ACR Opportunity Fund Class I Shares ACROX Strategy

The investment seeks to preserve capital during periods of economic decline, and to provide above average absolute and relative returns in the long run. The fund seeks to preserve capital during periods of economic decline. In seeking to preserve capital, the advisor seeks to identify and avoid "permanent loss." The Advisor considers permanent loss to refer to two general types of economic losses through a full market cycle: (i) the impairment of the fundamental value of a security and (ii) the payment of a speculative (higher) price to acquire the fundamental value of a security. The fund is non-diversified.