Annual Tailored Shareholder Report (TSR) - LONGX - 5.31.2025

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August 2, 2025
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LONGX vs. Top 20 Liquid Alternative Mutual Funds

Semi-Annual TSR - LONAX - 11.30.2025

Schedule a 15’ call with Howard Fraser

Let's discuss building a better portfolio together. 
In this call, you’ll learn:

  • How we help optimize liquid alternatives

  • What the Longboard investment approach is

  • Ways our fund can help improve your portfolio

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE IS NO GUARANTEE THAT ANY INVESTMENT WILL ACHIEVE ITS GOALS AND GENERATE PROFITS OR AVOID LOSSES

Important Risk Information

PROSPECTUS OFFERING DISCLOSURE

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Longboard Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at http://www.longboardfunds.com or by calling 855-294-7540. The prospectus should be read carefully before investing. The Longboard Fund is distributed by Northern Lights Distributors, LLC, a FINRA/SIPC member. Longboard Asset Management, LP, is not affiliated with Northern Lights Distributors, LLC. Northern Lights Distributors, LLC, is not affiliated with the other funds listed above.

Investing involves risk, including loss of principal.

Comparison funds are not advised by or affiliated with Longboard. The funds are being shown for illustrative purposes only and are not considered a recommendation. The comparison funds’ prospectuses may be obtained by visiting each fund’s website. The prospectus should be read carefully before investing. Comparison funds are not advised by, or affiliated with, Longboard or Northern Lights Distributors, LLC.

The comparison funds referenced were chosen based on a series of parameters which include a ranking of the 20 open-ended alternative funds as categorized by Morningstar with an inception date prior to 4/1/2015, by assets under management (AUM). The funds used in this comparison are well-known alternative mutual funds and therefore may be more widely used among financial advisors. Funds under $100 Million in AUM as of 3/31/24 were filtered out.In addition, the global category of Trading Tools has been excluded to eliminate inverse and leveraged mutual funds, which do not apply in this comparison. Alternative mutual funds, as defined by Morningstar, are funds that follow alternative strategies, such as macro-trading, managed futures, multi-strategy, options trading, and systematic trend.

Longboard Fund: Gross expense ratio: 1.99%, net expense ratio 1.99%, no expense limitation. JPMorgan Hedged Equity: Gross expense ratio 0.58%, net expense ratio: 0.58%, no expense limitation. Longboard Long/Short Sleeve consists of 50% LONGX and 50% QLEIX, and has a blended gross expense ratio of 3.47% and blended net expense ratio of 1.66%. Longboard Macro Sleeve consists of 50% LONGX and 50% MBXIX and has a 1.99% gross and expense ratio. Longboard Hedged Equity Sleeve consists of 50% JHEQX and 50% LONGX and has a blended gross and net expense ratio of 1.285%. Longboard Systematic Trend Sleeve consists of equal weightings of LONGX, ABYIX, and LCSIX and has a gross expense ratio of 1.99% and net expense ratio of 1.96%. AQR Long-Short Equity: Gross expense ratio 4.94%, net expense ratio 1.32%, expense limitation agreement through 4/30/2025. Blackrock Event Driven Equity Instl: Gross expense ratio: 1.34%, net expense ratio: 1.27%, expense limitation contractual through 6/30/2025. Gateway Y: Gross expense ratio: 0.71%, net expense ratio: 0.70%, expense limitation contractual through 4/30/2024. Merger Institutional: Gross expense ratio: 1.36%, net expense ratio: 1.25%, expense limitation contractual through 4/30/24. Goldman Sachs Absolute Ret Trckr Instl: Gross expense ratio: 0.82%, net expense ratio 0.72%, expense limitation contractual through 4/28/24. AQR Managed Futures Strategy I: Gross expense ratio: 1.28%, net expense ratio: 1.28%, expense limitation contractual through 4/30/24. Catalyst/Milburn Hedge Strategy I: Gross expense ratio: 1.99%, net expense ratio: 1.99%, no expense limitation agreement. American Beacon AHL Mgd Futs Strat: Gross expense ratio: 1.56%, net expense ratio: 1.56%, no expense limitation agreement. Virtus AlphaSimplex Mgd Futs Strat I: Gross expense ratio: 1.45%, net expense ratio: 1.45%, expense limitation contractual through 5/19/25. AQR Diversified Arbitrage I: Gross expense ratio: 1.36%, net expense ratio: 1.35%, expense limitation agreement contractual through 4/30/24. BlackRock Tactical Opportunities Fund: Gross expense ratio: 0.78%, net expense ratio: 0.78%, expense limitation contractual through 6/30/24. LoCorr Macro Strategies I: Gross expense ratio: 1.91%, net expense ratio: 1.91%, no expense limitation agreement. First Trust Merger Arbitrage CI I: Gross expense ratio: 1.93%, net expense ratio: 1.93%, no expense limitation agreement. PIMCO TRENDS Managed Futures Strat Instl: Gross expense ratio: 2.08%, net expense ratio: 2.05%, expense limitation agreement contractual through 7/31/2024. Victory Market Neutral Income I: Gross Expense ratio: 0.59%, net expense ratio: 0.40%, expense limitation contractual through10/31/2024. Blackstone Alternative Multi-Strategy I: Gross Expense ratio: 3.53%, net expense ratio: 3.12%, no expense limitation. LoCorr Long/Short Commodity Strats I: Gross Expense ratio: 2.18%, net expense ratio: 2.18%, expense limitation contractual through 4/30/2024. BlackRock Global Equity Mkt Netrl Instl: Gross Expense ratio: 1.57%, net expense ratio: 1.340%, no expense limitation. BlackRock Systematic Multi-Strat Instl: Gross expense ratio 0.94%, net expense ratio 0.94%, expense limitation contractual through 6/30/2024. Arbitrage I: Gross expense ratio: 1.35%, net expense ratio: 1.35%, no expense limitation. Abbey Capital Futures Strategy I: Gross Expense ratio: 1.85%, net expense ratio: 1.79%, expense limitation contractual through 12/31/23.

ADDITIONAL DISCLOSURES

Longboard Asset Management, LP (LAM) is registered as an investment advisor with the Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the advisor has attained a particular level of skill or ability. LAM is also registered with the National Futures Association.

PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE PERFORMANCE.

The information set forth herein has been obtained or derived from sources believed by Longboard Asset Management to be reliable. However, Longboard does not make any representation or warranty, express or implied, as to the information’s accuracy or completeness, nor does Longboard recommend that the attached information serve as the basis of any investment decision. Longboard hereby disclaims any duty to provide any updates or changes to the analysis contained in this document.Market analysis, returns, estimates and similar information, including statements of opinion/belief contained herein are subject to a number of assumptions and inherent uncertainties. There can be no assurance that targets, projects, or estimates of future performance will be realized.