Registered Investment Advisor Portfolio Manager Summary Cross Shore Discovery Fund

111 Great Neck Road, Suite 210 1 International Place, 24th Floor Great Neck, NY 11021 Boston, MA 02110 Tel: (516) 684-4040 Tel: (617) 310-4801 Contact: Relations (516) 684-4040 [email protected]

March, 2015 Cross Shore Capital Management, LLC

This summary is based on information provided to Cross Shore Capital Management, LLC by the various fund managers and is believed to be accurate; however Cross Shore Capital Management, LLC has not independently verified all of the following data. Because of these limitations, the performance information should not be relied upon as a precise reporting of actual performance, but rather a general indication of past performance. Historical performance shown is based on the performance of a specific fund, as indicated, and is not intended to represent the composite performance for all funds from a specific portfolio manager or firm. Performance experienced by the Cross Shore Funds investment in a manager or fund may vary from what is shown.

Cross Shore Capital Management, LLC maintains the right to add or remove managers at its discretion.

This publication is for informational purposes only and is not intended as an offer to purchase interest in Cross Shore Discovery Fund. Full details are available in the Prospectus. While reasonable care has been taken to ensure that the information herein is factually correct, Cross Shore Capital Management, LLC makes no representation as to its accuracy or completeness. The information herein is subject to change without notice.

2 Table of Contents FIRM PORTFOLIO MANAGER(S) PAGE

 Armistice Capital Steven Boyd Page 4

 Atika Capital Mgmt Brad Farber Page 5

 Bloom Tree Partners Alok Agrawal Page 6

 Game Creek Capital Sean Murphy Page 7

 Light Street Capital Mgmt Glen Kacher Page 8

 Lomas Capital Dan Lascano, Charlie LoCastro, Rob McIntosh Page 9

 Long Pond Capital John Khoury Page 10

 Riverloft Capital Mgmt Marc Lehmann Page 11

 Sachem Head Capital Mgmt Scott Ferguson Page 12

 Shellback Capital, L.P. Jonathan Hilsabeck, Douglas Gordon, Donald Jabro Page 13

 Suvretta Capital Mgmt Aaron Cowen Page 14

 Tiger Legatus Capital Mgmt Jesse Ro Page 15

3 Armistice Capital Fund: Armistice Capital Offshore Fund, Ltd. Inception Date: May 2012 Focus: Event Driven / Trading Auditor: KPMG Administrator: SS&C Fund Services Legal: Seward & Kissel Firm AUM (12/31/14): $135 Million Gross / Net Exposure Weighting (2/28/2015): 8.2%

Armistice Capital is a value-oriented and event-driven fund that is focused exclusively on the healthcare and consumer sectors. The Fund will invest opportunistically across the , generating proprietary ideas with the goal of identifying undervalued themes and inflection points in the market place. The Fund invests primarily in small and mid cap companies, with a 3-9 month time-frame for catalyst realization. Bottom up financial models are constructed to assess all components of a company’s capital structure, with an emphasis on free cash flow development. In all of its investing activities, the Fund emphasizes capital preservation and seeks to mitigate risk through various hedging strategies at both position and portfolio levels. Steven Boyd is the founder and portfolio manager of Armistice Capital. Prior to founding Armistice in 2012, Mr. Boyd had been a senior research analyst at Senator Investment Group (2008-2011). Prior to joining Senator, Mr. Boyd was an associate at York Capital, focusing primarily on investments in consumer and healthcare equities (2007-2008). Prior to York, Mr. Boyd was an analyst at SAB Capital Management, a value-oriented long/ equity (2005- 2007). Mr. Boyd began his career as a business analyst at McKinsey & Company Average Gross Exposure: 275% (2003-2005). He received a B.S. in Economics (with a concentration in Finance) as well as a B.A. in Political Science from The Wharton School of the University of Pennsylvania (2003). Average Net Exposure: 45%

