nsignia Macro Fund: A Differentiated Approach to Global...

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH THE RETAIL PUBLIC • 3032-20 • 2/22/2018 1

Managed by Meritage Capital, LLC • Wholesale distribution services by Provasi Capital Partners LP

Data as of December 31, 2017

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH THE RETAIL PUBLIC.

A differentiated approach to global macro and managed futures

3032-20 • MER246 Exp. Date 4/30/2018

4Q 2017


Table of Contents

Section Page

Meritage Capital Overview 3

Why Global Macro? 9

Why Insignia Macro Fund? 13

Insignia Macro Fund Managers 21

Meritage Capital Leadership Team 31

Glossary 36

Key Contacts 38

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH THE RETAIL PUBLIC • 3032-20 • 2/22/2018 3FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH THE RETAIL PUBLIC • 3032-20 • 2/22/2018 3

Meritage Capital Overview


About Meritage Capital

❖ Meritage Capital, LLC1 is a $1.1 billion2

boutique investment management firm specializing in differentiated hedge fund solutions.

❖ Founded in 2003, the firm is owned by two family offices that have a shared vision for performance excellence, integrity, intellectual curiosity and transparency.

❖ Aligning their interests with investors, these three family offices have invested a significant portion of their own capital in the firm’s funds.

❖ Meritage Capital’s seasoned investment professionals average over 20 years of investment management and operations experience.

1An SEC-registered investment adviser. Meritage Capital is also registered with the CFTC as a CPO. Registration with these regulatory entities does not constitute their endorsement of the Firm or any

of its past, current or future funds or services. 2As of 12/31/2017

Core Values

❖ We hold ourselves to the highest standard of personal and professional integrity.

❖ Our firm applies rigor to every aspect of our work in pursuit of excellence.

❖ We maintain courage to embrace change and challenge the status quo.

❖ Meritage Capital is a team-first, collaborative firm.

❖ We demonstrate accountability in all areas of our endeavor.


Investment Philosophy

Our investment philosophy hinges on the following beliefs:

❖ We firmly believe that a tailored hedge fund allocation is an integral component of a well-diversified portfolio.

❖ The very best global investment talent has gravitated to the hedge fund industry and continues to do so.

❖ Hedge fund managers have more investment latitude, giving them more flexibility to preserve capital and exploit market opportunity compared with traditional investment managers.


Board of ManagersTom Meredith – Chairman

Alex Smith ● Joe Wade

Alex Smith, CFA*

Chief Executive Officer

Investment and Research Team Operations

Joe Wade*

Chief Investment Officer

Glenn Stotts, CAIA*

Deputy Chief Investment OfficerManaging Director

Tina Badciong, CPAChief Financial Officer

Hi Roberts V, CPAAnalyst

Dave Swann, JDChief Compliance Officer

Rahul GuptaIntern Analyst

Rachel ThwingSenior Accounting and

Finance Associate

Debbie BartzAdministrative Coordinator

Meritage Team Overview

*Investment Committee Member **Consultant


Products and Portfolios

Custom Solutions

Meritage manages multiple custom portfolios tailored to the specific objectives and constraints of institutional and high-net-worth clients

▪ Substantial direct access to the Meritage Capital Investment Team

▪ Portfolios can be built to stand alone or complement other investments

▪ Structuring alternatives - Fund of One- Separately Managed Account*

Commingled Strategies

Global Macro Fund▪ Launched in 2004▪ 10–20 managers▪ Targets equity-like returns, with low

correlation to long only and hedged equity alternatives; seeks to profit from directional opportunities

Long/Short Equity Fund▪ Launched in 2004▪ 10–15 managers▪ Seeks to deliver superior returns

compared to the broad equity markets while maintaining a hedged portfolio

Absolute Return Fund▪ Launched in 2004▪ 15–20 managers▪ Low beta, multi-strategy focused on

generating consistent risk-adjusted annual returns with low-to-moderate correlation to the traditional equity and bond markets

Liquid Alternative Strategy(in a mutual fund structure)

Insignia Macro Fund

▪ Mutual fund adhering to the requirements of the Investment Company Act of 1940

▪ Fund objective: long-term risk-adjusted total return

▪ Global Macro/Managed Futures strategy consisting of 5–15 managers

▪ Exposure to global macro/CTA managers that trade in large, liquid markets and seek to profit from directional opportunities

▪ Seeks to provide exposure to commodities-related investment strategies and produce attractive risk-adjusted returns with low correlation to the equity markets

*A Separately Managed Account (SMA) does not have a prospectus, is not registered and does not afford the same oversight as a 1940 Act fund. Insignia Macro Fund is a 1940 Act fund and is distributed by

ALPS Distributors, Inc. Wholesale distribution services provided by Provasi Capital Partners LP. SMAs and related investment advisory services are provided by Meritage Capital, LLC, a federally registered

investment advisor. ALPS Distributors, Inc. and Provasi Capital Partners LP are not affiliated with Meritage Capital, LLC.


Provasi Capital Partners offers access to specialized investment strategies through a multi-manager approach that presents advisors and their clients with unique options for allocating capital, managing risk and diversifying assets.

Our Mission

Providing access to specialized investment strategies to build better portfolios.

About Provasi Capital Partners


Why Global Macro?

Historically low volatility and correlation compared to equities, fixed income and other asset classes


Global Macro Outperforms Equitiesand Fixed Income

Source: Zephyr StyleAdvisor

Past performance is neither indicative nor a guarantee of future results. Total return includes reinvestment of dividends and capital gains. Investors cannot invest

directly in an index. Alternative investments may involve higher fees, limited liquidity and greater risks, including higher volatility and the opportunity for significant losses

compared to traditional investment strategies. Alternative investments are not suitable for all investors.

