Ohio Bureau of Workers' Compensation · PDF file6/30/2017 · Barings Core Property...
Transcript of 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.
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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
Ohio Bureau of Workers' Compensation
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.
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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%
Comparative Performance
As of June 30, 2017
Total Portfolio
SinceInception
10Years
5Years
3Years
1Year
CYTDQTDPerf.
InceptionIRR
Ohio Bureau of Workers' Compensation
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.
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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
Difference N/AN/AN/AN/A1.42%0.69%0.35%
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
Difference N/AN/AN/AN/A0.02%0.00%0.00%
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
Difference N/AN/AN/AN/AN/AN/AN/A
JPMorgan US RE Income & Growth Fund(Gross)
N/AN/AN/AN/AN/AN/AN/A
JPMorgan US RE Income & Growth Fund(Net)
10/1/2016N/AN/AN/AN/AN/AN/AN/A N/A
Difference N/AN/AN/AN/AN/AN/AN/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%
Difference 1.09%N/AN/AN/A1.14%0.54%0.27%
Prologis Targeted US Logistics Fund(Gross)
N/AN/AN/AN/AN/AN/AN/A
Prologis Targeted US Logistics Fund (Net) 10/1/2016N/AN/AN/AN/AN/AN/AN/A N/A
Difference N/AN/AN/AN/AN/AN/AN/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%
Difference 0.91%N/AN/AN/A0.91%0.29%0.14%
Comparative Performance
As of June 30, 2017
Total Portfolio
SinceInception
10Years
5Years
3Years
1Year
CYTDQTDPerf.
InceptionIRR
Ohio Bureau of Workers' Compensation
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.
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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
Difference N/AN/AN/AN/AN/AN/AN/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%
Difference 2.75%N/AN/AN/A2.37%0.91%0.40%
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%
Difference 5.59%N/AN/AN/A3.43%1.22%0.59%
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
Difference N/AN/AN/AN/AN/AN/AN/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
Difference N/AN/AN/AN/AN/AN/AN/A
Comparative Performance
As of June 30, 2017
Total Portfolio
SinceInception
10Years
5Years
3Years
1Year
CYTDQTDPerf.
InceptionIRR
Ohio Bureau of Workers' Compensation
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.
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Value Added Portfolio
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%
Difference 8.17%N/AN/AN/A8.17%1.21%0.58%
Comparative Performance
As of June 30, 2017
Total Portfolio
SinceInception
10Years
5Years
3Years
1Year
CYTDQTDPerf.
InceptionIRR
Ohio Bureau of Workers' Compensation
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.
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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
Value Added Portfolio
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
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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
Ohio Bureau of Workers' Compensation
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
Ohio Bureau of Workers' Compensation
Allocation to “Other” consists of self-storage, life sciences/medical offices, special events, and student housing assets held by the underlying managers.
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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
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3,000,000
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Total Fees(%)
68.044,203,488Core
26.071,610,737Core Plus
5.89363,580Value Added
Fee Analysis
As of June 30, 2017
Total Portfolio
Ohio Bureau of Workers' Compensation
"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
3.32Average Interest Rate
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
Ohio Bureau of Workers' Compensation
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
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
4.47
7.44
10.16 10.7512.84
6.80
10.20
37.34
Fixed Rate Debt Utilization
3.82Average Interest Rate
21.20Leverage Ratio
Subscription & Acquisition Line Utilization
Portfolio Leverage
27.28
Portfolio Leverage and Debt Analysis (%)Fixed and Floating Rate Debt
83.62
Floating Rate Debt Utilization 16.38
2.88Average Interest Rate
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
Core Portfolio
Ohio Bureau of Workers' Compensation
Page 13
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
4.125.27
6.80
10.46
16.0214.32
6.32
36.69
Fixed Rate Debt Utilization
3.87Average Interest Rate
30.58Leverage Ratio
Subscription & Acquisition Line Utilization
Portfolio Leverage
8.86
Portfolio Leverage and Debt Analysis (%)Fixed and Floating Rate Debt
80.43
Floating Rate Debt Utilization 19.57
3.23Average Interest Rate
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
Core Plus Portfolio
Ohio Bureau of Workers' Compensation
Page 14
Portfolio Debt Utilization Chart
Fixed Rate Debt
Floating 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
2.73
12.35
23.92
2.82
6.45 6.02
9.95
35.76
Fixed Rate Debt Utilization
4.23Average Interest Rate
61.70Leverage Ratio
Subscription & Acquisition Line Utilization
Portfolio Leverage
14.19
Portfolio Leverage and Debt Analysis (%)Fixed and Floating Rate Debt
26.27
Floating Rate Debt Utilization 73.73
3.52Average Interest Rate
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
Value Added Portfolio
Ohio Bureau of Workers' Compensation
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
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
Ohio Bureau of Workers' Compensation
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
Vice President
Phone
Jay Struzziery
Two Seaport LaneAddress
AEW Capital Management, LP
617-261-9326
City, State, Zip Code Boston, MA 02210
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Fixed Rate Debt Utilization
3.78%Weighted Average Interest Rate
$1,486,612,407Fixed Rate Debt Outstanding
3.05%Weighted Average Interest Rate
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
Ohio Bureau of Workers' Compensation
Page 17
AEW Core Property Trust NCREIF ODCE Index (AWA)
0.006.00
12.0018.00
24.0030.0036.00
42.0048.00
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
AEW Core Property Trust 0.0027.474.3530.9637.22
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.008.47-5.350.36-3.48Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
AEW Core Property Trust 0.000.290.5612.6028.0824.0034.47
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.29-0.04-2.303.783.70-2.03Difference
Diversification
As of June 30, 2017
AEW Core Property Trust
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year 3 Years Inception
1.70
3.50
7.87
11.34
11.96
1.76
3.82
7.76
10.8311.18
Comparative Performance Chart (%)
Comparative Performance (%)
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
AEW Core Property Trust
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
AEW Core Property Trust
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
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
Gross Real Estate Assets $6,964,202,154
Net Real Estate Assets $5,906,013,725
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $11,676,578
Current Exit Queue $0
359
Subscription/Acquisition Line Capacity
76
$0
$0
Number of Investors
Cash Reserve Ratio
$485,000,000
Portfolio Level Debt
1.39%
Number of Investments
Asset Level Debt $1,024,598,380
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Managing Director
Phone
Clyde Robinson
7501 Wisconsin Avenue, Suite 1300WAddress
ASB Real Estate Investments
240-482-2991
City, State, Zip Code Bethesda, MD 20814
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $200,000,000
$200,000,000Commitment Funded
10.52%IRR
1.37Equity Multiple
$285,248,035Market Value
January 2013Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
3.95%Weighted Average Interest Rate
$947,981,807Fixed Rate Debt Outstanding
2.36%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$93,000,000
Total Debt Outstanding (Par Value)
8.93%
91.07%
$1,040,981,807
Management Fees 19$548,368
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$548,368 19Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
4.85%Ownership Percentage
Cumulative Fees($)
$7,135,978
$0
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 14.71%
Net Asset Value $5,879,033,549
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
ASB Allegiance Real Estate Fund
Ohio Bureau of Workers' Compensation
Page 21
ASB Allegiance Real Estate Fund NCREIF ODCE Index (AWA)
0.006.00
12.0018.00
24.0030.0036.00
42.0048.00
