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Annual Tailored Shareholder Report (TSR) - LONGX - 5.31.2025

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August 2, 2025
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DEFINITIONS

Beta: Measure of the systematic risk of a security or portfolio in comparison to the market as a whole.

Bloomberg Barclays US Aggregate Bond Index: The Bloomberg Barclays US Aggregate Bond Index, or the Agg, is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Investors frequently use the index as a stand-in for measuring the performance of the US bond market.  

Maximum Drawdown: The maximum loss from a peak to a trough of an investment or portfolio, before a new peak is attained.

Morningstar Moderate Target Risk Index: The index represents a portfolio of global equities, bonds, and traditional inflation hedges, such as commodities and TIPS. This portfolio is held in a static allocation of 60% equities and 40% fixed income, which is appropriate for U.S. investors who seek average exposure to equity market risk and returns.

Russell 2000 Small-Cap Index: A small-cap stock market index of the smallest 2,000 stocks in the Russell 3000 Index.

S&P 500 TR Index: A capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

SG Trend Index: A leading benchmark for tracking the performance of a pool of the largest managed futures trend following based hedge fund managers that are open to new investment. The SG Trend Index is equal-weighted and reconstituted annually. The SG Trend Index is formerly known as the Newedge Trend Index.

Sharpe Ratio: Risk-adjusted evaluation of return on an investment, which indicate show well an equity investment is performing compared to a risk-free investment, taking into consideration the additional risk level involved with holding the equity instrument.

Sortino Ratio: Risk-adjusted evaluation of return on an investment that is a variation of the Sharpe Ratio, in that it only factors in downside risk. It is used more to evaluate high-volatility portfolios.

Standard Deviation: A measure of an investment’s volatility. Standard Deviation measures how much the investment returns deviate from the mean of the probability distribution of investments (how much the investment will deviate from its expected return).  Investors use this metric to help determine an investment or portfolio’s annual return by considering it historical volatility.

GENERAL 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. This website is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications and links. The information on this site does not involve the rendering of personalized investment advice. You should consult a professional advisor before using any of the information, pursuing any of the investment ideas or implementing any of the strategies presented. We believe the information we present is factual and up-to-date, but we do not guarantee its accuracy and you should not regard it as a complete and exhaustive analysis of the subjects we discuss. Our opinions reflect our judgment as of the date of publication and are subject to change. Prospective clients can view the firm’s Form ADV and Part 2A Disclosure Brochure as filed with the SEC at https://adviserinfo.sec.gov/IAPD/Default.aspx or contact us for a copy. The content of this website is provided for informational purposes only and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Longboard Asset Management, LP does not provide legal, tax, accounting, actuarial or pension consulting advice or services. Images and photographs are included for the sole purpose of visually enhancing the site. None of them are photographs of current or former clients. They should not be construed as an endorsement or testimonial from any of the persons in the photographs. Please see our online privacy policy.‍

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.

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