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Privacy Policy

*Resource is the marketing name for Resource America, Inc. and its advisor subsidiaries.

Statement of Policy
Resource Real Estate, Inc. (“RRE”) is committed to protecting the confidentiality and security of consumer, customer and former customer information that it collects and will disclose such information only in accordance with Regulation S-P, any other applicable law, rules and regulations and this Privacy Policy.

I. Background
Regulation S-P limits the circumstances under which an adviser may disclose nonpublic personal information about a client to other persons and requires an adviser to disclose to all of its clients the adviser’s privacy policies. RRE has implemented the following Privacy Policy (“Privacy Policy”) and Program for Protecting Client Information (the “Program”) to comply with Regulation S-P.

II. Summary of Regulation S-P
Regulation S-P has four key features:
• An adviser must provide notice to its clients about its privacy policies;

• An adviser may only disclose nonpublic personal information about clients to a nonaffiliated third party if it provides an initial privacy notice and a notice giving the client the opportunity to “opt-out” from the adviser’s disclosure of the information;

• A client may request that his or her nonpublic personal information not be disclosed to nonaffiliated third parties (although certain information required for processing transactions is still permitted to be disclosed); and

• An adviser must adopt a program reasonably designed to (i) ensure the security and confidentiality of client records and information; (ii) protect against any anticipated threats or hazards to the security or integrity of client records and information; and (iii) protect against unauthorized access to or use of client records or information that could result in substantial harm or inconvenience to any client.

III. Privacy Policy

Scope
RRE has adopted this Privacy Policy, which applies to RRE, the investment vehicles it manages and its affiliates. RRE conducts its business affairs primarily through its employees, to whom this Privacy Policy applies. To the extent that service providers are utilized in servicing accounts, confidentiality agreements that comply with Regulation S-P will be put into place.

Service Providers
RRE will direct each service provider to adhere to this Privacy Policy with respect to all client and former client information of RRE and to take all actions reasonably necessary so that RRE is in compliance with this Privacy Policy. RRE will seek to obtain an acknowledgement of this Privacy Policy from all third party service providers in the contract for services.

Privacy Notices
Under Regulation S-P, RRE must provide an initial privacy notice to its customers at the time the advisory relationship is established and annually thereafter and provide an initial privacy notice to its “consumers” before it discloses nonpublic personal information.

Consumers. A “consumer” is an individual who obtains from an adviser financial products that are to be used primarily for personal, family or household purposes, such as one-time investment advice. The adviser must provide an initial privacy notice to its consumers before the adviser discloses the consumer’s nonpublic personal information to a nonaffiliated third party (other than as necessary to process consumer transactions). The adviser is not required to send a privacy notice to consumers if the adviser discloses nonpublic information about its consumers to third parties only pursuant to certain exceptions. The adviser may satisfy the initial notice requirement by sending a “short form” notice that explains how the consumer may obtain the adviser’s privacy notice.

Customers. A “customer” is a consumer who uses the product or service of the adviser on an on-going basis (such as receiving continuous investment advice).1 The adviser must provide an initial privacy notice when the adviser establishes the customer relationship (such as when an investor enters into an advisory contract) and annually thereafter.

Content of Customer Privacy Notices
The initial and annual privacy notices must contain the following information:
• categories of nonpublic personal information collected by RRE;

• categories of nonpublic personal information disclosed by RRE;

• categories of affiliates and non-affiliates to whom RRE discloses the nonpublic personal information;

• categories of nonpublic personal information about former customers disclosed by RRE and the categories of affiliates and non-affiliates to whom it is disclosed;

• if nonpublic personal information is disclosed to third parties, an explanation of the right to “opt-out” of such disclosure; and

• a general description of RRE’s policies and practices with respect to protecting the confidentiality and security of nonpublic personal information.

The initial privacy notice will be delivered with the relevant prospectus that is given to customers considering an investment in investment vehicles managed by the RRE. The annual notice will be mailed to each customer, generally accompanying the annual report for each investment vehicle managed by RRE. The Compliance Officer will review and update the privacy notice at least annually.

Opt-Out Notice
If RRE plans to disclose nonpublic personal information (other than pursuant to certain exceptions), RRE will provide consumers and customers a reasonable means to “opt-out” of the disclosure of that information, in compliance with Regulation S-P. Once a consumer elects to opt-out, RRE must honor the election as soon as reasonably practicable. The opt-out election remains in effect until the consumer revokes it.

1 All “customers” are also “consumers,” but not all consumers are customers.