Quarterly Real Estate Monitoring Report · 12/18/2019 · Real Estate LP, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG or their subsidiaries

Quarterly Real Estate Monitoring ReportFor the period ended June 30, 2019

Report prepared for:

WATER AND POWER EMPLOYEES' RETIREMENT PLAN

IMPORTANT INFORMATION

An investment involves a number of risks and there are conflicts of interest.

All data is as of June 30, 2019, unless otherwise noted.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY.

Each of StepStone Group LP, StepStone Group Real Assets LP and StepStone Group Real Estate LP is an investment adviser registered withthe Securities and Exchange Commission (“SEC”). StepStone Group Europe LLP is authorized and regulated by the Financial ConductAuthority, firm reference number 551580. Swiss Capital Invest Holding (Dublin) Ltd (“SCHIDL”) is a SEC Registered Investment AdvisorSuch registrations do not imply a certain level of skill or training and no inference to the contrary should be made.

None of StepStone is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with anyinvestor’s continued engagement of StepStone.

This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. Thisdocument is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for anysecurity, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone GroupReal Estate LP, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG or their subsidiaries or affiliates(collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities lawsof such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subjectmatter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document.

This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has beendelivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute thispresentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consentof StepStone. While some information used in the presentation has been obtained from various published and unpublished sourcesconsidered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct orconsequential losses arising from its use. Thus, all such information is subject to independent verification by prospective investors.

The presentation is being made based on the understanding that each recipient has sufficient knowledge and experience to evaluate themerits and risks of investing in private market products. All expressions of opinion are intended solely as general market commentary anddo not constitute investment advice or a guarantee of returns. All expressions of opinion are as of the date of this document, are subjectto change without notice and may differ from views held by other businesses of StepStone.

All valuations are based on current values calculated in accordance with StepStone's Valuation Policies and may include both realized andunrealized investments. Due to the inherent uncertainty of valuation, the stated value may differ significantly from the value that wouldhave been used had a ready market existed for all of the portfolio investments, and the difference could be material. The long-term valueof these investments may be lesser or greater than the valuations provided.

StepStone Group LP, its affiliates and employees are not in the business of providing tax, legal or accounting advice. Any tax-relatedstatements contained in these materials are provided for illustration purposes only and cannot be relied upon for the purpose of avoidingtax penalties. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicabletaxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to thesubscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective investor is urged to discuss anyprospective investment with its legal, tax and regulatory advisors in order to make an independent determination of the suitability andconsequences of such an investment.

I. EXECUTIVE SUMMARY

PERFORMANCE SUMMARY

Amounts in USD millions

INCEPTION TO INCEPTION TO INCEPTION TOJUNE 30, 2019 MARCH 31, 2019 JUNE 30, 2018 QUARTERLY ∆ ANNUAL ∆

Number of Managers 23 23 21 0 2Number of Investments 37 36 34 1 3Number of Active Investments 34 33 32 1 2Committed Capital $1,478.9 $1,388.9 $1,278.8 $90.0 $200.2Unfunded Commitment 465.5 439.9 485.2 25.6 (19.7)Total Exposure 1,529.5 1,431.1 1,326.6 98.4 202.9Contributed Capital 1,187.0 1,113.0 932.9 74.0 254.1Distributed Capital 524.8 502.3 423.4 22.5 101.4Market Value 1,064.0 991.2 841.4 72.8 222.6TOTAL VALUE $1,588.8 $1,493.5 $1,264.8 $95.3 $324.0Total Gain/(Loss) 401.8 380.4 331.9 21.3 69.9Net DPI 0.44x 0.45x 0.45x (0.01)x (0.01)x Net TVM 1.34x 1.34x 1.36x (0.00x) (0.02x)Net IRR 8.5% 8.5% 8.7% +1 bps -15 bps

CURRENT PORTFOLIO NAV

TOTAL EXPOSURE

TARGET ALLOCATION

TOTAL PLAN ASSET

Value $1,064.0 $1,529.5 $1,218.5 $15,231.0% of Total Plan Asset 7.0% 10.0% 8.0% 100.0%

PERIODIC TWR PERFORMANCE

1 Quarterly and year-to-date returns are unannualized.

Past performance is not necessarily indicative of future results and there can be no assurance that the investment will achieve comparable results or avoidsubstantial losses.

The following table illustrates the Portfolio's periodic time-weighted returns (“TWR”) for the period ended June 30, 2019 byattribution for gross level returns, as well as a total net return over the respective time periods.

StepStone Group LP (“StepStone”) was engaged by Water and Power Employees' Retirement Plan to provide Real Estate servicesfor prospective investment opportunities, as well as portfolio management on Water and Power Employees' Retirement Plan'sportfolio (the “Portfolio”). The inception date of the Portfolio is December 2006.

The following table illustrates the Portfolio's since inception investment performance as of June 30, 2019 as well as the change inperformance from the prior quarter-end and the end of the same quarter in the prior year. The Portfolio’s since inception netInternal Rate of Return (“IRR”) now stands at 8.5% at June 30, 2019, which is up 1 basis point(s) quarter-over-quarter.

The following table illustrates the Portfolio's TWRs by calendar year.

QTR1 YTD1 1-YR 2-YR 3-YR 5-YR ITD

Income 1.1% 2.6% 4.5% 4.7% 4.9% 5.2% 5.7%

Appreciation 1.5% 2.8% 4.9% 6.8% 6.8% 7.1% 2.2%

Total Gross Return 2.5% 5.4% 9.6% 11.8% 11.9% 12.6% 8.0%

Total Net Return 2.1% 4.5% 7.6% 9.1% 9.2% 10.1% 6.0%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Gross Returns (32.4%) 20.7% 19.3% 15.1% 16.7% 15.6% 14.8% 10.6% 14.4% 10.4% 5.4%

Net Returns (33.1%) 17.9% 17.0% 13.1% 14.0% 13.2% 12.1% 8.8% 11.0% 8.0% 4.5%

Water and Power Employees’ Retirement Plan 1

PORTFOLIO RETURNS

Note: The referenced indices are shown for general market comparisons and are not meant to represent any particularfund. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may becharged to an investment product based on the index, which may materially affect the performance data presented.

The following graph depicts the Portfolio’s periodic total TWRs compared to benchmarks for the period ended June 30,2019.

2.5%

5.4%

9.6%

11.9%12.6%

8.0%

2.1%

4.5%

7.6%

9.2%

10.1%

6.0%

1.9% 1.9%

7.3% 7.6%

9.6%

7.7%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

QTD YTD 1-YR 3-YR 5-YR ITD

TOTAL RETURNS vs. BENCHMARKS

Water and Power Employees' Retirement Plan Net TWR NCREIF (+50 bps)


QUARTERLY VALUATION MOVEMENT

QUARTERLY TOP INVESTMENT GAINS AND LOSSES


INVESTMENT $ % INVESTMENT $ %LaSalle Asia Opportunity Fund V 4.3 39.7% Almanac Realty Securities VIII (0.2) (29.5%)Prologis Targeted US Logistics Fund 1.9 4.3% Bristol Value Fund II (0.1) (0.6%)Westbrook Real Estate Fund X 1.6 4.7% Mesa West Real Estate Income Fund III (0.0) (0.2%)Brookfield Premier Real Estate Partners 1.5 1.9% Almanac Realty Securities VI (0.0) (0.1%)FPA Core Plus Fund III 1.4 2.6% Lone Star Fund VII (0.0) (0.9%)Prudential PRISA 1.2 1.3% AG Core Plus Realty Fund III (0.0) (0.0%)TOP GAINS $12.0 3.8% TOP LOSSES ($0.3) (0.9%)

The following tables show the top gains and losses in the Portfolio by investment during the quarter ended June 30, 2019.

The valuation bridge below illustrates the net gain/loss that occurred during the quarter generated by the Portfolio'sunderlying investments. During the second quarter of 2019, the valuation of the Portfolio increased by $21.3 million or 2.2%.


SINCE INCEPTION VALUATION MOVEMENT

SINCE INCEPTION TOP PERFORMING INVESTMENTS

The following charts depict the top performing investments in Water and Power Employees' Retirement Plan’s Portfolio byIRR and TVM since inception through June 30, 2019.

The valuation bridge below details the sources of value generated by Water and Power Employees' Retirement Plan’sunderlying portfolio investments since inception. Through June 30, 2019, the valuation of Water and Power Employees'Retirement Plan’s Portfolio increased by $401.8 million.

$1,187.0m

$524.8m TOTAL DISTRIBUTIONS

+$401.8m

$1,064.0m MARKET VALUE

$0.0m

$200.0m

$400.0m

$600.0m

$800.0m

$1,000.0m

$1,200.0m

$1,400.0m

$1,600.0m

$1,800.0m

TOTAL CONTRIBUTIONS SINCE INCEPTION NET GAIN/(LOSS) TOTAL VALUE

16.2%

16.4%

16.4%

17.4%

19.1%

20.1%

20.4%

20.6%

25.7%

49.0%

CBRE Strategic Partners V

DRA Growth and Income Fund IX

Blackstone Real Estate Partners VII

Prologis Targeted US Logistics Fund

Lone Star Real Estate Fund IV

LaSalle Asia Opportunity Fund V

AG Core Plus Realty Fund III

DRA Growth and Income Fund VII

Lone Star Real Estate Fund II

Lone Star Fund VII

TOP PERFORMING INVESTMENTS BY IRR

1.5x

1.1x

0.1x

1.5x

0.0x

0.3x

0.2x

1.7x

0.0x

1.6x

1.5x

1.6x

1.7x

1.7x

1.7x

1.7x

1.8x

1.8x

1.9x

2.1x


Blackstone Real Estate PartnersVII

JP Morgan Strategic PropertyFund


Prudential PRISA

Invesco Core Real Estate-USA

Prologis Targeted US LogisticsFund

Lone Star Fund VII

Prudential PRISA II

DRA Growth and Income FundVII

TOP PERFORMING INVESTMENTS BY TVM

TVM DPI


PERFORMANCE BY VINTAGE YEAR


YEAR COMMIT CONT DIST NAVTOTALVALUE UNFUNDED DPI TVM IRR

2006 50.0$ 56.6$ 2.4$ 96.6$ 99.0$ -$ 0.0x 1.7x 4.9%2007 91.5 100.3 35.2 131.4 166.6 - 0.4x 1.7x 5.9%2008 20.0 16.7 23.2 - 23.2 - 1.4x 1.4x 13.3%2010 20.0 18.2 29.7 0.5 30.2 1.8 1.6x 1.7x 37.2%2011 121.1 143.4 115.6 120.9 236.4 10.4 0.8x 1.6x 13.4%2012 95.0 92.4 101.6 16.0 117.6 23.7 1.1x 1.3x 9.3%2013 75.0 73.3 26.2 80.9 107.1 8.4 0.4x 1.5x 8.9%2014 25.0 29.4 18.3 19.9 38.2 1.0 0.6x 1.3x 11.4%2015 193.5 154.5 57.1 154.9 212.1 56.8 0.4x 1.4x 16.2%2016 360.0 333.1 105.8 280.5 386.4 99.0 0.3x 1.2x 9.1%2017 52.8 14.0 4.7 7.4 12.1 39.7 0.3x 0.9x (12.5%)2018 300.0 155.1 4.9 155.0 159.9 149.8 0.0x 1.0x 5.5%2019 75.0 - - - - 75.0 N/M N/M N/ATOTAL 1,478.9$ 1,187.0$ 524.8$ 1,064.0$ 1,588.8$ 465.5$ 0.4x 1.3x 8.5%

Since Inception Performance by Vintage Year

The following table and graph illustrate the Portfolio's investments' since inception performance by vintage year as of June30, 2019. Note that the performance of funds held less than two years is not considered meaningful.

As of June 30,2019

4.9% 5.9% 13.3% 37.2% 13.4% 9.3% 8.9% 11.4% 16.2% 9.1%

-12.5%

5.5%

1.7x1.7x

1.4x

1.7x 1.6x

1.3x

1.5x

1.3x1.4x

1.2x

0.9x

1.0x

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

2.0x

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018

IRR TVM


EXPOSURE BY VINTAGE YEAR

The following charts illustrate the Portfolio’s net asset value and current exposure by vintage year at the underlying investment level as of June 30, 2019.

9.1%

12.3%

<1%

11.4%

1.5%7.6%,

1.9%

14.6%

26.4%

0.7% 14.6%

NAV EXPOSURE

2006 2007 2010 2011 2012 2013 2014 2015 2016 2017 2018

6.3%8.6% 0.1%

8.6%

2.6%

5.8%,

1.4%13.8%24.8%

3.1%

19.9%

4.9%

NAV + UNFUNDED EXPOSURE

2006 2007 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


PERFORMANCE BY SECTOR


SECTOR COMMIT CONT DIST NAV NAV % UNFUND DPI TVM IRRCore $565.0 $631.0 $150.1 $690.7 64.9% $33.5 0.2x 1.3x 6.7%Value Add 552.6 332.9 205.7 242.1 22.8% 266.4 0.6x 1.3x 11.2%Opportunistic 361.3 223.2 169.0 131.2 12.3% 165.7 0.8x 1.3x 16.2%TOTAL $1,478.9 $1,187.0 $524.8 $1,064.0 100.0% $465.5 0.4x 1.3x 8.5%

TWR QTD YTD 1-Yr 2-Yr 3-Yr 5-Yr 10-Yr 15-Yr ITDCore 1.6% 4.3% 6.9% 8.0% 7.5% 8.8% 9.0% N/A 5.1%Value Add 1.9% 3.5% 8.3% 10.9% 11.2% 12.4% 12.0% N/A 4.9%Opportunistic 5.0% 7.1% 10.0% 11.3% 13.7% 12.6% N/A N/A 16.8%TOTAL 2.1% 4.5% 7.6% 9.1% 9.2% 10.1% 10.6% N/A 6.0%

EXPOSURE BY SECTOR

The following charts illustrate the Portfolio’s NAV and current exposure by sector (i.e. risk/return profile) at the underlyinginvestment level as of June 30, 2019.

64.9%

22.8%

12.3%

NAV

Core Value Add Opportunistic

47.3%

33.2%

19.4%

NAV + UNFUNDED EXPOSURE

Core Value Add Opportunistic


SINCE INCEPTION TOP PERFORMING MANAGERS

The following charts depict the top performing managers of active investments in the Portfolio by IRR and TVM sinceinception through June 30, 2019.

10.7%

12.3%

13.3%

15.7%

16.2%

17.0%

17.4%

20.1%

20.4%

24.8%

Mesa West Capital

Almanac Realty Investors

Westbrook Partners

The Blackstone Group

CBRE Strategic Investors

DRA Advisors

Prologis

LaSalle Investment Management

Angelo, Gordon & Co.

