Ohio Bureau of Workers' Compensation · PDF file6/30/2017 · Barings Core Property...

Ohio Bureau of Workers'Compensation

As of June 30, 2017

Prepared by RVK

Real Estate Investment PerformanceAnalysis

Asset Allocation

MV + UncalledCapitalEnding MV

UncalledCapital

CommitmentFundedCommitment Allocation

(%)($) ($) ($) ($)($)

2,099,341,9741,496,538,000Core Portfolio 64.7101,496,538,000 2,099,341,974

AEW Core Property Trust 319,449,131319,449,1310225,000,000225,000,000 9.85

ASB Allegiance Real Estate Fund 285,248,035285,248,0350200,000,000200,000,000 8.79

Barings Core Property Fund 196,070,874196,070,8740150,000,000150,000,000 6.04

Heitman HART 331,125,782331,125,7820250,000,000250,000,000 10.21

INVESCO Core RE 326,691,055326,691,0550250,000,000250,000,000 10.07

Morgan Stanley Prime Property 337,344,524337,344,5240200,000,000200,000,000 10.40

UBS Trumbull Property Fund 303,412,573303,412,5730221,538,000221,538,000 9.35

473,991,066437,496,015Core Plus Portfolio 22.70262,503,985700,000,000 736,495,051

Clarion Lion Industrial Trust 81,238,84281,238,842075,000,00075,000,000 2.50

INVESCO US Income Fund 78,927,48978,927,489075,000,00075,000,000 2.43

Jamestown Premier Property Fund 125,000,000N/A125,000,0000125,000,000 3.85

JPMorgan US RE Income & Growth Fund 101,177,05826,177,05875,000,00025,000,000100,000,000 3.12

PGIM PRISA II 137,436,489137,436,4890125,000,000125,000,000 4.24

Prologis Targeted US Logistics Fund 84,361,17484,361,174075,000,00075,000,000 2.60

USAA Eagle Real Estate Fund 128,353,99965,850,01462,503,98562,496,015125,000,000 3.96

219,933,702228,206,133Value Added Portfolio 12.58188,326,604400,000,000 408,260,306

Focus Senior Housing Fund I 49,729,48869,48849,660,000340,00050,000,000 1.53

Gaw Capital US Value Add Fund 57,603,55752,551,0785,052,47944,947,52150,000,000 1.78

Hammes Partners II 46,928,64929,004,47517,924,17432,075,82650,000,000 1.45

Hammes Partners III 50,000,000N/A50,000,000050,000,000 1.54

KTR Industrial Fund III 100,802100,802021,425,8300 0.00

Latitude Mgmt RE Capital III 50,253,46747,753,4672,500,00047,500,00050,000,000 1.55

Latitude Mgmt RE Capital IV 49,895,7764,888,27645,007,5004,992,50050,000,000 1.54

Rockbridge Hospitality Fund VI 53,235,43453,235,434045,106,90750,000,000 1.64

Sares-Regis Multifamily VA II 50,513,13332,330,68218,182,45131,817,54950,000,000 1.56

2,596,538,000 3,244,097,331450,830,589 100.002,162,240,148 2,793,266,742Total Portfolio

Asset Allocation vs. Target Allocation (%)

0.00% 4.00% 8.00%-4.00 %-8.00 %

Value Added

Core Plus

Core

-4.09 %

-2.30 %

6.38%

Asset Allocation vs. Target Allocation Variance Chart

100.00Total Portfolio 100.00

TargetAllocation Variance

6.3858.3364.71Core

-2.3025.0022.70Core Plus

-4.0916.6712.58Value Added

Asset Allocation

As of June 30, 2017

Total Portfolio

Ohio Bureau of Workers' Compensation

Commitment and Commitment Funded for Heitman HART and UBS Trumbull Property Fund reflect BWC’s acquisitions of units at a premium to NAV. Market value shown forKTR Industrial Fund III represents a cash reserve from fund sale, retained for future partnership expenses.

Page 2

Total Portfolio

Total Portfolio (Gross) 12.21%N/AN/A11.97%8.68%3.96%1.85%

Total Portfolio (Net) 12/30/201210.95%N/AN/A10.74%7.60%3.48%1.63% 10.80%

Difference 1.27%N/AN/A1.23%1.08%0.48%0.23%

Total Portfolio Inc. (Gross) 4.94%N/AN/A4.74%4.58%2.28%1.14%

Total Portfolio Inc. (Net) 12/30/20123.81%N/AN/A3.65%3.54%1.78%0.89% N/A

Difference 1.13%N/AN/A1.08%1.04%0.50%0.25%

Total Portfolio Apprec. (Gross) 7.01%N/AN/A6.99%3.97%1.66%0.71%

Total Portfolio Apprec. (Net) 12/30/20126.94%N/AN/A6.90%3.96%1.68%0.74% N/A

Difference 0.07%N/AN/A0.09%0.01%-0.02%-0.02%

Index Performance

NCREIF ODCE Index (AWA) (Gross) 12.50%5.25%11.79%11.34%7.87%3.50%1.70%

NCREIF ODCE Index (AWA) (Net) 12/30/201211.40%4.28%10.76%10.33%6.90%3.04%1.47% N/A

Difference 1.09%0.97%1.03%1.02%0.98%0.46%0.23%

Comparative Performance

As of June 30, 2017

Total Portfolio

SinceInception

10Years

5Years

3Years

1Year

CYTDQTDPerf.

InceptionIRR


Please note that performance is not shown for individual investments until a full year of cash flow data is available. However, individual investment returns are reflected in thetotal real estate portfolio composite returns. Time-weighted returns are shown after four quarters of cash flow data is available, whereas internal rates of return are shownafter a full year of cash flow data is available.

Page 3

Core Portfolio

Core Portfolio (Gross) 11.64%N/AN/A11.23%7.59%3.40%1.61%

Core Portfolio (Net) 12/30/201210.64%N/AN/A10.28%6.72%2.99%1.41% 10.61%

Difference 1.00%N/AN/A0.95%0.87%0.41%0.20%

Core Portfolio Inc. (Gross) 4.77%N/AN/A4.51%4.32%2.13%1.07%

Core Portfolio Inc. (Net) 12/30/20123.81%N/AN/A3.60%3.46%1.72%0.87% N/A

Difference 0.96%N/AN/A0.91%0.85%0.41%0.20%

Core Portfolio Apprec. (Gross) 6.64%N/AN/A6.51%3.17%1.26%0.54%

Core Portfolio Apprec. (Net) 12/30/20126.64%N/AN/A6.51%3.17%1.26%0.54% N/A

Difference 0.00%N/AN/A0.00%0.00%0.00%0.00%

AEW Core Property Trust (Gross) 11.18%N/AN/A10.83%7.76%3.82%1.76%

AEW Core Property Trust (Net) 4/1/201310.29%N/AN/A9.95%6.93%3.43%1.57% 10.30%

Difference 0.89%N/AN/A0.88%0.83%0.39%0.19%

ASB Allegiance Real Estate Fund (Gross) 11.51%N/AN/A10.77%4.62%2.00%0.66%

ASB Allegiance Real Estate Fund (Net) 4/1/201310.65%N/AN/A9.92%3.82%1.61%0.47% 10.52%

Difference 0.86%N/AN/A0.85%0.80%0.39%0.19%

Barings Core Property Fund (Gross) 10.82%N/AN/A10.89%8.31%3.35%1.81%

Barings Core Property Fund (Net) 4/1/20139.94%N/AN/A10.05%7.59%3.00%1.64% 9.70%

Difference 0.88%N/AN/A0.84%0.72%0.35%0.17%

Heitman HART (Gross) 11.94%N/AN/A11.24%7.85%2.78%1.41%

Heitman HART (Net) 7/1/201311.10%N/AN/A10.44%7.10%2.42%1.24% 10.92%

Difference 0.84%N/AN/A0.81%0.75%0.36%0.18%

INVESCO Core RE (Gross) 11.67%N/AN/A11.92%8.53%4.47%1.88%

INVESCO Core RE (Net) 7/1/201310.76%N/AN/A11.02%7.71%4.07%1.69% 10.56%

Difference 0.92%N/AN/A0.90%0.82%0.40%0.19%

Morgan Stanley Prime Property (Gross) 14.24%N/AN/A13.38%10.30%4.77%2.52%

Morgan Stanley Prime Property (Net) 1/1/201312.95%N/AN/A12.13%9.12%4.20%2.23% 12.88%

Difference 1.29%N/AN/A1.25%1.19%0.57%0.28%

UBS Trumbull Property Fund (Gross) 10.05%N/AN/A9.61%5.59%2.34%1.17%

UBS Trumbull Property Fund (Net) 4/1/20139.00%N/AN/A8.59%4.66%1.92%0.98% 8.93%

Difference 1.05%N/AN/A1.02%0.93%0.41%0.19%


As of June 30, 2017

Total Portfolio

SinceInception

10Years

5Years

3Years

1Year

CYTDQTDPerf.

InceptionIRR



Page 4

Core Plus Portfolio

Core Plus Portfolio (Gross) N/AN/AN/AN/A12.43%5.64%2.86%

Core Plus Portfolio (Net) 3/30/2016N/AN/AN/AN/A10.92%4.94%2.51% 11.68%

Difference N/AN/AN/AN/A1.51%0.70%0.35%

Core Plus Portfolio Inc. (Gross) N/AN/AN/AN/A5.04%2.55%1.27%

Core Plus Portfolio Inc. (Net) 3/30/2016N/AN/AN/AN/A3.62%1.86%0.92% N/A


Core Plus Portfolio Apprec. (Gross) N/AN/AN/AN/A7.12%3.05%1.59%

Core Plus Portfolio Apprec. (Net) 3/30/2016N/AN/AN/AN/A7.11%3.06%1.59% N/A


Clarion Lion Industrial Trust (Gross) N/AN/AN/AN/AN/AN/AN/A

Clarion Lion Industrial Trust (Net) 10/1/2016N/AN/AN/AN/AN/AN/AN/A N/A

Difference N/AN/AN/AN/AN/AN/AN/A

INVESCO US Income Fund (Gross) 13.45%N/AN/AN/A13.45%6.64%2.27%

INVESCO US Income Fund (Net) 7/1/201612.40%N/AN/AN/A12.40%6.19%2.06% 14.56%

Difference 1.05%N/AN/AN/A1.05%0.45%0.22%

Jamestown Premier Property Fund(Gross)

N/AN/AN/AN/AN/AN/AN/A

Jamestown Premier Property Fund (Net) N/AN/AN/AN/AN/AN/AN/A N/A


JPMorgan US RE Income & Growth Fund(Gross)


JPMorgan US RE Income & Growth Fund(Net)

10/1/2016N/AN/AN/AN/AN/AN/AN/A N/A


PGIM PRISA II (Gross) 9.39%N/AN/AN/A8.95%3.58%2.32%

PGIM PRISA II (Net) 4/1/20168.30%N/AN/AN/A7.81%3.03%2.05% 7.89%


Prologis Targeted US Logistics Fund(Gross)


Prologis Targeted US Logistics Fund (Net) 10/1/2016N/AN/AN/AN/AN/AN/AN/A N/A


USAA Eagle Real Estate Fund (Gross) 10.30%N/AN/AN/A10.30%3.85%2.68%

USAA Eagle Real Estate Fund (Net) 7/1/20169.39%N/AN/AN/A9.39%3.55%2.54% 9.42%



As of June 30, 2017

Total Portfolio

SinceInception

10Years

5Years

3Years

1Year

CYTDQTDPerf.

InceptionIRR



Page 5

Value Added Portfolio

Value Added Portfolio (Gross) 24.21%N/AN/A21.23%13.55%5.87%1.95%

Value Added Portfolio (Net) 5/23/201312.91%N/AN/A14.85%10.88%5.17%1.77% 13.42%

Difference 11.30%N/AN/A6.38%2.67%0.70%0.18%

Value Added Portfolio Inc. (Gross) 8.30%N/AN/A8.25%6.56%3.18%1.49%

Value Added Portfolio Inc. (Net) 5/23/2013-0.56%N/AN/A4.17%4.19%2.25%1.01% N/A

Difference 8.86%N/AN/A4.09%2.36%0.93%0.48%

Value Added Portfolio Apprec. (Gross) 14.95%N/AN/A12.26%6.67%2.64%0.46%

Value Added Portfolio Apprec. (Net) 5/23/201313.06%N/AN/A10.37%6.49%2.88%0.76% N/A

Difference 1.88%N/AN/A1.89%0.18%-0.24%-0.30%

Focus Senior Housing Fund I (Gross) N/AN/AN/AN/AN/AN/AN/A

Focus Senior Housing Fund I (Net) 7/1/2017N/AN/AN/AN/AN/AN/AN/A N/A


Gaw Capital US Value Add Fund (Gross) 17.43%N/AN/AN/A23.23%10.25%2.27%

Gaw Capital US Value Add Fund (Net) 1/1/201614.68%N/AN/AN/A20.86%9.34%1.88% 12.91%


Hammes Partners II (Gross) 16.40%N/AN/AN/A13.15%5.87%2.65%

Hammes Partners II (Net) 10/1/201510.81%N/AN/AN/A9.72%4.65%2.06% 10.15%


Hammes Partners III (Gross) N/AN/AN/AN/AN/AN/AN/A

Hammes Partners III (Net) N/AN/AN/AN/AN/AN/AN/A N/A


KTR Industrial Fund III (Gross) 24.50%N/AN/A20.21%-1.11%0.00%0.00%

KTR Industrial Fund III (Net) 7/1/201316.95%N/AN/A15.72%-1.11%0.00%0.00% 38.74%

Difference 7.55%N/AN/A4.49%0.00%0.00%0.00%

Latitude Mgmt RE Capital III (Gross) 11.88%N/AN/A11.72%10.29%4.93%2.47%

Latitude Mgmt RE Capital III (Net) 7/1/20139.64%N/AN/A9.81%8.80%4.25%2.13% 9.40%

Difference 2.24%N/AN/A1.92%1.49%0.67%0.34%

Latitude Mgmt RE Capital IV (Gross) N/AN/AN/AN/AN/AN/AN/A

Latitude Mgmt RE Capital IV (Net) 7/1/2017N/AN/AN/AN/AN/AN/AN/A N/A



As of June 30, 2017

Total Portfolio

SinceInception

10Years

5Years

3Years

1Year

CYTDQTDPerf.

InceptionIRR



Page 6


Rockbridge Hospitality Fund VI (Gross) 20.51%N/AN/A20.51%12.21%4.01%0.99%

Rockbridge Hospitality Fund VI (Net) 7/1/201413.40%N/AN/A13.40%10.31%4.29%1.86% 12.79%

Difference 7.11%N/AN/A7.11%1.91%-0.27%-0.87%

Sares-Regis Multifamily VA II (Gross) 9.34%N/AN/AN/A9.34%5.40%2.44%

Sares-Regis Multifamily VA II (Net) 7/1/20161.17%N/AN/AN/A1.17%4.19%1.86% 1.90%



As of June 30, 2017

Total Portfolio

SinceInception

10Years

5Years

3Years

1Year

CYTDQTDPerf.

InceptionIRR



Page 7

Commitment($)

Paid InCapital ($)

Distributions($)

Valuation($)

FundIRR (%)

IndexIRR (%)

FundMultipleVintageFund Name

Focus Senior Housing Fund I 2017 50,000,000 340,000 0 69,488 N/M N/M 0.20

Gaw Capital U.S. Value Add Fund 2014 50,000,000 46,090,938 0 52,551,078 12.91 8.59 1.14

Hammes Partners II 2014 50,000,000 32,879,674 7,004,733 29,004,475 10.15 7.88 1.10

Hammes Partners III 2017 50,000,000 0 0 0 N/M N/M*

KTR Industrial Fund III 2012 0 25,000,000 37,520,744 100,802 38.74 12.42 1.50*

Latitude Management Real EstateCapital III

2012 50,000,000 47,500,000 12,665,271 47,753,467 9.40 10.72 1.27

Latitude Management Real EstateCapital IV

2017 50,000,000 4,992,500 0 4,888,276 N/M N/M 0.98

Rockbridge Hospitality Fund VI 2013 50,000,000 45,106,907 1,377,649 53,235,434 12.79 9.01 1.21

Sares-Regis Multifamily Value-AddFund II, L.P.