The hypothetical examples included in this presentation are intended for illustrative purposes only, and are not intended as an offer or solicitation to adopt a particular

investment strategy or to purchase or sell any security. Provasi Capital Partners does not represent, warrant or guarantee that this material is accurate, complete or

suitable for any purpose and it should not be used as a basis for investment decisions. This material does not purport to contain all of the information that a prospective

investor may wish to consider and is not to be relied upon or used in substitution for the exercise of independent judgment.

Growth of $1,000(1/1/1990 – 12/31/2017)

Hypothetical illustration


Global Macro May Increase Return Relative to Risk


directly in an index. These hypothetical portfolios are for illustrative purposes only and should not be considered representative of actual investment results. Alternative

investments may involve higher fees, limited liquidity and greater risks, including higher volatility and the opportunity for significant losses compared to traditional

investment strategies. Alternative investments are not suitable for all investors.


Risk/Return (1/1/1990 – 12/31/2017)


Global Macro Has Helped Minimize Losses During Market Downturns

1.63%

-3.70%

0.93%

-0.12%

-1.71%

-3.79%

-1.22%

1.19%

-0.10%

0.63%

-16.80%

-14.46%

-10.87% -10.65%

-9.12% -9.04% -8.91%-8.43% -8.43%

-8.08%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

Oct '08 Aug '98 Sep '02 Feb '09 Feb '01 Aug '90 Sep '08 Jun '08 Jan '09 Sep '01

HFRI Macro (Total) Index S&P 500 Index

HFRI Macro Performance During the S&P 500’s Worst 10 Months(1/1/1990 – 12/31/2017)


directly in an index. Alternative investments may involve higher fees, limited liquidity and greater risks, including higher volatility and the opportunity for significant losses

compared to traditional investment strategies. Alternative investments are not suitable for all investors.



Why Insignia Macro Fund?

A combination of strategies offering lower volatility and correlation compared to traditional asset classes


Over the past 25 years, global macro strategies have shown higher long-term returns with lower volatility than developed equity markets, as well as lower correlation to equities, fixed income and other asset classes.*

What is Insignia Macro Fund? A combination of distinct investment strategies that are globally focused on commodities, currencies, equities and fixed income.

Who manages the Fund? Managed by Meritage Capital, LLC and led by portfolio managers with decades of experience in manager analysis and selection, and supported by a team fluent in constructing diverse multi-manager portfolios.

How can the Fund benefit investors? Seeks returns that are uncorrelated to equities, fixed income and other asset classes, while targeting lower volatility, potentially increasing portfolio diversification.

Key Characteristics

*Source: Zephyr StyleAdvisor, 2017


Why Insignia Macro Fund?

Combining non-traditional investment strategies in a daily liquidity mutual fund provides advisors and investors access to global macro/managed futures managers, to diversify investment portfolios, potentially enhance returns and mitigate market volatility.

Global Macro/Managed Futures

The Fund allocates to global macro/managed futures managers seeking to achieve low correlation to equities, fixed income and other asset classes.

Fixed Income* The fixed income strategy is designed to generate interest income and preserve principal by investing primarily in investment-grade securities.

Institutional Asset Manager

▪ Investment team meets with hundreds of hedge fund managers annually.

▪ Thorough risk management and due diligence.

▪ Independent administration and custody.

Client Friendly Structure

▪ Offers daily liquidity, daily NAV and full transparency of underlying investments.

▪ Simple investing process eliminates subscription documents, has low minimums and uses 1099 tax reporting.

*Sub-advised by Sage Advisory Services, Ltd. Co.

The Fund intends to pursue its global macro/managed futures strategy by investing up to 25% of its total assets in a wholly-owned subsidiary. The Fund may also make global macro/managed futures

investments directly, outside of such subsidiary. There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses.

Past performance is neither indicative nor a guarantee of future results.


Investment Process

The views expressed herein are for informational purposes only, and are derived by Meritage from current market conditions and assumptions, which may materially change over time.

Sourcing & Screening:

▪ Identify macro and hedge fund strategy risks and opportunities

▪ Leverage proprietary network to source top manager talent

Due Diligence:

▪ Evaluate absolute and relative performance

▪ Review investment process and business organization

▪ Operation due diligence and background checks

Portfolio Construction:

▪ Create concentrated, unique blends of top managers with niche strategies

▪ Each portfolio is constructed to achieve specific return and risk objectives

▪ Allocate with regards for conviction, risk, correlation, and liquidity

Monitoring:

▪ Rigorous monitoring of existing manager performance

▪ Ongoing qualitative, quantitative and operational due diligence

▪ High-touch monitoring and frequent communication with managers

▪ Reevaluate conviction and performance of every manager


Unique Approach to Global Macro

Strategy BlendFundamental, discretionary global macro traders combined with trend following CTAs and quantitative managers to maximize diversification.

Low VolatilityFund aims to provide diversifying exposure to global macro managers in a portfolio with less volatility than the equity market over time.

Proactive Portfolio ManagementPortfolio transparency combined with investment team’s trading experience provides opportunity for proactive asset allocation.

Positive Convexity/Long VolatilityPortfolio construction may benefit from volatility expansions usually associated with market dislocations and equity declines.

Positive SkewUnlike most hedge fund strategies, global macro exhibits positive skew—an indication that the performance outliers tend to be gains, not losses.

DiversificationFocus on managers small enough to exploit opportunities in smaller, less efficient markets.

Concentrated and NicheFund will typically invest in 5 to 15 managers we believe to be “best of breed.”

Disciplined ProcessProven and repeatable process to identify and proactively monitor managers.

Alignment of Interests Alignment of interests with managers – “skin in the game.”

The views expressed herein are for informational purposes only, and are derived by Meritage from current market conditions and assumptions, which may materially change over time.

Past performance is neither indicative nor a guarantee of future results.


Summary: Insignia Macro Fund

1 The global macro/managed futures mangers selected by Meritage Capital to gain exposure to the global macro/managed futures managers, sub strategies and programs are subject to change at any time, and

any such change may alter the Fund’s access and percentage exposures to each such manager, sub-strategy and program. Although the Fund intends to pursue its global macro/managed futures strategy by

investing up to 25% of its total assets in a wholly-owned subsidiary, the Fund may also make global macro/managed futures investments directly, outside of such subsidiary.

