320
$12,239
$13,149
Dec-2020
$12,713
$12,810
$12,807
$15,568
Dec-2021
$17,595
$16,653
$16,427
$20,037
Dec-2022
$16,829
$14,913
$14,048
$16,408
Dec-2023
$20,583
$17,339
$16,105
$20,721
Dec-2024
$21,707
$18,947
$17,403
$25,905
Dec-2025
$22,763
$20,934
$19,594
$30,537

Average Annual Total Returns

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

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

Fund Statistics

Net Assets
$28,906,277
Number of Portfolio Holdings
498
Advisory Fee (net of waivers)
$0
Portfolio Turnover
57%

Asset Weighting (% of total investments)

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

Top 10 Holdings (% of net assets)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

Acclivity Small Cap Value Fund - Class N (AXVNX )

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.innealtafunds.com/#front-page-3), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 123125-AXVNX

Dynamic International Opportunity Fund

Class I (ICCIX )

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Dynamic International Opportunity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.innealtafunds.com/#front-page-3. You can also request this information by contacting us at 1 (855) USE-ETFS.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Dynamic International Opportunity Fund
3141 - 70% - M* Global ex US Target Mkt / 30% - Bloomberg Agg
3141 - 70% - MSCI AC World Ex USA Net / 30% - Bloomberg Agg
Bloomberg Global Aggregate Index
Morningstar Global ex-US Target Market Exposure NR USD
MSCI ACWI ex USA Index
Dec-2015
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
Dec-2016
$11,061
$10,406
$10,394
$10,209
$10,468
$10,450
Dec-2017
$13,667
$12,543
$12,570
$10,964
$13,250
$13,291
Dec-2018
$11,722
$11,306
$11,272
$10,832
$11,455
$11,404
Dec-2019
$12,498
$13,245
$13,202
$11,573
$13,924
$13,858
Dec-2020
$15,898
$14,678
$14,625
$12,637
$15,414
$15,334
Dec-2021
$16,065
$15,306
$15,210
$12,043
$16,684
$16,533
Dec-2022
$13,902
$12,937
$12,783
$10,086
$14,127
$13,888
Dec-2023
$15,424
$14,576
$14,401
$10,662
$16,337
$16,056
Dec-2024
$15,805
$15,047
$14,883
$10,482
$17,215
$16,945
Dec-2025
$20,064
$18,709
$18,557
$11,338
$22,701
$22,432

Average Annual Total Returns

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

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

Fund Statistics

Net Assets
$56,561,249
Number of Portfolio Holdings
36
Advisory Fee (net of waivers)
$459,069
Portfolio Turnover
98%

Asset Weighting (% of total investments)

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

Top 10 Holdings (% of net assets)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

Dynamic International Opportunity Fund - Class I (ICCIX )

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.innealtafunds.com/#front-page-3), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 123125-ICCIX

Dynamic International Opportunity Fund

Class N (ICCNX )

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Dynamic International Opportunity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.innealtafunds.com/#front-page-3. You can also request this information by contacting us at 1 (855) USE-ETFS.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Dynamic International Opportunity Fund
3141 - 70% - MSCI AC World Ex USA Net / 30% - Bloomberg Agg
Bloomberg Global Aggregate Index
Morningstar Global ex-US Target Market Exposure NR USD
MSCI ACWI ex USA Index
Dec-2015
$10,000
$10,000
$10,000
$10,000
$10,000
Dec-2016
$11,026
$10,394
$10,209
$10,468
$10,450
Dec-2017
$13,600
$12,570
$10,964
$13,250
$13,291
Dec-2018
$11,631
$11,272
$10,832
$11,455
$11,404
Dec-2019
$12,382
$13,202
$11,573
$13,924
$13,858
Dec-2020
$15,698
$14,625
$12,637
$15,414
$15,334
Dec-2021
$15,833
$15,210
$12,043
$16,684
$16,533
Dec-2022
$13,660
$12,783
$10,086
$14,127
$13,888
Dec-2023
$15,110
$14,401
$10,662
$16,337
$16,056
Dec-2024
$15,449
$14,883
$10,482
$17,215
$16,945
Dec-2025
$19,562
$18,557
$11,338
$22,701
$22,432

Average Annual Total Returns

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

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

Fund Statistics

Net Assets
$56,561,249
Number of Portfolio Holdings
36
Advisory Fee (net of waivers)
$459,069
Portfolio Turnover
98%

Asset Weighting (% of total investments)

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

Top 10 Holdings (% of net assets)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

Dynamic International Opportunity Fund - Class N (ICCNX )

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.innealtafunds.com/#front-page-3), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 123125-ICCNX

Dynamic U.S. Opportunity Fund

Class I (ICSIX )

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Dynamic U.S. Opportunity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.innealtafunds.com/#front-page-3. You can also request this information by contacting us at 1 (855) USE-ETFS.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Dynamic U.S. Opportunity Fund
S&P 500®Index
Bloomberg U.S. Aggregate Bond Index
3142 - 70% S&P 500 TR / 30% - Bloomberg US Agg
Dec-2015
$10,000
$10,000
$10,000
$10,000
Dec-2016
$11,791
$11,196
$10,265
$10,923
Dec-2017
$13,581
$13,640
$10,628
$12,679
Dec-2018
$12,094
$13,042
$10,629
$12,321
Dec-2019
$15,220
$17,149
$11,556
$15,338
Dec-2020
$18,090
$20,304
$12,423
$17,752
Dec-2021
$21,019
$26,132
$12,232
$21,120
Dec-2022
$19,442
$21,399
$10,641
$17,670
Dec-2023
$22,562
$27,025
$11,229
$21,166
Dec-2024
$24,507
$33,786
$11,369
$24,865
Dec-2025
$28,493
$39,827
$12,199
$28,534

Average Annual Total Returns

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

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

Fund Statistics

Net Assets
$98,451,427
Number of Portfolio Holdings
13
Advisory Fee (net of waivers)
$960,573
Portfolio Turnover
259%

Asset Weighting (% of total investments)

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

Top 10 Holdings (% of net assets)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.innealtafunds.com/#front-page-3), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 123125-ICSIX

Dynamic U.S. Opportunity Fund

Class N (ICSNX )

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Dynamic U.S. Opportunity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.innealtafunds.com/#front-page-3. You can also request this information by contacting us at 1 (855) USE-ETFS.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Dynamic U.S. Opportunity Fund
S&P 500®Index
Bloomberg U.S. Aggregate Bond Index
3142 - 70% S&P 500 TR / 30% - Bloomberg US Agg
Dec-2015
$10,000
$10,000
$10,000
$10,000
Dec-2016
$11,765
$11,196
$10,265
$10,923
Dec-2017
$13,523
$13,640
$10,628
$12,679
Dec-2018
$12,016
$13,042
$10,629
$12,321
Dec-2019
$15,084
$17,149
$11,556
$15,338
Dec-2020
$17,869
$20,304
$12,423
$17,752
Dec-2021
$20,714
$26,132
$12,232
$21,120
Dec-2022
$19,128
$21,399
$10,641
$17,670
Dec-2023
$22,136
$27,025
$11,229
$21,166
Dec-2024
$23,977
$33,786
$11,369
$24,865
Dec-2025
$27,810
$39,827
$12,199
$28,534

Average Annual Total Returns

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

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

Fund Statistics

Net Assets
$98,451,427
Number of Portfolio Holdings
13
Advisory Fee (net of waivers)
$960,573
Portfolio Turnover
259%

Asset Weighting (% of total investments)

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

Top 10 Holdings (% of net assets)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.innealtafunds.com/#front-page-3), including its:

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-AR 123125-ICSNX

(b) Not applicable

Item 2. Code of Ethics.

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b) Not applicable
(c) During the period covered by this report, there were no amendments to any provision of the code of ethics.
(d) During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.
(e) Not applicable
(f) See Item 19(a)(1)

Item 3. Audit Committee Financial Expert.

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

(a)(2) Not applicable.
(a)(3) Not applicable.

Item 4. Principal Accountant Fees and Services.

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

2025 - $40,500

2024 - $40,650

(b) Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this item.
(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

2025 - $10,800

2024 - $9,750

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

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended December 31, 2024 and 2025, respectively.
(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.
(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended December 31, 2024 and 2025, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.

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

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

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

(a)

Acclivity Small Cap Value Fund
Dynamic International Opportunity Fund
Dynamic U.S. Opportunity Fund
Annual Financial Statements and Additional Information
December 31, 2025
www.innealtacapital.com
1 (855) USE-ETFS
Distributed by Northern Lights Distributors, LLC
Member FINRA
ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS
December 31, 2025
Shares Value
COMMON STOCKS - 99.5%
AEROSPACE & DEFENSE - 0.2%
94 Huntington Ingalls Industries, Inc. $ 31,967
343 Mercury Systems, Inc.(a) 25,042
57,009
APPAREL & TEXTILE PRODUCTS - 0.5%
1,066 Movado Group, Inc. 21,981
920 PVH Corporation 61,658
149 Tandy Leather Factory, Inc. 408
5,211 Under Armour, Inc., Class A(a) 25,899
784 Weyco Group, Inc. 23,983
133,929
ASSET MANAGEMENT - 1.9%
111 Affiliated Managers Group, Inc. 31,999
3,116 Cannae Holdings, Inc. 49,015
4,275 Compass Diversified Holdings 20,520
1,097 Hannon Armstrong Sustainable Infrastructure Capital, Inc.(c) 34,479
2,186 Janus Henderson Group PLC 103,988
2,600 Medallion Financial Corporation(c) 26,754
1,107 Oppenheimer Holdings, Inc., Class A 80,025
136 Virtus Investment Partners, Inc. 22,188
2,432 Voya Financial, Inc. 181,160
550,128
AUTOMOTIVE - 2.9%
4,549 American Axle & Manufacturing Holdings, Inc.(a),(c) 29,159
1,713 Autoliv, Inc. 203,333
3,803 BorgWarner, Inc. 171,363
514 Fox Factory Holding Corporation(a) 8,795
1,213 Gentex Corporation 28,226
783 Gentherm, Inc.(a) 28,478
6,492 Goodyear Tire & Rubber Company (The)(a) 56,870
1,266 Harley-Davidson, Inc. 25,940
8,123 Holley, Inc.(a) 33,548
1,226 Lear Corporation 140,500
9,635 Microvast Holdings, Inc.(a) 26,978
712 Miller Industries, Inc. 26,607

See accompanying notes to financial statements.