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
ASB Allegiance Real Estate Fund 0.0011.1511.9739.9636.92
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.00-7.852.279.36-3.78Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
ASB Allegiance Real Estate Fund 0.000.000.0017.7817.4427.9436.84
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.00-0.602.88-6.867.640.34Difference
Diversification
As of June 30, 2017
ASB Allegiance Real Estate Fund
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year 3 Years Inception
1.70
3.50
7.87
11.34
11.96
0.66
2.00
4.62
10.77
11.51
Comparative Performance Chart (%)
Comparative Performance (%)
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
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
ASB Allegiance Real Estate Fund
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
ASB Allegiance Real Estate Fund
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Page 24
$3,993,283
Fund Inception July 2004
Fund Size N/A
Gross Real Estate Assets $3,999,995,000
Net Real Estate Assets $3,171,247,004
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $0
Current Exit Queue $0
118
Subscription/Acquisition Line Capacity
58
$0
$0
Number of Investors
Cash Reserve Ratio
$200,000,000
Portfolio Level Debt
4.72%
Number of Investments
Asset Level Debt $828,747,996
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Client Administrator
Phone
Stacy Grecula
1 Financial Plaza, 17th FloorAddress
Barings Real Estate Advisers
860-509-2299
City, State, Zip Code Hartford, CT 06103
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $150,000,000
$150,000,000Commitment Funded
9.70%IRR
1.27Equity Multiple
$196,070,874Market Value
January 2013Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
3.66%Weighted Average Interest Rate
$828,183,315Fixed Rate Debt Outstanding
N/AWeighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$0
Total Debt Outstanding (Par Value)
0.00%
100.00%
$828,183,315
Management Fees 17$328,380
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$328,380 17Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
5.99%Ownership Percentage
Cumulative Fees($)
$3,993,283
$0
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 20.72%
Net Asset Value $3,272,474,000
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Barings Core Property Fund
Ohio Bureau of Workers' Compensation
Page 25
Barings Core Property Fund NCREIF ODCE Index (AWA)
0.006.00
12.0018.00
24.0030.0036.00
42.0048.00
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Barings Core Property Fund 0.0031.282.9228.2337.57
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.0012.28-6.78-2.37-3.13Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Barings Core Property Fund 0.000.796.3715.9930.2117.4229.22
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.795.771.095.91-2.88-7.28Difference
Diversification
As of June 30, 2017
Barings Core Property Fund
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year 3 Years Inception
1.70
3.50
7.87
11.34
11.96
1.81
3.35
8.31
10.89 10.82
Comparative Performance Chart (%)
Comparative Performance (%)
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
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
Barings Core Property Fund
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
Barings Core Property Fund
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Page 28
$6,145,638
Fund Inception January 2007
Fund Size N/A
Gross Real Estate Assets $9,235,177,095
Net Real Estate Assets $7,242,775,527
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $1,112,200,000
Current Exit Queue $20,388,420
114
Subscription/Acquisition Line Capacity
82
$0
$216,000,000
Number of Investors
Cash Reserve Ratio
$400,000,000
Portfolio Level Debt
2.03%
Number of Investments
Asset Level Debt $1,992,401,568
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
VP, Client Service & Marketing
Phone
Shauna Dills
191 North Wacker Drive, Suite 2500Address
Heitman
312-423-1369
City, State, Zip Code Chicago, IL 60606
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $250,000,000
$250,000,000Commitment Funded
10.92%IRR
1.29Equity Multiple
$331,125,782Market Value
April 2013Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
3.80%Weighted Average Interest Rate
$1,997,542,918Fixed Rate Debt Outstanding
2.20%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$216,000,000
Total Debt Outstanding (Par Value)
9.76%
90.24%
$2,213,542,918
Management Fees 20$572,804
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$572,804 20Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
4.70%Ownership Percentage
Cumulative Fees($)
$6,145,638
$0
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 23.91%
Net Asset Value $7,046,422,090
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Heitman HART
Ohio Bureau of Workers' Compensation
Page 29
Heitman HART NCREIF ODCE Index (AWA)
0.006.00
12.0018.00
24.0030.0036.00
42.0048.00
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Heitman HART 0.0023.1217.6522.7436.49
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.004.127.95-7.86-4.21Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Heitman HART 18.800.000.0011.9326.6921.8220.76
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
15.400.00-0.60-2.972.391.52-15.74Difference
Diversification
As of June 30, 2017
Heitman HART
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year 3 Years Inception
1.70
3.50
7.87
11.3411.69
1.41
2.78
7.85
11.24
11.94
Comparative Performance Chart (%)
Comparative Performance (%)
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
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 11.693.50 7.87
N/A4.2810.761.47 10.33 7/1/2013NCREIF ODCE Index (AWA) (Net) 10.683.04 6.90
0.971.030.23 1.02 Difference 1.010.46 0.98
Performance Summary
As of June 30, 2017
Heitman HART
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
Heitman HART
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Page 32
$6,699,416
Fund Inception September 2004
Fund Size N/A
Gross Real Estate Assets $11,671,222,281
Net Real Estate Assets $8,542,616,180
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $323,675,000
Current Exit Queue $218,950,000
120
Subscription/Acquisition Line Capacity
93
$1,140,153,464
$100,000,000
Number of Investors
Cash Reserve Ratio
$350,000,000
Portfolio Level Debt
1.52%
Number of Investments
Asset Level Debt $1,888,452,637
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Managing Director - Consultant Relations
Phone
Catherine R. Stodghill
101 California Street, Suite 1900Address
INVESCO
502-581-6376
City, State, Zip Code San Francisco, CA 94111
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $250,000,000
$250,000,000Commitment Funded
10.56%IRR
1.29Equity Multiple
$326,691,055Market Value
April 2013Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
4.00%Weighted Average Interest Rate
$2,055,369,285Fixed Rate Debt Outstanding
3.00%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$993,240,135
Total Debt Outstanding (Par Value)
32.58%
67.42%
$3,048,609,420
Management Fees 20$627,354
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$627,354 20Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
3.85%Ownership Percentage
Cumulative Fees($)
$6,699,416
$0
$0
$0
$0
Unsecured Debt Percentage 36.90%
Loan-to-Value 26.81%
Net Asset Value $8,491,827,657
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
INVESCO Core Real Estate USA
Ohio Bureau of Workers' Compensation
Page 33
INVESCO Core RE NCREIF ODCE Index (AWA)
0.008.00
16.0024.00
32.0040.0048.00
56.0064.00
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
INVESCO Core RE 0.0016.775.0225.3452.87
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.00-2.23-4.68-5.2612.17Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
INVESCO Core RE 0.000.000.0014.3930.9120.8133.89
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.00-0.60-0.516.610.51-2.61Difference
Diversification
As of June 30, 2017
INVESCO Core Real Estate USA
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year 3 Years Inception
1.70
3.50
7.87
11.3411.69
1.88
4.47
8.53
11.9211.67
Comparative Performance Chart (%)
Comparative Performance (%)
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
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 11.693.50 7.87
N/A4.2810.761.47 10.33 7/1/2013NCREIF ODCE Index (AWA) (Net) 10.683.04 6.90
0.971.030.23 1.02 Difference 1.010.46 0.98
Performance Summary
As of June 30, 2017
INVESCO Core Real Estate USA
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
INVESCO Core Real Estate USA
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Net Distributions shown for the quarter reflect income distributions booked in the period and reinvested subsequent to quarter-end.