2015 50,000,000 34,179,731 2,238,313 32,330,682 1.90 7.52 1.01

Ohio Bureau of Workers' Compensation As of June 30, 2017

Fund Performance Listing


Certain valuations (marked with an *) are preliminary estimates of valuation as of the date of reporting and reflect the estimated impact of subsequent net cashcontributions/distributions. These figures may be used in calculations contained in this report. Index IRR represents an estimated return had each investment’s cash flowbeen instead invested in a representative index. Index IRR is calculated using NCREIF ODCE Index (AWA) (Net) monthly returns with cash flow activity matching theunderlying fund investments. IRRs are shown only for investments with one year or more of cash flows and for which an accurate IRR could be calculated. Applicable IRRsare marked with 'N/M' for not material. Fund IRR is the annualized since-inception net internal rate for the indicated fund or composite. Fund Multiple is the since inceptionsum of distributions and valuation divided by paid in capital.

13.42 9.94 1.19400,000,000 236,089,751 60,806,710 219,933,702

Page 8

Total Portfolio (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

QTD CYTD 1 Year 3 Years Inception

1.70

3.50

7.87

11.34

12.50

1.85

3.96

8.68

11.9712.21

Comparative Performance Chart (%)

Comparative Performance (%)

QTD CYTD1

Year3

Years5

Years10

YearsSince

InceptionIRR

Perf.Inception

Total Portfolio (Gross) 1.85 3.96 8.68 11.97 N/A N/A 12.21

Total Portfolio (Net) 1.63 3.48 7.60 10.74 N/A N/A 10.95 10.80 12/30/2012

Difference 0.23 0.48 1.08 1.23 N/A N/A 1.27

Total Portfolio Inc. (Gross) 1.14 2.28 4.58 4.74 N/A N/A 4.94

Total Portfolio Inc. (Net) 0.89 1.78 3.54 3.65 N/A N/A 3.81 N/A 12/30/2012

Difference 0.25 0.50 1.04 1.08 N/A N/A 1.13

Total Portfolio Apprec. (Gross) 0.71 1.66 3.97 6.99 N/A N/A 7.01

Total Portfolio Apprec. (Net) 0.74 1.68 3.96 6.90 N/A N/A 6.94 N/A 12/30/2012

Difference -0.02 -0.02 0.01 0.09 N/A N/A 0.07

NCREIF ODCE Index (AWA) (Gross) 1.70 3.50 7.87 11.34 11.79 5.25 12.50

NCREIF ODCE Index (AWA) (Net) 1.47 3.04 6.90 10.33 10.76 4.28 11.40 N/A 12/30/2012

Difference 0.23 0.46 0.98 1.02 1.03 0.97 1.09

Performance Summary

As of June 30, 2017

Total Portfolio


Page 9

Total Portfolio NCREIF ODCE Index (AWA)

0.006.00

12.0018.0024.0030.00

36.0042.0048.00

West East Midwest South International

40.70

30.60

9.70

19.00

0.00

40.48

29.09

9.28

21.15

0.00

Total Portfolio NCREIF ODCE Index (AWA)

0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00

Office Retail Apartment Industrial Hotel Land Other

36.50

20.30

24.30

14.90

0.60 0.003.40

29.11

19.20

25.66

18.23

3.650.59

3.57

Investment Structure Diversification (%)

Total Equity

97.55

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

2.45Property Debt

0.00

Public Co. Debt

Private Co. Debt

97.55

2.45

Property Debt

Property Equity

Investment Structure Diversification Chart

Geographic Diversification (%)

InternationalSouthMidwestEastWest

Total Portfolio 0.0021.159.2829.0940.48

NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70

0.002.15-0.42-1.51-0.22Difference

Property Type Diversification (%)

OtherLandHotelIndustrialApartmentRetailOffice

Total Portfolio 3.570.593.6518.2325.6619.2029.11

NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50

0.170.593.053.331.36-1.10-7.39Difference

Diversification

As of June 30, 2017

Total Portfolio


Allocation to “Other” consists of self-storage, life sciences/medical offices, special events, and student housing assets held by the underlying managers.

Page 10

Cumulative Fees Paid from Inception Dates

Current Quarter Fees by Investment Type Chart

Core Core Plus Value Added

Current Quarter Fee Analysis

Management Fees 225,931,980

245,497Incentive Fees 1

0Acquisition Fees 0

0Disposition Fees 0

328Other Fees 0

6,177,805 23Fees Paid for Quarter

Fees($)

Fees(bps)

80,704,587

Other Fees

Incentive Fees

Acquisition Fees

Management Fees 68,106,720

12,582,675

0

Cumulative Fees Paid

15,192

Disposition Fees

Fees($)

0

Current Quarter Fees by Investment Type

6,177,805Total Fees Paid 100

Quarterly Fee Analysis Chart ($)

Total Fees Mgmt Fees

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

De

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Fees($)

Total Fees(%)

68.044,203,488Core

26.071,610,737Core Plus

5.89363,580Value Added

Fee Analysis

As of June 30, 2017

Total Portfolio


"Other Fees" for the current quarter represent a cash management fee from Clarion Lion Industrial Trust.

Page 11

Portfolio Debt Utilization Chart

Floating Rate Debt

Fixed Rate Debt

Portfolio Debt Maturity Schedule Chart (%)

0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

3.92

8.37

13.30

8.50

11.71

8.089.36

36.78

Fixed Rate Debt Utilization

3.88Average Interest Rate

27.99Leverage Ratio

Subscription & Acquisition Line Utilization

Portfolio Leverage

20.70

Portfolio Leverage and Debt Analysis (%)Fixed and Floating Rate Debt

67.14

Floating Rate Debt Utilization 32.86


Portfolio Leverage Analysis Chart

Debt Equity

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Sub & Acq Line Utilization

Leverage Ratio

Leverage Analysis

As of June 30, 2017

Total Portfolio


For informational purposes and due to the nature of real estate debt funds, portfolio leverage statistics for the Total Portfolio excluding Latitude funds are as follows: Leverage Ratio: 26.98% Subscription & Acquisition Line Utilization: 20.73%

Page 12

Tan Cao

Typewritten Text

(See footnote below)


Floating Rate Debt

Fixed Rate Debt


0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

4.47

7.44

10.16 10.7512.84

6.80

10.20

37.34



21.20Leverage Ratio


Portfolio Leverage

27.28


83.62




Debt Equity

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Leverage Ratio

Leverage Analysis

As of June 30, 2017

Core Portfolio


Page 13


Floating Rate Debt

Fixed Rate Debt


0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

4.125.27

6.80

10.46

16.0214.32

6.32

36.69



30.58Leverage Ratio


Portfolio Leverage

8.86


80.43




Debt Equity

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Leverage Ratio

Leverage Analysis

As of June 30, 2017

Core Plus Portfolio


Page 14


Fixed Rate Debt

Floating Rate Debt


0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

2.73

12.35

23.92

2.82

6.45 6.02

9.95

35.76



61.70Leverage Ratio


Portfolio Leverage

14.19


26.27




Debt Equity

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%


Leverage Ratio

Leverage Analysis

As of June 30, 2017



For informational purposes and due to the nature of real estate debt funds, portfolio leverage statistics for the Value Added Portfolio excluding Latitude funds are as follows: Leverage Ratio: 60.48% Subscription & Acquisition Line Utilization: 12.84%

Page 15

Tan Cao

Typewritten Text

(See footnote below)

12/31/2012 0 0 100,000,0000 100,000,0000

03/31/2013 100,000,000 4,554,125 425,788,1052,269,127 529,937,3422,983,273

06/30/2013 529,937,342 6,450,044 310,516,73019,497,549 857,339,5466,727,144

09/30/2013 857,339,546 10,037,646 170,612,93523,905,722 1,051,732,23712,526,289

12/31/2013 1,051,732,237 11,640,117 54,151,91119,219,079 1,125,980,87810,768,987

03/31/2014 1,125,980,878 11,189,005 13,744,30013,406,010 1,153,435,00010,884,209

06/30/2014 1,153,435,000 10,674,169 21,325,23120,061,066 1,194,579,28310,926,687

09/30/2014 1,194,579,283 13,002,809 144,975,54729,162,770 1,370,392,22011,575,772

12/31/2014 1,370,392,220 13,283,241 15,051,78630,571,750 1,415,896,31413,514,803

03/31/2015 1,415,896,314 13,232,282 17,035,50731,181,496 1,464,463,81112,883,940

06/30/2015 1,464,463,811 13,905,067 12,568,82041,037,493 1,485,253,49546,743,069

09/30/2015 1,485,253,495 13,616,340 153,911,34036,087,436 1,673,963,94314,678,223

12/31/2015 1,673,963,943 14,557,502 106,785,39343,437,042 1,820,548,24216,558,658

03/31/2016 1,820,548,242 16,439,530 228,780,67117,011,983 2,066,513,53616,968,736

06/30/2016 2,066,513,536 20,265,342 101,399,37627,003,560 2,196,853,50518,090,206

09/30/2016 2,196,853,505 20,144,923 117,486,75323,083,439 2,336,621,04521,267,679

12/31/2016 2,336,621,045 21,031,186 257,714,74030,372,027 2,547,707,44596,745,340

03/31/2017 2,547,707,445 23,203,341 101,238,81024,651,208 2,673,457,81023,447,047

06/30/2017 2,673,457,810 24,373,038 97,347,03020,212,140 2,793,266,74222,211,331

SinceInception

261,599,707 2,793,266,7422,450,434,985 369,501,3930 452,170,897

Historical Cash Flows

As of June 30, 2017

Total Portfolio

Statement of Cash Flows ($)

TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Net Distributions shown for the current quarter reflect income distributions of $7,993,239 booked in the current period and reinvested subsequent to quarter-end; as such,Ending Market Value do not reflect reinvested income.

Page 16

$8,448,678

Fund Inception October 2007

Fund Size N/A

Gross Real Estate Assets $7,877,448,672

Net Real Estate Assets $5,879,425,786

Fund Structure Open-Ended

Investment Period Expiration N/A

Current Entry Queue $109,500,000

Current Exit Queue $0

286

Subscription/Acquisition Line Capacity

67

$0

$60,000,000

Number of Investors

Cash Reserve Ratio

$400,000,000

Portfolio Level Debt

2.05%

Number of Investments

Asset Level Debt $1,938,022,886

Subscription/Acquisition Line Drawn

Fund Information Fund Information, continued

Investment Strategy

AEW Core Property Trust is a diversified open-end core real estatefund with the primary objective of exceeding the returns of the NCREIFFund Index - Open-End Diversified Core Equity (NFI-ODCE) on a net-of-fees basis. The Fund seeks to provide for the preservation ofcapital, stable income and modest appreciation over the mid-to long-term.

During 2Q2017, the Fund increased its industrial sector exposure withthe acquisition of three (3) assets totaling $260.8M in Miami, FL($39M), Perris, CA ($73.9M) and Northern New Jersey ($147.9M).The Fund also acquired a retail asset in Riverside, CA ($166M) andan office property in San Jose, CA ($80.2M). Additionally, the Fundsold an apartment portfolio in Philadelphia, PA for $6.8M.

Significant Events

Fee DescriptionManagement Fees

Fees tiered based on commitment. Per annum: 1.10% on the first$10M; 1.00% between $10-25M; 0.85% between $25-50M; 0.80%between $50-100M; and 0.75% above $100M.

N/A

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Vice President

Phone

Jay Struzziery

Two Seaport LaneAddress

AEW Capital Management, LP

E-mail

617-261-9326

City, State, Zip Code Boston, MA 02210

Title

Investor Contact


0.00

5.00

10.00

15.00

20.00

25.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

5.35 4.98

24.63

8.66

16.63

4.39

14.01

21.33

Client Information

Commitment $225,000,000

$225,000,000Commitment Funded

10.30%IRR

1.36Equity Multiple

$319,449,131Market Value

January 2013Client Investment

Debt Information (Par Value)

Fee Summary


3.78%Weighted Average Interest Rate

$1,486,612,407Fixed Rate Debt Outstanding


Floating Rate Debt Outstanding

Floating Rate Debt Utilization

$511,845,608

Total Debt Outstanding (Par Value)

25.61%

74.39%

$1,998,458,015

Management Fees 19$606,562

$0Incentive Fees 0

$0Acquisition Fees 0

$0Disposition Fees 0

$0Other Fees 0

$606,562 19Total Fees

QuarterlyFees ($)

QuarterlyFees (bps)

5.48%Ownership Percentage

Cumulative Fees($)

$8,448,678

$0

$0

$0

$0

Unsecured Debt Percentage 0.00%

Loan-to-Value 25.36%

Net Asset Value $5,834,331,045

Debt Information (Fair Value)

Fund Type Commingled Fund

Fund Profile

As of June 30, 2017

AEW Core Property Trust


Page 17

AEW Core Property Trust NCREIF ODCE Index (AWA)

0.006.00

12.0018.00

24.0030.0036.00

42.0048.00


40.70

30.60

9.70

19.00

0.00

37.22

30.96

4.35

27.47

0.00

AEW Core Property Trust NCREIF ODCE Index (AWA)

0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00


36.50

20.30

24.30

14.90

0.60 0.003.40

34.47

24.00

28.08

12.60

0.56 0.29 0.00


Total Equity

98.39

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

1.61Property Debt

0.00

Public Co. Debt

Private Co. Debt

98.39

1.61

Property Debt

Property Equity




AEW Core Property Trust 0.0027.474.3530.9637.22


0.008.47-5.350.36-3.48Difference



AEW Core Property Trust 0.000.290.5612.6028.0824.0034.47


-3.400.29-0.04-2.303.783.70-2.03Difference

Diversification

As of June 30, 2017



Page 18

AEW Core Property Trust (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

-1.00

-2.00


1.70

3.50

7.87

11.34

11.96

1.76

3.82

7.76

10.8311.18



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A1.76 10.83AEW Core Property Trust (Gross) 11.183.82 7.76

10.30N/AN/A1.57 9.95 4/1/2013AEW Core Property Trust (Net) 10.293.43 6.93

N/AN/A0.19 0.88 Difference 0.890.39 0.83

N/AN/A1.23 5.33AEW Core Property Trust Inc. (Gross) 5.512.52 5.07

N/AN/AN/A1.04 4.48 4/1/2013AEW Core Property Trust Inc. (Net) 4.652.13 4.26

N/AN/A0.19 0.85 Difference 0.860.39 0.82

N/AN/A0.53 5.29AEW Core Property Trust Apprec.(Gross)

5.451.28 2.59

N/AN/AN/A0.53 5.29 4/1/2013AEW Core Property Trust Apprec. (Net) 5.451.28 2.59

N/AN/A0.00 0.00 Difference 0.000.00 0.00

5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 11.963.50 7.87

N/A4.2810.761.47 10.33 4/1/2013NCREIF ODCE Index (AWA) (Net) 10.943.04 6.90

0.971.030.23 1.02 Difference 1.020.46 0.98

Performance Summary

As of June 30, 2017



Page 19

03/31/2013 0 1,189,334 102,707,040674,191 103,380,3561,190,208

06/30/2013 103,380,356 1,896,826 73,483,1683,170,756 180,040,1101,890,997

09/30/2013 180,040,110 2,289,413 1,890,9973,618,270 185,555,1972,283,593

12/31/2013 185,555,197 3,180,808 2,283,5932,434,516 190,280,6893,173,425

03/31/2014 190,280,689 2,038,502 3,173,4252,048,544 195,506,1262,035,035

06/30/2014 195,506,126 2,240,865 2,035,0351,963,807 199,508,3032,237,530

09/30/2014 199,508,303 2,345,101 2,237,5303,339,225 205,086,5422,343,617

12/31/2014 205,086,542 2,415,132 2,343,6173,668,309 211,099,5482,414,052

03/31/2015 211,099,548 2,408,021 2,414,0521,872,814 215,390,7962,403,640

06/30/2015 215,390,796 2,436,799 2,403,6406,287,447 224,084,2442,434,438

09/30/2015 224,084,244 2,440,982 2,434,4384,142,432 230,663,3562,438,741

12/31/2015 230,663,356 2,745,542 2,438,7415,031,057 238,135,2592,743,437

03/31/2016 238,135,259 2,719,057 2,743,4371,725,268 242,606,9502,716,072

06/30/2016 242,606,950 3,129,964 52,716,0723,394,765 298,720,4423,127,310

09/30/2016 298,720,442 3,161,667 3,127,3101,564,180 303,411,3883,162,211

12/31/2016 303,411,388 3,131,652 3,162,2112,365,256 305,331,4696,739,039

03/31/2017 305,331,469 3,369,138 6,739,0392,331,364 314,407,2673,363,743

06/30/2017 314,407,267 3,314,986 3,363,7431,673,717 319,449,1313,310,581

SinceInception

46,453,789 319,449,131271,697,088 50,007,6690 51,305,918


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Net Distributions shown for the quarter reflect income distributions booked in the period and reinvested subsequent to quarter-end.

