Managed Futures Strategy

Performance as of 05/23/2017

Share Class
Class Ticker 3M YTD 1Y 1Y 03/31/2017 SINCE
INCEP TO 05/23/2017
SINCE
INCEP TO 03/31/2017
A (NAV) WAVEX -1.58% 3.82% 5.16% 1.61% 3.97% 4.38%
Class Ticker Day 3M YTD 1Y SINCE INCEP 05/23/2017 SINCE INCEP 03/31/2017
A (Max Load)** WAVEX -7.26% -2.12% -0.84% -4.20% 2.50% 2.86%
Class Ticker Day 3M YTD 1Y SINCE INCEP 05/23/2017 SINCE INCEP 03/31/2017
I (NAV) WAVIX -1.47% 3.87% 5.40% 1.79% 4.26% 4.60%

**Inclusive of maximum sales load of 5.75%.

Performance Attribution by Asset Class: April 2017

Equities
Fixed Income
Currencies
Commodities

Performance Highlights

Market

Asset Class Position % Of Risk¹
Live Cattle Commodities Long 3.27%
Cocoa (London) Commodities Short 2.39%
MSCI EAFE Index Mini Equities Long 3.54%
CAC40 Index Equities Long 1.84%
Cocoa (New York) Commodities Short 2.35%
IBEX 35 Index (Spain) Equities Long 3.27%
Nasdaq 100 Index E-Mini Equities Long 2.56%
Euro STOXX 50 Index (Eurozone) Equities Long 2.69%
MSCI Emerging Markets Index Mini Equities Long 2.20%
OMXS30 Index Equities Long 2.24%
Market Asset Class Position % Of Risk¹
Coffee (London) Commodities No Position 0.00%
U.S. Dollar / Czech Koruna Currencies Long 0.85%
Euro / U.S. Dollar Currencies Short 1.06%
10-Year German Bond (Bund) Fixed Income Long 0.95%
British Pound / Australian Dollar Currencies Short 0.42%
2-Year U.S. Treasury Note Fixed Income No Position 0.00%
British Pound / U.S. Dollar Currencies Short 0.45%
3-Year Australian Bond Fixed Income Short 0.74%
Aluminum (London) Commodities Long 1.68%
10-Year U.S. Treasury Note Fixed Income Short 0.67%
Market

Asset Class Position % Of Risk¹
Nasdaq 100 Index E-Mini Equities Long 2.56%
Aluminum (London) Commodities Long 1.68%
MSCI EAFE Index Mini Equities Long 3.54%
CAC40 Index Equities Long 1.84%
AEX Index (Netherlands) Equities Long 2.08%
OMXS30 Index Equities Long 2.24%
S&P 500 Index E-Mini Equities Long 2.78%
Russian Ruble / U.S. Dollar Currencies Long 3.11%
DAX Index (Germany) Equities Long 3.60%
Cocoa (London) Commodities Short 2.39%
Market Asset Class Position % Of Risk¹
Gasoline (New York RBOB) Commodities No Position 0.00%
Mexican Peso / U.S. Dollar Currencies No Position 0.00%
Polish Zloty / U.S. Dollar Currencies No Position 0.00%
Swiss Franc / U.S. Dollar Currencies Short 1.02%
U.S. Dollar / Czech Koruna Currencies Long 0.85%
Coffee (London) Commodities No Position 0.00%
2-Year U.S. Treasury Note Fixed Income No Position 0.00%
Euro / U.S. Dollar Currencies Short 1.06%
10-Year Italian Government Bond (Long Term) Fixed Income Short 0.71%
Australian Dollar / U.S. Dollar Currencies 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.