We are the general partner and investment manager of our $800,000,000 Fund, to which we committed $200,000,000. The Fund has an eight-year term and a three-year investment period, which concludes in July 2013. During the investment period, the Fund is our exclusive investment vehicle for all investments that fit within its investment parameters, as defined. The Fund is accounted for under the AICPA Investment Company Guide and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.

At March 31, 2013, the Fund had nine investments with an aggregate fair value of $571,306,000, or $81,158,000 in excess of cost, and had remaining unfunded commitments of $257,956,000, of which our share was $64,489,000. Below is a summary of income from the Fund for the three months ended March 31, 2013 and 2012.

(Amounts in thousands)		For the Three Months Ended March 31,
		2013		2012
Operating income		$	3,048	$	4,918
Net unrealized gains			13,516		6,844
Income from Real Estate Fund			16,564		11,762
Less (income) attributable to noncontrolling interests			(9,540)		(7,933)
Income from Real Estate Fund attributable to Vornado ⁽¹⁾		$	7,024	$	3,829
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(1)	Excludes management, leasing and development fees of $682 and $703 for the three months ended March 31, 2013 and 2012, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.