Al Frank Fund

Advisor Class (VALAX )

Semi-Annual Shareholder Report - June 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about Al Frank Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alfrankfunds.com. You can also request this information by contacting us at 1-888-263-6443.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$63	1.24%^{Footnote Reference*}

* Annualized

How did the Fund perform during the reporting period?

It was a stunning roller-coaster ride over the first half of 2025, with the many stocks enduring a bear market in the wake of so-called “Liberation-Day” tariff announcements only to see all of those losses and then some recouped after the levies were rolled back and their implementation delayed. Once again, we saw that the secret to success in stocks is not to get scared out of them, while it certainly helped that U.S. economic growth held up, corporate profits remained healthy and inflation readings continued to be better than many had feared.

Despite the volatility, the Al Frank Fund performed well. For the year to date through June 30, 2025, VALAX returned 5.48%, compared with a return of 5.55% for the Russell 3000 Value index. True, returns were a smidge better for the Russell 3000 index, which returned 5.75% for the first six months of 2025, but we have long been Value investors with our financial metrics looking much more like the Value indexes. And with the major market averages trading at all-time highs, we think folks should be gravitating toward stocks that are more reasonably priced.

This has long been our approach to investing assets in the Al Frank Fund, and we remain very proud of our long-term track record. Since inception on 01.02.98, VALAX has returned 10.20% per annum, which compares very favorably to the 27+ year annualized return of 7.74% for the Russell 3000 Value index and the 8.91% annualized return for the Russell 3000 index.

Looking ahead, though we are always braced for downside volatility, we retain our long-term enthusiasm for the portfolio of stocks we hold in VALAX as we expect the economy to continue to show OK growth, corporate profits to expand and dividend payouts to rise.

Your fund managers continue to invest right alongside those who follow our value-oriented strategy, whether via The Prudent Speculator newsletter or as shareholders of The Al Frank Fund. After all, we have long believed in putting our money where our mouths are.

We thank you for your continued patronage!

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

	Al Frank Fund	S&P 500^® Index	Russell 3000^® Index	Russell 3000^® Value Index
Jun-2015	$10,000	$10,000	$10,000	$10,000
Jun-2016	$9,476	$10,399	$10,214	$10,242
Jun-2017	$11,484	$12,260	$12,104	$11,902
Jun-2018	$12,763	$14,023	$13,893	$12,765
Jun-2019	$13,339	$15,483	$15,141	$13,701
Jun-2020	$12,605	$16,645	$16,130	$12,411
Jun-2021	$19,525	$23,436	$23,253	$18,045
Jun-2022	$16,879	$20,948	$20,029	$16,698
Jun-2023	$18,592	$25,053	$23,825	$18,572
Jun-2024	$21,908	$31,204	$29,335	$20,974
Jun-2025	$24,048	$35,936	$33,822	$23,764

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years
Al Frank Fund	5.48%	9.77%	13.79%	9.17%
S&P 500^® Index	6.20%	15.16%	16.64%	13.65%
Russell 3000^® Index	5.75%	15.30%	15.96%	12.96%
Russell 3000^® Value Index	5.55%	13.30%	13.87%	9.04%

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.

Fund Statistics

Net Assets$66,233,567
Number of Portfolio Holdings68
Advisory Fee (net of waivers)$235,496
Portfolio Turnover1%

Asset Weighting (% of total investments)

Value	Value
Common Stocks	97.4%
Money Market Funds	2.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Money Market Funds	2.6%
Consumer Discretionary	3.3%
Materials	3.4%
Real Estate	3.5%
Consumer Staples	4.0%
Energy	5.3%
Communication Services	7.9%
Health Care	11.3%
Industrials	12.2%
Financials	19.7%
Information Technology	26.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
JPMorgan Chase & Company	3.3%
Capital One Financial Corporation	3.1%
Seagate Technology Holdings PLC	2.8%
Microsoft Corporation	2.8%
Fidelity Government Portfolio, Class I	2.6%
Goldman Sachs Group, Inc. (The)	2.5%
International Business Machines Corporation	2.4%
Alphabet, Inc., Class C	2.3%
Apple, Inc.	2.2%
Meta Platforms, Inc., Class A	2.1%

Material Fund Changes

No material changes occurred during the period ended June 30, 2025.

