Managed Futures Strategy

Performance as of 06/21/2017

Share Class
Class Ticker 3M YTD 1Y 1Y 03/31/2017 SINCE
INCEP TO 06/21/2017
SINCE
INCEP TO 03/31/2017
A (NAV) WAVEX -1.12% 3.43% 3.33% 1.61% 3.80% 4.38%
Class Ticker Day 3M YTD 1Y SINCE INCEP 06/21/2017 SINCE INCEP 03/31/2017
A (Max Load)** WAVEX -6.80% -2.49% -2.58% -4.20% 2.36% 2.86%
Class Ticker Day 3M YTD 1Y SINCE INCEP 06/21/2017 SINCE INCEP 03/31/2017
I (NAV) WAVIX -1.11% 3.48% 3.59% 1.79% 4.11% 4.60%

**Inclusive of maximum sales load of 5.75%.

Performance Attribution by Asset Class: May 2017

Equities
Fixed Income
Currencies
Commodities

Performance Highlights

Market

Asset Class Position % Of Risk¹
China A50 Index Combined-SGX Equities Long 2.38%
Hang Seng Index (China) Equities Long 2.96%
FTSE 100 Index (United Kingdom) Equities Long 2.68%
MSCI EAFE Index Mini Equities Long 2.55%
Nasdaq 100 Index E-Mini Equities Long 3.52%
Hang Seng China Enterprises Index (H-Shares) Equities Long 2.10%
S&P CNX Nifty Index-(SIMEX) Equities Long 2.21%
Polish Zloty / U.S. Dollar Currencies Long 2.57%
MSCI Emerging Markets Index Mini Equities Long 2.77%
Coffee (New York) Commodities Short 2.27%
Market Asset Class Position % Of Risk¹
U.S. Dollar / Czech Koruna Currencies No Position 0.00%
Euro / U.S. Dollar Currencies No Position 0.00%
Swiss Franc / U.S. Dollar Currencies No Position 0.00%
SPI 200 Index (Australia) Equities Long 2.10%
10-Year Italian Government Bond (Long Term) Fixed Income No Position 0.00%
Australian Dollar / Canadian Dollar Currencies Long 0.98%
Cocoa (London) Commodities Short 2.01%
Cocoa (New York) Commodities Short 1.88%
Lead (London) Commodities Long 0.43%
Eurodollar Fixed Income Short 0.59%
Market

Asset Class Position % Of Risk¹
Nasdaq 100 Index E-Mini Equities Long 3.52%
MSCI EAFE Index Mini Equities Long 2.55%
Aluminum (London) Commodities Long 1.85%
S&P 500 Index E-Mini Equities Long 3.33%
CAC40 Index Equities Long 2.27%
Russian Ruble / U.S. Dollar Currencies Long 1.91%
AEX Index (Netherlands) Equities Long 2.53%
OMXS30 Index Equities Long 2.54%
DAX Index (Germany) Equities Long 2.01%
Dow Jones Industrial Index E-Mini Equities Long 2.72%
Market Asset Class Position % Of Risk¹
U.S. Dollar / Czech Koruna Currencies No Position 0.00%
Swiss Franc / U.S. Dollar Currencies No Position 0.00%
Euro / U.S. Dollar Currencies No Position 0.00%
Gasoline (New York RBOB) Commodities No Position 0.00%
Mexican Peso / U.S. Dollar Currencies No Position 0.00%
10-Year Italian Government Bond (Long Term) Fixed Income No Position 0.00%
Coffee (London) Commodities No Position 0.00%
3-Year Australian Bond Fixed Income No Position 0.00%
10-Year U.S. Treasury Note Fixed Income Short 0.60%
Australian Dollar / Japanese Yen Currencies Long 0.77%

¹The % of Risk is the estimated maximum equity a position could lose, divided by the estimated aggregate equity currently at risk of loss across all positions in the portfolio.

Portfolio holdings are subject to change at any time and should not be considered investment advice.

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.

PERFORMANCE DISCLOSURE: The Total Annual Fund Operating Expenses for the Longboard Managed Futures Strategy Fund class I is 2.99%. The Total Annual Fund Operating Expenses for the Longboard Managed Futures Strategy Fund class A is 3.24%. 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. For performance information current to the most recent month-end, please call toll-free 855.294.7540.