Page 20

$7,135,978

Fund Inception June 1984

Fund Size N/A







359


76

$0

$0

Number of Investors

Cash Reserve Ratio

$485,000,000


1.39%





Investment Strategy

The Fund invests within the risk parameters appropriate for a core realestate investment fund, maintaining a portfolio that is diversified byproperty type and geography, and achieving returns through long-termNOI growth by investing in markets with superior real estatefundamentals and in assets that have unique competitive advantagesthat will drive long-term tenant demand.

The Fund had no acquisitions or realizations during the quarter,however, Fund management targets to increase the portfolio leveragefrom a very low 14% in 4Q2016 to 18%-20% in the coming quartersas it seeks higher risk-adjusted performance.

Significant Events


1.25% per annum on first $5M invested; 1.00% per annum on next$10M invested; 0.75% per annum on invested amounts over $10M.

N/A

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Managing Director

Phone

Clyde Robinson

7501 Wisconsin Avenue, Suite 1300WAddress

ASB Real Estate Investments

E-mail

240-482-2991

City, State, Zip Code Bethesda, MD 20814

Title

Investor Contact


0.00

10.00

20.00

30.00

40.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

0.00

19.05

0.53

23.16

13.86

0.00

5.30

38.10

Client Information



10.52%IRR

1.37Equity Multiple




Fee Summary



$947,981,807Fixed Rate Debt Outstanding




$93,000,000


8.93%

91.07%

$1,040,981,807


$0Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$7,135,978

$0

$0

$0

$0






Fund Profile

As of June 30, 2017

ASB Allegiance Real Estate Fund


Page 21

ASB Allegiance Real Estate Fund NCREIF ODCE Index (AWA)

0.006.00

12.0018.00

24.0030.0036.00

42.0048.00


40.70

30.60

9.70

19.00

0.00

36.9239.96

11.97 11.15

0.00

ASB Allegiance Real Estate Fund NCREIF ODCE Index (AWA)

0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00


36.50

20.30

24.30

14.90

0.60 0.003.40

36.84

27.94

17.44 17.78

0.00 0.00 0.00


Total Equity

100.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

100.00

0.00

Property Equity




ASB Allegiance Real Estate Fund 0.0011.1511.9739.9636.92


0.00-7.852.279.36-3.78Difference



ASB Allegiance Real Estate Fund 0.000.000.0017.7817.4427.9436.84


-3.400.00-0.602.88-6.867.640.34Difference

Diversification

As of June 30, 2017



Page 22

ASB Allegiance Real Estate Fund (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

-1.00

-2.00


1.70

3.50

7.87

11.34

11.96

0.66

2.00

4.62

10.77

11.51



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A0.66 10.77ASB Allegiance Real Estate Fund(Gross)

11.512.00 4.62

10.52N/AN/A0.47 9.92 4/1/2013ASB Allegiance Real Estate Fund (Net) 10.651.61 3.82

N/AN/A0.19 0.85 Difference 0.860.39 0.80

N/AN/A0.88 3.43ASB Allegiance Real Estate Fund Inc.(Gross)

3.701.76 3.32

N/AN/AN/A0.68 2.62 4/1/2013ASB Allegiance Real Estate Fund Inc. (Net) 2.881.37 2.53

N/AN/A0.19 0.81 Difference 0.820.39 0.79

N/AN/A-0.21 7.16ASB Allegiance Real Estate FundApprec. (Gross)

7.600.24 1.27

N/AN/AN/A-0.21 7.16 4/1/2013ASB Allegiance Real Estate Fund Apprec.(Net)

7.600.24 1.27

N/AN/A0.00 0.00 Difference 0.000.00 0.00



0.971.030.23 1.02 Difference 1.020.46 0.98

Performance Summary

As of June 30, 2017



Page 23

03/31/2013 0 688,036 75,593,2131,108,164 76,796,200593,213

06/30/2013 76,796,200 1,254,861 76,214,0752,051,709 155,102,7691,214,075

09/30/2013 155,102,769 1,262,856 1,551,0286,207,978 162,573,6021,551,028

12/31/2013 162,573,602 1,335,645 1,625,7363,345,216 167,254,4641,625,736

03/31/2014 167,254,464 1,740,684 1,672,5452,518,184 171,513,3321,672,545

06/30/2014 171,513,332 1,456,195 1,715,1332,742,406 175,711,9341,715,133

09/30/2014 175,711,934 1,261,529 1,757,1195,146,279 182,119,7411,757,119

12/31/2014 182,119,741 1,273,454 1,821,1974,993,549 188,386,7441,821,197

03/31/2015 188,386,744 1,376,711 1,883,8673,463,131 193,226,5871,883,867

06/30/2015 193,226,587 1,371,177 1,932,2668,291,705 202,889,4701,932,266

09/30/2015 202,889,470 1,366,549 1,625,7613,678,881 207,934,9001,625,761

12/31/2015 207,934,900 1,056,982 1,655,00110,236,105 219,227,9861,655,001

03/31/2016 219,227,986 1,352,429 1,665,1091,658,205 222,238,6201,665,109

06/30/2016 222,238,620 1,370,542 1,676,1841,153,115 224,762,2761,676,184

09/30/2016 224,762,276 1,568,284 52,063,1202,753,453 279,084,0132,063,120

12/31/2016 279,084,013 1,578,508 2,079,38271,856 280,734,3782,079,382

03/31/2017 280,734,378 1,909,197 2,092,9541,270,993 283,914,5682,092,954

06/30/2017 283,914,568 1,941,835 2,110,046-608,368 285,248,0352,110,046

SinceInception

25,165,474 285,248,035230,733,736 30,733,7360 60,082,561


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Page 24

$3,993,283

Fund Inception July 2004

Fund Size N/A





Current Entry Queue $0


118


58

$0

$0

Number of Investors

Cash Reserve Ratio

$200,000,000


4.72%


Asset Level Debt $828,747,996



Investment Strategy

The Fund targets core investments and applies a strategic researchapproach, as well as bottom-up active asset management andinvestment selection. The Fund also designates up to a 10% tacticalallocation to traditional value-added investments. The value-addedstrategies can include lease-up, development, repositioning and to-be-built ventures.

During 2Q2017, Chris Berry was promoted to the Co-PortfolioManager role, succeeding Terri Herubin upon her departure from thecompany. The Fund had no acquisitions or realizations during thequarter. Subsequent to quarter-end, the Fund anticipates on acquiringtwo (2) industrial property forward commitments located in NorthernNew Jersey for $65M.

Significant Events


1.10% per annum on first $15M of NAV; 1.00% per annum on next$10M of NAV; 0.80% per annum on next $50M of NAV; 0.65% perannum on remaining balance of NAV thereafter.

N/A

Incentive Fees

0.15% per annum Cash Management Fee on cash in excess of 5% ofthe Fund's GAV.

Other Fees

Company

Name

[email protected]

Client Administrator

Phone

Stacy Grecula

1 Financial Plaza, 17th FloorAddress

Barings Real Estate Advisers

E-mail

860-509-2299

City, State, Zip Code Hartford, CT 06103

Title

Investor Contact


0.00

6.00

12.00

18.00

24.00

30.00

36.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

0.00

4.34

19.34

4.11

11.51

22.62

3.02

35.06

Client Information



9.70%IRR

1.27Equity Multiple




Fee Summary




N/AWeighted Average Interest Rate



$0


0.00%

100.00%

$828,183,315


$0Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$3,993,283

$0

$0

$0

$0






Fund Profile

As of June 30, 2017

Barings Core Property Fund


Page 25

Barings Core Property Fund NCREIF ODCE Index (AWA)

0.006.00

12.0018.00

24.0030.0036.00

42.0048.00


40.70

30.60

9.70

19.00

0.00

37.57

28.23

2.92

31.28

0.00

Barings Core Property Fund NCREIF ODCE Index (AWA)

0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00


36.50

20.30

24.30

14.90

0.60 0.003.40

29.22

17.42

30.21

15.99

6.37

0.79 0.00


Total Equity

99.29

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.71Property Debt

0.00

Public Co. Debt

Private Co. Debt

99.29

0.71

Property Debt

Property Equity




Barings Core Property Fund 0.0031.282.9228.2337.57


0.0012.28-6.78-2.37-3.13Difference



Barings Core Property Fund 0.000.796.3715.9930.2117.4229.22


-3.400.795.771.095.91-2.88-7.28Difference

Diversification

As of June 30, 2017



Page 26

Barings Core Property Fund (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

-1.00

-2.00


1.70

3.50

7.87

11.34

11.96

1.81

3.35

8.31

10.89 10.82



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A1.81 10.89Barings Core Property Fund (Gross) 10.823.35 8.31

9.70N/AN/A1.64 10.05 4/1/2013Barings Core Property Fund (Net) 9.943.00 7.59

N/AN/A0.17 0.84 Difference 0.880.35 0.72

N/AN/A1.11 4.69Barings Core Property Fund Inc. (Gross) 4.722.14 4.51

N/AN/AN/A0.94 3.89 4/1/2013Barings Core Property Fund Inc. (Net) 3.871.80 3.81

N/AN/A0.17 0.80 Difference 0.850.34 0.71

N/AN/A0.69 5.99Barings Core Property Fund Apprec.(Gross)

5.891.20 3.68

N/AN/AN/A0.69 5.99 4/1/2013Barings Core Property Fund Apprec. (Net) 5.891.20 3.68

N/AN/A0.00 0.00 Difference 0.000.00 0.00



0.971.030.23 1.02 Difference 1.020.46 0.98

Performance Summary

As of June 30, 2017



Page 27

03/31/2013 0 237,887 24,965,145219,653 25,207,540215,145

06/30/2013 25,207,540 348,970 12,902,2921,030,880 39,149,892339,792

09/30/2013 39,149,892 693,031 38,326,379944,885 78,475,308638,879

12/31/2013 78,475,308 732,931 638,837823,971 80,032,210638,837

03/31/2014 80,032,210 732,609 652,261368,124 81,132,942652,261

06/30/2014 81,132,942 848,082 881,5831,193,534 83,174,558881,583

09/30/2014 83,174,558 779,065 892,0721,729,250 85,682,873892,072

12/31/2014 85,682,873 808,123 984,140642,962 87,133,958984,140

03/31/2015 87,133,958 811,619 822,3071,451,437 89,397,013822,307

06/30/2015 89,397,013 966,811 858,4721,794,809 92,158,633858,472

09/30/2015 92,158,633 884,421 1,013,7662,660,258 95,703,3121,013,766

12/31/2015 95,703,312 1,317,701 51,218,7903,231,173 150,252,1851,218,790

03/31/2016 150,252,185 1,400,642 1,214,3182,745,876 154,398,7031,214,318

06/30/2016 154,398,703 1,891,765 26,672,614953,616 182,244,0841,672,614

09/30/2016 182,244,084 1,920,693 1,963,9602,248,364 186,413,1401,963,960

12/31/2016 186,413,140 1,698,116 1,951,1242,245,315 190,356,5721,951,124

03/31/2017 190,356,572 1,606,904 1,582,511949,563 192,913,0371,582,511

06/30/2017 192,913,037 1,819,836 1,651,7101,338,000 196,070,8741,651,710

SinceInception

19,499,206 196,070,874169,192,280 19,192,2800 26,571,670


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Page 28

$6,145,638

Fund Inception January 2007

Fund Size N/A





Current Entry Queue $1,112,200,000

Current Exit Queue $20,388,420

114


82

$0

$216,000,000

Number of Investors

Cash Reserve Ratio

$400,000,000


2.03%





Investment Strategy

The Fund’s strategy is to create a high-quality, low-risk portfolio ofstabilized, income-producing assets diversified by property type andeconomic exposure by acquiring assets in infill locations within majormetropolitan areas with strong site attributes.

During 2Q2017, the Fund made three (3) acquisitions for $532.5M inaggregate: (i) two (2) apartment properties located in Alexandria, VA($100.5M) and Cambridge, MA ($168M); and (ii) a self-storageportfolio with assets located across Arizona, Nevada and Tennesseefor $264M. Additionally, the Fund sold a portfolio of medical officeproperties located in California and Arizona for $144.8M.

Significant Events


Fees tiered based on NAV: 1.10% on the first $10 million; 1.00% onnext $15 million; 0.90% on next $25 million; 0.80% on next $50 million;0.70% over $100 million. The total is then discounted 7.5%.

N/A

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

VP, Client Service & Marketing

Phone

Shauna Dills

191 North Wacker Drive, Suite 2500Address

Heitman

E-mail

312-423-1369

City, State, Zip Code Chicago, IL 60606

Title

Investor Contact


0.00

10.00

20.00

30.00

40.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

12.40

5.363.15

5.29

9.586.77

14.27

43.18

Client Information



10.92%IRR

1.29Equity Multiple


April 2013Client Investment


Fee Summary







$216,000,000


9.76%

90.24%

$2,213,542,918


$0Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$6,145,638

$0

$0

$0

$0






Fund Profile

As of June 30, 2017

Heitman HART


Page 29

Heitman HART NCREIF ODCE Index (AWA)

0.006.00

12.0018.00

24.0030.0036.00

42.0048.00


40.70

30.60

9.70

19.00

0.00

36.49

22.74

17.65

23.12

0.00

Heitman HART NCREIF ODCE Index (AWA)

0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00


36.50

20.30

24.30

14.90

0.60 0.003.40

20.76 21.82

26.69

11.93

0.00 0.00

18.80


Total Equity

100.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

100.00

0.00

Property Equity




Heitman HART 0.0023.1217.6522.7436.49


0.004.127.95-7.86-4.21Difference



Heitman HART 18.800.000.0011.9326.6921.8220.76


15.400.00-0.60-2.972.391.52-15.74Difference

Diversification

As of June 30, 2017

Heitman HART


Allocation to “Other” consists of the Fund’s self-storage assets.

Page 30

Heitman HART (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

-1.00

-2.00


1.70

3.50

7.87

11.3411.69

1.41

2.78

7.85

11.24

11.94



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A1.41 11.24Heitman HART (Gross) 11.942.78 7.85

10.92N/AN/A1.24 10.44 7/1/2013Heitman HART (Net) 11.102.42 7.10

N/AN/A0.18 0.81 Difference 0.840.36 0.75

N/AN/A1.15 4.86Heitman HART Inc. (Gross) 4.982.27 4.68

N/AN/AN/A0.98 4.08 7/1/2013Heitman HART Inc. (Net) 4.191.92 3.94

N/AN/A0.18 0.77 Difference 0.800.36 0.74

N/AN/A0.26 6.17Heitman HART Apprec. (Gross) 6.710.50 3.07

N/AN/AN/A0.26 6.17 7/1/2013Heitman HART Apprec. (Net) 6.710.50 3.07

N/AN/A0.00 0.00 Difference 0.000.00 0.00



0.971.030.23 1.02 Difference 1.010.46 0.98

Performance Summary

As of June 30, 2017

Heitman HART


Page 31

06/30/2013 0 216,877 23,779,018729,523 24,725,4180

09/30/2013 24,725,418 1,092,049 72,532,0162,485,471 100,566,968267,985

12/31/2013 100,566,968 1,199,649 31,589,4142,673,315 135,052,177977,169

03/31/2014 135,052,177 1,463,772 1,213,0071,423,944 137,939,8931,213,007

06/30/2014 137,939,893 1,483,369 1,446,3302,723,364 142,146,6261,446,330

09/30/2014 142,146,626 1,794,903 24,789,2183,110,846 170,397,0821,444,511

12/31/2014 170,397,082 1,841,809 1,650,855845,901 173,084,7921,650,855

03/31/2015 173,084,792 1,724,581 1,465,7414,269,551 179,078,9241,465,741

06/30/2015 179,078,924 1,835,398 1,391,4595,259,464 186,173,7861,391,459

09/30/2015 186,173,786 2,233,088 26,811,2724,477,941 217,884,8151,561,272

12/31/2015 217,884,815 2,136,331 2,297,4335,841,311 225,862,4572,297,433

03/31/2016 225,862,457 2,395,123 26,909,3403,242,415 256,249,9952,159,340

06/30/2016 256,249,995 2,490,965 2,154,7952,966,785 261,707,7452,154,795

09/30/2016 261,707,745 2,580,793 2,271,7163,044,704 267,333,2422,271,716

12/31/2016 267,333,242 2,707,527 9,972,5683,776,343 281,140,2832,649,397

03/31/2017 281,140,283 2,622,374 2,405,668674,771 284,437,4282,405,668

06/30/2017 284,437,428 3,168,412 45,060,256843,113 331,125,7822,383,427

SinceInception

32,987,020 331,125,782277,740,105 27,740,1050 48,388,762


As of June 30, 2017

Heitman HART


TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Page 32

$6,699,416

Fund Inception September 2004

Fund Size N/A







120


93

$1,140,153,464

$100,000,000

Number of Investors

Cash Reserve Ratio

$350,000,000


1.52%





Investment Strategy

The Fund invests in a diversified portfolio of core industrial, apartment,retail, and office real estate assets within the United States. The Fundmay also invest up to 15% in a value-added property strategy.

