# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-25-006409
**Filing Date:** 2025-10
**Character Count:** 32724
**Document Hash:** c6d1bc1fc03728c8316463589beb9a3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006409.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001580642-25-006409

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-174926
- **FILM NUMBER:** 251373023

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### Longboard Fund (Series ID: S000047502)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000149141 | Longboard Fund Class A | LONAX           |
| C000149143 | Longboard Fund Class I | LONGX           |

Longboard Fund

CLASS A SHARES (SYMBOL: LONAX)

CLASS I SHARES (SYMBOL: LONGX)

Summary Prospectus September 29, 2025

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated September 29, 2025, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at https://regdocs.blugiant.com/longboard/. You can also obtain these documents at no cost by calling 1-855-294-7540 or by sending an email request to *OrderLongboard@ultimusfundsolutions.com*.

Investment Objective. The primary investment objective of the Longboard Fund, (the "Fund") is to seek long-term capital appreciation.

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A shares if you invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and under "Shareholder Information – More About Class A Shares" beginning on page 16 of the Fund's Prospectus. Sales loads and waivers may vary by financial intermediary. For more information on specific financial intermediary sales loads and waivers, see Appendix A to the statutory Prospectus.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Shareholder Fees<br> (fees paid directly from your investment) | Class A | Class I |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price) | 5.75% |  |
| Maximum Deferred Sales Charge (Load)<br> (as a % of the lesser of the original offering price or NAV at redemption) | 1.00%<sup>(1)</sup> |  |
| Redemption Fee |  |  |
| &nbsp;&nbsp; Annual Fund Operating Expenses<br> (expenses that you pay each year as a percentage of the value of your investment) |  |  |
| Management (Unitary) Fees<sup>(2)</sup> | 1.99% | 1.99% |
| Distribution and Service (Rule 12b-1) Fees | 0.25% | 0.00% |
| Other Expenses | <u>0.00%</u> | <u>0.00%</u> |
| Total Annual Fund Operating Expenses | <u>2.24%</u> | <u>1.99%</u> |

---

(1) A maximum contingent deferred sales charge ("CDSC") of 1.00% may apply to certain redemptions
of Class A shares made within the first 12 months of their purchase when an initial sales charge was not paid on the purchase.

(2) The Fund's Adviser, Longboard Asset Management, LP, provides investment advisory service and pays
most of the Fund's operating expenses (with certain exceptions) in return for a "unitary fee" (exclusive of any interest
expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the
Fund's business. Acquired fund fees, expenses related to investments in short positions, and dividends, if any, will be borne by
the Fund and will not be included in the unitary management fee). Other expenses do not reflect the cost of investing in swaps or options.
The costs of investing in swaps for the fiscal year ended May 31, 2025 was 0.00% of the Fund's average daily net assets.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | One Year | Three Years | Five Years | Ten Years |
| Class A | $789 | $1235 | $1706 | $3002 |
| Class I | $202 | $624 | $1073 | $2317 |

---

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the Fund's fiscal year ended May 31, 2025, the Fund's portfolio turnover rate was 61% of the average value of the portfolio.

Principal Investment Strategies. The Fund pursues its investment objective using three principal strategies:

*Systematic Stock Market Trends, Systematic Macro Trends, and Cash Management.* The Fund employs a systematic and rules based trend following strategy (identifying opportunities as prices trend up and down) similar in general concept to the Morningstar systematic trend category at large and like the constituents of the Fund's secondary benchmark, the SG Trend Index. Under normal market conditions, the Fund's assets are allocated among the three strategies according to the Fund's asset allocation model which, consistent with the Fund's secondary benchmark, the SG Trend Index, targets risk levels generally equivalent to the systematic trend category at large. Under normal market conditions, the typical Notional Exposure allocation range (as a percent of the Fund's total assets) is 40%-90% to the Systematic Stock Market Trends strategy and 0%-10% to the Systematic Macro Trends strategy. Assets allocated to Systematic Stock Market Trends or Systematic Macro Trends strategies not used to purchase or provide collateral for derivative instruments, such as swaps or futures contracts, but required to cover the exposure of such instruments, may, in turn, be invested pursuant to the Cash Management strategy to generate additional income on cash balances, which, together with Fund assets directly allocated to such strategy, typically results in 10%-90% of Fund assets invested pursuant to the Cash Management strategy. These asset allocation ranges are targets. The Adviser has discretion to reallocate the Fund's assets among the strategies and allowable investments described below. Additionally, as a result of market gains or losses, the percentage of the Fund's assets invested in each strategy at any given time may be different from the asset allocation target ranges shown above.

