Terra Firma US Concentrated Realty Equity Fund Open Shares 

Under normal circumstances, the fund invests at least 80% of its assets in equity securities (including common, convertible and preferred stocks) of U.S. Realty Companies, and synthetic instruments related to U.S. Realty Companies. Such synthetic instruments are investments that have economic characteristics similar to the fund’s direct investments in U.S. Realty Companies and include warrants, rights, options and shares of exchange-traded funds (“ETFs”). The fund is non-diversified.