The objective of the DoubleLine Real Estate and Income Strategy is to outperform the Dow Jones U.S. Select REIT Total Return Index over a full market cycle. The strategy combines two differentiated sources of return: the DigitalBridge Fundamental U.S. Real Estate Index (the “Index” or “DigitialBridge Index”) and a fixed income strategy actively managed by DoubleLine. The Index uses a systematic, rules-based approach to attempt to deliver riskadjusted returns superior to established REIT benchmarks. DigitalBridge Group drew upon their deep experience investing in real estate assets to develop a set of rules to eliminate those REITs they find to have the least favorable return-to-risk prospects. The resulting Index seeks to deliver beta to the broad REIT market but with positive alpha. We expect the Index to be the primary driver of both return and risk of the strategy.