Summary Prospectus

The ACR Opportunity Fund summary prospectus sets forth basic information about the Fund that you should know before investing. Before you invest, you may want to review the Fund’s prospectus and Statement of Additional Information available on this site. They contain more information about the Fund and its risks.

The Fund’s Prospectus and Statement of Additional Information, both dated April 1, are incorporated by reference into the Summary Prospectus.

ACR Opportunity Fund Summary Prospectus

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You may also obtain copies of the Fund’s Summary Prospectus by calling us toll-free at 1-855-955-9552.

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ACR Alpine Capital Research is a fundamental valuation based asset management firm. Our investment philosophy is rooted in principles essential for successfully evaluating fundamental value and risk, which we believe is the key to investment success.