During 2Q2017, the Fund made two (2) acquisitions for $33.6M inaggregate gross purchase price: (i) an industrial property located inMedley, FL for $22M; and (ii) a land parcel for a future apartmentdevelopment located in Doral, FL for $11.6M.

Significant Events


Fees tiered based on NAV: 1.10% on $0-$15M; 1.00% on $15M-$25M;0.90% on $25M-$75M; 0.80% on greater than $75M.

N/A

Incentive Fees

0.15% per annum Cash Management Fee on cash in excess of 7.5%of the Fund's NAV.

Other Fees

Company

Name

[email protected]

Managing Director - Consultant Relations

Phone

Catherine R. Stodghill

101 California Street, Suite 1900Address

INVESCO

E-mail

502-581-6376

City, State, Zip Code San Francisco, CA 94111

Title

Investor Contact


0.00

10.00

20.00

30.00

40.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

2.92

11.62

7.34 8.35 8.336.55

9.91

44.98

Client Information



10.56%IRR

1.29Equity Multiple




Fee Summary







$993,240,135


32.58%

67.42%

$3,048,609,420


$0Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$6,699,416

$0

$0

$0

$0






Fund Profile

As of June 30, 2017

INVESCO Core Real Estate USA


Page 33

INVESCO Core RE NCREIF ODCE Index (AWA)

0.008.00

16.0024.00

32.0040.0048.00

56.0064.00


40.70

30.60

9.70

19.00

0.00

52.87

25.34

5.02

16.77

0.00

INVESCO Core RE NCREIF ODCE Index (AWA)

0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00


36.50

20.30

24.30

14.90

0.60 0.003.40

33.89

20.81

30.91

14.39

0.00 0.00 0.00


Total Equity

100.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

100.00

0.00

Property Equity




INVESCO Core RE 0.0016.775.0225.3452.87


0.00-2.23-4.68-5.2612.17Difference



INVESCO Core RE 0.000.000.0014.3930.9120.8133.89


-3.400.00-0.60-0.516.610.51-2.61Difference

Diversification

As of June 30, 2017



Page 34

INVESCO Core RE (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

-1.00

-2.00


1.70

3.50

7.87

11.3411.69

1.88

4.47

8.53

11.9211.67



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A1.88 11.92INVESCO Core RE (Gross) 11.674.47 8.53

10.56N/AN/A1.69 11.02 7/1/2013INVESCO Core RE (Net) 10.764.07 7.71

N/AN/A0.19 0.90 Difference 0.920.40 0.82

N/AN/A0.93 4.06INVESCO Core RE Inc. (Gross) 4.251.87 3.79

N/AN/AN/A0.74 3.21 7/1/2013INVESCO Core RE Inc. (Net) 3.381.48 3.00

N/AN/A0.19 0.85 Difference 0.870.39 0.79

N/AN/A0.95 7.63INVESCO Core RE Apprec. (Gross) 7.192.57 4.61

N/AN/AN/A0.95 7.63 7/1/2013INVESCO Core RE Apprec. (Net) 7.192.57 4.61

N/AN/A0.00 0.00 Difference 0.000.00 0.00



0.971.030.23 1.02 Difference 1.010.46 0.98

Performance Summary

As of June 30, 2017



Page 35

06/30/2013 0 466,390 50,000,0001,764,482 51,836,769394,103

09/30/2013 51,836,769 935,488 50,394,1031,137,462 103,507,856795,966

12/31/2013 103,507,856 997,065 795,9662,286,321 106,760,986826,222

03/31/2014 106,760,986 1,059,022 826,222549,511 108,347,700848,041

06/30/2014 108,347,700 1,081,283 848,0412,142,828 111,556,439863,413

09/30/2014 111,556,439 949,513 863,4132,666,275 115,228,125807,515

12/31/2014 115,228,125 995,467 807,5152,800,910 119,040,369791,648

03/31/2015 119,040,369 1,005,927 791,6482,656,448 122,623,496870,896

06/30/2015 122,623,496 1,006,039 870,8965,203,860 128,855,097849,194

09/30/2015 128,855,097 1,889,444 100,849,1944,430,389 234,489,6311,534,493

12/31/2015 234,489,631 1,873,537 1,534,4933,548,449 239,921,1351,524,975

03/31/2016 239,921,135 2,257,946 51,524,9751,447,164 293,263,0661,888,153

06/30/2016 293,263,066 2,329,623 1,888,1537,743,693 303,302,8771,921,657

09/30/2016 303,302,877 2,292,113 1,921,6572,266,258 307,781,9962,000,910

12/31/2016 307,781,996 2,289,376 2,000,9103,831,976 313,917,6111,986,647

03/31/2017 313,917,611 2,323,602 1,986,6475,079,619 321,289,5982,017,881

06/30/2017 321,289,598 2,384,180 2,017,8813,065,028 326,691,0552,065,632

SinceInception

26,136,015 326,691,055269,921,714 21,987,3460 52,620,673


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV



Page 36

$13,289,081

Fund Inception August 1973

Fund Size N/A





Current Entry Queue $1,620,534,000


307


359

$1,807,533,813

$100,000,000

Number of Investors

Cash Reserve Ratio

$650,000,000


2.27%





Investment Strategy

The Fund is a core return, fully specified, open-end commingled equityreal estate fund diversified by property type and location to provide astable, income-driven rate of return over the long term with potential forgrowth of net investment income and appreciation of value.

During 2Q2017, the Fund acquired five (5) office buildings for$784.4M, including assets located in Arlington, VA ($460M),Cambridge, MA ($270.2M) and Boston, MA ($54.2M). Additionally,the Fund made three (3) dispositions totaling $368.9M, includingoffice buildings in Rosslyn, VA ($240) and Burbank, CA ($35M) andan apartment property in Rancho Cucamonga, CA ($93.9M).

Significant Events


0.84% per annum of the NAV (as of the beginning of each calendarquarter) payable quarterly in arrears.

Incentive fee accrual equals the product of 5.0% * NAV (beginning ofthat month) * Comparable Property NOI Growth for that month * (1/12).Incentive fee for each calendar year is capped at 35 bps per annum

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

N/A

Phone

MSRE Investor Services

1585 Broadway AvenueAddress

Morgan Stanley Real Estate

E-mail

212-761-4000

City, State, Zip Code New York, NY 10036

Title

Investor Contact


0.00

10.00

20.00

30.00

40.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

1.994.19

9.8411.94

17.39

3.67

7.07

43.92

Client Information



12.88%IRR

1.56Equity Multiple


December 2012Client Investment


Fee Summary







$507,221,650


12.05%

87.95%

$4,210,227,964


$247,479Incentive Fees 7



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$9,652,299

$3,636,782

$0

$0

$0






Fund Profile

As of June 30, 2017

Morgan Stanley Prime Property Fund


Page 37

Morgan Stanley Prime Property NCREIF ODCE Index (AWA)

0.006.00

12.0018.00

24.0030.0036.00

42.0048.00


40.70

30.60

9.70

19.00

0.00

37.53

29.88

11.21

21.38

0.00

Morgan Stanley Prime Property NCREIF ODCE Index (AWA)

0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00


36.50

20.30

24.30

14.90

0.60 0.003.40

36.27

16.70

25.09

14.13

0.85 1.47

5.49


Total Equity

99.45

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.55Property Debt

0.00

Public Co. Debt

Private Co. Debt

99.45

0.55

Property Debt

Property Equity




Morgan Stanley Prime Property 0.0021.3811.2129.8837.53


0.002.381.51-0.72-3.17Difference



Morgan Stanley Prime Property 5.491.470.8514.1325.0916.7036.27


2.091.470.25-0.770.79-3.60-0.23Difference

Diversification

As of June 30, 2017



Allocation to "Other" consists of the Fund's self-storage and life sciences/medical office assets.

Page 38

Morgan Stanley Prime Property (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

-1.00

-2.00


1.70

3.50

7.87

11.34

11.92

2.52

4.77

10.30

13.38

14.24



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A2.52 13.38Morgan Stanley Prime Property (Gross) 14.244.77 10.30

12.88N/AN/A2.23 12.13 1/1/2013Morgan Stanley Prime Property (Net) 12.954.20 9.12

N/AN/A0.28 1.25 Difference 1.290.57 1.19

N/AN/A1.05 4.37Morgan Stanley Prime Property Inc.(Gross)

4.532.06 4.33

N/AN/AN/A0.76 3.20 1/1/2013Morgan Stanley Prime Property Inc. (Net) 3.321.50 3.19

N/AN/A0.28 1.17 Difference 1.200.56 1.14

N/AN/A1.47 8.73Morgan Stanley Prime Property Apprec.(Gross)

9.402.68 5.79

N/AN/AN/A1.47 8.73 1/1/2013Morgan Stanley Prime Property Apprec.(Net)

9.402.68 5.79

N/AN/A0.00 0.00 Difference 0.000.00 0.00



0.971.030.23 1.02 Difference 1.020.46 0.98

Performance Summary

As of June 30, 2017



Page 39

12/31/2012 0 0 100,000,0000 100,000,0000

03/31/2013 100,000,000 823,965 50,984,7071,701,061 152,525,026984,707

06/30/2013 152,525,026 1,436,577 51,503,7936,910,203 210,871,8061,503,793

09/30/2013 210,871,806 1,989,803 2,071,3306,334,327 219,195,9362,071,330

12/31/2013 219,195,936 2,083,786 2,156,9515,324,763 226,604,4852,156,951

03/31/2014 226,604,485 1,822,612 2,210,9264,013,895 232,440,9922,210,926

06/30/2014 232,440,992 1,907,056 2,282,5074,910,932 239,258,9802,282,507

09/30/2014 239,258,980 2,027,963 2,355,3276,869,920 248,156,8632,355,327

12/31/2014 248,156,863 2,061,224 2,446,3248,444,121 258,662,2082,446,324

03/31/2015 258,662,208 1,893,844 2,556,0345,793,778 266,349,8302,556,034

06/30/2015 266,349,830 2,205,316 2,633,1159,015,931 277,571,0772,633,115

09/30/2015 277,571,077 2,199,707 2,728,7527,743,161 287,513,9442,728,752

12/31/2015 287,513,944 2,296,863 2,843,7666,583,869 296,394,6762,843,766

03/31/2016 296,394,676 2,095,462 2,925,1523,485,832 301,975,9702,925,152

06/30/2016 301,975,970 2,412,735 2,971,8854,771,065 309,159,7712,971,885

09/30/2016 309,159,771 2,654,991 3,055,6224,336,900 316,151,6623,055,622

12/31/2016 316,151,662 2,536,802 3,122,3945,057,083 323,745,5473,122,394

03/31/2017 323,745,547 2,366,918 3,190,1133,864,993 329,977,4583,190,113

06/30/2017 329,977,458 2,514,820 3,258,9314,852,246 337,344,5243,258,931

SinceInception

37,330,444 337,344,524245,297,629 45,297,6290 100,014,080


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Page 40

$9,763,063


Fund Size N/A







461


222

$0

$990,100,000

Number of Investors

Cash Reserve Ratio

$1,600,000,000


4.56%





Investment Strategy

The Fund is an open-end, commingled private real estate fund thatfocuses on investing in well-leased, income-producing propertieswithin major US markets.

During 2Q2017, the Fund made 13 acquisitions totaling $107.9M: (i) aportfolio of eight (8) medical office properties in East Setauket, NY for$77M; and (ii) five (5) industrial assets for $30.9M in aggregate,including a JV for four (4) investments ($15.4M) and a commitment todevelop in Pleasant Prairie, WI ($15.5M). Additionally, the Fund madeeight (8) dispositions for$402.8M in gross aggregate sales price.

Significant Events


Tiered annual fee based on average NAV: 0.955% on first $10M;0.825% on next $15M; 0.805% on next $25M; 0.790% on next $50M;0.670% on next $150M; and 0.600% above $250M.

Tiered annual fee approximately equal to 0.15% of average NAVabove hurdle rate of CPI plus 5% per annum.

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Consultant Communications Manager

Phone

Wayne Zorger

10 State House Square, 15th FloorAddress

UBS Realty Investors LLC

E-mail

860-616-9362

City, State, Zip Code Hartford, CT 06103

Title

Investor Contact


0.00

6.00

12.00

18.00

24.00

30.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

2.573.97

1.64

23.33

15.05

8.4610.84

34.15

Client Information



8.93%IRR

1.33Equity Multiple


February 2013Client Investment


Fee Summary







$125,372,480


3.53%

96.47%

$3,547,655,537





$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$7,426,162

$2,336,901

$0

$0

$0






Fund Profile

As of June 30, 2017

UBS Trumbull Property Fund


Page 41

UBS Trumbull Property Fund NCREIF ODCE Index (AWA)

0.006.00

12.0018.00

24.0030.0036.00

42.0048.00


40.70

30.60

9.70

19.00

0.00

39.57

33.60

11.6915.14

0.00

UBS Trumbull Property Fund NCREIF ODCE Index (AWA)

0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00


36.50

20.30

24.30

14.90

0.60 0.003.40

30.36

22.61

30.12

13.56

3.350.00 0.00


Total Equity

95.83

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

4.17Property Debt

0.00

Public Co. Debt

Private Co. Debt

95.83

4.17

Property Debt

Property Equity




UBS Trumbull Property Fund 0.0015.1411.6933.6039.57


0.00-3.861.993.00-1.13Difference



UBS Trumbull Property Fund 0.000.003.3513.5630.1222.6130.36


-3.400.002.75-1.345.822.31-6.14Difference

Diversification

As of June 30, 2017



Page 42

UBS Trumbull Property Fund (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

-1.00

-2.00


1.70

3.50

7.87

11.34

11.96

1.17

2.34

5.59

9.6110.05



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A1.17 9.61UBS Trumbull Property Fund (Gross) 10.052.34 5.59

8.93N/AN/A0.98 8.59 4/1/2013UBS Trumbull Property Fund (Net) 9.001.92 4.66

N/AN/A0.19 1.02 Difference 1.050.41 0.93

N/AN/A1.14 4.83UBS Trumbull Property Fund Inc.(Gross)

4.932.25 4.52

N/AN/AN/A0.95 3.85 4/1/2013UBS Trumbull Property Fund Inc. (Net) 3.921.84 3.60

N/AN/A0.19 0.99 Difference 1.010.41 0.92

N/AN/A0.03 4.61UBS Trumbull Property Fund Apprec.(Gross)

4.940.08 1.04

N/AN/AN/A0.03 4.61 4/1/2013UBS Trumbull Property Fund Apprec. (Net) 4.940.08 1.04

N/AN/A0.00 0.00 Difference 0.000.00 0.00



0.971.030.23 1.02 Difference 1.020.46 0.98

Performance Summary

As of June 30, 2017



Page 43

03/31/2013 0 1,154,291 121,538,000-1,630,709 121,370,8410

06/30/2013 121,370,841 1,224,255 923,7722,522,128 125,127,191923,772

09/30/2013 125,127,191 1,296,611 923,2861,814,555 128,249,720923,286

12/31/2013 128,249,720 1,215,730 921,1851,365,573 130,837,543921,185

03/31/2014 130,837,543 1,296,325 923,7441,678,208 133,811,093923,744

06/30/2014 133,811,093 1,383,953 977,5021,546,683 136,752,231977,502

09/30/2014 136,752,231 2,346,984 100,976,6894,608,566 243,955,365976,689

12/31/2014 243,955,365 2,474,804 1,715,7814,263,810 250,709,8431,715,781

03/31/2015 250,709,843 2,460,133 1,716,3184,410,602 257,582,7311,716,318

06/30/2015 257,582,731 2,585,714 1,990,5154,295,838 264,485,6541,990,515

09/30/2015 264,485,654 2,512,115 1,989,4635,881,793 272,903,1171,989,463

12/31/2015 272,903,117 2,580,098 1,985,8364,957,517 280,457,6491,985,836

03/31/2016 280,457,649 2,689,969 1,988,3392,438,417 285,589,9001,988,339

06/30/2016 285,589,900 2,806,451 2,271,6781,590,465 289,996,7762,271,678

09/30/2016 289,996,776 2,513,687 2,285,4251,694,861 294,222,0612,285,425

12/31/2016 294,222,061 2,510,437 2,292,3641,073,693 297,814,4302,292,364

03/31/2017 297,814,430 2,624,429 2,307,716156,398 300,522,1982,307,716

06/30/2017 300,522,198 2,857,206 2,487,44693,397 303,412,5732,487,446

SinceInception

38,533,192 303,412,573250,215,058 28,677,0580 42,761,795


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Net Contributions shown for 1Q2013 reflect the premium paid for the acquisition of secondary fund units. This premium is offset during 1Q2013 through an adjustment tounrealized depreciation. Total Income shown above does not match the capital statement due to the effects of management fee accrued versus management fee paid;therefore, cash flow information may not sum to Ending Market Value.