Lone Star

TOP PERFORMING MANAGERS BY IRR

1.0x

0.0x

1.4x

0.1x

1.0x

0.1x

1.5x

0.3x

0.2x

0.0x

1.4x

1.4x

1.4x

1.5x

1.6x

1.7x

1.7x

1.7x

1.8x

1.8x

Lone Star

Heitman Capital Management

CBRE Strategic Investors

Dimensional Fund Advisors

The Blackstone Group

JP Morgan Private Investments

Angelo, Gordon & Co.

INVESCO Asset Management

Prologis

PGIM Real Estate

TOP PERFORMING MANAGERS BY TVM

TVM DPI


EXPOSURE BY MANAGER

The following charts illustrate the Portfolio’s current exposure by manager at the underlying investment level as of June30, 2019.

13.2%

8.2%

7.4%

7.3%

7.1%

6.7%5.4%5.4%

5.2%

4.7%

4.5%

3.3%

3.3%

3.1%3.0%

2.9%

2.8%

6.5%

NAV PGIM Real Estate


Brookfield

Harrison Street

DRA Advisors


Fowler Property Acquisitions

Torchlight Investors

Jamestown

USAA

Prologis

Westbrook Partners


Heitman Capital Management


Mesa West Capital

Lone Star

Other Managers

9.2%

9.2%

7.6%

7.4%

6.0%

5.7%5.7%5.3%

5.1%

5.1%

5.0%

4.7%

4.1%

4.0%

3.6%3.1%

2.4%

6.8%

NAV + UNFUNDED EXPOSUREWestbrook Partners

PGIM Real Estate

Torchlight Investors


DRA Advisors


Mesa West Capital

Lone Star

Brookfield

Harrison Street

USAA


LaSalle Investment Management

Fowler Property Acquisitions

Jamestown

Prologis


Other Managers


LEVERAGE EXPOSURE

INVESTMENT DEBT EQUITYLone Star Real Estate Fund V 91.6% 8.4%LaSalle Asia Opportunity Fund V 78.2% 21.8%Mesa West Real Estate Income Fund IV 72.9% 27.1%DRA Growth and Income Fund VIII 70.0% 30.0%DRA Growth and Income Fund IX 69.1% 30.9%Torchlight Debt Opportunity Fund VI 62.7% 37.3%Westbrook Real Estate Fund X 60.8% 39.2%Blackstone Real Estate Partners Europe IV 58.9% 41.1%AG Core Plus Realty Fund III 58.5% 41.5%Blackstone Real Estate Partners VII 57.6% 42.4%

TOP LEVERAGE EXPOSURE BY FUND

The following charts and table depicts the Portfolio’s leverage exposure as of June 30, 2019.

37.3%

52.4%

56.6%

27.6%

62.7%

47.6%

43.4%

72.4%

0% 25% 50% 75% 100%

Total Portfolio

Opportunistic

Value Add

Core

LEVERAGE EXPOSURE BY SECTOR


0.0% 25.0% 50.0% 75.0% 100.0%

Heitman Real Estate Securities

Dimensional Global Real Estate Portfolio

Torchlight Debt Opportunity Fund IV

Prudential PRISA


Mesa West Real Estate Income Fund III

JP Morgan Strategic Property Fund


Torchlight Debt Opportunity Fund V

Lone Star Fund VII


Harrison Street Core Property Fund

USAA Eagle Real Estate Fund

Prudential PRISA II

Jamestown Premier Property Fund

Bristol Value Fund II

Brookfield Premier Real Estate Partners

FPA Core Plus Fund III


Almanac Realty Securities VIII

Almanac Realty Securities VII

Almanac Realty Securities VI




Blackstone Real Estate Partners Europe IV

Westbrook Real Estate Fund X

Torchlight Debt Opportunity Fund VI


DRA Growth and Income Fund VIII

Mesa West Real Estate Income Fund IV


Lone Star Real Estate Fund V

LEVERAGE EXPOSURE BY FUND

Debt Equity


QUARTERLY CASH FLOW ACTIVITY

QUARTERLY TOP CONTRIBUTIONS AND DISTRIBUTIONS


INVESTMENT CONT % INVESTMENT DIST %Torchlight Debt Opportunity Fund VI 19.5 26.3% Lone Star Real Estate Fund IV $4.5 19.9%DRA Growth and Income Fund IX 15.4 20.9% Westbrook Real Estate Fund X 2.5 11.2%USAA Eagle Real Estate Fund 13.5 18.2% Blackstone Real Estate Partners VII 2.2 9.8%Mesa West Real Estate Income Fund IV 8.3 11.3% DRA Growth and Income Fund IX 1.8 8.2%Westbrook Real Estate Fund X 3.3 4.5% DRA Growth and Income Fund VII 1.5 6.5%Torchlight Debt Opportunity Fund V 3.0 4.1% Mesa West Real Estate Income Fund III 1.2 5.3%Almanac Realty Securities VIII 2.7 3.6% Torchlight Debt Opportunity Fund IV 1.1 4.8%FPA Core Plus Fund III 1.8 2.4% Harrison Street Core Property Fund 1.0 4.5%Bristol Value Fund II 1.4 1.9% DRA Growth and Income Fund VIII 0.9 3.8%Harrison Street Core Property Fund 1.0 1.4% Prudential PRISA 0.8 3.7%TOP CONTRIBUTIONS $70.0 94.5% TOP DISTRIBUTIONS $17.5 77.8%

During the second quarter of 2019, the Portfolio contributed $74.0 million and received $22.5 million of distributions, for anet cash outflow of $51.5 million.

The following tables show the top contributions and distributions in the Portfolio by investment during the quarter endedJune 30, 2019.

(25.8)(18.5)

(24.0)

(73.4)

(38.6) (40.3)(29.2)

(23.8)(15.9) (20.9)

(127.6)

(31.7)

(74.0)

14.119.8 22.8

16.2

43.435.4 37.9

32.6

16.928.4 26.3 24.2 22.5

($140.0m)

($120.0m)

($100.0m)

($80.0m)

($60.0m)

($40.0m)

($20.0m)

$0.0m

$20.0m

$40.0m

$60.0m

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017 2018 2019

CONTRIBUTIONS DISTRIBUTIONS NET CASH FLOW


YEARLY CASH FLOW ACTIVITY

ROLLING ONE-YEAR TOP CONTRIBUTIONS AND DISTRIBUTIONS


INVESTMENT CONT % INVESTMENT DIST %Brookfield Premier Real Estate Partners $76.5 30.1% Lone Star Real Estate Fund IV $16.2 15.9%USAA Eagle Real Estate Fund 49.3 19.4% Torchlight Debt Opportunity Fund IV 8.6 8.5%DRA Growth and Income Fund IX 27.2 10.7% DRA Growth and Income Fund VII 6.8 6.7%Torchlight Debt Opportunity Fund VI 19.5 7.7% Mesa West Real Estate Income Fund III 6.5 6.5%Westbrook Real Estate Fund X 14.7 5.8% Blackstone Real Estate Partners VII 6.5 6.4%LaSalle Asia Opportunity Fund V 10.7 4.2% DRA Growth and Income Fund IX 6.2 6.1%Mesa West Real Estate Income Fund IV 8.3 3.3% Westbrook Real Estate Fund X 5.8 5.8%Torchlight Debt Opportunity Fund V 6.0 2.4% Jamestown Premier Property Fund 5.6 5.5%Jamestown Premier Property Fund 5.6 2.2% DRA Growth and Income Fund VIII 5.0 4.9%FPA Core Plus Fund III 4.8 1.9% Lone Star Real Estate Fund V 4.5 4.4%TOP CONTRIBUTIONS $222.7 87.6% TOP DISTRIBUTIONS $71.6 70.6%

During the six months ended June 30, 2019, Water and Power Employees' Retirement Plan’s Portfolio contributed $105.7million and received $46.7 million in distributions, for a net cash outflow of $59.0 million.

The following tables show the top contributions and distributions in the Portfolio by investment during the twelve monthsended June 30, 2019.

(50.6)(60.4)

(84.5) (84.5) (89.4)

(194.8)(181.4) (188.1)

(105.7)

8.7 12.2

55.145.7 46.1

69.6

132.9

104.2

46.7

($250.0m)

($200.0m)

($150.0m)

($100.0m)

($50.0m)

$0.0m

$50.0m

$100.0m

$150.0m

2011 2012 2013 2014 2015 2016 2017 2018 2019

CONTRIBUTIONS DISTRIBUTIONS NET CASH FLOW


II. PORTFOLIO UNDERLYING HOLDINGS ANALYSIS

PROPERTY TYPE EXPOSURE

The following charts illustrate the Portfolio’s current exposure by property type compared to the benchmark, as of June30, 2019.

PROPERTY TYPE EXPOSURE vs. BENCHMARKS(for period ended June 30, 2019)

29.8%

16.0%13.5%

28.6%

2.8%

9.3%

35.0%

17.4%

21.6%

25.6%

0.4%0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Office Industrial Retail Residential Hotel Other Property

Water and Power Employees' Retirement Plan NCREIF

29.8%

16.0%

13.5%

28.6%

2.8% 9.3%

MARKET VALUE EXPOSURE

Office Industrial Retail Residential Hotel Other Property


GEOGRAPHIC EXPOSURE

The following charts illustrate the Portfolio’s current exposure by geography compared to the benchmark, as of June 30,2019.

GEOGRAPHIC EXPOSURE vs. BENCHMARKS(for period ended June 30, 2019)

29.1%

10.3%

16.3%

30.4%

4.1%

9.8%

32.3%

8.4%

20.3%

39.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

US East US Midwest US South US West US Other Ex-US

Water and Power Employees' Retirement Plan NCREIF

29.1%

10.3%

16.3%

30.4%

4.1%

0.1%

0.1%0.2%

5.5%

0.4%

3.6%


US East

US Midwest

US South

US West

US Other

Latin America

International:All

Foreign Other

Europe

Australia/Pacific

Asia


INVESTMENT STRUCTURE EXPOSURE

The following chart illustrates the Portfolio’s current exposure by investment structure, as of June 30, 2019.

84.2%

6.8%6.4%

2.6%


Private Equity Public Equity Private Debt Public DebtStructure % Detail

Investor Exposure % (Struct)


III. EXHIBITS—Schedule of Investments“Past performance is not necessarily indicative of future results. No assurance can be given that the performance ofunrealized investments has not significantly changed from the date the performance reflected herein was determined.Target returns provided by fund managers are hypothetical and are neither guarantees nor predictions or projections offuture performance. Future performance indications and financial market scenarios are no guarantee of current or futureperformance. There can be no assurance that such target IRRs will be achieved or that the investment will be able toimplement its investment strategy, achieve its investment objectives or avoid substantial losses. Stepstone does notassume any responsibility for fund manager's methodology in determining target returns. Investors should be aware thatdifferent methodologies could result in different returns. Further information regarding target IRR calculation is availableupon request. Gross IRR will ultimately be reduced by management fees, carried interest, taxes, and other fees andexpenses. The referenced indices are shown for general market comparisons and are not meant to represent anyparticular fund. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees thatmay be charged to an investment product based on the index, which may materially affect the performance datapresented.”


SCHEDULE OF INVESTMENTS


INVESTMENTCOMMIT

DATEVINTAGE

YEAR COMMIT CONT DIST NAV NAV %TOTALVALUE UNFUNDED DPI TVM IRR

TARGETRETURN LEVERAGE

IRRQUARTILE

Active N/A N/A 1,413.9 1,121.7 440.6 1,064.0 100.0% 1,504.6 465.5 0.4x 1.3x 8.4% N/A 37.3% N/ACore N/A N/A 540.0 602.3 117.4 690.7 64.9% 808.1 33.5 0.2x 1.3x 6.7% N/A 27.6% N/A

Brookfield Premier Real Estate Partners 10/2018 2018 75.0 76.5 1.5 78.6 7.4% 80.2 - 0.0x 1.0x N/M 9-11% 46.6% N/MDimensional Global Real Estate Portfolio 09/2012 2013 25.0 24.3 1.4 35.0 3.3% 36.4 2.1 0.1x 1.5x 7.8% >FTSE EPRA/NAREIT N/A FourthFPA Core Plus Fund III 12/2016 2016 60.0 93.5 42.9 57.9 5.4% 100.8 3.2 0.5x 1.1x 7.0% 9% 47.3% ThirdHarrison Street Core Property Fund 09/2015 2016 60.0 71.7 11.7 77.5 7.3% 89.1 - 0.2x 1.2x 8.5% 9% 33.0% ThirdHeitman Real Estate Securities 09/2013 2013 25.0 23.8 - 33.2 3.1% 33.2 2.1 0.0x 1.4x 6.6% >FTSE EPRA/NAREIT N/A FourthInvesco Core Real Estate-USA 03/2011 2011 35.0 48.5 13.5 71.3 6.7% 84.7 - 0.3x 1.7x 9.9% NCREIF+1% 25.3% FourthJamestown Premier Property Fund 06/2015 2016 60.0 72.3 32.9 55.4 5.2% 88.4 - 0.5x 1.2x 8.9% 8% 36.0% SecondJP Morgan Strategic Property Fund 10/2007 2007 50.0 55.9 5.9 87.2 8.2% 93.1 - 0.1x 1.7x 5.0% 8% 23.6% FirstPrologis Targeted US Logistics Fund 06/2014 2015 25.0 29.9 4.9 47.5 4.5% 52.3 - 0.2x 1.8x 17.4% 9% 18.5% FirstPrudential PRISA 12/2006 2006 50.0 56.6 2.4 96.6 9.1% 99.0 - 0.0x 1.7x 4.9% 8% 16.9% SecondUSAA Eagle Real Estate Fund 10/2018 2018 75.0 49.3 0.3 50.5 4.7% 50.8 26.0 0.0x 1.0x N/M 1% > ODCE 34.1% N/M

