Spyglass Portfolio -- Megatrends

Disclosures Spyglass Capital Management, LLC ("Spyglass" or the "Advisor") is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. No Offer or Solicitation. The information herein is for informational purposes only and is not an offer to sell or the solicitation of any offer to buy securities. The document provides general background information on Spyglass and the fund and portfolios that it manages. Any offer will be made only through the prospectus and statement of additional information or investment management agreement (collectively "offering materials") which generally is available only to institutional accredited investors. All the information provided herein is subject to and qualified in its entirety by reference to the terms and conditions described in the offering materials. You should also review Spyglass's Form ADV, which is available on request and located at https://adviserinfo.sec.gov/. Before investing, you should carefully and thoroughly review the offering materials with your financial, legal and tax advisors to determine whether an investment is suitable for you. The information contained herein is presented for informational purposes to highlight certain portfolio characteristics as of the date presented. This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. Recipients should not rely on this material in making any future investment decision, prospective investors are encouraged to contact Spyglass and always consult with their professional advisor of their choosing. Certain information has been obtained from third-party sources which Spyglass believes to be accurate as of the date presented. The information included herein may not be current and the Spyglass has no obligation to provide any updates or changes. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained herein. Certain information contained in these materials has been obtained from published and non-published sources prepared by third parties, which, in certain cases, have not been updated through the date hereof. While such information is believed to be reliable, Spyglass has not independently verified such information, nor does it assume any responsibility for the accuracy or completeness of such information. Except as otherwise indicated herein, the information, opinions and estimates provided in this presentation are based on matters and information as they exist as of the date these materials have been prepared and not as of any future date and will not be updated or otherwise revised to reflect information that is subsequently discovered or available, or for changes in circumstances occurring after the date hereof. Spyglass's opinions and estimates constitute the manager's judgment and should be regarded as indicative, preliminary and for illustrative purposes only. Strategy holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Portfolio sector weightings are determined by the Legacy Bloomberg Industry Classification System (BICS) Level III (Industry Subgroup). Historical Perspective: On December 29, 2017, Spyglass Partners Fund LP, a limited partnership managed by the Advisor (the "Predecessor Partnership"), converted into the Institutional Shares class of the Spyglass Growth Fund (the "Fund") by contributing all of its assets to the Fund in exchange for Institutional Shares of the Fund. The Predecessor Partnership was formed on October 1, 2015, to serve as a pooled investment vehicle for accredited investors, and since inception the Predecessor Partnership maintained investment policies, objectives, guidelines, and restrictions that were, in all material respects, equivalent to those of the Fund. From the date of inception through the time of the conversion, the Predecessor Partnership was managed by the Advisor and the same portfolio manager as the Fund. The conversion date was December 29, 2017 (inception) and the Fund commenced operations on January 2, 2018. The Fund's performance prior to 2018 is that of the Predecessor Partnership and the returns reflect the deduction of the 1% management fee and expenses, paid by the Predecessor Partnership, without provision for state or local taxes. The performance includes gains or losses plus income and the reinvestment of all dividends. Other than the Predecessor Partnership, the Advisor did not manage any accounts materially equivalent to the Fund during the period of the Predecessor Partnership's performance shown above. The Predecessor Partnership was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the "Code"), which, if applicable, may have adversely affected its performance. For periods beginning January 1, 2018, the Fund's net performance is calculated on a daily basis and also includes a deduction of 1% management fee and is subject to a 1% expense cap, which differs in certain respects from the methods used to compute total returns for the Predecessor Partnership. 46

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