1

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
AUTOMOTIVE - 2.9% (Continued)
876 Standard Motor Products, Inc. $ 32,281
256 Visteon Corporation 24,346
836,424
BANKING - 14.3%
386 1st Source Corporation 24,121
1,974 Ameris Bancorp 146,609
351 Axos Financial, Inc.(a),(c) 30,242
2,103 Bank OZK(c) 96,780
551 Banner Corporation(c) 34,526
512 BayCom Corporation 15,053
462 Beacon Financial Corporation 12,183
1,452 Byline Bancorp, Inc. 42,326
443 C&F Financial Corporation 32,157
2,059 Cadence Bank 88,208
621 Capital Bancorp, Inc. 17,494
688 Cathay General Bancorp 33,292
649 CNB Financial Corporation 16,984
378 Colony Bankcorp, Inc. 6,736
1,912 Columbia Banking System, Inc. 53,440
2,022 Comerica, Inc. 175,773
453 Community Trust Bancorp, Inc. 25,595
602 Customers Bancorp, Inc.(a) 44,018
1,788 CVB Financial Corporation 33,257
166 Eagle Bancorp Montana, Inc. 3,303
1,162 Enterprise Financial Services Corporation 62,748
568 FB Financial Corporation 31,694
580 Financial Institutions, Inc. 18,079
862 First Bancorp 43,781
3,809 First Commonwealth Financial Corporation 64,220
3,409 First Financial Bancorp(c) 85,293
563 First Financial Corporation 34,016
2,117 First Hawaiian, Inc. 53,560
858 First Horizon Corporation 20,506
2,066 First Interstate BancSystem, Inc., Class A 71,484

See accompanying notes to financial statements.

2

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
BANKING - 14.3% (Continued)
2,371 First Merchants Corporation $ 88,865
691 First Mid Bancshares, Inc. 26,949
4,563 FNB Corporation 78,027
196 FS Bancorp, Inc. 8,069
965 Glacier Bancorp, Inc.(c) 42,508
2,296 Hancock Whitney Corporation(c) 146,209
1,078 Hanmi Financial Corporation 29,138
2,595 Heritage Commerce Corporation 31,166
1,426 Heritage Financial Corporation(c) 33,725
613 Hilltop Holdings, Inc. 20,805
290 Home Bancorp, Inc. 16,762
2,189 Home BancShares, Inc. 60,810
739 HomeTrust Bancshares, Inc. 31,733
1,618 Independent Bank Corporation (MA) 118,243
739 Independent Bank Corporation (MI) 24,040
969 International Bancshares Corporation 64,380
828 Midland States Bancorp, Inc. 17,529
1,053 National Bank Holdings Corporation, Class A 40,025
527 NBT Bancorp, Inc. 21,881
5,135 Northwest Bancshares, Inc. 61,620
1,487 OceanFirst Financial Corporation 26,692
2,223 Old National Bancorp 49,595
3,280 Old Second Bancorp, Inc. 63,960
1,935 Peoples Bancorp, Inc. 58,108
1,440 Prosperity Bancshares, Inc. 99,518
1,707 Renasant Corporation 60,121
243 Republic Bancorp, Inc., Class A 16,765
3,100 Republic First Bancorp, Inc.(a) -
1,536 S&T Bancorp, Inc.(c) 60,442
2,299 Seacoast Banking Corporation of Florida 72,235
240 Sierra Bancorp 7,843
2,035 Stellar Bancorp, Inc. 62,963
1,540 Synovus Financial Corporation 77,077
1,177 Towne Bank 39,277

See accompanying notes to financial statements.

3

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
BANKING - 14.3% (Continued)
787 TriCompany Bancshares $ 37,280
783 TrustCompany Bank Corp NY 32,361
2,033 Trustmark Corporation 79,185
172 United Bancshares, Inc. 7,654
2,726 United Bankshares, Inc. 104,678
2,462 United Community Banks, Inc. 76,864
507 Unity Bancorp, Inc. 26,222
577 Univest Financial Corporation 18,891
6,780 Valley National Bancorp 79,190
2,350 Webster Financial Corporation 147,909
1,252 WesBanco, Inc. 41,617
639 Westamerica BanCorporation 30,563
1,565 Western Alliance Bancorp 131,570
2,406 WSFS Financial Corporation 132,907
1,988 Zions Bancorp NA 116,378
4,137,827
BEVERAGES - 0.4%
355 Coffee Holding Company, Inc.(a) 1,377
466 MGP Ingredients, Inc. 11,324
2,211 Molson Coors Beverage Company, Class B(c) 103,210
115,911
BIOTECH & PHARMA - 2.7%
2,658 Alkermes PLC(a),(c) 74,371
1,326 Amphastar Pharmaceuticals, Inc.(a) 35,510
266 ANI Pharmaceuticals, Inc.(a) 20,998
594 Arrowhead Pharmaceuticals, Inc.(a),(c) 39,436
950 BioMarin Pharmaceutical, Inc.(a) 56,458
2,628 Elanco Animal Health, Inc.(a),(c) 59,472
981 Exelixis, Inc.(a) 42,997
1,009 Harmony Biosciences Holdings, Inc.(a),(c) 37,757
147 Innoviva, Inc.(a) 2,939
1,386 Jazz Pharmaceuticals PLC(a),(c) 235,620
110 Ligand Pharmaceuticals, Inc., Class B(a),(c) 20,798

See accompanying notes to financial statements.

4

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
BIOTECH & PHARMA - 2.7% (Continued)
2,030 Pacira BioSciences, Inc.(a) $ 52,536
408 Prestige Consumer Healthcare, Inc.(a) 25,169
652 Supernus Pharmaceuticals, Inc.(a) 32,404
3,286 Vanda Pharmaceuticals, Inc.(a) 28,983
765,448
CABLE & SATELLITE - 0.5%
268 Cable One, Inc.(c) 30,244
6,035 Sirius XM Holdings, Inc. 120,670
150,914
CHEMICALS - 2.6%
1,362 AdvanSix, Inc. 23,563
905 Ashland, Inc. 53,096
727 Avient Corporation 22,711
492 Celanese Corporation 20,802
1,104 Eastman Chemical Company 70,468
3,877 Ecovyst, Inc.(a) 37,723
1,998 Huntsman Corporation(c) 19,980
750 Intrepid Potash, Inc.(a) 20,798
1,203 Koppers Holdings, Inc. 32,577
1,208 Minerals Technologies, Inc. 73,628
2,074 Mosaic Company (The) 49,963
276 NewMarket Corporation 189,684
313 Quaker Chemical Corporation 42,978
3,654 Rayonier Advanced Materials, Inc.(a) 21,522
292 Rogers Corporation(a) 26,738
684 Stepan Company 32,394
738,625
COMMERCIAL SUPPORT SERVICES - 2.4%
698 ABM Industries, Inc. 29,525
31,906 ADT, Inc. 257,481
17,342 Alight, Inc., Class A 33,817
954 AMN Healthcare Services, Inc.(a) 15,035
1,410 Aramark 51,973

See accompanying notes to financial statements.

5

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
COMMERCIAL SUPPORT SERVICES - 2.4% (Continued)
2,869 BrightView Holdings, Inc.(a) $ 36,350
962 CoreCivic, Inc.(a) 18,384
1,411 Deluxe Corporation(c) 31,508
2,372 GEO Group, Inc. (The)(a) 38,237
1,773 Kelly Services, Inc., Class A 15,602
535 Korn Ferry 35,321
1,408 ManpowerGroup, Inc.(c) 41,860
520 UniFirst Corporation 100,308
705,401
CONSTRUCTION MATERIALS - 0.1%
2,871 Concrete Pumping Holdings, Inc. 19,264
CONSUMER SERVICES - 0.9%
745 American Public Education, Inc.(a),(c) 28,161
472 Carriage Services, Inc. 19,966
132 Graham Holdings Company, Class B 145,015
713 Matthews International Corporation, Class A 18,623
1,197 Perdoceo Education Corporation 35,108
333 Strategic Education, Inc. 26,707
273,580
CONTAINERS & PACKAGING - 0.6%
436 Greif, Inc., Class A 29,517
2,818 O-I Glass, Inc.(a),(c) 41,594
4,763 Ranpak Holdings Corporation(a) 25,768
1,286 Silgan Holdings, Inc. 51,916
1,029 TriMas Corporation 36,478
185,273
ELECTRICAL EQUIPMENT - 0.8%
695 Atkore, Inc.(c) 43,959
257 Belden, Inc.(c) 29,953
1,353 Hayward Holdings, Inc.(a) 20,904
676 Kimball Electronics, Inc.(a) 18,806
153 Littelfuse, Inc. 38,697
195 Preformed Line Products Company 40,308

See accompanying notes to financial statements.