Value Add N/A N/A 512.6 296.2 154.1 242.1 22.8% 396.2 266.4 0.5x 1.3x 10.6% N/A 56.6% N/AAG Core Plus Realty Fund III 12/2011 2011 20.0 19.1 28.3 3.7 0.3% 32.0 4.3 1.5x 1.7x 20.4% 13% Gross 58.5% SecondAlmanac Realty Securities VI 12/2011 2012 20.0 12.4 11.8 5.4 0.5% 17.2 - 1.0x 1.4x 12.2% 12% 55.0% FourthAlmanac Realty Securities VII 12/2014 2015 30.0 23.8 7.0 23.5 2.2% 30.5 9.6 0.3x 1.3x 13.7% 12% 55.0% SecondAlmanac Realty Securities VIII 04/2018 2018 75.0 3.7 - 3.1 0.3% 3.1 71.3 0.0x 0.8x N/M 12% 55.0% N/MBristol Value Fund II 03/2011 2011 25.0 28.7 13.4 20.9 2.0% 34.2 2.6 0.5x 1.2x 9.1% 18% 40.5% FourthDRA Growth and Income Fund IX 12/2016 2016 60.0 52.8 13.0 47.0 4.4% 60.0 15.2 0.2x 1.1x 16.4% 12% 69.1% FirstDRA Growth and Income Fund VII 09/2011 2011 16.1 17.3 27.8 8.8 0.8% 36.6 - 1.6x 2.1x 20.6% 12% 55.0% SecondDRA Growth and Income Fund VIII 12/2013 2014 25.0 29.4 18.3 19.9 1.9% 38.2 1.0 0.6x 1.3x 11.4% 12% 70.0% ThirdMesa West Real Estate Income Fund III 03/2013 2012 25.0 18.9 21.7 2.9 0.3% 24.6 23.7 1.1x 1.3x 9.1% 12% 20.2% FourthMesa West Real Estate Income Fund IV 12/2015 2016 60.0 27.0 2.4 27.4 2.6% 29.8 33.0 0.1x 1.1x 8.0% 9% 72.9% SecondPrudential PRISA II 06/2007 2007 21.5 24.4 1.1 44.1 4.1% 45.2 - 0.0x 1.9x 6.1% 9% 35.3% SecondWestbrook Real Estate Fund X 03/2016 2015 60.0 38.7 9.4 35.4 3.3% 44.8 30.7 0.2x 1.2x 13.3% 12% 60.8% SecondWestbrook Real Estate Fund XI 04/2019 2019 75.0 - - - 0.0% - 75.0 N/A N/A N/A 12% N/A

Opportunistic N/A N/A 361.3 223.2 169.0 131.2 12.3% 300.3 165.7 0.8x 1.3x 16.2% N/A 52.4% N/ABlackstone Real Estate Partners Europe IV 12/2013 2013 25.0 25.1 24.8 12.7 1.2% 37.5 4.2 1.0x 1.5x 14.6% 15% 58.9% SecondBlackstone Real Estate Partners VII 03/2012 2011 25.0 29.9 32.6 16.2 1.5% 48.9 3.5 1.1x 1.6x 16.4% 15% 57.6% SecondLaSalle Asia Opportunity Fund V 09/2017 2016 60.0 15.8 3.0 15.3 1.4% 18.3 47.6 0.2x 1.2x 20.1% 18% 78.2% SecondLone Star Fund VII 06/2011 2010 10.0 9.4 16.4 0.1 0.0% 16.5 0.6 1.7x 1.8x 49.0% 20% Gross 29.6% FirstLone Star Real Estate Fund II 06/2011 2010 10.0 8.9 13.3 0.4 0.0% 13.7 1.1 1.5x 1.5x 25.7% 20% Gross 31.8% FirstLone Star Real Estate Fund IV 03/2015 2015 48.5 38.1 32.9 21.6 2.0% 54.5 10.4 0.9x 1.4x 19.1% 20% 48.0% SecondLone Star Real Estate Fund V 06/2016 2017 52.8 14.0 4.7 7.4 0.7% 12.1 39.7 0.3x 0.9x -12.5% 20% 91.6% FourthTorchlight Debt Opportunity Fund IV 06/2013 2012 25.0 32.4 35.4 7.8 0.7% 43.2 - 1.1x 1.3x 10.4% 15% 11.7% SecondTorchlight Debt Opportunity Fund V 12/2014 2015 30.0 24.0 3.0 26.9 2.5% 29.8 6.0 0.1x 1.2x 12.5% 13% 27.8% ThirdTorchlight Debt Opportunity Fund VI 11/2017 2018 75.0 25.5 3.0 22.8 2.1% 25.8 52.5 0.1x 1.0x 3.5% 12% 62.7% First

Liquidated N/A N/A 65.0 65.3 84.2 - 0.0% 84.2 - 1.3x 1.3x 12.1% N/A N/A N/ATOTAL N/A N/A 1,478.9 1,187.0 524.8 1,064.0 100.0% 1,588.8 465.5 0.4x 1.3x 8.5% N/A 37.3% N/A


QTR CONT DISTNET

INCOME UNREALIZED

APPRECIATIONREALIZED

GAIN/(LOSS) NAVTOTALFEES

2006 Q4 10,000,000 - - - - 10,000,000 -

2007 Q1 40,023,079 - 125,061 256,116 - 50,404,256 (23,079)

2007 Q2 4,411,923 - 643,682 2,321,789 - 57,781,649 (111,923)

2007 Q3 3,028,332 - 674,538 1,699,930 - 63,184,449 (125,332)

2007 Q4 52,687,074 - 1,387,748 967,323 144,599 118,371,192 (256,564)

2008 Q1 1,232,780 - 1,365,912 (585,856) - 120,384,029 (265,545)

2008 Q2 2,994,570 (128,514) 1,178,634 (548,585) (2,439) 123,877,695 (268,510)

2008 Q3 2,499,888 (129,786) 1,281,080 (1,899,523) 3,346 125,632,700 (286,956)

2008 Q4 277,180 (130,582) 1,238,148 (17,000,335) (12,123) 110,004,989 (267,008)

2009 Q1 3,207,778 (128,697) 1,154,398 (18,895,166) 3,580 95,346,882 (251,441)

2009 Q2 1,329,130 (117,220) 1,402,332 (10,960,760) (193) 87,000,171 (209,066)

2009 Q3 914,092 (101,173) 1,336,764 (8,317,072) 10 80,832,792 (205,598)

2009 Q4 4,235,614 (94,988) 1,183,918 (4,202,305) 9,330 81,964,358 (198,519)

2010 Q1 3,380,116 (87,819) 500,651 (747,121) 122 85,010,307 (735,260)

2010 Q2 4,830,500 (85,152) 1,089,573 3,436,799 2,779 94,284,805 (320,357)

2010 Q3 7,216,313 (111,652) 1,197,183 3,815,162 3,004 106,404,815 (447,136)

2010 Q4 5,379,029 (2,414,930) 1,363,554 4,784,533 1,128,802 116,645,803 (777,581)

2011 Q1 253,954 (365,925) 1,424,965 3,308,491 22,151 121,289,440 (379,458)

2011 Q2 6,832,414 (460,470) 1,159,656 5,232,221 93,480 134,146,742 (1,105,246)

2011 Q3 13,631,750 (2,233,983) 1,568,302 590,480 2,701,297 150,404,589 (379,819)

2011 Q4 29,893,470 (5,620,882) 2,037,219 3,646,629 371,669 180,732,695 (860,863)

2012 Q1 9,479,169 (3,060,159) 2,057,798 2,758,192 151,257 192,118,952 (756,563)

2012 Q2 20,175,295 (1,698,842) 2,413,732 2,693,649 (123,423) 215,579,363 (729,161)

2012 Q3 14,173,011 (3,748,627) 2,655,425 2,805,405 1,258,921 232,723,496 (1,048,948)

2012 Q4 16,524,062 (3,737,093) 2,695,592 6,560,920 929,150 255,696,126 (1,319,615)

2013 Q1 13,154,041 (9,989,843) 3,411,077 4,898,286 640,429 267,810,117 (1,302,364)

2013 Q2 10,567,686 (16,747,205) 2,969,301 4,373,728 1,826,854 270,800,480 (1,584,580)

2013 Q3 29,603,736 (12,484,455) 2,935,225 2,536,388 1,976,864 295,368,237 (1,827,465)

2013 Q4 31,172,690 (15,920,285) 3,947,883 6,913,619 608,513 322,090,657 (2,016,674)

2014 Q1 23,441,558 (8,335,538) 4,621,279 3,254,736 697,544 345,770,236 (1,544,530)

2014 Q2 21,765,443 (6,827,203) 5,501,700 7,750,795 1,145,514 375,106,481 (1,974,101)

2014 Q3 24,549,665 (10,298,352) 2,796,675 3,390,130 1,093,103 396,637,701 (1,814,575)

2014 Q4 14,743,811 (20,279,671) 6,671,448 7,029,834 2,860,214 407,663,340 (2,453,186)

2015 Q1 6,647,337 (11,887,395) 5,281,287 1,485,531 4,382,402 413,572,503 (1,528,574)

2015 Q2 38,635,679 (7,061,062) 2,488,216 5,225,851 2,837,209 455,698,394 (4,625,510)

2015 Q3 12,567,541 (16,192,694) 4,828,373 7,590,254 1,186,107 465,677,975 (2,094,957)

2015 Q4 31,527,872 (10,982,208) 5,548,566 10,168,780 898,410 502,839,395 (2,840,550)

2016 Q1 126,517,953 (12,879,797) 7,782,432 2,504,530 2,938,237 629,702,746 (1,767,647)

2016 Q2 25,767,847 (14,096,954) 8,403,139 4,763,263 2,311,375 656,851,417 (2,273,468)

2016 Q3 18,534,956 (19,832,191) 6,504,622 4,840,707 3,614,740 670,514,255 (2,747,359)

2016 Q4 23,978,301 (22,784,428) 4,460,858 (26,044) 6,800,932 682,943,876 (4,374,087)

2017 Q1 73,360,486 (16,217,543) 6,697,800 9,535,015 1,724,811 758,044,447 (5,118,438)

2017 Q2 38,640,386 (43,438,455) 7,929,561 7,561,957 4,585,354 773,323,247 (5,145,670)

2017 Q3 40,254,267 (35,368,890) 6,102,796 8,603,589 2,370,191 795,285,199 (5,769,645)

2017 Q4 29,151,957 (37,856,840) 5,629,305 7,354,154 12,566,278 812,130,051 (7,813,451)

2018 Q1 23,818,383 (32,566,994) 3,043,972 9,081,667 4,715,124 820,222,202 (6,020,120)

2018 Q2 15,896,590 (16,892,273) 9,571,542 8,778,124 3,807,826 841,384,010 (5,090,487)

2018 Q3 20,871,829 (28,375,116) 6,050,228 7,495,330 4,333,480 851,759,761 (4,412,077)

2018 Q4 127,558,008 (26,332,923) 4,004,255 (595,483) 4,920,992 961,314,616 (3,495,668)

2019 Q1 31,673,452 (24,159,495) 11,075,721 6,143,584 5,138,649 991,186,534 (4,500,747)

2019 Q2 74,027,268 (22,545,449) 7,369,230 8,691,915 5,261,470 1,063,990,958 (4,602,501)

TOTAL 1,187,039,267 (524,809,755) 178,762,354 131,071,158 91,927,942 1,063,990,958 (100,067,977)

TOTAL PORTFOLIOInvestment Activity Statement


Fund-Level Information Client-Level InformationValue Add12/20112.0%$20,000,000$4,253,060$19,084,792$28,342,396$3,702,4930.3%20.4%1.7x

NetTotal

GrossIncome

GrossTotal

Quarter (0.0%) (0.4%) 0.3% 1.6%Year-to-Date 0.9% (0.4%) 1.8% 3.6%One-Year (11.2%) (0.7%) (11.9%) 7.0%Two-Year (4.8%) 0.5% (4.4%) 7.3%Three-Year (1.6%) 1.7% (0.6%) 7.4%Five-Year 11.1% 3.7% 14.4% 9.3%Since Inception 11.9% 5.6% 17.5% 10.0%

Note: All totals may not sum to 100% due to rounding.

Property Type Diversification Geographic Diversification

Summary of PerformanceFor period ended 6/30/19

NCREIF (+50 bps)Gross

Appreciation0.7%2.2%

(11.3%)(4.8%)(2.2%)10.5%11.5%

Leverage Ratio: 58.5% NAV % of Portfolio:Investment Strategy: Focus on office, industrial, multi-family

and retail properties in majormetropolitan markets where it canenhance value.

Net IRR:Total Value Multiple:

NAV + Debt: $531,891,605 Distributions:Net Asset Value: $220,733,843 Equity Value

No. of Active Investments: 7 Remaining Commitment:Target Return: 13% Gross Contributions:

Termination Date: 12/2020 % Ownership of Fund:Vintage Year: 2011 Investment Commitment:


Legal Structure: LP Risk/Return:Investment End Date: 01/2015 Client Commitment Date:

52.8%

28.4%

18.8%

US West

US East

US Midwest52.7%44.2%

2.7% 0.4%

Office

Retail

Residential

Other Property


QTR CONT DISTNET

INCOME UNREALIZED



2012 Q1 4,200,000 - (72,289) 17,389 (731) 4,144,369 (182,947)

2012 Q2 800,000 - 35,244 44,357 6,160 5,030,130 (42,535)

2012 Q3 1,293,901 - (47,747) 27,628 44 6,303,956 (44,691)

2012 Q4 2,300,000 (15,731) 72,277 132,566 (3) 8,793,065 (45,056)

2013 Q1 - - 155,610 174,462 577 9,123,714 (48,420)

2013 Q2 1,500,000 (609,744) 174,357 214,860 5,312 10,408,499 (133,808)

2013 Q3 1,700,000 (6,246) 182,209 48,771 14,621 12,347,854 (79,681)

2013 Q4 - - 130,030 1,424,736 (18,600) 13,884,020 (435,072)

2014 Q1 1,750,000 (1,764,417) 258,926 (71,871) 25,306 14,081,964 (91,269)

2014 Q2 - (408,148) 233,680 996,757 (145,613) 14,758,640 (243,122)

2014 Q3 1,550,000 (407,308) 173,001 478,310 (104,644) 16,447,999 (149,587)

2014 Q4 700,000 (1,007,808) 272,130 769,273 84,986 17,266,580 (244,554)

2015 Q1 900,000 (3,258,444) 208,303 (645,288) 838,422 15,309,573 (115,822)

2015 Q2 600,000 (2,508,412) 232,590 461,802 1,485,101 15,580,654 (423,655)

2015 Q3 1,000,000 (1,207,808) 248,699 (480,340) 796,283 15,937,488 (146,697)

2015 Q4 600,000 (3,559,506) 102,790 1,609,809 882,691 15,573,272 (501,206)

2016 Q1 200,000 (2,700,000) 208,754 (2,393,783) 2,451,071 13,339,314 (83,432)

2016 Q2 - (1,465,985) 212,430 823,477 154,742 13,063,978 (248,525)

2016 Q3 - (1,257,682) 173,452 (122,366) 290,043 12,147,425 (94,982)

2016 Q4 - (3,844,601) (4,831) (2,532,755) 2,532,704 8,297,942 (31,651)

2017 Q1 - (552,499) 80,834 62,954 18,647 7,907,878 (55,909)

2017 Q2 - (265,182) 35,976 (123,222) 122,604 7,678,054 (31,570)

2017 Q3 - (599,351) (17,931) (277,716) 185,098 6,968,154 (5,648)

2017 Q4 - (344,273) 34,783 76,019 (232,513) 6,502,170 (1,384)

2018 Q1 - (1,151,483) (28,334) (122,302) 139,088 5,339,139 (19,428)

2018 Q2 - (255,000) 24,872 236,017 25,999 5,371,027 (68,199)

2018 Q3 - (686,634) (31,976) (199,060) 196,262 4,649,619 (10,646)

2018 Q4 - (170,000) (13,479) (552,978) 58,274 3,971,436 74,912

2019 Q1 - - (14,053) 53,466 (2,411) 4,008,438 (20,523)

2019 Q2 (9,109) (296,134) (30,146) (137,702) 167,146 3,702,493 (13,829)

TOTAL 19,084,792 (28,342,396) 2,990,161 (6,730) 9,976,666 3,702,493 (3,538,936)

AG Core Plus Realty Fund IIIInvestment Activity Statement


Fund-Level Information Client-Level InformationValue Add12/20112.4%$20,000,000$0$12,419,107$11,831,470$5,381,2560.5%12.2%1.4x

* Estimate of the fund’s use of leverage

NetTotal

GrossIncome

GrossTotal

Quarter (0.1%) 2.5% 0.1% 1.6%Year-to-Date (3.6%) 4.6% (4.2%) 3.6%One-Year (5.3%) 8.9% (5.6%) 7.0%Two-Year (2.7%) 8.2% (2.9%) 7.3%Three-Year 2.1% 7.9% 3.0% 7.4%Five-Year 7.6% 7.4% 10.1% 9.3%Since Inception 10.5% 8.7% 14.0% 10.0%





Appreciation(2.4%)(8.6%)

(13.5%)(10.4%)(4.6%)2.5%5.0%

Leverage Ratio:* 55.0% NAV % of Portfolio:Investment Strategy: Private placements of growth capital

into REITs and REOCs in convertiblepreferred stock or debentures.