Page 36
$13,289,081
Fund Inception August 1973
Fund Size N/A
Gross Real Estate Assets $22,561,602,464
Net Real Estate Assets $18,323,399,611
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $1,620,534,000
Current Exit Queue $0
307
Subscription/Acquisition Line Capacity
359
$1,807,533,813
$100,000,000
Number of Investors
Cash Reserve Ratio
$650,000,000
Portfolio Level Debt
2.27%
Number of Investments
Asset Level Debt $2,330,669,040
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
N/A
Phone
MSRE Investor Services
1585 Broadway AvenueAddress
Morgan Stanley Real Estate
212-761-4000
City, State, Zip Code New York, NY 10036
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $200,000,000
$200,000,000Commitment Funded
12.88%IRR
1.56Equity Multiple
$337,344,524Market Value
December 2012Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
4.03%Weighted Average Interest Rate
$3,703,006,314Fixed Rate Debt Outstanding
2.80%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$507,221,650
Total Debt Outstanding (Par Value)
12.05%
87.95%
$4,210,227,964
Management Fees 21$692,953
$247,479Incentive Fees 7
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$940,432 28Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
1.81%Ownership Percentage
Cumulative Fees($)
$9,652,299
$3,636,782
$0
$0
$0
Unsecured Debt Percentage 44.77%
Loan-to-Value 18.79%
Net Asset Value $18,604,060,000
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Morgan Stanley Prime Property Fund
Ohio Bureau of Workers' Compensation
Page 37
Morgan Stanley Prime Property NCREIF ODCE Index (AWA)
0.006.00
12.0018.00
24.0030.0036.00
42.0048.00
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Morgan Stanley Prime Property 0.0021.3811.2129.8837.53
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.002.381.51-0.72-3.17Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Morgan Stanley Prime Property 5.491.470.8514.1325.0916.7036.27
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
2.091.470.25-0.770.79-3.60-0.23Difference
Diversification
As of June 30, 2017
Morgan Stanley Prime Property Fund
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year 3 Years Inception
1.70
3.50
7.87
11.34
11.92
2.52
4.77
10.30
13.38
14.24
Comparative Performance Chart (%)
Comparative Performance (%)
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
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 11.923.50 7.87
N/A4.2810.761.47 10.33 1/1/2013NCREIF ODCE Index (AWA) (Net) 10.903.04 6.90
0.971.030.23 1.02 Difference 1.020.46 0.98
Performance Summary
As of June 30, 2017
Morgan Stanley Prime Property Fund
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
Morgan Stanley Prime Property Fund
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Page 40
$9,763,063
Fund Inception January 1978
Fund Size N/A
Gross Real Estate Assets $22,622,270,744
Net Real Estate Assets $18,988,501,744
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $355,000,000
Current Exit Queue $0
461
Subscription/Acquisition Line Capacity
222
$0
$990,100,000
Number of Investors
Cash Reserve Ratio
$1,600,000,000
Portfolio Level Debt
4.56%
Number of Investments
Asset Level Debt $2,643,669,000
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Consultant Communications Manager
Phone
Wayne Zorger
10 State House Square, 15th FloorAddress
UBS Realty Investors LLC
860-616-9362
City, State, Zip Code Hartford, CT 06103
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $221,538,000
$221,538,000Commitment Funded
8.93%IRR
1.33Equity Multiple
$303,412,573Market Value
February 2013Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
3.43%Weighted Average Interest Rate
$3,422,283,057Fixed Rate Debt Outstanding
3.01%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$125,372,480
Total Debt Outstanding (Par Value)
3.53%
96.47%
$3,547,655,537
Management Fees 18$531,607
$47,981Incentive Fees 2
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$579,588 19Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
1.55%Ownership Percentage
Cumulative Fees($)
$7,426,162
$2,336,901
$0
$0
$0
Unsecured Debt Percentage 35.09%
Loan-to-Value 16.06%
Net Asset Value $19,632,692,000
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
UBS Trumbull Property Fund
Ohio Bureau of Workers' Compensation
Page 41
UBS Trumbull Property Fund NCREIF ODCE Index (AWA)
0.006.00
12.0018.00
24.0030.0036.00
42.0048.00
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
UBS Trumbull Property Fund 0.0015.1411.6933.6039.57
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.00-3.861.993.00-1.13Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
UBS Trumbull Property Fund 0.000.003.3513.5630.1222.6130.36
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.002.75-1.345.822.31-6.14Difference
Diversification
As of June 30, 2017
UBS Trumbull Property Fund
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year 3 Years Inception
1.70
3.50
7.87
11.34
11.96
1.17
2.34
5.59
9.6110.05
Comparative Performance Chart (%)
Comparative Performance (%)
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
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
UBS Trumbull Property Fund
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
UBS Trumbull Property Fund
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
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
Gross Real Estate Assets $9,143,547,159
Net Real Estate Assets $6,242,955,460
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $632,325,000
Current Exit Queue $3,491,571
102
Subscription/Acquisition Line Capacity
573
$2,284,310,811
$0
Number of Investors
Cash Reserve Ratio
$400,000,000
Portfolio Level Debt
1.42%
Number of Investments
Asset Level Debt $616,280,888
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Senior Accountant
Phone
Monica Sanders
1717 McKinney Avenue Suite 1900Address
Clarion Partners
214-647-4923
City, State, Zip Code Dallas, TX 75202
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $75,000,000
$75,000,000Commitment Funded
N/AIRR
1.09Equity Multiple
$81,238,842Market Value
October 2016Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
3.74%Weighted Average Interest Rate
$2,600,331,715Fixed Rate Debt Outstanding
2.97%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$300,259,984
Total Debt Outstanding (Par Value)
10.35%
89.65%
$2,900,591,699
Management Fees 31$243,584
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$328Other Fees 0
$243,912 31Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
1.33%Ownership Percentage
Cumulative Fees($)
$646,408
$0
$0
$0
$876
Unsecured Debt Percentage 21.55%
Loan-to-Value 31.72%
Net Asset Value $6,101,526,792
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Clarion Lion Industrial Trust
Ohio Bureau of Workers' Compensation
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
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Clarion Lion Industrial Trust 0.0031.589.9221.0837.42
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.0012.580.22-9.52-3.28Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Clarion Lion Industrial Trust 0.000.000.00100.000.000.000.00
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.00-0.6085.10-24.30-20.30-36.50Difference
Diversification
As of June 30, 2017
Clarion Lion Industrial Trust
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
Clarion Lion Industrial Trust
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Net Distributions shown for the quarter reflect income distributions booked in the period and reinvested subsequent to quarter-end.