2 The Adviser has contractually agreed to limit the amount of the Fund’s Total Annual Fund Operating Expenses, exclusive of Distribution and Service (12b-1) Fees, Shareholder Service Fees, Acquired Fund Fees

and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses, to 1.75% of the Fund’s average daily net assets. This agreement is in effect through 1/31/2018. The Adviser will be

permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described.

Fund StructureThe Fund gains exposure to global macro/managed futures managers through a swap of its subsidiary. Managers are selected at the discretion of the Adviser.

Global Macro/Managed Futures Managers1

▪ H2O Asset Management ▪ Willowbridge Associates ▪ QMS Capital Management ▪ Quantitative Investment Management ▪ Abraham Trading Company ▪ Millburn Ridgefield Corporation

Total Annual Fund Operating Expenses/Total Annual Fund Expenses After Waiver2

A shares: 2.21% / 2.01%I shares: 1.95% / 1.76%

Minimum Initial InvestmentA shares: $2,500I shares: $250,000

NAV Daily

Liquidity Daily

Tax Reporting 1099


Insignia Macro Fund Exposure

The Fund may invest up to 25% of its total assets in a wholly-

owned subsidiary, which in turn invests the majority of its

assets in swaps, notes or similar derivatives that provide

exposure to and the performance of global macro/managed

futures managers selected by Meritage Capital.

Fixed Income Strategy (Sage Advisory Services)

75%

Global Macro/Managed FuturesStrategy25%

Global Macro/Managed Futures Strategy ExposureAs of 12/31/2017

* The global macro/managed futures mangers selected by Meritage Capital to gain exposure to the global macro/managed futures managers, sub strategies and programs are subject to change at any time, and

any such change may alter the Fund’s access and percentage exposures to each such manager, sub-strategy and program. Although the Fund intends to pursue its global macro/managed futures strategy by

investing up to 25% of its total assets in a wholly-owned subsidiary, the Fund may also make global macro/managed futures investments directly, outside of such subsidiary.

H2O Asset Management

24.16%

QMS Capital Management

19.22%

Quantitative Investment

Management16.91%

Willowbridge Associates

13.50%

Abraham Trading Company

13.45%

Millburn Ridgefield Corporation

12.76%


Past performance is neither indicative nor a guarantee of future results. The performance data quoted represents past performance and includes all applicable fees and expenses. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data shown for less than one year is not annualized. You can obtain current month-end performance data by visiting insigniafunds.com.

Fund Expense Ratios: Class A - Gross 2.21%, Net 2.01%; Class I - Gross 1.95%, Net 1.76%. As of 1/28/2017, Meritage Capital, LLC (the “Adviser”) has contractually agreed to limit the amount of the Fund’s Total Annual Fund Operating Expenses, exclusive of Distribution and Service (12b-1) Fees, Shareholder Service Fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses, to 1.75% of the Fund’s average daily net assets. This agreement is in effect through 1/31/2018.*Class A shares have a maximum front-end sales charge of: 5.50%

Insignia Macro Fund I Shares Monthly Performance

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual

2017 -0.61% 1.22% 0.30% 0.20% -1.00% -1.52% -1.34% 0.52% -0.83% 1.46% -1.44% -0.42% -3.44%

2016 1.08% -0.10% -1.76% -0.99% 0.10% -0.10% 0.90% -0.40% -1.10% 0.91% -0.40% -0.66% -2.53%

2015 3.59% 0.27% 0.91% -1.53% 0.27% -2.74% 2.16% -0.83% 0.28% -0.65% 1.30% -1.35% 1.53%

2014 0.00% 0.00% -0.60% -1.21% 0.71% -1.01% 0.10% 1.63% 4.62% -1.44% 0.78% 2.77% 6.36%

(As of 12/31/2017)

Cumulative Returns Annualized Returns

1 Month 4Q 2017 YTD 1 Year 3 YearsSince

Inception†

Class A (Net Asset Value)* -0.49% -0.49% -3.52% -3.52% -1.56% 0.35%

Class A (Maximum Offering Price)* -5.99% -5.99% -8.79% -8.79% -3.41% -1.05%

Class I (Net Asset Value) -0.42% -0.42% -3.44% -3.44% -1.50% 0.41%

HFRI Macro (Total) Index 0.66% 2.46% 2.25% 2.25% 0.67% 1.87%

S&P 500 Index 1.11% 6.64% 21.83% 21.83% 11.41% 11.98%

†Inception Date: 12/31/2013

Insignia Macro Fund Performance


Global Macro/Managed Futures Strategy Managers

Information on underlying managers is presented for informational purposes only and is not an indication of future performance. The information is

presented solely to provide background on the underlying manager’s investment activities.


Abraham Trading Company

Portfolio: Abraham Diversified ProgramStrategy: Quantitative | Technical ModelsLocation: Canadian, TX

Abraham’s strategy has been to maintain no directional bias (either long or short) and to generate returns that are not dependent on the economy. Since 1988, the strategy has historically provided non-correlated returns during market dislocations. The current strategy includes a blend of predominantly trend following and mean reversion, but also includes short-term momentum, stock index momentum and short-term trend following. Abraham has a highly diversified portfolio, typically comprised of over 50 global futures markets. Generally, there is a majority weighting to physical commodity futures which is an important strategy differentiation.

Source: Abraham Trading Company, as of 1/20/2018.

Past performance is neither indicative nor a guarantee of future results. Returns are shown net of fees and reflect the reinvestment of dividends and other earnings. Return results have been reduced for

management fees and expenses. Returns in italics are preliminary. The performance information contained herein was obtained from a third party. Although the information from third-party data providers has

been obtained from sources deemed to be reliable, no representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein.