6

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
ELECTRICAL EQUIPMENT - 0.8% (Continued)
1,288 Vontier Corporation $ 47,888
240,515
ENGINEERING & CONSTRUCTION - 0.2%
2,184 Great Lakes Dredge & Dock Corporation(a) 28,654
1,648 Mistras Group, Inc.(a) 20,847
151 Tutor Perini Corporation 10,120
59,621
ENTERTAINMENT CONTENT - 0.6%
3,066 AMC Networks, Inc., Class A(a) 29,188
2,617 Paramount Skydance Corporation, Class B 35,068
602 Sphere Entertainment Company(a),(c) 57,238
3,124 TEGNA, Inc. 60,637
182,131
FOOD - 1.8%
1,325 Cal-Maine Foods, Inc. 105,430
2,266 Darling Ingredients, Inc.(a) 81,576
210 Ingredion, Inc. 23,155
7,208 Krispy Kreme, Inc. 28,976
556 Post Holdings, Inc.(a),(c) 55,072
30 Seaboard Corporation 133,345
312 Seneca Foods Corporation, Class A(a) 34,516
2,313 TreeHouse Foods, Inc.(a) 54,564
799 USANA Health Sciences, Inc.(a) 15,684
532,318
FORESTRY, PAPER & WOOD PRODUCTS - 0.1%
477 Boise Cascade Company 35,107
HEALTH CARE FACILITIES & SERVICES - 2.2%
3,160 Acadia Healthcare Company, Inc.(a) 44,840
4,239 AdaptHealth Corporation(a) 42,221
198 Charles River Laboratories International, Inc.(a) 39,497
363 Chemed Corporation 155,313
6,374 GoodRx Holdings, Inc.(a) 17,274
426 Henry Schein, Inc.(a) 32,197

See accompanying notes to financial statements.

7

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
HEALTH CARE FACILITIES & SERVICES - 2.2% (Continued)
570 National HealthCare Corporation $ 78,141
1,184 Option Care Health, Inc.(a) 37,722
4,302 Pediatrix Medical Group, Inc.(a) 92,020
8,573 Teladoc Health, Inc.(a) 60,011
308 US Physical Therapy, Inc. 24,052
623,288
HOME & OFFICE PRODUCTS - 0.4%
7,992 ACCO Brands Corporation 29,810
1,185 HNI Corporation 49,836
1,282 MillerKnoll, Inc.(c) 23,435
317 Whirlpool Corporation(c) 22,868
125,949
HOME CONSTRUCTION - 2.5%
352 American Woodmark Corporation(a) 18,973
1,120 Beazer Homes USA, Inc.(a) 22,702
1,152 Century Communities, Inc. 68,371
1,715 Forestar Group, Inc.(a) 42,241
621 Green Brick Partners, Inc.(a) 38,912
256 Hovnanian Enterprises, Inc., Class A(a) 24,970
857 Interface, Inc. 23,927
1,434 KB Home 80,892
426 LGI Homes, Inc.(a) 18,301
663 M/I Homes, Inc.(a) 84,831
834 Meritage Homes Corporation 54,877
906 Mohawk Industries, Inc.(a) 99,026
1,611 Taylor Morrison Home Corporation(a) 94,840
1,241 Tri Pointe Homes, Inc.(a) 39,054
711,917
HOUSEHOLD PRODUCTS - 0.5%
2,504 Central Garden & Pet Company, Class A(a) 73,092
1,843 Edgewell Personal Care Company 31,423
770 Spectrum Brands Holdings, Inc. 45,492
150,007

See accompanying notes to financial statements.

8

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
INDUSTRIAL INTERMEDIATE PRODUCTS - 1.4%
189 Eastern Company (The) $ 3,721
48 Enpro, Inc. 10,278
415 Gibraltar Industries, Inc.(a) 20,518
4,478 Hillman Solutions Corporation(a) 38,779
466 Insteel Industries, Inc. 14,758
388 Mueller Industries, Inc. 44,542
788 Park-Ohio Holdings Corporation 16,501
691 Proto Labs, Inc.(a) 34,958
485 Timken Company (The) 40,803
469 Valmont Industries, Inc. 188,688
413,546
INDUSTRIAL SUPPORT SERVICES - 1.3%
899 MSC Industrial Direct Company, Inc., Class A 75,606
3,738 Resideo Technologies, Inc.(a) 131,278
450 Rush Enterprises, Inc., Class A(c) 24,273
2,189 Titan Machinery, Inc.(a) 32,923
402 WESCO International, Inc. 98,345
362,425
INSTITUTIONAL FINANCIAL SERVICES - 0.1%
610 Virtu Financial, Inc., Class A 20,325
INSURANCE - 8.8%
1,294 Assured Guaranty Ltd. 116,292
2,799 Axis Capital Holdings Ltd. 299,745
2,850 Brighthouse Financial, Inc.(a) 184,651
1,169 CNO Financial Group, Inc. 49,647
2,063 Donegal Group, Inc., Class A 41,219
1,882 Employers Holdings, Inc. 81,246
23,070 Genworth Financial, Inc., Class A(a) 208,322
1,716 Global Indemnity Group, LLC, Class A 48,734
1,535 Heritage Insurance Holdings, Inc.(a) 44,914
2,186 Horace Mann Educators Corporation 100,949
2,814 Jackson Financial, Inc. 300,113

See accompanying notes to financial statements.

9

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
INSURANCE - 8.8% (Continued)
1,848 Kemper Corporation $ 74,918
8,630 Lincoln National Corporation 384,294
1,825 NMI Holdings, Inc., Class A(a) 74,442
828 Old Republic International Corporation(c) 37,790
5,160 ProAssurance Corporation(a) 124,666
391 Safety Insurance Group, Inc. 30,463
2,849 Security National Financial Corporation, Class A(a) 25,669
824 Selective Insurance Group, Inc. 68,944
6,972 Selectquote, Inc.(a) 9,831
6,419 SiriusPoint Ltd.(a) 140,512
246 Unico American Corporation(a) -
2,961 United Fire Group, Inc. 107,632
2,554,993
INTERNET MEDIA & SERVICES - 1.4%
3,127 Angi, Inc.(a) 40,432
5,530 Bumble, Inc., Class A(a) 19,742
2,679 IAC, Inc.(a) 104,749
11,695 Lyft, Inc., Class A(a) 226,532
391,455
LEISURE FACILITIES & SERVICES - 2.4%
10 Ark Restaurants Corporation(a) 67
128 Biglari Holdings, Inc.(a) 42,551
1,727 Boyd Gaming Corporation 147,210
441 Brinker International, Inc.(a) 63,292
4,060 Caesars Entertainment, Inc.(a),(c) 94,963
911 Cheesecake Factory, Inc. (The)(c) 45,987
1,994 El Pollo Loco Holdings, Inc.(a) 20,857
1,106 Golden Entertainment, Inc. 30,072
714 Hilton Grand Vacations, Inc.(a) 31,952
2,641 Marcus Corporation (The) 40,962
1,390 Marriott Vacations Worldwide Corporation 80,189
1,257 MGM Resorts International(a),(c) 45,868
2,918 Penn Entertainment, Inc.(a) 43,041

See accompanying notes to financial statements.

10

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
LEISURE FACILITIES & SERVICES - 2.4% (Continued)
1,929 Portillo’s, Inc.(a),(c) $ 8,758
419 RCI Hospitality Holdings, Inc. 9,989
705,758
LEISURE PRODUCTS - 1.8%
1,526 Acushnet Holdings Corporation 121,805
512 Brunswick Corporation 38,011
481 Escalade, Inc. 6,489
652 Hasbro, Inc. 53,464
255 LCI Industries 30,942
1,071 Thor Industries, Inc. 109,959
10,583 Topgolf Callaway Brands Corporation(a) 123,504
824 Winnebago Industries, Inc. 33,388
517,562
MACHINERY - 2.5%
211 AGCO Corporation 22,011
80 Alamo Group, Inc. 13,430
1,827 Donaldson Company, Inc. 161,982
1,259 Gates Industrial Corporation PLC(a) 27,031
713 Helios Technologies, Inc. 38,138
683 Hillenbrand, Inc. 21,665
3,688 Kennametal, Inc. 104,776
2,227 Manitowoc Company, Inc. (The)(a) 26,702
160 Middleby Corporation (The)(a) 23,787
670 Oshkosh Corporation 84,172
1,119 Regal Rexnord Corporation(c) 157,018
504 Stanley Black & Decker, Inc.(c) 37,437
718,149
MEDICAL EQUIPMENT & DEVICES - 2.7%
2,410 AngioDynamics, Inc.(a) 30,944
1,437 Avanos Medical, Inc.(a) 16,138
299 Bio-Rad Laboratories, Inc., Class A(a),(c) 90,594
317 CONMED Corporation 12,870
4,964 Dentsply Sirona, Inc. 56,739

See accompanying notes to financial statements.

11

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
MEDICAL EQUIPMENT & DEVICES - 2.7% (Continued)
1,619 Enovis Corporation(a) $ 43,130
3,519 Envista Holdings Corporation(a) 76,398
811 FONAR Corporation(a) 15,052
152 ICU Medical, Inc.(a) 21,686
2,932 Integra LifeSciences Holdings Corporation(a) 36,415
3,887 Neogen Corporation(a) 27,170
1,000 Omnicell, Inc.(a) 45,300
2,791 QIAGEN N.V. 125,511
1,015 QuidelOrtho Corporation(a) 28,988
873 Teleflex, Inc. 106,541
83 Utah Medical Products, Inc. 4,645
2,518 Varex Imaging Corporation(a) 29,335
767,456
METALS & MINING - 1.7%
6,123 Alcoa Corporation 325,376
342 Kaiser Aluminum Corporation 39,282
3,849 Peabody Energy Corporation(c) 114,316
54 Ramaco Resources, Inc., Class B 632
3,406 SunCoke Energy, Inc. 24,523
504,129
OIL & GAS PRODUCERS - 6.3%
1,895 Antero Midstream Corporation 33,712
9,129 APA Corporation(c) 223,295
3,352 California Resources Corporation 149,885
1,272 Chord Energy Corporation 117,914
3,548 Civitas Resources, Inc.(c) 96,115
1,180 CNX Resources Corporation(a) 43,389
10,225 Crescent Energy Company, Class A(c) 85,788
119 Gulfport Energy Corporation(a) 24,751
1,161 HF Sinclair Corporation 53,499
2,395 HighPeak Energy, Inc. 11,352
1,701 Magnolia Oil & Gas Corporation, Class A 37,235
3,042 Matador Resources Company(c) 129,103
4,171 Murphy Oil Corporation 130,344

See accompanying notes to financial statements.

