2016 Distribution Information

Queens Road Small Cap Value Fund
Queens Road Small Cap Value Fund - QRSVX
Distribution Type Record Date ExDate Pay Date Amount
Income1 12/14/2016 12/15/2016 12/15/2016 $0.0000
Long Term Capital Gain 12/14/2016 12/15/2016 12/15/2016 $1.1887
Short Term Capital Gain 12/14/2016 12/15/2016 12/15/2016 $0.1523

Queens Road Value Fund
Queens Road Value Fund - QRVLX
Distribution Type Record Date ExDate Pay Date Amount
Income1 12/14/2016 12/15/2016 12/15/2016 $0.3308
Long Term Capital Gain 12/14/2016 12/15/2016 12/15/2016 $0.7710
Short Term Capital Gain 12/14/2016 12/15/2016 12/15/2016 $0.0001

1 The portion of the Income distribution considered a Qualified Dividend distribution will be reported in conjunction with Form 1099-DIV.

2015 Distribution Information

Queens Road Small Cap Value Fund
Queens Road Small Cap Value Fund - QRSVX
Distribution Type Record Date ExDate Pay Date Amount
Income1 12/16/2015 12/17/2015 12/17/2015 $0.00
Long Term Capital Gain 12/16/2015 12/17/2015 12/17/2015 $0.0816
Short Term Capital Gain 12/16/2015 12/17/2015 12/17/2015 $0.00

Queens Road Value Fund
Queens Road Value Fund - QRVLX
Distribution Type Record Date ExDate Pay Date Amount
Income1 12/16/2015 12/17/2015 12/17/2015 $0.2231
Long Term Capital Gain 12/16/2015 12/17/2015 12/17/2015 $0.3572
Short Term Capital Gain 12/16/2015 12/17/2015 12/17/2015 $0.0011

2014 Distribution Information

Queens Road Small Cap Value Fund
Queens Road Small Cap Value Fund - QRSVX
Distribution Type Record Date ExDate Pay Date Amount
Income1 12/17/2014 12/18/2014 12/18/2014 $0.00
Long Term Capital Gain 12/17/2014 12/18/2014 12/18/2014 $0.6617
Short Term Capital Gain 12/17/2014 12/18/2014 12/18/2014 $0.00

Queens Road Value Fund
Queens Road Value Fund - QRVLX
Distribution Type Record Date ExDate Pay Date Amount
Income1 12/17/2014 12/18/2014 12/18/2014 $0.2227
Long Term Capital Gain 12/17/2014 12/18/2014 12/18/2014 $0.7284
Short Term Capital Gain 12/17/2014 12/18/2014 12/18/2014 $0.00

2013 Distribution Information

Queens Road Small Cap Value Fund
Queens Road Small Cap Value Fund - QRSVX
Distribution Type Record Date ExDate Pay Date Amount
Income1 12/26/2013 12/27/2013 12/27/2013 $0.00
Long Term Capital Gain 12/26/2013 12/27/2013 12/27/2013 $0.7525
Short Term Capital Gain 12/26/2013 12/27/2013 12/27/2013 $0.00

Queens Road Value Fund
Queens Road Value Fund - QRVLX
Distribution Type Record Date ExDate Pay Date Amount
Income1 12/26/2013 12/27/2013 12/27/2013 $0.185
Long Term Capital Gain 12/26/2013 12/27/2013 12/27/2013 $0.0000
Short Term Capital Gain 12/26/2013 12/27/2013 12/27/2013 $0.0000

2012 Distribution Information

Queens Road Small Cap Value Fund
Queens Road Small Cap Value Fund - QRSVX
Distribution Type Record Date ExDate Pay Date Amount
Income1 12/26/2012 12/27/2012 12/27/2012 $0.0499
Long Term Capital Gain 12/26/2012 12/27/2012 12/27/2012 $0.0000
Short Term Capital Gain 12/26/2012 12/27/2012 12/27/2012 $0.2528

Queens Road Value Fund
Queens Road Value Fund - QRVLX
Distribution Type Record Date ExDate Pay Date Amount
Income1 12/26/2012 12/27/2012 12/27/2012 $0.2197
Long Term Capital Gain 12/26/2012 12/27/2012 12/27/2012 $0.0000
Short Term Capital Gain 12/26/2012 12/27/2012 12/27/2012 $0.0000