Al Frank Fund

Class R (VALAX)

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Al Frank Fund for the period of January 1, 2026 to June 30, 2026. 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. This report describes changes to the Fund that occurred during the reporting period.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$69	1.24%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$89,169,328
Number of Portfolio Holdings69
Advisory Fee (net of waivers)$342,963
Portfolio Turnover5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Common Stocks	92.9%
Money Market Funds	7.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.9%
Consumer Staples	1.5%
Real Estate	2.2%
Materials	2.3%
Consumer Discretionary	4.6%
Energy	4.8%
Media	6.0%
Money Market Funds	7.2%
Health Care	9.9%
Industrials	14.3%
Financials	18.2%
Technology	30.9%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fidelity Government Portfolio, Class I	4.8%
Lam Research Corporation	3.9%
Seagate Technology Holdings PLC	3.2%
Corning, Inc.	3.2%
Intel Corporation	3.1%
Cummins, Inc.	2.8%
Alphabet, Inc., Class C	2.8%
JPMorgan Chase & Company	2.6%
Cohu, Inc.	2.5%
MSILF Treasury Portfolio, Institutional Class	2.4%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2026. For more complete information, you may review the Fund's prospectus, at www.alfrankfunds.com or upon request at 888-263-6443.

On January 1, 2026, Focus Partners Wealth, LLC ( “Focus”) became the investment adviser to the Fund pursuant to an interim advisory agreement as a result of the merger of Kovitz Investment Group Partners, LLC (“Kovitz”), the Fund’s former adviser, into Focus. At a shareholder meeting on May 21, 2026, shareholders approved a new investment advisory agreement with Focus.

Effective April 27, 2026, Robert Schundler replaced John Buckingham and Jason Clark as the portfolio manager of the Fund.

Al Frank Fund - Class R (VALAX)

Semi-Annual Shareholder Report - June 30, 2026

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 063026-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.

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.

Accounting Pronouncement - The Fund 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 Fund’s adoption of ASU 2023-09 did not have a material impact on the Fund’s financial statements.

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, 2022, to December 31, 2024 or expected to be taken in the Fund’s December 31, 2025 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, 2026 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, 2026.

The Fund invested a significant percentage of assets in equity securities of companies that the Adviser believes are participating in and benefitting from technologies, innovations, technology themes, or technology trends. The types of companies represented in the Fund’s portfolio include, but are not limited to, companies falling within the information technology sector. Because of its concentration in this sector, the Fund’s investment performance will be closely tied to many factors which affect those companies. As a result, the Fund’s net asset value is more likely to have greater fluctuations than that of a fund which invests in other sectors.

NOTE 4 - INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Focus Partners Wealth, 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, 2026, the Adviser earned $405,708 in Advisory Fees.

Pursuant to a written contract (the “Waiver Agreement”), the Adviser has agreed, at least until April 30, 2028, 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, only if (i) the reimbursement for fees and expenses is made within three years from the date the fees and expenses were initially waived or reimbursed and (ii) the aggregate amount actually paid by the Fund toward the operating expenses (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. 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, 2026, the Adviser waived its fees in the amount of $62,745.

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

During the year ended December 31, 2025, $129,083 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.

The Trust engages an insurance broker affiliated with UFS for the purposes of assisting the Trust in obtaining its insurance policies.

For the six months ended June 30, 2026, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, for the Fund was $3,840,645 and $10,612,041, respectively.

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

As of December 31, 2025, 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, 2025, 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, 2025, 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, 2026, Charles Schwab and Co. held approximately 34.1% 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.

At a Special Meeting of Shareholders of the Northern Lights Funds trust II (the “Trust”), held at the offices of Ultimus Fund Solutions, LLC, 80 Arkay Drive, Suite 110, Hauppauge, NY 11788, on May 21, 2026, Trust shareholders of record voted to approve a new investment advisory agreement between the Trust and Focus Partners Wealth, LLC, on behalf of the Al Frank Fund (the “Fund”).