4 Atika Capital Management Fund: Atika Offshore Fund, Ltd. Inception Date: February 2013 Focus: Value Auditor: KPMG Administrator: Northern Trust Legal: Seward & Kissel Firm AUM (12/31/14): $114 Million Gross / Net Exposure Weighting (2/28/2015): 9.2%

Atika Capital Management invests primarily in publicly-traded global equities, both long and short, with a particular focus on the healthcare technology/media/telecommunications (“TMT”), and consumer sectors. Atika Capital Management employs a fundamentally-driven research process and believes that investing based on in-depth will allow one to obtain higher conviction and afford oneself the opportunity to size a position aggressively, thus helping to generate a superior return on investment. Atika believes that there is a time in certain segments of the equity market and those willing to hold positions longer can capitalize on opportunities created by the intense focus on short-term performance. Atika has developed a proprietary model to support buy or short decisions and help determine position sizing. Individual weightings are determined by probability weighted risk/reward, liquidity, and size of related holdings. Atika diversifies investments in order to manage volatility and minimize downside risk in the portfolio, though it may hold large positions (e.g., exceeding 10%) in individual equities (measured at the time of investment).

Brad Farber is the Founder, Managing Member & Portfolio Manager of Atika Average Gross Exposure: 178% Capital Management (“ACM”). Prior to founding ACM in September 2012, Mr. Farber served as a Portfolio Manager for Gilder, Gagnon, Howe & Co., (GGHC) an investment firm with approximately $5 billion under management, where he managed a $50 million long/short equity portfolio since January 2001. Before Average Net Exposure: 55% joining GGHC in April 1999, Mr. Farber spent two years as an equity research analyst at UBS covering the medical technology and biotechnology sectors. Mr. Farber is a CFA Charter holder and received a BA in International Relations from the University of Michigan in 1996.

5 Bloom Tree Partners Fund: Bloom Tree Offshore Fund, Ltd. Inception Date: October 2010 Focus: Opportunistic Auditor: KPMG Administrator: SS&C Fund Services Legal: Seward & Kissel Firm AUM (12/31/14): $934 Million Gross / Net Exposure Weighting (2/28/2015): 7.5%

Bloom Tree is a global, fundamental investment manager that utilizes primary research to develop original and proprietary views on specific companies, industrial sectors and the macroeconomic environment to identify compelling investments. The long portfolio will focus on high-quality businesses that generate a high return on investment capital (ROIC) and management teams that demonstrate the ability to allocate capital efficiently. The short portfolio will focus on businesses with deteriorating fundamentals, declining earnings power, high valuations with inflated expectations, weak financial positions and/or poor management teams. Short positions require a business that is fundamentally flawed with pressure on its terminal value. Alok Agrawal is the portfolio manager of Bloom Tree Partners. Prior to Bloom Tree, Mr. Agrawal worked at Tiger Management where he served as an analyst and co-portfolio manager (2005-2007). Prior to joining Tiger Management, Mr. Agrawal served as an associate at Bessemer Venture Partners (2002-2005). Mr. Agrawal began his professional career at Oracle Corporation in 1996 where he led a development team, started a new product group and oversaw a product management team. He left Oracle in 2000 to Average Gross Exposure: 151% attend Harvard Business School where he was elected a Siebel Scholar and Baker Scholar (2002). Mr. Agrawal earned his M.S. in Computer Science from the University of California, Berkeley (1996) and a Bachelor of Technology in Computer Science from the Indian Institute of Technology, Kanpur, where he Average Net Exposure: 15% was awarded the President of India Gold Medal for distinguished academic achievement (1994).

