| Form N-PX | Proxy Voting Records | | | |
| Fund Name: | ACR Multi-Strategy Quality Return (MQR) Fund | | |
| Reporting Period: | 12/31/14 to 6/30/15 | | | |
| | | | | | |
| Issuer: a | Humana Inc. | | | |
| Ticker: b | HUM | | | | |
| CUSIP: c | 444859-102 | | | | |
| Meeting Date: d | 4/16/2015 | | | | |
| | | | | | |
| Ballot Issue e | | Description e | Proponent f | Vote Cast g,h | Mgmt Rec i |
| | | | | | |
| 1.A | | Elect Director Kurt J. Hilzinger | Management | Against | Against |
| 1.B | | Elect Director Bruce D. Broussard | Management | For | For |
| 1.C | | Elect Director Frank A. D'Amelio | Management | Abstain | Against |
| 1.D | | Elect Director W. Roy Dunbar | Management | Abstain | Abstain |
| 1.E | | Elect Directir David A. Jones Jr. | Management | Abstain | Abstain |
| 1.F | | Elect Director William J. McDonald | Management | Abstain | Abstain |
| 1.G | | Elect Director William E. Mitchell | Management | Abstain | Abstain |
| 1.H | | Elect Director David E. Nash, M.D. | Management | Abstain | Abstain |
| 1.I | | Elect Director James o'Brien | Management | Abstain | Abstain |
| 1.J | | Elect Director Marissa T. Peterson | Management | Abstain | Abstain |
| 2 | | Ratification of appointment of Pricewaterhouse Coopers LLP as the Company's independent registered public accounting firm | Management | Abstain | Abstain |
| 3 | | The Approval of the compensation of the named executive officers as disclosed in the 2014 Proxy Statement. | Management | Against | Against |
| | | | | | |
| Issuer: a | Fairfax Financial Holdings Limited | | | |
| Ticker: b | FRFHF | | | | |
| CUSIP: c | 303901102 | | | | |
| Meeting Date: d | 4/16/2015 | | | | |
| | | | | | |
| Ballot Issue e | | Description e | Proponent f | Vote Cast g,h | Mgmt Rec i |
| | | | | | |
| 1 | | 01-Elect Director Anthony F. Griffiths | Management | For | For |
| | | 02-Elect Director Robert J. Gunn | Management | For | For |
| | | 03-Alan D. Horn | Management | For | For |
| | | 04-John R.V. Palmer | Management | For | For |
| | | 05-Timothy R. Price | Management | For | For |
| | | 06-Brandon W. Sweitzer | Management | For | For |
| | | 07-Benjamin P. Watsa | Management | For | For |
| | | 08-Prem Watsa | Management | For | For |
| 2 | | Appointment of Audito | Management | For | For |
| | | | | | |
| Issuer: a | Johnson & Johnson | | | |
| Ticker: b | JNJ | | | | |
| CUSIP: c | 4784160104 | | | | |
| Meeting Date: d | 4/23/2015 | | | | |
| | | | | | |
| Ballot Issue e | | Description e | Proponent f | Vote Cast g,h | Mgmt Rec i |
| | | | | | |
| 1a. | | Elect Director Mary Sue Coleman | Management | Against | Against |
| 1b. | | Elect Director D. Scott Davis | Management | Against | Against |
| 1c. | | Elect Diretor Ian L. Davis | Management | Against | Against |
| 1d. | | Elect Director Alex Gorsky | Management | Against | Against |
| 1e. | | Elect Director Susan L. Lindquist | Management | Against | Against |
| 1f. | | Elect Director Mark B. McClellan | Management | Against | Against |
| 1g. | | Elect Director Anne M. Mulcahy | Management | Against | Against |
| 1h. | | Elect Director William D. Perez | Management | Against | Against |
| 1i. | | Elect Director Charles Prince | Management | Against | Against |
| 1j. | | Elect Director A. Eugene Washington | Management | Against | Against |
| 1k. | | Elect Direct Ronald A. Williams | Management | Against | Against |
| 2 | | Advisory Vote to Approve Named Executive Officer Compensation | Management | Against | Against |
| 3 | | Ratification of Appointment of Independent Registered Public Accounting Firm for 2015. | Management | Abstain | Abstain |
| 4 | | Common Sense Polic regarding Overextended Directors | Management | Against | For |
| 5 | | Alignment between Corporate Values and Political Contributions | Management | Against | For |
| 6 | | Independent Board Chairman | Management | For | Against |
| | | | | | |
| Issuer: a | Danone | | | | |
| Ticker: b | DNOY | | | | |
| CUSIP: c | 399449107 | | | | |
| Meeting Date: d | 4/29/2015 | | | | |
