MANAGED FUTURES STRATEGY FUND

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1 PERFORMANCE (Performance as of 9/30/2017) MANAGED FUTURES STRATEGY FUND Monthly Portfolio Update And Commentary September 2017 CLASS I (NAV)* A (NAV)** A (MAX LOAD)** 1M -0.46% -0.46% -6.17% 6M 0.92% 0.75% -5.02% YTD 5.81% 5.68% -0.37% 1Y AS OF 9/30/17 3Y AS OF 9/30/17 5Y AS OF 9/30/17 SINCE INCEP TO 9/30/ % -0.46% -6.17% 5.56% 5.29% 3.24% 4.71% N/A N/A 4.33% 4.06% 2.71% *INCEPTION DATE: 6/27/12 **INCEPTION DATE: 3/22/13 $ Assets as of September 30, ,813,871 The Total Annual Fund Operating Expenses for the Longboard Managed Futures Strategy Fund class A and I are 3.12% and 2.87% respectively. The maximum sales charge for Class A (Max Load) shares is 5.75%. 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 or visit our website, There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. HOW TO INVEST Visit longboardmutualfunds.com Call us at The Longboard Managed Futures Strategy Fund WAVIX received 5 stars from Morningstar out of 96 Managed Futures funds for the 3-year period ending 9/30/17 and 4 stars out of 54 Managed Futures funds for the 4-year period ending 9/30/17, based on risk-adjusted returns.

2 RECAP The fund returned -0.46% in September. Losses in currencies, commodities and fixed income offset gains from equities. The U.S. Federal Reserve (Fed) announced plans to reduce its balance sheet as early as October at its Federal Open Market Committee (FOMC) meeting. The Fed also hinted at an additional rate hike, boosting the implied odds of a December hike, according to Fed funds futures. Risk assets were unfazed and the global bull market in stocks accelerated throughout the month. Equity gains spanned U.S., European, Japanese and emerging market stock indices. In the United States, domestically focused small- and mid-cap stock indices outperformed based on renewed hopes for tax reform. Large caps and technology stocks transitioned from leaders to laggards as the dollar strengthened. The Fed s renewed hawkish bent sent U.S. interest rates higher across the board, reversing this year s former trend of declining rates and a flattening yield curve. Rising yields sparked corresponding moves across currencies and commodities, including a rebound in the U.S. dollar against nearly all foreign currencies. Precious metals sold off as the risk on environment and higher interest rates lessened the demand for perceived safe haven assets. Other commodities moved independently, as divergent supply and demand fundamentals drove uncorrelated price movements across the sector. Volatility reached a new record low. OUTLOOK After years of easy money and balance sheet expansion, the U.S. central bank is transitioning towards tighter monetary conditions and balance sheet reduction. Risk assets reacted with relative exuberance, defying expectations for higher volatility in this new era of tighter money. However, we re still in the early days of the tightening process in the U.S., and easy money continues to spill into global asset prices from foreign central banks. For now, the global equities bull market is alive and well, so we remain long risk assets in line with the market s prevailing trends. The portfolio s recent reduction in equity risk has moved towards commodities and currencies. This adds a meaningful degree of diversification that we believe will lower our correlation with traditional asset classes. We believe the fund is well positioned to continue delivering equity-like returns over the long term, while taking on less risk and travelling an uncorrelated path. PERFORMANCE ATTRIBUTION BY ASSET CLASS September 2017 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. The returns shown are presented as a percentage of overall fund performance attributed to the named asset class. Holdings are subject to change at any time and should not be considered investment advice. -1.0% 0% 1.0% 2.0% EQUITIES FIXED INCOME CURRENCIES COMMODITIES