At the close of business January 15, 2026, the record date for the Special Meeting of Shareholders, there were outstanding 2,548,705 shares of beneficial interest of the Fund. Accordingly, shares represented in person and by proxy at the Special Meeting of Shareholders equaled 51.41% of the outstanding shares of the Fund. Therefore, a quorum was present for the Fund.

With respect to approval of the proposed investment advisory agreement the following votes were cast:

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

888.263.6443

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

●

Performance through the most recent quarter and month-end

●

Applications, including new account forms, IRA and IRA transfer forms

●

Electronic copies of the Prospectus, Annual Report and Semi-Annual Report

All of this information and more is available at:

alfrankfunds.com

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.

(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.

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

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 — 94.7%
		CONSUMER DISCRETIONARY — 4.6%
		APPAREL & TEXTILE PRODUCTS - 0.4%
	4,000	Deckers Outdoor Corporation^(a)	$	397,160

		AUTOMOTIVE - 1.9%
	22,500	General Motors Company		1,734,300

		E-COMMERCE DISCRETIONARY - 1.1%
	4,000	Amazon.com, Inc.^(a)		953,360

		RETAIL - DISCRETIONARY - 1.2%
	24,000	American Eagle Outfitters, Inc.		412,800
	5,000	Target Corporation		653,050
				1,065,850

		TOTAL CONSUMER DISCRETIONARY (Cost $2,436,967)		4,150,670

		CONSUMER STAPLES — 1.5%
		FOOD - 0.6%
	9,650	Tyson Foods, Inc., Class A		552,463

		WHOLESALE - CONSUMER STAPLES - 0.9%
	10,750	Archer-Daniels-Midland Company		821,300

		TOTAL CONSUMER STAPLES (Cost $305,174)		1,373,763

		ENERGY — 4.8%
		OIL & GAS PRODUCERS - 4.8%
	11,500	EOG Resources, Inc.		1,491,895
	11,000	Exxon Mobil Corporation		1,503,920
	16,000	TotalEnergies S.E.		1,244,160
		TOTAL ENERGY (Cost $2,210,935)		4,239,975

Shares			Fair Value
		FINANCIALS — 18.2%
		BANKING - 9.3%
	28,000	Bank of America Corporation	$	1,595,440
	32,000	Fifth Third Bancorp		1,803,840
	7,000	JPMorgan Chase & Company		2,291,310
	6,000	PNC Financial Services Group, Inc. (The)		1,477,320
	22,000	Truist Financial Corporation		1,096,040
				8,263,950
		INSTITUTIONAL FINANCIAL SERVICES - 3.9%
	2,125	Goldman Sachs Group, Inc. (The)		2,149,161
	11,150	Intercontinental Exchange, Inc.		1,372,677
				3,521,838
		INSURANCE - 2.9%
	15,500	MetLife, Inc.		1,311,455
	11,500	Prudential Financial, Inc.		1,241,195
				2,552,650
		SPECIALTY FINANCE - 1.8%
	8,000	Capital One Financial Corporation		1,604,960

		TECHNOLOGY SERVICES - 0.3%
	6,500	PayPal Holdings, Inc.		280,670

		TOTAL FINANCIALS (Cost $5,693,476)		16,224,068

		HEALTH CARE — 9.9%
		BIOTECH & PHARMA - 5.6%
	3,000	Amgen, Inc.		1,086,360
	18,495	Bristol-Myers Squibb Company		1,065,682
	5,600	Johnson & Johnson		1,422,232
	7,000	Merck & Company, Inc.		899,500
	20,000	Pfizer, Inc.		481,600
				4,955,374
		HEALTH CARE FACILITIES & SERVICES - 2.4%
	4,300	Cardinal Health, Inc.		1,021,508
	11,000	CVS Health Corporation		1,137,950
				2,159,458

Shares			Fair Value
		HEALTH CARE — 9.9% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 1.9%
	7,750	Abbott Laboratories	$	703,235
	7,000	Medtronic PLC		547,610
	5,000	Zimmer Biomet Holdings, Inc.		430,450
				1,681,295