| | | | | | |
| Ballot Issue e | | Description e | Proponent f | Vote Cast g,h | Mgmt Rec i |
| 1 | | Approval of the statutory financial statements for the fiscal year ended 12/+D119:D12431/14 | Management | Not Voted | Not Voted |
| 2 | | Approval of the consolidated financial statements for the fiscal year ended 12/31/14. | Management | Not Voted | Not Voted |
| 3 | | Allocation of earnings for the fisacal yeared ended 12/31/14 and setting of the dividend at &euro:1.50 per share | Management | Not Voted | Not Voted |
| 4 | | Option for the payment of the dividend in shares. | Management | Not Voted | Not Voted |
| 5 | | Renewal of the term of the office of Mr. Jacques Antoine Granjon as Director | Management | Not Voted | Not Voted |
| 6 | | Renewal of the term of office of Mr. Jean Laurent as Director in accordance with Article 15-II of the Company's By Laws. | Management | Not Voted | Not Voted |
| 7 | | Renewal of the term of office of Mr. Benoit Potier as Director | Management | Not Voted | Not Voted |
| 8 | | Renwal of the term of office of Mrs. Mouna Sepehri as Director | Management | Not Voted | Not Voted |
| 9 | | Renewal of the term of office of Mrs. Virgina A. Stallings as Director | Management | Not Voted | Not Voted |
| 10 | | Appointment of Mrs. Serpil Timuray as Director | Management | Not Voted | Not Voted |
| 11 | | Approval of the agreements refered to in Aritlces L.225-38 et seq. of the French commercial code entered into by the Company with the JP Morgan Group. | Management | Not Voted | Not Voted |
| 12 | | Approval of the agreements and undertakings referred to in Articles L.225-38 and L. 225-42-1 of the French commercial code regarding Mr. Emmanual Faber. | Management | Not Voted | Not Voted |
| 13 | | Advisory opinion the components of compensation due or awarded for the fiscal year endede 12/31/14 to Mr. Franck Riboud, Chairman and CEO until 9/30/14. | Management | Not Voted | Not Voted |
| 14 | | Advisory opinion on the components of compensation due or awarded for the fiscal year ended 12/31/14 to Mr. Frank Riboud, Charmain of the Board as from 10/1/2014. | Management | Not Voted | Not Voted |
| 15 | �� | Advisory opinion of the components of compensation due or awarded for the fiscal year ened 12/31/14 to Mr. Emmanual Faber, Deput GM until 9/2/14. | Management | Not Voted | Not Voted |
| 16 | | Advisory opinion on the components of compensation due or awared for the fiscal year ended 12/31/14 to Mr. Emmanual Faber, CEO from 10/1/2014. | Management | Not Voted | Not Voted |
| 17 | | Advisory opinion on the components of compensation due or awarded for the fiscal year ended 12/31/14 to Mr. Bernard Hours. Deput GM until 9/2/14. | Management | Not Voted | Not Voted |
| 18 | | Fixing of the amount of the Directors' attendance fees. | Management | Not Voted | Not Voted |
| 19 | | Authorization granted to the Board of Directos to purchase, retain or transer the Company's shares. | Management | Not Voted | Not Voted |
| 20 | | Delegation of authority to the Board of Directors to issue ordinary shares and securities with preferential subscription right of the shareholders. | Management | Not Voted | Not Voted |
| 21 | | Delegation of authority to the Board of Directos to issue ordinary shares and securities, without preferential subscripiton right of the shareholders, but with the obligation to grant a priorit period. | Management | Not Voted | Not Voted |
| 22 | | Delegation of authority to the Board of Directors to increase the number of securities to be issued in the event of a capital increase without preferential subscription right of the shareholders. | Management | Not Voted | Not Voted |
| 23 | | Delegation of authority to the Board of Directors to issue oridnary shares and securities, without preferential subscription right of the shreholders, in the event of a public exchange offer initiated by the Company. | Management | Not Voted | Not Voted |
