Longboard MANAGED FUTURES
CLASS A SHARES (SYMBOL: WAVEX)
CLASS I SHARES (SYMBOL: WAVIX)
Summary Prospectus October
Before you invest, you may
want to review the Fund’s prospectus, which contains more information about the Fund and its risks. The Fund’s prospectus
and Statement of Additional Information, both dated October 1, 2016, are incorporated by reference into this Summary Prospectus.
You can obtain these documents and other information about the Fund online at www.longboardmutualfunds.com/funddocuments. You can
also obtain these documents at no cost by calling
1-855-294-7540 or by sending an email request to email@example.com.
Objective. The primary investment objective of the Longboard Managed Futures
Strategy Fund (the “Fund”) is to seek positive absolute returns.
and Expenses of the Fund. This table describes the fees and expenses that you
may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A shares if you invest, or
agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from
your financial professional and under “Shareholder Information – More About Class A Shares” beginning on page
14 of the Prospectus.
(fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
Maximum Deferred Sales Charge (Load)
(as a % of the lesser of the original offering price or NAV
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value
of your investment)
This Example is intended to help you compare the cost of investing in the Fund with the
cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each
year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on
these assumptions, your costs would be:
Turnover. The Fund pays transaction costs, such as commissions, when it buys and
sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total
Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the Fund’s fiscal year ended
May 31, 2016, the Fund’s portfolio turnover rate was 0% of the average value of the portfolio.
Investment Strategies. The Fund seeks to achieve its investment objectives using
two principal strategies, a Futures Strategy and a Fixed Income Strategy:
Strategy. The Fund pursues its investment objective by employing a trend following
strategy (identifying opportunities as prices trend up and down) similar in general concept to the managed futures industry at
large. The strategy is systematic and rules based. The Adviser will consider a variety of exchange traded futures contracts and
forward contracts. The Fund’s holdings (either direct or held through a wholly-owned and controlled subsidiary, Longboard
Fund Limited (the “Subsidiary”), will generally be diversified across the equities, energies, interest rates, grains,
meats, soft commodities (such as sugar, coffee, and cocoa), currencies, and metals sectors; and will also be diversified across
North America, Asia, Europe, Australia, and potentially Africa and South America. Through its investment in futures contracts and
forward contracts, the Adviser seeks to capture long term trends in the global financial markets. Futures and forward contracts
are contractual agreements to buy or sell a particular currency, commodity or financial instrument at a pre-determined price in
To pursue the Fund’s Futures Strategy, the Fund intends
to invest up to 25% of its total assets in the Subsidiary. Assets in the Fund’s Subsidiary will be invested in commodity-related
derivatives pursuant to the Futures Strategy. The Fund may also invest directly in certain financial-related derivatives with a
portion of its assets pursuant to the Futures Strategy. Additionally, the Fund will, at times, purchase options on futures contracts,
to cover the potential obligation regarding delivery of assets specified in the contracts. The Fund anticipates that it will generally
invest between 5-30% of its assets (whether directly or through the Subsidiary) pursuant to the Futures Strategy.
The Subsidiary is a wholly-owned and controlled subsidiary of
the Fund, organized under the laws of the Cayman Islands as an exempted company. Generally, the Subsidiary will invest primarily
in commodity futures and swaps on commodity futures but it may also invest in financial futures, option and swap contracts, fixed
income securities, pooled investment vehicles, including those that are not registered pursuant to the 1940 Act, and other investments
intended to serve as margin or collateral for the Subsidiary’s derivative positions.
Income Strategy. The Fixed Income strategy is designed to generate absolute
returns from interest income with less volatility than equity markets by investing primarily in U.S. Dollar-denominated fixed income
(1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities,
(2) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations, (3) U.S. asset-backed securities (“ABS”)
and (4) U.S. structured notes. The Fund restricts fixed income securities to those having a short-term rating of prime (highest
short-term debt category) and/or a long-term rating of investment grade (BBB- or higher). The fixed income portion of the Fund’s
portfolio will be invested without restriction as to individual security maturity, but the average duration (a measure of interest
rate risk similar to maturity) of the fixed income portfolio will not exceed 5 years. The Fund generally invests between 70-95%
of its assets pursuant to the Fixed Income Strategy and/or in cash and cash equivalents, although it reserves the right to invest
up to 100% of its assets pursuant to the Fixed Income Strategy and/or in cash and cash equivalents.
The Adviser acts as the adviser to both the Fund and the Subsidiary.
Risks. Remember that in addition to possibly not achieving your investment goals,
you could lose money by investing in the Fund. The principal risks of investing in the Fund are:
rate levels, and political events affect the securities
and derivatives markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value
and you could lose money.
The bar chart and Average Annual Total Returns table give some indication of
the risks of investing in the Fund. The bar chart shows the performance of Class I shares of the Fund for each full calendar year
since the Fund’s inception. The Average Annual Total Returns table shows how the Fund’s average annual returns compare
with those of a broad measure of market performance. Remember, the Fund’s past performance, before and after taxes, is not
necessarily an indication of how the Fund will perform in the future. Updated performance information will be available at no cost
by calling the Fund toll-free at 855-294-7540.
Class I Shares
Calendar Year Returns as of December 31
The calendar year-to-date return for the Fund’s
Class I shares as of June 30, 2016 was -2.15%.
During the period shown in the bar chart, the best performance
for a quarter was 12.53% (for the quarter ended March 31, 2015). The worst performance was -7.75% (for the quarter ended June 30,
The return shown in the bar chart is for Class I shares. The performance
of Class A shares will differ due to differences in expenses.
Average Annual Total Returns for the periods ended December
I shares of the Longboard Managed Futures Strategy Fund commenced operations on June 27, 2012.
A shares of the Longboard Managed Futures Strategy Fund commenced operations on March 22, 2013.
After-tax returns are based on the highest historical
individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns
depend on an individual investor's tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred
account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher
after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits
the shareholder. After tax returns are shown for only Class I Shares. After tax returns for Class A shares will vary.
The Bank of America Merrill Lynch 3-month U.S. Treasury Bill
Index is an index of short-term U.S. Government securities with a remaining maturity of less than three months.
The SG Trend Index is designed to track the 10 largest (by AUM)
trend following CTAs and is equal-weighted and reconstituted annually. The index calculates the net daily rate of return for a
pool of trend following based hedge fund managers.
Adviser. Longboard Asset Management, LLC serves as the Fund’s investment
adviser (the “Adviser”).
Adviser Portfolio Managers. The following serve as the Fund’s portfolio
and Sale of Fund Shares. You may conduct transactions by mail (Longboard Managed
Futures Strategy Fund, c/o Gemini Fund Services, LLC, 17605 Wright Street, Omaha NE 68130), or by telephone at 1-855-294-7540.
Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary
directly. The minimum initial investment is $2,500, and $10,000, for Class A and Class I shares respectively, with a minimum subsequent
investment of $250, and $2,500 for Class A and Class I shares, respectively, although the Fund reserves the right to waive minimum
initial investment or minimum subsequent investment requirements in its sole discretion.
Information. The Fund’s distributions are taxable, and will be taxed as
ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual
retirement account. Distributions on investments made through tax-deferred arrangements, such as 401(k) plans and individual retirement
accounts, may be taxed later upon withdrawal of assets from such plans or accounts.
to Broker-Dealers and Other Financial Intermediaries. If you purchase Fund shares
through a broker-dealer or other financial intermediary (such as a bank, registered investment adviser, plan sponsor, administrator
or other service provider who may be affiliated with the Adviser or the distributor), the Fund and its related companies may pay
the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing
the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.
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