12

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
OIL & GAS PRODUCERS - 6.3% (Continued)
3,709 Northern Oil & Gas, Inc.(c) $ 79,632
6,971 Ovintiv, Inc.(c) 273,194
3,270 Par Pacific Holdings, Inc.(a) 114,908
2,804 Permian Resources Corporation 39,340
1,183 Riley Exploration Permian, Inc. 31,231
1,886 SandRidge Energy, Inc. 27,215
3,940 SM Energy Company 73,678
9,273 VAALCO Energy, Inc. 33,754
1,809,334
OIL & GAS SERVICES & EQUIPMENT - 1.4%
2,138 Bristow Group, Inc.(a) 78,293
1,398 DMC Global, Inc.(a) 9,353
2,968 DNOW, Inc.(a) 39,326
4,300 Helix Energy Solutions Group, Inc.(a) 26,961
1,537 Helmerich & Payne, Inc. 44,081
2,134 Liberty Energy, Inc., Class A 39,394
3,956 NOV, Inc. 61,832
7,278 Patterson-UTI Energy, Inc. 44,469
1,989 Ranger Energy Services, Inc. 27,806
3,549 RPC, Inc.(c) 19,306
390,821
PUBLISHING & BROADCASTING - 0.5%
11,313 Gray Media, Inc.(c) 54,755
491 Nexstar Media Group, Inc.(c) 99,697
154,452
REAL ESTATE OWNERS & DEVELOPERS - 0.3%
3,755 Five Point Holdings, LLC(a) 20,991
607 Howard Hughes Holdings, Inc.(a),(c) 48,420
1,167 Legacy Housing Corporation(a) 22,780
92,191
REAL ESTATE SERVICES - 1.3%
7,308 Anywhere Real Estate, Inc.(a) 103,481
9,737 Compass, Inc., Class A(a) 102,920
3,910 Cushman & Wakefield Ltd.(a) 63,303

See accompanying notes to financial statements.

13

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
REAL ESTATE SERVICES - 1.3% (Continued)
5,495 Newmark Group, Inc., Class A $ 95,284
364,988
RENEWABLE ENERGY - 0.2%
369 EnerSys 54,151
RETAIL - CONSUMER STAPLES - 1.1%
331 Five Below, Inc.(a) 62,347
1,715 Grocery Outlet Holding Corporation(a),(c) 17,321
1,554 Ingles Markets, Inc., Class A(c) 106,527
856 Natural Grocers by Vitamin Cottage, Inc. 21,443
1,480 Village Super Market, Inc., Class A 52,385
772 Weis Markets, Inc. 49,477
309,500
RETAIL - DISCRETIONARY - 6.7%
1,632 Academy Sports & Outdoors, Inc.(c) 81,535
569 Advance Auto Parts, Inc. 22,362
2,746 American Eagle Outfitters, Inc. 72,412
518 Asbury Automotive Group, Inc.(a) 120,450
1,108 AutoNation, Inc.(a),(c) 228,780
387 BlueLinx Holdings, Inc.(a),(c) 23,773
421 Dillard’s, Inc., Class A(c) 255,269
1,897 Driven Brands Holdings, Inc.(a),(c) 28,113
715 Ethan Allen Interiors, Inc. 16,330
3,228 Gap, Inc. (The) 82,637
376 Group 1 Automotive, Inc. 147,881
1,956 Guess?, Inc. 32,763
4,436 Kohl’s Corporation(c) 90,539
530 La-Z-Boy, Inc. 19,753
696 Lithia Motors, Inc., Class A 231,302
5,637 Macy’s, Inc. 124,296
1,526 MarineMax, Inc.(a) 36,975
6,362 Mister Car Wash, Inc.(a) 35,373
1,747 Monro, Inc.(c) 35,010
3,987 Sally Beauty Holdings, Inc.(a),(c) 56,855

See accompanying notes to financial statements.

14

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
RETAIL - DISCRETIONARY - 6.7% (Continued)
1,068 Shoe Carnival, Inc. $ 18,028
684 Signet Jewelers Ltd.(c) 56,690
479 Sonic Automotive, Inc., Class A 29,631
399 Urban Outfitters, Inc.(a),(c) 30,029
874 Victoria’s Secret & Company(a),(c) 47,344
1,924,130
SEMICONDUCTORS - 3.0%
302 Amkor Technology, Inc. 11,923
288 Cirrus Logic, Inc.(a) 34,128
1,178 Diodes, Inc.(a) 58,123
721 FormFactor, Inc.(a),(c) 40,217
531 IPG Photonics Corporation(a),(c) 38,020
477 Kulicke & Soffa Industries, Inc. 21,732
1,416 MKS, Inc.(c) 226,277
2,964 Photronics, Inc.(a) 94,848
2,494 Qorvo, Inc.(a) 210,768
318 Skyworks Solutions, Inc. 20,164
607 Synaptics, Inc.(a) 44,930
819 Ultra Clean Holdings, Inc.(a) 20,745
1,145 Veeco Instruments, Inc.(a),(c) 32,724
1,652 Vishay Intertechnology, Inc. 23,938
878,537
SOFTWARE - 1.1%
2,389 Adeia, Inc. 41,210
1,799 Bandwidth, Inc., Class A(a),(c) 27,795
2,036 Concentrix Corporation(c) 84,657
622 Digi International, Inc.(a) 26,927
2,791 Mitek Systems, Inc.(a) 29,445
3,974 Veradigm, Inc.(a) 19,075
2,502 Ziff Davis, Inc.(a) 87,945
317,054
SPECIALTY FINANCE - 4.0%
1,466 Air Lease Corporation(c) 94,161
2,356 Bread Financial Holdings, Inc. 174,415

See accompanying notes to financial statements.

15

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
SPECIALTY FINANCE - 4.0% (Continued)
871 Encore Capital Group, Inc.(a) $ 47,339
1,749 Essent Group Ltd.(c) 113,703
6,464 EZCORP, Inc., Class A(a) 125,531
462 First American Financial Corporation 28,385
3,984 LendingClub Corporation(a) 75,457
4,113 MGIC Investment Corporation 120,182
610 PennyMac Financial Services, Inc. 80,422
3,086 PRA Group, Inc.(a) 54,591
3,202 Radian Group, Inc. 115,240
1,368 Regional Management Corporation 53,010
781 Stewart Information Services Corporation 54,873
200 Willis Lease Finance Corporation 27,128
1,164,437
STEEL - 0.4%
951 Commercial Metals Company 65,828
1,260 Olympic Steel, Inc. 53,909
119,737
TECHNOLOGY HARDWARE - 2.0%
477 Arrow Electronics, Inc.(a) 52,556
1,713 Avnet, Inc. 82,361
1,497 Benchmark Electronics, Inc. 64,012
499 CTS Corporation 21,392
434 Dolby Laboratories, Inc., Class A 27,871
939 Knowles Corporation(a) 20,123
1,217 NETGEAR, Inc.(a),(c) 29,853
3,170 NetScout Systems, Inc.(a) 85,780
71 Plexus Corporation(a) 10,437
8,952 Ribbon Communications, Inc.(a) 25,782
86 Sanmina Corporation(a),(c) 12,906
172 TD SYNNEX Corporation 25,839
523 TTM Technologies, Inc.(a) 36,087
1,683 ViaSat, Inc.(a),(c) 57,996
5,597 Xerox Holdings Corporation 13,265
566,260

See accompanying notes to financial statements.

16

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
TECHNOLOGY SERVICES - 1.5%
674 Amdocs Ltd. $ 54,264
435 ASGN, Inc.(a) 20,954
57 CACI International, Inc., Class A(a) 30,370
630 CSG Systems International, Inc. 48,315
5,663 DXC Technology Company(a) 82,963
273 ICF International, Inc. 23,287
162 Insight Enterprises, Inc.(a) 13,198
2,581 Kyndryl Holdings, Inc.(a) 68,551
470 Maximus, Inc. 40,570
4,841 Repay Holdings Corporation(a) 17,670
509 V2X, Inc.(a) 27,766
427,908
TELECOMMUNICATIONS - 1.3%
966 Array Digital Infrastructure, Inc. (c) 51,797
1,327 ATN International, Inc. 30,255
150 EchoStar Corporation, Class A(a),(c) 16,305
5,184 Frontier Communications Parent, Inc.(a) 197,355
1,986 Telephone and Data Systems, Inc. 81,426
377,138
TOBACCO & CANNABIS - 0.2%
971 Universal Corporation 51,220
TRANSPORTATION & LOGISTICS - 3.0%
882 Alaska Air Group, Inc.(a) 44,365
942 Allegiant Travel Company(a) 80,324
597 ArcBest Corporation 44,291
1,272 Copa Holdings S.A., Class A 153,416
1,034 Covenant Logistics Group, Inc., Class A 22,789
1,875 Hub Group, Inc., Class A(c) 79,894
7,404 JetBlue Airways Corporation(a),(c) 33,688
769 Knight-Swift Transportation Holdings, Inc. 40,203
1,336 Marten Transport Ltd. 15,204
712 Matson, Inc. 87,968
299 Ryder System, Inc. 57,226

See accompanying notes to financial statements.

17

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
COMMON STOCKS - 99.5% (Continued)
TRANSPORTATION & LOGISTICS - 3.0% (Continued)
1,564 Schneider National, Inc., Class B $ 41,493
521 SkyWest, Inc.(a) 52,314
3,203 Sun Country Airlines Holdings, Inc.(a) 46,091
846 Universal Logistics Holdings, Inc. 12,851
1,380 Werner Enterprises, Inc. 41,414
793 World Kinect Corporation 18,580
872,111
TRANSPORTATION EQUIPMENT - 0.3%
1,611 Greenbrier Companies, Inc. (The) 75,298
WHOLESALE - CONSUMER STAPLES - 0.5%
1,060 Andersons, Inc. (The) 56,360
2,893 United Natural Foods, Inc.(a) 97,408
153,768
WHOLESALE - DISCRETIONARY - 1.2%
104 Acme United Corporation 4,192
470 ePlus, Inc. 41,219
786 G-III Apparel Group Ltd. 22,763
3,506 LKQ Corporation(c) 105,881
2,828 OPENLANE, Inc.(a) 84,218
491 PC Connection, Inc. 28,360
1,272 ScanSource, Inc.(a) 49,684
3,059 ThredUp, Inc.(a) 19,547
355,864
TOTAL COMMON STOCKS (Cost $26,159,519) 28,745,283
RIGHT - 0.0%(d)
FORESTRY, PAPER & WOOD PRODUCTS - 0.0%(d)
3,718 Resolute Forest Products, Inc. - CVR (Cost $5,280) (a)(f) 8,328

See accompanying notes to financial statements.

