*Limited liquidity provided through quarterly repurchase offers for no less than 5% of the Fund’s shares at net asset value. There is no guarantee that an investor will be able to sell all shares in the repurchase offer.
1You should consider the shares to be an illiquid investment. Even though the Fund will make periodic repurchase offers to repurchase a portion of the shares to provide some liquidity to shareholders, only a limited number of shares will be eligible for repurchase by us. Once each quarter, the Fund will offer to repurchase at net asset value (NAV) per share no less than 5% of the outstanding shares of the Fund, unless such offer is suspended or postponed in accordance with regulatory requirements. The Fund may increase the size of these offerings up to a maximum of 25% of the Fund’s outstanding shares, in the sole discretion of the Board, but is not expected that the Board will do so.
2Investors should understand that valuation issues involving the Fund’s investments in early stage and other private companies have led to delays in the completion of the Fund’s annual audit and the quarterly share repurchase program. A recurrence of this issue would further impact the liquidity of an investor’s shares. See Prospectus for complete Important Risk Disclosures.
3Replicating an endowment fund strategy by diversifying across asset classes involves increased costs which will impact the average individual investor returns.
4The Fund may at times hold a significant portion of investments that are illiquid. Due to limited liquidity, investors may not be able to sell shares at an advantageous price or time.
5Unlike an endowment portfolio, the Fund, by itself, does not constitute a balanced investment program.