• | The Fund has limited operating history. |
• | Shares are not listed on any securities exchange, and it is not anticipated that a secondary market for Shares will develop. Although the Fund may offer to repurchase Shares from time to time, Shares will not be redeemable at an investor's option nor will they be exchangeable for shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares. |
• | An investment in the Fund may not be suitable for investors who may need the money they invested in a specified timeframe. |
• | Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Fund's limited liability company agreement. |
• | The amount of distributions that the Fund may pay, if any, is uncertain. |
| | Price to Public(1) | | | Maximum Sales Load(2) | | | Proceeds to the Fund | |
Per Institutional Class Share | | | At current NAV | | | N/A | | | Amount invested at NAV |
Per Class A-1 Share | | | At current NAV, plus sales load of up to 3.50%, if applicable | | | 3.50% | | | Amount invested at NAV less sales load |
Per Class A-2 Share | | | At current NAV | | | None | | | Amount invested at NAV |
(1) | Institutional Shares are offered monthly at net asset value (“NAV”) per share. Class A-1 Shares are offered at an offering price equal to the then-current NAV of Class A-1 Shares plus the applicable sales load, as described in this prospectus. Class A-2 Shares are offered at an offering price equal to the then-current NAV of Class A-2 Shares. While neither the Fund nor the Fund's distributor (the “Distributor”) impose an initial sales charge on Institutional Class or Class A-2 Shares, if a shareholder buys Class A-2 Shares through certain selling agents or financial intermediaries, such selling agent or financial intermediary may directly charge Shareholders transaction or other fees in such amount as they may determine. See “Plan of Distribution.” |