6 Game Creek Capital Fund: Game Creek Offshore Fund, Ltd. Inception Date: January 2008 Focus: Opportunistic Auditor: KPMG Administrator: SS&C Fund Services Legal: Bingham McCutchen Firm AUM (12/31/14): $95 Million Gross / Net Exposure Weighting (2/28/2015): 7.7%

Game Creek is a U.S. long/short equity fund focused on the consumer, media and telecom sectors that seeks to generate via a concentrated, “best ideas” equity portfolio. Game Creek employs a rigorous, bottoms-up due diligence process to identify companies trading at attractive valuations relative to cash flow, earnings and / or assets. Looking across the mid to large cap spectrum, Sean and the team seek out companies where recognized expectations are low but the business franchise, potential earnings power or proven cash flow suggest an outsized opportunity to achieve superior risk adjusted returns. Idea generation stems from company meetings and visits, industry conferences, financial and trade publications, and valuation screens. To assess company management, Game Creek will talk to former employees, consultants, board members, competitors, suppliers, and customers. Utilizing direct and indirect channel checks, Game Creek gathers as much information as possible to develop an in-depth mosaic on each company. On the short side, the team seeks to identify companies with deteriorating fundamentals, inappropriate capital structures, flawed strategies or excessive expectations.

Average Gross Exposure: 126% Sean Murphy is the portfolio manager of Game Creek Capital. Prior to joining Game Creek in August 2008, Sean Murphy was a senior analyst with Vardon Capital Management where he followed the consumer, media, and telecom sectors (2000-2007). Prior to joining Vardon, Mr. Murphy worked as a media Average Net Exposure: 31% analyst at Credit Suisse First Boston (1997-2000). Mr. Murphy earned a B.A. cum laude from the University of Notre Dame (1997) and is a holder of the Chartered Financial Analyst designation.

7 Light Street Capital Management Fund: Light Street Xenon, Ltd. Inception Date: July 2010 Focus: Technology, Media & Telecom Auditor: KPMG Administrator: Mitsubishi Financial Services Legal: Shartsis Friese Firm AUM (12/31/14): $700 Million Gross / Net Exposure Weighting (2/28/2015): 8.5%

Light Street Capital is a global, fundamentally driven, long/short equity fund focused on Technology, Media and Telecom (TMT). Light Street seeks to identify companies where technological innovations have the ability to create significant secular change. Light Street’s research focus on technological innovation and disruptive product cycles ensures that their investments have an inherent transformational change or event as part of their thesis. Located in Silicon Valley, Light Street employs a bottom up and top down investment approach in the TMT space. The team regularly speaks with industry innovators, founders and thought leaders. These relationships with leading venture capitalists and industry veterans assists the team in better understanding why capital is flowing towards particular ideas and people. From a bottom up perspective, Light Street employs a rigorous investment process to fully understand a company’s business, management and financial edge. Glen Kacher is the portfolio manager and founder of Light Street Capital. Prior to founding Light Street in May 2010, Mr. Kacher was a managing director at Integral Capital Partners, covering software, internet media, eCommerce, mobile hardware, PC hardware, security software and Average Gross Exposure: 181% networking investments (1998-2010). Mr. Kacher also led or co-led many of Integral’s venture investments during his tenure. Prior to that, Mr. Kacher was a research analyst with Tiger Management, focusing on investments in Average Net Exposure: 49% software, hardware, and networking industries (1993-1996). Mr. Kacher holds a B.S. in Commerce from the University of Virginia’s School of Commerce (1993); and an M.B.A. from Stanford University’s Graduate School of Business (1998).