2017 -2.58% -0.15% -1.52% 1.22% -4.25% -0.62% 0.68% 1.44% -2.99% -0.02% -1.33% -0.89% -10.90%2016 7.13% 2.58% -3.76% 2.56% -0.71% 2.40% 1.29% -1.61% -4.32% 0.80% -3.15% 0.21% 1.25%2015 4.95% -1.11% 1.21% -5.09% -2.37% 0.18% 1.26% -4.66% 2.11% -3.61% 2.14% -1.07% -6.38%2014 2.39% -0.29% 0.19% 0.51% -0.34% 3.40% 2.95% 1.98% 2.22% 1.93% 4.62% 0.02% 21.27%2013 0.81% -0.86% 0.49% 2.41% -1.31% -0.31% -0.47% -1.28% 2.55% -1.70% -1.42% 1.64% 0.43%2012 -1.05% -1.54% -4.27% 1.62% 5.65% -4.44% 4.69% -0.43% -2.48% -2.92% -0.67% 0.64% -5.60%2011 1.57% 3.35% -6.78% 5.82% -3.68% -5.49% 5.64% -2.06% -0.72% -3.69% 1.35% 0.41% -5.10%2010 -0.86% -0.36% 1.42% -2.54% -3.92% -1.73% -1.92% 3.70% 4.56% 3.80% -1.72% 8.54% 8.56%2009 -0.74% 0.12% -1.82% -3.12% 3.89% 0.53% -2.30% 1.48% 0.07% -1.12% 1.55% -3.97% -5.55%2008 6.44% 6.57% -0.21% 0.34% -0.94% 2.04% -4.19% 0.08% 5.55% 4.73% 2.01% 3.76% 28.80%2007 -1.08% -4.00% -2.32% 6.50% 4.96% 3.66% -2.54% -3.73% 5.20% 4.32% 1.16% 6.47% 19.20%2006 2.56% -1.53% 5.71% 2.75% -1.70% -2.32% -5.26% 2.72% -1.51% 4.08% 2.23% 1.41% 8.93%2005 -5.48% -8.95% -1.00% -10.04% 1.93% 6.66% -12.16% 15.74% -5.79% -5.98% 14.15% 3.96% -10.95%2004 0.47% 8.38% 0.88% -6.22% 2.53% 1.37% 6.74% -12.25% 7.84% 4.32% 2.79% -0.51% 15.38%2003 24.18% 13.18% -4.73% 2.02% 5.59% -7.06% -4.86% -3.54% 7.02% 22.09% -0.03% 8.69% 74.66%2002 -1.73% 1.33% -6.62% 4.99% 1.51% 7.75% -3.97% 9.86% 3.29% -10.19% -1.80% 18.41% 21.51%2001 2.28% 2.99% 15.17% -10.20% 5.13% 4.47% -2.85% 4.89% 9.28% 4.13% -13.68% -0.50% 19.16%2000 8.02% -9.05% -4.16% 5.48% -2.58% -2.19% -5.26% 11.76% -4.53% 9.51% 8.58% -0.18% 13.54%1999: 4.76%

1998: 4.39%

1997: 10.88%

1996: -0.42%

1995: 6.12%

1994: 24.22%

1993: 34.29%

1992: -10.50%

1991: 24.39%

1990: 89.95%

1989: 17.81%

1988:142.04%


H2O Asset Management

Portfolio: H2O Force 10Strategy: Discretionary | FundamentalLocation: London, U.K.

H2O is a London based discretionary global macro firm. The investment team left Amundi, Europe's second-largest asset manager, together to launch H2O. The firm employs a top down, long-term value approach that is complemented by short-term trading. Each investment team member has a specialty, but they roll their views up into eight to 12 portfolio themes that vary in time horizon from six to 24 months.

Source: H20 Asset Management, as of 1/20/2018.


2017 -3.32% -0.85% 5.23% 0.95% 1.10% 0.94% -0.35% -0.30% 2.55% 3.18% -1.22% -4.57% 2.74

2016 -3.32% -6.44% -2.33% -0.07% 4.64% -11.01% 3.23% 5.10% -2.68% 8.29% 0.75% 3.06% -2.40%

2015 4.41% 5.41% 0.98% -1.58% 3.16% -2.64% 6.76% -1.70% -1.21% 4.32% 4.09% -4.38% 18.26%

2014 0.14% -0.55% 2.78% 1.02% 0.35% -3.38% 3.58% -0.50% 8.24% -3.74% 1.07% 0.10% 8.92%

2013 3.38% -0.65% -1.33% 8.65% 6.17% 0.10% 2.34% -0.38% 0.76% 2.57% 0.46% 2.88% 27.43%

2012 2.53% 5.56% 1.29% -2.88% 0.70% 5.05% 0.45% 2.52% 1.51% 3.37% 1.94% 1.82% 26.33%

2011 2.65% -0.31% -1.09% -0.27% -5.66% 0.42% 7.19% 2.85% 0.56% 0.81% 6.88%





Millburn Ridgefield Corporation


2017 2.13% -1.40% 0.96% -0.89% -3.77% 0.90% -2.47% 8.16% 1.21% 0.05% -0.60% 4.90% 7.54%

2016 4.63% 2.24% -1.51% -1.79% 1.47% -0.09% 0.33% -1.70% -1.36% 1.24% -1.07% -5.07% -2.97%

2015 0.18% 0.76% 3.89% -3.66% 3.90% 1.08% 4.88% -2.01% 2.67% -0.39% 5.38% 6.95% 25.69%

2014 2.75% 3.77% 1.03% 2.50% 0.93% 0.84% 1.94% 4.10% 8.11% 1.43% 0.41% -2.38% 28.18%

2013 -0.82% -1.30% -0.24% -0.17% -1.82% 0.08% -0.63% -0.68% -0.58% -1.89% -0.07% 0.17% -7.69%

2012 -1.60% -0.86% 1.11% -1.23% -0.49% -3.46% 1.34% -1.15% -3.76% -2.51% -1.86% -1.85% -15.27%