3 » EQUITIES +1.84% Small- and mid-cap U.S. stocks led the global bull market. The tailwinds of a stronger U.S. dollar and renewed hopes for tax reform from the Trump administration lifted the prospects of smaller, more domestically-focused corporations. Chinese stocks posted notable gains early in the month particularly among technology firms before suffering a modest correction going into October. European equity markets felt some turbulence from rising tensions between the Spanish government and Catalonian secessionists. The Spanish stock market showed notable weakness. We made no changes to the fund s equities holdings in September. In recent months, the fund s equities exposure has moderated compared with earlier-year levels. Exposure now roughly matches the risk allocation to commodities. We maintain healthy long exposure to a variety of global stock markets.» COMMODITIES -1.14% Commodities were mixed during the month. Crude oil rebounded, fueled by falling global inventories and a declining U.S. rig count. September s strength across the oil complex caused the fund to meaningfully increase its net-long exposure to energy. A Chinese lead shortage drove prices towards new 6-year highs, as 60% of the country s lead-zinc mines shut down for environmental inspections. Trend reversals in nickel and cotton contributed to mild losses for commodities. We closed short positions in silver and WTI crude oil, while opening new long positions in heating oil, gasoil and Brent crude oil. We also opened a new long position in carbon dioxide emission credits. Our gross exposure is elevated due to the broad scope of long-term trends unfolding across the sector. We are positioned net long, with short exposure in softs and grains balanced against long exposure in metals, meats and energy.» CURRENCIES -0.88% The U.S. dollar rebounded alongside rising interest rates. The dollar s strength was amplified by euro weakness, as Catalonian secessionists sparked fears of a potential spillover effect across the Eurozone. The U.S. dollar is the primary theme driving our currency exposure, and the recent countertrend strength caused losses in currencies during the month. We opened a new short position in the U.S. dollar against the Swedish krona, and a long position in the British pound against the Japanese yen. Going into October, the fund remains positioned net short the U.S. dollar against a variety of foreign currencies, including the euro, yen and Canadian dollars. Gross currency exposure ranks third in the portfolio, above fixed income.» FIXED INCOME -0.19% Rising U.S. yields send U.S. bond prices lower. These price movements did not impact the portfolio, as the fund holds no positions in treasuries due to the lack of long-term trends. German interest rates diverged from the United States, and falling yields sent German bonds into new uptrends across a range of maturities. Despite a modest uptick in activity in isolated sovereign bonds, the broader fixed income markets remain largely devoid of long-term trends. We added new long positions in 5-, 10- and 30-year German government bonds, as well as new short positions in the United Kingdom s 3-month government bond and in the Australian 3-year government bond. We closed a short position in the Eurodollar contract. The fund s fixed income exposure remains at the low end of its historical range.

4 PORTFOLIO Risk Allocation By Asset Class as of September 2017 COMMODITIES EQUITIES 35.69% 34.65% 8.06% 21.60% FIXED INCOME CURRENCIES» EQUITIES 35.69% Nasdaq 100 Index E-Mini Long 2.27% MSCI EAFE Index Mini Long 2.16% FTSE MIB Index Long 2.00%» FIXED INCOME 8.06% 10-Year Canadian Short 1.93% Government Bond 3-Month Canadian Short 1.62% Bankers Acceptance 3-Year Australian Short 1.17% Government Bond» CURRENCIES 21.60% Canadian Dollar / Long 2.01% Japanese Yen Euro / U.S. Dollar Long 1.85% Mexican Peso / Long 1.72% U.S. Dollar» COMMODITIES 34.65% Gasoil Long 2.52% Coffee C Short 2.43% Heating Oil Long 2.17% 1 The % 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. There is no assurance that the identified level of risk will occur or be maintained as risk cannot be predicted with certainty.

5 HIGHLIGHTS Contributors» Equities: Long Russell 2000 Index and Euro STOXX 50 Index» Commodities: Long London Lead and Gasoil» Currencies: Long Canadian dollar against the Japanese yen» Fixed income: Short 10-Year Canadian Bond Detractors» Equities: Long Hang Seng China Enterprises Index (H-Shares) and MSCI Taiwan Index» Commodities: Long Copper and Short Chicago Wheat» Currencies: Long Euro against the British pound» Fixed income: Long 5- and 10-Year German Bonds GLOSSARY Commodity Market A physical or virtual marketplace for buying, selling, and trading raw or primary product such as natural resources, agricultural products, and livestock. Forward Contract A non-standardized contract between two parties to buy or sell a specified asset of specified quantity with delivery and payment occurring on a specified date. Futures Contract A standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality with delivery and payment occurring on a specified date. Long Buying an asset such as a stock, commodity or currency with the expectation that the asset will rise in value. Risk Allocation 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. Short Selling an asset such as a stock, commodity or currency, with the expectation that the asset will decrease in value. Long-Term Holding periods averaging greater than one year.

6 Managed Futures Mutual Fund Index Member Morningstar is an independent provider of financial information. Morningstar performance rankings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variation and rewarding consistent performance. The top 10%, the next 22.5%, 35%, 22.5% and bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. and tax risks. Changes to current regulation or taxation rules could increase costs associated with an investment in the Fund. SG CTA Mutual Fund Index: An index that tracks the performance of 40 Act mutual funds pursuing managed futures strategies. The Index includes the 10 largest single-manager CTA Mutual Funds, including funds employing both systematic and discretionary management styles. Index values are based on performance of the institutional share classes with dividends reinvested. PROSPECTUS OFFERING DISCLOSURE Investors should carefully consider the investment objectives, risks, charges and expenses of the Longboard Managed Futures Strategy Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at or by calling The prospectus should be read carefully before investing. The Longboard Managed Futures Strategy Fund is distributed by Northern Lights Distributors, LLC, a FINRA/SIPC member. Longboard Asset Management, LP, is not affiliated with Northern Lights Distributors, LLC NLD-10/12/2017 MUTUAL FUND RISK DISCLOSURE Mutual funds involve risk including possible loss of principal. The fund will invest a percentage of its assets in derivatives, such as commodities, futures and options contracts. The use of such derivatives and the resulting high portfolio turnover 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. The fund may experience losses that exceed those experienced by funds that do not use futures contracts, 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-backed securities and foreign investments. 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