Page 47
$382,551
Fund Inception January 2014
Fund Size N/A
Gross Real Estate Assets $896,485,000
Net Real Estate Assets $553,331,632
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $258,800,000
Current Exit Queue $2,000,000
8
Subscription/Acquisition Line Capacity
17
$0
$25,000,000
Number of Investors
Cash Reserve Ratio
$100,000,000
Portfolio Level Debt
1.62%
Number of Investments
Asset Level Debt $318,153,368
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Managing Director - Consultant Relations
Phone
Catherine Stodghill
101 California Street, Suite 1900Address
INVESCO
502-581-6376
City, State, Zip Code San Francisco, CA 94111
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $75,000,000
$75,000,000Commitment Funded
14.56%IRR
1.06Equity Multiple
$78,927,489Market Value
July 2016Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
3.57%Weighted Average Interest Rate
$318,630,000Fixed Rate Debt Outstanding
2.94%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$25,000,000
Total Debt Outstanding (Par Value)
7.28%
92.72%
$343,630,000
Management Fees 27$170,127
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$170,127 27Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
14.52%Ownership Percentage
Cumulative Fees($)
$382,551
$0
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 38.28%
Net Asset Value $543,719,383
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
INVESCO US Income Fund
Ohio Bureau of Workers' Compensation
Page 48
INVESCO US Income Fund NCREIF ODCE Index (AWA)
0.007.00
14.0021.00
28.0035.0042.00
49.0056.00
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
INVESCO US Income Fund 0.0047.163.3223.7125.81
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.0028.16-6.38-6.89-14.89Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
INVESCO US Income Fund 0.000.000.0019.8132.9335.0912.17
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.00-0.604.918.6314.79-24.33Difference
Diversification
As of June 30, 2017
INVESCO US Income Fund
Ohio Bureau of Workers' Compensation
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
Comparative Performance Chart (%)
Comparative Performance (%)
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/A0.22 N/A Difference 1.010.45 1.01
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
N/AN/A0.00 N/A Difference 0.000.00 0.00
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 7.873.50 7.87
N/A4.2810.761.47 10.33 7/1/2016NCREIF ODCE Index (AWA) (Net) 6.903.04 6.90
0.971.030.23 1.02 Difference 0.980.46 0.98
Performance Summary
As of June 30, 2017
INVESCO US Income Fund
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
INVESCO US Income Fund
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Net Distributions shown for the quarter reflect income distributions booked in the period and reinvested subsequent to quarter-end.
Page 51
$204,403
Fund Inception February 2002
Fund Size N/A
Gross Real Estate Assets $4,179,549,548
Net Real Estate Assets $2,762,014,771
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $162,295,625
Current Exit Queue $0
61
Subscription/Acquisition Line Capacity
82
$0
$0
Number of Investors
Cash Reserve Ratio
$300,000,000
Portfolio Level Debt
2.21%
Number of Investments
Asset Level Debt $1,417,534,777
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Executive Director
Phone
Angeline Leong-Sit
270 Park Avenue, Seventh FloorAddress
JP Morgan Asset Management
212-648-2164
City, State, Zip Code New York, NY 10017
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $100,000,000
$25,000,000Commitment Funded
N/AIRR
1.06Equity Multiple
$26,177,058Market Value
October 2016Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
3.77%Weighted Average Interest Rate
$1,225,495,024Fixed Rate Debt Outstanding
2.72%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$187,544,572
Total Debt Outstanding (Par Value)
13.27%
86.73%
$1,413,039,596
Management Fees 27$68,896
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$68,896 27Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
0.96%Ownership Percentage
Cumulative Fees($)
$204,403
$0
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 33.92%
Net Asset Value $2,734,796,129
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
J.P. Morgan US RE Income & Growth Fund
Ohio Bureau of Workers' Compensation
IRR performance is not shown for individual investments until a full year of cash flow data is available.
Page 52
JPMorgan US RE Income & Growth Fund NCREIF ODCE Index (AWA)
0.00
7.00
14.00
21.00
28.00
35.00
42.00
49.00
West East Midwest South International
40.70
30.60
9.70
19.00
0.00
33.00
43.57
4.18
19.25
0.00
JPMorgan US RE Income & Growth Fund NCREIF ODCE Index (AWA)
0.00
7.00
14.00
21.00
28.00
35.00
42.00
49.00
Office Retail Apartment Industrial Hotel Land Other
36.50
20.3024.30
14.90
0.60 0.003.40
44.22
17.24
22.54
16.00
0.00 0.00 0.00
Investment Structure Diversification (%)
Total Equity
92.64
0.00
0.00
Property Equity
Private Co. Equity
Public Co. Equity
Total Debt
0.00
7.36Property Debt
0.00
Public Co. Debt
Private Co. Debt
92.64
7.36
Property Debt
Property Equity
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
JPMorgan US RE Income & Growth Fund 0.0019.254.1843.5733.00
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.000.25-5.5212.97-7.70Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
JPMorgan US RE Income & Growth Fund 0.000.000.0016.0022.5417.2444.22
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.00-0.601.10-1.76-3.067.72Difference
Diversification
As of June 30, 2017
J.P. Morgan US RE Income & Growth Fund
Ohio Bureau of Workers' Compensation
Page 53
09/30/2016 0 0 00 00
12/31/2016 0 241,307 25,000,000575,148 25,497,337319,118
03/31/2017 25,497,337 272,336 319,118229,346 25,988,726329,411
06/30/2017 25,988,726 297,000 329,411-122,927 26,177,058315,150
SinceInception
810,643 26,177,05825,648,529 963,6790 681,567
Historical Cash Flows
As of June 30, 2017
J.P. Morgan US RE Income & Growth Fund
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Net Distributions shown for the quarter reflect income distributions booked in the period and reinvested subsequent to quarter-end.