2011 1.80% 2.90% -0.39% 2.35% -5.05% -5.44% 2.09% -0.61% -4.12% -1.34% 2.41% 0.11% -5.64%

2010 -2.01% -0.37% 4.46% 0.68% -7.09% -1.78% -2.89% -0.49% 4.54% 4.88% 0.62% 8.49% 8.37%

2009 -0.41% 0.88% -4.10% -2.28% -4.23% -0.82% -1.15% 2.43% 0.42% -2.88% 2.47% 0.75% -8.83%

2008 3.69% 16.64% -6.54% 1.67% 3.22% 7.31% -6.82% -3.76% 1.93% 9.23% 1.69% 1.38% 31.03%

2007 1.07% 0.64% -4.51% 1.84% 0.73% -0.77% -0.11% -3.13% 7.62% 5.09% -0.08% 5.60% 14.17%

2006 10.31% -2.47% 4.16% 7.14% 0.56% -2.65% -0.96% -1.43% 0.41% 3.33% 0.96% 0.30% 20.55%

2005 1.24% -6.23% -1.98% -2.65% -0.36% 6.53% 0.15% -0.16% 6.70% 3.43% 6.11%

Source: Millburn Ridgefield Corporation, as of 1/20/2018.




Portfolio: Millburn CommodityStrategy: Quantitative | Technical ModelsLocation: New York, NY

Millburn Commodity program implements a fully systematic program focused exclusively on the commodity markets. The program implements three primary systems: trend following, spread and composite. The Investment Committee sets the broad system allocations withapproximately 10% to trend following models, 40% to spread and 50% to composite on a risk allocation basis. The composite implements machine learning techniques to add alpha and complement the traditional trend following strategies. The composite strategy applies 10 to 15 models to each market, where each model varying with data inputs and time frames, determines a series of coefficients for each data input. The aggregate of the individual models is used to determine a function that best fits the market, and is used to produce a near-term forecast for each market. The spread strategy within the commodity program uses price and non-price data inputs to take positions in inter-commodity spreads and relative value opportunities based on inherent contract mechanics or market structures. The legacy trend following strategy is applied across all markets with different look-back windows.


Portfolio: QIM GlobalStrategy: Quantitative | Fundamental & Technical ModelsLocation: Charlottesville, VA

QIM uses over 1,200 quantitative models to recognize and predict the direction of approximately 50 of the most liquid futures markets. Each model generates a new signal for each market every day. The model predicts price action over the next 24 hours and provides arecommended trade signal accordingly. Each market signal is aggregated to generate an overall position level for the respective market. The models are not aggregated equally, and the weightings are not dynamic, remaining unchanged unless specifically altered by the research team. Risk is allocated between the traded markets based on the liquidity in the underlying contract. QIM does have control as to the concentration of risk within a particular sector while the investment team looks to keep risk allocations between these ranges: Indices (30 –56%), Interest Rates (20 – 44%), Currencies (6 – 17%), Energies (8 – 20%) and Metals (1 – 5%).

Quantitative Investment Management


2017 3.17% 1.06% 0.99% -0.09% -0.05% 0.18% 0.15% -3.12% 2.89% 2.78% -1.75% 0.92% 6.04%

2016 2.59% 6.16% -2.98% 0.15% 1.59% 0.84% 0.14% 0.62% 1.92% -1.26% 2.51% 3.55% 16.69%

2015 -0.18% 2.27% -1.42% 5.07% 0.73% 3.95% -1.46% 3.17% 4.60% 0.23% 4.07% -1.62% 20.82%

2014 0.99% 0.43% -2.43% -4.90% -0.36% -0.13% -0.75% -1.39% 2.61% -2.88% -0.09% -3.90% -12.30%

2013 -2.51% -0.43% -2.61% -1.32% -0.05% -0.38% 0.43% 1.30% -1.15% 0.04% 2.21% 4.24% -0.43%

2012 -4.49% -1.41% 1.20% 5.77% 7.17% 1.29% -2.05% 0.52% 0.32% -1.81% -2.99% 1.66% 4.65%

2011 0.33% 1.29% -0.41% -2.33% -3.22% -0.90% 1.14% 0.30% 4.55% 3.01% 4.36% -2.87% 4.99%

2010 -4.32% -0.45% -1.01% 0.08% -1.28% 0.45% -0.77% 1.39% 0.40% 2.50% -1.90% 1.97% -3.08%

2009 5.99% -0.10% -2.29% 4.29% 3.43% -0.52% 1.82% 0.70% 1.45% -2.38% 2.18% -3.70% 10.93%

2008 -7.59% 5.30% 3.55% 1.86% 5.78% -1.53% -1.84% 3.36% 3.10% -2.54% 2.31% 0.90% 12.51%

2007 1.67% 1.37% 5.40% 1.27% -3.80% 1.18% 2.03% 7.56% 1.04% 4.27% 3.40% 1.19% 29.53%

2006 0.57% 1.60% 1.48% -2.15% 5.02% -2.31% 2.34% -0.02% -1.19% 2.29% 0.10% -1.16% 6.51%

2005 -0.40% -1.65% 4.26% 5.77% 2.85% -1.97% 0.55% 1.40% 0.86% 0.56% 2.04% 3.05% 18.43%

2004 0.92% 3.51% -8.93% -0.63% 2.94% 1.44% 2.07% 0.10% 6.05% 5.75% 9.58% -1.69% 21.85%

2003 5.88% -2.64% 3.35% 6.54%

Source: Quantitative Investment Management, as of 1/20/2018.





