Managed Futures Strategy

Performance as of 09/20/2017

Share Class
Class Ticker 3M YTD 1Y 1Y 06/30/2017 SINCE
INCEP TO 09/20/2017
SINCE
INCEP TO 06/30/2017
A (NAV) WAVEX 4.73% 8.42% 4.14% -3.79% 4.68% 3.43%
Class Ticker Day 3M YTD 1Y SINCE INCEP 09/20/2017 SINCE INCEP 06/30/2017
A (Max Load)** WAVEX -1.25% 2.22% -1.86% -9.32% 3.31% 2.01%
Class Ticker Day 3M YTD 1Y SINCE INCEP 09/20/2017 SINCE INCEP 06/30/2017
I (NAV) WAVIX 4.77% 8.52% 4.38% -3.48% 4.86% 3.80%

**Inclusive of maximum sales load of 5.75%.

Performance Attribution by Asset Class: August 2017

Equities
Fixed Income
Currencies
Commodities

Performance Highlights

Market

Asset Class Position % Of Risk¹
WTI Crude Oil Commodities Short 0.92%
Coffee (New York) Commodities Short 2.27%
Zinc (London) Commodities Long 1.91%
Aluminum (London) Commodities Long 1.95%
Copper Commodities Long 2.31%
Wheat (Chicago) Commodities Short 2.02%
Russian Ruble / U.S. Dollar Currencies Long 1.96%
Hang Seng China Enterprises Index (H-Shares) Equities Long 2.51%
Milling Wheat (France) Commodities Short 1.12%
Wheat (Kansas City) Commodities Short 1.79%
Market Asset Class Position % Of Risk¹
New Zealand Dollar / U.S. Dollar Currencies Long 0.93%
30-Year German Bond (Buxl) Fixed Income Short 0.97%
Wheat (Minneapolis) Commodities Long 0.68%
10-Year Canadian Bond Fixed Income Short 1.41%
Natural Gas – Henry Hub Commodities Short 0.97%
Platinum (New York) Commodities No Position 0.00%
Silver (New York) Commodities No Position 0.00%
S&P CNX Nifty Index-(SIMEX) Equities Long 1.59%
Live Cattle Commodities Long 0.40%
S&P Mid-Cap 400 Index E-Mini Equities Long 0.59%
Market

Asset Class Position % Of Risk¹
Nasdaq 100 Index E-Mini Equities Long 2.68%
Aluminum (London) Commodities Long 1.95%
China A50 Index Combined-SGX Equities Long 1.59%
MSCI EAFE Index Mini Equities Long 1.91%
MSCI Emerging Markets Index Mini Equities Long 1.59%
S&P 500 Index E-Mini Equities Long 2.06%
Hang Seng Index (China) Equities Long 1.69%
MSCI Taiwan Index (Taiwan) Equities Long 2.37%
Russian Ruble / U.S. Dollar Currencies Long 1.96%
Dow Jones Industrial Index E-Mini Equities Long 1.74%
Market Asset Class Position % Of Risk¹
Gasoline (New York RBOB) Commodities No Position 0.00%
Soybean Oil Commodities No Position 0.00%
Swiss Franc / U.S. Dollar Currencies No Position 0.00%
Silver (New York) Commodities No Position 0.00%
Brent Crude Oil Commodities No Position 0.00%
10-Year Italian Government Bond (Long Term) Fixed Income No Position 0.00%
Euro / U.S. Dollar Currencies Long 2.14%
Feeder Cattle Commodities Long 0.80%
Ultra U.S. Treasury Bond Futures Fixed Income No Position 0.00%
30-Year German Bond (Buxl) Fixed Income Short 0.97%

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 2.87%. The Total Annual Fund Operating Expenses for the Longboard Managed Futures Strategy Fund class A is 3.12%. 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.