(Frequently Used PDFs) Statement of Additional Information Prospectus

Why Consider a Tactical Approach?

Differentiated stock exposure

The Fund seeks to produce positive returns by investing in stocks that regularly make a string of new price highs over several years.

Seeks to Reduce Bear Market Risk

The portfolio is broadly diversified across large-, mid-, and small-cap US stocks that have made a string of new highs. This broad exposure helps reduce downside risk.

Unconstrained Approach

Unlike many active strategies, the Fund may tactically shift away from stocks and into cash during periods of market instability like 2008.

Seeks Long-term Capital Appreciation

The primary investment objective of the Longboard Alternative Growth Fund (the "Fund") is to seek long-term capital appreciation.

Who are the Fund's Competitors?

The Fund seeks to outperform the Morningstar Long/Short Equity category. Unlike most long/short equity funds, the Fund will always be net long. The Fund's primary benchmark is the S&P 500 TR Index.

Portfolio Information

Class Ticker Inception Date Unitary Fee* CUSIP
A LONAX 12/09/15 1.99% 66538F728
I LONGX 3/19/15 1.99% 66538F694
*Total Annual Operating Expenses for the Longboard Alternative Growth Fund are 2.24% and 1.99% for Class A and I, respectively.