AXXES FUND

Important Disclosure Information

Investors should consider the investment objectives, risks, charges, and expenses of the Axxes Corporate Lending Fund (the “Fund”) carefully before investing. Before investing, carefully read the prospectus, which can be found on this website or by calling (888) 442-4420.

References to any particular entity should not be considered as a recommendation or endorsement by Axxes.

The Fund’s investment program is speculative and entails substantial risks. There can be no assurance that the Fund’s investment objectives will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment.

Shares are an illiquid investment.

We do not intend to list the Fund’s shares (“Shares”) on any securities exchange, and we do not expect a secondary market in the Shares to develop.

You should generally not expect to be able to sell your Shares (other than through the limited repurchase process), regardless of how we perform.

Although we are required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by us.

You should consider that you may not have access to the money you invest for an indefinite period of time.

An investment in the Shares is not suitable for you if you have foreseeable need to access the money you invest.

Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn.

The Fund is a diversified fund under the Investment Company Act of 1940. Cybersecurity risks have significantly increased in recent years and the Fund could suffer such losses in the future. One of the fundamental risks associated with the Fund’s investments is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

Other Disclosures

All data as of January 31, 2024, unless otherwise noted.

The performance data shown represents past performance for the Fund which does not guarantee future results. It is net of all fees. Current performance may be lower or higher than the performance quoted. All performance shown assumes reinvestment of dividends.

Index Disclosures: References to market or indices, benchmarks or other measures of relative market performance over a specified period of time (each, an “index”) are provided for information only. Reference to an index does not imply that a portfolio will achieve returns, volatility or other results similar to the index. The composition of an index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which are subject to change over time. Investors cannot invest directly in indices and, unlike an account managed by Axxes, an index is unmanaged and fully invested. Index returns reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses, which would reduce returns.

The Bloomberg US Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

Morningstar LSTA US Leveraged Loan Index is designed to reflect the performance of the largest facilities in the leveraged loan market.

The above indexes may include securities with different types of guarantees as compared to those held by AXXES. It is not possible to invest in any of the above indexes.

Axxes Corporate Lending Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc., or any of its affiliated companies (all such entities, collectively, “Morningstar Entities”) or the Loan Syndications and Trading Association (“LSTA”). The Morningstar Entities and LSTA make no representation or warranty, express or implied, to the owners of Axxes Corporate Lending Fund or any member of the public regarding the advisability of investing in direct lending generally or in Axxes Corporate Lending Fund in particular or the ability of Axxes Corporate Lending Fund to track general direct lending performance. The Morningstar Entities’ only relationship to Axxes LLC is the licensing of certain service marks and service names of Morningstar and of Axxes Corporate Lending Fund which is determined, composed and calculated by the Morningstar Entities without regard to Axxes LLC or Axxes Corporate Lending Fund. The Morningstar Entities have no obligation to take the needs of Axxes LLC or the owners of Axxes Corporate Lending Fund into consideration in determining, composing or calculating Axxes Corporate Lending Fund. The Morningstar Entities and LSTA are not responsible for and has not participated in the determination of the prices and amount of Axxes Corporate Lending Fund or the timing of the issuance or sale of Axxes Corporate Lending Fund or in the determination or calculation of the equation by which Axxes Corporate Lending Fund is converted into cash. The Morningstar Entities and LSTA have no obligation or liability in connection with the administration, marketing or trading of Axxes Corporate Lending Fund.
THE MORNINGSTAR ENTITIES AND LSTA DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF Axxes CORPORATE LENDING FUND OR ANY DATA INCLUDED THEREIN AND HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THE MORNINGSTAR ENTITIES AND LSTA MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY Axxes LLC, OWNERS OR USERS OF Axxes CORPORATE LENDING FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF Axxes CORPORATE LENDING FUND OR ANY DATA INCLUDED THEREIN. THE MORNINGSTAR ENTITIES AND LSTA MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO Axxes CORPORATE LENDING FUND OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE MORNINGSTAR ENTITIES OR LSTA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Footnotes

1. Direct and underlying loan exposure.

2. Approximately 1.63% on NAV. Excludes fees and interest payments on borrowed funds of 1.90%. Past performance is not indicative of future results.

3. Distributions are not guaranteed.

4. Quarterly repurchases of investor capital subject to limitation of 5% of Fund shares. If the value of the shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of shares tendered. In such event, shareholders will have their shares repurchased on a pro rata basis, and tendering shareholders will not have all of their tendered shares repurchased by the Fund.

5. Average Yield-to-Maturity represents the weighted average yield-to-maturity of the Fund's direct loans as of a January 31, 2024. Yield-to-maturity is the rate of return generated assuming interest payments and capital gains or losses as if the instrument is held to maturity.

6. As of December 31, 2023. Distribution payments are not guaranteed. AXXES may pay distributions from sources other than net investment income and capital gains, including, without limitation, the sale of assets, borrowings, return of capital (ROC) or offering proceeds, and advances or the deferral of fees and expense reimbursements. ROC should not be confused with yield or income. The distribution rate is calculated by annualizing the most recent amount paid to investors and dividing the resulting amount by fund's NAV. There can be no assurance that a change in market conditions or other factors will not result in a change in the Fund distribution rate at a future time.

7. “Liquid Loans” is represented by Morningstar LSTA US Leveraged Loan Index.

8. “Investment Grade Bonds” is represented the Bloomberg US Aggregate Index.

9. Since inception of AXXES. Standard Deviation is a measure of the dispersion of a dataset relative to its average.

10. Stock Beta is measured to the Russell 3000 Index. Stock Beta is a measure of the volatility, or systematic risk, of a security or portfolio compared to the market as a whole.

11. Distributions are not guaranteed and may differ from the Net Current Yield figure. Based on current estimates, it is expected that amounts distributed to investors would include a return of capital.

12. "Total Fees and Expenses" is what the fund expects to incur. It includes the following: a management fee, which is paid to the Investment Manager at an annual rate of 1.00% payable monthly in arrears, accrued daily based upon the fund’s average daily net assets. Such management fees are paid before giving effect to any repurchase of Shares in the fund effective as of that date and will decrease the net profits or increase the net losses of the fund that are credited to its shareholders. The 1.63% Fund Fees & Expenses discussed on these slides includes management fee estimated at 1.00%. Fees also include acquired fund fees and expenses, which are estimated at 0.42%; and other expenses, which are estimated at 0.21%. It does not include fees and interest payments on borrowed funds, which are estimated at 1.90% as of July 27, 2023 for the current fiscal year.

The Fund is distributed by Foreside Fund Services, LLC.

To learn more, view Axxes Corporate Lending Fund’s ownership filings

To learn more, view Axxes Corporate Lending Fund’s 19(a) notice

To learn more, view Axxes Corporate Lending Fund's SAI

To learn more, view Axxes Corporate Lending Fund’s Schedule of Investments at June 30

To learn more, view Axxes Corporate Lending Fund’s Schedule of Investments at December 31