8 Lomas Capital Fund: Lomas Capital Ltd. Inception Date: October 2012 Focus: Opportunistic Auditors: Pricewaterhouse Coopers Administrator: International Fund Services Legal: Ropes & Gray Strategy AUM (12/31/14): $538 Million Gross / Net Exposure Weighting (2/28/2015): 7.9% Lomas Capital uses bottom-up, fundamental analysis and its extensive network of industry and investment contacts, in conjunction with “street” research to source potential investment ideas. The key underlying principle behind Lomas’ investment strategy is finding opportunities that have an asymmetrical risk/reward profile. Each portfolio manager and analyst has a comprehensive sector focus and a specific research methodology. Underappreciated and/or emerging themes, secular growth trends, misunderstood companies, post reorganization opportunities trading at a discount to fundamental value and companies with attractive private market valuations are some characteristics that Lomas seeks in its potential positions. Specific investment opportunities will be developed through a rigorous examination of issuer and industry fundamentals and will be considered within the context of the overall macroeconomic environment. Investment opportunities will often be contrarian in nature, although the Fund’s investment strategy is not strictly wedded to either value or growth. Rather, the Investment Manager generally will employ a flexible approach which pursues investment opportunities that have the best risk/reward profile, irrespective of the investment style employed. Lomas Capital was co-founded in 2012 by Dan Lascano, Charlie LoCastro and Ron McIntosh (the “Co-Founders”). All three Co-Founders previously worked together for a decade as senior members of the Caxton Equity Group. Average Gross Exposure: 162% Dan Lascano is Chief Investment Officer and Co-Founder of Lomas. He has over 21 years of investment experience where he has focused on the consumer sector, and has also invested across many sectors as a “generalist.” From 1999 to 2011, he was a Senior Average Net Exposure: 40% Managing Director and Equity Holder of Caxton Associates where he was responsible for portfolio construction and overall co-management of the equity group. Charlie LoCastro is a Senior Portfolio Manager and Co-Founder of Lomas. He has over 27 years of investment experience focusing on the industrial and material sectors. From 2002 to 2011 Mr. LoCastro was a Senior Portfolio Manager at Caxton Associates where he was responsible for, and had discretion over, investments in industrial and material stocks. Ron McIntosh is a Senior Portfolio Manager and Co-Founder of Lomas. He has over 26 years of investment experience focusing on the financial sector. From 2003 to 2011, Mr. McIntosh was a Senior Portfolio Manager at Caxton Associates where he was responsible for, and had discretion over, investments in financial stocks.

9 Long Pond Capital Fund: Long Pond Offshore, Ltd. Inception Date: October 2010 Focus: Real Estate Auditor: Rothstein Kass Administrator: SS&C Fund Services Legal: Maples & Calder Firm AUM (12/31/14): $1.53 Billion Gross / Net Exposure Weighting (2/28/2015): 9.9%

Long Pond Capital is a global long/short real estate equity fund with an intense focus on bottom up fundamental, value oriented stock picking. The fund manager uses a contrarian, private equity style approach to public equity investing and seeks to identify complex, asymmetric risk/reward opportunities in REIT's, Real Estate Operating Companies and Real Estate Related Companies. The investment team implements a rigorous research process, with a vigilant concentration on downside protection, to understand a company's balance sheet, why a security is cheap/expensive and why the security will cease to be cheap/expensive. As part of the research process, the investment team will perform in depth asset-by-asset valuations on a prospective investment, speak to private , lenders and real estate brokers, review similar transactions, tour assets and assess management incentives. Risk of loss is critical to each investment thesis and therefore the portfolio manager maintains an intense focus on liquidity, leverage, asset/liability mismatch and seeks out positions with embedded downside protection.

John Khoury is the founder and portfolio manager of Long Pond Capital. Prior to starting Long Pond in October 2010, Mr. Khoury spent 9 years at Wesley Average Gross Exposure: 156% Capital, a long short real estate hedge fund, where he progressed from analyst to co-portfolio manager (2002-2010). Prior to Wesley, John was an analyst at DLJ Real Estate Capital Partners (2001-2002), and an Average Net Exposure: 45% analyst in the real estate group at Lazard (1999-2001). John graduated from the Wharton School at the University of Pennsylvania with a B.S. in Economics (1999).

