Fund Performance

Quarterly data as of 9/30/2017

RSQ International Equity Fund Performance
Fund/Index 1 Month 3 Month 6 Month Year to Date 1 Year Inception* to Date Gross Expense Ratio Net Expense Ratio**
Investor Share Class RSQVX 2.02% 4.35% 11.64% 20.33% 15.80% 0.87% 1.85% 1.38%
Institutional Share Class RSQIX 2.01% 4.45% 11.73% 20.55% 16.16% 1.12% 1.60% 1.13%
MSCI ACWI
ex-US
1.86% 6.16% 12.30% 21.13% 19.61% 4.07%

Monthly data as of 10/31/2017

RSQ International Equity Fund Performance
Fund/Index 1 Month 3 Month 6 Month Year to Date 1 Year Inception* to Date Gross Expense Ratio Net Expense Ratio**
Investor Share Class RSQVX 0.94% 2.11% 10.13% 21.46% 20.19% 1.10% 1.85% 1.38%
Institutional Share Class RSQIX 0.94% 2.21% 10.22% 21.68% 20.39% 1.34% 1.60% 1.13%
MSCI ACWI
ex-US
1.88% 4.32% 12.02% 23.41% 23.64% 4.47%

*Fund Inception 11/27/2013

**Contractual fee waivers are in effect until February 28, 2017

RSQ International Equity Fund Monthly Returns Data.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-855-355-4RSQ.

The benchmark is the MSCI ACWI Ex-US NR Index, a free float-adjusted market capitalization weighted index designed to measure equity market performance in the global developed and emerging markets, excluding the U.S.

Mutual fund investing involves risk, including possible loss of principal. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, differences in generally accepted accounting principles, or from social, economic, or political instability in other nations. Emerging markets and small cap holdings involve heightened risk related to the same factors, as well as increased volatility and lower trading volume. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. The fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. The use of leverage by the fund managers may accelerate the velocity of potential losses.