We are the general partner and investment manager of the Fund, which has an eight-year term and a three-year investment period that ended in July 2013. During the investment period, the Fund was 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 December 31, 2013, the Fund had nine investments with an aggregate fair value of $667,710,000, or $153,413,000 in excess of cost, and had remaining unfunded commitments of $149,186,000, of which our share was $37,297,000. At December 31, 2012, the Fund had nine investments with an aggregate fair value of $600,786,000.

Below is a summary of income (loss) from the Fund for the years ended December 31, 2013, 2012 and 2011.

(Amounts in thousands)		For the Year Ended December 31,
		2013		2012		2011
Net investment income		$	8,943	$	8,575	$	5,500
Net realized gains			8,184		-		5,391
Net unrealized gains			85,771		55,361		11,995
Income from Real Estate Fund			102,898		63,936		22,886
Less income attributable to noncontrolling interests			(53,427)		(39,332)		(13,598)
Income from Real Estate Fund attributable to Vornado Realty L.P.⁽¹⁾		$	49,471	$	24,604	$	9,288


(1)	Excludes $2,992, $3,278 and $2,695 of management, leasing and development fees in the years ended December 31, 2013, 2012 and 2011, respectively, which are included as a component of "fee and other income" on our consolidated statements of income.