Al Frank Fund - Class R (VALAX )

Semi-Annual Shareholder Report - June 30, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.alfrankfunds.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063025-VALAX

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.

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

The Al Frank Fund (the “Fund”) is a diversified series of Northern Lights Fund Trust II (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. The investment objective of the Al Frank Fund is long-term capital appreciation. The Al Frank Fund Advisor Class commenced operations on April 30, 2006. Advisor Class Shares are offered at net asset value without the imposition of any sales charge. Effective at the close of business on April 7, 2022, all outstanding Investor Class shares of the Fund were converted to Advisor Class shares of the Fund and Investor Class shares of the Fund were no longer offered for sale to new investors. Investor Class shares had commenced operations on January 2, 1998.

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These 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. The 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” including FASB Accounting Standard Update “ASU” 2013-08.

The Fund recognizes 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 the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2021, to December 31, 2023 or expected to be taken in the Fund’s December 31, 2024 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Ohio. The Fund is 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.

Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of the Fund’s shares based upon their relative net assets on the date income is earned or expenses, realized and unrealized gains and losses are incurred. The Fund distributes substantially all net investment income, if any, and net realized capital gains, if any, annually. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which differs from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.

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. Investments in open-end investment companies are valued at net asset value. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Fund 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. 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 Fund utilizes various methods to measure fair value of all of its 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 Fund has 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 Fund’s 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.

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

There were no Level 3 securities held in the Fund during the six months ended June 30, 2025.

NOTE 4 - INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Kovitz Investment Group Partners, LLC serves as the Fund’s investment adviser (the “Adviser”). Pursuant to an investment advisory agreement with the Fund (the “Advisory Agreement”), the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the Fund’s average daily net assets (“Advisory Fees”).

For the six months ended June 30, 2025, the Adviser earned $318,612 in Advisory Fees.

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 Fund for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding any front-end or contingent deferred 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 1.24% of the Fund’s average net assets for Advisor Class shares. Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund’s obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in subsequent fiscal years only if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) would not cause the Fund to exceed the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower. The Adviser is permitted to receive reimbursement from the Fund for fees it waived and Fund expenses it paid only if reimbursement is made within three years from the date the fees and expenses were initially waived or reimbursed. Any such reimbursement is also contingent upon the Board’s review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund’s payment of current ordinary operating expenses. For the six months ended June 30, 2025, the Adviser waived its fees in the amount of $83,116.

Cumulative expenses subject to recapture pursuant to the aforementioned conditions expire as follows:

During the year ended December 31, 2024, $146,546 of previously waived fees expired unrecouped.

Distributor - The distributor for the Fund is Northern Lights Distributors LLC (the “Distributor”) and acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. The Fund did not pay any fees for distribution related services.

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

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 Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

For the six months ended June 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, for the Fund was $497,305 and $4,606,269, respectively.

The tax character of portfolio distributions paid for the following years was as follows:

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

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

During the fiscal period ended December 31, 2024, the Fund utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primary attributable to adjustments for prior year tax returns, and use of tax equalization credits, resulted in reclassifications for the Fund for the fiscal year ended December 31, 2024, as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, Charles Schwab and Co. held approximately 34.41% of the voting securities of the Fund.

Subsequent events after the date of the Statement 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.

Statement Regarding Basis for Approval of Investment Advisory Agreement Not applicable

Advisor
Kovitz Investment Group Partners, LLC
71 S Wacker Dr., Suite 1860
Chicago, IL 60606
alfrankfunds.com

Distributor
Northern Lights Distributors, LLC
4221 North 203^rd Street, Suite 100
Elkhorn, NE 68022

Transfer Agent
Ultimus Fund Solutions, LLC
4221 North 203^rd Street, Suite 100
Elkhorn, NE 68022

If you have any questions or need help with your account, call our customer service team at:

The Al Frank Fund’s web site contains resources for both current and potential shareholders, including:

Must be preceded or accompanied by a prospectus. Please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses.

