Mr. Westphal is the Managing Director of the Sub-Adviser’s Real Estate Securities Investment Management unit.

Prior to joining the Sub-Adviser in 1999, he was Executive Vice President and Portfolio Manager of JLW Capital Management from March 1998 to July 1999 and was Senior Vice President of Cohen & Steers Capital Management from May 1994 to March 1998.

Mr. Westphal is responsible for the creation and management of real estate securities portfolios for the Sub-Adviser’s institutional clients.