Page 54
$1,663,756
Fund Inception July 1980
Fund Size N/A
Gross Real Estate Assets $11,136,967,809
Net Real Estate Assets $8,520,526,378
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $0
Current Exit Queue $0
92
Subscription/Acquisition Line Capacity
140
$775,834,000
$0
Number of Investors
Cash Reserve Ratio
$250,000,000
Portfolio Level Debt
2.91%
Number of Investments
Asset Level Debt $2,368,452,402
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Principal
Phone
Larry Teitelbaum
1540 Broadway, 36th FloorAddress
PGIM Real Estate
212-515-6116
City, State, Zip Code New York, NY 10036
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $125,000,000
$125,000,000Commitment Funded
7.89%IRR
1.10Equity Multiple
$137,436,489Market Value
April 2016Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
3.89%Weighted Average Interest Rate
$1,621,463,616Fixed Rate Debt Outstanding
3.28%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$1,527,888,384
Total Debt Outstanding (Par Value)
48.51%
51.49%
$3,149,352,000
Management Fees 27$360,471
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$360,471 27Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
1.73%Ownership Percentage
Cumulative Fees($)
$1,594,131
$68,476
$0
$0
$1,149
Unsecured Debt Percentage 32.60%
Loan-to-Value 28.23%
Net Asset Value $7,962,611,188
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
PGIM PRISA II
Ohio Bureau of Workers' Compensation
Page 55
PGIM PRISA II NCREIF ODCE Index (AWA)
0.006.00
12.0018.00
24.0030.0036.00
42.0048.00
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
36.50
20.3024.30
14.90
0.60 0.003.40
41.77
18.8520.80
1.91 1.676.14
8.86
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
PGIM PRISA II 0.0016.886.2239.5537.35
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.00-2.12-3.488.95-3.35Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
PGIM PRISA II 8.866.141.671.9120.8018.8541.77
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
5.466.141.07-12.99-3.50-1.455.27Difference
Diversification
As of June 30, 2017
PGIM PRISA II
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year Inception
1.70
3.50
7.878.06
2.32
3.58
8.95
9.39
Comparative Performance Chart (%)
Comparative Performance (%)
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/A0.27 N/A Difference 1.090.54 1.14
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/A0.27 N/A Difference 1.050.54 1.10
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
N/AN/A0.00 N/A Difference 0.000.00 0.00
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 8.063.50 7.87
N/A4.2810.761.47 10.33 4/1/2016NCREIF ODCE Index (AWA) (Net) 7.093.04 6.90
0.971.030.23 1.02 Difference 0.970.46 0.98
Performance Summary
As of June 30, 2017
PGIM PRISA II
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
PGIM PRISA II
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Appreciation shown for the 1Q2016 period reflects amount paid to third party for existing position in the Fund.
Page 58
$2,014,573
Fund Inception January 2012
Fund Size N/A
Gross Real Estate Assets $6,023,043,000
Net Real Estate Assets $4,559,791,663
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $0
Current Exit Queue $434,900,000
52
Subscription/Acquisition Line Capacity
182
$581,507,000
$0
Number of Investors
Cash Reserve Ratio
$350,000,000
Portfolio Level Debt
2.46%
Number of Investments
Asset Level Debt $881,744,337
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Director, Portfolio Management
Phone
Caroline Cotter
60 State Street Suite 1200Address
Prologis
617-619-9356
City, State, Zip Code Boston, MA 02109
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $75,000,000
$75,000,000Commitment Funded
N/AIRR
1.13Equity Multiple
$84,361,174Market Value
October 2016Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
4.40%Weighted Average Interest Rate
$1,400,077,000Fixed Rate Debt Outstanding
N/AWeighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$0
Total Debt Outstanding (Par Value)
0.00%
100.00%
$1,400,077,000
Management Fees 13$107,617
$567,010Incentive Fees 70
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$674,627 83Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
1.91%Ownership Percentage
Cumulative Fees($)
$317,575
$1,696,998
$0
$0
$0
Unsecured Debt Percentage 41.07%
Loan-to-Value 24.29%
Net Asset Value $4,416,553,000
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Prologis Targeted US Logistics Fund
Ohio Bureau of Workers' Compensation
IRR performance is not shown for individual investments until a full year of cash flow data is available.
