WAVEX : Longboard Managed Futures Strategy Fund Class A Shares

Fund Summary

The investment seeks positive absolute returns. The fund seeks to achieve its investment objectives using two principal strategies, a Futures Strategy and a Fixed Income Strategy. To pursue its Futures Strategy, the advisor intends to invest up to 25% of its total assets in the Subsidiary. It generally invests between 70-95% of its assets pursuant to the Fixed Income Strategy and/or in cash and cash equivalents, although the fund reserves the right to invest up to 100% of its assets pursuant to the Fixed Income Strategy and/or in cash and cash equivalents.