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ty Brokerage Services LLC and National Financial Services LLC (collectively, referred to as "Fidelity") pursuant to which the iCapital compensates Fidelity for providing certain administrative services in respect of investors who custody their investment in one or more iCapital Funds with Fidelity. T
Investors A number of asset managers have invested in Institutional Capital Network, Inc., the parent company of iCapital, including affiliates of BlackRock, Inc. ("BlackRock") and Credit Suisse Group AG ("Credit Suisse"). iCapital may offer products managed or sponsored by such investors as BlackRock and C
ty Brokerage Services LLC and National Financial Services LLC (collectively, referred to as "Fidelity") pursuant to which the iCapital compensates Fidelity for providing certain administrative services in respect of investors who custody their investment in one or more iCapital Funds with Fidelity. T
Investors A number of asset managers have invested in Institutional Capital Network, Inc., the parent company of iCapital, including affiliates of BlackRock, Inc. ("BlackRock") and Credit Suisse Group AG ("Credit Suisse"). iCapital may offer products managed or sponsored by such investors as BlackRock and C
ty Brokerage Services LLC and National Financial Services LLC (collectively, referred to as "Fidelity") pursuant to which the iCapital compensates Fidelity for providing certain administrative services in respect of investors who custody their investment in one or more iCapital Funds with Fidelity. T
Investors A number of asset managers have invested in Institutional Capital Network, Inc., the parent company of iCapital, including affiliates of BlackRock, Inc. ("BlackRock") and Credit Suisse Group AG ("Credit Suisse"). iCapital may offer products managed or sponsored by such investors as BlackRock and C
ty Brokerage Services LLC and National Financial Services LLC (collectively, referred to as "Fidelity") pursuant to which the iCapital compensates Fidelity for providing certain administrative services in respect of investors who custody their investment in one or more iCapital Funds with Fidelity. T
Investors A number of asset managers have invested in Institutional Capital Network, Inc., the parent company of iCapital, including affiliates of BlackRock, Inc. ("BlackRock") and Credit Suisse Group AG ("Credit Suisse"). iCapital may offer products managed or sponsored by such investors as BlackRock and C
ty Brokerage Services LLC and National Financial Services LLC (collectively, referred to as "Fidelity") pursuant to which the iCapital compensates Fidelity for providing certain administrative services in respect of investors who custody their investment in one or more iCapital Funds with Fidelity. T
Investors A number of asset managers have invested in Institutional Capital Network, Inc., the parent company of iCapital, including affiliates of BlackRock, Inc. ("BlackRock") and Credit Suisse Group AG ("Credit Suisse"). iCapital may offer products managed or sponsored by such investors as BlackRock and C
Entities connected to both Fidelity and BlackRock, Inc.

Credit Suisse
ORGANIZATIONiCapital
ORGANIZATIONInstitutional Capital Network, Inc.
ORGANIZATIONNational Financial Services
ORGANIZATION
BlackRock
ORGANIZATIONUBS Financial Services Inc
ORGANIZATIONGroup AG
ORGANIZATIONBNY Capital Corporation
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATION
Virginia Giuffre
PERSON
North America
LOCATION
New York
LOCATIONthe Investment Committee
ORGANIZATIONInvesco
ORGANIZATIONiCapital Network
ORGANIZATIONLiquidity of Investments
ORGANIZATIONFir Tree Partners
ORGANIZATIONPREA and NCREIF
ORGANIZATIONDaniel Vene
PERSONThis Brochure Supplement
ORGANIZATION