April, 2015

INVESTMENT SUMMARY FUND DESCRIPTION Fund Launch1 October 2013 The Infinity Core Alternative Fund invests with multi-strategy Ticker ZVAMIX alternative investment managers who have significant CUSIP 456677103 long-term track records.

FUND STRUCTURE The underlying managers have exposure to a broad range of - 1940 Act & 1933 Act strategies across a wide range of security types and regions. Primary strategies include Long/ Equity, Distressed - Continuously Offered Securities, Event Driven, Quantitative Equity and Securities - Closed-End Tender Fund .

INVESTMENT TERMS Objective: Seeks Long-Term Capital Growth Minimum Investment $25,000 Use For: Core Alternative Holding Net Expense Ratio 1.50% Performance Fee None Tax Reporting 1099 Liquidity Monthly Subscriptions BENEFITS Quarterly Tenders This fund offers investors efficient exposure to the alternative universe through a concentrated fund comprised of multi- PORTFOLIO MANAGEMENT strategy alternative investment managers. Advisor Vivaldi Asset Mgmt. Sub-Advisor Infinity Capital Advisors Low correlation with traditional equity and fixed income asset classes. Portfolio Manager Jeffrey Vale, CAIA PORTFOLIO COMPOSITION MANAGER LINE-UP Long / Short Equity 30.1% Quantitative Equity 15.6% 5% Quantitative Credit 13.5% 6% 11.5% 11% Distressed/Event Driven 10.8% 18% Merger Arbitrage 4.3% Other Strategy 4.1% Portfolio Hedges 3.6% 9% 2.7% 6% Energy 2.1% Real Estate / MBS 1.0% Private Equity 0.7% 12% As of 03/31/2015 17% DE Shaw & Co. Millennium Mgt. 10% 5% King Street Capital Citadel Advisors Elliott Mgt. Caxton Associates As of 05/01/2015 Eton Park Capital Mgt. Perry Capital

1Beginning October 1, 2013, the Fund was offered through a confidential private placement memorandum. Balyasny Asset Mgt. Cash On December 20, 2013, the fund became registered under the Investment Company Act of 1940. On April 18, 2014, the Fund became registered under the Securities and Exchange Act of 1933. Anchorage Capital MANAGER LINE-UP As of 05/01/2015

DE SHAW MILLENNIUM KING STREET CITADEL ELLIOTT CAXTON ETON PARK PERRY BALYASNY ANCHORAGE

Quantitative Relative Distressed / Credit & Activist / Global Macro L/S Equity Opportunistic/ L/S Equity Fundamental Value Event Driven L/S Equity Distressed & Credit Event Driven L/S Credit

20+ Year 18+ Year 20+ year 35+ Year 30+ Year 10 Year 25 Year 15 Year 12 Year Track Record 20+ Year Track Record – Track Record Track Record – Track Record, Track Record Track Record Track Record Track Record Track Record no down years only 11 down only 1 quarters negative year

1,300 1,000 185 1,200 Over 300 200 130 107 230+ 144 Employees Employees Employees Employees Employees Employees Employees Employees Employees Employees Worldwide Worldwide Worldwide Worldwide Worldwide Worldwide Worldwide Worldwide Worldwide Worldwide

9 Different Over 120 Over 40 7 Different 33 PM Teams 25 PM 35 Investment 42 Investment Over 130 58 Strategy PM Teams Research Strategy Teams Professionals Professionals Investment Investment Buckets Professionals Buckets Professionals Professionals

Firm Capital: Firm Capital: Firm Capital: Firm Capital: Firm Capital: Firm Capital: Firm Capital: Firm Capital: Firm Capital: Insiders 15%+ of 19%+ of 5%+ of 30%+ of 12%+ of 8%+ of 5%+ of 7%+ of 12%+ of 6% of Investor Base Investor Base Investor Base Investor Base Investor Base Investor Base Investor Base Investor Base Investor Base Investor Base

Minimum Minimum Minimum Minimum Minimum Minimum Minimum Minimum Minimum Minimum Investment: Investment: Investment: Investment: Investment: Investment: Investment: Investment: Investment: Investment: $10M $10M $10M $5M $5M $5M $5M $5M $1M $10M

See disclaimer page for additional information. PERFORMANCE INFORMATION JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC YTD

2013 1.21% 1.25% 1.08% 3.58%

2014 0.81% 1.08% -0.35% -0.79% 1.06% 0.83% 0.84% -0.04% 1.65% -1.43% 1.73% 0.76% 6.26%

2015 0.59% 1.68% 0.89% 0.20% 3.19%

Estimates are italicized (Fund performance information is in part based on estimates provided by Portfolio Funds through the date of finalization of Fund's monthly performance information. Estimated Fund performance information is expected to change upon finalization of such month's performance returns.)

Past performance does not guarantee future results. Beginning October 1, 2013, the Fund was offered through a confi- dential private placement memorandum. On December 20, 2013, the fund became registered under the Investment Com- pany Act of 1940. On April 18, 2014, the Fund became registered under the Securities and Exchange Act of 1933. The performance history is net of all fees and reflects the impact of the expense limitation and reimbursement agreement. If the expense limitation and reimbursement agreement were not in place the Fund’s performance would have been reduced. As stated in the prospectus, the gross expense ratio is 2.0%.

Phone: 847.386.2900 • [email protected]

DISCLAIMERS & RISKS:

The Fund should be considered a speculative investment and there is no guarantee the Fund will successfully achieve its investment objective. The Fund is appropriate only for investors who can tolerate a high degree of risk, do not require liquid investment and are able to sustain a complete loss of their investment.

The past investment performance of other investments cannot be construed as an indication of the future results of the Fund. The Fund differs from open end management investment companies in that investors to not have the right to redeem shares on a daily basis at a price based on net asset value. There should be no expectation of an investor being able to sell their shares, regardless of performance. Only a limited number of shares will be eligible for repurchase through the share repurchase program. Selling shares to a third party may result in the investor receiving less than the purchase price. It will be difficult to reduce exposure on a timely basis during a market downturn given the limited liquidity of the fund. Repurchase offers are subject to the discretion of the Board of Directors.

Investments in the fund will not be registered as investment companies under the Investment Company Act. The Fund is also subject to limited operating history, industry concentration risk, repurchase offers, limited liquidity risk, leverage and risk, legal, tax and regulatory risk and non-qualification as a regulated investment company under the code. In addition, the investor is subject to multiple levels of fees and expenses, underlying manager risk, valuation risk, high portfolio turnover risk, limited control over underlying managers, arbitrage risk, equity, bond and asset- back securities risk, foreign risk, currency risk, risk and credit default swaps risk. Please read the prospectus of a detailed explanation of all Fund risk.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about the Fund, please call 847.386.2900. Read the prospectus carefully before investing.

Morningstar MultiAlternative Category: These funds will use a combination of alternative strategies such as taking long and short positions in equity and debt, trading futures, or using convertible arbitrage, among others. Funds in this category have a majority of their assets exposed to alternative strategies and include both funds with static allocations to alternative strategies and funds tactically allocating among alternative strategies and asset classes.

The HFRX Global Fund Index is designed to be representative of the overall composition of the universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity , event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry.

The performance of the Morningstar MultiAlternative Index and HFRX Global Index (the “Indices”) is shown strictly for the purpose of comparison between the Fund and the Indices. The Index data represented herein uses the most recent estimates available and is subject to change. Please note that an investor cannot invest directly in an index. The performance and volatility of the Fund will be different than those of the Index.

Foreside Fund Services, LLC, distributor