The Tradex Global Liquid 50 Portfolio is a focused portfolio of three core strategies and approximately 15 managers. The underlying managers primarily focus on long/short equity, volatility arbitrage and liquid mortgage strategies. The underlying managers trade very liquid instruments in these liquid strategies and have nearly a zero possibility of gating, suspending or side pocketing any asset. By mandate, The Liquid 50 Portfolio cannot gate or side-pocket. The Portfolio is concentrated in actively traded funds that provide high percentages of realized P&L. Tradex's expertise in identifying and investing in alpha-centric, smaller, niche managers creates increased value for investors over time. Proprietary systematic models, strong qualitative screening and a rigorous operational due diligence process support Tradex in sourcing managers. The Tradex proprietary models have factors that are centered around identifying hedge funds that produce quality and sustainable returns over time. The Portfolio implements a discretionary hedging overlay program to offset market volatility. The Portfolio, now with more than three years of track record, is poised to generate higher returns than shown in the past as markets normalize and dispersion between securities returns. Tradex Global is an SEC Registered Investment Advisor.