Terra Firma US Concentrated Realty Equity Fund Open Shares 

Ordinarily, the fund allocates a minimum of 80% of its capital to equity securities of U.S. real estate companies, which include common, convertible, and preferred stocks. It also invests in derivative instruments whose economic profiles are similar to direct holdings in these U.S. Realty Companies. Examples of such synthetic investments include warrants, rights, options, and shares of exchange-traded funds (ETFs). The fund operates as a non-diversified entity.