QMS Capital Management

Portfolio: QMS Diversified Global Macro StrategyStrategy: Quantitative | Fundamental & Technical ModelsLocation: Durham, NC

The QMS Diversified Global Macro strategy is a quantitative, systematic, long-short investment program, well-diversified across asset classes, conceptual investing themes, modeling approaches, and trading time horizons. The strategy currently trades in highly liquid global futures and forwards, including equity indexes, sovereign rates/bonds, commodities, and currencies. QMS believes substantial value is recognized by combining lower frequency fundamental economic views with higher frequency trades driven by market-based signals. A fundamental understanding of the economic environment most suitable for each model facilitates systematic tactical allocation among the various styles of investing employed. Strict risk management is embedded in the portfolio optimization process and is managed at the individual model level, the thematic level, the asset class level, and the portfolio level.

Source: QMS Capital Management, as of 1/20/2018.


2017 1.97% 2.31% -3.28% -1.11% 1.51% -9.11% -3.64% 2.86% -4.23% 1.42% -1.67% 2.61% -10.88%

2016 5.25% 2.43% -5.53% -2.34% -4.60% 7.03% 3.30% -2.55% -2.68% -2.73% -5.04% -2.07% -10.00%

2015 9.26% 0.69% 3.09% -3.46% -1.05% -5.25% 1.58% -3.20% 1.60% 1.19% -0.17% -0.91% 2.65%

2014 -2.77% -0.24% -1.32% -1.16% 2.40% -1.44% -7.07% 6.56% 6.04% 1.45% 5.92% 8.73% 17.14%

2013 6.24% 0.70% 2.06% 3.29% -2.45% -0.49% -0.26% -0.27% 2.07% 0.89% 8.13% 1.36% 22.91%

2012 3.15% 6.67% 1.38% -1.51% -8.78% -0.20% 5.43% 3.09% -0.32% -1.48% 3.00% 0.98% 11.04%

2011 0.34% 2.00% -4.00% 3.32% 0.84% 0.45% 4.00% -2.79% -1.87% 2.22% 0.21% -2.87% 1.50%

2010 1.48% 0.80% 2.62% 1.78% 1.05% -2.70% 0.52% 5.59%





Willowbridge Associates

Portfolio: Willowbridge Multi-StrategyStrategy: Discretionary | FundamentalLocation: Plainsboro, NJ

The Willowbridge Multi-Strategy is a global macro discretionary strategy that seeks to profit from trading of futures on currencies, fixed income, stock indices and commodities. The strategy is executed by founder and principal trader, Philip Yang and by financial markets trader Frank Marrapodi. These two seasoned professionals both have extensive experience managing proprietary strategies, yet typically have different market views and risk parameters. The strategy seeks to use analysis of fundamental and technical information to develop a risk assessment to formulate reward-to-risk expectations for a broad number of liquid markets and is implemented with wide risk parameters enabling the strategy to stay in high conviction positions. The strategy broadly seeks “value” trades looking for positions that are cheap relative to the market with position sizing keying off risk assessment.

Source: Willowbridge Associates, as of 1/20/2018.


2017 -1.46% -3.03% -0.47% -3.88% -4.12% -1.71% -2.11% -0.80% -0.30% -18.16%





Meritage Capital Leadership Team


Board of Managers

Tom MeredithCo-FounderChairman of the Board

Tom Meredith is a co-founder and Chairman of the Board of Managers of Meritage Capital. Mr. Meredith’s career spans more than 30 years and includes extensive experience in corporate finance, manufacturing, finance operations and global financial markets. Prior to establishing Meritage in 2003, Mr. Meredith was a Managing Director of Dell Ventures, the private equity arm of Dell Inc. He also served as Senior Vice President of Business Development and Strategy and Chief Financial Officer of Dell Inc. Prior to his time at Dell, Mr. Meredith was Vice President and Treasurer of Sun Microsystems. Mr. Meredith was also co-founder and General Manager of Amdahl Capital Corporation.

Mr. Meredith currently serves on several boards including BrightStar Corporation and BazaarVoice, Inc. He is also a Director of The Nature Conservancy and co-founder and Director of the Waller Creek Conservancy. Mr. Meredith received a Bachelor of Arts degree in Political Science from St. Francis University, a Juris Doctorate degree from Duquesne University of Law and a Master of Laws degree in Taxation from Georgetown University. Mr. Meredith also received honorary degrees from St. Francis University and Duquesne University Business School.

Alex Smith, CFACo-FounderChief Executive OfficerBoard of Managers

Alex Smith is a co-founder and the Chief Executive Officer of Meritage Capital. He is also a member of the Board of Managers and a voting member of the firm’s Investment Committee. Mr. Smith’s career spans more than 30 years in the global financial markets and high-tech industry sectors. Prior to establishing Meritage in 2003, Mr. Smith founded and was a Managing Director of Dell Ventures, the private equity arm of Dell Inc. He also served as Vice President and Treasurer of Dell Inc. Prior his time at Dell, Mr. Smith held finance and treasury positions at Commodore International, Ltd. and EDS.

Mr. Smith is the President of St. James’s Park Holding, LLC, an Austin, Texas-based family office. Mr. Smith serves on several boards including The University of Florida Investment Company’s Board of Trustees and the Children’s Medical Center Foundation of Central Texas. Mr. Smith previously served as the Chairman of the Children’s Medical Center Foundation of Central Texas and continues to serve on the Board and as a member of the Finance Committee of the organization. He is also a member of the Dean’s Business Advisory Council for The University of Florida’s Warrington College of Business Administration and a member of the MBA Investment Fund Advisory Committee at The University of Texas at Austin. Mr. Smith received a Bachelor of Science degree in Business Administration, Economics from The University of Florida and a Master’s degree in International Management from Thunderbird School of Global Management. Mr. Smith holds the Chartered Financial Analyst® (CFA) designation.


Board of Managers

Joe WadeChief Investment OfficerBoard of Managers

Joe Wade is the Chief Investment Officer of Meritage Capital. He is also a member of the Board of Managers, and a voting member of the firm's Investment Committee. Mr. Wade has drawn upon more than 38 years of industry experience to develop the firm's investment philosophy.Mr. Wade chairs the Investment Committee and oversees manager due diligence, portfolio construction and risk management of the firm's commingled funds, liquid alternatives strategies and custom portfolio solutions. Prior to combining firms with Meritage, Mr. Wade founded Centennial Partners, LLC, a Memphis, Tennessee-based investment management firm where he was Chief Investment Officer and a member of the Board of Managers.