Page 44

$647,284

Fund Inception December 2002

Fund Size N/A







102


573

$2,284,310,811

$0

Number of Investors

Cash Reserve Ratio

$400,000,000


1.42%





Investment Strategy

The Fund is a core-plus, open-end real estate fund with interests in theindustrial property sector in North America. The investment objective isto deliver an 11-13% total gross return over a complete market cyclewith the ability to invest up to 15% of the Fund’s total gross asset valuein value-added development projects.

During 2Q2017, the Fund acquired four (4) land parcels in Dallas, TX,Denver, CO, Los Angeles, CA and Portland, OR for futuredevelopment totaling $45.4M in combined cost. Additionally, the Fundsold two (2) buildings in Chicago, IL and a land asset in Nashville, TNfor $15.6M.

Significant Events


Fees tiered based on investor’s NAV less cash: 1.35% per annum onfirst $10M, 1.30% per annum on next $40M, 1.10% per annum on next$25M, 0.90% per annum on next $75M, 0.75% per annum on assets

Incentive fee of 15% over a 9% IRR is payable after 60 months orupon redemption.

Incentive Fees

Cash Management Fee: 0.25% of investor's share of the Fund'squarter-end cash balance.

Other Fees

Company

Name

[email protected]

Senior Accountant

Phone

Monica Sanders

1717 McKinney Avenue Suite 1900Address

Clarion Partners

E-mail

214-647-4923

City, State, Zip Code Dallas, TX 75202

Title

Investor Contact


0.00

10.00

20.00

30.00

40.00

50.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

2.68 3.01

7.349.79

5.59

9.62 10.63

51.33

Client Information



N/AIRR

1.09Equity Multiple


October 2016Client Investment


Fee Summary







$300,259,984


10.35%

89.65%

$2,900,591,699


$0Incentive Fees 0



$328Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$646,408

$0

$0

$0

$876






Fund Profile

As of June 30, 2017

Clarion Lion Industrial Trust


The Fund does not mark-to-market its fixed-rate debt borrowings; as such, debt at fair value is equal to debt at par value. IRR performance is not shown for individualinvestments until a full year of cash flow data is available.

Page 45

Clarion Lion Industrial Trust NCREIF ODCE Index (AWA)

0.006.00

12.0018.00

24.0030.0036.00

42.0048.00


40.70

30.60

9.70

19.00

0.00

37.42

21.08

9.92

31.58

0.00

Clarion Lion Industrial Trust NCREIF ODCE Index (AWA)

0.00

16.00

32.00

48.00

64.00

80.00

96.00

112.00


36.50

20.3024.30

14.90

0.60 0.00 3.400.00 0.00 0.00

100.00

0.00 0.00 0.00


Total Equity

100.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

100.00

0.00

Property Equity




Clarion Lion Industrial Trust 0.0031.589.9221.0837.42


0.0012.580.22-9.52-3.28Difference



Clarion Lion Industrial Trust 0.000.000.00100.000.000.000.00


-3.400.00-0.6085.10-24.30-20.30-36.50Difference

Diversification

As of June 30, 2017



Page 46

09/30/2016 0 0 00 00

12/31/2016 0 503,221 50,000,0001,344,918 51,440,589407,549

03/31/2017 51,440,589 770,215 25,407,5491,557,040 78,558,857616,536

06/30/2017 78,558,857 783,459 616,5361,946,060 81,238,842666,071

SinceInception

2,056,895 81,238,84276,024,085 1,690,1560 4,848,018


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV



Page 47

$382,551


Fund Size N/A

Gross Real Estate Assets $896,485,000

Net Real Estate Assets $553,331,632





8


17

$0

$25,000,000

Number of Investors

Cash Reserve Ratio

$100,000,000


1.62%





Investment Strategy

Focus on stable income return opportunities and resulting cashdistributions to investors; emphasis on high relative income andappropriate use of leverage; institutional quality properties (multifamily,retail, office, industrial) located in primary and secondary U.S. markets.

During 2Q2017, the Fund acquired a grocery-anchored shoppingcenter in Philadelphia, PA for $34.9M.

Significant Events


0.85% per annum on investor Net Asset Value.

N/A

Incentive Fees

Cash management fee of 0.15% of cash in excess of 7.5% ofaggregate NAV.

Other Fees

Company

Name

[email protected]

Managing Director - Consultant Relations

Phone

Catherine Stodghill

101 California Street, Suite 1900Address

INVESCO

E-mail

502-581-6376

City, State, Zip Code San Francisco, CA 94111

Title

Investor Contact


0.00

10.00

20.00

30.00

40.00

50.00

60.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

7.28

0.00 0.003.93

16.03

5.02

9.90

57.85

Client Information



14.56%IRR

1.06Equity Multiple


July 2016Client Investment


Fee Summary







$25,000,000


7.28%

92.72%

$343,630,000


$0Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$382,551

$0

$0

$0

$0



Net Asset Value $543,719,383



Fund Profile

As of June 30, 2017

INVESCO US Income Fund


Page 48

INVESCO US Income Fund NCREIF ODCE Index (AWA)

0.007.00

14.0021.00

28.0035.0042.00

49.0056.00


40.70

30.60

9.70

19.00

0.00

25.8123.71

3.32

47.16

0.00

INVESCO US Income Fund NCREIF ODCE Index (AWA)

0.00

6.00

12.00

18.00

24.00

30.00

36.00

42.00


36.50

20.30

24.30

14.90

0.60 0.003.40

12.17

35.0932.93

19.81

0.00 0.00 0.00


Total Equity

100.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

100.00

0.00

Property Equity




INVESCO US Income Fund 0.0047.163.3223.7125.81


0.0028.16-6.38-6.89-14.89Difference



INVESCO US Income Fund 0.000.000.0019.8132.9335.0912.17


-3.400.00-0.604.918.6314.79-24.33Difference

Diversification

As of June 30, 2017



Page 49

INVESCO US Income Fund (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

-1.00

-2.00

QTD CYTD 1 Year Inception

1.70

3.50

7.87 7.87

2.27

6.64

13.45 13.45



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A2.27 N/AINVESCO US Income Fund (Gross) 13.456.64 13.45

14.56N/AN/A2.06 N/A 7/1/2016INVESCO US Income Fund (Net) 12.406.19 12.40

N/AN/A0.22 N/A Difference 1.050.45 1.05

N/AN/A1.51 N/AINVESCO US Income Fund Inc. (Gross) 6.603.25 6.60

N/AN/AN/A1.29 N/A 7/1/2016INVESCO US Income Fund Inc. (Net) 5.602.81 5.60


N/AN/A0.76 N/AINVESCO US Income Fund Apprec.(Gross)

6.533.34 6.53

N/AN/AN/A0.76 N/A 7/1/2016INVESCO US Income Fund Apprec. (Net) 6.533.34 6.53




0.971.030.23 1.02 Difference 0.980.46 0.98

Performance Summary

As of June 30, 2017



Page 50

06/30/2016 0 0 00 00

09/30/2016 0 65,098 5,000,00083,548 5,087,49861,148

12/31/2016 5,087,498 344,362 20,061,148343,782 25,534,581302,209

03/31/2017 25,534,581 904,206 35,302,2091,543,335 62,507,248777,083

06/30/2017 62,507,248 1,008,778 15,777,083596,518 78,927,489962,138

SinceInception

2,322,444 78,927,48976,140,440 2,102,5780 2,567,183


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV



Page 51

$204,403

Fund Inception February 2002

Fund Size N/A







61


82

$0

$0

Number of Investors

Cash Reserve Ratio

$300,000,000


2.21%





Investment Strategy

The Fund invests primarily in leveraged core direct real estate,complemented by up to 15% mezzanine investments. Investments areconcentrated in the four primary sectors (office, industrial, retail andapartments), while volatile and/or specialized sectors such as hotelsand self-storage investments are avoided.

The Fund had no acquisitions during the quarter, but made adisposition in a Class A office property located in Cupertino, CA for$62.3 in net sales proceeds.

Significant Events


Fees for NAV between $10M and $100M: 1.05%Fees for NAV above $100M: 1.05% on first $50M; 0.90% on next$50M; 0.85% on next $50M; 0.80% on next $50M.

N/A

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Executive Director

Phone

Angeline Leong-Sit

270 Park Avenue, Seventh FloorAddress

JP Morgan Asset Management

E-mail

212-648-2164


Title

Investor Contact


0.00

10.00

20.00

30.00

40.00

50.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

0.00

11.67

3.61

8.0211.58

16.09

0.00

49.04

Client Information



N/AIRR

1.06Equity Multiple




Fee Summary







$187,544,572


13.27%

86.73%

$1,413,039,596


$0Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$204,403

$0

$0

$0

$0






Fund Profile

As of June 30, 2017

J.P. Morgan US RE Income & Growth Fund


IRR performance is not shown for individual investments until a full year of cash flow data is available.

Page 52

JPMorgan US RE Income & Growth Fund NCREIF ODCE Index (AWA)

0.00

7.00

14.00

21.00

28.00

35.00

42.00

49.00


40.70

30.60

9.70

19.00

0.00

33.00

43.57

4.18

19.25

0.00

JPMorgan US RE Income & Growth Fund NCREIF ODCE Index (AWA)

0.00

7.00

14.00

21.00

28.00

35.00

42.00

49.00


36.50

20.3024.30

14.90

0.60 0.003.40

44.22

17.24

22.54

16.00

0.00 0.00 0.00


Total Equity

92.64

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

7.36Property Debt

0.00

Public Co. Debt

Private Co. Debt

92.64

7.36

Property Debt

Property Equity




JPMorgan US RE Income & Growth Fund 0.0019.254.1843.5733.00


0.000.25-5.5212.97-7.70Difference



JPMorgan US RE Income & Growth Fund 0.000.000.0016.0022.5417.2444.22


-3.400.00-0.601.10-1.76-3.067.72Difference

Diversification

As of June 30, 2017



Page 53

09/30/2016 0 0 00 00

12/31/2016 0 241,307 25,000,000575,148 25,497,337319,118

03/31/2017 25,497,337 272,336 319,118229,346 25,988,726329,411

06/30/2017 25,988,726 297,000 329,411-122,927 26,177,058315,150

SinceInception

810,643 26,177,05825,648,529 963,6790 681,567


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV



Page 54

$1,663,756


Fund Size N/A







92


140

$775,834,000

$0

Number of Investors

Cash Reserve Ratio

$250,000,000


2.91%





Investment Strategy

The Fund's guidelines provide for a moderately leveraged, diversifiedportfolio with at least 65% of its share of gross market value in coreassets and up to 35% in non-core assets. The Fund will primarilyexecute property sector investment strategies by co-investing withexperienced partners who have demonstrated success indevelopment, lease up and/or repositioning.

During 2Q2017, the Fund made four (4) acquisitions totaling$363.5M: i) an apartment property in Tempe, AZ ($86.8M); ii) anoffice building in Atlanta, GA ($178.6M); iii) an industrial property inOrlando, FL ($40.8M); and iv) a land parcel in Austin, TX ($57.3M).Additionally, the Fund made seven (7) dispositions for $921.8M ingross price, including an office building in Cambridge, MA ($500M).

Significant Events


Fees tiered on NAV: 1.2% per annum on first $25M; 1.15% per annumon next $25M; 1.05% per annum on next $50M; 0.95% per annum onnext $100M; 0.90% on next $100M; 0.85% per annum thereafter.

N/A

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Principal

Phone

Larry Teitelbaum

1540 Broadway, 36th FloorAddress

PGIM Real Estate

E-mail

212-515-6116


Title

Investor Contact


0.00

4.00

8.00

12.00

16.00

20.00

24.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

3.194.58

16.2017.30

23.05

11.66

4.24

19.79

Client Information



7.89%IRR

1.10Equity Multiple




Fee Summary







$1,527,888,384


48.51%

51.49%

$3,149,352,000


$0Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$1,594,131

$68,476

$0

$0

$1,149






Fund Profile

As of June 30, 2017

PGIM PRISA II


Page 55

PGIM PRISA II NCREIF ODCE Index (AWA)

0.006.00

12.0018.00

24.0030.0036.00

42.0048.00


40.70

30.60

9.70

19.00

0.00

37.3539.55

6.22

16.88

0.00

PGIM PRISA II NCREIF ODCE Index (AWA)

0.00

7.00

14.00

21.00

28.00

35.00

42.00

49.00


36.50

20.3024.30

14.90

0.60 0.003.40

41.77

18.8520.80

1.91 1.676.14

8.86


Total Equity

97.77

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

2.23Property Debt

0.00

Public Co. Debt

Private Co. Debt

97.77

2.23

Property Debt

Property Equity




PGIM PRISA II 0.0016.886.2239.5537.35


0.00-2.12-3.488.95-3.35Difference



PGIM PRISA II 8.866.141.671.9120.8018.8541.77


5.466.141.07-12.99-3.50-1.455.27Difference

Diversification

As of June 30, 2017

PGIM PRISA II


Allocation to "Other" consists of the Fund's self-storage assets.

Page 56

PGIM PRISA II (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

-1.00

-2.00


1.70

3.50

7.878.06

2.32

3.58

8.95

9.39



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A2.32 N/APGIM PRISA II (Gross) 9.393.58 8.95

7.89N/AN/A2.05 N/A 4/1/2016PGIM PRISA II (Net) 8.303.03 7.81


N/AN/A1.06 N/APGIM PRISA II Inc. (Gross) 4.552.09 4.44

N/AN/AN/A0.80 N/A 4/1/2016PGIM PRISA II Inc. (Net) 3.501.55 3.34


N/AN/A1.26 N/APGIM PRISA II Apprec. (Gross) 4.681.47 4.36

N/AN/AN/A1.26 N/A 4/1/2016PGIM PRISA II Apprec. (Net) 4.681.47 4.36




0.971.030.23 1.02 Difference 0.970.46 0.98

Performance Summary

As of June 30, 2017

PGIM PRISA II


Page 57

03/31/2016 0 0 125,000,000-600,000 124,400,0000

06/30/2016 124,400,000 1,265,562 01,814,957 127,480,5170

09/30/2016 127,480,517 1,082,257 01,591,732 130,154,5060

12/31/2016 130,154,506 1,178,073 02,058,475 133,391,0540

03/31/2017 133,391,054 997,060 0283,831 134,671,9450

06/30/2017 134,671,945 1,072,589 01,691,955 137,436,4890

SinceInception

5,595,541 137,436,489125,000,000 00 6,840,950


As of June 30, 2017

PGIM PRISA II


TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Appreciation shown for the 1Q2016 period reflects amount paid to third party for existing position in the Fund.