Page 59
Prologis Targeted US Logistics Fund NCREIF ODCE Index (AWA)
0.008.00
16.0024.00
32.0040.0048.00
56.0064.00
West East Midwest South International
40.70
30.60
9.70
19.00
0.00
51.65
15.59
8.72
24.04
0.00
Prologis Targeted US Logistics Fund NCREIF ODCE Index (AWA)
0.00
16.00
32.00
48.00
64.00
80.00
96.00
112.00
Office Retail Apartment Industrial Hotel Land Other
36.50
20.3024.30
14.90
0.60 0.00 3.400.00 0.00 0.00
100.00
0.00 0.00 0.00
Investment Structure Diversification (%)
Total Equity
100.00
0.00
0.00
Property Equity
Private Co. Equity
Public Co. Equity
Total Debt
0.00
0.00Property Debt
0.00
Public Co. Debt
Private Co. Debt
100.00
0.00
Property Equity
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Prologis Targeted US Logistics Fund 0.0024.048.7215.5951.65
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.005.04-0.98-15.0110.95Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Prologis Targeted US Logistics Fund 0.000.000.00100.000.000.000.00
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.00-0.6085.10-24.30-20.30-36.50Difference
Diversification
As of June 30, 2017
Prologis Targeted US Logistics Fund
Ohio Bureau of Workers' Compensation
Page 60
09/30/2016 0 0 00 00
12/31/2016 0 341,433 75,000,0003,771,395 78,294,236818,591
03/31/2017 78,294,236 482,732 815,0332,670,706 81,441,668821,039
06/30/2017 81,441,668 444,347 817,5982,334,966 84,361,174677,406
SinceInception
1,268,512 84,361,17476,632,631 2,317,0360 8,777,067
Historical Cash Flows
As of June 30, 2017
Prologis Targeted US Logistics Fund
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
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 Inception January 2013
Fund Size N/A
Gross Real Estate Assets $2,651,757,383
Net Real Estate Assets $1,837,626,501
Fund Structure Open-Ended
Investment Period Expiration N/A
Current Entry Queue $594,845,627
Current Exit Queue $0
39
Subscription/Acquisition Line Capacity
32
$0
$0
Number of Investors
Cash Reserve Ratio
$200,000,000
Portfolio Level Debt
4.62%
Number of Investments
Asset Level Debt $814,130,882
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Managing Director
Phone
Stephen Evans
9830 Colonnade Blvd.Address
USAA Real Estate Company
210-641-8421
City, State, Zip Code San Antonio, TX 78230
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $125,000,000
$62,496,015Commitment Funded
9.42%IRR
1.05Equity Multiple
$65,850,014Market Value
July 2016Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
4.06%Weighted Average Interest Rate
$654,447,872Fixed Rate Debt Outstanding
3.52%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$159,683,010
Total Debt Outstanding (Par Value)
19.61%
80.39%
$814,130,882
Management Fees 15$95,016
-$2,312Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$92,704 14Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
3.62%Ownership Percentage
Cumulative Fees($)
$250,207
$18,329
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 30.70%
Net Asset Value $1,818,809,311
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
USAA Eagle Real Estate Fund
Ohio Bureau of Workers' Compensation
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
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
USAA Eagle Real Estate Fund 0.0012.1714.9528.5644.32
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.00-6.835.25-2.043.62Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
USAA Eagle Real Estate Fund 0.000.000.0021.1544.5223.6210.71
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.00-0.606.2520.223.32-25.79Difference
Diversification
As of June 30, 2017
USAA Eagle Real Estate Fund
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year Inception
1.70
3.50
7.87 7.87
2.68
3.85
10.30 10.30
Comparative Performance Chart (%)
Comparative Performance (%)
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/A0.14 N/A Difference 0.910.29 0.91
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/A0.15 N/A Difference 0.620.30 0.62
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
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 7.873.50 7.87
N/A4.2810.761.47 10.33 7/1/2016NCREIF ODCE Index (AWA) (Net) 6.903.04 6.90
0.971.030.23 1.02 Difference 0.980.46 0.98
Performance Summary
As of June 30, 2017
USAA Eagle Real Estate Fund
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
USAA Eagle Real Estate Fund
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Page 65
$54,400
Fund Inception April 2016
Fund Size $312,000,000
Gross Real Estate Assets $0
Net Real Estate Assets $0
Fund Structure Open-Ended
Investment Period Expiration 4/20/2021
Current Entry Queue N/A
Current Exit Queue N/A
7
Subscription/Acquisition Line Capacity
0
$0
$0
Number of Investors
Cash Reserve Ratio
$50,000,000
Portfolio Level Debt
200.26%
Number of Investments
Asset Level Debt $0
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Principal
Phone
Curt P. Schaller
200 West Madison Street, Suite 2650Address
Focus Healthcare Partners LLC
312-286-1241
City, State, Zip Code Chicago, IL 60606
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
Client Information
Commitment $50,000,000
$340,000Commitment Funded
N/AIRR
0.20Equity Multiple
$69,488Market Value
June 2017Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
N/AWeighted Average Interest Rate
$0Fixed Rate Debt Outstanding
N/AWeighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$0
Total Debt Outstanding (Par Value)
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
20.00%Ownership Percentage
Cumulative Fees($)
$54,400
$0
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 0.00%
Net Asset Value $347,440
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Focus Senior Housing Fund I
Ohio Bureau of Workers' Compensation
Quarterly Fees (bps) are calculated using beginning-of-quarter market value; as such, fees in basis points are shown as “N/A” during quarter of initial capital call. IRRperformance is not shown for individual investments until a full year of cash flow data is available.
Page 66
06/30/2017 0 -270,512 340,0000 69,4880
SinceInception
-270,512 69,488340,000 00 0
Historical Cash Flows
As of June 30, 2017
Focus Senior Housing Fund I
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Page 67
$2,250,000
Fund Inception July 2014
Fund Size $314,231,285
Gross Real Estate Assets $592,794,468
Net Real Estate Assets $266,493,949
Fund Structure Closed-Ended
Investment Period Expiration 10/29/2018
Current Entry Queue N/A
Current Exit Queue N/A
10
Subscription/Acquisition Line Capacity
10
$0
$0
Number of Investors
Cash Reserve Ratio
$70,000,000
Portfolio Level Debt
18.63%
Number of Investments
Asset Level Debt $326,300,519
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Senior Accountant
Phone
Ashbey Chang
818 W. 7th Street, Unit 411Address
Gaw Capital Advisors (USA), LLC
213-213-8626
City, State, Zip Code Los Angeles, CA 90017
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $50,000,000
$44,947,521Commitment Funded
12.91%IRR
1.14Equity Multiple
$52,551,078Market Value
November 2015Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
N/AWeighted Average Interest Rate
$0Fixed Rate Debt Outstanding
3.69%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$326,300,519
Total Debt Outstanding (Par Value)
100.00%
0.00%
$326,300,519
Management Fees 44$187,500
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$187,500 44Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
15.91%Ownership Percentage
Cumulative Fees($)
$2,250,000
$0
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 55.04%
Net Asset Value $330,263,852
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Gaw Capital U.S. Value Add Fund