| 24 | | Delegation of powers to the Board of Directors to issue ordinary shares and securities, without preferential subscription right of the shareholders, in consideration for contributions in kind granted to the Company and comprised of equity securities or securities giving access to share capital. | Management | Not Voted | Not Voted |
| 25 | | Delegation of authority to the Board of Directos to increase the Company's share capital through incorporation of reserves, profits, premiums or any other amounts that may be capitalized. | Management | Not Voted | Not Voted |
| 26 | | Delegation of authority to the Board of Directors to issue ordinary shares and securities in favor of employees who are memebers of a company savings plan and/or to carry out reserved sales of securities, without preferential subscription right of the shareholders. | Management | Not Voted | Not Voted |
| 27 | | Authorization granted to the Board of Directors to issue allocate existing or newly issued shares of the Company, without preferential subscription right of the shareholders. | Management | Not Voted | Not Voted |
| 28 | | Authorization granted to the Board of Directors to reduce the share capital by canceling shares. | Management | Not Voted | Not Voted |
| 29 | | Powers to carry out formatlities. | Management | Not Voted | Not Voted |
| | | | | | |
| Issuer: a | Express Scripts | | | |
| Ticker: b | ESRX | | | | |
| CUSIP: c | 30219G108 | | | | |
| Meeting Date: d | 5/6/2015 | | | | |
| | | | | | |
| Ballot Issue e | | Description e | Proponent f | Vote Cast g,h | Mgmt Rec i |
| 1a. | | Elect Director Gary G. Benanav | Management | Abstain | Abstain |
| 1b. | | Elect Director Maura C. Breen | Management | Against | Against |
| 1c. | | Elect Director William J. DeLaney | Management | Against | Against |
| 1d. | | Elect Director Elder Granger | Management | Abstain | Abstain |
| 1e. | | Elect Director Nicholas J. LaHowchic | Management | Abstain | Abstain |
| 1f | | Elect Director Thomas P. Mac Mahon | Management | Abstain | Abstain |
| 1g. | | Elect Director Frank Mergenthaler | Management | Abstain | Abstain |
| 1h. | | Elect Director Woodrow A. Myers, Jr. | Management | Against | Against |
| 1i. | | Elect Director Roderick A. Palmore | Management | Abstain | Abstain |
| 1j. | | Elect Director George Paz | Management | For | For |
| 1k. | | Elect Director William L. Roper | Management | Abstain | Abstain |
| 1l. | | Elect Director Seymour Sternberg | Management | Abstain | Abstain |
| 2 | | To ratify appointment of Pricewaterhouse Coopers LLP as the Company's independent registered public accountants for 2015. | Management | Abstain | Abstain |
| 3 | | To approve, by non-binding vote, executive compensation | Management | Against | Against |
| 4 | | Stockholder proposal regarding political disclosures and accountability | Management | Abstain | Abstain |
| 5 | | Stockholder proposal regarding an independent board chariman | Management | For | Against |
| | | | | | |
| Issuer: a | JP Morgan Chase & Co. | | | |
| Ticker: b | JPM | | | | |
| CUSIP: c | 46625H100 | | | | |
| Meeting Date: d | 5/19/2015 | | | | |
| | | | | | |
| Ballot Issue e | | Description e | Proponent f | Vote Cast g,h | Mgmt Rec i |
| 1a. | | Elect Director Linda B. Bammann | Management | Against | Against |
| 1b. | | Elect Director James A. Bell | Management | Against | Against |
| 1c. | | Elect Director Crandall C. Bowles | Management | Against | Against |
| 1d. | | Elect Director Stephen B. Burke | Management | Against | Against |
| 1e. | | Elect Director James S. Crown | Management | Against | Against |
| 1f. | | Elect Director James Dimon | Management | Against | Against |
| 1g. | | Elect Director Timothy P. Flynn | Management | Against | Against |
| 1h. | | Elect Director Laban P. Jackson, Jr. | Management | Against | Against |
| 1i. | | Elect Director Michael A. Neal | Management | Against | Against |
| 1j. | | Elect Director Lee R. Raymond | Management | Against | Against |
| 1k. | | Elect Director William C. Weldon | Management | Against | Against |
| 2 | | Advisory Resolution to approve executive compensation | Management | Against | Against |
