DISTRIBUTION & TAX INFORMATION

Queens Road Small Cap Value Fund

YEAR INCOME1 LONG TERM
CAP GAINS
SHORT TERM
CAP GAINS
RECORD
DATE
EX DATE PAYABLE
DATE
2019 $0.0121 $0.9473 $0.0000 12/18/2019 12/19/2019 12/19/2019

Queens Road Value Fund

YEAR INCOME1 LONG TERM
CAP GAINS
SHORT TERM
CAP GAINS
RECORD
DATE
EX DATE PAYABLE
DATE
2019 $0.3742 $0.4813 $0.00 12/18/2019 12/19/2019 12/19/2019

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

HISTORICAL DISTRIBUTION & TAX INFORMATION

Queens Road Small Cap Value Fund

YEAR INCOME1 LONG TERM
CAP GAINS
SHORT TERM
CAP GAINS
RECORD
DATE
EX DATE PAYABLE
DATE
2018 $0.0296 $2.0604 $0.3876 12/19/2018 12/20/2019 12/20/2018
2017 $0.0000 $0.5652 $0.0000 12/20/2017 12/21/2017 12/21/2017
2016 $0.0000 $1.1887 $0.1523 12/14/2016 12/15/2016 12/15/2016
2015 $0.0000 $0.0816 $0.0000 12/16/2015 12/17/2015 12/17/2015
2014 $0.0000 $0.6617 $0.0000 12/17/2014 12/18/2014 12/18/2014
2013 $0.0000 $0.7525 $0.0000 12/26/2013 12/27/2013 12/27/2013
2012 $0.0499 $0.0000 $0.2528 12/26/2012 12/27/2012 12/27/2012

Queens Road Value Fund

YEAR INCOME1 LONG TERM
CAP GAINS
SHORT TERM
CAP GAINS
RECORD
DATE
EX DATE PAYABLE
DATE
2018 $0.3395 $1.0749 $0.0000 12/19/2018 12/20/2018 12/20/2018
2017 $0.2867 $0.6429 $0.0000 12/20/2017 12/21/2017 12/21/2017
2016 $0.3308 $0.7710 $0.0001 12/14/2016 12/15/2016 12/15/2016
2015 $0.2231 $0.3572 $0.0011 12/16/2015 12/17/2015 12/17/2015
2014 $0.2227 $0.7284 $0.0000 12/17/2014 12/18/2014 12/18/2014
2013 $0.1850 $0.0000 $0.0000 12/26/2013 12/27/2013 12/27/2013
2012 $0.2197 $0.0000 $0.0000 12/26/2012 12/27/2012 12/27/2012

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