Shares in the Fund are highly illiquid, and you may not be able to sell your shares when, or in the amount that, you desire.
The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. There are
significant potential risks relating to investing in such securities. Because most of the securities in which the Fund invests
are not publicly traded, the Fund’s investments will be valued by the Investment Adviser pursuant to fair valuation
procedures and methodologies adopted by the Board of Trustees of the Fund. While the Fund and the Investment Adviser
will use good faith efforts to determine the fair value of the Fund’s securities, value will be based on the parameters set
forth in the Prospectus. As a consequence, the value of the securities, and therefore the net asset value of the Fund’s
shares, may vary. There are significant potential risks associated with investing in venture capital and private equity-
backed companies with complex capital structures. The Fund focuses its investments in a limited number of securities,
which could subject it to greater risk than that of a larger, more varied portfolio. There is a greater focus in technology
securities that could adversely affect the Fund’s performance. If the Fund does not have at least 500 Members for an entire
taxable year, you could receive an adverse tax treatment. The Fund’s quarterly repurchase policy may require the Fund to
liquidate portfolio holdings earlier than the Investment Adviser would otherwise do so, and may also result in an increase in
the Fund’s expense ratio. This is not a complete enumeration of the Fund’s risks. Please read the Prospectus for other risk
factors related to the Fund, its investment strategy and your investment in the Fund, and other additional details.
FNEX Advisor, LLC (“FNEX”) is the investment adviser to the Fund, and is an SEC-registered investment adviser. FNEX
Advisor is an affiliated entity with FNEX, LLC.
The FNEX Ventures Fund is distributed by Foreside Financial Services, LLC
The Fund is subject to a Fundamental Concentration Policy pursuant to which nor more than twenty-five percent (25%) of
the value of the Fund's total assets may be invested in each security. Further, holdings in companies that represent at least
fifty percent (50%) of the value of the Fund's assets must generally consist of cash and cash items (including receivables),
U.S. government securities, securities of other RICs, and securities of other issuers if, as to each of those other issuers,
the Fund has not invested more than five percent (5%) of the value of the Fund's total assets in securities of each such
issuer and the Fund does not hold more than ten percent (10%) of the outstanding voting securities of each such issuer.
The FNEX Ventures Fund is a “non-diversified” investment company, and as such, the Fund may invest a greater
percentage of its assets in the securities of a single issuer than investment companies that are “diversified.”