Ohio Bureau of Workers' Compensation
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
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Gaw Capital US Value Add Fund 0.000.0011.180.0088.82
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.00-19.001.48-30.6048.12Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Gaw Capital US Value Add Fund 5.950.0049.400.000.000.0044.65
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
2.550.0048.80-14.90-24.30-20.308.15Difference
Diversification
As of June 30, 2017
Gaw Capital U.S. Value Add Fund
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year Inception
1.70
3.50
7.87 8.22
2.27
10.25
23.23
17.43
Comparative Performance Chart (%)
Comparative Performance (%)
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/A0.40 N/A Difference 2.750.91 2.37
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/A0.40 N/A Difference 2.410.87 2.02
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
N/AN/A0.00 N/A Difference 0.000.00 0.00
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 8.223.50 7.87
N/A4.2810.761.47 10.33 1/1/2016NCREIF ODCE Index (AWA) (Net) 7.243.04 6.90
0.971.030.23 1.02 Difference 0.980.46 0.98
Performance Summary
As of June 30, 2017
Gaw Capital U.S. Value Add Fund
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
Gaw Capital U.S. Value Add Fund
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
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
Gross Real Estate Assets $857,268,576
Net Real Estate Assets $256,834,886
Fund Structure Closed-Ended
Investment Period Expiration 8/31/2018
Current Entry Queue N/A
Current Exit Queue N/A
14
Subscription/Acquisition Line Capacity
29
$0
$43,493,000
Number of Investors
Cash Reserve Ratio
$79,594,251
Portfolio Level Debt
0.73%
Number of Investments
Asset Level Debt $556,940,690
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Principal
Phone
Patrick Hammes
18000 W Sarah Lane, Suite 250Address
Hammes Partners
262-792-5900
City, State, Zip Code Brookfield, WI 53045
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $50,000,000
$32,075,826Commitment Funded
10.15%IRR
1.10Equity Multiple
$29,004,475Market Value
July 2015Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
4.14%Weighted Average Interest Rate
$551,242,655Fixed Rate Debt Outstanding
2.84%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$49,191,035
Total Debt Outstanding (Par Value)
8.19%
91.81%
$600,433,690
Management Fees 59$175,000
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$175,000 59Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
11.26%Ownership Percentage
Cumulative Fees($)
$2,333,333
$0
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 70.04%
Net Asset Value $257,621,814
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Hammes Partners II
Ohio Bureau of Workers' Compensation
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
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Hammes Partners II 0.0025.7424.6636.3013.30
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.006.7414.965.70-27.40Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Hammes Partners II 0.000.000.000.000.000.00100.00
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.00-0.60-14.90-24.30-20.3063.50Difference
Diversification
As of June 30, 2017
Hammes Partners II
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year Inception
1.70
3.50
7.87
9.04
2.65
5.87
13.15
16.40
Comparative Performance Chart (%)
Comparative Performance (%)
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/A0.59 N/A Difference 5.591.22 3.43
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/A0.59 N/A Difference 5.531.22 3.36
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
N/AN/A0.00 N/A Difference 0.000.00 0.00
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 9.043.50 7.87
N/A4.2810.761.47 10.33 10/1/2015NCREIF ODCE Index (AWA) (Net) 8.053.04 6.90
0.971.030.23 1.02 Difference 0.990.46 0.98
Performance Summary
As of June 30, 2017
Hammes Partners II
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
Hammes Partners II
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Page 75
$2,818,704
Fund Inception August 2012
Fund Size $404,745,000
Gross Real Estate Assets $733,203,369
Net Real Estate Assets $225,687,369
Fund Structure Closed-Ended
Investment Period Expiration 8/31/2018
Current Entry Queue N/A
Current Exit Queue N/A
119
Subscription/Acquisition Line Capacity
67
$507,516,000
$0
Number of Investors
Cash Reserve Ratio
$0
Portfolio Level Debt
38.67%
Number of Investments
Asset Level Debt $0
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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%
After 8.00% preferred return, 80%/20% LP/GP split.
Incentive Fees
N/A
Other Fees
Company
Name
EVP
Phone
Chip Sellers
350 South Beverly DriveAddress
Latitude Management Real Estate Investors
310-234-2102
City, State, Zip Code Beverly Hills, CA 90212
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $50,000,000
$47,500,000Commitment Funded
9.40%IRR
1.27Equity Multiple
$47,753,467Market Value
May 2013Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
N/AWeighted Average Interest Rate
$0Fixed Rate Debt Outstanding
2.86%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$507,516,000
Total Debt Outstanding (Par Value)
100.00%
0.00%
$507,516,000
Management Fees 31$149,496
$9,238Incentive Fees 2
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$158,734 33Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
12.35%Ownership Percentage
Cumulative Fees($)
$2,489,488
$329,216
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 69.22%
Net Asset Value $386,522,311
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Latitude Management Real Estate Capital III
Ohio Bureau of Workers' Compensation
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 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
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Latitude Mgmt RE Capital III 0.0050.362.3329.1618.15
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.0031.36-7.37-1.44-22.55Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Latitude Mgmt RE Capital III 3.490.0014.492.8964.061.0414.03
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
0.090.0013.89-12.0139.76-19.26-22.47Difference
Diversification
As of June 30, 2017
Latitude Management Real Estate Capital III
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year 3 Years Inception
1.70
3.50
7.87
11.3411.69
2.47
4.93
10.29
11.72 11.88
Comparative Performance Chart (%)
Comparative Performance (%)
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
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 11.693.50 7.87
N/A4.2810.761.47 10.33 7/1/2013NCREIF ODCE Index (AWA) (Net) 10.683.04 6.90
0.971.030.23 1.02 Difference 1.010.46 0.98
Performance Summary
As of June 30, 2017
Latitude Management Real Estate Capital III
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
Latitude Management Real Estate Capital III
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
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 Inception July 2016
Fund Size $249,625,000
Gross Real Estate Assets $33,576,500
Net Real Estate Assets $23,576,500
Fund Structure Closed-Ended
Investment Period Expiration 5/1/2022
Current Entry Queue N/A
Current Exit Queue N/A
124
Subscription/Acquisition Line Capacity
4
$0
$10,000,000
Number of Investors
Cash Reserve Ratio
$50,000,000
Portfolio Level Debt
11.58%
Number of Investments
Asset Level Debt $0
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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%
After 8.00% preferred return, 80%/20% LP/GP split.