		TOTAL HEALTH CARE (Cost $5,052,661)		8,796,127

		INDUSTRIALS — 14.3%
		AEROSPACE & DEFENSE - 1.3%
	2,300	Lockheed Martin Corporation, Class B		1,171,758

		ELECTRICAL EQUIPMENT - 1.7%
	3,500	Eaton Corporation PLC		1,491,420

		HOME CONSTRUCTION - 0.7%
	7,000	Meritage Homes Corporation		586,950

		MACHINERY - 3.3%
	1,900	Caterpillar, Inc.		2,023,310
	1,452	Deere & Company		921,047
				2,944,357
		RENEWABLE ENERGY - 1.7%
	6,500	EnerSys		1,519,830

		TRANSPORTATION & LOGISTICS - 2.8%
	3,000	FedEx Corporation		939,390
	1,500	Fedex Freight Holding Company, Inc.^(a)		226,500
	4,250	Norfolk Southern Corporation		1,337,008
				2,502,898

Shares			Fair Value
		INDUSTRIALS — 14.3% (Continued)
		TRANSPORTATION EQUIPMENT - 2.8%
	3,500	Cummins, Inc.	$	2,496,235

		TOTAL INDUSTRIALS (Cost $3,225,852)		12,713,448

		MATERIALS — 2.3%
		CHEMICALS - 1.2%
	4,800	Albemarle Corporation		648,144
	10,000	Celanese Corporation		460,000
				1,108,144
		METALS & MINING - 1.1%
	10,000	Newmont Corporation		934,000

		TOTAL MATERIALS (Cost $944,662)		2,042,144

		MEDIA — 6.0%
		CABLE & SATELLITE - 0.6%
	20,000	Comcast Corporation, Class A		491,000

		ENTERTAINMENT CONTENT - 1.0%
	9,000	Walt Disney Company (The)		866,250

		INTERNET MEDIA & SERVICES - 3.9%
	7,000	Alphabet, Inc., Class C		2,473,310
	1,825	Meta Platforms, Inc., Class A		1,028,004
				3,501,314
		TELECOMMUNICATIONS - 0.5%
	11,000	Verizon Communications, Inc.		465,740

		TOTAL MEDIA AND COMMUNICATIONS (Cost $1,618,666)		5,324,304

		REAL ESTATE — 2.2%
		DATA CENTER REIT - 1.1%
	5,500	Digital Realty Trust, Inc.		987,690

	2026

	Semi-Annual Financial Statements & Additional Information

	AL FRANK FUND

Shares			Fair Value
		REAL ESTATE — 2.2% (Continued)
		RETAIL REIT - 1.1%
	40,000	Kimco Realty Corporation	$	1,014,000

		TOTAL REAL ESTATE (Cost $1,034,875)		2,001,690

		TECHNOLOGY — 30.9%
		RENEWABLE ENERGY - 0.6%
	2,300	First Solar, Inc.^(a)		542,708

		SEMICONDUCTORS - 10.7%
	30,000	Cohu, Inc.^(a)		2,217,300
	19,515	Intel Corporation^(a)		2,724,879
	8,000	Lam Research Corporation		3,466,640
	6,000	QUALCOMM, Inc.		1,108,740
				9,517,559
		SOFTWARE - 3.4%
	30,000	Gen Digital, Inc.		746,700
	3,250	Microsoft Corporation		1,212,315
	5,300	Oracle Corporation		776,715
	2,000	Salesforce, Inc.		313,320
				3,049,050
		TECHNOLOGY HARDWARE - 14.5%
	7,100	Apple, Inc.		2,054,456
	15,500	Benchmark Electronics, Inc.		1,529,385
	18,000	Cisco Systems, Inc.		2,114,280
	11,000	Corning, Inc.		2,809,730
	10,000	NetApp, Inc.		1,547,600
	2,945	Seagate Technology Holdings PLC		2,841,925
				12,897,376
		TECHNOLOGY SERVICES - 1.7%
	5,500	International Business Machines Corporation		1,546,655

