MANAGED FUTURES STRATEGY FUND

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1 PERFORMANCE (Performance as of 6/30/2017) MANAGED FUTURES STRATEGY FUND Monthly Portfolio Update And Commentary June 2017 $ Assets as of June 30, ,385,471 CLASS I (NAV)* A (NAV)** A (MAX LOAD)** 1M -2.14% -2.16% -7.79% 6M / YTD 2.03% 1.96% -3.88% 1 YEAR AS OF 6/30/17 3 YEAR AS OF 6/30/17 5 YEAR AS OF 6/30/17 SINCE INCEP TO 6/30/ % -3.79% -9.32% 5.23% 4.94% 2.88% 3.81% N/A N/A 3.80% 3.43% 2.01% *INCEPTION DATE: 6/27/12 **INCEPTION DATE: 3/22/13 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 4 stars out of 54 Managed Futures funds for the 5-year period ending 6/30/17, based on risk-adjusted returns.

2 SUMMER SAPS ENERGY IN SOME MARKETS The summer doldrums have made their appearance this year. The fund was down -2.14% in June. While most of these losses came from short positions in energy and agricultural markets, European fi xed income markets were also a moderate drag on performance. Long positions in Asian equity markets were notably profi table, led by China and Taiwan. DOLLAR DISAPPOINTMENT CONTINUES The U.S. dollar made little headway in recovering from its anemic performance this year. The dollar is now down 6.4% year-to-date. The Trump administration s lack of progress in pushing pro-growth legislation through Congress continues to shoulder the blame for the weak dollar. Investors are losing hope that meaningful cuts in corporate taxes and regulation will happen anytime soon, lowering the chance of faster rate increases. The dollar s weak performance has led to considerable gains for the euro and yen. OIL SATURATION AND DROUGHT CONDITIONS AFFECT COMMODITIES Crude oil futures are off to the worst fi rst-half percentage performance seen in decades, a byproduct of a global supply glut and OPEC s inability to stick with production cuts. However, a relief rally did occur in the last week of June, with crude climbing from $42 to $46 per barrel, leading to moderate losses for the fund s short positions. We are starting to see meaningful downtrends materialize across the energy sector, and stand ready to increase our short exposure should they develop further. June brought major trend changes in the agricultural sector. We closed several short positions and opened a new long position in wheat futures prior to a tremendous rally in the second half of the month. In June, wheat outpaced the growth of all other peers in Bloomberg s Commodity Index on the back of a long dry spell resulting in the worst spring wheat crop in the United States in 29 years. The U.S. Department of Agriculture reported that only 45 percent of the crop was in good or excellent condition as of June 11. Wheat prices may continue to increase in the near future, with drought conditions expected to continue through the summer. SPRING WHEAT OUTPACES MAJOR COMMODITY MARKETS May 12, June 12, Crude Oil Spring Wheat Gold Bloomberg Grains Subindex Source: Exchange data compiled by Bloomberg May-15 May-22 May-31 Jun-8 The indices shown are for informational purposes only and are not reflective of any investment. As it is not possible to invest in indices, the data shown does not reflect or compare features of an actual investment, such as its objectives,costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Past results are not necessarily indicative of future results.