Small company investing involves greater volatility, limited liquidity and other risks.

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

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

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

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

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

(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.

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.

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.

225 Pictoria Drive, Suite 450, Cincinnati, Ohio	45246
(Address of principal executive offices)	(Zip code)

Shares			Fair Value
		COMMON STOCKS — 97.4%
		COMMUNICATION SERVICES — 7.9%
		CABLE & SATELLITE - 1.1%
	20,000	Comcast Corporation, Class A	$	713,800

		ENTERTAINMENT CONTENT - 1.7%
	9,000	Walt Disney Company (The)		1,116,090

		INTERNET MEDIA & SERVICES - 4.4%
	8,500	Alphabet, Inc., Class C		1,507,815
	1,925	Meta Platforms, Inc., Class A		1,420,823
				2,928,638
		TELECOMMUNICATIONS - 0.7%
	11,000	Verizon Communications, Inc.		475,970

		TOTAL COMMUNICATION SERVICES (Cost $1,724,902)		5,234,498

		CONSUMER DISCRETIONARY — 3.3%
		AUTOMOTIVE - 1.7%
	22,500	General Motors Company		1,107,225

		HOME & OFFICE PRODUCTS - 0.8%
	5,500	Whirlpool Corporation		557,810

		RETAIL - DISCRETIONARY - 0.8%
	3,500	Abercrombie & Fitch Company, Class A^(a)		289,975
	24,000	American Eagle Outfitters, Inc.		230,880
				520,855

		TOTAL CONSUMER DISCRETIONARY (Cost $1,505,628)		2,185,890

		CONSUMER STAPLES — 4.0%
		FOOD - 0.8%
	9,650	Tyson Foods, Inc., Class A		539,821

Shares			Fair Value
		CONSUMER STAPLES — 4.0% (Continued)
		RETAIL - CONSUMER STAPLES - 2.4%
	5,000	Target Corporation	$	493,250
	11,000	Walmart, Inc.		1,075,580
				1,568,830
		WHOLESALE - CONSUMER STAPLES - 0.8%
	10,750	Archer-Daniels-Midland Company		567,385

		TOTAL CONSUMER STAPLES (Cost $892,070)		2,676,036

		ENERGY — 5.3%
		OIL & GAS PRODUCERS - 5.3%
	11,500	EOG Resources, Inc.		1,375,515
	11,000	Exxon Mobil Corporation		1,185,800
	16,000	TotalEnergies S.E. - ADR		982,240
		TOTAL ENERGY (Cost $2,210,935)		3,543,555

		FINANCIALS — 19.7%
		BANKING - 10.4%
	28,000	Bank of America Corporation		1,324,960
	32,000	Fifth Third Bancorp		1,316,160
	7,600	JPMorgan Chase & Company		2,203,316
	6,000	PNC Financial Services Group, Inc. (The)		1,118,520
	22,000	Truist Financial Corporation		945,780
				6,908,736
		INSTITUTIONAL FINANCIAL SERVICES - 2.5%
	2,325	Goldman Sachs Group, Inc. (The)		1,645,519

		INSURANCE - 3.7%
	15,500	MetLife, Inc.		1,246,510
	11,500	Prudential Financial, Inc.		1,235,560
				2,482,070

Shares			Fair Value
		FINANCIALS — 19.7% (Continued)
		SPECIALTY FINANCE - 3.1%
	9,500	Capital One Financial Corporation	$	2,021,220