18

ACCLIVITY SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Value
SHORT-TERM INVESTMENTS - 18.7%
COLLATERAL FOR SECURITIES LOANED - 17.6%
5,102,865 Mount Vernon Liquid Assets Portfolio, 3.84%(b),(e) $ 5,102,865
MONEY MARKET FUNDS - 1.1%
307,877 First American Treasury Obligations Fund, Class X, 3.68%(b) 307,877
TOTAL SHORT-TERM INVESTMENTS (Cost $5,410,742) 5,410,742
TOTAL INVESTMENTS - 118.2% (Cost $31,575,541) $ 34,164,353
LIABILITIES IN EXCESS OF OTHER ASSETS - (18.2)% (5,258,076 )
NET ASSETS - 100.0% $ 28,906,277
(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of December 31, 2025
(c) All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $4,942,717.
(d) Amount represents less than 0.05%.
(e) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2025 is $5,102,865.
(f) Fair value was determined using significant unobservable inputs.

See accompanying notes to financial statements.

19

DYNAMIC INTERNATIONAL OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2025
Shares Fair Value
EXCHANGE-TRADED FUNDS - 95.0%
EQUITY - 95.0%
37,289 Franklin FTSE Australia ETF $ 1,172,280
24,217 Franklin FTSE Brazil ETF 461,334
71,814 Franklin FTSE Canada ETF(a) 3,468,617
122,989 Franklin FTSE China ETF(a) 2,927,138
86,689 Franklin FTSE Germany ETF(a),(d) 2,906,942
58,692 Franklin FTSE India ETF 2,264,924
181,593 Franklin FTSE Japan ETF(a) 6,255,880
69,765 Franklin FTSE Russia ETF(a),(b),(d),(e),(f) 698
34,927 Franklin FTSE South Korea ETF(a) 1,119,410
36,831 Franklin FTSE Switzerland ETF 1,527,750
36,995 Franklin FTSE Taiwan ETF 2,250,776
91,073 Franklin FTSE United Kingdom ETF 3,073,714
53,076 iShares China Large-Cap ETF 2,032,280
6,509 iShares MSCI Brazil ETF(a) 206,791
13,790 iShares MSCI Chile ETF 557,116
3,750 iShares MSCI Denmark ETF 429,263
45,545 iShares MSCI France ETF(a) 2,049,070
73,132 iShares MSCI Hong Kong ETF 1,554,055
9,726 iShares MSCI Indonesia ETF(a) 181,876
45,759 iShares MSCI Italy ETF(a) 2,486,086
1,884 iShares MSCI Malaysia ETF 51,546
31,206 iShares MSCI Mexico ETF(a) 2,163,512
18,657 iShares MSCI Netherlands ETF 1,064,009
6,215 iShares MSCI Peru and Global Exposure ETF(a) 449,655
2,997 iShares MSCI Philippines ETF 74,685
4,191 iShares MSCI Saudi Arabia ETF(a) 152,594
52,720 iShares MSCI Singapore ETF 1,450,327
25,832 iShares MSCI South Africa ETF(a) 1,777,242
35,997 iShares MSCI South Korea ETF 3,499,629
54,531 iShares MSCI Spain ETF(a) 2,939,766
19,614 iShares MSCI Sweden ETF 965,597
19,633 iShares MSCI Taiwan ETF 1,247,284
2,328 iShares MSCI Thailand ETF(a) 138,912

See accompanying notes to financial statements.

20

DYNAMIC INTERNATIONAL OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Continued)
December 31, 2025
Shares Fair Value
EXCHANGE-TRADED FUNDS - 95.0% (Continued)
EQUITY - 95.0% (Continued)
8,903 JPMorgan BetaBuilders Canada ETF(a) $ 827,979
TOTAL EXCHANGE-TRADED FUNDS (Cost $44,106,054) 53,728,737
SHORT-TERM INVESTMENTS - 27.0%
COLLATERAL FOR SECURITIES LOANED - 21.7%
12,255,961 Mount Vernon Liquid Assets Portfolio, 3.84%(c),(g) 12,255,961
MONEY MARKET FUND - 5.3%
2,997,468 First American Treasury Obligations Fund, Class X, 3.68% (c) 2,997,468
TOTAL SHORT-TERM INVESTMENTS (Cost $15,253,429) 15,253,429
TOTAL INVESTMENTS - 122.0% (Cost $59,359,483) $ 68,982,166
LIABILITIES IN EXCESS OF OTHER ASSETS - (22.0)% (12,420,917 )
NET ASSETS - 100.0% $ 56,561,249
ETF - Exchange-Traded Fund
MSCI - Morgan Stanley Capital International
(a) All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $11,922,603.
(b) Non-income producing security.
(c) Rate disclosed is the seven day effective yield as of December 31, 2025.
(d) Affiliated Company - Dynamic International Opportunity Fund holds in excess of 5% of outstanding voting securities of this security.
(e) The value of this security has been determined in good faith under policies of the Board of Trustees.
(f) Restricted security.
(g) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2025 is $12,255,961.

See accompanying notes to financial statements.

21

DYNAMIC U.S. OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2025
Shares Fair Value
EXCHANGE-TRADED FUNDS - 100.7%
EQUITY - 100.7%
17,618 iShares Russell Mid-Cap Growth ETF(a) $ 2,412,609
148,024 State Street Communication Services Select Sector(a) 17,425,385
62,490 State Street Consumer Discretionary Select Sector(a) 7,461,931
68,213 State Street Consumer Staples Select Sector SPDR Fund(a) 5,298,786
25,214 State Street Energy Select Sector SPDR Fund 1,127,318
290,470 State Street Financial Select Sector SPDR ETF 15,909,042
66,851 State Street Health Care Select Sector SPDR Fund(a) 10,348,535
83,683 State Street Industrial Select Sector SPDR Fund 12,980,907
25,322 State Street Real Estate Select Sector SPDR Fund 1,021,742
42,311 State Street SPDR Portfolio S&P 500 Value ETF(a) 2,403,688
126,490 State Street Technology Select Sector SPDR ETF 18,210,765
106,276 State Street Utilities Select Sector SPDR ETF 4,536,922
TOTAL EXCHANGE-TRADED FUNDS (Cost $82,747,431) 99,137,630
SHORT-TERM INVESTMENTS - 32.9%
COLLATERAL FOR SECURITIES LOANED - 32.9%
32,351,748 Mount Vernon Liquid Assets Portfolio, 3.84%(b),(c) (Cost $32,351,748) 32,351,748
TOTAL INVESTMENTS - 133.6% (Cost $115,099,179) $ 131,489,378
LIABILITIES IN EXCESS OF OTHER ASSETS - (33.6)% (33,037,951 )
NET ASSETS - 100.0% $ 98,451,427
ETF - Exchange-Traded Fund
SPDR - Standard & Poor’s Depositary Receipt
(a) All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $31,491,847.
(b) Rate disclosed is the seven day effective yield as of December 31, 2025.
(c) This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2025 is $32,351,748.

See accompanying notes to financial statements.

22

Innealta Funds
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2025
Acclivity Small Cap Dynamic International Dynamic U.S.
Value Fund Opportunity Fund Opportunity Fund
ASSETS
Investments in unaffiliated securities, at cost $ 31,575,541 $ 54,522,811 $ 115,099,179
Investments in affiliated securities, at cost - 4,836,672 -
Total Securities, at cost $ 31,575,541 $ 59,359,483 $ 115,099,179
Investments in unaffiliated securities, at fair value $ 34,164,353 $ 66,074,526 $ 131,489,378
Investments in affiliated securities, at fair value - 2,907,640 -
Total Securities, at value $ 34,164,353 $ 68,982,166 $ 131,489,378
Receivable for investments sold 23,312 - -
Receivable for Fund shares sold 14,017 17,925 25,841
Receivable for securities lending income 1,068 26,283 6,964
Dividends and interest receivable 45,056 17,426 2,213
Receivable due from Advisor 20,024 - -
Prepaid expenses and other assets 15,579 7,038 13,293
TOTAL ASSETS 34,283,409 69,050,838 131,537,689
LIABILITIES
Due to Custodian - - 104,206
Collateral on securities loaned (see note 4) 5,102,865 12,255,961 32,351,748
Payable for Fund shares redeemed 238,972 - 164,407
Investment advisory fees payable - 205,228 412,724
Distribution (12b-1) fees payable 1 379 1,721
Payable to related parties 6,022 6,966 15,077
Accrued expenses and other liabilities 29,272 21,055 36,379
TOTAL LIABILITIES 5,377,132 12,489,589 33,086,262
NET ASSETS $ 28,906,277 $ 56,561,249 $ 98,451,427
Net Assets Consist Of:
Paid in capital $ 25,763,679 $ 46,188,961 $ 83,912,936
Accumulated earnings 3,142,598 10,372,288 14,538,491
NET ASSETS $ 28,906,277 $ 56,561,249 $ 98,451,427
Net Asset Value Per Share:
Class I Shares:
Net Assets $ 28,899,856 $ 54,764,321 $ 90,199,241
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) 1,554,753 3,848,390 6,480,039
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share $ 18.59 $ 14.23 $ 13.92
Class N Shares:
Net Assets $ 6,421 $ 1,796,928 $ 8,252,186
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) 341 125,772 591,871
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share $ 18.85 (a) $ 14.29 $ 13.94
(a) Net asset value may not recalculate due to the rounding of net assets and/or shares outstanding.