*Systematic Stock Market Trends.* The core of the Fund's approach lies in identifying and capitalizing on persistent trends in various markets using quantitative models and disciplined risk management. A significant component of this is focusing on Systematic Stock Market Trend Following, which seeks to profit from trends in equity markets. Under normal market conditions, the Fund pursues its investment objective by investing in domestic equity securities and equity-related derivative instruments. The Fund defines equity securities as (1) common stocks, (2) preferred stocks, (3) stock warrants, (4) stock rights, (5) debt securities that are convertible into stock, (6) American depository receipts, (7) exchange-traded limited partnerships, (8) exchange-traded funds ("ETFs"), and (9) real estate investment trusts ("REITs") ("Equity Instruments"). Equity-related derivative instruments are investments that provide exposure to the performance of Equity Instruments, including total return swaps on a basket of Equity Securities managed by the Adviser, equity swaps (both single-name and index swaps) and similar pooled investment vehicles (collectively, "Equity Derivative Instruments" and together with Equity Instruments, "Instruments"). The Fund may obtain up to 100% of its exposure to Equity Securities through Equity Derivative Instruments.

The Fund will seek positive long-term capital appreciation through the use of a Systematic Stock Market Trends strategy. The Fund seeks to actively regulate its equity market exposure based on directional movements in market trends. When individual stocks display positive total return trends, the Fund typically increases its equity exposure, but as trends turn negative the Fund's cash holdings will increase as stop losses are triggered on long positions. Excess cash is then allocated to short-term Treasury Bills. The Fund may allocate up to 100% of its assets to the Systematic Stock Market Trends strategy.

The Fund invests in the securities of, and/or derivatives instruments providing exposure to, issuers of any capitalization and in any style including individual company issuers, sector ETFs, index ETFs & commodity linked ETFs. Short positions may be taken in Equity Derivative Instruments, including but not limited to, futures and/or ETFs that represent equity indices, including, but not limited to the Russell 2000 (small cap), S&P 400 (mid cap), S&P 500 (large cap) indices. The Adviser seeks to limit downside risk by using rules-based stop losses on stock positions and holding cash or short positions in index futures contracts or ETFs. The degree to which the long portfolio is hedged is governed by rules-based factors such as targeted risk level, target beta exposures, positive or negative market trend signals, and market volatility.

*Systematic Macro Trends.* The Systematic Macro Trends strategy employs a trend following strategy (identifying opportunities as prices trend up and down). The strategy is systematic and rules based. The Adviser will consider a variety of exchange traded futures contracts and forward contracts. Futures and forward contracts are contractual agreements to buy or sell a particular currency, commodity or financial instrument at a pre-determined price in the future.

 

*Cash Management.* Under normal market conditions, the Adviser generally allocates the Fund's assets not invested in derivative instruments, such as swaps or futures contracts, pursuant to the Systematic Stock Market Trends and Systematic Macro Trends strategies, or used as margin, to the Cash Management strategy in order to generate interest income by capturing the yield on excess cash. The Cash Management strategy is designed to generate absolute returns from interest income with less volatility than equity markets by investing primarily in (i) U.S. Dollar-denominated fixed income securities, including: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations, (3) U.S. asset-backed securities ("ABS") and (4) U.S. structured notes; and (ii) cash and cash equivalents. The Fund restricts fixed income securities to those having a short-term rating of prime (highest short-term debt category) and/or a long-term rating of investment grade (BBB- or higher). The fixed income portion of the Fund's portfolio will be invested without restriction as to individual security maturity, but the average duration (a measure of interest rate risk similar to maturity) of the Cash Management portfolio will not exceed 5 years.

The Fund is diversified.