		TOTAL FINANCIALS (Cost $4,008,652)		13,057,545

		HEALTH CARE — 11.3%
		BIOTECH & PHARMA - 5.4%
	3,000	Amgen, Inc.		837,630
	18,495	Bristol-Myers Squibb Company		856,133
	5,600	Johnson & Johnson		855,400
	7,000	Merck & Company, Inc.		554,120
	20,000	Pfizer, Inc.		484,800
				3,588,083
		HEALTH CARE FACILITIES & SERVICES - 2.7%
	6,000	Cardinal Health, Inc.		1,008,000
	11,000	CVS Health Corporation		758,780
	1	Encompass Health Corporation		123
				1,766,903
		MEDICAL EQUIPMENT & DEVICES - 3.2%
	7,750	Abbott Laboratories		1,054,078
	7,000	Medtronic PLC		610,190
	5,000	Zimmer Biomet Holdings, Inc.		456,050
				2,120,318

		TOTAL HEALTH CARE (Cost $5,138,209)		7,475,304

		INDUSTRIALS — 12.2%
		AEROSPACE & DEFENSE - 1.6%
	2,300	Lockheed Martin Corporation		1,065,222

		COMMERCIAL SUPPORT SERVICES - 0.7%
	12,000	ManpowerGroup, Inc.		484,800

Shares			Fair Value
		INDUSTRIALS — 12.2% (Continued)
		DIVERSIFIED INDUSTRIALS - 1.9%
	3,500	Eaton Corporation PLC	$	1,249,465

		MACHINERY - 2.7%
	2,700	Caterpillar, Inc.		1,048,167
	1,452	Deere & Company		738,327
				1,786,494
		RENEWABLE ENERGY - 0.9%
	6,500	EnerSys		557,505

		TRANSPORTATION & LOGISTICS - 2.7%
	3,000	FedEx Corporation		681,930
	4,250	Norfolk Southern Corporation		1,087,873
				1,769,803
		TRANSPORTATION EQUIPMENT - 1.7%
	3,500	Cummins, Inc.		1,146,250

		TOTAL INDUSTRIALS (Cost $3,386,573)		8,059,539

		INFORMATION TECHNOLOGY — 26.8%
		SEMICONDUCTORS - 5.2%
	25,000	Cohu, Inc.^(a)		481,000
	27,515	Intel Corporation		616,336
	14,000	Lam Research Corporation		1,362,760
	6,000	QUALCOMM, Inc.		955,560
				3,415,656
		SOFTWARE - 5.8%
	30,000	Gen Digital, Inc.		882,000
	3,750	Microsoft Corporation		1,865,288
	5,000	Oracle Corporation		1,093,150
				3,840,438
		TECHNOLOGY HARDWARE - 13.4%
	7,100	Apple, Inc.		1,456,707
	15,500	Benchmark Electronics, Inc.		601,865

Shares			Fair Value
		INFORMATION TECHNOLOGY — 26.8% (Continued)
		TECHNOLOGY HARDWARE - 13.4% (Continued)
	18,000	Cisco Systems, Inc.	$	1,248,840
	27,000	Corning, Inc.		1,419,930
	30,000	Juniper Networks, Inc.		1,197,900
	10,000	NetApp, Inc.		1,065,500
	13,000	Seagate Technology Holdings PLC		1,876,289
				8,867,031
		TECHNOLOGY SERVICES - 2.4%
	5,500	International Business Machines Corporation		1,621,290

		TOTAL INFORMATION TECHNOLOGY (Cost $5,145,248)		17,744,415

		MATERIALS — 3.4%
		CHEMICALS - 1.1%
	4,800	Albemarle Corporation		300,816
	7,500	Celanese Corporation		414,975
				715,791
		CONTAINERS & PACKAGING - 1.4%
	20,500	International Paper Company		960,015

		METALS & MINING - 0.9%
	10,000	Newmont Corporation		582,600

		TOTAL MATERIALS (Cost $1,700,247)		2,258,406

		REAL ESTATE — 3.5%
		DATA CENTER REIT - 1.4%
	5,500	Digital Realty Trust, Inc.		958,815