		TOTAL TECHNOLOGY (Cost $4,903,782)		27,553,348

		TOTAL COMMON STOCKS (Cost $27,427,050)		84,419,537

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 7.2%
		MONEY MARKET FUNDS - 7.2%
	4,268,599	Fidelity Government Portfolio, Class I, 3.53%^(b)	$	4,268,599
	2,156,863	MSILF Treasury Portfolio, Institutional Class, 3.51%^(b)		2,156,863
		TOTAL SHORT-TERM INVESTMENTS (Cost $6,425,462)		6,425,462

		TOTAL INVESTMENTS - 101.9% (Cost $33,852,512)	$	90,844,999
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9)%		(1,675,671	)
		NET ASSETS - 100.0%	$	89,169,328

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

ASSETS
Investment securities:
At cost	$	33,852,512
At value	$	90,844,999
Dividends and interest receivable		78,482
Prepaid expenses & other assets		12,946
TOTAL ASSETS		90,936,427

LIABILITIES
Payable for investments purchased		1,382,460
Payable for Fund shares redeemed		73,353
Investment advisory fees payable		289,930
Payable to Related Parties		2,003
Accrued expenses and other liabilities		19,353
TOTAL LIABILITIES		1,767,099
NET ASSETS	$	89,169,328

Net Assets Consist Of:
Paid in capital	$	25,887,946
Accumulated earnings		63,281,382
NET ASSETS	$	89,169,328

Net Asset Value Per Share:
Advisor Class Shares:
Net Assets	$	89,169,328
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		2,433,797
Net asset value (Net Assets ÷ Shares Outstanding), offering price, and redemption price per share (a)	$	36.64

INVESTMENT INCOME
Dividends *	$	735,390
Interest		70,574
TOTAL INVESTMENT INCOME		805,964

EXPENSES
Investment advisory fees		405,708
Third party administrative servicing fees		24,701
Administration fees		23,679
Registration fees		21,911
Fund accounting fees		20,338
Transfer agent fees		19,741
Audit fees		16,233
Compliance officer fees		12,287
Trustees’ fees		6,102
Shareholder reporting expense		5,064
Insurance expense		4,084
Custody fees		2,378
Legal fees		1,149
Other expenses		2,935
TOTAL EXPENSES		566,310
Less: Fees waived by the Adviser		(62,745	)

NET EXPENSES		503,565
NET INVESTMENT INCOME		302,399

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from investments and foreign currency translations		6,018,355
Net change in unrealized appreciation on investments		12,231,025

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		18,249,380

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,551,779

	For the Six Months Ended			For the
	June 30, 2026			Year Ended
	(Unaudited)			December 31, 2025

FROM OPERATIONS
Net investment income	$	302,399		$	770,668
Net realized gain from investments		6,018,355			4,584,292
Net change in unrealized appreciation on investments		12,231,025			9,179,976
Net increase in net assets resulting from operations		18,551,779			14,534,936

DISTRIBUTIONS TO SHAREHOLDERS
Advisor Class		—			(5,992,695	)
Net decrease in net assets from distributions to shareholders		—			(5,992,695	)

FROM SHARES OF BENEFICIAL INTEREST
Advisor Class:
Proceeds from shares sold		3,024,628			195,102
Net asset value of shares issued in reinvestment of distributions		—			5,917,597
Payments for shares redeemed		(6,839,575	)		(7,498,220	)
Redemption fee proceeds		555			120
Net decrease in net assets from shares of beneficial interest		(3,814,392	)		(1,385,401	)

TOTAL INCREASE IN NET ASSETS		14,737,387			7,156,840

NET ASSETS
Beginning of Year/Period		74,431,941			67,275,101
End of Year/Period	$	89,169,328		$	74,431,941

