Incorporating real estate into an institutional investment mix can improve overall returns, provide a hedge against inflation and furnish important diversification benefits.

McMorgan & Company (McMorgan) is a Real Estate Investment Adviser. Since 1971, McMorgan has invested approximately $3.5 billion in real estate projects and currently manages a portfolio of $1.7 billion as of September 30, 2007. McMorgan invests through separate accounts and co-mingled funds.

For more information about our real estate initiatives, contact Mark R. Taylor, Executive Vice President, Director of Real Estate by clicking here.

An investment in real estate securities has the special risks associated with the direct ownership of real estate.