Page 58

$2,014,573


Fund Size N/A







52


182

$581,507,000

$0

Number of Investors

Cash Reserve Ratio

$350,000,000


2.46%





Investment Strategy

A core-plus open-ended Fund that focuses on acquiring, operating,renovating and disposing of U.S. industrial real estate. The Fund'sproperties are generally located in infill submarkets of majormetroplitan areas and located near airports, seaports and groundtransportation systems.

During 2Q2017, the Fund made five (5) industrial acquisitions totaling$43.7M: i) a building with an adjacent land parcel in Northern NewJersey for $38.5M; and ii) a portfolio of three (3) assets in Dallas, TXfor $5.2M. Additionally, the Fund sold an asset in New York City for$26.3M. After quarter-end, the Fund implemented a number ofstructural changes and strategic initiatives to modernize the platform.

Significant Events


7.5% of NOI with 1.20% NAV cap.

15% over 9% net IRR; 20% over 12% net IRR with 40% holdback forthree-year incentive periods.

Incentive Fees

Acquisition Fee: 0.90% of cost.Renovation Fee: 0.70% of cost.

Other Fees

Company

Name

[email protected]

Director, Portfolio Management

Phone

Caroline Cotter

60 State Street Suite 1200Address

Prologis

E-mail

617-619-9356

City, State, Zip Code Boston, MA 02109

Title

Investor Contact


0.00

6.00

12.00

18.00

24.00

30.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

0.00

13.31

0.00

15.88

33.39

21.35

0.00

16.07

Client Information



N/AIRR

1.13Equity Multiple




Fee Summary







$0


0.00%

100.00%

$1,400,077,000





$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$317,575

$1,696,998

$0

$0

$0






Fund Profile

As of June 30, 2017

Prologis Targeted US Logistics Fund


IRR performance is not shown for individual investments until a full year of cash flow data is available.

Page 59

Prologis Targeted US Logistics Fund NCREIF ODCE Index (AWA)

0.008.00

16.0024.00

32.0040.0048.00

56.0064.00


40.70

30.60

9.70

19.00

0.00

51.65

15.59

8.72

24.04

0.00

Prologis Targeted US Logistics Fund NCREIF ODCE Index (AWA)

0.00

16.00

32.00

48.00

64.00

80.00

96.00

112.00


36.50

20.3024.30

14.90

0.60 0.00 3.400.00 0.00 0.00

100.00

0.00 0.00 0.00


Total Equity

100.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

100.00

0.00

Property Equity




Prologis Targeted US Logistics Fund 0.0024.048.7215.5951.65


0.005.04-0.98-15.0110.95Difference



Prologis Targeted US Logistics Fund 0.000.000.00100.000.000.000.00


-3.400.00-0.6085.10-24.30-20.30-36.50Difference

Diversification

As of June 30, 2017



Page 60

09/30/2016 0 0 00 00

12/31/2016 0 341,433 75,000,0003,771,395 78,294,236818,591

03/31/2017 78,294,236 482,732 815,0332,670,706 81,441,668821,039

06/30/2017 81,441,668 444,347 817,5982,334,966 84,361,174677,406

SinceInception

1,268,512 84,361,17476,632,631 2,317,0360 8,777,067


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Net Distributions shown include profit sharing income distributed during the quarter and regular income booked in the period that was reinvested subsequent to quarter-end.

Page 61

$268,536


Fund Size N/A







39


32

$0

$0

Number of Investors

Cash Reserve Ratio

$200,000,000


4.62%





Investment Strategy

The Fund's strategy is to invest in multifamily, industrial, office, andretail properties in major metropolitan areas of the U.S., seeking toobtain a sginificant portion of the total return from portfolio income.

During 2Q2017, the Fund acquired a retail property associated withits large mall investment in Santa Ana, CA for $10.3M and additionaldevelopment rights on that same property for $14.3M. Additionally,the Fund made three (3) dispositions for $180.7M in gross aggregate:(i) two (2) industrial assets in Atlanta, GA ($54.8M) and Dallas, TX($42M); and (ii) an apartment asset in Las Vegas, NV for $83.9M.

Significant Events


Fees tiered based on NAV: 0.825% per annum on first $10M; 0.75%per annum on next $15M; 0.675% per annum on next $25M; 0.60%per annum on next $50M; 0.525% on assets above $100M.

For Non-Core assets only, GP receives 20% over 7% unlevered IRRwith 50% realized upon asset stabilization and remaining 50% subjectto two (2) year holdback.

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Managing Director

Phone

Stephen Evans

9830 Colonnade Blvd.Address

USAA Real Estate Company

E-mail

210-641-8421

City, State, Zip Code San Antonio, TX 78230

Title

Investor Contact


0.00

6.00

12.00

18.00

24.00

30.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

8.00 8.19 7.845.92

2.96

33.97

7.12

25.99

Client Information



9.42%IRR

1.05Equity Multiple




Fee Summary







$159,683,010


19.61%

80.39%

$814,130,882


-$2,312Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$250,207

$18,329

$0

$0

$0






Fund Profile

As of June 30, 2017

USAA Eagle Real Estate Fund


The Fund does not mark-to-market its fixed-rate debt borrowings; as such, debt at fair value is equal to debt at par value.

Page 62

USAA Eagle Real Estate Fund NCREIF ODCE Index (AWA)

0.00

7.00

14.00

21.00

28.00

35.00

42.00

49.00


40.70

30.60

9.70

19.00

0.00

44.32

28.56

14.9512.17

0.00

USAA Eagle Real Estate Fund NCREIF ODCE Index (AWA)

0.00

7.00

14.00

21.00

28.00

35.00

42.00

49.00


36.50

20.3024.30

14.90

0.60 0.003.40

10.71

23.62

44.52

21.15

0.00 0.00 0.00


Total Equity

100.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

100.00

0.00

Property Equity




USAA Eagle Real Estate Fund 0.0012.1714.9528.5644.32


0.00-6.835.25-2.043.62Difference



USAA Eagle Real Estate Fund 0.000.000.0021.1544.5223.6210.71


-3.400.00-0.606.2520.223.32-25.79Difference

Diversification

As of June 30, 2017



Page 63

USAA Eagle Real Estate Fund (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

-1.00

-2.00


1.70

3.50

7.87 7.87

2.68

3.85

10.30 10.30



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A2.68 N/AUSAA Eagle Real Estate Fund (Gross) 10.303.85 10.30

9.42N/AN/A2.54 N/A 7/1/2016USAA Eagle Real Estate Fund (Net) 9.393.55 9.39


N/AN/A1.22 N/AUSAA Eagle Real Estate Fund Inc.(Gross)

4.502.36 4.50

N/AN/AN/A1.08 N/A 7/1/2016USAA Eagle Real Estate Fund Inc. (Net) 3.882.06 3.88


N/AN/A1.46 N/AUSAA Eagle Real Estate Fund Apprec.(Gross)

5.621.47 5.62

N/AN/AN/A1.46 N/A 7/1/2016USAA Eagle Real Estate Fund Apprec.(Net)

5.361.48 5.36

N/AN/A0.00 N/A Difference 0.26-0.01 0.26



0.971.030.23 1.02 Difference 0.980.46 0.98

Performance Summary

As of June 30, 2017



Page 64

06/30/2016 0 0 00 00

09/30/2016 0 106,526 10,064,583211,684 10,382,7930

12/31/2016 10,382,793 239,644 39,044,684565,806 50,232,9280

03/31/2017 50,232,928 592,302 13,386,7488,127 64,220,1060

06/30/2017 64,220,106 690,438 0939,471 65,850,0140

SinceInception

1,628,910 65,850,01462,496,015 00 1,725,088


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Page 65

$54,400

Fund Inception April 2016

Fund Size $312,000,000

Gross Real Estate Assets $0

Net Real Estate Assets $0


Investment Period Expiration 4/20/2021

Current Entry Queue N/A

Current Exit Queue N/A

7


0

$0

$0

Number of Investors

Cash Reserve Ratio

$50,000,000


200.26%


Asset Level Debt $0



Investment Strategy

The Fund solely pursues an investment strategy targeting SeniorHousing real estate assets in the private pay communities with limitedreliance on government reimbursement programs in the continentalUnited States.

The Fund concluded fundraising with a final total of $312M incommitments and had no acquisitions or realizations during thequarter.

Significant Events


1.25% per annum on invested capital and0.75% per annum on unfunded capital committment during investmentperiod

After 8.00% preferred return, 80%/20% LP/GP split.

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Principal

Phone

Curt P. Schaller

200 West Madison Street, Suite 2650Address

Focus Healthcare Partners LLC

E-mail

312-286-1241

City, State, Zip Code Chicago, IL 60606

Title

Investor Contact


Client Information


$340,000Commitment Funded

N/AIRR

0.20Equity Multiple

$69,488Market Value

June 2017Client Investment


Fee Summary



$0Fixed Rate Debt Outstanding




$0


N/A

N/A

$0

Management Fees N/A$54,400

$0Incentive Fees N/A

$0Acquisition Fees N/A

$0Disposition Fees N/A

$0Other Fees N/A

$54,400 N/ATotal Fees

QuarterlyFees ($)

QuarterlyFees (bps)

No Debt Maturity Data


Cumulative Fees($)

$54,400

$0

$0

$0

$0


Loan-to-Value 0.00%

Net Asset Value $347,440



Fund Profile

As of June 30, 2017

Focus Senior Housing Fund I


Quarterly Fees (bps) are calculated using beginning-of-quarter market value; as such, fees in basis points are shown as “N/A” during quarter of initial capital call. IRRperformance is not shown for individual investments until a full year of cash flow data is available.

Page 66

06/30/2017 0 -270,512 340,0000 69,4880

SinceInception

-270,512 69,488340,000 00 0


As of June 30, 2017

Focus Senior Housing Fund I


TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Page 67

$2,250,000


Fund Size $314,231,285



Fund Structure Closed-Ended




10


10

$0

$0

Number of Investors

Cash Reserve Ratio

$70,000,000


18.63%





Investment Strategy

The Fund targets value-added real estate investments across theUnited States with a strategy to identify, enhance and captureunrecognized value through the acquisition, development,redevelopment and repositioning of assets. The Fund focuses ongateway cities and its main sector concentrations are creative officeand hospitality, with secondary targets of multifamily and retail.

During 2Q2017, the Fund acquired a 20% JV partner interest in a fullservice hotel property located in Oakland, CA for $29M.

Significant Events


1.50% per annum on committed capital during the investment period;1.25% per annum thereafter on the sum of invested capital and theLP's share of outstanding balance of subscription-backed facility.

After return of capital and 9% preferred return, 50%/50% LP/GP catch-up until GP reaches 20% carry.

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Senior Accountant

Phone

Ashbey Chang

818 W. 7th Street, Unit 411Address

Gaw Capital Advisors (USA), LLC

E-mail

213-213-8626

City, State, Zip Code Los Angeles, CA 90017

Title

Investor Contact


0.00

20.00

40.00

60.00

80.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

9.65 9.94

74.49

5.910.00 0.00 0.00 0.00

Client Information



12.91%IRR

1.14Equity Multiple


November 2015Client Investment


Fee Summary







$326,300,519


100.00%

0.00%

$326,300,519


$0Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$2,250,000

$0

$0

$0

$0






Fund Profile

As of June 30, 2017

Gaw Capital U.S. Value Add Fund


The Fund’s debt borrowings are entirely composed of floating rate debt; as such, debt at fair value is equal to debt at par value.

Page 68

Gaw Capital US Value Add Fund NCREIF ODCE Index (AWA)

0.00

14.00

28.00

42.00

56.00

70.00

84.00

98.00


40.70

30.60

9.70

19.00

0.00

88.82

0.00

11.18

0.00 0.00

Gaw Capital US Value Add Fund NCREIF ODCE Index (AWA)

0.00

8.00

16.00

24.00

32.00

40.00

48.00

56.00


36.50

20.3024.30

14.90

0.60 0.003.40

44.65

0.00 0.00 0.00

49.40

0.00

5.95


Total Equity

100.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

100.00

0.00

Property Equity




Gaw Capital US Value Add Fund 0.000.0011.180.0088.82


0.00-19.001.48-30.6048.12Difference



Gaw Capital US Value Add Fund 5.950.0049.400.000.000.0044.65


2.550.0048.80-14.90-24.30-20.308.15Difference

Diversification

As of June 30, 2017



Allocation to "Other" consists of the Fund's special events asset.

Page 69

Gaw Capital US Value Add Fund (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

24.00

-2.00

-4.00


1.70

3.50

7.87 8.22

2.27

10.25

23.23

17.43



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A2.27 N/AGaw Capital US Value Add Fund (Gross) 17.4310.25 23.23

12.91N/AN/A1.88 N/A 1/1/2016Gaw Capital US Value Add Fund (Net) 14.689.34 20.86


N/AN/A-0.06 N/AGaw Capital US Value Add Fund Inc.(Gross)

-0.91-0.16 -0.58

N/AN/AN/A-0.46 N/A 1/1/2016Gaw Capital US Value Add Fund Inc. (Net) -3.32-1.03 -2.60


N/AN/A2.33 N/AGaw Capital US Value Add Fund Apprec.(Gross)

18.4710.42 23.91

N/AN/AN/A2.33 N/A 1/1/2016Gaw Capital US Value Add Fund Apprec.(Net)

18.4710.42 23.91




0.971.030.23 1.02 Difference 0.980.46 0.98

Performance Summary

As of June 30, 2017



Page 70

12/31/2015 0 -1,641,518 24,415,1591,424,933 23,055,1570

03/31/2016 23,055,157 -271,033 0-5,052 22,966,5730

06/30/2016 22,966,573 -285,472 0938,264 23,806,8650

09/30/2016 23,806,865 -255,404 7,838,6321,769,773 33,347,3660

12/31/2016 33,347,366 -254,153 4,926,5132,026,277 39,483,5030

03/31/2017 39,483,503 -225,392 03,118,228 42,563,8390

06/30/2017 42,563,839 -216,574 8,910,6341,105,679 52,551,0780

SinceInception

-3,149,546 52,551,07846,090,938 00 10,378,102


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Net Contributions shown reflect $1,143,417 payment of true-up interest which is not reflected in Ending Market Value. Ending Market Values from 1Q2016-3Q2016 do notreflect accrued management fees totaling $562,000 that were collected via capital call in 4Q2016. Management fee accrued in 2Q2017 totaling $187,500 is not reflected inthe current quarter’s Ending Market Value.

Page 71

$2,333,333

Fund Inception October 2013

Fund Size $437,885,000







14


29

$0

$43,493,000

Number of Investors

Cash Reserve Ratio

$79,594,251


0.73%





Investment Strategy

The Fund is a Value-added and Opportunistic investor focusingexclusively on healthcare real estate assets. The Fund’s strategyincludes acquiring distressed assets and converting them tohealthcare-related spaces and may invest up to 30% of committedcapital to development opportunities, but will not pursue anyopportunity unless it is greater than 50% pre-leased.

During 2Q2017, the Fund made two (2) acquisitions totaling $31.8M:(i) a medical office portfolio of three buildings in Springfield, MA for$28.8M; and (ii) a land parcel for the future development of a micro-hospital in Boise, ID for $3M. Additionally, the Fund begandevelopment of medical offices on land assets previously purchasedin Charleston, SC and Boise, ID.

Significant Events


1.40% per annum on committed capital during the investment period;1.40% per annum on net invested equity thereafter.

After return of capital and 8.75% preferred return, 60%/40% LP/GPcatch-up until GP reaches 20% carry.

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Principal

Phone

Patrick Hammes

18000 W Sarah Lane, Suite 250Address

Hammes Partners

E-mail

262-792-5900

City, State, Zip Code Brookfield, WI 53045

Title

Investor Contact


0.00

5.00

10.00

15.00

20.00

25.00

30.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

0.45

8.44

1.85

7.085.86

25.31

29.54

21.48

Client Information



10.15%IRR

1.10Equity Multiple




Fee Summary







$49,191,035


8.19%

91.81%

$600,433,690


$0Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$2,333,333

$0

$0

$0

$0






Fund Profile

As of June 30, 2017

Hammes Partners II


The Fund does not mark-to-market its fixed-rate debt borrowings; as such, debt at fair value is equal to debt at par value.

