The purpose of this report is to provide relevant data and analysis to help tax-exempt funds and the investment community that serves them (advisers, REITs and consultants) pinpoint and understand the implications of the important investment trends most likely to drive the following year's markets. This year's survey contains responses from 99 of the leading plan sponsors, who collectively control more than 31 percent of all tax-exempt real estate assets. The survey analyzes fund allocations, risk and return assumptions, expected capital flows, real estate investment strategies, anticipated investment manager hiring and internal staffing patterns.

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Table of Contents

Introduction    1
Executive Summary    2
Purpose    4
Survey Methodology    5
Sample Characteristics    6
Findings    7
    Portfolio Risk and Return Assumptions    7
        Real Estate Remains Most Attractive Asset Class    7
    Total Return Expectations    8
        Investors Continue to Increase Real Estate Targets    8
    Real Estate Investment Strategies     9
        Exceeding REIT Targets But Not Private Equity Targets    9
    Projected Real Estate Capital Flows     10
        2005 Capital Flows Expected to Be at Six-Year High    10
        Shift to Private Equity and Foreign Strategies    10
    Projected Capital Flows: 2005 Versus 2004    11
        Pooled Funds Are Real Estate Vehicle of Choice    11
Investment Manager Search Activity    12
        Sponsors Diversify Manager Relationships    12
    Demonstrating a Viable Strategy for Placing Capital    12
Future Challenges    13
2005 Annual Plan Sponsor Survey Data Tables and Graphs    14
Personnel and Involvement    29
List of Respondents    30
Plan Sponsor Survey Questionnaire    32