Performance

Cumulative Performance as of
Fund 1 Month 3 Month 6 Month 1 Year YTD Since Inception4
5(With Max Sales Charge)
Average Annual Return as of
Fund 1 Year 3 Year 5 Year Since Inception4
5(With Max Sales Charge)

Past performance is not a guarantee of future results.

Historical NAV

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Symbol Date Net Asset Value Change (%)6 Change ($)
*

The totals shown above do not include DRP.

1

There is no guarantee of distributions or that any distributions paid will be paid at the stated rate. Distributions will be paid from sources other than cash flow from operations, including offering proceeds, borrowing or sales of assets, which may reduce an investor’s overall return and may constitute a return of capital. For CC Real Estate Income Fund-C (Fund-C), a distribution and servicing fee at an annualized rate of 1.0%, of the net NAV per share in order to compensate the distributor and participating broker-dealers and investment representatives for services and expenses related to the marketing, sale and distribution of Fund-C’s shares, the payment of which will begin the first month after the completion of the Fund-C offering. Because a distribution and servicing fee is paid out of Fund-C assets on a monthly basis, over time these fees will increase the cost of an investment in Fund-C and may lower the amount of distributions.

2

The Fund currently intends to limit the number of shares to be repurchased on each date of repurchase to the number of shares the Fund can repurchase with, in the Fund’s Board of Trustee’s (the “Board”) sole discretion, (i) the aggregate proceeds it has received from the issuance of shares pursuant to its dividend reinvestment plan (the “DRP”) for the previous quarter, and/or (ii) the aggregate proceeds it has received from the sale of shares, other than such shares issued pursuant to its DRP, for the previous calendar month, immediately prior to the date upon which the notification to repurchase shares was provided to shareholders of the Fund. The Board may, in its sole discretion, determine to limit the number of shares to be repurchased to an amount that is greater than or less than the amounts described above. Additionally, the Fund will further limit the number of shares to be repurchased in any calendar quarter to 5.0% of the weighted average number of shares outstanding in the previous full calendar quarter prior to the date upon which the notification to repurchase shares was provided to shareholders of the Fund. The Fund will limit the number of shares to be repurchased in any calendar year to 20.0% of the weighted average number of shares outstanding in the prior calendar year.

3

Represents the percentage increase/decrease in the net asset value (NAV) from the prior trading day. Each Fund intends to determine the NAV of its shares daily during the period in which it is offering shares and quarterly thereafter. The NAV of each Fund is based on the value of its interest in CCREI reduced by the Fund's liabilities and then divided by the number of Fund shares outstanding.

4

Inception date for Class A, Class I and Fund-T: January 27, 2017. Inception Date for Fund-C: January 30, 2018.

5

The maximum sales charge for the Class A Shares is 8.0%. There is no sales charge for Class I Shares. As of June 30, 2018, Fund-T is closed to new investors. The maximum sales charge for Fund-T Shares prior to the end of its offering period was 4.0%. Additionally, a 1% per year distribution and shareholder servicing fee will be paid out of Fund-T assets, which began in July 2018, the first month after the completion of its offering period. There is no sales charge for Fund-C Shares. A 1% per year distribution and shareholder servicing fee will be paid out of Fund-C assets beginning with the first month after the completion of the period in which the Fund offers shares.

6

Since inception performance is annualized.

Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns and principal value of an investment will fluctuate. As such, upon repurchase or the occurrence of a liquidity event, shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.