Principal Risks. Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. The principal risks of investing in the Fund are:

&nbsp;&nbsp;&nbsp;&nbsp;· *Commodities Risk:* Investing in the commodities markets (directly
or indirectly) may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced
by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such
as tariffs, embargoes or burdensome production rules and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;· *Counterparty Risk:* The Fund may enter into various types of
derivative contracts including futures and swap contracts. Some of these derivative contracts will be privately negotiated in the over-the-counter
market. These contracts also involve exposure to credit risk since contract performance depends in part on the financial condition of
the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make
such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under
the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected
to decline, potentially resulting in losses by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Credit Risk:* There is a risk that issuers and counterparties
will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit
quality of securities held by the Fund may be lowered if an issuer's financial condition changes.

&nbsp;&nbsp;&nbsp;&nbsp;· *Derivatives Risk:* The Fund may use derivatives (including futures
contracts and swap agreements) to enhance returns or hedge against market declines. The Fund's indirect use of derivative instruments
involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage
risk, counterparty default risk and tracking risk.

&nbsp;&nbsp;&nbsp;&nbsp;· *Exchange-Traded Funds Risk:* Investments in exchange-traded
funds ("ETFs") carry security specific risks and market risk. Also, if the area of the market representing the underlying
index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to
transactions via market prices rather than at net asset value, the performance of an ETF may not completely replicate the performance
of the underlying index. Investments in ETFs also add an extra layer of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;· *Equity Securities Risk:* Stock markets are volatile. The price
of an equity security fluctuates based on changes in a company's financial condition and overall market and economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· *Fixed Income Securities Risks:* Fixed income securities are
subject to the risk that securities could lose value because of interest rate changes. Fixed income securities are also subject to prepayment
and credit risks.

&nbsp;&nbsp;&nbsp;&nbsp;· *Foreign Risk:* To the extent the Fund invests in foreign commodities
and American Depository Receipts ("ADRs") directly, the Fund may be subject to risks not usually associated with owning securities
of U.S. issuers. These risks can include fluctuations in foreign currencies, foreign currency exchange controls, political and economic
instability, differences in financial reporting, differences in securities regulation and trading, and taxation issues.

&nbsp;&nbsp;&nbsp;&nbsp;· *Forward and Futures Contract Risk:* Futures contracts are typically
exchange traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of
the contract. The successful use of forward and futures contracts draws upon the Adviser's skill and experience with respect
to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are
(a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures
contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward
or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser's
inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors;
(e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash,
it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities
at a time when it may be disadvantageous to do so.

&nbsp;&nbsp;&nbsp;&nbsp;· *General Market Risk:* The risk that the value of the Fund's
shares will fluctuate based on the performance of the Fund's investments and other factors affecting the securities markets generally.
Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. There is also
the risk that common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market
confidence in and perceptions of their issuers change. Foreign and domestic economic growth and market conditions, interest rate levels,
political events, terrorism, war, natural disasters, disease/virus epidemics and other events are among the factors affecting the securities
and derivative markets in which the Fund invests. There is risk that these and other factors may adversely affect the Fund's performance.
You could lose money by investing in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Hedging Transactions Risk:* The Adviser, from time to time,
employs various hedging techniques by taking short positions in futures contracts or ETFs to offset a portion of the Fund's portfolio.
The success of a Fund's hedging strategy will be subject to the Adviser's ability to correctly assess the degree of correlation
between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being
hedged. Since the characteristics of many securities change as markets change or time passes, the success of a Fund's hedging strategy
will also be subject to the Adviser's ability to continually recalculate, readjust, and execute hedges in an efficient and timely
manner.

&nbsp;&nbsp;&nbsp;&nbsp;· *High Portfolio Turnover Risk:* In accordance with industry practice,
derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation
of the portfolio turnover rate, resulting in an expected portfolio turnover rate of 0% for the Fund. However, if these instruments were
included in the calculation, the Fund's strategy would result in frequent portfolio trading and a high portfolio turnover rate (typically
greater than 100%).

&nbsp;&nbsp;&nbsp;&nbsp;· *Issuer-Specific Risk:* The value of a specific security can
be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities
of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

&nbsp;&nbsp;&nbsp;&nbsp;· *Large-Cap Company Risk:* The risk that larger, more established
companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors.

