Performance (MQRIX)

MQRIX MSCI ACWI (Gross) HFRI Equity Hedge (Total)
2015 -1.88 -1.84 -0.45
2016   5.68   8.48  5.54
2017 13.49 24.62 13.16
1 Year  9.09 15.44  9.82
3 Year  5.66  8.71  5.33
YTD -1.05 -0.84  0.71
Since Inception  4.80  8.82  5.54

As of March 31, 2018.  Periods over one year are annualized.  Expense ratio as of most recent prospectus is 1.92% (gross) / 1.51% (net).  Net expense ratio reflects the contractual agreement to waive fees and/or pay operating expenses until March 31, 2019.  Inception date of the Fund is December 31, 2014.

Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost.  Current month-end performance data may be obtained by calling toll-free, 1-855-955-9552.  Net expense ratio ensures total annual fund operating expenses do not exceed 1.25% (exclusions exist) until March 31, 2019.

MSCI ACWI Index captures large and mid cap representation across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries. With 2,469 constituents, the index covers approximately 85% of the global investable equity opportunity set. HFRI Equity Hedge Index consists of Investment Managers who maintain positions both long and short in primarily equity and equity derivative securities. Indices are unmanaged, cannot be directly invested into and do not incur fees, expenses or other costs.

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ACR Alpine Capital Research is a fundamental valuation based asset management firm. Our investment philosophy is rooted in principles essential for successfully evaluating fundamental value and risk, which we believe is the key to investment success.

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