Page 72

Hammes Partners II NCREIF ODCE Index (AWA)

0.006.00

12.0018.00

24.0030.0036.00

42.0048.00


40.70

30.60

9.70

19.00

0.00

13.30

36.30

24.66 25.74

0.00

Hammes Partners II NCREIF ODCE Index (AWA)

0.00

16.00

32.00

48.00

64.00

80.00

96.00

112.00


36.50

20.3024.30

14.90

0.60 0.00 3.40

100.00

0.00 0.00 0.00 0.00 0.00 0.00


Total Equity

100.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

100.00

0.00

Property Equity




Hammes Partners II 0.0025.7424.6636.3013.30


0.006.7414.965.70-27.40Difference



Hammes Partners II 0.000.000.000.000.000.00100.00


-3.400.00-0.60-14.90-24.30-20.3063.50Difference

Diversification

As of June 30, 2017

Hammes Partners II


Page 73

Hammes Partners II (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

-1.00

-2.00

-3.00


1.70

3.50

7.87

9.04

2.65

5.87

13.15

16.40



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A2.65 N/AHammes Partners II (Gross) 16.405.87 13.15

10.15N/AN/A2.06 N/A 10/1/2015Hammes Partners II (Net) 10.814.65 9.72


N/AN/A2.51 N/AHammes Partners II Inc. (Gross) 15.025.71 9.83

N/AN/AN/A1.92 N/A 10/1/2015Hammes Partners II Inc. (Net) 9.494.49 6.48


N/AN/A0.14 N/AHammes Partners II Apprec. (Gross) 1.210.15 3.08

N/AN/AN/A0.14 N/A 10/1/2015Hammes Partners II Apprec. (Net) 1.210.15 3.08




0.971.030.23 1.02 Difference 0.990.46 0.98

Performance Summary

As of June 30, 2017

Hammes Partners II


Page 74

09/30/2015 0 -1,570,255 6,512,5021,599,880 6,542,1270

12/31/2015 6,542,127 215,996 023,446 6,279,154502,415

03/31/2016 6,279,154 441,974 5,709,262-120,902 11,544,447765,041

06/30/2016 11,544,447 289,894 2,948,605-24,784 14,210,073548,089

09/30/2016 14,210,073 153,955 8,579,193158,400 22,579,224522,397

12/31/2016 22,579,224 189,755 7,422,040418,085 30,032,925576,179

03/31/2017 30,032,925 743,678 1,708,0723,363 29,546,2572,941,781

06/30/2017 29,546,257 565,598 041,451 29,004,4751,148,831

SinceInception

1,030,595 29,004,47532,879,674 7,004,7330 2,098,939


As of June 30, 2017

Hammes Partners II


TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Page 75

$2,818,704

Fund Inception August 2012

Fund Size $404,745,000







119


67

$507,516,000

$0

Number of Investors

Cash Reserve Ratio

$0


38.67%


Asset Level Debt $0



Investment Strategy

The Fund seeks to achieve attractive cash flow yields via the issuanceof value-add bridge loans to reposition commercial and multifamily realestate assets.

During 2Q2017, the Fund originated seven (7) loans for $72.4M inaggregate par value: (i) five (5) loans collateralized by multifamilyproperties across California, Georgia, Texas, and Florida for $47.2M;(ii) a loan on a hotel property in Maryland for $20M; and (iii) a loan onan industrial portfolio in Colorado for $5.2M. Additionally, $32.1M inaggregate payments were received during the quarter.

Significant Events


1.03% per annum of commitments during first three (3) years,1.03% of invested capital thereafter; andGP receives 3.00% of net distributable income up to an 8.00%


Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

EVP

Phone

Chip Sellers

350 South Beverly DriveAddress

Latitude Management Real Estate Investors

E-mail

310-234-2102

City, State, Zip Code Beverly Hills, CA 90212

Title

Investor Contact


0.00

20.00

40.00

60.00

80.00

100.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

0.00 0.00 0.00 0.00 0.00 0.00 0.00

100.00

Client Information



9.40%IRR

1.27Equity Multiple


May 2013Client Investment


Fee Summary







$507,516,000


100.00%

0.00%

$507,516,000





$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$2,489,488

$329,216

$0

$0

$0






Fund Profile

As of June 30, 2017

Latitude Management Real Estate Capital III



Page 76

Latitude Mgmt RE Capital III NCREIF ODCE Index (AWA)

0.00

8.00

16.00

24.00

32.00

40.00

48.00

56.00


40.70

30.60

9.70

19.00

0.00

18.15

29.16

2.33

50.36

0.00

Latitude Mgmt RE Capital III NCREIF ODCE Index (AWA)

0.0010.0020.0030.0040.0050.0060.0070.0080.00


36.50

20.3024.30

14.90

0.60 0.003.40

14.03

1.04

64.06

2.89

14.49

0.003.49


Total Equity

0.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

100.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

0.00

100.00

Property Debt




Latitude Mgmt RE Capital III 0.0050.362.3329.1618.15


0.0031.36-7.37-1.44-22.55Difference



Latitude Mgmt RE Capital III 3.490.0014.492.8964.061.0414.03


0.090.0013.89-12.0139.76-19.26-22.47Difference

Diversification

As of June 30, 2017



Allocation to "Other" consists of the Fund's student housing assets.

Page 77

Latitude Mgmt RE Capital III (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

-1.00

-2.00


1.70

3.50

7.87

11.3411.69

2.47

4.93

10.29

11.72 11.88



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A2.47 11.72Latitude Mgmt RE Capital III (Gross) 11.884.93 10.29

9.40N/AN/A2.13 9.81 7/1/2013Latitude Mgmt RE Capital III (Net) 9.644.25 8.80

N/AN/A0.34 1.92 Difference 2.240.67 1.49

N/AN/A2.47 11.72Latitude Mgmt RE Capital III Inc. (Gross) 11.704.93 10.29

N/AN/AN/A2.13 9.81 7/1/2013Latitude Mgmt RE Capital III Inc. (Net) 9.464.25 8.80

N/AN/A0.34 1.92 Difference 2.240.67 1.49

N/AN/A0.00 0.00Latitude Mgmt RE Capital III Apprec.(Gross)

0.170.00 0.00

N/AN/AN/A0.00 0.00 7/1/2013Latitude Mgmt RE Capital III Apprec. (Net) 0.170.00 0.00

N/AN/A0.00 0.00 Difference 0.000.00 0.00



0.971.030.23 1.02 Difference 1.010.46 0.98

Performance Summary

As of June 30, 2017



Page 78

06/30/2013 0 -69,517 13,750,000-159,538 13,442,3970

09/30/2013 13,442,397 159,333 051,678 13,318,559413,397

12/31/2013 13,318,559 367,610 6,250,0000 19,876,93759,233

03/31/2014 19,876,937 470,445 053,157 19,644,058756,480

06/30/2014 19,644,058 554,348 5,750,0000 25,889,81758,589

09/30/2014 25,889,817 752,410 6,750,0000 32,830,161562,066

12/31/2014 32,830,161 814,073 2,500,0000 35,449,874694,360

03/31/2015 35,449,874 813,663 00 35,483,939779,597

06/30/2015 35,483,939 940,427 00 35,644,181780,185

09/30/2015 35,644,181 1,053,268 3,750,0000 39,500,662946,786

12/31/2015 39,500,662 1,242,809 8,750,0000 47,914,2161,068,777

03/31/2016 47,914,216 636,780 00 47,953,3581,108,117

06/30/2016 47,953,358 1,203,633 00 47,989,8011,167,188

09/30/2016 47,989,801 1,067,702 00 47,863,8831,193,620

12/31/2016 47,863,883 980,407 00 47,756,5551,098,124

03/31/2017 47,756,555 977,835 00 47,723,3901,000,611

06/30/2017 47,723,390 1,008,217 00 47,753,467978,141

SinceInception

12,973,443 47,753,46747,500,000 12,665,2710 -54,703


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Income and Appreciation shown for 2Q2013 represent Fund performance since inception to date. Total Income shown above does not match the capital statement due to theeffects of the Management Fee Rebates received; therefore, cash flow information may not sum to Ending Market Value.

Page 79

$85,939


Fund Size $249,625,000







124


4

$0

$10,000,000

Number of Investors

Cash Reserve Ratio

$50,000,000


11.58%


Asset Level Debt $0



Investment Strategy

The Fund seeks to achieve attractive cash flow yields via the issuanceof value-add bridge loans to reposition commercial and multifamily realestate assets.

During 2Q2017, the Fund began its first quarter of operations byoriginating four (4) loans for $44.6M in aggregate par value, includingloans collateralized by multifamily properties located across Augusta,GA ($14.8M), West Palm Beach, FL ($8.6M), Lexington, KY ($9.9M),and Nashville, TN ($11.3M).

Significant Events


1.03% per annum of commitments during first three (3) years,1.03% of invested capital thereafter; andGP receives 3.00% of net distributable income up to an 8.00%


Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

EVP

Phone

Chip Sellers

350 South Beverly DriveAddress

Latitude Management Real Estate Investors

E-mail

310-234-2102

City, State, Zip Code Beverly Hills, CA 90212

Title

Investor Contact


0.00

20.00

40.00

60.00

80.00

100.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

0.00 0.00

100.00

0.00 0.00 0.00 0.00 0.00

Client Information



N/AIRR

0.98Equity Multiple


March 2017Client Investment


Fee Summary







$10,000,000


100.00%

0.00%

$10,000,000

Management Fees N/A$85,939

$0Incentive Fees N/A

$0Acquisition Fees N/A

$0Disposition Fees N/A

$0Other Fees N/A

$85,939 N/ATotal Fees

QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$85,939

$0

$0

$0

$0






Fund Profile

As of June 30, 2017

Latitude Management Real Estate Capital IV


The Fund’s debt borrowings are entirely composed of floating rate debt; as such, debt at fair value is equal to debt at par value. Quarterly Fees (bps) are calculated usingbeginning-of-quarter market value; as such, fees in basis points are shown as “N/A” during quarter of initial capital call. IRR performance is not shown for individualinvestments until a full year of cash flow data is available.

Page 80

Latitude Mgmt RE Capital IV NCREIF ODCE Index (AWA)

0.00

13.00

26.00

39.00

52.00

65.00

78.00

91.00


40.70

30.60

9.70

19.00

0.000.00

21.58

0.00

78.42

0.00

Latitude Mgmt RE Capital IV NCREIF ODCE Index (AWA)

0.00

16.00

32.00

48.00

64.00

80.00

96.00

112.00


36.50

20.3024.30

14.90

0.60 0.00 3.400.00 0.00

100.00

0.00 0.00 0.00 0.00


Total Equity

0.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

100.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

0.00

100.00

Property Debt




Latitude Mgmt RE Capital IV 0.0078.420.0021.580.00


0.0059.42-9.70-9.02-40.70Difference



Latitude Mgmt RE Capital IV 0.000.000.000.00100.000.000.00


-3.400.00-0.60-14.9075.70-20.30-36.50Difference

Diversification

As of June 30, 2017



Page 81

06/30/2017 0 -65,008 4,992,5000 4,888,2760

SinceInception

-65,008 4,888,2764,992,500 00 0


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Total Income shown above does not match the capital statement due to the effects of the Management Fee Rebates received; therefore, cash flow information may not sumto Ending Market Value.

Page 82

$4,033,268

Fund Inception May 2013

Fund Size $438,000,000







77


36

$22,128,081

$0

Number of Investors

Cash Reserve Ratio

$0


10.97%





Investment Strategy

The Fund seeks to identify, acquire, hold, finance, manage anddispose of commercial real estate investments, with a particular focuson the hospitality sector.

The Fund had no acquisitions or realizations during the quarter.

Significant Events


1.50% per annum on commitments during the investment period;1.50% per annum on net invested capital thereafter.

After return of capital and 9% preferred return, 80%/20% LP/GP splituntil LP receives 12%, then 40%/60% LP/GP catchup until GPreceives 20%; 80%/20% LP/GP split thereafter.

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Managing Director

Phone

Brett Alexander

4100 Regent Street, Suite GAddress

Rockbridge Capital

E-mail

614-246-2526

City, State, Zip Code Columbus, OH 43219

Title

Investor Contact


0.00

10.00

20.00

30.00

40.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

6.44

41.8440.28

0.00

11.44

0.00 0.00 0.00

Client Information



12.79%IRR

1.21Equity Multiple


June 2014Client Investment


Fee Summary







$245,130,974


63.43%

36.57%

$386,465,240


-$623,899Incentive Fees -119



$0Other Fees 0

-$454,243 -87Total Fees

QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$2,691,403

$1,341,865

$0

$0

$0






Fund Profile

As of June 30, 2017

Rockbridge Hospitality Fund VI


Incentive Fees shown reflect impact of accruals subject to potential reversal. The Fund does not mark-to-market its fixed-rate debt borrowings; as such, debt at fair value isequal to debt at par value. Debt Information and Loan-to-Value calculation do not reflect debt outstanding that is senior to the Fund’s subordinate debt investment positions.

Page 83

Rockbridge Hospitality Fund VI NCREIF ODCE Index (AWA)

0.00

7.00

14.00

21.00

28.00

35.00

42.00

49.00


40.70

30.60

9.70

19.00

0.00

32.12

42.92

8.03

16.93

0.00

Rockbridge Hospitality Fund VI NCREIF ODCE Index (AWA)

0.00

16.00

32.00

48.00

64.00

80.00

96.00

112.00


36.50

20.3024.30

14.90

0.60 0.00 3.400.00 0.00 0.00 0.00

100.00

0.00 0.00


Total Equity

79.80

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

20.20Property Debt

0.00

Public Co. Debt

Private Co. Debt

79.80

20.20

Property Debt

Property Equity




Rockbridge Hospitality Fund VI 0.0016.938.0342.9232.12


0.00-2.07-1.6712.32-8.58Difference



Rockbridge Hospitality Fund VI 0.000.00100.000.000.000.000.00


-3.400.0099.40-14.90-24.30-20.30-36.50Difference

Diversification

As of June 30, 2017



Page 84

Rockbridge Hospitality Fund VI (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

-2.00

-4.00


1.70

3.50

7.87

11.34 11.34

0.99

4.01

12.21

20.51 20.51



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A0.99 20.51Rockbridge Hospitality Fund VI (Gross) 20.514.01 12.21

12.79N/AN/A1.86 13.40 7/1/2014Rockbridge Hospitality Fund VI (Net) 13.404.29 10.31

N/AN/A-0.87 7.11 Difference 7.11-0.27 1.91

N/AN/A1.38 7.37Rockbridge Hospitality Fund VI Inc.(Gross)

7.372.28 6.22

N/AN/AN/A1.05 2.89 7/1/2014Rockbridge Hospitality Fund VI Inc. (Net) 2.891.61 4.90

N/AN/A0.32 4.49 Difference 4.490.67 1.33

N/AN/A-0.39 12.42Rockbridge Hospitality Fund VI Apprec.(Gross)

12.421.71 5.73

N/AN/AN/A0.81 10.26 7/1/2014Rockbridge Hospitality Fund VI Apprec.(Net)

10.262.65 5.22

N/AN/A-1.19 2.16 Difference 2.16-0.94 0.51



0.971.030.23 1.02 Difference 1.020.46 0.98

Performance Summary

As of June 30, 2017



Page 85

06/30/2014 0 -889,962 4,925,000569,882 4,604,9210

09/30/2014 4,604,921 -8,379 3,917,323-281,524 8,232,3400

12/31/2014 8,232,340 -67,261 305,681942,867 9,413,62796,256

03/31/2015 9,413,627 -53,255 0330,729 9,691,1000

06/30/2015 9,691,100 78,862 0253,844 10,023,8060

09/30/2015 10,023,806 124,716 5,707,763335,790 16,192,0740

12/31/2015 16,192,074 164,805 9,132,420944,040 26,433,3380

03/31/2016 26,433,338 142,375 8,561,644284,940 35,422,2980

06/30/2016 35,422,298 734,852 01,077,529 37,234,6790

09/30/2016 37,234,679 703,317 8,561,644521,641 47,021,2800

12/31/2016 47,021,280 743,353 0600,169 47,083,4101,281,393

03/31/2017 47,083,410 275,165 3,995,434909,531 52,263,5410

06/30/2017 52,263,541 550,061 0421,834 53,235,4340

SinceInception

2,498,649 53,235,43445,106,907 1,377,6490 6,911,272


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Page 86

$1,343,750

Fund Inception May 2015

Fund Size $304,200,000







50


10

$0

$4,000,000

Number of Investors

Cash Reserve Ratio

$80,000,000


4.08%





Investment Strategy

The Fund targets the acquisition, renovation, and repositioning ofprimarily Class-B multifamily communities in high-growth, supplyconstrained Western United States markets.