3 (Gold) S&P GSCI Gold Index: a sub-index of the S&P GSCI, provides investors with a reliable and publicly available benchmark tracking the COMEX gold future. The index is designed to be tradable, readily accessible to market participants, and cost efficient to implement. (Oil) CMCI WTI Crude Oil ETC: aims to provide the performance of the UBS Bloomberg CMCI (CMCI) WTI Crude Oil Total Return Index. The CMCI WTI Crude Oil measures the collateralized returns from a basket of WTI Crude oil futures contracts. It is designed to be representative of the entire liquid forward curve of each commodity in the Index. (Wheat) Bloomberg Wheat Subindex: based on the wheat component used in Bloomberg Commodity Index. The Subindex reflects the movement of the wheat futures contracts. (Grains) Bloomberg Grain Subindex: index is a commodity group subindex of the Bloomberg CI. It is composed of futures contracts on corn, soybeans and wheat. It reflects the return of underlying commodity futures price movements only and is quoted in USD. Other significant trend reversals in the soybean complex and corn markets have us wondering if a paradigm shift for food prices is on the horizon. But the commodities story is not all about new trends the fund did benefit from existing trends in industrial metals, as zinc, copper and lead continued their nearly yearlong rallies. BOND YIELDS RISE AMID GLOBAL SELLOFF Although investors largely ignored the Federal Reserve s warnings of interest rate hikes, similar messages from other central banks spurred price action, resulting in a bond selloff. Bond yields surged at the end of June as investors traded on the news that both Bank of England and Bank of Canada officials said that a rise in rates may prove necessary to hasten global economic recovery. Analysts expect U.S. treasury bond yields to rise through July based on strong job and weak wage growth data. Investors believe weak wage growth will limit the extent to which the Fed raises interest rates, meaning the great bond selloff may not be over yet. Our exposure to the global fixed income markets is lower than usual, however the surge in European interest rates was enough to produce moderate losses in our long German bond positions. We remain long European bonds and short U.S. bonds.

4 PORTFOLIO Risk Allocation By Asset Class as of June 2017 COMMODITIES EQUITIES 53.05% 29.76% 13.59% 3.59% CURRENCIES FIXED INCOME» EQUITIES 53.05% S&P 500 Index E-Mini Long 2.99% FTSE China A50 Long 2.83% IBEX 35 Index Long 2.81%» FIXED INCOME 3.59% 3-Month Canadian Short 1.45% Bankers Acceptance Eurodollar Short 0.88% 5-Year U.S. Short 0.58% Treasury Note» CURRENCIES 13.59% Euro / Long 2.53% Japanese Yen U.S. Dollar / Short 2.17% South African Rand» COMMODITIES 29.76% Coffee C Short 2.77% Wheat (Minneapolis) Long 2.56% Sugar #11 Short 2.08% Polish Zloty / Long 2.17% U.S. Dollar 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 PERFORMANCE ATTRIBUTION BY ASSET CLASS June 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. -1.5% -1.0% -0.5% 0% 0.5% 1.0% 1.5% A full listing of all fund holdings are detailed in the fund s Annual Report, Semi-Annual Report and Form NQ which are filed with the SEC and available upon request. EQUITIES FIXED INCOME CURRENCIES COMMODITIES HIGHLIGHTS Contributors» Equities: Long China A50 Index Combined-SGX» Commodities: Long wheat (Minneapolis)» Currencies: Long Australian dollar against Japanese yen» Fixed income: Short Canadian Bankers Acceptance Detractors» Equities: Long FTSE 100 Index (United Kingdom)» Commodities: Short gasoline (New York RBOB)» Currencies: Long Russian ruble against U.S. dollar» Fixed income: Long 2-year German bond (Schatz) 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. 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. 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 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. (Gold) S&P GSCI Gold Index: a sub-index of the S&P GSCI, provides investors with a reliable and publicly available benchmark tracking the COMEX gold future. The index is designed to be tradable, readily accessible to market participants, and cost efficient to implement. (Oil) CMCI WTI Crude Oil ETC: aims to provide the performance of the UBS Bloomberg CMCI (CMCI) WTI Crude Oil Total Return Index. The CMCI WTI Crude Oil measures the collateralized returns from a basket of WTI Crude oil futures contracts. It is designed to be representative of the entire liquid forward curve of each commodity in the Index. (Wheat) Bloomberg Wheat Subindex: based on the wheat component used in Bloomberg Commodity Index. The Subindex reflects the movement of the wheat futures contracts. (Grains) Bloomberg Grain Subindex: index is a commodity group subindex of the Bloomberg CI. It is composed of futures contracts on corn, soybeans and wheat. It reflects the return of underlying commodity futures price movements only and is quoted in USD NLD-7/17/2017