		OFFICE REIT - 0.8%
	7,000	Alexandria Real Estate Equities, Inc.		508,410

Shares			Fair Value
		REAL ESTATE — 3.5% (Continued)
		RETAIL REIT - 1.3%
	40,000	Kimco Realty Corporation	$	840,800

		TOTAL REAL ESTATE (Cost $1,691,655)		2,308,025

		TOTAL COMMON STOCKS (Cost $27,404,119)		64,543,213

		SHORT-TERM INVESTMENTS — 2.6%
		MONEY MARKET FUNDS - 2.6%
	1,697,862	Fidelity Government Portfolio, Class I, 4.23% (Cost $1,697,862)^(b)		1,697,862

		TOTAL INVESTMENTS - 100.0% (Cost $29,101,981)	$	66,241,075
		LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0%)^(c)		(7,508	)
		NET ASSETS - 100.0%	$	66,233,567

ADR	- American Depositary Receipt

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

ASSETS
Investment securities:
At cost	$	29,101,981
At value	$	66,241,075
Dividends and interest receivable		80,932
Prepaid expenses & other assets		27,264
TOTAL ASSETS		66,349,271

LIABILITIES
Payable for Fund shares redeemed		28,329
Investment advisory fees payable		40,373
Audit fees payable		9,250
Legal fees payable		10,152
Payable to Related Parties		18,743
Accrued expenses and other liabilities		8,857
TOTAL LIABILITIES		115,704
NET ASSETS	$	66,233,567

Net Assets Consist Of:
Paid in capital	$	26,621,576
Accumulated earnings		39,611,991
NET ASSETS	$	66,233,567

Net Asset Value Per Share:
Advisor Class Shares:
Net Assets	$	66,233,567
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		2,441,656
Net asset value (Net Assets ÷ Shares Outstanding), offering price, and redemption price per share (a)	$	27.13

INVESTMENT INCOME
Dividends *	$	778,429
Interest		41,192
TOTAL INVESTMENT INCOME		819,621

EXPENSES
Investment advisory fees		318,612
Administration fees		27,914
Registration fees		19,455
Transfer agent fees		18,406
Legal fees		15,455
Fund accounting fees		15,168
Trustees’ fees		13,810
Audit fees		12,571
Compliance officer fees		12,162
Third party administrative servicing fees		11,461
Shareholder reporting expense		7,995
Insurance expense		1,651
Custody fees		1,557
Other expenses		1,927
TOTAL EXPENSES		478,144
Less: Fees waived by the Adviser		(83,116	)

NET EXPENSES		395,028
NET INVESTMENT INCOME		424,593

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from investments		1,416,372
Net change in unrealized appreciation on investments		1,557,608

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		2,973,980

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,398,573

	For the Six Months Ended			For the
	June 30, 2025			Year Ended
	(Unaudited)			December 31, 2024
FROM OPERATIONS
Net investment income	$	424,593		$	861,267
Net realized gain from investments		1,416,372			6,184,567
Net change in unrealized appreciation on investments		1,557,608			1,650,897
Net increase in net assets resulting from operations		3,398,573			8,696,731

DISTRIBUTIONS TO SHAREHOLDERS
Advisor Class		—			(6,395,831	)
Net decrease in net assets from distributions to shareholders		—			(6,395,831	)

FROM SHARES OF BENEFICIAL INTEREST
Advisor Class:
Proceeds from shares sold		104,468			228,926
Net asset value of shares issued in reinvestment of distributions		—			6,324,874
Payments for shares redeemed		(4,544,576	)		(8,664,586	)
Redemption fee proceeds		1			104
Net decrease in net assets from shares of beneficial interest		(4,440,107	)		(2,110,682	)

TOTAL INCREASE/(DECREASE) IN NET ASSETS		(1,041,534	)		190,218

NET ASSETS
Beginning of Year/Period		67,275,101			67,084,883
End of Year/Period	$	66,233,567		$	67,275,101