No. of Active Investments: 3 Remaining Commitment:Target Return: 12% Contributions:


Almanac Realty Securities VI


53.2%

25.0%

14.8%

7.0%

US South

US East

US Midwest

US West70.1%

27.4%

2.6%

Hotel

Residential

Land


QTR CONT DISTNET

INCOME UNREALIZED



2012 Q2 487,714 - 2,647 - - 490,361 -

2012 Q3 1,136,603 (3,264) 55,280 - 3,264 1,682,244 -

2012 Q4 2,787,192 (17,021) 117,509 17,682 - 4,587,607 (30,601)

2013 Q1 85,953 (158,209) 70,566 307,907 - 4,893,824 (49,316)

2013 Q2 246,164 (36,692) 42,308 (166,323) - 4,979,281 (116,834)

2013 Q3 741,346 (27,282) 65,422 (45,919) - 5,712,848 (32,607)

2013 Q4 266,455 (56,829) 64,862 774,246 - 6,761,582 (306,588)

2014 Q1 1,449,143 (65,388) 175,968 126,274 - 8,447,579 (111,105)

2014 Q2 1,928,988 (193,092) 134,317 (22,049) - 10,295,743 (57,905)

2014 Q3 115,987 (222,960) 120,524 (108,675) 33,275 10,233,894 (39,987)

2014 Q4 - (5,323,214) 90,810 (284,615) 774,017 5,490,892 (254,343)

2015 Q1 300,081 (337,019) 22,776 (117,242) - 5,359,488 15,360

2015 Q2 546,097 (17,400) 62,758 (27,966) - 5,922,977 (23,386)

2015 Q3 433,506 (97,714) 78,631 132,438 - 6,469,838 (31,654)

2015 Q4 558,498 (86,648) 124,566 1,093,411 - 8,159,665 (288,779)

2016 Q1 757,974 (112,143) 109,956 47,474 - 8,962,926 (30,482)

2016 Q2 - (846,515) 118,516 (78,580) 185,770 8,342,117 (104,174)

2016 Q3 379,348 (223,141) 122,902 189,016 - 8,810,242 (102,550)

2016 Q4 49,601 (973,887) 146,546 225,596 103,907 8,362,005 (118,273)

2017 Q1 - (127,433) 129,634 (1,359) - 8,362,847 (40,513)

2017 Q2 125,589 (346,750) 130,293 (59,186) 33,708 8,246,501 (6,447)

2017 Q3 - (115,819) 140,820 (246,549) - 8,024,953 126,887

2017 Q4 - (539,279) 132,322 (425,203) 154,231 7,347,024 15,306

2018 Q1 - (118,398) 129,443 (4,079) (39,929) 7,314,061 (91,933)

2018 Q2 - (224,988) 96,766 85,208 (45,043) 7,226,004 (35,270)

2018 Q3 - (1,483,194) 114,538 (166,193) - 5,691,155 (4,865)

2018 Q4 11,903 (27,156) 103,705 (141,511) (14,178) 5,623,918 (11,556)

2019 Q1 - - 109,205 (244,627) (63,003) 5,425,493 39,631

2019 Q2 10,965 (50,035) 123,380 (128,547) - 5,381,256 (8,861)

TOTAL 12,419,107 (11,831,470) 2,936,970 730,629 1,126,019 5,381,256 (1,700,845)

Almanac Realty Securities VIInvestment Activity Statement




NetTotal

GrossIncome

GrossTotal

Quarter 1.4% 1.7% 2.0% 1.6%Year-to-Date 5.1% 3.2% 6.9% 3.6%One-Year 9.5% 7.2% 13.2% 7.0%Two-Year 15.5% 7.2% 22.2% 7.3%Three-Year 14.2% 8.3% 21.0% 7.4%Five-Year N/A N/A N/A N/ASince Inception 11.2% 8.4% 19.1% 8.6%





Appreciation0.3%3.7%5.6%

14.2%12.0%

N/A10.1%

Leverage Ratio:* 55.0% NAV % of Portfolio:Investment Strategy: Invest in private or public real estate

companies structured as preferredequity, convertible debt, or commonequity.


NAV + Debt: $2,356,901,280 Distributions:Net Asset Value: $1,060,605,576 Equity Value



Almanac Realty Securities VII


36.5%

31.7%

17.7%

14.1%

US East

US West

US South

US Midwest

36.6%

29.7%

10.3%

8.3%

7.2%

4.1%3.8%

Industrial

Residential

Other Property

Office

Retail

Land

Hotel


QTR CONT DISTNET

INCOME UNREALIZED



2015 Q2 1,847,425 (592) (32,315) - - 1,814,518 (41,096)

2015 Q3 4,311,998 - 7,523 - - 6,134,039 (94,520)

2015 Q4 446,281 - 55,206 317,185 - 6,952,711 (140,698)

2016 Q1 138,109 (131,915) 52,806 31,755 - 7,043,466 (102,189)

2016 Q2 487,414 (47,969) 73,160 67,333 - 7,623,404 (82,988)

2016 Q3 1,099,806 (59,864) 121,229 57,169 - 8,841,744 (107,655)

2016 Q4 1,499,222 (65,770) 125,053 195,056 - 10,595,305 (209,989)

2017 Q1 649,740 (75,643) 129,748 93,528 - 11,392,678 (80,549)

2017 Q2 481,631 (1,006,749) 215,095 (115,150) 274,257 11,241,762 (226,604)

2017 Q3 1,512,595 (177,024) 146,359 381,474 - 13,105,166 (345,604)

2017 Q4 6,318,808 (2,454,136) 176,663 322,615 404,464 17,873,580 (320,457)

2018 Q1 873,369 (172,399) 125,489 380,450 - 19,080,489 (218,950)

2018 Q2 543,544 (897,587) 262,764 890,724 - 19,879,934 (364,140)

2018 Q3 662,262 (290,366) 574,825 (164,904) - 20,661,751 (155,997)

2018 Q4 1,038,865 (647,638) 79,175 356,078 - 21,488,231 (165,799)

2019 Q1 1,377,514 (295,032) 261,947 541,081 - 23,373,741 (260,328)

2019 Q2 522,135 (716,479) 335,952 (13,421) - 23,501,928 (143,158)

TOTAL 23,810,718 (7,039,163) 2,710,679 3,340,973 678,721 23,501,928 (3,060,721)

Almanac Realty Securities VIIInvestment Activity Statement


Fund-Level Information Client-Level InformationValue Add04/20184.3%$75,000,000$71,283,682$3,716,318$0$3,078,1370.3%N/M0.8x


NetTotal

GrossIncome

GrossTotal

Quarter (9.4%) 0.5% 3.3% 1.6%Year-to-Date (86.3%) 48.5% 56.3% 3.6%One-Year N/A N/A N/A N/ATwo-Year N/A N/A N/A N/AThree-Year N/A N/A N/A N/AFive-Year N/A N/A N/A N/ASince Inception N/M N/M N/M N/M





Appreciation2.8%6.4%N/AN/AN/AN/AN/M

Leverage Ratio:* 55.0% NAV % of Portfolio:Investment Strategy: Invests in private and public real estate

companies, investments typicallystructured as preferred equity,convertible debt, or common equity.





Almanac Realty Securities VIII


77.5%

11.3%

6.8%4.4%

US South

US East

US West

US Midwest

73.9%

24.9%

1.2%

Hotel

Industrial

Office


QTR CONT DISTNET

INCOME UNREALIZED



2018 Q4 188,678 - (324,523) 3,863 - (131,982) (244,006)

2019 Q1 864,775 - (150,016) 5,946 - 588,723 (231,165)

2019 Q2 2,662,865 - (224,641) 51,190 - 3,078,137 (233,733)

TOTAL 3,716,318 - (699,180) 60,999 - 3,078,137 (708,904)

Almanac Realty Securities VIIIInvestment Activity Statement


Fund-Level Information Client-Level InformationOpportunistic12/20130.3%$25,000,000$4,167,532$25,137,630$24,760,626$12,709,4811.2%14.6%1.5x

NetTotal

GrossIncome

GrossTotal

Quarter 1.3% 0.1% 1.7% 1.6%Year-to-Date 2.9% 0.1% 4.4% 3.6%One-Year 6.5% 0.5% 9.6% 7.0%Two-Year 11.1% 0.6% 15.2% 7.3%Three-Year 17.3% 1.0% 23.2% 7.4%Five-Year 11.7% 1.7% 17.8% 9.3%Since Inception 10.5% 1.6% 18.3% 9.6%






14.6%22.0%15.9%16.5%

Leverage Ratio: 58.9% NAV % of Portfolio:Investment Strategy: Reposition well-located, institutional-

quality properties suffering frominefficiency for subsequent sale atpremium pricing.





Blackstone Real Estate Partners Europe IV


97.9%

0.9% 0.8% 0.4%

Europe

US East

US West

Asia

44.7%

33.1%

16.3%

4.2%1.2% 0.6%

Residential

Office

Retail

Hotel

Other Property

Industrial


QTR CONT DISTNET

INCOME UNREALIZED



2014 Q1 4,050,128 (154,301) (224,003) 39,737 12,504 3,724,065 (194,792)

2014 Q2 3,810,050 (40,085) (2,298) 408,076 9,158 7,908,965 (154,033)

2014 Q3 2,363,528 (412,589) (85,535) (80,880) 40,818 9,734,306 (189,428)

2014 Q4 2,393,173 (585,943) (35,779) (301,559) 77,635 11,281,833 (204,779)

2015 Q1 846,012 (118,077) 2,733 (661,720) (2,352) 11,348,430 (214,539)

2015 Q2 1,829,274 (162,474) 51,116 1,408,018 (1,348) 14,473,015 (287,526)

2015 Q3 1,261,463 (311,031) 84,590 741,910 25,893 16,275,840 (276,874)

2015 Q4 3,727,403 (384,559) 1,902 (480,674) 1,575 19,141,487 (155,763)

2016 Q1 1,193,442 (480,726) (16,318) 813,943 98,469 20,750,298 (153,761)

2016 Q2 206,300 (700,961) 69,912 (395,441) 47,788 19,977,895 (104,673)

2016 Q3 1,407,344 (206,709) (3,409) 711,259 61,882 21,948,263 (224,269)

2016 Q4 178,025 (599,639) 35,200 (466,959) 89,368 21,184,258 (308,983)

2017 Q1 231,042 (578,776) (739) 2,628,280 142,758 23,606,825 (661,479)

2017 Q2 483,409 (904,837) 27,209 2,872,699 154,943 26,240,248 (582,435)

2017 Q3 71,375 (694,846) (30,913) 1,166,332 495,531 27,247,727 (262,492)

2017 Q4 337,707 (11,541,065) (51,669) (3,777,267) 4,974,638 17,190,072 (334,781)

2018 Q1 61,984 (1,346,183) 29,367 612,949 526,873 17,075,062 (222,769)

2018 Q2 82,591 (1,656,676) (20,693) (1,041,216) 654,675 15,093,743 (162,250)

2018 Q3 492,486 (1,789,512) (40,507) (266,151) 840,694 14,330,753 (166,737)

2018 Q4 39,130 (811,896) 22,641 (273,037) 228,358 13,535,955 (59,423)

2019 Q1 36,582 (826,739) (37,046) (2,259) 254,688 12,961,182 (141,526)

2019 Q2 35,182 (453,004) (24,899) 84,556 106,463 12,709,481 (46,584)

TOTAL 25,137,630 (24,760,626) (249,138) 3,740,597 8,841,011 12,709,481 (5,109,897)

Blackstone Real Estate Partners Europe IVInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal







12.0%10.2%12.3%23.9%

Leverage Ratio: 57.6% NAV % of Portfolio:Investment Strategy: Public-to-private transactions, large

private transactions, recovering officemarkets, hotel repositioning andinternational investments.






