Manager Strategy:
  • Return expected: the fund seeks long-term capital appreciation
  • Volatility expected: since inception, our risk-budget approach has historically limited standard deviation to a range of 10% to 15% annualized
  • Beta expected: the fund’s beta has historically been near-zero to traditional sources of risk
Portfolio consists of long or short positions in global futures markets across:
  • Equity indices, interest rates, currency pairs, and commodities
Investment process is built on proprietary software designed to:
  • Monitor and optimize position sizing according to idiosyncratic volatility
  • Continually seek to uncover potentially attractive markets trending around the world
  • Control portfolio’s catastrophic risk exposure
WAVIX
Fund Facts
(all share classes)
Assets as of 6/30/18 $399,882,887
Morningstar Classification Managed Futures
Lipper Classification Hedge/Managed Futures/CTAs
Class Inception Date Unitary Fee* Fund Number
A 3/22/13 2.87% 2120
I 6/27/12 2.87% 2121
Class Ticker Cusip
A WAVEX 66538A430
I WAVIX 66538A422
Terms A Shares I Shares
Minimum Investment $2,500 $10,000
Subsequent Investment $250 $2,500
Contribution Daily Daily
*Total Annual Operating Expenses for the Longboard Managed Futures Strategy Fund are 3.13% and 2.88% for Class A and I, respectively.

Longboard Managed Futures Strategy Fund is crafted for investors seeking…

To actively manage risk in an effort to minimize their existing wealth from damaging equity drawdowns

To grow their current wealth by improving risk-adjusted returns

To expand their global exposure in a risk-managed way

There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses.

Fund Design

Liquidity

Daily liquidity allows for maximum flexibility
’40 Act mutual fund

Fee Structure

Unitary fee* structure of 2.87%
(asset-weighted range is 2.75% to 2.99%)
Management fee only - no sub-advisory fees

Tax Reporting

Annual 1099
No K1s

Capital Gains

Advantageous 1256 tax treatment of futures contracts
Annual split of 60% long-term, 40% short-term
*Total Annual Operating Expenses for the Longboard Managed Futures Strategy Fund are 3.13% and 2.88% for Class A and I, respectively.

Straightforward construction built with the retail investor in mind

**Inclusive of maximum sales load of 5.75%.

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 2.88%. The Total Annual Fund Operating Expenses for the Longboard Managed Futures Strategy Fund class A is 3.13%. 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.

Monthly WAVIX Returns

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Year Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Annual Totals
2018 8.02% -10.51% -2.38% 2.17% -4.94% 1.21 -3.58%*
2017 -1.26% 2.96% 0.56% -1.02% 0.47% -2.14% 2.66% 1.48% -0.46% 4.03% -0.62% 3.72% 13.46%
2016 2.78% 1.48% -8.59% -5.45% -0.10% 8.66% 0.92% -2.00% 1.39% -3.74% -0.85% -1.15% -7.44%
2015 5.83% 3.29% 2.95% -2.24% 2.69% -4.01% 5.14% -3.36% 1.26% -4.29% 3.26% -1.24% 8.91%
2014 -3.55% 1.84% -1.91% 2.25% 1.10% 1.78% -1.26% 3.84% 0.19% -1.23% 7.95% 3.43% 14.84%
2013 3.76% -1.37% 1.19% 1.47% -3.29% -5.99% 2.34% -3.01% -0.96% 3.14% 3.25% 3.60% 3.60%
2012 -0.20% -0.30% 0.20% -0.30% -0.81% 0.31% -1.50%**
*Performance represents a partial period return beginning on January 1, 2018.

**Performance represents a partial period return beginning on July 1, 2012.

Performance Attribution by Asset Class: May 2018

Risk Allocation by Asset Class as of 06/29/2018

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. There is no assurance that the identified level of risk will be achieved or be maintained as risk cannot be predicted with certainty.

Portfolio holdings are subject to change at any time and should not be considered investment advice
Largest Holdings Position % of Risk 1
S&P TSX 60 Index Long 2.32%
FTSE 100 Index (United Kingdom) Long 2.27%
Russell 2000 Index Mini Long 2.23%
Newest Positions Position % of Risk 1
S&P TSX 60 Index Long 9.13%
FTSE 100 Index (United Kingdom) Long 8.91%
CAC40 Index Long 4.64%
Largest Holdings Position % of Risk 1
10-Year German Bond (Bund) Long 3.29%
5-Year German Bond (Bobl) Long 3.27%
30-Year German Bond (Buxl) Long 2.69%
Newest Positions Position % of Risk 1
30-Year German Bond (Buxl) Long 10.58%
10-Year German Bond (Bund) Long 12.94%
5-Year German Bond (Bobl) Long 12.87%
Largest Holdings Position % of Risk 1
Brazilian Real / U.S. Dollar Short 2.80%
New Zealand Dollar / U.S. Dollar Short 2.62%
Swiss Franc / U.S. Dollar Short 2.53%
Newest Positions Position % of Risk 1
Australian Dollar / U.S. Dollar Short 8.29%
New Zealand Dollar / U.S. Dollar Short 10.31%
Swiss Franc / Japanese Yen Short 4.27%
Largest Holdings Position % of Risk 1
Soybean Oil Short 4.05%
Nickel Monthly Prompt Long 3.07%
Soybeans Short 2.88%
Newest Positions Position % of Risk 1
Rough Rice Long 0.43%
Corn Short 11.24%
Wheat (Minneapolis) Short 6.40%

Long and Short Positions by Asset Class as of 06/29/2018

Asset Class 6/29/18 5/31/18 4/30/18 3/30/18
Equities
Long 13 15 17 17
Short 0 0 0 0
Asset Class 6/29/18 5/31/18 4/30/18 3/30/18
Currencies
Long 1 2 7 10
Short 5 5 5 3
Asset Class 6/29/18 5/31/18 4/30/18 3/30/18
Fixed Income
Long 5 5 2 2
Short 5 7 8 8
Asset Class 6/29/18 5/31/18 4/30/18 3/30/18
Commodities
Long 16 18 20 19
Short 17 14 14 15
Each of these asset classes has its own set of investment characteristics and risks and investors should consider these risks carefully prior to making any investments. Equities are subject to dynamic fluctuations in the overall market. Fixed Income risks include changes in interest rates. Currencies are subject to changes in interest rates, currency exchange rates, and economic and political risks. Commodity prices are influenced by weather, agricultural uncertainties, geologic and environmental factors, and governmental regulation.