1 NCREIF Fund Index – Open End Diversified Core Equity is an index of investment returns reporting on both a historical and current basis the results of 40 open-end commingled funds pursuing a diversified core investment strategy. The Fund invests up to 95% of its total assets in Institutional Private Funds under normal circumstances. Some Institutional Private Funds are included in the NFI-ODCE. Under normal market conditions, the Fund invests at least 50% of its Institutional Private Fund assets in Index-members. The NFI-ODCE Index is not a mutual fund and would not be considered diversified under the 1940 Act. See ncreif.org for more information on the NFI-ODCE Index and all its guidelines.

2 Source: Bloomberg and NCREIF. Private Real Estate is represented by the NCREIF Open-End Diversified Core (ODCE) Index, an index of investment returns reporting on both a historical and current basis the results of 40 open-end commingled funds pursuing a diversified core investment strategy. See ncreif.org for more information on the NFI-ODCE Index and its guidelines. Bonds are represented by the Barclays Capital Aggregate Bond Index, an index of securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. The S&P 500 Index is an unmanaged index of the 500 largest stocks (in terms of market value), weighted by market capitalization and considered representative of the broad U.S. stock market. The Russell 2000 Index is an unmanaged index of the smallest 2,000 stocks (based on capitalization) in the Russell 3000 Index and considered representative of U.S. small-cap stocks. Equity REITs are represented by the MSCI US REIT Index, a free float-adjusted, market capitalization-weighted index of publicly listed U.S. Equity REITs not designated as Mortgage REITs or selected Specialized REITs. Total returns presented assume reinvestment of distributions. Investors are not able to invest directly in the indices referenced in this illustration and unmanaged index returns do not reflect any fees, expenses or sales charges. The referenced indices are shown for general market comparisons and not meant to represent the Fund. Past performance does not guarantee future results.