See accompanying notes to financial statements.

23

Innealta Funds
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2025
Acclivity Small Cap Dynamic International Dynamic U.S.
Value Fund Opportunity Fund Opportunity Fund
INVESTMENT INCOME
Dividends $ 613,391 $ 1,661,676 $ 1,609,900
Dividend income from affiliates - 122,277 -
Interest 7,164 149,324 169,931
Securities Lending - Net of fees 39,127 273,802 66,795
TOTAL INVESTMENT INCOME 659,682 2,207,079 1,846,626
EXPENSES
Investment advisory fees 126,305 566,574 1,069,116
Distribution (12b-1) fees:
Class N 19 4,307 17,989
Administration fees 58,962 52,769 86,626
Transfer agent fees 32,490 29,669 52,609
Third party administrative services fees 30,315 26,111 44,293
Fund accounting fees 21,397 26,009 49,749
Trustees’ fees 26,212 20,514 20,403
Legal fees 24,742 22,255 19,465
Audit fees 20,552 20,267 19,260
Registration fees 18,969 12,603 23,564
Compliance officer fees 10,098 11,728 16,295
Custody fees 11,744 8,722 12,965
Shareholder reporting expense 3,399 5,403 11,591
Insurance expense 2,799 3,741 4,290
Other expenses 6,326 3,474 3,474
TOTAL EXPENSES 394,329 814,146 1,451,689
Less: Fees waived by the Adviser (238,577 ) (107,505 ) (108,543 )
NET EXPENSES 155,752 706,641 1,343,146
NET INVESTMENT INCOME 503,930 1,500,438 503,480
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain from:
Unaffiliated investment transactions 596,429 963,643 13,119,167
Affiliated investment transactions - 555,465 -
Distributions of realized gains from underlying investment companies - 35,259 -
596,429 1,554,367 13,119,167
Net change in unrealized appreciation/(depreciation) on:
Unaffiliated investments (146,710 ) 9,214,139 2,328,137
Affiliated investments - 1,061,081 -
(146,710 ) 10,275,220 2,328,137
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 449,719 11,829,587 15,447,304
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 953,649 $ 13,330,025 $ 15,950,784

See accompanying notes to financial statements.

24

Acclivity Small Cap Value Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the Year Ended For the Year Ended
December 31, December 31,
2025 2024
FROM OPERATIONS
Net investment income $ 503,930 $ 413,613
Net realized gain from investments 596,429 3,308,157
Net change in unrealized depreciation of investments (146,710 ) (1,532,617 )
Net increase in net assets resulting from operations 953,649 2,189,153
DISTRIBUTIONS TO SHAREHOLDERS
Total Distributions Paid
Class I (1,232,813 ) (2,598,391 )
Class N (243 ) (907 )
Net decrease in net assets from distributions to shareholders (1,233,056 ) (2,599,298 )
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold
Class I 5,694,856 20,082,504
Class N - 7,470
Net asset value of shares issued in reinvestment of distributions
Class I 937,850 2,105,682
Class N 242 907
Payments for shares redeemed
Class I (15,493,613 ) (11,703,394 )
Class N (7,345 ) -
Net increase/(decrease) in net assets from shares of beneficial interest (8,868,010 ) 10,493,169
TOTAL INCREASE/(DECREASE) IN NET ASSETS (9,147,417 ) 10,083,024
NET ASSETS
Beginning of Year 38,053,694 27,970,670
End of Year $ 28,906,277 $ 38,053,694
SHARE ACTIVITY - CLASS I
Shares sold 320,254 1,064,458
Shares reinvested 50,368 107,763
Shares redeemed (879,170 ) (610,224 )
Net increase/(decrease) in shares of beneficial interest outstanding (508,548 ) 561,997
SHARE ACTIVITY - CLASS N
Shares sold - 393
Shares reinvested 13 46
Shares redeemed (419 ) -
Net increase/(decrease) in shares of beneficial interest outstanding (406 ) 439

See accompanying notes to financial statements.

25

Dynamic International Opportunity Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the Year Ended For the Year Ended
December 31, December 31,
2025 2024
FROM OPERATIONS
Net investment income $ 1,500,438 $ 2,281,914
Net realized gain from investment transactions 1,519,108 4,785,946
Distributions of realized gains from underlying investment companies 35,259 4,962
Net change in unrealized appreciation/(depreciation) of investments 10,275,220 (3,266,239 )
Net increase in net assets resulting from operations 13,330,025 3,806,583
DISTRIBUTIONS TO SHAREHOLDERS
Total Distributions Paid
Class I (2,174,417 ) (4,266,718 )
Class N (67,082 ) (110,739 )
Total distributions paid (2,241,499 ) (4,377,457 )
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold
Class I 4,524,315 9,849,155
Class N 133,691 93,603
Net asset value of shares issued in reinvestment of distributions
Class I 1,789,684 3,145,720
Class N 49,884 80,148
Payments for shares redeemed
Class I (23,776,553 ) (53,239,484 )
Class N (429,451 ) (1,062,899 )
Net decrease in net assets from shares of beneficial interest (17,708,430 ) (41,133,757 )
TOTAL DECREASE IN NET ASSETS (6,619,904 ) (41,704,631 )
NET ASSETS
Beginning of Year 63,181,153 104,885,784
End of Year $ 56,561,249 $ 63,181,153
SHARE ACTIVITY - CLASS I
Shares sold 350,100 794,162
Shares reinvested 126,479 270,019
Shares redeemed (1,896,019 ) (4,172,999 )
Net decrease in shares of beneficial interest outstanding (1,419,440 ) (3,108,818 )
SHARE ACTIVITY - CLASS N
Shares sold 9,758 7,289
Shares reinvested 3,513 6,856
Shares redeemed (32,844 ) (86,011 )
Net decrease in shares of beneficial interest outstanding (19,573 ) (71,866 )

See accompanying notes to financial statements.

26

Dynamic U.S. Opportunity Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the Year Ended For the Year Ended
December 31, December 31,
2025 2024
FROM OPERATIONS
Net investment income $ 503,480 $ 1,661,251
Net realized gain from investment transactions 13,119,167 18,830,092
Distributions of realized gains from underlying investment companies - 683
Net change in unrealized appreciation/(depreciation) of investments 2,328,137 (9,970,246 )
Net increase in net assets resulting from operations 15,950,784 10,521,780
DISTRIBUTIONS TO SHAREHOLDERS
Total Distributions Paid
Class I (15,197,608 ) (18,042,315 )
Class N (1,315,768 ) (1,122,994 )
Total distributions paid (16,513,376 ) (19,165,309 )
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold
Class I 11,132,048 27,889,544
Class N 2,032,115 2,027,895
Net asset value of shares issued in reinvestment of distributions
Class I 13,303,602 15,744,284
Class N 1,241,600 1,066,488
Payments for shares redeemed
Class I (42,494,832 ) (33,920,666 )
Class N (1,634,174 ) (3,868,796 )
Net increase/(decrease) in net assets from shares of beneficial interest (16,419,641 ) 8,938,749
TOTAL INCREASE/(DECREASE) IN NET ASSETS (16,982,233 ) 295,220
NET ASSETS
Beginning of Year 115,433,660 115,138,440
End of Year $ 98,451,427 $ 115,433,660
SHARE ACTIVITY - CLASS I
Shares sold 732,865 1,727,800
Shares reinvested 950,257 1,107,193
Shares redeemed (2,820,416 ) (2,061,733 )
Net increase/(decrease) in shares of beneficial interest outstanding (1,137,294 ) 773,260
SHARE ACTIVITY - CLASS N
Shares sold 129,747 122,656
Shares reinvested 88,496 74,894
Shares redeemed (107,818 ) (236,528 )
Net increase/(decrease) in shares of beneficial interest outstanding 110,425 (38,978 )

See accompanying notes to financial statements.

27

Acclivity Small Cap Value Fund
FINANCIAL HIGHLIGHTS

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

Class I
Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31,
2025 2024 2023 2022 2021
Net asset value, beginning of year $ 18.44 $ 18.63 $ 15.36 $ 16.76 $ 12.39
Activity from investment operations:
Net investment income (1) 0.28 0.23 0.23 0.22 0.25
Net realized and unrealized gain/(loss) on investments 0.67 (2) 0.90 3.23 (0.94 ) 4.53
Total from investment operations 0.95 1.13 3.46 (0.72 ) 4.78
Less distributions from:
Net investment income (0.33 ) (0.22 ) (0.19 ) (0.17 ) (0.20 )
Net realized gains (0.47 ) (1.10 ) - (0.51 ) (0.21 )
Total distributions (0.80 ) (1.32 ) (0.19 ) (0.68 ) (0.41 )
Net asset value, end of year $ 18.59 $ 18.44 $ 18.63 $ 15.36 $ 16.76
Total return (3) 5.14 % 5.68 % 22.62 % (4.38 )% 38.60 %
Net assets, at end of year (000s) $ 28,900 $ 38,040 $ 27,965 $ 15,436 $ 10,648
Ratio of gross expenses to average net assets (4)(5) 1.22 % 1.04 % 1.57 % 1.99 % 3.63 %
Ratio of net expenses to average net assets (5) 0.48 % 0.48 % 0.48 % 0.48 % 0.48 %
Ratio of net investment income to average net assets (5)(6) 1.56 % 1.20 % 1.42 % 1.38 % 1.53 %
Portfolio turnover rate 57 % 96 % 56 % 59 % 60 %
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.
(2) Realized and unrealized losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to the share transactions for the period.
(3) Had the Adviser not waived a portion of the Fund’s expenses, total returns would have been lower.
(4) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(5) Does not include the expenses of other investment companies in which the Fund invests.
(6) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

