Managed Futures Strategy

Performance as of 07/25/2017

Share Class
Class Ticker 3M YTD 1Y 1Y 06/30/2017 SINCE
INCEP TO 07/25/2017
SINCE
INCEP TO 06/30/2017
A (NAV) WAVEX 2.07% 6.17% 1.98% -3.79% 4.35% 3.43%
Class Ticker Day 3M YTD 1Y SINCE INCEP 07/25/2017 SINCE INCEP 06/30/2017
A (Max Load)** WAVEX -3.82% 0.09% -3.90% -9.32% 2.93% 2.01%
Class Ticker Day 3M YTD 1Y SINCE INCEP 07/25/2017 SINCE INCEP 06/30/2017
I (NAV) WAVIX 2.05% 6.20% 2.24% -3.48% 4.57% 3.80%

**Inclusive of maximum sales load of 5.75%.

Performance Attribution by Asset Class: June 2017

Equities
Fixed Income
Currencies
Commodities

Performance Highlights

Market

Asset Class Position % Of Risk¹
Wheat (Minneapolis) Commodities Long 2.56%
Australian Dollar / Japanese Yen Currencies Long 1.24%
Canadian Bankers Acceptance Fixed Income Short 1.45%
China A50 Index Combined-SGX Equities Long 2.83%
Zinc (London) Commodities Long 1.18%
MSCI Taiwan Index (Taiwan) Equities Long 2.47%
Copper Commodities Long 1.92%
Coffee (New York) Commodities Short 2.77%
Lead (London) Commodities Long 0.69%
Eurodollar Fixed Income Short 0.88%
Market Asset Class Position % Of Risk¹
5-Year German Bond (Bobl) Fixed Income No Position 0.00%
Wheat (Chicago) Commodities No Position 0.00%
Soybean Oil Commodities Short 1.03%
Wheat (Kansas City) Commodities No Position 0.00%
Cotton Commodities No Position 0.00%
WTI Crude Oil Commodities No Position 0.00%
2-Year German Bond (Schatz) Fixed Income Long 0.32%
Gasoline (New York RBOB) Commodities Short 1.39%
Brent Crude Oil Commodities No Position 0.00%
Milling Wheat (France) Commodities No Position 0.00%
Market

Asset Class Position % Of Risk¹
Nasdaq 100 Index E-Mini Equities Long 2.63%
MSCI EAFE Index Mini Equities Long 2.18%
Aluminum (London) Commodities Long 1.46%
China A50 Index Combined-SGX Equities Long 2.83%
S&P 500 Index E-Mini Equities Long 2.99%
MSCI Taiwan Index (Taiwan) Equities Long 2.47%
CAC40 Index Equities Long 1.70%
Russian Ruble / U.S. Dollar Currencies Long 1.29%
Dow Jones Industrial Index E-Mini Equities Long 2.76%
MSCI Emerging Markets Index Mini Equities Long 2.41%
Market Asset Class Position % Of Risk¹
U.S. Dollar / Czech Koruna Currencies Short 2.17%
Gasoline (New York RBOB) Commodities Short 1.39%
Euro / U.S. Dollar Currencies No Position 0.00%
Swiss Franc / U.S. Dollar Currencies No Position 0.00%
Soybean Oil Commodities Short 1.03%
Mexican Peso / U.S. Dollar Currencies Long 1.73%
10-Year Italian Government Bond (Long Term) Fixed Income No Position 0.00%
Ultra U.S. Treasury Bond Futures Fixed Income No Position 0.00%
10-Year U.S. Treasury Note Fixed Income No Position 0.00%
5-Year German Bond (Bobl) Fixed Income No Position 0.00%

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.