REAL ESTATE FUND (REF)

Real Estate Fund primarily invests in private real estate.  The fund's investments are diversified across all commercial property types (e.g. office, industrial, retail, mullti-family), geo-economic regions, investment horizons.  REF invests through limited partnerships and other limited liability collective investment vehicles managed by third party advisors.  REF may also invest in public real estate securities.  Over a real estate market cycle, REF's goal is to outperform the National Council of Real Estate Investment Fiduciaries (NCREIF) Index for its private limited partnership investments and the Dow Jones Wilshire Real Estate Securities Index for its public REIT investments.