Offering Overview

Performance

Returns Summary as of September 30, 20171,2
DPF Class I Share DPF Class D Share DPF Class T / S Share3 with Sales Charges DPF Class T / S Share3 at NAV
One-Year — Trailing 12-Month 4.56% 4.06% 0.44% 3.54%
Three-Year Annualized 6.63% 6.11% 4.56% 5.59%
Since NAV Inception Annualized2 7.39% 6.87% 5.72% 6.34%
Volatility and Risk-Adjusted Performance Summary as of September 30, 2017
DPF Class I Share DPF Class D Share DPF Class T / S Share with Sales Charges DPF Class T / S Share at NAV
Standard Deviation (annualized) 1.70% 1.70% 1.70% 1.70%
Sharpe Ratio (since NAV inception)2 4.21 3.91 3.23 3.60
Distribution Summary as of September 30, 2017
DPF Class I Share DPF Class D Share DPF Class T / S Share with Sales Charges DPF Class T / S Share at NAV
Trailing 12-Month 4.73% 4.25% 3.61% 3.74%
Monthly Performance
DPF Class I Share DPF Class D Share DPF Class T / S Share3 at NAV
2017 2016 2015 2017 2016 2015 2017 2016 2015
January 0.25% -0.07% -0.04% 0.20% -0.11% -0.08% 0.16% -0.16% -0.13%
February 0.31% 0.00% 1.11% 0.27% -0.04% 1.07% 0.23% -0.08% 1.03%
March -0.02% -0.21% 2.14% -0.06% -0.25% 2.10% -0.10% -0.29% 2.05%
April 0.37% 0.50% 0.27% 0.33% 0.45% 0.22% 0.28% 0.41% 0.18%
May 0.59% 0.46% 0.21% 0.55% 0.41% 0.16% 0.51% 0.37% 0.12%
June -0.11% 0.46% 1.71% -0.15% 0.42% 1.67% -0.20% 0.38% 1.62%
July 0.33% 0.71% 0.49% 0.29% 0.67% 0.45% 0.25% 0.63% 0.41%
August -0.05% 0.95% 1.05% -0.09% 0.91% 1.01% -0.14% 0.87% 0.97%
September 0.40% 0.90% 0.18% 0.38% 0.86% 0.14% 0.33% 0.82% 0.10%
October 0.31.% 0.47% 0.35% 0.29% 0.43% 0.31% 0.23% 0.39% 0.27%
November 0.98% 1.00% 0.94% 0.96% 0.90% 0.92%
December 0.97% 0.52% 0.93% 0.48% 0.89% 0.44%

1 Performance is measured by total return. Total return represents the compound annual rate of return assuming reinvestment of all distributions. Past performance is not a guarantee of future results. Performance data quoted above is historical. Current performance may be higher or lower than the performance data quoted. The performance data does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares, as applicable. The NAV is based on estimated values. Please see the NAV Methodology page at blackcreekdiversified.com for more detailed information.

2 NAV inception is 09/30/12. The historical returns presented show share performance since September 30, 2012, which is when DPF first sold Class A, W and I shares after converting to an NAV REIT on July 12, 2012. Subsequently, as a result of a share restructuring effective as of September 1, 2017, DPF’s outstanding Class A, W and I shares changed to Class T, Class D and a new version of Class I shares, respectively. DPF also created a new Class S share, with the same NAV per share and class-specific expenses as Class T shares. Accordingly, in this table; the returns of Class T and Class S shares reflect the performance of Class A shares since NAV inception through the restructuring date; the return of Class D shares shown reflects the performance of Class W shares since NAV inception through the restructuring date; and the return of the new version of Class I shares reflects the performance of the prior Class I shares since NAV inception through the restructuring date. In connection with the restructuring, DPF also revised its fee structure with its advisor and dealer manager and its NAV methodology, which will affect returns going forward. Please see DPF’s definitive proxy statement filed with the Securities and Exchange Commission on June 7, 2017, for more information about the fee changes and our pro forma estimates of how those fee changes would have affected returns on DPF shares in the years 2013-2016. Investors in DPF’s fixed price offerings prior to NAV inception on 09/30/12 are likely to have a lower return.

3 The Class T / S Share is offered with an up to 3.5% up-front sales loads to investors through registered broker / dealers, which will affect the above returns and future returns depending on the investor’s hold period.

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