During 2Q2017, the Fund acquired an 86% ownership interest in a319-unit apartment property located in Rancho Cucamonga, CA for$80.8M.

Significant Events


1.25% per annum on committed capital during the investment period;1.25% per annum on net invested capital thereafter.

After return of capital and 8% preferred return, 80%/20% LP/GP splituntil LP reaches 14% return; 70%/30% LP/GP split thereafter.

Incentive Fees

N/A

Other Fees

Company

Name

[email protected]

Fund Controller

Phone

Allen Chamasmani

18802 Bardeen AvenueAddress

Sares Regis Group

E-mail

949-809-2456

City, State, Zip Code Irvine, CA 92612

Title

Investor Contact


0.00

10.00

20.00

30.00

40.00

Ou

tsta

nd

ing

De

bt

2017 2018 2019 2020 2021 2022 2023 Later

0.00

11.21

16.80

0.72

14.82

1.05

13.76

41.64

Client Information



1.90%IRR

1.01Equity Multiple


May 2016Client Investment


Fee Summary







$418,982,778


100.00%

0.00%

$418,982,778


$0Incentive Fees 0



$0Other Fees 0


QuarterlyFees ($)

QuarterlyFees (bps)


Cumulative Fees($)

$1,343,750

$0

$0

$0

$0






Fund Profile

As of June 30, 2017

Sares-Regis Multifamily Value-Add Fund II, L.P.



Page 87

Sares-Regis Multifamily VA II NCREIF ODCE Index (AWA)

0.00

16.00

32.00

48.00

64.00

80.00

96.00

112.00


40.70

30.60

9.7019.00

0.00

100.00

0.00 0.00 0.00 0.00

Sares-Regis Multifamily VA II NCREIF ODCE Index (AWA)

0.00

16.00

32.00

48.00

64.00

80.00

96.00

112.00


36.50

20.3024.30

14.90

0.60 0.00 3.400.00 0.00

100.00

0.00 0.00 0.00 0.00


Total Equity

100.00

0.00

0.00

Property Equity

Private Co. Equity

Public Co. Equity

Total Debt

0.00

0.00Property Debt

0.00

Public Co. Debt

Private Co. Debt

100.00

0.00

Property Equity




Sares-Regis Multifamily VA II 0.000.000.000.00100.00


0.00-19.00-9.70-30.6059.30Difference



Sares-Regis Multifamily VA II 0.000.000.000.00100.000.000.00


-3.400.00-0.60-14.9075.70-20.30-36.50Difference

Diversification

As of June 30, 2017



Page 88

Sares-Regis Multifamily VA II (Gross) NCREIF ODCE Index (AWA) (Gross)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

-1.00

-2.00


1.70

3.50

7.87 7.87

2.44

5.40

9.34 9.34



3Years

SinceInception

5Years

Perf.Inception

CYTD10

YearsIRRQTD

1Year

N/AN/A2.44 N/ASares-Regis Multifamily VA II (Gross) 9.345.40 9.34

1.90N/AN/A1.86 N/A 7/1/2016Sares-Regis Multifamily VA II (Net) 1.174.19 1.17


N/AN/A2.44 N/ASares-Regis Multifamily VA II Inc.(Gross)

9.345.40 9.34

N/AN/AN/A1.86 N/A 7/1/2016Sares-Regis Multifamily VA II Inc. (Net) 1.174.19 1.17


N/AN/A0.00 N/ASares-Regis Multifamily VA II Apprec.(Gross)

0.000.00 0.00

N/AN/AN/A0.00 N/A 7/1/2016Sares-Regis Multifamily VA II Apprec. (Net) 0.000.00 0.00




0.971.030.23 1.02 Difference 0.980.46 0.98

Performance Summary

As of June 30, 2017



Page 89

06/30/2016 0 -20,230 7,520,5840 7,064,7950

09/30/2016 7,064,795 -213,100 10,108,8330 15,033,9052,042,492

12/31/2016 15,033,905 -151,728 10,937,0590 25,819,2350

03/31/2017 25,819,235 590,642 00 26,409,8770

06/30/2017 26,409,877 503,370 5,613,2560 32,330,682195,820

SinceInception

708,954 32,330,68234,179,731 2,238,3130 0


As of June 30, 2017



TimePeriod

TotalIncome

TotalAppreciation

NetContributions

EndingMV

NetDistributions

BeginningMV


Net Contributions shown reflects true-up interest paid/received from other LPs.

Page 90

Ohio Bureau of Workers' CompensationCore and Core Plus PortfolioExposure to Value-Added Investments

As of June 30, 2017

Core Portfolio Value-Added Exposure Market Value

AEW Core Property Trust 8.8% 319,449,131$

ASB Allegiance Real Estate Fund 8.0% 285,248,035$

Barings Core Property Fund 5.2% 196,070,874$

Heitman HART 9.0% 331,125,782$

INVESCO Core RE 8.8% 326,691,055$

Morgan Stanley Prime Property 7.8% 337,344,524$

UBS Trumbull Property Fund 4.2% 303,412,573$

Core Portfolio Subtotal 7.6% 2,099,341,974$

Core Plus Portfolio Value-Added Exposure Market Value

Clarion Lion Industrial Trust 8.4% 81,238,842$

INVESCO US Income Fund 0.0% 78,927,489$

JPMorgan US RE Income & Growth Fund 0.0% 26,177,058$

PGIM PRISA II 24.6% 137,436,489$

Prologis Targeted US Logistics Fund 0.0% 84,361,174$

USAA Eagle Real Estate Fund 11.2% 65,850,014$

Core Plus Portfolio Subtotal 10.1% 473,991,066$

Value-Added Definition: Build-to-suit development; speculative build-to-core development; such as infill multifamily development; properties with greater than material immediate or imminent leasing risk; and properties in need of immediate or imminent repositioning or redevelopment.

Value-Added Definition: Includes development, lease-up, or redevelopment assets until completed and have achieved 60% leased status (or have been available for lease for 1 year).

Value-Added Definition: Build-to-core development projects.

Value-Added Definition: The Fund focuses on well-leased, core assets, and therefore, does not have a value-added sleeve.

Value-Added Definition: The Fund does not pursue development or value-added investments.

Value-Added Definition: Includes properties under renovation or development, those with occupancy below 80% at acquisitions, assets undergoing a significant repositioning and mezzanine debt.

Value-Added Definition: Properties acquired as part of management’s current belief that the discount in pricing attributed to the operating challenges of the property could provide greater returns, once stabilized, than the returns of stabilized properties. Value Added Acquisitions must have one or more of the following characteristics: (i) existing vacancy in excess of 20%; (ii) short-term lease roll-over, typically during the first two years of ownership; (iii) significant capital improvement requirements in excess of 10% of the purchase price and must be invested within the first two years of ownership.

Value-Added Definition: All assets that are less than 70% leased at acquisition, including new construction and development properties.

Value-Added Definition: Properties that are fundamentally well-located but are in need of re-development, market repositioning/re –leasing or recapitalization to maximize operating income and long-term value. Development opportunities would classify as value-added as well. Other non-core investment opportunities would include investments in core property through other structures like debt or preferred equity, most commonly mezzanine debt.

Value-Added Definition: Ground-up development and re-development assets with more than 50% of project cost invested in construction.

Value-Added Definition: As deemed by the GP, assets targeted to achieve returns which are significantly in excess of the returns targeted from core assets through strategies such as lease-up, development, repositioning, and to-be-build ventures.

Value-Added Definition: May include properties in lease-up or those with short-term lease rollover exposure or requiring some physical renovation.

Value-Added Definition: Shovel-ready development without entitlement risk, development of adjacent parcels and significant reconfiguration or refurbishment of real estate assets that are less than 80% leased.

Page 91

Total Portfolio Addendum and Glossary

As of June 30, 2017

Comments Performance-Related Comments: Performance is time-weighted and calculated quarterly using a Modified Dietz return calculation methodology Performance is annualized for periods greater than one year by linking quarterly returns for each return component. IRR calculation requires 12 months of cash flow history beginning with the initial capital call, while time-weighted performance requires four full

quarters of data to calculate. Time-weighted performance for Funds with less than four full quarters of data does not provide a basis for a meaningful comparison; however, all Fund performance data is reflected in time-weighted performance at the Total Portfolio levels.

Inception Date Comments: Total Portfolio inception dates shown reflect the client’s first cash flow. Fund inception dates shown reflect the first day of the first full quarter following the client’s initial cash flow. Inception dates shown for indices reflect the Total Portfolio or Fund inception date for comparison.

Miscellaneous Comments: Commitment Funded reflects all capital contributions less any return of capital during the investment period. Fees in basis points (bps) are calculated based on the previous period ending market value.

Definition of Terms

Subscription / Acquisition Line – A reserve or line of credit, made available by a bank for acquisition activity, secured by either Fund assets or equity commitments of the Fund’s investors. Asset Level Debt – Debt financing secured by individual Fund real estate assets. Cash Reserve Ratio – The ratio of cash (and cash equivalents) to the Fund’s net asset value (NAV). Closed End Fund – A closed-end Fund has a targeted finite life of investment activity and cannot accept new investment capital after expiration of the fundraising period. Committed capital is called from the investors periodically over the investment period and returned by the end of the Fund term. Commitment – An investor’s contractual agreement to contribute a specified amount of capital over the Fund’s investment period. Commitment Funded – Amount of the investor’s commitment that has been called to date. For funds denominated in foreign currency, the Commitment Funded may differ from the manager reported amount due to currency fluctuations. Core Real Estate – A real estate strategy to invest in markets that are well developed, in top tier locations (coastal cities, major metropolitan areas, etc.), with well-leased properties (generally 80%+), and do not require significant enhancement, renovation, or re-development. Core real estate funds strive to provide consistent income and lower volatility. Target returns are generally 8-10% per annum and derive the majority of total return from income rather than capital appreciation. Debt Maturity – The maturity date of the Fund’s debt obligations. Entry Queue ($) – The dollar value of capital pledged by investors that has not been called by the manager in an open-ended fund structure. An entry queue exists when the manager does not have sufficient acquisition opportunities available to put all investor capital to work in the market at a given time. Equity Multiple – The sum of cumulative distributions and remaining investment value divided by total paid-in-capital. The equity multiple is a client-specific performance metric that does not take timing of cash flows into consideration. Exit Queue ($) – The dollar value of capital requested to be withdrawn by current investors in an open-ended Fund structure. An exit queue exists for open-end core Funds when the manager does not have suitable disposition activity or available cash to meet investor redemption requests. Fees –

Management Fee – Fees tied to the level of commitment or invested capital; management fees typically cover a Fund’s operating expenses. Incentive Fee – Fees charged to limited partners that are tied to the performance of the assets under management. Incentive fees compensate the investment manager for achieving performance hurdles. Acquisition Fee – Fees charged based on the acquisition of assets to cover due diligence and other acquisition expenses. Disposition Fee – Fees charged based on the sale or transfer of property to cover disposition expenses. Other Fees – Tangible fees not covered by any of the fee types above (cash management, etc.).

FTSE EPRA/NAREIT – A global set of indices to measure public equity real estate securities (REITs and REOCs), produced by a joint venture of the Financial London Times Stock Exchange (FTSE), the European Public Real Estate Association (EPRA) and the National Association of Real Estate Investment Trusts (NAREIT). Fund Size – The Fund Size is the total value of equity commitments from all investors in a Fund, including the general partner. Gross Real Estate Assets – The current or fair market value of real estate assets, inclusive of all debt financing. Indices – All indices and related information are considered intellectual property and are licensed by each index provider. The indices may not be copied, used, or distributed without the index provider’s prior written approval. Index providers make no warranties with respect to the quality, accuracy, suitability and/or completeness of each index.

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Total Portfolio Addendum and Glossary

As of June 30, 2017

Definition of Terms – Continued

Internal Rate of Return (IRR) – A Fund’s IRR is the implied discount rate equating the present value of an investment’s cash outflows to the present value of the investment’s cash inflows. In other words, IRR is the discount rate at which the net present value of an investment opportunity equals zero. Investment Period Expiration – The date when a closed-end Fund ceases acquisition activity. The investment period expiration is typically 3-5 years following the expiration of the fundraising period (the final closing) for closed-end Funds. Typically this period may be extended and acquisition activity may continue following this date upon manager recommendation and/or investor approval. Leverage – The use of credit to finance purchases or development.

Fixed-Rate Debt – Loans with a static interest rate over the life of the loan. Floating-Rate Debt – Loans with a variable interest rate over the life of the loan.

Loan-to-Value (%) – Ratio of all outstanding direct debt obligations (including subscription/acquisition lines) divided by the fair value of Fund’s real estate assets (gross real estate asset value). NCREIF-ODCE Index - The National Council of Real Estate Investment Fiduciaries’ Open-ended Diversified Core Equity index (“NCREIF-ODCE”) reports the time-weighted quarterly investment returns of approximately 18 open-end commingled core equity real estate funds. The index is capitalization-weighted and is reported on a gross of fees and net of fees basis. Domestic geographic regions are split into West, East, South, and Midwest. Net Real Estate Assets – The current or fair market value of the Fund’s real estate assets less all outstanding direct debt obligations. Non-Core Real Estate – All real estate investment strategies that do not have core real estate characteristics are considered non-core strategies. Significant capital expenditures, leasing, renovation, development, and/or re-development are common in non-core real estate investing. Due to the increased risk of these strategies, non-core real estate has a higher expected return profile than core real estate. Non-core real estate returns may have little or no income component.

Value Added – A sub-category of non-core real estate, this is generally a medium-to-high risk/return strategy, requiring significant capital expenditures to allow for rent growth. Properties are considered value added when they exhibit management or operational problems, require physical improvement, and/or suffer from capital constraints. Opportunistic – A sub-category of non-core real estate, this is generally a high risk/return strategy. The investments will require a high degree of enhancement and may also include investments in development, raw land, and niche property sectors.

Open-Ended Fund – A fund that does not have a targeted finite life. As capital is available, open-ended funds continually make new investments, accept capital from investors, and allow capital withdrawals from investors. Portfolio Level Debt – The leverage utilized by a Fund that is not secured individually by specific assets, but rather by multiple assets and/or investor capital commitments. Portfolio level debt also may be unsecured. Real Estate Investment Trust (REIT) – An investment vehicle in which investors purchase certificates of ownership in the trust, which in turn invests in real property. REITs are required to comply with certain rules. For example, REITs must distribute 90% of taxable income to shareholders each year and hold investments for a period of not less than two years. Real Estate Securities Fund – A fund that invests in publicly-traded REITs and/or REOCs (real estate operating companies). Unsecured Debt Percentage – The amount of total debt, expressed as a percentage, which is not secured by specific real estate assets and/or other Fund collateral. Time-Weighted Return – The yield on an investment portfolio over a specified period of time. Returns are calculated on a quarterly basis and are geometrically linked to calculate multi-period returns. Time-weighted returns are calculated on a pre-fee (gross of fees) and after-fee (net of fees) basis. The calculation methodology for each is provided below:

Gross of Fees: (Gross Income + Gross Appreciation) / Weighted Average Equity Net of Fees: (Net Income + Net Appreciation) / Weighted Average Equity Weighted Average Equity (WAE): Beginning Market Value + Weighted Net Cash Flow

Uncalled Capital – The difference between Commitment Funded and the Commitment amount. Weighted-Average Interest Rate – The asset-weighted average interest rate payable across all outstanding debt. Weighted-average interest rate is shown for the total fixed rate debt and floating rate debt utilized by a Fund.

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Disclaimer of Warranties and Limitation of Liability - This document was prepared by RVK, Inc. (RVK) and may include information and data from some or all of the following sources: client staff; custodian banks; investment managers; specialty investment consultants; actuaries; plan administrators/record-keepers; index providers; as well as other third-party sources as directed by the client or as we believe necessary or appropriate. RVK has taken reasonable care to ensure the accuracy of the information or data, but makes no warranties and disclaims responsibility for the accuracy or completeness of information or data provided or methodologies employed by any external source. This document is provided for the client’s internal use only and does not constitute a recommendation by RVK or an offer of, or a solicitation for, any particular security and it is not intended to convey any guarantees as to the future performance of the investment products, asset classes, or capital markets.

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