12117 FM 2244 Bldg 3, #170 Austin, TX 78738

Fund Documents and Highlights


Dynamic International Opportunity Fund:

Total Assets $38.5 mil $7.1 mil
Performance – QTD -2.38% -2.52%
Performance – YTD 10.61% 10.27%
Performance – 1 Year 10.61% 10.27%
Performance – ITD* 2.03% 1.76%
Net Expense Ratio 1.24% 1.49%
Total Annual Fund Operating Expense 2.16% 2.42%




Dynamic U.S. Opportunity Fund:

Total Assets $20.5 mil $6.9 mil
Performance – QTD 4.43% 4.30%
Performance – YTD 17.91% 17.66%
Performance – 1 Year 17.91% 17.66%
Performance – ITD* 4.29% 4.03%
Net Expense Ratio 1.24% 1.49%
Total Annual Fund Operating Expense 2.39% 2.64%


Performance as of 12/31/2016

*Inception date: 12/30/2011

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the fund, at least until March 31, 2017 to ensure that the net annual operating expenses the Sector Rotation and Capital Country Rotation Funds do not exceed 1.24% and 1.49% for Class I and N shares respectively.  Without the waiver, total annual operating expenses would have been 2.39% and 2.64% for the Sector Rotation Fund’s Class I and N shares and 2.16% and 2.42% for the Capital Country Rotation Funds Class I and N shares.   Results shown reflect the waiver, without which the results could have been lower. A Fund’s performance, especially for very short periods of time, should not be the sole factor in making your investment decisions.  For performance information current to the most recent month-end, please call toll-free 888.994.6827 or visit our website, www.innealtafunds.com.




Statement of Additional Information

Annual Report

Semi-Annual Report

Retail account application

IRA/Roth IRA application

SIMPLE IRA application

Coverdell Education Savings Account (ESA) application

Individual Retirement Transfer of Assets

Non-Qualified Transfer of Assets


Shares of the Innealta Capital Funds are currently offered only in the United States to U.S. investors and are not available for sale in any jurisdiction other than the United States. The information on this Web site should not be considered a solicitation to buy or an offer to sell shares of the Innealta Capital Funds in any jurisdiction where it would be unlawful under the securities law of that jurisdiction.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Innealta Funds. This and other important information about the Funds are contained in the prospectus, which can be obtained at www.innealtafunds.com or by calling 888.994.6827. The prospectus should be read carefully before investing. The Innealta Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.

Mutual Funds involve risk including the possible loss of principal.

There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses

The Funds are ‘fund of funds’ products and typically invest in other investment companies such as ETFs.  The costs of investing in the Funds will generally be higher than the cost of investing directly in the ETFs or other investment company shares.  Investments in ETFs may not completely replicate the performance of the underlying index and carry security specific and market risk.  Investments by the Funds in inverse and leveraged ETFs may magnify and compound changes in the Funds’ share price and result in increased volatility, potential loss and prevent the fund from achieving investment objectives.

The value of investments in ETNs and ETFs that own fixed income securities will fluctuate with changes in interest rates.  Typically, a rise in interest rates causes a decline of fixed income securities, with a greater effect on longer term maturities.  ETNs are a type of unsecured, unsubordinated debt security with characteristics similar to fixed income securities that trade similar to ETFs.  Risk associated with ETNs include credit, market, liquidity, and price-tracking, holding period, conflicts of interest, early redemption and acceleration risks.  The Funds may invest in high yield and unrated securities or ‘junk bonds’, which may be subject to greater levels of credit and liquidity risk including default.  The securities are considered speculative with respect to the issuer’s ability to make principal and interest payments and investment could result in a loss. 

Investing in foreign securities and ETFs that hold foreign securities and foreign currency involves risks not generally associated with investments in U.S. Companies.  Risks include fluctuations in foreign currency, currency exchange controls, political and economic instability, differences in financial reporting and securities regulation, trading and taxations issues.  These risks may be greater in emerging markets which may have relatively unstable governments, weaker economics and less developed legal systems with few security holder rights. 

The earnings and prospectus of small and medium capitalization companies or ETFs that invest in such companies are more volatile than larger companies and may experience higher failure rates than larger companies.  The Advisor’s perceptions of a company’s growth or value may be incorrect and those securities may not perform as expected or reach their intrinsic value, reducing Fund performance.  The Funds may engage is short-term trading with portfolio turnover rates in excess of 100% which may subject the Funds to higher costs, decreased performance and increased taxable distributions.

Investments in securities issued by, or with exposure to, commercial and residential real estate companies are associated with risks similar to those with direct ownership of real estate, including changes in local and general economic conditions, vacancy rates, interest rates, zoning laws, rental income, property taxes operation expenses and losses from casualty or condemnation.  REIT investments have additional risks including poor manager performance, adverse tax consequences and limited diversification.  The Funds’ investment in volatility ETFs will increase exposure to cash during periods of high market volatility and are not expected to gain the full benefit of rising equity markets is such market conditions were also accompanied by high volatility. 

Diversification does not assure a profit or protect against loss in a declining market.