Incentive Fees
N/A
Other Fees
Company
Name
EVP
Phone
Chip Sellers
350 South Beverly DriveAddress
Latitude Management Real Estate Investors
310-234-2102
City, State, Zip Code Beverly Hills, CA 90212
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $50,000,000
$4,992,500Commitment Funded
N/AIRR
0.98Equity Multiple
$4,888,276Market Value
March 2017Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
N/AWeighted Average Interest Rate
$0Fixed Rate Debt Outstanding
2.94%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$10,000,000
Total Debt Outstanding (Par Value)
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)
20.00%Ownership Percentage
Cumulative Fees($)
$85,939
$0
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 29.78%
Net Asset Value $24,442,381
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Latitude Management Real Estate Capital IV
Ohio Bureau of Workers' Compensation
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
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Latitude Mgmt RE Capital IV 0.0078.420.0021.580.00
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.0059.42-9.70-9.02-40.70Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Latitude Mgmt RE Capital IV 0.000.000.000.00100.000.000.00
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.00-0.60-14.9075.70-20.30-36.50Difference
Diversification
As of June 30, 2017
Latitude Management Real Estate Capital IV
Ohio Bureau of Workers' Compensation
Page 81
06/30/2017 0 -65,008 4,992,5000 4,888,2760
SinceInception
-65,008 4,888,2764,992,500 00 0
Historical Cash Flows
As of June 30, 2017
Latitude Management Real Estate Capital IV
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
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
Gross Real Estate Assets $809,344,372
Net Real Estate Assets $422,879,132
Fund Structure Closed-Ended
Investment Period Expiration 11/15/2016
Current Entry Queue N/A
Current Exit Queue N/A
77
Subscription/Acquisition Line Capacity
36
$22,128,081
$0
Number of Investors
Cash Reserve Ratio
$0
Portfolio Level Debt
10.97%
Number of Investments
Asset Level Debt $364,337,159
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Managing Director
Phone
Brett Alexander
4100 Regent Street, Suite GAddress
Rockbridge Capital
614-246-2526
City, State, Zip Code Columbus, OH 43219
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $50,000,000
$45,106,907Commitment Funded
12.79%IRR
1.21Equity Multiple
$53,235,434Market Value
June 2014Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
4.59%Weighted Average Interest Rate
$141,334,266Fixed Rate Debt Outstanding
4.74%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$245,130,974
Total Debt Outstanding (Par Value)
63.43%
36.57%
$386,465,240
Management Fees 32$169,656
-$623,899Incentive Fees -119
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
-$454,243 -87Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
11.12%Ownership Percentage
Cumulative Fees($)
$2,691,403
$1,341,865
$0
$0
$0
Unsecured Debt Percentage 5.73%
Loan-to-Value 47.75%
Net Asset Value $478,707,650
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Rockbridge Hospitality Fund VI
Ohio Bureau of Workers' Compensation
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
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Rockbridge Hospitality Fund VI 0.0016.938.0342.9232.12
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.00-2.07-1.6712.32-8.58Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Rockbridge Hospitality Fund VI 0.000.00100.000.000.000.000.00
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.0099.40-14.90-24.30-20.30-36.50Difference
Diversification
As of June 30, 2017
Rockbridge Hospitality Fund VI
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year 3 Years Inception
1.70
3.50
7.87
11.34 11.34
0.99
4.01
12.21
20.51 20.51
Comparative Performance Chart (%)
Comparative Performance (%)
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
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 11.343.50 7.87
N/A4.2810.761.47 10.33 7/1/2014NCREIF ODCE Index (AWA) (Net) 10.333.04 6.90
0.971.030.23 1.02 Difference 1.020.46 0.98
Performance Summary
As of June 30, 2017
Rockbridge Hospitality Fund VI
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
Rockbridge Hospitality Fund VI
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
Page 86
$1,343,750
Fund Inception May 2015
Fund Size $304,200,000
Gross Real Estate Assets $618,970,674
Net Real Estate Assets $199,987,896
Fund Structure Closed-Ended
Investment Period Expiration 8/19/2018
Current Entry Queue N/A
Current Exit Queue N/A
50
Subscription/Acquisition Line Capacity
10
$0
$4,000,000
Number of Investors
Cash Reserve Ratio
$80,000,000
Portfolio Level Debt
4.08%
Number of Investments
Asset Level Debt $414,982,778
Subscription/Acquisition Line Drawn
Fund Information Fund Information, continued
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
Fee DescriptionManagement Fees
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
Fund Controller
Phone
Allen Chamasmani
18802 Bardeen AvenueAddress
Sares Regis Group
949-809-2456
City, State, Zip Code Irvine, CA 92612
Title
Investor Contact
Portfolio Debt Maturity Schedule Chart (%)
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
Commitment $50,000,000
$31,817,549Commitment Funded
1.90%IRR
1.01Equity Multiple
$32,330,682Market Value
May 2016Client Investment
Debt Information (Par Value)
Fee Summary
Fixed Rate Debt Utilization
N/AWeighted Average Interest Rate
$0Fixed Rate Debt Outstanding
3.59%Weighted Average Interest Rate
Floating Rate Debt Outstanding
Floating Rate Debt Utilization
$418,982,778
Total Debt Outstanding (Par Value)
100.00%
0.00%
$418,982,778
Management Fees 59$156,250
$0Incentive Fees 0
$0Acquisition Fees 0
$0Disposition Fees 0
$0Other Fees 0
$156,250 59Total Fees
QuarterlyFees ($)
QuarterlyFees (bps)
16.44%Ownership Percentage
Cumulative Fees($)
$1,343,750
$0
$0
$0
$0
Unsecured Debt Percentage 0.00%
Loan-to-Value 67.69%
Net Asset Value $196,710,149
Debt Information (Fair Value)
Fund Type Commingled Fund
Fund Profile
As of June 30, 2017
Sares-Regis Multifamily Value-Add Fund II, L.P.
Ohio Bureau of Workers' Compensation
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 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
West East Midwest South International
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
Office Retail Apartment Industrial Hotel Land Other
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
Investment Structure Diversification (%)
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
Investment Structure Diversification Chart
Geographic Diversification (%)
InternationalSouthMidwestEastWest
Sares-Regis Multifamily VA II 0.000.000.000.00100.00
NCREIF ODCE Index (AWA) 0.0019.009.7030.6040.70
0.00-19.00-9.70-30.6059.30Difference
Property Type Diversification (%)
OtherLandHotelIndustrialApartmentRetailOffice
Sares-Regis Multifamily VA II 0.000.000.000.00100.000.000.00
NCREIF ODCE Index (AWA) 3.400.000.6014.9024.3020.3036.50
-3.400.00-0.60-14.9075.70-20.30-36.50Difference
Diversification
As of June 30, 2017
Sares-Regis Multifamily Value-Add Fund II, L.P.
Ohio Bureau of Workers' Compensation
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
QTD CYTD 1 Year Inception
1.70
3.50
7.87 7.87
2.44
5.40
9.34 9.34
Comparative Performance Chart (%)
Comparative Performance (%)
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/A0.58 N/A Difference 8.171.21 8.17
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/A0.58 N/A Difference 8.171.21 8.17
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
N/AN/A0.00 N/A Difference 0.000.00 0.00
5.2511.791.70 11.34NCREIF ODCE Index (AWA) (Gross) 7.873.50 7.87
N/A4.2810.761.47 10.33 7/1/2016NCREIF ODCE Index (AWA) (Net) 6.903.04 6.90
0.971.030.23 1.02 Difference 0.980.46 0.98
Performance Summary
As of June 30, 2017
Sares-Regis Multifamily Value-Add Fund II, L.P.
Ohio Bureau of Workers' Compensation
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
Historical Cash Flows
As of June 30, 2017
Sares-Regis Multifamily Value-Add Fund II, L.P.
Statement of Cash Flows ($)
TimePeriod
TotalIncome
TotalAppreciation
NetContributions
EndingMV
NetDistributions
BeginningMV
Ohio Bureau of Workers' Compensation
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.
Page 92
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.
Page 93
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.