28

Acclivity Small Cap Value Fund
FINANCIAL HIGHLIGHTS

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

Class N
Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31,
2025 2024 2023 2022 2021
Net asset value, beginning of year $ 18.68 $ 18.87 $ 15.52 $ 16.91 $ 12.37
Activity from investment operations:
Net investment income (1) 0.22 0.19 0.17 0.20 0.16
Net realized and unrealized gain/(loss) on investments 0.69 (2) 0.91 3.28 (0.92 ) 4.59
Total from investment operations 0.91 1.10 3.45 (0.72 ) 4.75
Less distributions from:
Net investment income (0.27 ) (0.19 ) (0.10 ) (0.16 ) -
Net realized gains (0.47 ) (1.10 ) - (0.51 ) (0.21 )
Total distributions (0.74 ) (1.29 ) (0.10 ) (0.67 ) (0.21 )
Net asset value, end of year $ 18.85 $ 18.68 $ 18.87 $ 15.52 $ 16.91
Total return (3) 4.87 % 5.46 % (8) 22.31 % (8) (4.35 )% 38.40 %
Net assets, at end of year (000s) $ 6 $ 14 $ 6 $ 11 $ 18 (6)
Ratio of gross expenses to average net assets (4)(5) 1.42 % 1.27 % 1.85 % 1.54 % 3.88 %
Ratio of net expenses to average net assets (5) 0.73 % 0.73 % 0.73 % 0.73 % 0.73 %
Ratio of net investment income to average net assets (5)(7) 1.23 % 0.99 % 1.07 % 1.25 % 1.28 %
Portfolio turnover rate 57 % 96 % 56 % 59 % 60 %
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.
(2) Realized and unrealized losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to the share transactions for the period.
(3) Had the Adviser not waived a portion of the Fund’s expenses, total returns would have been lower.
(4) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(5) Does not include the expenses of other investment companies in which the Fund invests.
(6) Represents actual net assets.
(7) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.
(8) Includes adjustments in accordance with accounting principles generally accepted in the United States and consequently, the net asset value for financial statement reporting purposes and the returns based upon those net assets may differ from the net asset values and returns for shareholder processing.

See accompanying notes to financial statements.

29

Dynamic International Opportunity Fund
FINANCIAL HIGHLIGHTS

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

Class I
Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31,
2025 2024 2023 2022 2021
Net asset value, beginning of year $ 11.67 $ 12.20 $ 11.26 $ 13.18 $ 13.16
Activity from investment operations:
Net investment income (1) 0.35 0.30 0.29 0.14 0.12
Net realized and unrealized gain/(loss) on investments 2.79 0.00 (6) 0.94 (1.92 ) 0.02
Total from investment operations 3.14 0.30 1.23 (1.78 ) 0.14
Less distributions from:
Net investment income (0.39 ) (0.44 ) (0.29 ) (0.14 ) (0.12 )
Net realized gains (0.19 ) (0.39 ) - - -
Total distributions (0.58 ) (0.83 ) (0.29 ) (0.14 ) (0.12 )
Net asset value, end of year $ 14.23 $ 11.67 $ 12.20 $ 11.26 $ 13.18
Total return (2) 26.95 % 2.47 % 10.95 % (13.47 )% 1.05 %
Net assets, at end of year (000s) $ 54,764 $ 61,478 $ 102,227 $ 87,534 $ 104,565
Ratio of gross expenses to average net assets (3)(4) 1.43 % 1.35 % 1.34 % 1.36 % 1.34 %
Ratio of net expenses to average net assets (4) 1.24 % 1.24 % 1.24 % 1.24 % 1.24 %
Ratio of net investment income to average net assets (4)(5) 2.66 % 2.42 % 2.46 % 1.17 % 0.91 %
Portfolio turnover rate 98 % 72 % 62 % 115 % 54 %
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.
(2) Total returns shown exclude the effect of applicable redemption fees. Had the Adviser not waived a portion of the Fund’s expenses, total returns would have been lower.
(3) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(4) Does not include the expenses of other investment companies in which the Fund invests.
(5) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.
(6) Amount represents less than $0.005 per share.

See accompanying notes to financial statements.

30

Dynamic International Opportunity Fund
FINANCIAL HIGHLIGHTS

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

Class N
Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31,
2025 2024 2023 2022 2021
Net asset value, beginning of year $ 11.72 $ 12.24 $ 11.28 $ 13.21 $ 13.18
Activity from investment operations:
Net investment income (1) 0.32 0.27 0.12 0.12 0.09
Net realized and unrealized gain/(loss) on investments 2.80 0.01 1.07 (1.93 ) 0.02
Total from investment operations 3.12 0.28 1.19 (1.81 ) 0.11
Less distributions from:
Net investment income (0.36 ) (0.41 ) (0.23 ) (0.12 ) (0.08 )
Net realized gains (0.19 ) (0.39 ) - - -
Total distributions (0.55 ) (0.80 ) (0.23 ) (0.12 ) (0.08 )
Net asset value, end of year $ 14.29 $ 11.72 $ 12.24 $ 11.28 $ 13.21
Total return (2) 26.62 % 2.25 % 10.61 % (13.72 )% 0.86 %
Net assets, at end of year (000s) $ 1,797 $ 1,703 $ 2,659 $ 8,418 $ 9,217
Ratio of gross expenses to average net assets (3)(4) 1.68 % 1.61 % 1.61 % 1.61 % 1.59 %
Ratio of net expenses to average net assets (4) 1.49 % 1.49 % 1.49 % 1.49 % 1.49 %
Ratio of net investment income to average net assets (4)(5) 2.46 % 2.16 % 1.01 % 0.99 % 0.65 %
Portfolio turnover rate 98 % 72 % 62 % 115 % 54 %
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.
(2) Total returns shown exclude the effect of applicable redemption fees. Had the Adviser not waived a portion of the Fund’s expenses, total returns would have been lower.
(3) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(4) Does not include the expenses of other investment companies in which the Fund invests.
(5) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

31

Dynamic U.S. Opportunity Fund
FINANCIAL HIGHLIGHTS

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

Class I
Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31,
2025 2024 2023 2022 2021
Net asset value, beginning of year $ 14.25 $ 15.63 $ 13.60 $ 15.08 $ 13.71
Activity from investment operations:
Net investment income (1) 0.07 0.22 0.12 0.12 0.01
Net realized and unrealized gain/(loss) on investments 2.27 1.12 2.06 (1.25 ) 2.18
Total from investment operations 2.34 1.34 2.18 (1.13 ) 2.19
Less distributions from:
Net investment income (0.09 ) (0.25 ) (0.15 ) (0.11 ) (0.01 )
Net realized gains (2.58 ) (2.47 ) - (0.24 ) (0.81 )
Total distributions (2.67 ) (2.72 ) (0.15 ) (0.35 ) (0.82 )
Net asset value, end of year $ 13.92 $ 14.25 $ 15.63 $ 13.60 $ 15.08
Total return (2) 16.27 % 8.62 % 16.05 % (7.50 )% 16.19 %
Net assets, at end of year (000s) $ 90,199 $ 108,561 $ 106,992 $ 116,352 $ 97,667
Ratio of gross expenses to average net assets (3)(4) 1.34 % 1.33 % 1.33 % 1.35 % 1.36 %
Ratio of net expenses to average net assets (4) 1.24 % 1.24 % 1.24 % 1.24 % 1.24 %
Ratio of net investment income to average net assets (4)(5) 0.49 % 1.36 % 0.83 % 0.83 % 0.04 %
Portfolio turnover rate 259 % 131 % 70 % 184 % 95 %
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.
(2) Total returns shown exclude the effect of applicable redemption fees. Had the Adviser not waived a portion of the Fund’s expenses, total returns would have been lower.
(3) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(4) Does not include the expenses of other investment companies in which the Fund invests.
(5) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

32

Dynamic U.S. Opportunity Fund
FINANCIAL HIGHLIGHTS

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

Class N
Year Ended Year Ended Year Ended Year Ended Year Ended
December 31, December 31, December 31, December 31, December 31,
2025 2024 2023 2022 2021
Net asset value, beginning of year $ 14.27 $ 15.65 $ 13.62 $ 15.09 $ 13.74
Activity from investment operations:
Net investment income/(loss) (1) 0.04 0.17 0.08 0.08 (0.03 )
Net realized and unrealized gain/(loss) on investments 2.26 1.12 2.06 (1.23 ) 2.19
Total from investment operations 2.30 1.29 2.14 (1.15 ) 2.16
Less distributions from:
Net investment income (0.05 ) (0.20 ) (0.11 ) (0.08 ) -
Net realized gains (2.58 ) (2.47 ) - (0.24 ) (0.81 )
Total distributions (2.63 ) (2.67 ) (0.11 ) (0.32 ) (0.81 )
Net asset value, end of year $ 13.94 $ 14.27 $ 15.65 $ 13.62 $ 15.09
Total return (2) 15.98 % 8.32 % 15.73 % (7.66 )% 15.92 %
Net assets, at end of year (000s) $ 8,252 $ 6,873 $ 8,146 $ 10,375 $ 10,739
Ratio of gross expenses to average net assets (3)(4) 1.59 % 1.58 % 1.58 % 1.60 % 1.62 %
Ratio of net expenses to average net assets (4) 1.49 % 1.49 % 1.49 % 1.49 % 1.49 %
Ratio of net investment income/(loss) to average net assets (4)(5) 0.27 % 1.05 % 0.58 % 0.55 % (0.21 )%
Portfolio turnover rate 259 % 131 % 70 % 184 % 95 %
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.
(2) Total returns shown exclude the effect of applicable redemption fees. Had the Adviser not waived a portion of the Fund’s expenses, total returns would have been lower.
(3) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.
(4) Does not include the expenses of other investment companies in which the Fund invests.
(5) Recognition of net investment income/(loss) by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

33

Innealta Funds
NOTES TO FINANCIAL STATEMENTS
December 31, 2025
1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

34

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025

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

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

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

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

35

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025

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

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

Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

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

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

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

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

36

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025

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

ASCVF
Assets * Level 1 Level 2 Level 3 Total
Common Stocks $ 28,745,283 $ - $ - $ 28,745,283
Rights - - 8,328 8,328
Short-Term Investments $ 5,410,742 - - 5,410,742
Total $ 34,156,025 $ - $ 8,328 $ 34,164,353
DIOF
Assets* Level 1 Level 2 Level 3 Total
Exchange-Traded Funds $ 53,728,737 $ - $ - $ 53,728,737
Short-Term Investments 15,253,429 - - 15,253,429
Total $ 68,982,166 $ - $ - $ 68,982,166
DUOF
Assets * Level 1 Level 2 Level 3 Total
Exchange-Traded Funds $ 99,137,630 $ - $ - $ 99,137,630
Short-Term Investment 32,351,748 - - 32,351,748
Total $ 131,489,378 $ - $ - $ 131,489,378
* See each Fund’s Schedule of Investments for classification.