| 3 | | Ratification of independent registered public accounting firm | Management | For | For |
| 4 | | Approval of Amendments to Long-Term Incentive Plan | Management | For | For |
| 5 | | Independent board chariman-require and Independent Chair | Management | Against | for |
| 6 | | Lobbying-report on policies, procedures, and expenditures. | Management | Against | for |
| 7 | | Special shareowner meetings-reduce ownership threshold from 20% to 10%. | Management | Against | For |
| 8 | | How votes are counted-count votes using only for and against. | Management | For | Against |
| 9 | | Accelerated vesting provisions-report names of senior executives and value of equity awards that would vest if they resign to enter government service. | Management | Against | For |
| 10 | | Clawback disclosure policy-disclose whether the firm recouped any incentive compensation from senior executives. | Management | Against | For |
| | | | | | |
| Issuer: a | Intel Corporation | | | |
| Ticker: b | INTC | | | | |
| CUSIP: c | 458140100 | | | | |
| Meeting Date: d | 5/21/2015 | | | | |
| | | | | | |
| Ballot Issue e | | Description e | Proponent f | Vote Cast g,h | Mgmt Rec i |
| 1a. | | Elect Director Charlene Barshefsky | Management | Abstain | Abstain |
| 1b. | | Elect Director Aneel Bhusri | Management | Abstain | Abstain |
| 1c. | | Elect Director Andy D. Bryant | Management | Abstain | Abstain |
| 1d. | | Elect Director Susan L. Decker | Management | Abstain | Abstain |
| 1e. | | Elect Director John J. Donahoe | Management | Abstain | Abstain |
| 1f. | | Elect Director Reed E. Hundt | Management | Abstain | Abstain |
| 1g. | | Elect Director Brian M. Krzanich | Management | For | For |
| 1h. | | Elect Director James D. Plummer | Management | Abstain | Abstain |
| 1i. | | Elect Director David S. Potturck | Management | Abstain | Abstain |
| 1j. | | Elect Director Frank D. Yeary | Management | Abstain | Abstain |
| 1k. | | Elect Director David B. Yoffie | Management | Abstain | Abstain |
| 2 | | Ratification of selection of Erns & Young LLP as our independent registered public accounting firm for 2015. | Management | Abstain | Abstain |
| 3 | | Advisory vote to approve executive compensation. | Management | For | For |
| 4 | | Approval of amendment and extension of the 2006 Equity Incentive Plan. | Management | For | For |
| 5 | | Approval of aextension of the 2006 Stock Purchase Plan. | Management | For | For |
| 6 | | Stockholder proposal entitled "Holy Land Principles". | Management | Against | For |
| 7 | | Stockholder proposal whether the Chariman of the Board should be an independent director. | Management | Against | For |
| 8 | | Stockholder proposal whether to adopt an alternative vote counting standard. | Management | Abstain | Abstain |
| | | | | | |
| Issuer: a | Merck & Co. Inc. | | | |
| Ticker: b | MRK | | | | |
| CUSIP: c | 58933Y105 | | | | |
| Meeting Date: d | 5/26/2015 | | | | |
| | | | | | |
| Ballot Issue e | | Description e | Proponent f | Vote Cast g,h | Mgmt Rec i |
| | | | | | |
| 1a. | | Elect Director Leslie A. Brun | Management | Against | Against |
| 1b. | | Elect DirectorThomas R. Cech | Management | Against | Against |
| 1c. | | Elect Director Kenneth C. Frazier | Management | Against | Against |
| 1d. | | Elect Director Thomas H. Glocer | Management | Against | Against |
| 1e. | | Elect Director William R. Harmon Jr. | Management | Against | Against |
| 1f. | | Elect Director C. Robert Kidder | Management | Against | Against |
| 1g. | | Elect Director Rochelle B. Lazarus | Management | Against | Against |
| 1h. | | Elect Director Carlos E. Represas | Management | Against | Against |
| 1i. | | Elect Director Patricia F. Russo | Management | Against | Against |
| 1j. | | Elect Director Craig B. Thompson | Management | Against | Against |
| 1k. | | Elect Director Wendell P. Weeks | Management | Against | Against |
| 1l. | | Elect Director Peter C. Wendell | Management | Against | Against |
