Managed Futures Strategy

Performance as of 01/19/2018

Share Class
Class Ticker 3M YTD 1Y 1Y 12/31/2017 SINCE
INCEP TO 01/19/2018
SINCE
INCEP TO 12/31/2017
A (NAV) WAVEX 11.76% 7.70% 18.57% 13.22% 6.92% 5.35%
Class Ticker Day 3M YTD 1Y SINCE INCEP 01/19/2018 SINCE INCEP 12/31/2017
A (Max Load)** WAVEX 5.33% 1.47% 11.76% 6.74% 5.62% 4.05%
Class Ticker Day 3M YTD 1Y SINCE INCEP 01/19/2018 SINCE INCEP 12/31/2017
I (NAV) WAVIX 11.88% 7.68% 18.83% 13.46% 6.82% 5.46%

**Inclusive of maximum sales load of 5.75%.

Performance Attribution by Asset Class: December 2017

Equities
Fixed Income
Currencies
Commodities

Performance Highlights

Market

Asset Class Position % Of Risk1
Nickel (London) Commodities Long 1.61%
WTI Crude Oil Commodities Long 1.79%
Aluminum (London) Commodities Long 1.87%
Copper Commodities Long 2.49%
Heating Oil Commodities Long 1.46%
Brent Crude Oil Commodities No Position 0.00%
Natural Gas – Henry Hub Commodities Short 0.81%
FTSE 100 Index (United Kingdom) Equities Long 1.18%
Cocoa (London) Commodities Short 1.83%
Canadian Dollar / U.S. Dollar Currencies Long 1.38%
Market Asset Class Position % Of Risk1
Mexican Peso / U.S. Dollar Currencies No Position 0.00%
New Zealand Dollar / U.S. Dollar Currencies No Position 0.00%
Silver (New York) Commodities Short 0.70%
British Pound / Australian Dollar Currencies Long 0.55%
10-Year Italian Government Bond (Long Term) Fixed Income Long 1.10%
Feeder Cattle Commodities Long 0.47%
Live Cattle Commodities No Position 0.00%
5-Year German Bond (Bobl) Fixed Income Long 0.54%
Platinum (New York) Commodities Short 0.59%
3-Month Sterling (Short Sterling) Fixed Income Short 0.47%
Market

Asset Class Position % Of Risk1
Nasdaq 100 Index E-Mini Equities Long 1.00%
Aluminum (London) Commodities Long 1.87%
Dow Jones Industrial Index E-Mini Equities Long 1.44%
China A50 Index Combined-SGX Equities Long 1.02%
MSCI EAFE Index Mini Equities Long 1.50%
S&P 500 Index E-Mini Equities Long 1.26%
MSCI Emerging Markets Index Mini Equities Long 1.43%
Hang Seng Index (China) Equities Long 1.95%
Copper Commodities Long 2.49%
Palladium Commodities Long 1.90%
Market Asset Class Position % Of Risk1
Gasoline (New York RBOB) Commodities Long 1.43%
Silver (New York) Commodities Short 0.70%
Mexican Peso / U.S. Dollar Currencies No Position 0.00%
Nickel (London) Commodities Long 1.61%
Soybean Oil Commodities No Position 0.00%
New Zealand Dollar / U.S. Dollar Currencies No Position 0.00%
WTI Crude Oil Commodities Long 1.79%
3-Year Australian Bond Fixed Income Short 0.72%
Swiss Franc / U.S. Dollar Currencies No Position 0.00%
5-Year German Bond (Bobl) Fixed Income Long 0.54%

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.