Beta Rotation Fund

ATAC Beta Rotation Fund Performance

Average Annual Total Returns as of Month Ending: 2

3 Month Year to Date 1 Year Since Inception* Annualized Since Inception* Cumulative
ATAC Beta Rotation Fund 1.42% -0.04% 14.10% 3.88% 11.64%

Average Annual Total Returns as of Quarter Ending: 12/31/16

3 Month Year to Date 1 Year Since Inception* Annualized Since Inception* Cumulative
ATAC Beta Rotation Fund 2.27% 8.74% 8.74% 4.13% 11.69%
*The ATAC Beta Rotation Fund inception date is 4-9-14.

Gross Expense Ratio: 4.11%
Net Expense Ratio*: 1.86%

Performance data quoted represents past performance and 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. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-855-ATACFUND. The fund imposes a 2.00% redemption fee on shares held less than 90 days, and if reflected, the fee would reduce the performance shown.

*Pension Partners, LLC (the “Adviser”) has contractually agreed to waive its management fees and pay certain Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses of 0.11%, leverage, interest, interest expense, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.75% of the average daily net assets of the Fund. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of three fiscal years following the fiscal year during which such fee waiver and expense payment was made, if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is in effect and cannot be terminated through at least December 28, 2017. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with the consent of the Board. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.