&nbsp;&nbsp;&nbsp;&nbsp;· *Leverage Risk:* Using derivatives like futures, options
and swaps to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential
for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

&nbsp;&nbsp;&nbsp;&nbsp;· *Liquidity Risk:* Liquidity risk exists when particular investments
of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous
time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;· *Management Risk:* The risk that investment strategies employed
by the Adviser in selecting investments and asset allocations for the Fund may not result in an increase in the value of your investment
or in overall performance equal to other similar investment vehicles having similar investment strategies.

&nbsp;&nbsp;&nbsp;&nbsp;· *Mid-Cap Company Risk:* The risk that the mid-cap companies in
which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular,
these mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines,
markets and financial resources, and may depend upon a relatively small management group. Therefore, mid-cap stocks may be more volatile
than those of larger companies.

&nbsp;&nbsp;&nbsp;&nbsp;· *REIT Risk:* The value of the Fund's REIT securities may
be adversely affected by changes in the value of the REIT's underlying property or the property secured by mortgages the REIT holds,
or loss of REIT status. In addition, the Fund may experience a decline in its income from REIT securities due to falling interest
rates or decreasing dividend payments.

&nbsp;&nbsp;&nbsp;&nbsp;· *Regulatory Change Risk:* The Adviser has, on behalf of the Fund,
filed a notice with the National Futures Association claiming an exemption from certain of the CFTC's reporting and disclosure requirements
in accordance with Part 4 of the CFTC regulations. If, in the future, the Adviser determines that it is not eligible for this exemption
or other relief from CFTC regulation, the Fund will be required to comply with CFTC regulations regarding disclosure and reporting. Compliance
with such requirements will likely increase the costs associated with an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Short Position Risk:* The Fund will incur a loss as a result
of a short position if the price of the short position instrument increases in value between the date of the short position sale and the
date on which an offsetting position is purchased. Short positions may be considered speculative transactions
and involve special risks, including greater reliance on the Adviser's ability to anticipate accurately the future value of a security
or instrument. The Fund's losses are potentially unlimited in a short position transaction.

&nbsp;&nbsp;&nbsp;&nbsp;· *Small- and Micro-Cap Company Risk:* The risk that the securities
of small-cap and micro-cap companies may be more volatile and less liquid than the securities of companies with larger market capitalizations.
These small-cap companies may not have the management experience, financial resources, product diversification and competitive strengths
of large- or mid-cap companies, and, therefore, their securities tend to be more volatile than the securities of larger, more established
companies.

&nbsp;&nbsp;&nbsp;&nbsp;· *Strategy Risk:* The risk that investment strategies employed
by the Adviser in selecting investments and asset allocations for the Fund may not result in an increase in the value of your investment
or in overall performance equal to other investments.

&nbsp;&nbsp;&nbsp;&nbsp;· *Swap Agreements Risk:* Swap agreements relate to a contract
among the Fund and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of the
underlying index). Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities
transactions, due in part to the fact they could be considered illiquid and currently usually trade on the over-the-counter market,
which is an unregulated market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging
risks. Certain standardized swaps are subject to mandatory central clearing. Central clearing is expected to reduce counterparty credit
risk and increase liquidity, but central clearing does not make swap transactions risk-free.

&nbsp;&nbsp;&nbsp;&nbsp;· *Tax Risk:* Certain of the Fund's investment strategies,
including transactions in options, futures contracts, forward contracts, swap contracts and hedging transactions, may be subject to the
special tax rules, the effect of which may have adverse tax consequences for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Volatility Risk:* The Fund may have investments that appreciate
or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience
significant appreciations or decreases in value over short periods of time.

Performance. The bar chart and Average Annual Total Returns table give some indication of the risks of investing in the Fund. The bar chart shows the performance of Class I shares of the Fund for each full calendar year since the Fund's inception. The Average Annual Total Returns table shows how the Fund's average annual returns compare with those of a broad measure of market performance. Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information will be available at no cost by calling the Fund toll-free at 855-294-7540.

Class I Shares<sup>[1]</sup>

Calendar Year Returns as of December 31

![](image_001.jpg)

The calendar year-to-date return for the Fund's Class I shares as of June 30, 2025 was -1.35%.