SHARE ACTIVITY - ADVISOR CLASS
Shares sold		4,273			8,514
Shares reinvested		—			233,822
Shares redeemed		(177,828	)		(319,543	)
Net decrease in shares of beneficial interest outstanding		(173,555	)		(77,207	)

	Advisor Class
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2025			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2024			2023			2022			2021			2020
Net asset value, beginning of year/period	$	25.72		$	24.92		$	23.23		$	29.12		$	24.92		$	24.24
Activity from investment operations:
Net investment income (1)		0.17			0.34			0.38			0.37			0.24			0.46
Net realized and unrealized gain/(loss) on investments		1. 24			12 3.			2. 80			(4.26	)		5.95			01 2.
Total from investment operations		1.41			3.46			3.18			(3.89	)		6.19			2.47
Less distributions from:
Net investment income		—			(0.37	)		(0.40	)		(0.35	)		(0.26	)		(0.50	)
Net realized gain on investments		—			(2.29	)		(1.09	)		(1.65	)		(1.73	)		(1.29	)
Total distributions		—			(2.66	)		(1.49	)		(2.00	)		(1.99	)		(1.79	)
Paid in capital from redemption fees (1)(4)		0.00			0.00			0.00			0.00			00.			0.00
Net asset value, end of year/period	$	27.13		$	25.72		$	24.92		$	23.23		$	29.12		$	24.92
Total return (2)		5.48	% (6)		13.34	%		14.06	%		(13.49	)%		24.98	%		10.24	%
Net assets, at end of year/period (000s)	$	66,234		$	67,275		$	67,085		$	64,610	(5)		$6, 421		$	5,316
Ratio of gross expenses to average net assets (3)		1.50	% (7)		1.47	%		1.47	%		1.38	%		1.42	%		1.43	%
Ratio of net expenses to average net assets		1.24	% (7)		1.24	%		1.24	%		1.24	%		1.24	%		1.24	%
Ratio of net investment income to average net assets		1.33	% (7)		1.25	%		1.58	%		1.45	%		0.83	%		2.09	%
Portfolio turnover rate		0.79	% (6)		1.65	%		1.59	%		2.67	%		5.10	%		3.72	%

Al Frank Fund
Common Stocks	Level 1		Level 2		Level 3		Total
Communication Services	$	5,234,498	$	—	$	—	$	5,234,498
Consumer Discretionary		2,185,890		—		—		2,185,890
Consumer Staples		2,676,036		—		—		2,676,036
Energy		3,543,555		—		—		3,543,555
Financials		13,057,545		—		—		13,057,545
Health Care		7,475,304		—		—		7,475,304
Industrials		8,059,539		—		—		8,059,539
Information Technology		17,744,415		—		—		17,744,415
Materials		2,258,406		—		—		2,258,406
Real Estate		2,308,025		—		—		2,308,025
Total Common Stocks		64,543,213		—		—		64,543,213
Short-Term Investment
Money Market Fund		1,697,862		—		—		1,697,862
Total Short-Term Investment		1,697,862		—		—		1,697,862
Total Investments	$	66,241,075	$	—	$	—	$	66,241,075

Cost for Federal Tax purposes	$	29,133,840
Unrealized Appreciation	$	38,030,393
Unrealized Depreciation		(923,158	)
Tax Net Unrealized Appreciation	$	37,107,235

	Fiscal Year Ended		Fiscal Year Ended
	December 31, 2024		December 31, 2023
Ordinary Income	$	864,881	$	1,011,727
Long-Term Capital Gain		5,530,950		2,793,983
	$	6,395,831	$	3,805,710

Undistributed		Undistributed				Capital Loss		Other				Total
Ordinary		Long-Term		Post		Carry		Book/Tax		Unrealized		Accumulated
Income		Gains		October Loss		Forwards		Differences		Appreciation		Earnings
$	3,030	$	660,761	$	—	$	—	$	—	$	35,549,627	$	36,213,418