Legal Structure: Delaware LP Risk/Return:Investment End Date: 04/2017 Client Commitment Date:

45.6%

13.7%

10.3%

9.4%

8.2%

7.4%

2.4%2.3% 0.6% 0.2% US West

Asia

US South

Europe

US East

US Midwest

Latin America

Australia/Pacific

US Other

Foreign Other

41.4%

29.1%

19.3%

6.2%

3.1% 1.0%

Hotel

Office

Residential

Retail

Industrial

Other Property


QTR CONT DISTNET

INCOME UNREALIZED



2012 Q2 2,089,804 - (30,552) 90,989 - 2,150,241 (65,041)

2012 Q3 3,278,678 - (60,055) 386,868 - 5,755,732 (168,339)

2012 Q4 3,004,516 (126,928) (99,056) 604,583 15,227 9,154,073 (225,244)

2013 Q1 685,334 (183,933) 17,691 754,401 12,284 10,439,849 (279,896)

2013 Q2 1,977,531 (439,109) (49,113) 792,437 120,935 12,842,530 (310,163)

2013 Q3 1,713,315 (595,645) (10,813) 696,940 91,877 14,738,205 (290,830)

2013 Q4 2,700,521 (1,456,696) 11,509 460,900 526,345 16,980,783 (347,345)

2014 Q1 1,624,771 (285,238) (23,787) 717,900 79,620 19,094,049 (276,091)

2014 Q2 1,442,450 (689,638) 3,546 1,075,402 187,764 21,113,572 (413,112)

2014 Q3 2,128,548 (812,489) 60,030 1,122,689 166,720 23,779,070 (434,081)

2014 Q4 2,541,885 (1,511,576) 42,129 741,819 534,852 26,128,181 (428,106)

2015 Q1 1,174,997 (4,452,920) 24,431 (1,124,450) 1,814,996 23,565,235 (275,545)

2015 Q2 2,189,567 (1,177,155) 136,412 630,935 355,962 25,700,956 (362,280)

2015 Q3 216,001 (679,401) 272,815 671,978 60,891 26,243,239 (319,396)

2015 Q4 994,277 (772,460) 126,094 86,097 265,396 26,942,643 (191,481)

2016 Q1 333,353 (1,175,074) 130,646 (407,116) 340,281 26,164,733 (88,057)

2016 Q2 150,832 (624,167) 118,248 38,705 195,564 26,043,915 (159,702)

2016 Q3 70,545 (1,989,918) 199,518 (494,772) 827,903 24,657,191 (202,478)

2016 Q4 94,880 (1,317,040) 81,122 (577,236) 418,282 23,357,199 (49,392)

2017 Q1 312,153 (634,193) 172,758 463,279 209,419 23,880,615 (271,632)

2017 Q2 79,757 (1,771,122) 68,970 (658,701) 979,423 22,578,942 (159,704)

2017 Q3 469,555 (1,175,505) 144,706 1,124,072 263,164 23,404,933 (443,349)

2017 Q4 70,330 (2,434,813) 205,420 172,750 716,358 22,134,978 (335,969)

2018 Q1 57,832 (1,129,091) 29,153 284,747 319,612 21,697,231 (215,061)

2018 Q2 54,246 (671,701) 160,722 (229,185) 188,843 21,200,156 (83,624)

2018 Q3 52,382 (1,306,578) 92,768 (205,046) 463,148 20,296,830 (139,629)

2018 Q4 155,433 (1,553,470) (21,270) (1,387,999) 746,176 18,235,698 123,069

2019 Q1 47,635 (1,464,513) 14,442 223,435 525,899 17,582,595 (245,080)

2019 Q2 230,210 (2,208,715) 55,928 (405,748) 974,247 16,228,496 (194,160)

TOTAL 29,941,338 (32,639,089) 1,874,413 5,650,673 11,401,188 16,228,496 (6,851,718)

Blackstone Real Estate Partners VIIInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal

Quarter (0.6%) (0.2%) (0.2%) 1.6%Year-to-Date (1.1%) (0.4%) (0.4%) 3.6%One-Year 3.5% (0.4%) 4.7% 7.0%Two-Year 9.0% 0.7% 13.0% 7.3%Three-Year 9.1% 1.5% 12.4% 7.4%Five-Year 8.8% 2.0% 11.5% 9.3%Since Inception 32.2% 23.3% 34.9% 10.0%






12.3%10.8%9.4%9.5%

Leverage Ratio: 40.5% NAV % of Portfolio:Investment Strategy: U.S. diversified real estate investments. Net IRR:

Total Value Multiple:




Bristol Value Fund II


53.2%38.9%

7.8%

US East

US South

US West56.6%31.3%

12.1%

Office

Other Property

Residential


QTR CONT DISTNET

INCOME UNREALIZED



2012 Q1 2,325,600 (2,325,600) (127) - - (127) -

2012 Q2 - - (366) - - (493) -

2012 Q3 - - (60) - - (553) -

2012 Q4 2,825,396 - (45,278) - - 2,779,565 (1,510)

2013 Q1 - (1,359,683) 28,301 - - 1,448,183 (10,240)

2013 Q2 - (19,841) 18,074 - - 1,446,416 (5,799)

2013 Q3 - (16,984) 12,343 - - 1,441,775 (5,863)

2013 Q4 1,761,905 - 18,144 441,644 - 3,663,468 (7,021)

2014 Q1 2,190,476 (31,746) 38,192 46,443 - 5,906,833 (16,483)

2014 Q2 107,143 (26,349) 33,209 (30,002) - 5,990,834 (20,655)

2014 Q3 3,428,570 (2,925,822) 9,496 - - 6,503,078 (34,284)

2014 Q4 119,841 (33,651) (20,828) 641,501 - 7,209,941 (36,329)

2015 Q1 207,936 - 26,312 (18,514) - 7,425,675 (35,997)

2015 Q2 1,103,174 - 15,471 101,289 - 8,645,609 (38,290)

2015 Q3 419,047 - (9,383) 2,149 - 9,057,422 (41,696)

2015 Q4 - (79,365) 26,780 379,151 - 9,383,988 (43,084)

2016 Q1 1,791,270 (454,092) 63,961 - - 10,785,127 (47,760)

2016 Q2 891,270 (59,048) 31,649 (35,636) - 11,613,362 (50,717)

2016 Q3 695,236 (1,024,032) 34,120 - - 11,318,686 (48,726)

2016 Q4 992,855 (60,635) 59,113 901,309 - 13,211,328 (51,441)

2017 Q1 1,131,747 (50,000) 55,819 (726) - 14,348,168 (53,279)

2017 Q2 558,733 (1,722,061) 55,883 3,586 - 13,244,309 (55,708)

2017 Q3 986,509 (81,429) 13,791 - - 14,163,180 (58,964)

2017 Q4 428,571 (82,699) (32,392) 2,064,026 - 16,540,686 (823,683)

2018 Q1 869,683 (2,817,339) (3,727) (1,497,774) 1,526,952 14,618,481 (61,004)

2018 Q2 1,117,460 (29,048) 39,076 - 625 15,746,594 (63,739)

2018 Q3 1,135,715 (31,111) (64,977) - - 16,786,221 (67,835)

2018 Q4 734,920 (144,286) (59,721) 933,925 - 18,251,059 3,513

2019 Q1 1,443,651 - (102,154) - - 19,592,556 (68,359)

2019 Q2 1,383,491 - (113,251) - - 20,862,795 (72,401)

TOTAL 28,650,199 (13,374,821) 127,470 3,932,371 1,527,577 20,862,795 (1,817,354)

Bristol Value Fund IIInvestment Activity Statement


Fund-Level Information Client-Level InformationCore10/20184.0%$75,000,000$0$76,549,202$1,549,202$78,625,9247.4%N/M1.0x

NetTotal

GrossIncome

GrossTotal

Quarter 1.9% 1.1% 2.4% 1.6%Year-to-Date 3.9% 1.4% 4.9% 3.6%One-Year N/A N/A N/A N/ATwo-Year N/A N/A N/A N/AThree-Year N/A N/A N/A N/AFive-Year N/A N/A N/A N/ASince Inception N/M N/M N/M N/M






Leverage Ratio: 46.6% NAV % of Portfolio:Investment Strategy: Acquire premier properties on a value

basis to create a diversified portfoliothat offers stable and predictable cashflows.



No. of Active Investments: 21 Remaining Commitment:Target Return: 9-11% Contributions:

Termination Date: N/A % Ownership of Fund:Vintage Year: 2018 Investment Commitment:

Brookfield Premier Real Estate Partners

Legal Structure: LP Risk/Return:Investment End Date: N/A Client Commitment Date:

43.0%

40.4%

12.4%

3.5%0.7%

US West

US East

US South

US Midwest

International:All

39.1%

34.7%

26.2%

Office

Industrial

Residential


QTR CONT DISTNET

INCOME UNREALIZED



2018 Q4 * 75,000,000 - 73,693 (195,590) 765,723 75,643,825 (327,701)

2019 Q1 769,801 (769,801) 48,802 1,456,506 (1,137) 77,147,996 (381,663)

2019 Q2 779,401 (779,401) 620,171 855,764 1,992 78,625,924 (365,071)

TOTAL 76,549,202 (1,549,202) 742,665 2,116,681 766,578 78,625,924 (1,074,435)

* Unrealized Appreciation Restated

Brookfield Premier Real Estate PartnersInvestment Activity Statement


Fund-Level Information Client-Level InformationCore09/20120.4%$25,000,000$2,130,000$24,312,455$1,442,455$34,982,3553.3%7.8%1.5x

NetTotal

GrossIncome

GrossTotal






Appreciation0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Leverage Ratio: N/A NAV % of Portfolio:Investment Strategy: Real estate asset class through broad

asset class diversification at thecountry, REIT sector, and single-namelevel.



No. of Active Investments: 444 Remaining Commitment:Target Return: >FTSE EPRA/NAREIT Contributions:


Dimensional Global Real Estate Portfolio


64.6%15.0%

9.8%

6.9%

3.1% 0.6%

US Other

Asia

Europe

Australia/Pacific

Foreign Other

Latin America

45.3%

19.5%

13.5%

11.7%

10.1%

Other Property

Retail

Office

Residential

Industrial


QTR CONT DISTNET

INCOME UNREALIZED



2013 Q1 10,000,000 - - - - 10,000,000 -

2013 Q2 2,145,000 - (404,145) - - 11,740,855 (6,798)

2013 Q3 - - (12,679) - - 11,728,176 (7,925)

2013 Q4 2,625,641 (480,641) (143,363) - - 13,729,812 (9,364)

2014 Q1 2,145,000 - 1,213,670 - - 17,088,483 (10,699)

2014 Q2 2,145,000 - 1,532,199 - - 20,765,682 (12,983)

2014 Q3 2,145,000 - (924,620) - - 21,986,062 (15,465)

2014 Q4 3,106,814 (961,814) 2,423,752 - - 26,554,814 (16,288)

2015 Q1 - - 1,067,275 - - 27,622,088 (13,277)

2015 Q2 - - (2,083,727) - - 25,538,361 (13,811)

2015 Q3 - - - - - 25,538,361 (12,769)

2015 Q4 - - 1,199,327 - - 26,737,689 (12,769)

2016 Q1 - - 1,900,537 - - 28,638,225 (13,369)

2016 Q2 - - 1,457,946 - - 30,096,171 (14,319)

2016 Q3 - - (26,035) - - 30,070,136 (15,048)

2016 Q4 - - (1,577,227) - - 28,492,909 (15,035)

2017 Q1 - - 547,941 - - 29,040,850 (14,246)

2017 Q2 - - 520,544 - - 29,561,394 (14,520)

2017 Q3 - - 438,352 - - 29,999,746 (14,781)

2017 Q4 - - 1,116,151 - - 31,115,897 (15,000)

2018 Q1 - - (1,449,800) - - 29,666,097 (15,558)

2018 Q2 - - 1,591,285 - - 31,257,382 (14,833)

2018 Q3 - - 113,663 - - 31,371,046 (15,629)

2018 Q4 - - (1,548,066) - - 29,822,979 (15,686)

2019 Q1 - - 4,533,093 - - 34,356,072 (14,911)

2019 Q2 - - 626,283 - - 34,982,355 (17,178)

TOTAL 24,312,455 (1,442,455) 12,112,355 - - 34,982,355 (342,263)

Dimensional Global Real Estate PortfolioInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal

Quarter 1.2% 3.2% 1.9% 1.6%Year-to-Date 3.1% 6.7% 4.5% 3.6%One-Year 10.7% 12.6% 13.8% 7.0%Two-Year 15.4% 14.6% 18.5% 7.3%Three-Year N/A N/A N/A N/AFive-Year N/A N/A N/A N/ASince Inception 19.9% 18.7% 23.7% 7.3%





Appreciation(1.3%)(2.2%)1.0%3.6%N/AN/A4.6%

Leverage Ratio: 69.1% NAV % of Portfolio:Investment Strategy: Target investments that offer strong

income returns and the potential forcapital appreciation.






Legal Structure: Delaware LLC Risk/Return:Investment End Date: 02/2020 Client Commitment Date:

31.6%

24.8%

22.8%

20.8%

US Midwest

US East

US West

US South

37.8%

23.5%

20.5%

18.2%

Office

Retail

Industrial

Residential


QTR CONT DISTNET

INCOME UNREALIZED



2017 Q1 8,266,153 (2,288,346) 587,152 277,991 - 6,842,950 (88,990)

2017 Q2 7,663,535 (1,523,818) 187,709 (117,155) - 13,053,221 (88,945)

2017 Q3 4,029,666 (518,481) 441,820 14,710 - 17,020,936 (107,029)

2017 Q4 3,807,107 (406,598) 575,524 242,930 - 21,239,899 (125,270)

2018 Q1 - (1,183,636) 631,821 167,027 - 20,855,111 (134,087)

2018 Q2 1,760,561 (855,034) 683,138 777,815 - 23,221,591 (147,950)

2018 Q3 3,997,462 (1,641,927) 367,724 847,099 - 26,791,949 (155,516)

2018 Q4 4,568,528 (1,835,518) 625,312 (129,840) - 30,020,431 (187,700)

2019 Q1 3,233,385 (857,751) 813,999 (266,393) - 32,943,671 (214,451)

2019 Q2 15,442,877 (1,846,683) 977,736 (501,593) - 47,016,008 (257,761)

TOTAL 52,769,274 (12,957,792) 5,891,935 1,312,591 - 47,016,008 (1,507,699)

DRA Growth and Income Fund IXInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal






Appreciation11.8%12.6%27.7%33.4%29.6%21.6%15.1%

Leverage Ratio: 55.0% NAV % of Portfolio:Investment Strategy: National value-add strategy across

diversified property types.Net IRR:Total Value Multiple:

NAV + Debt: $1,215,249,895 Distributions:Net Asset Value: $546,410,535 Equity Value




Legal Structure: LLC Risk/Return:Investment End Date: 10/2014 Client Commitment Date:

