Managed Futures Strategy

Performance as of 11/17/2017

Share Class
Class Ticker 3M YTD 1Y 1Y 09/30/2017 SINCE
INCEP TO 11/17/2017
SINCE
INCEP TO 09/30/2017
A (NAV) WAVEX 3.68% 7.54% 9.04% -0.46% 4.33% 4.06%
Class Ticker Day 3M YTD 1Y SINCE INCEP 11/17/2017 SINCE INCEP 09/30/2017
A (Max Load)** WAVEX -2.31% 1.39% 2.81% -6.17% 3.01% 2.71%
Class Ticker Day 3M YTD 1Y SINCE INCEP 11/17/2017 SINCE INCEP 09/30/2017
I (NAV) WAVIX 3.63% 7.65% 9.34% -0.18% 4.56% 4.33%

**Inclusive of maximum sales load of 5.75%.

Performance Attribution by Asset Class: October 2017

Equities
Fixed Income
Currencies
Commodities

Performance Highlights

Market

Asset Class Position % Of Risk1
Wheat (Chicago) Commodities Short 2.38%
Brent Crude Oil Commodities No Position 0.00%
S&P CNX Nifty Index-(SIMEX) Equities Long 1.90%
S&P TSX 60 Index (Canada) Equities Long 2.16%
SPI 200 Index (Australia) Equities Long 1.04%
MSCI Taiwan Index (Taiwan) Equities Long 2.29%
10-Year German Bond (Bund) Fixed Income Long 0.86%
Hang Seng China Enterprises Index (H-Shares) Equities Long 2.30%
Nikkei 225 Index Mini (Japan) Equities Long 1.59%
Dow Jones Industrial Index E-Mini Equities Long 2.09%
Market Asset Class Position % Of Risk1
Mexican Peso / U.S. Dollar Currencies Long 0.72%
Canadian Dollar / U.S. Dollar Currencies Long 0.53%
Swiss Franc / Japanese Yen Currencies Long 0.66%
New Zealand Dollar / U.S. Dollar Currencies No Position 0.00%
3-Year Australian Bond Fixed Income Short 0.49%
10-Year Canadian Bond Fixed Income Short 0.80%
U.S. Dollar / Norwegian Krone Currencies Short 0.60%
Euro / U.S. Dollar Currencies Long 1.15%
Australian Dollar / U.S. Dollar Currencies Long 0.51%
U.S. Dollar / South African Rand Currencies No Position 0.00%
Market

Asset Class Position % Of Risk1
Nasdaq 100 Index E-Mini Equities Long 2.28%
Aluminum (London) Commodities Long 1.42%
China A50 Index Combined-SGX Equities Long 1.93%
MSCI EAFE Index Mini Equities Long 2.07%
Dow Jones Industrial Index E-Mini Equities Long 2.09%
MSCI Emerging Markets Index Mini Equities Long 1.46%
S&P 500 Index E-Mini Equities Long 1.08%
MSCI Taiwan Index (Taiwan) Equities Long 2.29%
AEX Index (Netherlands) Equities Long 1.36%
Hang Seng Index (China) Equities Long 1.63%
Market Asset Class Position % Of Risk1
Gasoline (New York RBOB) Commodities Long 1.43%
WTI Crude Oil Commodities No Position 0.00%
Nickel (London) Commodities Long 1.33%
Mexican Peso / U.S. Dollar Currencies Long 0.72%
Soybean Oil Commodities No Position 0.00%
Euro / U.S. Dollar Currencies Long 1.15%
Swiss Franc / U.S. Dollar Currencies No Position 0.00%
3-Year Australian Bond Fixed Income Short 0.49%
Silver (New York) Commodities No Position 0.00%
U.S. Dollar / Swedish Krona Currencies Short 0.48%

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.