SHARE ACTIVITY - ADVISOR CLASS
Shares sold		86,412			7,384
Shares reinvested		—			203,634
Shares redeemed		(199,287	)		(279,557	)
Net decrease in shares of beneficial interest outstanding		(112,875	)		(68,539	)

	Advisor Class
	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2026			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2025			2024			2023			2022			2021
Net asset value, beginning of year/period	$	29.23		$	25.72		$	24.92		$	23.23		$	29.12		$	24.92
Activity from investment operations:
Net investment income (1)		0.12			0.31			0.34			0.38			0.37			0.24
Net realized and unrealized gain/(loss) on investments		7. 29			5.73			3.12			2.80			(4.26	)		5.95
Total from investment operations		7.41			6.04			3.46			3.18			(3.89	)		6.19
Less distributions from:
Net investment income		—			(0.32	)		(0.37	)		(0.40	)		(0.35	)		(0.26	)
Net realized gain on investments		—			(2.21	)		(2.29	)		(1.09	)		(1.65	)		(1.73	)
Total distributions		—			(2.53	)		(2.66	)		(1.49	)		(2.00	)		(1.99	)
Paid in capital from redemption fees (1)(4)		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of year/period	$	36.64		$	29.23		$	25.72		$	24.92		$	23.23		$	29.12
Total return (2)		25.35	%(6)		23.54	%		13.34	%		14.06	%		(13.49	)%		24.98	%
Net assets, at end of year/period (000s)	$	89,169		$	74,432		$	67,275		$	67,085		$	64,610	(5)	$	6,421
Ratio of gross expenses to average net assets (3)		1.39	%(7)		1.48	%		1.47	%		1.47	%		1.38	%		1.42	%
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		0.74	%(7)		1.14	%		1.25	%		1.58	%		1.45	%		0.83	%
Portfolio turnover rate		4.92	%(6)		4.80	%		1.65	%		1.59	%		2.67	%		5.10	%

Al Frank Fund
Common Stocks	Level 1		Level 2		Level 3		Total
Consumer Discretionary	$	4,150,670	$	—	$	—	$	4,150,670
Consumer Staples		1,373,763		—		—		1,373,763
Energy		4,239,975		—		—		4,239,975
Financials		16,224,068		—		—		16,224,068
Health Care		8,796,127		—		—		8,796,127
Industrials		12,713,448		—		—		12,713,448
Materials		2,042,144		—		—		2,042,144
Media & Communications		5,324,304		—		—		5,324,304
Real Estate & REITS		2,001,690		—		—		2,001,690
Technology		27,553,348		—		—		27,553,348
Total Common Stocks		84,419,537		—		—		84,419,537
Short-Term Investment
Money Market Fund		6,425,462		—		—		6,425,462
Total Short-Term Investment		6,425,462		—		—		6,425,462
Total Investments	$	90,844,999	$	—	$	—	$	90,844,999

12/31/2026^*	12/31/2027^*	12/31/2028^*
$ 146,969	$ 159,025	$ 159,595

Cost for Federal Tax purposes	$	33,884,371

Unrealized Appreciation	$	57,704,265
Unrealized Depreciation		(743,637	)
Tax Net Unrealized Appreciation	$	56,960,628

	Fiscal Year Ended		Fiscal Year Ended
	December 31, 2025		December 31, 2024
Ordinary Income	$	764,899	$	864,881
Long-Term Capital Gain		5,227,796		5,530,950
Return of Capital		—		—
	$	5,992,695	$	6,395,831

Undistributed		Undistributed		Post October Loss		Capital Loss		Other		Unrealized		Total
Ordinary		Long-Term		and		Carry		Book/Tax		Appreciation/		Distributable Earnings/
Income		Gains		Late Year Loss		Forwards		Differences		(Depreciation)		(Accumulated Deficit)
$	—	$	—	$	—	$	—	$	—	$	44,729,603	$	44,729,603

Shares Voted in Favor:	1,221,323
Shares Voted Against:	18,562
Abstentions:	70,313