Government Money Market Fund Risk. The Fund is a “government money market fund,” as such term is defined or interpreted under the rules governing money market funds. A “government money market fund” is a money market fund that invests 99.5 percent or more of its total assets in cash, government securities, and repurchase agreements that are collateralized fully. As a “government money market fund,” the Fund can value its securities using the amortized cost method to seek to maintain a stable $1.00 share price. The Fund must impose liquidity fees on fund redemptions if the Board determines that doing so is in the best interest of shareholders.

U.S. Government Securities. Not all obligations of the U.S. Government, its agencies, and instrumentalities are backed by the full faith and credit of the United States. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases, there may be some risk of default by the issuer. Government agency or instrumentality issues have different levels of credit support.

Repurchase Agreements Risk. When the Fund enters into a repurchase agreement, it is exposed to the risk that the other party (i.e., the counterparty) will not fulfill its contractual obligation. In a repurchase agreement, there exists the chance that when the Fund buys a security from a counterparty that agrees to repurchase the security at an agreed-upon price (usually higher) and time, the counterparty will not repurchase the security.

Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

Redemption Risk. The Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or incur a loss or depressed value, particularly during periods of declining or illiquid markets. Redemptions by a few large investors in the Fund may significantly affect the Fund’s ability to maintain a stable $1.00 share price. If any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a market-wide risk of increased redemption pressures, potentially jeopardizing the stability of their $1.00 share prices.

Other Investment Companies – Money Market Funds Risk. A money market fund may only invest in other investment companies that qualify as government money market funds under Rule 2a-7 of the 1940 Act. The risk of investing in such money market funds is that such money market funds may not comply with Rule 2a-7. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the costs of the Fund. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject.

App and Web Portal Development Risk. The Fund’s App, CERES Coin, is available on the Apple App Store, but the Android version of the App has not been approved for distribution on Google Play. The Web Portal is operating in a user-acceptance testing environment and has not been deployed to production. There is no assurance that the Android version of the App will be approved, or that the Web Portal will be deployed to production, on the expected timetable or at all. The peer-to-peer transfer functionality described under “Peer-to-Peer Transfer of Shares” is available only within the App or the Web Portal, and account statements and other communications may be delivered by traditional means. If the App or the Web Portal becomes unavailable because of a technology failure, cybersecurity incident, service-provider disruption, or blockchain network outage, investors may be unable to access account information or submit instructions through those channels and would need to transact directly with the transfer agent, which may delay processing of purchase, redemption, or transfer requests.

Risks Related to the Solana Network. As a public, permissionless Layer-1 blockchain, the Solana network presents a different risk profile than a private, permissioned network. The network is open to anyone with an internet connection and is maintained by a globally distributed set of independent validators outside the Fund’s and the sub-transfer agent’s control. Fund share transactions are recorded on a public ledger visible to all network participants, although transfers are restricted at the SPL token program level to whitelisted, KYC-verified wallets controlled by the sub-transfer agent. Share-ownership data is recorded and updated on the shadow recordkeeping layer using the SPL token program and related on-chain programs, which, like any software, may contain bugs, vulnerabilities, or design flaws that could result in failed transactions, incorrect balances, or temporary loss of access to Fund shares. Upgrades to the SPL token program or to the underlying Solana network software may introduce disruptions or compatibility issues affecting the recordkeeping system. Private and confidential shareholder information is maintained off-chain by the sub-transfer agent rather than on the Solana network, but remains subject to a risk of data leakage if not handled correctly by the sub-transfer agent or its service providers.

From a technical perspective, additional risks include network congestion and full network outages (which Solana has experienced in the past and during which block production has halted for extended periods), validator concentration or simultaneous validator failure, and transaction reordering or censorship by block producers, including activity related to maximal extractable value (“MEV”). MEV refers to the profit that a validator or other block producer can capture by choosing which transactions to include in a block and in what order — for example, by placing its own transaction ahead of another participant’s transaction in order to benefit from the resulting price movement. Because updates to the Fund’s share-ownership data on the shadow recordkeeping layer may be recorded only between whitelisted, know-your-customer-verified wallet addresses, are not executed against an automated market maker or any other trading venue, and are not priced by reference to any on-chain market, the Fund does not believe MEV presents a meaningful risk of economic harm to shareholders. MEV activity by block producers could nonetheless contribute to network congestion or to the reordering or delayed inclusion of the sub-transfer agent’s recordkeeping transactions, which could delay the recording of share-ownership data on the shadow recordkeeping layer. Any such delay would not affect the shares a shareholder owns on the transfer agent’s official record, the Fund’s net asset value, or the price at which purchases, redemptions, or transfers are processed. The Solana network uses a Proof-of-History mechanism combined with a delegated Proof-of-Stake consensus model, and the Fund and the sub-transfer agent have no control over which entities operate validators or the stake distribution among them. Operation of programs on the Solana network requires payment of transaction fees denominated in SOL, the network’s native digital asset; the sub-transfer agent (or its affiliates) will pay these fees, and Fund investors will not be required to acquire or hold SOL. However, significant volatility in the price or availability of SOL, regulatory action affecting SOL (including any determination that SOL is a security under U.S. federal securities laws), or technical changes to the way fees are assessed could increase the sub-transfer agent’s operating costs or impair its ability to record transactions on the network.

Cybersecurity Risk. Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, authorized participants, or index providers (as applicable) and listing exchanges, or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents, and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming shares or receiving distributions. The Fund’s service providers to the Fund have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or its service providers. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

Because technology is frequently changing, new ways to carry out cyber-attacks are constantly developing. Therefore, there is a chance that some risks have not been identified or prepared for or that an attack may not be detected, which limits the Fund’s ability to plan for or respond to a cyber-attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.