39.1%

35.2%

17.2%

8.6%

US South

US West

US East

US Midwest

49.3%

33.4%

17.3%

Residential

Retail

Office


QTR CONT DISTNET

INCOME UNREALIZED



2011 Q4 386,400 - (36) - (2,326) 384,038 (3,007)

2012 Q1 821,100 (11,000) 20,160 - (2,318) 1,211,980 (6,239)

2012 Q2 3,424,470 (16,063) 44,803 66,534 40 4,731,764 (14,200)

2012 Q3 988,540 (24,380) 143,024 - 8,106 5,847,054 (36,230)

2012 Q4 2,012,500 (125,200) 159,066 - - 7,893,420 (42,796)

2013 Q1 1,368,500 (175,636) 339,508 - - 9,425,792 (60,290)

2013 Q2 2,012,500 (240,295) 198,532 143,616 - 11,540,145 (66,257)

2013 Q3 1,207,500 (282,612) 356,088 (25,519) 25,519 12,821,121 (75,430)

2013 Q4 1,231,650 (266,700) 308,149 158,840 14,762 14,267,822 (84,681)

2014 Q1 740,600 (257,736) 449,517 383,450 - 15,583,653 (93,979)

2014 Q2 1,658,300 (292,097) 333,511 517,310 41,285 17,841,962 (97,248)

2014 Q3 - (1,562,915) 326,864 57,631 112,426 16,775,968 (99,217)

2014 Q4 - (743,307) 457,666 (19,196) - 16,471,131 (67,696)

2015 Q1 386,400 (859,725) 543,157 (19,011) 36,798 16,558,750 (65,871)

2015 Q2 112,700 (515,339) 314,422 49,783 - 16,520,316 (567,443)

2015 Q3 - (1,104,339) 422,660 188,921 7,970 16,035,528 (140,230)

2015 Q4 - (1,011,702) 316,412 169,344 406,833 15,916,415 (166,839)

2016 Q1 - (564,652) 448,981 930,414 - 16,731,158 (278,269)

2016 Q2 - (871,269) 225,693 178,566 211,810 16,475,958 (138,968)

2016 Q3 - (1,109,463) 369,629 971,810 (185,091) 16,522,843 (226,931)

2016 Q4 402,500 (1,042,848) 269,465 785,168 61,180 16,998,308 (198,448)

2017 Q1 - (2,834,247) 311,234 312,301 75,398 14,862,994 (161,979)

2017 Q2 - (311,342) 296,408 587,181 76,578 15,511,819 (213,321)

2017 Q3 - (4,767,633) 109,046 663,139 1 11,516,372 (180,610)

2017 Q4 - (1,495,512) 348,081 633,316 (229,771) 10,772,486 (173,810)

2018 Q1 - (161,107) 296,083 883,055 - 11,790,517 (252,053)

2018 Q2 402,500 (353,766) 202,800 1,146,857 76,577 13,265,485 (294,261)

2018 Q3 - (2,537,393) (116,907) 780,151 (8,704) 11,382,632 (156,749)

2018 Q4 39,082 (2,672,359) 17,966 (963,116) 1,420,462 9,224,668 (88,902)

2019 Q1 35,353 (99,863) 105,196 (84,077) 122,797 9,304,074 (56,754)

2019 Q2 31,229 (1,454,995) 118,171 (162,090) 960,821 8,797,210 (192,222)

TOTAL 17,261,824 (27,765,495) 7,735,349 8,334,378 3,231,153 8,797,210 (4,300,930)

DRA Growth and Income Fund VIIInvestment Activity Statement


Fund-Level Information Client-Level InformationValue Add12/20131.9%$25,000,000$981,481$29,411,055$18,349,976$19,865,7221.9%11.4%1.3x

NetTotal

GrossIncome

GrossTotal






Appreciation(0.5%)(0.8%)(0.9%)1.6%3.1%2.2%2.2%

Leverage Ratio: 70.0% NAV % of Portfolio:Investment Strategy: Target investments that offer strong

income returns and the potential forcapital appreciation.





DRA Growth and Income Fund VIII


42.8%

30.4%

16.1%

10.7%

US Midwest

US South

US West

US East

51.1%

31.6%

9.6%

7.7%

Retail

Office

Industrial

Residential


QTR CONT DISTNET

INCOME UNREALIZED



2014 Q3 2,222,222 - 45,441 47,255 - 2,314,918 (7,228)

2014 Q4 2,037,037 (25,926) 76,003 (29,003) - 4,373,029 (22,386)

2015 Q1 1,296,296 (286,505) 64,387 (7,339) (7,320) 5,432,548 (29,416)

2015 Q2 - (107,714) 199,075 (4,893) - 5,519,016 (36,735)

2015 Q3 3,518,518 (111,326) 226,367 80,324 - 9,232,899 (49,329)

2015 Q4 1,296,296 (250,238) 265,099 30,122 - 10,574,178 (66,351)

2016 Q1 14,909,405 (258,299) 249,963 (40,892) - 25,434,355 (77,990)

2016 Q2 - (4,020,356) 476,903 (24,711) (15,451) 21,850,740 (151,505)

2016 Q3 - (683,827) 546,783 446,622 (56,395) 22,103,923 (151,325)

2016 Q4 - (1,009,565) 467,753 478,363 (8,064) 22,032,410 (151,152)

2017 Q1 1,462,963 (988,947) 418,196 135,298 - 23,059,920 (151,355)

2017 Q2 851,851 (1,300,529) 641,103 (240,148) 173,010 23,185,207 (499,695)

2017 Q3 - (891,733) 596,996 255,145 (24,906) 23,120,709 (209,888)

2017 Q4 592,593 (1,464,586) 327,081 144,241 45,034 22,765,072 (114,458)

2018 Q1 - (794,636) 498,648 116,896 10,464 22,596,444 (146,381)

2018 Q2 - (1,194,598) 451,588 168,922 28,671 22,051,027 (148,833)

2018 Q3 925,926 (681,476) 684,136 30,607 (11,091) 22,999,129 (172,380)

2018 Q4 101,850 (2,427,189) 453,303 (103,959) - 21,023,134 (95,829)

2019 Q1 98,638 (988,266) 349,969 (97,517) 18,412 20,404,371 (100,809)

2019 Q2 97,460 (864,260) 317,599 (87,422) (2,025) 19,865,722 (89,871)

TOTAL 29,411,055 (18,349,976) 7,356,393 1,297,911 150,339 19,865,722 (2,472,916)

DRA Growth and Income Fund VIIIInvestment Activity Statement


Fund-Level Information Client-Level InformationCore12/201614.1%$60,000,000$3,188,571$93,534,100$42,902,481$57,889,4355.4%7.0%1.1x

NetTotal

GrossIncome

GrossTotal






Appreciation1.5%3.3%5.1%3.8%N/AN/A3.0%

Leverage Ratio: 47.3% NAV % of Portfolio:Investment Strategy: To invest in apartments in select core

submarkets in major metropolitanareas with favorable demographictrends.





FPA Core Plus Fund III


31.4%

29.5%

22.3%

16.8%

US West

US Midwest

US South

US East

100.0%

Residential


QTR CONT DISTNET

INCOME UNREALIZED



2017 Q1 45,779,555 (919,773) (669,673) - - 44,190,109 (78,374)

2017 Q2 21,954,545 (24,952,552) 809,045 - - 42,001,147 (43,697)

2017 Q3 4,800,000 (12,319,973) 431,457 - - 34,912,632 (14,888)

2017 Q4 3,000,000 (504,590) 222,188 833,689 - 38,463,919 (50,141)

2018 Q1 7,200,000 (548,046) 258,917 - - 45,374,790 (59,680)

2018 Q2 6,000,000 (673,417) 317,940 82,372 - 51,101,685 (72,567)

2018 Q3 - (721,036) 423,223 284,035 - 51,087,907 (75,619)

2018 Q4 3,000,000 (758,104) 527,312 639,558 - 54,496,673 (85,294)

2019 Q1 - (746,045) 657,696 992,347 - 55,400,671 (89,467)

2019 Q2 1,800,000 (758,946) 636,786 810,923 - 57,889,435 (91,113)

TOTAL 93,534,100 (42,902,481) 3,614,891 3,642,924 - 57,889,435 (660,840)

FPA Core Plus Fund IIIInvestment Activity Statement


Fund-Level Information Client-Level InformationCore09/20151.3%$60,000,000$0$71,658,195$11,658,195$77,485,7227.3%8.5%1.2x

NetTotal

GrossIncome

GrossTotal






Appreciation0.4%0.5%1.0%2.5%2.9%N/A3.3%

Leverage Ratio: 33.0% NAV % of Portfolio:Investment Strategy: Senior Housing, Student Housing,

Medical Office, and Self StorageNet IRR:Total Value Multiple:




Harrison Street Core Property Fund


38.4%

22.5%

19.6%

19.5%

US East

US Midwest

US West

US South

45.6%

37.2%

11.8%5.5%

Residential

Office

Other Property

Healthcare


QTR CONT DISTNET

INCOME UNREALIZED



2016 Q1 39,110,224 (600,602) 474,436 625,236 - 39,609,294 (110,224)

2016 Q2 21,631,682 (886,661) 759,029 808,591 - 61,921,935 (141,304)

2016 Q3 888,544 (789,022) 664,330 187,799 - 62,873,586 (143,187)

2016 Q4 791,571 (904,868) 601,076 800,084 - 64,161,449 (145,736)

2017 Q1 907,974 (890,194) 986,467 323,579 241,299 65,730,574 (148,842)

2017 Q2 893,147 (934,384) 789,828 743,707 - 67,222,872 (151,795)

2017 Q3 938,259 (846,858) 724,247 1,049,552 92,750 69,180,822 (155,670)

2017 Q4 1,034,899 (906,390) 637,643 553,445 234,131 70,734,550 (343,711)

2018 Q1 752,193 (896,886) 822,111 486,279 2,230 71,900,476 (189,514)

2018 Q2 899,278 (1,013,626) 731,322 390,339 - 72,907,790 (191,906)

2018 Q3 1,016,706 (981,845) 744,204 517,857 - 74,204,712 (194,986)

2018 Q4 786,859 - 757,497 (209,750) - 75,539,317 (198,088)

2019 Q1 983,123 (983,123) 815,208 113,063 - 76,467,588 (200,177)

2019 Q2 1,023,736 (1,023,736) 727,139 290,995 - 77,485,722 (202,468)

TOTAL 71,658,195 (11,658,195) 10,234,537 6,680,776 570,410 77,485,722 (2,517,608)

Harrison Street Core Property FundInvestment Activity Statement


Fund-Level Information Client-Level InformationCore09/2013100.0%$25,000,000$2,130,000$23,814,543$0$33,178,5003.1%6.6%1.4x

NetTotal

GrossIncome

GrossTotal






Appreciation(0.5%)13.6%5.7%4.2%1.9%2.4%2.8%

Leverage Ratio: N/A NAV % of Portfolio:Investment Strategy: To build a portfolio of securities

producing returns in excess of theirlong-term cost of capital.



No. of Active Investments: N/A Remaining Commitment:Target Return: >FTSE EPRA/NAREIT Contributions:


Heitman Real Estate Securities

Legal Structure: SMA Risk/Return:Investment End Date: N/A Client Commitment Date:

54.2%

22.2%

16.5%

5.2%

1.9%

US Other

Asia

Europe

Australia/Pacific

Foreign Other

27.2%

18.2%

16.3%

14.1%

11.2%

9.2%

3.8%

Other Property

Residential

Office

Retail

Industrial

Healthcare

Hotel


QTR CONT DISTNET

INCOME UNREALIZED



2013 Q4 14,307,938 - 95,387 (596,640) (119,617) 13,687,068 (17,938)

2014 Q1 2,170,027 - 95,850 616,949 (91,186) 16,478,707 (25,027)

2014 Q2 2,175,804 - 187,006 1,052,450 344,275 20,238,242 (30,804)

2014 Q3 2,180,084 - 116,784 (1,288,947) 249,731 21,495,894 (35,084)

2014 Q4 2,185,056 - 191,447 1,372,621 432,521 25,677,539 (40,056)

2015 Q1 41,273 - 122,572 70,665 809,125 26,721,174 (41,273)

2015 Q2 40,169 - 176,269 (2,046,625) 117,922 25,008,909 (40,169)

2015 Q3 39,418 - 136,484 (188,916) (279,924) 24,715,972 (39,418)

2015 Q4 40,779 - 190,767 886,667 60,823 25,895,008 (40,779)

2016 Q1 39,889 - 311,369 1,273,887 (303,330) 27,216,822 (39,889)

2016 Q2 42,702 - 203,588 260,680 307,278 28,031,070 (42,702)

2016 Q3 45,291 - 182,088 (772,973) 869,017 28,354,493 (45,291)

2016 Q4 41,671 - 177,318 (1,506,498) (103,170) 26,963,813 (41,671)

2017 Q1 42,917 - 207,626 195,619 76,087 27,486,062 (42,917)

2017 Q2 43,854 - 243,358 460,665 75,835 28,309,774 (43,854)

2017 Q3 45,164 - 163,738 848 247,193 28,766,718 (45,164)

2017 Q4 45,832 - 317,198 472,566 274,611 29,876,924 (45,832)

2018 Q1 45,042 - 235,032 (1,175,509) (406,105) 28,575,384 (45,042)

2018 Q2 46,540 - 290,686 1,356,311 27,785 30,296,707 (46,540)

2018 Q3 47,499 - 182,111 (410,303) 236,627 30,352,642 (47,499)

2018 Q4 45,935 - 208,658 (1,718,561) (226,538) 28,662,135 (45,935)

2019 Q1 50,310 - 211,630 4,074,600 (10,198) 32,988,477 (50,310)

2019 Q2 51,350 - 318,141 (710,329) 530,863 33,178,500 (51,350)

TOTAL 23,814,543 - 4,565,107 1,679,227 3,119,625 33,178,500 (944,543)

Heitman Real Estate SecuritiesInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal






Appreciation0.1%0.3%2.5%3.5%3.9%6.0%6.0%

Leverage Ratio: 25.3% NAV % of Portfolio:Investment Strategy: Primarily in core, existing substantially-

leased, income-producing industrial,multi-family, retail and officeproperties.



