Distributor: Foreside Funds Distributors LLC

SOME OF THE RISKS OF INVESTING IN THE FUND:

INVESTORS SHOULD CAREFULLY CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES BEFORE INVESTING. A PROSPECTUS WITH THIS AND OTHER INFORMATION ABOUT THE FUND MAY BE OBTAINED FROM THE HARRISON STREET PRIVATE WEALTH WEBSITE (harrisonstpw.com). INVESTORS SHOULD READ IT CAREFULLY BEFORE INVESTING. AN INVESTMENT IN THE FUND IS SUBJECT TO A HIGH DEGREE OF RISK. THESE RISKS INCLUDE, BUT ARE NOT LIMITED TO, THOSE OUTLINED BELOW.

• Real assets entail special risks, including environmental problems, adverse changes in local economies, tenant default and regulations associated with infrastructure, timberland, and agriculture/farmland related companies
• The Fund is "non-diversified" under the Investment Company Act of 1940. Changes in the market value of a single holding may cause greater fluctuation in the Fund's net asset value than in a "diversified" fund. The Fund is not intended as a complete investment program but instead as a way to help investors diversify into real assets. Diversification does not ensure a profit or guarantee against a loss.
• A multi-manager strategy involves certain risks. For example, it is possible that some Private Fund managers may take similar market positions, thereby interfering with the Fund’s investment goal. The Fund may borrow as an investment strategy, up to one third of the Fund’s gross asset value. Borrowing presents opportunities to increase the Fund’s return, but potentially increases the losses as well. Because the Private Funds may themselves borrow and incur a higher level of leverage than that which the Fund is permitted, the Fund could be effectively leveraged in an amount far greater than the limit imposed by the Investment Company Act of 1940.
• The adviser, sub-advisers and Private Fund managers manage portfolios for themselves and other clients. A conflict of interest between the Fund and these other parties may arise which could disadvantage the Fund. For example, a suitable but limited investment opportunity might be allocated to another client rather than to the Fund.
• The Fund's investments in Private Funds are priced based on estimates of fair value, which may prove to be inaccurate. Therefore, the value of the Fund's investments will be difficult to ascertain, and the valuations provided in respect of the Fund's Private Funds, Sub-REITs, and other private securities, will likely vary from the amounts the Fund would receive upon withdrawal of its investments. Additionally, given the limited liquidity of the Private Funds, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any underlying material changes, resulting in substantial losses from risks of Private Funds.
• Fund Holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.
• The Fund does not intend to list its shares on any securities exchange during the offering period, and a secondary market in the shares is not expected to develop. There is no guarantee that shareholders will be able to sell all of their tendered shares during a quarterly repurchase offer. An investment is not suitable for investors that require liquidity, other than through the Fund’s repurchase policy.
• You should not expect to be able to sell your shares other than through the Fund’s repurchase policy, regardless of how the Fund performs.

All information contained herein is for informational purposes only and should not be construed as investment advice. It does not constitute an offer, solicitation or recommendation to purchase any security. Any discussion of general market activity, industry or sector trends, or other broad-based economic, market, political or regulatory conditions should not be construed as research or investment advice.

The information contained herein has been obtained from various sources and is believed to be reliable as of the date of publication, but the accuracy or completeness of the information cannot be guaranteed. The opinions expressed are as of the date of publication and are subject to change without notice.

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