10 Riverloft Capital Management Fund: Riverloft Offshore Fund Ltd. Inception Date: May 2011 Focus: Opportunistic Auditor: KPMG Administrator: SS&C Fund Services Legal: Proskauer Firm AUM (12/31/14): $144 Million Gross / Net Exposure Weighting (2/28/2015): 5.6% Riverloft Capital Management employs an event-driven, value-oriented strategy utilizing fundamentally driven research to identify and invest in companies that meet strict criteria for value and quality across the entire capital structure. They focus on businesses that are undervalued due to market dislocations, and attempt to seek out opportunities with an event path to unlock value within a defined time horizon. The Fund’s strategy encompasses techniques honed by Marc Lehmann from his career at JANA Partners, Appaloosa and SAC Capital for the identification of the intersection of multiple dynamics (i.e. event, value, behavioral and technical factors) to help in the sourcing and monitoring of ideas and investments. Tactical trading is used as an overlay on its core portfolio and related securities to fully leverage research and enhance returns. This is done to quickly adjust portfolio exposures for risk management measures. Post-investment, Riverloft monitors the securities with a focus on capital preservation and uses its capital markets expertise to determine opportune exit points, seeking realizations when the firm’s targeted value is achieved.

Marc Lehmann, Chief Investment Officer , is the founder and Portfolio Manager of Riverloft and has almost two decades of event driven and value investing experience. Prior to Riverloft, Mr. Lehmann was a Partner and Director of Research at JANA Average Gross Exposure: 149% Partners from 2002-2010, a hedge fund with over $7bn in AUM at its peak. Prior to JANA, Mr. Lehmann sourced and identified distressed special situation investments at Appaloosa Management from 1999-2002, and served as an Analyst at SAC Capital Average Net Exposure: 47% from 1995-1997, Morgan Stanley and Lehman Brothers from 1994-1995. Marc completed his Master of Business Administration at The Wharton School of the University of Pennsylvania in May 1999, and completed his Bachelor of Science in Finance and International Business from New York University in December 1993.

11 Sachem Head Capital Management Fund: Sachem Head Offshore, Ltd. Inception Date: September 2013 Focus: Event Driven / Activist Auditors: Ernst & Young Administrator: Citco Legal: Schulte Roth & Zabel Firm AUM (12/31/14): $2.3 Billion Gross / Net Exposure Weighting (2/28/2015): 8.9%

Sachem Head Capital is a value-oriented, long/short hedge fund that will utilize an activist investment approach within a concentrated portfolio of best ideas. The Fund employs a rigorous, private equity style research process to understand the company fundamentals, utilizing both conventional (earnings/operating multiples) and unconventional metrics (asset value, private market value, value for control). The Fund will hold 8-16 long positions, with the top 6-8 generally representing 60% - 80% of long exposure. The Fund will hold 0-15 individual short positions, including sector and market hedges. Furthermore, Mr. Ferguson anticipates 0-3 activist investments at any time depending upon the opportunity set. The Fund views activism as a ‘call ’ on an attractive passive investment, seeking to deploy capital in companies where Sachem Head can win as an investor even if they loose as an activist. For passive investments, Mr. Ferguson generally prefers those with embedded catalysts. Scott Ferguson is the managing partner and portfolio manager of Sachem Head Capital. Prior to starting Sachem Head, Mr. Ferguson spent 9 years at Pershing Square Capital Management, where he joined pre-launch as the first non-portfolio manager investment professional and partner (2003-2012). At Pershing Square Mr. Ferguson’s primary role centered on investment idea generation and analysis, Average Gross Exposure: 87% as well as mentoring and developing younger analysts. Mr. Ferguson played a significant role in numerous active and passive investments while at Pershing Square. Prior to Pershing Square, Mr. Ferguson earned an M.B.A. from Harvard Average Net Exposure: 65% Business School (2003). Prior to Harvard Business School, Mr. Ferguson was a vice president at American Industrial Partners, an LBO firm focused on investments in companies with potential for value creation from operational and financial restructuring initiatives (1999 – 2001). Prior to American Industrial Partners, Mr. Ferguson was a business analyst at McKinsey & Company. Mr. Ferguson graduated from Stanford University with an A.B. in Public Policy (1996). Mr. Ferguson also serves on the boards of the Henry Street Settlement and Episcopal Charities of the Archdiocese of New York, two social service agencies based in New York.