Prior to Meritage and Centennial, Mr. Wade founded Alternative Investment Strategies, a firm whose primary focus was advising clients with hedge fund and CTA portfolios. Mr. Wade's extensive background in securities and alternative investments also includes a tenure as President and Chief Investment Officer of 6800 Capital, a fund-of-funds sponsor and trading manager; Manager of Managed Futures for Morgan Keegan and Co. and J.C. Bradford & Co.,two regional brokerage firms; Account Executive at Thomson McKinnon; and Vice President of Hancock & Harwell. Mr. Wade received a Bachelor of Science degree, majoring in Commerce and Business Administration, from the University of Alabama.


Investment Professionals

Glenn Stotts, CAIADeputy Chief Investment Officer Managing Director

Glenn Stotts is the Deputy Chief Investment Officer and a Managing Director of Meritage Capital. He is also a voting member of the firm's Investment Committee. Utilizing more than 18 years of industry experience, he is responsible for managing the firm’s directional investment strategies. Prior to joining Meritage in 2006, Mr. Stotts served as an Associate at The University of Texas Investment Management Company. He was also a Strategy Analyst at Merrill Lynch and a Senior Associate at Mainspring (acquired by IBM). He currently serves on the Investment Committee of the Austin Community Foundation and the Endowment Committee of Tarrytown United Methodist Church. He is also a member of the Alumni Admission Council of Northwestern University. Mr. Stotts received a Bachelor of Arts degree in Economics and International Studies from Northwestern University and a Master of Business Administration degree in Finance from The University of Texas at Austin. Mr. Stotts holds the Chartered Alternative Investment Analyst (CAIA) designation.

Hi Roberts V, CPAAnalyst

Hi Roberts V is an Analyst of Meritage Capital. He is responsible for analyzing capital markets and research coverage of the firm's investment strategies. Prior to joining Meritage in 2017, Mr. Roberts served as an Experienced Associate at PricewaterhouseCoopers, LLP in the financial services audit practice. Mr. Roberts received a Bachelor of Business Administration degree from The University of Texas at El Paso where he played on the Division I golf team. He was a four-time recipient of the Conference USA Commissioners Academic Medal. Mr. Roberts received a Master of Professional Accounting degree from The University of Texas at Austin and holds the Certified Public Accountant (CPA) designation. Mr. Roberts is a 2018 Level II candidate in the Chartered Financial Analyst® (CFA) Program.

Rahul GuptaAnalyst

Rahul Gupta is an Analyst of Meritage Capital. His responsibilities include analyzing the capital markets as well as researching fund managers and various investment strategies with a special emphasis on quantitative, trading-oriented, and options-based strategies. Mr. Gupta is enrolled in one remaining class at the University of Texas-Austin before graduating in May 2018. He is a member of the computer science honors program and is the president of the Texas Undergraduate Computational Finance Group (UCF) at UT-Austin, an investment team focused on quantitatively analyzing and trading financial markets. In November 2016, Mr. Gupta won a foreign currency competition at the Fall Intercollegiate Trading Competition at the Massachusetts Institute of Technology (MIT) in Boston.


Operations

Tina Badciong, CPAChief Financial Officer

Tina Badciong is the Chief Financial Officer of Meritage Capital. Prior to joining Meritage (through Centennial Partners, LLC), Ms. Badciong served as the Chief Financial Officer of Alternative Investment Strategies. She was also an Internal Auditor for Marshall & Ilsley Corp. and a Staff Auditor for the National Futures Association. Ms. Badciong received a Bachelor of Science degree in Finance at The University of Illinois and a Master of Science degree in Accounting from The University of Memphis. Ms. Badciong holds the Certified Public Accountant (CPA) designation.

Dave Swann, JDChief Compliance Officer

Dave Swann is the Chief Compliance Officer of Meritage Capital. Utilizing more than 20 years of industry experience, he is responsible for the administration, direction, management and oversight of the compliance functions as well as operational due diligence for the firm. Prior to joining Meritage in 2016, Mr. Swann served as the Regulatory and Legal Officer at the Virginia Retirement System, heading operational due diligence for the $65 billion institution. He was also the Chief Compliance Officer at Century Management, an Austin, Texas-based investment advisory firm. Prior to his career in investment-related regulatory and compliance, he served as an Assistant City Attorney providing legal guidance to the San Antonio Local Development Company and the City of San Antonio Economic Development Department. Mr. Swann received a Bachelor of Arts degree from The University of Virginia, a Master of Business Administration degree from Jacksonville University and a Juris Doctorate degree from St. Mary’s University School of Law. Mr. Swann is a licensed attorney in good standing with the State Bar of Texas.

Rachel ThwingSenior Accounting and Finance Coordinator

Rachel Thwing is responsible for accounting and finance functions of Meritage Capital. Prior to joining Meritage in 2016, Ms. Thwing served as a Senior Associate at KPMG, LLP in the audit practice. Ms. Thwing received a Bachelor of Business Administration degree and a Master in Professional Accounting degree from The University of Texas at Austin. Ms. Thwing passed all four sections of the Certified Public Accountant (CPA) exam.

Debbie BartzAdministrative Coordinator

Debbie Bartz is the Administrative Coordinator of Meritage Capital. Prior to joining Meritage in 2013, Ms. Bartz served as a Project Specialist at The University of Texas at Austin. She was also an Executive Assistant to the general counsel at Viryd Technologies. Ms. Bartz received a paralegal certification from The University of Texas at Austin.


Indexes/Glossary

Index Descriptions*

Standard & Poor’s 500 Total Return Index:S&P 500 Total Return Index measures the performance of large capitalization U.S. stocks and is widely considered representative of equities in general. The S&P 500 is a market-value-weighted index of 500 stocks that are traded on the NYSE, AMEX and NASDAQ. Returns include reinvested dividends.

