Culture

Two principles guide our work. The first is to do what’s right for the long term and the second is our commitment to freedom and responsibility.

We seek to develop lifetime clients who trust our investment products and rely on the service our people provide. To achieve this, we hire, retain and promote team members with the discipline to serve our clients’ needs first and foremost.

We also work hard to ensure our people feel prepared, appreciated and empowered to make decisions. This kind of team is uniquely motivated to listen intently to our clients and achieve a high level of customer satisfaction.

Daily as of 10/25/2019

Class	Ticker	Price	Change
A	WAVEX	$9.37	0.21%
I	WAVIX	$9.55	0.21%

Monthly as of 10/25/2019

Class	Ticker	1M	YTD
A	WAVEX	-3.00%	-9.29%
I	WAVIX	-2.95%	-9.05%

Performance Disclosure: The total annual fund operating expenses for the Longboard Managed Futures Strategy Fund class I are 2.99%. The total annual fund operating expenses for the Longboard Managed Futures Strategy Fund class A are 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.

PROSPECTUS OFFERING DISCLOSURE

Investors should carefully consider the investment objectives, risks, charges and expenses of the Longboard Managed Futures Strategy Fund and the Longboard Long/Short Fund. This and other important information about each Fund is contained in their respective prospectus, which can be obtained by calling 855-294-7540. The prospectus should be read carefully before investing. The Longboard Managed Futures Strategy Fund and the Longboard Long/Short Fund are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Longboard Asset Management, LLC, is not affiliated with Northern Lights Distributors, LLC.

MUTUAL FUND RISK DISCLOSURE – WAVIX, WAVEX

MUTUAL FUND RISK DISCLOSURE – WAVIX WAVEX

Mutual Funds involve risk including possible loss of principal. The Fund will invest a percentage of its assets in derivatives, commodities, futures and options contracts. Currencies are subject to interest rate, exchange rate, economic and political risks. The use of such derivatives and the resulting high portfolio turn-over, may expose the Fund to additional risks that it would not be subject to, if it invested directly in the securities and commodities underlying those derivatives. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation. The Fund may experience losses that exceed those experienced by funds that do not use futures contract, options and commodities.

Changes in interest rates and the liquidity of certain investments could affect the Fund’s overall performance. The Fund is non-diversified and as a result, changes in the value of a single security may have significant effect on the Fund’s value.
Other risks include credit risks and investments in fixed income securities, structured notes, asset-back securities, and foreign investments. The Fund may utilize a wholly-owned subsidiary, not registered under the 1940 Act and therefore not subject to all of the investor protections of the Act. Although only 25% of the Fund’s assets may be invested in the Subsidiary, that portion may be highly leveraged.

Furthermore, the use of short positions and leveraging can magnify the potential for gain or loss and amplify the effects of market volatility on the Fund’s share price. The Fund is subject to regulatory change and tax risks. Changes to current regulation or taxation rules could increase costs associated with an investment in the Fund.

MUTUAL FUND RISK DISCLOSURE – LONGX

MUTUAL FUND RISK DISCLOSURE – LONGX, LONAX

Mutual Funds involve risk including possible loss of principal. There is a risk that issuers and counterparties will not make payment on securities and other investments held by the Fund, resulting in loss. The Fund’s use of derivatives (including futures, forward contracts and swap agreements) involves risks different from and possibly greater than those associated with investing directly in securities including leverage risk, counterparty default risk, tracking risk and liquidity. The price of equity security fluctuates based on changes in a company’s financial condition and overall market and economic conditions. Investments in ETF’s may involve extra expenses and may not perform as expected and may not replicate the performance of the underlying index.

Fixed income securities could lose value due to interest rate changes. ADR’s are subject to fluctuations in foreign currencies, political and economic instability, differences in financial reporting, security regulation, trading and taxation issues. The successful used of forward and futures contracts draws on the Adviser’s skill and experience in predicting market movement. Risks include imperfect correlation, illiquid secondary markets, unanticipated market movements, counterparty default, and potentially selling securities when disadvantageous to do so. The success of the Fund’s hedging strategy is subject to the Adviser’s ability to correctly assess market performance and correlation of the instruments used in the hedging strategy and the investments in the portfolio.

The Fund may trade more, incurring higher brokerage fees and tax liability to shareholders. The Fund has a limited history of operation and an investment entails a high degree of risk. Large Cap companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes. Small Cap and Mid-Cap companies may be volatile and vulnerable to adverse business or economic events. The Fund is ‘non-diversified’ and changes in the value of a single security may have a significant effect on the Fund’s value. The Fund may have investments that appreciate or decrease significantly over short periods. The value of REIT securities may be adversely affected by changes in the value of the underlying property the REIT holds. Short positions may be considered speculative and losses are potentially unlimited.

PERFORMANCE DISCLOSURE

The Total Annual Fund Operating Expenses for the Longboard Managed Futures Strategy Fund, class I and class A are 2.99% and 3.24%, respectively. The Total Annual Fund Operating Expenses for the Longboard Long/Short Fund class I and class A are 2.99%. and 3.24%, respectively. 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.

DEFINITIONS

Long: Buying an asset such as a stock, commodity or currency, with the expectation that the asset will rise in value.

Short: Selling an asset such as a stock, commodity, or currency, with the expectation that the asset will decrease in value.

Ultra-Long-Term: Holding periods averaging greater than one year.

LIQUID ALTERNATIVES

Culture

Two principles guide our work. The first is to do what’s right for the long term and the second is our commitment to freedom and responsibility.

Performance

Daily as of 10/25/2019

Monthly as of 10/25/2019

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