12 Shellback Capital, L.P. Fund: Shellback Offshore Fund Ltd. Inception Date: January 2014 Focus: Opportunistic / Trading Auditors: Ernst & Young Administrator: MS Fund Services Legal: Schulte Roth & Zabel Firm AUM (12/31/14): $1.1 Billion Gross / Net Exposure Weighting (2/28/2015): 8.4%

Shellback Fund, L.P. employs an equity long/short investing strategy across a broad range of sectors with a GARP focus. The portfolio managers employ a rigorous, fundamental bottoms-up approach with a core focus on risk management, primarily in U.S. equities. The objective is to construct a portfolio of high conviction “best” ideas with little to no use of broad market ETFs.

Each member of the investment team focuses on a specific sector(s), where a nuanced understanding and experience can have the greatest impact. Each sector specialist focuses on selecting investments with best risk/reward profile and managing sector gross/net exposure. Jon Hilsabeck, the Portfolio Manager, is tasked to manage exposures, weights and positioning (at defined levels) to maximize returns and mitigate risk across the entire portfolio. His investment focus is on gaming, lodging & leisure, transportation and the internet. Don Jabro focuses on industrials, financials and technology. Doug Gordon focuses on consumer and consumer discretionary. Shellback Capital, LP was founded in 2013 by Jonathan C. Hilsabeck, Douglas A. Gordon and Donald D. Jabro. Each partner owns one-third of the Management Company.

Jonathan C. Hilsabeck worked from 1999 to 2013 at Vinik as Average Gross Exposure: 136% a Portfolio Manager (2004-2013) and Senior Equity Analyst.

Douglas A. Gordon worked from 2001 to 2013 at Vinik Asset Management as a Average Net Exposure: 50% Portfolio Manager (2002-2013) and Senior Equity Analyst. From 1998 to 2001.

Donald D. Jabro worked from 1998 to 2013 at Vinik Asset Management as a Portfolio Manager (2002-2013) and Senior Equity Analyst.

13 Suvretta Capital Management Fund: Suvretta Offshore Fund, Ltd. Inception Date: September 2012 Focus: Opportunistic Auditor: KPMG Administrator: SS&C Fund Services Legal: Seward & Kissel Firm AUM (12/31/14): $1.3 Billion Gross / Net Exposure Weighting (2/28/2015): 10.1%

Suvretta Capital is a global, long/short fund with a focus on North America and Western Europe. The Fund seeks to identify opportunities across the investment spectrum (Value, Growth & GARP) with a focus on industry before company. Mr. Cowen’s belief is that industry fundamentals drive stock performance as much as individual company performance. Therefore, understanding industry dynamics from a top down perspective is equally as important as understanding company fundamentals. Suvretta wants to deploy capital in industries with the strongest secular growth, owning the best companies in the space. Conversely, shorting the worst companies in weak and contracting industries. The Fund will have two components, core long-term investments (60% - 80%), and opportunistic investments (20% - 40%). Top down macro views integrated into portfolio sizing and positioning of gross and net exposures. Aaron Cowen is the founder and portfolio manager of Suvretta Capital. Prior to forming Suvretta, Mr. Cowen served as a portfolio manager at Soros Fund Management (2011-2012). Before joining Soros Fund Management Mr. Cowen served as the chief investment officer at SAC Capital (2008-2010). Before joining SAC Capital Mr. Cowen was a partner and managing director at Karsch Capital Management where he played an integral role in growing AUM from $230 Average Gross Exposure: 172% million - $3.3 billion (2002-2008). Prior to his employment with Karsch Capital, Mr. Cowen worked as a research analyst at Fidelity Investments, The Baupost Group and Lehman Brothers (1994-2001). Mr. Cowen graduated with a B.S. in Average Net Exposure: 59% Finance and a B.S.E. in Bioengineering from the University of Pennsylvania (1994), and an M.B.A. from MIT Sloan School of Management (2002).