Barclays Capital U.S. Aggregate Bond Index:Barclays US Aggregate Bond Index measures the performance of the broad U.S. fixed income market, and is widely considered representative of fixed income in general. The index includes U.S. government, corporate and mortgage-backed securities with maturities of at least one year. Returns include reinvested dividends.

HRFI Macro (Total) Index:The HFRI Macro (Total) Index is an equally weighted performance index. It uses the HFR database and consists only of macro funds with a minimum of US$50 million AUM or a 12-month track record and that report assets in USD. It is calculated and rebalanced monthly, and shown net of all fees and expenses. It is an index comprised of investment managers that trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top-down and bottom-up theses, quantitative and fundamental approaches and long- and short-term holding periods. Although some strategies employ relative value (RV) techniques, macro strategies are distinct from RV strategies in that the primary investment thesis is predicated on predicted or future movements in the underlying instruments, rather than realization of a valuation discrepancy between securities. In a similar way, while both macro and equity hedge (EH) managers may hold equity securities, the overriding investment thesis is predicated on the impact that movements in underlying macroeconomic variables may have on security prices, as opposed to EH, in which the fundamental characteristics of the company are the most significant and integral to the investment thesis. Index returns are updated periodically and are subject to change; returns were accurate as of the publication date of this presentation.

Glossary

Drawdown:A measure of risk often expressed as the percentage loss of a fund or strategy from its highest value to its lowest value within a specific time period.

Standard Deviation:A measure of the variation of returns around the mean return. Standard deviation is the most widely used approximation of the risk of an individual investment or portfolio.

*Investors cannot invest directly in an index.


Mutual Fund Risks

Investors should carefully consider the investment objectives, risks, charges and expenses of Insignia Macro Fund described herein. This and other important information about the Fund is contained in the Fund prospectus, which can be obtained by calling 866.655.3600 or downloaded at insigniafunds.com. The prospectus should be read carefully before investing.

MUTUAL FUNDS INVOLVE RISK INCLUDING POSSIBLE LOSS OF PRINCIPAL.

The Fund is subject to various risks including, but not limited to, commodity risk, counterparty risk, credit risk, derivatives risk, fixed income risk, foreign currency risk, foreign investment risk, issuer-specific risk, leverage risk, liquidity risk, management risk, market risk, new fund risk, non-diversification risk, short position risk, structured note risk, swap risk, taxation risk, turnover risk, underlying funds risk and wholly-owned-subsidiary risk.

Investing in commodity futures markets subjects the Fund to volatility as commodity futures prices are influenced by unfavorable weather, geologic and environmental factors, regulatory changes and restrictions. Trading on foreign exchanges and foreign investments, including exposure to foreign currencies, involves risks not typically associated with U.S. investments, including fluctuations in foreign currency values, adverse social and economic developments, less liquidity, greater volatility, less developed or inefficient trading markets, political instability and differing auditing and legal standards. These risks are magnified in emerging markets.

The Fund’s use of derivatives such as futures, swaps, structured notes and options contracts exposes the Fund to additional risks such as leverage risk, tracking risk and counterparty default risk that it may not be subject to if it invested directly in the underlying securities. Although futures contracts are generally liquid, under certain market conditions there may not always be a liquid secondary market. Option positions held may expire worthless and cause a loss. The use of leverage can increase share price volatility and magnify gains or losses, as well as cause the Fund to incur additional expenses.

The value of an investment in fixed income securities and derivatives will typically fall when interest rates rise. Other risks include credit risk, which refers to an issuer’s ability to make interest and principal payments when due. Below investment grade and high yield or junk bond debt is subject to heightened credit risk, liquidity risk and risk of default.

The Fund may engage in short selling and short position derivative activities, which are considered speculative and involve significant financial risk. Short positions profit from a decline in price so the Fund may incur a loss on a short position if the price increases. The potential for loss in shorting is unlimited. Shorting may also result in higher transaction costs which reduce return. Investing in commodities through a controlled foreign corporation Subsidiary involves taxation and regulatory risk. Where applicable, income received from commodities-related investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains. Changes in applicable foreign and domestic laws could result in the inability of the Fund and/or Subsidiary to operate.

Underlying funds in which the Subsidiary gains exposure will pay management fees, commissions, operating expenses and performance based fees to each manager it retains. As a result, the cost of investing in the Fund may be higher than a mutual fund that invests directly in securities. There is no guarantee that any of the trading strategies used by the managers retained will be successful. The Adviser’s judgments about the investment expertise of each manager accessed may prove to be inaccurate and may not produce the desired results. Meritage Capital, LLC, ALPS Distributors, Inc. and Provasi Capital Partners LP are not affiliated with the managers of the underlying funds in the Fund.

The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, and therefore, may invest more than 5% of total assets in the securities of one or more issuers. As a result, performance may be more sensitive to any single adverse market, economic, or regulatory occurrence than a diversified fund.

The Fund is distributed by ALPS Distributors Inc., member FINRA. Wholesale distribution services provided by Provasi Capital Partners LP. Meritage Capital, LLC, Sage Advisory Services Ltd. Co., ALPS Distributors Inc. and Provasi Capital Partners LP are not affiliated. This material was prepared by Provasi Capital Partners on behalf of the issuer.

Provasi Capital Partners LP is a member of FINRA/SIPC.


For More Information

Provasi Capital Partners—National Accounts

Jim RyanManaging Director, National [email protected]

Micah JordanVice President, National [email protected]

insigniafunds.com

provasicapital.com

Investment Adviser Wholesale Distributor

Meritage Capital, LLC Provasi Capital Partners LP515 Congress Avenue, Suite 2200 14675 Dallas Parkway, Suite 600Austin, TX 78701 Dallas, TX 75254512.637.9700 [email protected] [email protected]

@provasicapital

Provasi Capital Partners

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