Medalist Funds Equity Alternative Annualized Total Return % Name Morningstar Category Morningstar Analyst Rating Morningstar Fee Level Morningstar Rating AC Alternatives® Market Neutral Val I ACVKX Market Neutral ´ Average QQQQ AQR Diversified Arbitrage I ADAIX Market Neutral ´ Below Avg AQR Equity Market Neutral R6 QMNRX Market Neutral ´ Arbitrage R ARBFX Market Neutral BlackRock Global Long/Short Equity BDMIX * Closed to New Investors 1Yr 3Yr 5Yr -2.15 1.84 2.35 Yes QQQ 4.80 2.97 0.90 Yes Below Avg QQQQQ 5.03 8.78 - Yes ´ Average QQQ 1.57 1.81 1.85 No Market Neutral ´ Above Avg QQQQ 7.69 1.01 3.40 No Merger Inv MERFX Market Neutral ´ Average QQQQ 4.09 1.73 2.27 No Touchstone Merger Arbitrage Instl TMGLX Market Neutral ´ Below Avg QQQ 0.92 1.95 1.68 No Vanguard Market Neutral I VMNIX Market Neutral * Low QQQ -0.97 1.49 2.89 No AQR Alternative Risk Premia R6 QRPRX Multialternative ´ Below Avg - - - - No AQR Multi-Strategy Alternative I ASAIX Multialternative ´ Above Avg QQQQQ -1.38 2.01 4.00 Yes AQR Style Premia Alternative I QSPIX Multialternative * Average QQQQQ 11.56 7.80 - Yes AQR Style Premia Alternative LV R6 QSLRX Multialternative * Low QQQQQ 6.69 4.51 - Yes BlackRock Total Factor Inst BSTIX Multialternative ´ Low - 5.63 3.10 3.50 No Dreyfus Global Real Return I DRRIX Multialternative * Low QQQQ 0.80 1.10 2.59 No GMO SGM Major Markets III GSMFX Multialternative ´ Low QQQQ 0.71 1.48 3.33 No Goldman Sachs Absolute Ret Trckr Instl GJRTX Multialternative ´ Low QQQQQ 4.85 2.85 3.79 No JHancock Global Abslte Ret Strats NAV Multialternative ´ Below Avg QQQ 1.77 -0.68 1.67 No Litman Gregory Masters Alt Strats Instl MASFX Multialternative ´ Below Avg QQQQQ 2.98 2.72 3.40 No Principal Global Multi-Strategy Instl PSMIX Multialternative ´ Average QQQQ 2.45 1.68 2.96 No WCM Alternatives Event-Driven Instl WCEIX Multialternative ´ Above Avg QQQ 4.16 1.46 - No Eaton Vance Diversified Currency Inc A EAIIX Multicurrency ´ Average - 4.05 3.81 1.19 No PIMCO Emerging Markets Currency Instl PLMIX Multicurrency ´ Below Avg - 9.31 4.84 0.59 No AllianzGI Structured Return Instl AZIIX Options-based ´ Low QQQ 1.60 3.01 3.98 No Gateway A GATEX Options-based * Low QQQ 3.93 4.40 4.44 No JPMorgan Hedged Equity R6 JHQRX Options-based * Low QQQQ 6.79 6.03 - No Swan Defined Risk I SDRIX Options-based ´ Below Avg QQQ 3.85 2.44 4.66 No Amana Income Inv AMANX Large Blend ´ Above Avg QQQ 10.59 7.76 9.87 No American Funds Fundamental Invs A ANCFX Large Blend Œ Below Avg QQQQ 15.12 12.01 13.48 No American Funds Invmt Co of Amer A AIVSX Large Blend * Low QQQ 11.81 9.89 12.64 No AMG Yacktman Focused N YAFFX Large Blend * Above Avg QQQQ 9.76 9.01 9.54 No AMG Yacktman I YACKX Large Blend Œ Below Avg QQQQ 9.51 8.31 9.31 No AQR Large Cap Multi-Style I QCELX Large Blend ´ Low QQQQ 16.83 9.21 13.10 No Ave Maria Rising Dividend AVEDX Large Blend ´ Average QQQQ 10.28 7.68 10.43 No BBH Core Select N BBTEX Large Blend * Average QQQ 10.03 7.04 8.47 No Bridgeway Blue Chip 35 Index BRLIX Large Blend ´ Low QQQQ 10.69 10.33 11.95 No ClearBridge Appreciation A SHAPX Large Blend * Average QQQ 11.20 8.74 10.98 No *Funds closed to new investors may still be accepting money from existing fundholders. global.morningstar.com/Morningstarmagazine 5http://global.morningstar.com/Morningstarmagazine