No. of Active Investments: 107 Remaining Commitment:Target Return: NCREIF+1% Contributions:



Legal Structure: LLC Risk/Return:Investment End Date: N/A Client Commitment Date:

53.0%

27.6%

16.4%

3.0%

US West

US East

US South

US Midwest

33.5%

29.7%

18.0%

16.6%

2.3%

Office

Residential

Retail

Industrial

Other Property


QTR CONT DISTNET

INCOME UNREALIZED



2011 Q3 10,028,084 (93,988) 97,731 101,227 (14,850) 10,118,204 (28,084)

2011 Q4 25,147,529 (299,852) 309,797 700,775 1,096 35,977,549 (81,624)

2012 Q1 301,110 (357,624) 358,278 199,543 49 36,478,905 (82,882)

2012 Q2 358,840 (388,722) 398,527 595,403 (454,853) 36,988,100 (84,098)

2012 Q3 390,885 (377,130) 369,653 688,415 (98,617) 37,961,306 (86,261)

2012 Q4 378,761 (387,597) 361,886 361,083 8 38,675,447 (87,892)

2013 Q1 390,252 (399,532) 372,795 868,123 (63,877) 39,843,208 (90,546)

2013 Q2 401,746 (410,235) 375,524 1,386,705 30,250 41,627,198 (92,761)

2013 Q3 413,187 (419,609) 381,141 549,201 (82,508) 42,468,610 (95,713)

2013 Q4 422,624 (434,867) 406,230 879,936 58,069 43,800,602 (98,728)

2014 Q1 436,347 (445,167) 431,512 155,397 70,035 44,448,726 (100,208)

2014 Q2 448,109 (454,236) 440,459 1,030,018 (150,998) 45,762,078 (103,150)

2014 Q3 457,603 (434,477) 386,207 1,175,072 (81,403) 47,265,080 (106,516)

2014 Q4 438,168 (431,454) 404,845 1,313,494 (164,677) 48,825,456 (110,207)

2015 Q1 434,805 (467,111) 408,934 1,155,620 (66,131) 50,291,573 (113,558)

2015 Q2 473,106 (463,910) 408,680 1,360,609 773,496 52,843,554 (119,553)

2015 Q3 467,118 (467,271) 426,700 1,021,772 4,082 54,295,955 (122,760)

2015 Q4 470,100 (464,223) 419,327 730,574 90,905 55,542,638 (125,589)

2016 Q1 465,767 (474,503) 418,273 564,016 (286,539) 56,229,652 (127,133)

2016 Q2 479,109 (484,792) 431,254 2,234,600 (750,224) 58,139,599 (131,739)

2016 Q3 486,873 (492,951) 414,937 408,309 25,992 58,982,759 (133,820)

2016 Q4 495,549 (496,406) 417,978 749,461 (15,408) 60,133,933 (136,418)

2017 Q1 499,554 (504,735) 423,712 973,006 (287) 61,525,183 (139,567)

2017 Q2 507,039 (515,515) 434,624 553,207 33,527 62,538,065 (141,871)

2017 Q3 517,256 (510,223) 411,232 352,884 8,142 63,317,356 (143,612)

2017 Q4 513,140 (503,590) 406,149 871,338 15,486 64,619,879 (146,528)

2018 Q1 506,854 (544,211) 441,999 1,011,711 (6,574) 66,029,658 (149,791)

2018 Q2 546,644 (557,502) 484,223 548,527 45,937 67,097,487 (152,224)

2018 Q3 405,278 - 579,077 577,057 (1,259) 68,657,640 (58,959)

2018 Q4 579,734 (579,734) 479,222 682,866 259,052 70,078,781 (150,786)

2019 Q1 597,625 (597,625) 506,945 101,559 (105) 70,687,180 (139,932)

2019 Q2 - - 501,358 88,447 747 71,277,732 (147,130)

TOTAL 48,458,796 (13,458,792) 13,109,209 23,989,955 (821,437) 71,277,732 (3,629,639)

Invesco Core Real Estate-USAInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal






Appreciation1.6%0.7%2.0%8.4%6.8%N/A6.1%

Leverage Ratio: 36.0% NAV % of Portfolio:Investment Strategy: Invest in high quality office and retail

properties located in major markets inthe U.S.





Jamestown Premier Property Fund

Legal Structure: Delaware LP Risk/Return:Investment End Date: N/A Client Commitment Date:

69.5%

27.9%

2.6%

US East

US West

US South64.9%

26.3%

8.8%

Office

Retail

Other Property


QTR CONT DISTNET

INCOME UNREALIZED



2016 Q1 60,523,609 (1,545,564) 463,059 - 8,157 59,449,261 (144,221)

2016 Q2 630,866 (630,867) 583,866 - 429,717 60,462,844 (207,128)

2016 Q3 747,084 (4,303,206) 542,059 - 1,121,881 58,570,663 (392,653)

2016 Q4 590,385 (590,385) 520,832 - (717,384) 58,374,111 (181,738)

2017 Q1 1,200,839 (2,246,194) 476,245 - 599,902 58,404,903 (255,294)

2017 Q2 611,068 (611,068) 590,465 - 530,953 59,526,321 (364,934)

2017 Q3 616,272 (616,272) 605,034 - 231,161 60,362,515 (162,999)

2017 Q4 608,300 (608,300) 589,200 - 4,360,447 65,312,161 (1,475,495)

2018 Q1 610,977 (15,577,559) 440,210 - 1,490,250 52,276,040 (986,400)

2018 Q2 628,993 (628,993) 352,151 - 539,657 53,167,847 (189,712)

2018 Q3 3,941,814 (3,941,814) 259,961 - 446,202 53,874,011 (128,232)

2018 Q4 683,790 (683,790) 320,101 - 292,093 54,486,204 (59,103)

2019 Q1 598,810 (598,810) 210,138 - (460,234) 54,236,108 (109,157)

2019 Q2 337,103 (337,103) 303,485 - 897,902 55,437,496 (78,653)

TOTAL 72,329,911 (32,919,926) 6,256,806 - 9,770,704 55,437,496 (4,735,721)

Jamestown Premier Property FundInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal






Appreciation0.3%

(0.2%)1.5%2.6%2.9%4.4%0.7%

Leverage Ratio: 23.6% NAV % of Portfolio:Investment Strategy: Diversified domestic core fund in four

main property types office, residential,retail and industrial.





JP Morgan Strategic Property Fund

Legal Structure: Bank Commingled Fund Risk/Return:Investment End Date: N/A Client Commitment Date:

45.9%

28.4%

20.6%

4.3% 0.8%

US West

US East

US South

US Midwest

US Other

36.2%

25.6%

21.8%

14.9%

0.8%0.7%

Office

Retail

Residential

Industrial

Other Property

Land


QTR CONT DISTNET

INCOME UNREALIZED



2007 Q4 50,000,000 - 624,959 626,421 144,599 51,395,979 (128,490)

2008 Q1 - - 629,835 (119,927) - 51,905,887 (129,765)

2008 Q2 128,490 (128,514) 508,183 (190,305) (2,439) 52,221,302 (130,553)

2008 Q3 129,765 (129,786) 501,966 (1,259,614) 3,346 51,466,979 (128,667)

2008 Q4 130,553 (130,582) 482,567 (5,051,793) (12,123) 46,885,601 (117,214)

2009 Q1 128,667 (128,697) 457,412 (6,880,766) 3,580 40,465,798 (101,165)

2009 Q2 117,214 (117,220) 484,118 (2,956,192) (193) 37,993,525 (94,984)

2009 Q3 101,165 (101,173) 463,929 (3,331,600) 10 35,125,855 (87,815)

2009 Q4 94,984 (94,988) 499,247 (1,574,949) 9,330 34,059,478 (85,149)

2010 Q1 87,815 (87,819) 474,534 (360,228) 122 34,173,901 (84,656)

2010 Q2 85,149 (85,152) 490,319 795,697 2,779 35,462,692 (88,499)

2010 Q3 84,656 (84,660) 460,548 852,511 3,004 36,778,751 (91,947)

2010 Q4 88,499 (88,499) 488,906 1,229,308 1,316 38,498,280 (94,978)

2011 Q1 91,947 (91,953) 482,592 766,255 6,433 39,753,555 (99,384)

2011 Q2 94,978 (94,981) 467,768 1,570,187 (21,604) 41,769,903 (102,619)

2011 Q3 99,384 (99,387) 400,862 769,642 72,039 43,012,443 (107,531)

2011 Q4 102,619 (102,622) 448,704 739,539 16,375 44,217,058 (110,543)

2012 Q1 107,531 (107,535) 494,051 600,187 (1,436) 45,309,856 (113,275)

2012 Q2 110,543 (110,546) 483,769 523,605 3,239 46,320,465 (115,801)

2012 Q3 113,275 (113,279) 494,205 889,513 175,478 47,879,656 (117,669)

2012 Q4 115,801 (115,803) 450,219 757,024 6,796 49,093,693 (121,417)

2013 Q1 117,669 (117,672) 531,130 983,423 28,252 50,636,496 (126,318)

2013 Q2 121,417 (121,418) 537,292 1,287,722 199 52,461,707 (131,154)

2013 Q3 126,318 (126,319) 565,202 1,434,049 40,175 54,501,132 (136,253)

2013 Q4 131,154 (131,156) 537,996 1,319,714 (5,206) 56,353,634 (140,884)

2014 Q1 136,253 (136,257) 568,465 620,726 4,647 57,547,468 (143,869)

2014 Q2 140,884 (140,886) 586,787 1,102,311 33,380 59,269,944 (148,175)

2014 Q3 143,869 (143,870) 603,155 623,284 23,080 60,519,460 (151,299)

2014 Q4 148,175 (148,177) 641,139 877,452 (14,007) 62,024,043 (155,060)

2015 Q1 151,299 (151,303) 897,110 1,392,078 11,267 64,324,493 (160,811)

2015 Q2 155,060 (155,065) 621,145 1,571,494 28,284 66,545,410 (166,364)

2015 Q3 160,811 (160,817) 628,449 1,473,242 (6,721) 68,640,374 (171,601)

2015 Q4 166,364 (166,368) 854,139 1,276,647 13,719 70,784,874 (176,962)

2016 Q1 171,601 (171,610) 614,799 4,813 537,482 71,941,958 (179,855)

2016 Q2 176,962 (176,974) 622,355 654,873 (3,231) 73,215,943 (183,040)

2016 Q3 179,855 (179,872) 633,643 691,911 1,676 74,543,156 (186,358)

2016 Q4 183,040 (183,056) 587,836 107,866 726,913 75,965,755 (189,396)

2017 Q1 186,358 (186,315) 595,748 962,608 (290,810) 77,233,345 (192,703)

2017 Q2 189,396 (189,422) 612,132 (196,824) 608,414 78,257,042 (192,782)

2017 Q3 192,703 (192,738) 640,864 447,525 64,249 79,409,644 (195,696)

2017 Q4 192,782 (192,827) 600,118 596,702 35,450 80,641,869 (199,910)

2018 Q1 195,696 (195,721) 607,146 952,986 14,702 82,216,678 (204,593)

2018 Q2 199,910 (199,942) 591,758 792,506 18,547 83,619,456 (207,842)

2018 Q3 - (51) 616,489 621,817 12,963 84,870,674 (212,177)

2018 Q4 - (27) 582,786 817,775 2,462 86,273,670 (215,684)

2019 Q1 - (125) 598,871 (423,042) 2,099 86,451,473 (216,382)

2019 Q2 270,418 (270,530) 541,905 233,004 1,034 87,227,320 (217,495)

JP Morgan Strategic Property FundInvestment Activity Statement


QTR CONT DISTNET

INCOME UNREALIZED



JP Morgan Strategic Property FundInvestment Activity Statement

TOTAL 55,851,028 (5,851,715) 26,307,152 8,621,178 2,299,671 87,227,320 (6,854,781)



NetTotal

GrossIncome

GrossTotal

Quarter 39.7% (3.3%) 41.7% 1.6%Year-to-Date 39.2% (4.9%) 43.7% 3.6%One-Year 22.5% (9.4%) 40.4% 7.0%Two-Year N/A N/A N/A N/AThree-Year N/A N/A N/A N/AFive-Year N/A N/A N/A N/ASince Inception (55.2%) (24.5%) 34.7% 7.3%






N/AN/AN/A

27.3%

Leverage Ratio: 78.2% NAV % of Portfolio:Investment Strategy: Invest in income producing assets in

developed Asian economies and liquidmarkets.







100.0%

Asia

31.4%

26.7%

26.4%

8.8%

4.2%2.6%

Other Property

Industrial

Office

Retail

Hotel

Residential


QTR CONT DISTNET

INCOME UNREALIZED



2017 Q4 5,188,148 (576,308) (1,889,915) 781,740 - 3,503,665 (1,249,183)

2018 Q1 - (321,933) (1,107,779) 484,929 - 2,558,882 (221,914)

2018 Q2 - (468,238) 1,209,603 (928,317) - 2,371,930 (224,385)

2018 Q3 2,649,252 - (150,718) (304,917) - 4,565,547 (226,849)

2018 Q4 8,009,365 - (659,257) 716,079 - 12,631,734 (226,850)

2019 Q1 - (1,663,484) (432,900) 387,986 - 10,923,336 (221,918)

2019 Q2 - - (581,148) 4,916,312 - 15,258,500 (224,382)

TOTAL 15,846,765 (3,029,963) (3,612,114) 6,053,812 - 15,258,500 (2,595,481)

LaSalle Asia Opportunity Fund VInvestment Activity Statement


Fund-Level Information Client-Level InformationOpportunistic06/20110.4%$10,000,000$616,355$9,383,643$16,374,839$100,7110.0%49.0%1.8x

NetTotal

GrossIncome

GrossTotal

Quarter (0.9%) (8.4%) (2.0%) 1.6%Year-to-Date 0.8% (4.2%) (0.8%) 3.6%One-Year (12.9%) (7.2%) (19.5%) 7.0%Two-Year (37.1%) 7.6% (47.5%) 7.3%Three-Year (31.1%) 8.4% (40.6%) 7.4%Five-Year (18.9%) 9.6% (25.6%) 9.3%Since Inception 2.4% 6.9% 3.5% 10.5%






(13.6%)(55.4%)(48.6%)(34.9%)(5.7%)

Leverage Ratio: 29.6% NAV % of Portfolio:Investment Strategy: Global investments in banks, financially-

oriented and asset rich operatingcompanies and distressed loans andsecurities.





