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 36 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. Commercial 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 36 open-end commingled funds pursuing a diversified core investment strategy. See ncreif.org for more information on the NFI-ODCE Index and its guidelines. Equities are represented by the S&P 500 Index, an unmanaged index of the 500 largest stocks (in terms of market value), weighted by market capitalization and considered representative of the broad stock market. 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. 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.