Mid Cap Multi-Style | Innealta Funds

Acclivity Mid Cap Multi-Style Fund

investment objective

The fund’s objective is to seek long-term capital appreciation.

investment Strategy

The Mid Cap Multi-Style Fund employs a quantitatively driven, factor-based investment strategy. Particularly, the Advisor selects, from the U.S. publicly traded stock universe, securities that it considers to be mid-capitalization stock and excludes the smallest companies in the market. The requirement for companies to be considered as mid-capitalization stocks is any company that is neither in the highest 80% of U.S. aggregate market capitalization nor in the lowest 8% of U.S. aggregate capitalization. Within the defined universe, the strategy aims to systematically exploit select academically tested sources which we believe are associated to higher expected returns in the market. The factor premia targeted by the strategy include: market, size, value, profitability, investment, and momentum.

for illustrative purposes only

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

Fund facts

Class n

class i

ticker

axmnx

axmix

cusip

66538F322

66538F330

inception

12/31/2019

minimum*

$5,000

$20,000

gross expense ratio

5.17%

4.92%

net expense ratio

0.69%

0.44%

Pursuant to an operating expense limitation agreement between Innealta Capital, LLC (the “Adviser”) and the Acclivity Mid Cap Multi-Style Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Mid Cap Multi-Style Fund to ensure that Total Annual Fund Operating Expenses (excluding any 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) for the Mid Cap Multi-Style Fund do not exceed 0.44% or 0.69% of the Mid Cap Multi-Style Fund’s average net assets, for Class N or Class I shares, respectively, through April 30, 2025. The net expense ratio is contractual. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. The Adviser is permitted to receive reimbursement from the Funds for fees it waived and Fund expenses it paid, 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.

*Innealta Capital maintains distribution agreements with selected platforms where minimums may be waived for some clients in certain share classes. Please contact us for more details.

Fund Documents

factsheets

prospectus

sai

Annual Report

summary prospectus

Semi-Annual Report

TSR

sector weights

Holdings and allocation data as of March 31, 2025. Fund holdings are subject to change and should not be considered investment advice.

portfolio characteristics

price-to-book

Weighted Average Market Cap (Billions)

Percentage in Top 10 Holdings

Number of Holdings

As of March 31, 2025

axMix

2.58x

$18.08

9.31%

313

russell mid cap

2.94x

$29.52

6.73%

808

DISCLOSURES & IMPORTANT INFORMATION

Innealta Capital, LLC is an Investment Adviser, registered with the Securities & Exchange Commission. For more information, please visit our website: www.acclivityresearch.com.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Innealta Funds. This and other important information about the Funds is contained in the prospectus, which can be obtained by calling 855.873.3837. The prospectus should be read carefully before investing.

The Innealta Funds are distributed by Northern Lights Distributors, LLC a FINRA/SIPC member. Innealta Capital, LLC is not affiliated with Northern Lights Distributors, LLC.

GLOSSARY & RISK CONSIDERATIONS

The Russell Mid Cap TR Index is a market capitalization-weighted index of 800 mid-cap stocks of U.S. companies chosen for market size, liquidity, and industry group representation. Total return indexes reinvest dividends. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Indices do not reflect any fees, expenses or sales charges and are not available for direct investment.

Price-to-Book compares a company’s market value to its book value. The market value of a company is its share price multiplied by the number of outstanding shares. The book value is the net assets of a company, In other words, if a company liquidated all of its assets and paid off all its debt, the value remaining would be the company’s book value.

Weighted Average Market Cap refers to a stock market index in which larger companies (i.e. with higher market capitalization) have more influence on the index’s performance.

Percentage in Top 10 Holdings is meant to be a measure of portfolio risk. Specifically, the higher the percentage, the more concentrated the fund is in a few companies or issues, and the more the fund is susceptible to the market fluctuations in these few holdings. The Percent Assets in Top 10 Holdings figure provides insight into the degree to which a portfolio is diversified. Used in combination with the total number of holdings, it can indicate how concentrated a fund is.

Number of Holdings is the total number of holdings within the portfolio.

IMPORTANT RISK INFORMATION

Mutual Funds involve risk including the possible loss of principal.

The Small Cap Value Fund invests in the stocks of small-capitalization companies. The earnings and prospects of these companies are more volatile than larger companies. Small-sized companies may experience higher failure rates than do larger companies. Other possible risks to the Fund include those related to general risk, Equity Securities Risk, Equity Securities Risk, Small-Sized Company Risk, Value Investing Risk, Limited Operating History Risk, Management Risk, Derivatives Risk, Futures Risk, and Securities Lending Risk. Please review the prospectus carefully for additional details.

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.

ADDITIONAL INFORMATION

Advisory Services are offered through Innealta Capital, LLC, an Investment Adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. No federal or state agency or regulatory or self-regulatory authority has approved the information contained in this website, and any representation to the contrary is unlawful. A copy of our Form ADV Part 2 is available below.

Innealta Capital, LLC’s website and its associated links offer news, commentary, and generalized research, not personalized investment advice. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with a tax professional before implementing any investment strategy.

This website and articles contained herein may contain testimonials from current or former clients, or endorsements from other persons that are supporting or recommending the activities of the Firm. Such individuals may be compensated directly or indirectly by the Firm for the use of their statements. The statements represent the testimony or endorsement by that individual only and may not represent the experience of all counterparties.