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 3/31/18 $420,163,021
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% -5.63%*
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: March 2018

Performance Highlights as of 03/31/2018

Market Asset Class Position % of Risk 1
Carbon Dioxide Emissions Commodities Long 2.40%
10-Year Italian Government Bond (Long Term) Fixed Income Long 2.59%
WTI Crude Oil Commodities Long 1.72%
Sugar (New York) Commodities Short 2.47%
British Pound / Australian Dollar Currencies Long 2.80%
Brent Crude Oil Commodities No Position 0.00%
British Pound / U.S. Dollar Currencies Long 2.62%
Gasoil Commodities Long 2.05%
Heating Oil Commodities Long 1.69%
Milling Wheat (France) Commodities Short 0.74%
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.
Market Asset Class Position % of Risk 1
Australian Dollar / Canadian Dollar Currencies No Position 0.00%
SPI 200 Index (Australia) Equities Long 0.73%
Aluminum (London) Commodities No Position 0.00%
S&P CNX Nifty Index-(SIMEX) Equities No Position 0.00%
30-Year U.S. Treasury Bond Fixed Income Short 0.73%
Lead (London) Commodities No Position 0.00%
China A50 Index Combined-SGX Equities Long 0.60%
Palladium Commodities Long 0.40%
10-Year U.S. Treasury Note Fixed Income Short 2.08%
Lean Hogs Commodities Short 1.85%
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.
Market Asset Class Position % of Risk 1
Carbon Dioxide Emissions Commodities Long 2.40%
WTI Crude Oil Commodities Long 1.72%
Eurodollar Fixed Income Short 1.93%
Cotton Commodities Long 2.63%
2-Year U.S. Treasury Note Fixed Income Short 2.24%
Sugar (New York) Commodities Short 2.47%
Euro / U.S. Dollar Currencies Long 0.98%
British Pound / U.S. Dollar Currencies Long 2.62%
10-Year Italian Government Bond (Long Term) Fixed Income Long 2.59%
British Pound / Australian Dollar Currencies Long 2.80%
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.
Market Asset Class Position % of Risk 1
Volatility Index (VIX) Equities No Position 0.00%
Wheat (Kansas City) Commodities No Position 0.00%
Aluminum (London) Commodities No Position 0.00%
Swiss Franc / Japanese Yen Currencies No Position 0.00%
Australian Dollar / Canadian Dollar Currencies No Position 0.00%
Cocoa (London) Commodities No Position 0.00%
Copper Commodities Long 0.67%
SPI 200 Index (Australia) Equities Long 0.73%
Corn Commodities Short 0.55%
FTSE 100 Index (United Kingdom) Equities 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.

Risk Allocation by Asset Class as of 03/31/2018

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
Russell 2000 Index Mini Long 1.94%
MSCI Singapore Index Long 1.83%
Dow Jones Industrial Index E-Mini Long 1.74%
Newest Positions Position % of Risk 1
FTSE MIB Index Long 0.62%
TOPIX Index Long 1.28%
Hang Seng Index Long 1.20%
Largest Holdings Position % of Risk 1
5-Year U.S. Treasury Note Short 3.06%
10-Year Italian Government Bond (Long Term) Long 2.59%
2-Year U.S. Treasury Note Short 2.24%
Newest Positions Position % of Risk 1
Japanese 10yr Govt Bond Long 2.09%
30-Year U.S. Treasury Bond Short 0.70%
10-Year U.S. Treasury Note Short 2.00%
Largest Holdings Position % of Risk 1
British Pound / Australian Dollar Long 2.80%
British Pound / U.S. Dollar Long 2.62%
Japanese Yen / U.S. Dollar Long 2.04%
Newest Positions Position % of Risk 1
Mexican Peso / U.S. Dollar Long 2.08%
Japanese Yen / U.S. Dollar Long 1.97%
U.S. Dollar / Norwegian Krone Short 1.11%
Largest Holdings Position % of Risk 1
Soybean Meal Long 2.72%
Cotton Long 2.63%
Nickel Monthly Prompt Long 2.56%
Newest Positions Position % of Risk 1
Live Cattle Short 2.34%
Oats Short 0.04%
Lean Hogs Short 2.57%

Long and Short Positions by Asset Class as of 03/31/2018

Asset Class 3/31/18 2/28/18 1/31/18 12/31/17
Equities
Long 17 18 24 24
Short 0 0 1 1
Asset Class 3/31/18 2/28/18 1/31/18 12/31/17
Currencies
Long 10 11 13 9
Short 3 4 4 3
Asset Class 3/31/18 2/28/18 1/31/18 12/31/17
Fixed Income
Long 2 3 2 5
Short 8 9 8 7
Asset Class 3/31/18 2/28/18 1/31/18 12/31/17
Commodities
Long 19 21 21 20
Short 15 12 12 14
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.