During the period shown in the bar chart, the best performance for a quarter was 9.85% (for the quarter ended<br> June 30, 2020). The worst performance was -10.40% (for the quarter ended December 31, 2018).

Average Annual Total Returns for the periods ended December 31, 2024

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| | | | |
|:---|:---|:---|:---|
| | One Year | Five Year | Life of Fund |
| Class I Shares |  |  |  |
| &nbsp;&nbsp;Return Before Taxes | 14.95% | 8.91% | 7.30%\* |
| &nbsp;&nbsp;Return After Taxes on Distributions | 14.95% | 8.00% | 1.72% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 8.85% | 6.61% | 2.69% |
| Class A shares |  |  |  |
| &nbsp;&nbsp;Return Before Taxes | 8.07% | 7.35% | 6.70%\*\* |
| Bloomberg U.S. Aggregate Bond Index | 1.25% | (0.33)% | 1.25% |
| S&P 500 Total Return Index | 25.02% | 14.53% | 13.18% |
| SG Trend Index | 2.64% | 7.77% | 2.58% |

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\* Class I shares of the Longboard Fund commenced operations on March 19, 2015.

\*\* Class A shares of the Longboard Fund commenced operations on December 9, 2015.

After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. After tax returns are shown for only Class I Shares. After tax returns for Class A shares will vary.

------

<sup>[1]</sup> The return shown in the bar chart is for Class I shares. The performance of Class A shares will differ due to differences in expenses.

Bloomberg U.S. Aggregate Bond Index: A widely used, market-capitalization-weighted index that tacks the performance of the U.S. investment-grade fixed-rate debt market. It Includes a broad range of U.S. dollar-denominated securities, such as government bonds, investment-grade corporate debt, mortgage-backed securities (MBS), and asset-backed securities (ABS). which the adviser believes is more representative of the Fund's strategy. The Bloomberg U.S. Aggregate Bond Index replaces the S&P 500 Total Return Index as the Fund's primary broad-based securities market index. The S&P 500 Total Return Index will continue to be shown for a period of one year.

S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks. You cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

SG Trend Index: The SG Trend Index tracks the performance of a systematic, trend-following strategy. Managed by Societe Generale, the SG Trend Index is widely regarded as a benchmark for trend following hedge funds and commodity trading advisors (CTAs). It is constructed by selecting a group of top-performing trend-following funds and aggregating their returns, providing a gauge of how well these strategies perform in various market conditions. The index is often used by investors to assess the performance of trend following strategies relative to other investment approaches. It's an equal weighted index, meaning each included CTA program has the same weight in the index, and is reconstituted annually. The Adviser elected to replace that Fund's three previous secondary benchmarks, the ICE Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index, the Morningstar Moderate Target Risk TR USD Index and Russell 2000 Total Return Index, with the SG Trend Index, which the Adviser believes is more appropriate for the Fund's strategy.

Investment Adviser Portfolio Managers. The following serve as the Fund's portfolio managers:

<u>Portfolio Manager</u> <u>Primary Title</u> <u>Manager Since</u> <br> Cole Wilcox Chief Investment Officer December 2014 <br> <u>Sarah Baldwin</u> <u>Portfolio Manager</u> <u>April 2018</u>

Purchase and Sale of Fund Shares. You may conduct transactions by mail (Longboard Fund, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246), or by telephone at 1-855-294-7540. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial investment in each share class of the Fund is $2,500 and $10,000, for Class A and Class I, respectively, with a minimum subsequent investment of $250 and $2,500 for Class A and Class I, respectively, although the Fund reserves the right to waive minimum initial investment or minimum subsequent investment requirements in its sole discretion.

Tax Information. The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Distributions on investments made through tax-deferred arrangements, such as 401(k) plans and individual retirement accounts, may be taxed later upon withdrawal of assets from such plans or accounts.

Payments to Broker-Dealers and Other Financial Intermediaries. If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank, registered investment adviser, plan sponsor, administrator or other service provider who may be affiliated with the Adviser or the distributor), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Broker-dealers may charge commissions on brokerage transactions in Clean Shares, which are purchased at net asset value and without any sales load or 12b-1 distribution/service fees. Ask your salesperson or visit your financial intermediary's website for more information.