ACR Equity International Fund Class I Shares ACREX Strategy

The investment seeks to protect capital from permanent impairment while providing a return above both the fund's cost of capital and the fund's benchmark over a full market cycle. Under normal circumstances, the fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in equity securities. The fund will invest primarily in equity securities, including common stock, preferred stock, American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). It is non-diversified.