14 Tiger Legatus Capital Management Fund: Tiger Legatus Offshore Fund Ltd. Inception Date: December 2009 Focus: Value Auditor: Ernst & Young Administrator: HedgeServ Limited Legal: Seward & Kissel Firm AUM (12/31/14): $392 Million Gross / Net Exposure Weighting (2/28/2015): 8.2%

Tiger Legatus’ investment strategy adheres to a stringent research process in order to identify investments where it believes the market has substantially misinterpreted its intrinsic value. The Fund employs a fundamentals based investment approach with a view toward a medium/long-term investment period, by investing in equities, long and short. The strategy is based upon a consistent, repeatable investment process focused on fundamental analysis to construct a portfolio where both longs and shorts to profitability. Independent research and conclusions are core to such a process. To generate investment ideas, the Fund draws on knowledge and experience within core industries that its investment professionals have gained over their investment careers. At times, investment ideas come from adjacent industries where observations of change in the core industries could result in investment themes in other industries. When an investment idea has been identified the portfolio manager and his team will conduct in-depth research, which includes company visits, management meetings, interviewing suppliers and customers, and analyzing competitors, with each of these efforts focused on developing an investment thesis as to why the market is misinterpreting a company’s intrinsic value.

Jesse Ro, Portfolio Manager, founded Tiger Legatus in December 2009. Prior to Average Gross Exposure: 150% founding Tiger Legatus, Mr. Ro was a Portfolio Manager and Analyst at from 2004 to 2008, where he managed a stand-alone long/short equity portfolio from 2005 to 2008, investing in a wide variety of industries and Average Net Exposure: 50% geographies. Prior to Viking, Mr. Ro was an analyst at Axial Capital (2002-2003), a fund under the Tiger Management umbrella. Earlier in his career, Mr. Ro was with Bear Stearns & Co. Inc., where he held positions in the Merchant Banking Group and in the Technology Group within the Investment Banking Division. Mr. Ro received his BS in Economics, magna cum laude, with a concentration in Finance from the Wharton School of the University of Pennsylvania in 1997.

15 Notes

 The managers listed represent the active managers in Cross Shore Discovery Fund, as of February 28, 2015.

 There can be no assurance the Managers will achieve returns at levels comparable to their historical returns or maintain exposure levels comparable to their historical exposures.

 Data presented is from respective fund inception through February 28, 2015. This information is presented merely to show information related to our underlying managers for the periods presented and is not intended to imply any comparison to the Cross Shore portfolios either in composition or element of risk.

 Investors should carefully consider the investment objectives, risks, charges and expenses of the Cross Shore Discovery Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at www.crossshorefunds.com or by calling 844-300-7828. The prospectus should be read carefully before investing. The Cross Shore Discovery Fund is distributed by Unified Financial Securities, Inc (Member FINRA).

 An investment in the Fund is speculative, involves significant risk and is not suitable for all investors. It is possible that you may lose some or all of your investment and attempts by the Fund to manage the risks of investing in Portfolio Funds does not imply that your investment in the Fund is low risk or without risk. An investment in the Fund is illiquid and is not suitable for you if you need access to the money you invest. You may not have access to the money you invest for an indefinite period of time and you should not expect to be able to sell your Shares regardless of how your investment in the Fund performs. You do not have the right to require the Fund to redeem or repurchase your Shares although the Fund may periodically offer to repurchase Shares on such terms as may be determined by the Fund's Board of Trustees ("Board"). Shares are not, and are not expected to be, listed for trading on any securities exchange. To the Fund's knowledge, there is no, nor will there be, any secondary trading market for the Shares. Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Fund's Declaration of Trust. Because you may not be able to sell your Shares, you will not be able to reduce your investment exposure to the Fund on any market downturn. Please see additional disclosure of Risks in the Prospectus.

Before making an investment decision, you or your adviser should consider factors such as net worth, income, age, risk tolerance and liquidity needs in evaluating whether the Fund is a suitable investment for you. Short-term investors and investors who cannot bear the loss of some or all of their investment or the risks associated with the limited liquidity of an investment in the Fund should not invest in the Fund.

Past performance may not be indicative of future results.

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