| 2 | | Advisory vote to approve executive compensation | Management | For | For |
| 3 | | Ratification of the appointment of the Company's independent registered public accounting firm for 2015. | Management | Abstain | Abstain |
| 4 | | Proposal to amend and restate the 2010 Incentive Stock Plan. | Management | Against | Against |
| 5 | | Proposal to amend and restate the Executive Incentive Plan. | Management | Against | Against |
| 6 | | Shareholder proposal concerning shareholders' right to act by written consent. | Management | For | Against |
| 7 | | Shareholder proposal concerning accelerated vesting of equity awards. | Management | For | Against |
| | | | | | |
| Issuer: a | Resolute Forest Products, Inc. | | | |
| Ticker: b | RFP | | | | |
| CUSIP: c | 3687209 | | | | |
| Meeting Date: d | 5/29/2015 | | | | |
| | | | | | |
| Ballot Issue e | | Description e | Proponent f | Vote Cast g,h | Mgmt Rec i |
| 1.01 | | Elect Director Michael P. Desbiens | Management | For | For |
| 1.02 | | Elect Director Jennifer C. Dolan | Management | For | For |
| 1.03 | | Elect Director Richard D. Falconer | Management | For | For |
| 1.04 | | Elect Director Richard Gameau | Management | For | For |
| 1.05 | | Elect Director Jeffrey A. Heam | Management | For | For |
| 1.06 | | Elect Director Bradley P. Martin | Management | For | For |
| 1.07 | | Elect Director Alain Rheaume | Management | For | For |
| 1.08 | | Elect Director Michael S. Rousseau | Management | For | For |
| 1.09 | | Elect Director David H. Wilkins | Management | For | For |
| 2 | | Ratification of Pricewaterhouse Coopers LLP appointment | Management | For | For |
| 3 | | Advisory vote to approve executive compensation ("say-on-pay") | Management | For | For |
| 4 | | Re-approval of the material terms of the performance goals included in the Resolute Forest Products Equity Incentive Plan. | Management | For | For |
| | | | | | |
| Issuer: a | Walmart Stores, Inc. | | | |
| Ticker: b | WMT | | | | |
| CUSIP: c | 931142103 | | | | |
| Meeting Date: d | 6/5/2015 | | | | |
| | | | | | |
| Ballot Issue e | | Description e | Proponent f | Vote Cast g,h | Mgmt Rec i |
| 1a. | | Elect Director Aida M. Alvarez | Management | Against | Against |
| 1b. | | Elect Director James I. Cash, Jr. | Management | Against | Against |
| 1c. | | Elect Director Roger C. Corbett | Management | Against | Against |
| 1d. | | Elect Director Pamela J. Craig | Management | Against | Against |
| 1e. | | Elect Director Michael T. Duke | Management | Against | Against |
| 1f. | | Elect Director Timothy P. Flynn | Management | Against | Against |
| 1g. | | Elect Director Thomas W. Horton | Management | Against | Against |
| 1h. | | Elect Director Marissa A. Mayer | Management | Against | Against |
| 1i. | | Elect Director C. Douglas McMillon | Management | Against | Against |
| 1j. | | Elect Director Gregory B. Penner | Management | Against | Against |
| 1k. | | Elect Director Steven S. Reinemund | Management | Against | Against |
| 1l. | | Elect Director Kevin Y. Systrom | Management | Against | Against |
| 1m. | | Elect Director Jim C. Walton | Management | Against | Against |
| 1n. | | Elect Director S. Robson Walton | Management | Against | Against |
| 1o. | | Elect Director Linda S. Wolf | Management | Against | Against |
| 2 | | Ratification of Ernsty & Young LLP as Independent Accountants. | Management | Abstain | Abstain |
| 3 | | Advisory Vote to Approve Named Executive Officer Compensation | Management | Against | Against |
| 4 | | Approval of the Wal-Mart Stores, Inc. Incentive Plan of 2015. | Management | Against | Against |
| 5 | | Request for Annual Report Recoupment of Executive Pay. | Management | Against | For |
| 6 | | Proxy Access for Shareholders. | Management | For | Against |
| 7 | | Report on Greenhouse Gas Emission from the International Marine Shipping. | Management | Against | For |
| 8 | | Request for Annual Reporting Incentive Compensation Plans. | Management | For | Against |
| 9 | | Independent Chairman Policy. | Management | For | Against |