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

Pineapple Energy, Resolute Forest
Inc.* Products, Inc. - CVR
Beginning Balance $ 3 $ 5,280
Unrealized Appreciation/(Depreciation) (3 ) 3,048
Ending Balance $ - $ 8,328
* As of December 31, 2025, ASCVF no longer held this security.

Security Transactions and Related Income - Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Non-cash dividends are included in dividend income on the ex-date at the fair market value of the shares received. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. The

37

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025

Funds’ income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

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

Federal Income Taxes - The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for Federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2022 to December 31, 2024, or expected to be taken in each Fund’s December 31, 2025 tax returns.

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

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

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

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

38

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025

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

3. INVESTMENT TRANSACTIONS

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

Purchases Sales
ASCVF $ 18,340,231 $ 27,894,902
DIOF 52,776,928 61,901,156
DUOF 273,975,413 305,903,225
4. SECURITIES LENDING

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

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

39

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025

The following table represents financial instruments that are subject to enforceable netting arrangements as of December 31, 2025.

Gross Amounts not Offset in the
Statements of Assets and Liabilities
Gross Amounts Net Amounts of Assets
Gross Amount offset in the Presented in the Cash
of Recognized Statements of Assets Statements of Assets Financial Collateral
Assets and Liabilities and Liabilities Instruments Pledged Net Amount
ASCVF $ 5,102,865 $ - $ 5,102,865 $ 5,102,865 $ - $ 5,102,865
DIOF $ 12,255,961 $ - $ 12,255,961 $ 12,255,961 $ - $ 12,255,961
DUOF $ 32,351,748 $ - $ 32,351,748 $ 32,351,748 $ - $ 32,351,748

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

Secured Borrowings
Securities Lending Transactions
Overnight and Continuous
ASCVF
Mount Vernon Liquid Assets Portfolio $ 5,102,865
$ 5,102,865
DIOF
Mount Vernon Liquid Assets Portfolio $ 12,255,961
$ 12,255,961
DUOF
Mount Vernon Liquid Assets Portfolio $ 32,351,748
$ 32,351,748

40

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025
5. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Innealta Capital, LLC (the “Adviser”) serves as investment adviser to the Funds. Pursuant to an Advisory Agreement with the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, each Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an following annual rates of such Fund’s average daily net assets:

ASCVF 0.39%
DIOF 1.00%
DUOF 1.00%

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

ASCVF $ 126,305
DIOF 566,574
DUOF 1,069,116

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

Class I Class N
ASCVF 0.48% 0.73%
DIOF 1.24% 1.49%
DUOF 1.24% 1.49%

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

41

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025

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

ASCVF $ 238,577
DIOF 107,505
DUOF 108,543

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

12/31/2026 12/31/2027 12/31/2028
ASCVF $206,945 $193,322 $238,577
DIOF $102,045 $104,603 $107,505
DUOF $117,206 $114,855 $108,543

As of December 31, 2025, 182,812, $120,203 and $126,906 in waived advisory fees expired unrecouped for ASCVF, DIOF and DUOF, respectively.

Distributor - The distributor for the Funds is Northern Lights Distributors, LLC (the “Distributor”). The Board has adopted the Trust’s Master Distribution and Shareholder Servicing Plans for Class N shares (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act to pay for ongoing distribution-related activities or shareholder services. Under the Plan, each Fund is permitted to pay a fee at an annual rate of 0.25% of the average daily net assets of Class N shares. For the year ended December 31, 2025, pursuant to the Class N Plan, ASCVF, DIOF and DUOF paid $19, $4,307 and $17,989 in 12b-1 fees, respectively.

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

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

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

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

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

42

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025
6. INVESTMENT IN AFFILIATED COMPANIES

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. Transactions for DIOF during the year ended December 31, 2025 with affiliated companies are as follows:

Change in
Unrealized
Value-Beginning of Net Realized Appreciation/ Shares-End of
CUSIP Description Year/Period Purchases Sales Proceeds Gain (Depreciation) Value-End of Year Year/Period Dividend Income
35473P785 Franklin FTSE Germany ETF $ 3,017,152 $ - $ (1,129,972 ) $ 229,902 $ 789,860 $ 2,906,942 86,689 $ 66,096
35473P728 Franklin FTSE Russia ETF 698 - - - - 698 69,765 -
35473P694 Franklin FTSE Switzerland ETF* 3,080,242 16,834 (2,166,110 ) 325,563 271,221 1,527,750 36,831 56,181
Total $ 6,098,092 $ 555,465 $ 1,061,081 $ 4,435,390 $ 122,277
* This security was not an affiliated company as of December 31, 2025.
7. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

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

Cost for Tax Net
Federal Tax Unrealized Unrealized Unrealized
Portfolio purposes Appreciation Depreciation App/Dep
Acclivity Small Cap Value Fund $ 31,580,542 $ 5,314,676 $ (2,730,865 ) $ 2,583,811
Dynamic International Opportunity Fund 59,823,856 12,267,965 (3,109,655 ) 9,158,310
Dynamic U.S. Opportunity Fund 118,067,049 16,561,190 (3,138,861 ) 13,422,329
8. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

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

For the period ended December 31, 2025:
Ordinary Long-Term Return Tax-Exempt
Portfolio Income Capital Gains of Capital Income Total
ASCVF $ 1,197,027 $ 36,029 $ - $ - $ 1,233,056
DIOF 1,702,629 538,870 - - 2,241,499
DUOF 1,722,728 14,790,648 - - 16,513,376
For the period ended December 31, 2024:
Ordinary Long-Term Return Tax-Exempt
Portfolio Income Capital Gains of Capital Income Total
ASCVF $ 874,538 $ 1,724,760 $ - $ - $ 2,599.298
DIOF 2,287,944 2,089,513 - - 4,377.457
DUOF 2,822,304 16,343,005 - - 19,165,309

43

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025

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

Undistributed Undistributed Undistributed Post October Loss
Ordinary Ordinary Long-Term and
Portfolio Tax-Exempt Income Income Capital Gains Late Year Loss
Acclivity Small Cap Value Fund $ - $ 474 $ 558,313 $ -
Dynamic International Opportunity Fund - 83,923 1,130,055 -
Dynamic U.S. Opportunity Fund - 1,116,162 - -
Capital Loss Other Unrealized Total
Carry Book/Tax Appreciation/ Accumulated
Portfolio Forwards Differences (Depreciation) Earnings/(Deficits)
Acclivity Small Cap Value Fund $ - $ - $ 2,583,811 $ 3,142,598
Dynamic International Opportunity Fund - - 9,158,310 10,372,288
Dynamic U.S. Opportunity Fund - - 13,422,329 14,538,491

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

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

Paid In Accumulated
Portfolio Capital Earnings (Losses)
ASCVF $ (7,419 ) $ 7,419
DIOF (850 ) 850
DUOF - -

44

Innealta Funds
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2025
9. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, beneficial ownership in excess of 25% for the Funds is as follows:

Beneficial Owner % of Outstanding Shares
ASCVF Charles Schwab & Co. 32.2%
NFS 36.8%
DIOF LPL Financial 48.1%
NFS 29.5%
DUOF NFS 28.5%
10. SUBSEQUENT EVENTS

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

45

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Acclivity Small Cap Value Fund, Dynamic International Opportunity Fund,
Dynamic U.S. Opportunity Fund and Board of Trustees of Northern Lights Fund Trust II

Opinion on the Financial Statements

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

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

Basis for Opinion

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

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

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

We have served as the Funds’ auditor since 2023.

COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
February 27, 2026

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

46

Innealta Funds
ADDITIONAL INFORMATION (Unaudited)
December 31, 2025

FOREIGN TAX CREDIT (Unaudited)

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

For fiscal year ended
December 31, 2025 Foreign Taxes Paid Foreign Source Income
DIOF $ 0.0366 $ 0.3326
For fiscal year ended
December 31, 2024 Foreign Taxes Paid Foreign Source Income
DIOF $ 0.0289 $ 0.3289

Changes in and Disagreements with Accountants

Not applicable

Proxy Disclosures

Not applicable

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

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

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

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

47

Innealta Funds
ADDITIONAL INFORMATION (Unaudited)(Continued)
December 31, 2025

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

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

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

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

48

Innealta Funds
ADDITIONAL INFORMATION (Unaudited)(Continued)
December 31, 2025

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

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

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

49

Innealta Funds
ADDITIONAL INFORMATION (Unaudited)(Continued)
December 31, 2025

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

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

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

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

50

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

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

Not applicable.

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

Item 16. Controls and Procedures

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

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

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

Not applicable

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable

(b) Not applicable

Item 19. Exhibits.

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers.

(a)(2) Not applicable

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

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

SIGNATURES

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

(Registrant) Northern Lights Fund Trust II

By (Signature and Title)

/s/ Kevin E. Wolf
Kevin E. Wolf, Principal Executive Officer/President
Date 3/6/26

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

By (Signature and Title)

/s/ Kevin E. Wolf
Kevin E. Wolf, Principal Executive Officer/President
Date 3/6/26

By (Signature and Title)

/s/ Erik Naviloff
Erik Naviloff, Principal Financial Officer/Treasurer
Date 3/6/26
Northern Lights Fund Trust II published this content on March 11, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 11, 2026 at 20:26 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]