CLAREMONT INVESTMENT FUND

CLAREMONT INVESTMENT FUND (THE "FUND") WAS ORGANIZED TO HOLD AND MANAGE THE ENDOWMENT ASSETS OF CLAREMONT MCKENNA COLLEGE (THE "COLLEGE") AND THOSE MEMBERS OF THE CLAREMONT COLLEGES THAT MAY BE APPROVED BY THE COLLEGE'S BOARD OF DIRECTORS FROM TIME TO TIME. THE FUND'S BROAD OBJECTIVE IS TO PRESERVE AND ENHANCE ITS REAL (INFLATION-ADJUSTED) PURCHASING POWER WHILE PROVIDING A RELATIVELY PREDICTABLE, STABLE, AND CONSTANT (IN REAL TERMS) STREAM OF EARNINGS CONSISTENT WITH THE SPENDING NEEDS OF THE COLLEGE AND PARTICIPATING MEMBERS OF THE CLAREMONT COLLEGES. THE FUND IS AN AFFILIATE OF CLAREMONT MCKENNA COLLEGE.