Lone Star Fund VII


59.7%20.7%

19.7%

US South

US East

US Other

100.0%

Other Property


QTR CONT DISTNET

INCOME UNREALIZED



2011 Q2 855,769 (22,500) (218,269) 5,506 103,024 723,531 (166,250)

2011 Q3 774,200 (114,810) (155,062) 447,094 117,871 1,792,824 (26,014)

2011 Q4 1,511,290 (109,186) (54,164) 63,919 23,255 3,227,937 (96,262)

2012 Q1 821,741 (6,084) (93,069) 173,490 135,715 4,259,730 (80,352)

2012 Q2 342,434 (3,657) (20,057) 239,366 28,993 4,846,810 (89,384)

2012 Q3 3,828,224 (546,360) 44,511 290,469 238,929 8,702,583 (167,131)

2012 Q4 (52,416) (1,396,157) 81,876 994,306 138,043 8,468,235 (325,169)

2013 Q1 61,133 (2,070,098) 99,794 611,645 351,754 7,522,463 (283,954)

2013 Q2 695,656 (3,593,417) 374,034 379,610 739,929 6,118,275 (381,371)

2013 Q3 147,488 (2,134,771) 554,686 (453,041) 893,357 5,125,994 (250,713)

2013 Q4 398,124 (1,146,519) 168,265 47,766 372,823 4,966,454 (149,768)

2014 Q1 - (1,035,935) 131,749 (776,170) 575,828 3,861,926 14,796

2014 Q2 - (610,514) 115,592 57,399 408,759 3,833,161 (147,476)

2014 Q3 - (778,034) 130,859 (245,568) 179,740 3,120,158 (16,291)

2014 Q4 - (384,039) 82,059 184,333 175,023 3,177,535 (111,818)

2015 Q1 - (436,322) 72,160 (421,897) 226,608 2,618,085 32,069

2015 Q2 - (289,479) 33,180 (108,188) 34,227 2,287,825 7,599

2015 Q3 - (389,654) (21,354) 185,565 54,733 2,117,115 (54,891)

2015 Q4 - (93,779) 42,112 (153,984) 22,679 1,934,143 22,221

2016 Q1 - - 38,367 (146,370) 17,167 1,843,306 22,633

2016 Q2 - (325,567) 149,875 (367,460) 157,442 1,457,597 14,998

2016 Q3 - (52,100) 33,186 (158,009) 8,725 1,289,399 29,025

2016 Q4 - (280,918) 57,460 (185,766) 52,135 932,311 38,998

2017 Q1 - (165,113) 7,068 (231,136) 234,991 778,121 7,473

2017 Q2 - (96,167) 11,576 (103,806) 55,806 645,529 9,332

2017 Q3 - (256,895) 57,462 (398,629) 148,792 196,259 48,291

2017 Q4 - (36,764) 9,066 (37,755) 10,326 141,131 6,589

2018 Q1 - - 8,589 (24,827) (9,959) 114,933 7,418

2018 Q2 - - 531 74 69 115,608 720

2018 Q3 - - (6,398) 4,579 (11,460) 102,328 3,563

2018 Q4 - - 2,667 (5,055) - 99,941 2,742

2019 Q1 - - 4,574 (7,551) 4,684 101,650 492

2019 Q2 - - (8,577) 17,950 (10,309) 100,711 1,107

TOTAL 9,383,643 (16,374,839) 1,734,348 (122,141) 5,479,699 100,711 (2,076,777)

Lone Star Fund VIIInvestment Activity Statement


Fund-Level Information Client-Level InformationOpportunistic06/20110.3%$10,000,000$1,139,017$8,860,984$13,318,910$412,2050.0%25.7%1.5x

NetTotal

GrossIncome

GrossTotal

Quarter 2.5% (4.2%) 2.3% 1.6%Year-to-Date 3.5% (2.8%) 3.4% 3.6%One-Year 7.1% 0.4% 7.4% 7.0%Two-Year 0.9% 5.2% (1.0%) 7.3%Three-Year 4.6% 6.7% 2.1% 7.4%Five-Year 15.3% 3.4% 16.8% 9.3%Since Inception 11.2% 0.4% 22.8% 10.5%






(6.5%)(4.8%)12.6%22.0%

Leverage Ratio: 31.8% NAV % of Portfolio:Investment Strategy: Invest in global opportunistic and value

investments in distressed commercialreal estate debt products and equity.







70.8%

7.0%

7.0%

6.6%

5.8%

2.7%

US Other

Asia

US West

US East

US South

US Midwest

59.8%

33.2%

7.0%

Other Property

Office

Retail


QTR CONT DISTNET

INCOME UNREALIZED



2011 Q2 481,704 (22,500) (244,778) 8,494 10,788 233,709 (166,250)

2011 Q3 716,194 (3,750) (22,025) 72,049 16,898 1,013,075 (26,250)

2011 Q4 1,212,440 (1,250) (43,275) 34,980 35,433 2,251,403 (26,175)

2012 Q1 (501,699) (6,198) (41,805) 141,351 20,091 1,863,142 (26,175)

2012 Q2 1,887,871 (3,737) 56,391 119,884 26,315 3,949,866 (26,157)

2012 Q3 375,434 (693,318) (2,516) 180,644 82,116 3,892,225 (129,072)

2012 Q4 404,432 (195,043) 22,952 115,220 57,329 4,297,115 (72,415)

2013 Q1 275,083 (1,353,383) 104,353 (236,778) 373,597 3,459,987 (84,860)

2013 Q2 1,204,019 (2,900) 12,628 73,315 63,582 4,810,630 (59,520)

2013 Q3 391,006 (2,894) (40,484) 341,452 52,094 5,551,804 (108,195)

2013 Q4 1,154,310 (1,004,506) (21,854) (188,653) 418,269 5,909,370 (58,151)

2014 Q1 628,219 (63,856) (87,051) 238,241 393,594 7,018,517 (144,360)

2014 Q2 85,598 (1,505,172) (54,131) 78,770 386,954 6,010,536 (106,689)

2014 Q3 254,051 (1,646,833) (91,858) 177,145 506,484 5,209,526 (152,064)

2014 Q4 113,250 (2,258,026) 70,663 (452,170) 928,966 3,612,210 (138,971)

2015 Q1 - (814,242) (44,902) (310,064) 731,651 3,174,653 (97,105)

2015 Q2 31,291 (775,103) 261 110,696 176,750 2,718,548 (73,699)

2015 Q3 - (697,396) (29,805) 11,890 120,556 2,123,792 (27,141)

2015 Q4 - (201,675) 2,756 21,855 58,321 2,005,049 (21,882)

2016 Q1 - (145,434) (23,094) 35,452 31,484 1,903,457 (11,198)

2016 Q2 310,157 (146,186) 10,724 68,305 21,943 2,168,400 (26,350)

2016 Q3 (162,376) (154,349) 4,169 (23,010) 39,651 1,872,485 (6,312)

2016 Q4 - (193,648) 25,033 26,556 40,599 1,771,026 (3,372)

2017 Q1 - (48,721) 87,912 12,376 18,789 1,841,382 67,106

2017 Q2 - (241,181) 47,153 (242,482) 182,779 1,587,651 9,651

2017 Q3 - (106,566) 44,552 (103,021) 11,323 1,433,940 27,748

2017 Q4 - (463,009) 22,482 (195,423) 204,312 1,002,301 (2,181)

2018 Q1 - (184,835) 45,343 (113,781) (4,710) 744,318 23,261

2018 Q2 - (155,078) 1,481 10,305 10,484 611,510 (2,978)

2018 Q3 - (182,509) 7,577 (110,574) 108,787 434,791 2,051

2018 Q4 - (45,611) 6,542 (31,575) 34,188 398,334 (3,104)

2019 Q1 - - 5,548 (2,840) 951 401,992 (461)

2019 Q2 - - (16,724) 26,865 71 412,205 906

TOTAL 8,860,984 (13,318,910) (185,783) (104,527) 5,160,439 412,205 (1,470,362)

Lone Star Real Estate Fund IIInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal







16.2%20.1%23.8%

N/A20.1%

Leverage Ratio: 48.0% NAV % of Portfolio:Investment Strategy: Global investments in distressed

commercial real estate debt andequity.







87.2%

11.1%

1.7%

Europe

US Other

Asia

69.6%

12.9%

7.9%

6.6%

2.9% 0.1%

Other Property

Residential

Retail

Office

Hotel

Industrial


QTR CONT DISTNET

INCOME UNREALIZED



2015 Q4 13,107,137 - (480,325) - - 12,626,812 (372,133)

2016 Q1 93,820 - (110,467) 26,988 23,914 12,661,066 (133,434)

2016 Q2 246,124 - 74,788 (555,204) 1,100,245 13,527,019 (50,249)

2016 Q3 7,366,730 (1,426,409) 156,011 645,740 242,416 20,511,508 (21,847)

2016 Q4 13,081,273 (2,978,677) 501,273 (2,007,980) 2,577,919 31,685,316 (353,991)

2017 Q1 1,334,833 (2,097,660) (193,787) 2,103,806 187,882 33,020,389 (584,287)

2017 Q2 631,244 (1,258,596) (350,498) 2,566,004 199,117 34,807,659 (784,177)

2017 Q3 - (2,223,520) 539,251 742,326 286,634 34,152,350 (482,076)

2017 Q4 - (5,957,355) (168,690) (466,018) 1,522,700 29,082,987 (274,706)

2018 Q1 598,974 (343,033) (257,705) 1,884,147 66,378 31,031,748 (392,136)

2018 Q2 - (426,245) (346,024) 1,507,173 18,337 31,784,989 (313,674)

2018 Q3 - (293,672) (388,534) 2,478,510 97,258 33,678,550 (549,195)

2018 Q4 1,652,254 (2,996,445) 376,047 48,722 445,504 33,204,631 (183,458)

2019 Q1 - (8,367,037) 393,509 (2,744,594) 3,425,816 25,912,325 (279,220)

2019 Q2 - (4,495,619) 113,990 (29,839) 147,064 21,647,921 (47,396)

TOTAL 38,112,389 (32,864,268) (141,163) 6,199,781 10,341,184 21,647,921 (4,821,980)

Lone Star Real Estate Fund IVInvestment Activity Statement


Fund-Level Information Client-Level InformationOpportunistic06/20163.2%$52,815,996$39,700,856$13,987,904$4,672,062$7,422,6000.7%(12.5%)0.9x

NetTotal

GrossIncome

GrossTotal

Quarter 0.6% (1.8%) 1.4% 1.6%Year-to-Date (2.2%) 0.6% 2.3% 3.6%One-Year (11.8%) (2.8%) (1.2%) 7.0%Two-Year 0.0% 0.0% 0.0% 7.3%Three-Year N/A N/A N/A N/AFive-Year N/A N/A N/A N/ASince Inception 0.0% 0.0% 0.0% 7.3%






20.4%N/AN/A

20.4%

Leverage Ratio: 91.6% NAV % of Portfolio:Investment Strategy: Global investments in distressed

commercial real estate debt andequity.





Lone Star Real Estate Fund V


51.7%48.3%

Europe

Asia

26.3%

24.7%16.7%

16.4%

10.6 % 5.3%Retail

Other Property

Industrial

Office

Residential

Hotel


QTR CONT DISTNET

INCOME UNREALIZED



2017 Q3 7,589,528 - (2,093,027) - - 5,496,501 (1,660,151)

2017 Q4 595,597 (148,239) (696,840) 738,349 65,712 6,051,081 (289,200)

2018 Q1 1,466,285 (23,127) (248,775) 335,968 780,038 8,361,470 (289,062)

2018 Q2 - (23,121) (178,039) (1,054,186) 1,491,208 8,597,332 (288,990)

2018 Q3 1,930,390 (23,115) (461,782) (241,808) 122,112 9,923,129 (288,917)

2018 Q4 1,699,477 (3,813,531) (404,068) 74,785 40,602 7,520,393 (286,008)

2019 Q1 717,705 (640,930) (99,149) (304,802) 195,420 7,388,642 (278,835)

2019 Q2 (11,078) - (187,477) 158,434 74,078 7,422,600 (57,426)

TOTAL 13,987,904 (4,672,062) (4,369,157) (293,260) 2,769,170 7,422,600 (3,438,588)

Lone Star Real Estate Fund VInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal

Quarter (0.3%) 1.8% (0.4%) 1.6%Year-to-Date 2.7% 5.0% 3.1% 3.6%One-Year 9.8% 13.1% 11.9% 7.0%Two-Year 10.5% 12.8% 12.9% 7.3%Three-Year 9.9% 12.2% 12.4% 7.4%Five-Year 9.7% 12.4% 12.3% 9.3%Since Inception 0.0% 48.5% 46.7% 9.7%





Appreciation(2.2%)(1.8%)(1.0%)0.1%0.2%

(0.1%)(4.1%)

Leverage Ratio: 20.2% NAV % of Portfolio:Investment Strategy: Originate and service first mortgage

loans on middle-market, value-addedand transitional commercial real estateassets.





Mesa West Real Estate Income Fund III


100.0%

US East

64.2%

35.8%

Hotel

Residential


QTR CONT DISTNET

INCOME UNREALIZED



2013 Q3 2,074,272 - (151,817) - (4,336) 1,918,119 (253,125)

2013 Q4 3,854,076 (60,067) (10,089) (114,781) (41) 5,587,217 (84,375)

2014 Q1 1,016,679 (101,486) 51,898 79,397 - 6,633,705 (84,375)

2014 Q2 - (109,705) 125,770 29,937 (260) 6,679,447 (84,375)

2014 Q3 4,452,123 (163,664) 184,399 (1,536) - 11,150,769 (84,375)

2014 Q4 - (186,491) 292,654 (62,825) (260) 11,193,847 (84,375)

2015 Q1 - (182,437) 254,477 28,574 - 11,294,461 (84,375)

2015 Q2 2,558,310 (225,467) 418,171 (25,982) (259) 14,019,234 (84,375)

2015 Q3 - (228,405) 305,947 (28,837) - 14,067,939 (84,375)

2015 Q4 2,491,860 (242,605) 407,367 (30,473) (260) 16,693,828 (84,375)

2016 Q1 2,491,860 (294,342) 467,161 (2,752) - 19,355,755 (84,375)

2016 Q2 - (305,849) 442,930 (70,762) (260) 19,421,814 (63,871)

2016 Q3 - (1,703,788) 439,488 48,794 - 18,206,308 (63,871)

2016 Q4 - (3,591,093) 398,248 (155,692) (259) 14,857,512 (188,192)

2017 Q1 - (228,765) 352,028 - - 14,980,775 (75,452)

2017 Q2 - (231,307) 303,150 - (260) 15,052,358 (74,614)

2017 Q3 - (3,536,804) 386,937 - - 11,902,491 (82,114)

2017 Q4 - (3,474,678) 264,077 - (260) 8,691,630 (69,822)

2018 Q1 - (122,264) 222,727 - - 8,792,093 (50,410)

2018 Q2 - (123,622) 251,429 - (260) 8,919,640 (48,545)

2018 Q3 - (2,596,428) 168,294 - - 6,491,506 (37,352)

2018 Q4 - (2,657,984) 246,575 - (260) 4,079,837 (55,336)

2019 Q1 - (103,526) 119,058 - - 4,095,369 (22,154)

2019 Q2 - (1,189,988) 51,635 (60,586) (260) 2,896,170 2,571

TOTAL 18,939,180 (21,660,765) 5,992,514 (367,524) (7,235) 2,896,170 (1,926,037)

Mesa West Real Estate Income Fund IIIInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal






Appreciation0.1%0.1%2.0%1.0%N/AN/A0.8%

Leverage Ratio: 72.9% NAV % of Portfolio:Investment Strategy: Originate and service first mortgage

loans on middle-market, value-addedand transitional commercial real estateassets.





Mesa West Real Estate Income Fund IV


37.5%

26.1%

21.8%

14.5%

US West

US East

US South

US Midwest

48.4%

40.0%

6.9%4.7%

Office

Residential

Retail

Hotel


QTR CONT DISTNET

INCOME UNREALIZED



2017 Q1 8,333,333 (22,260) (212,166) - - 8,098,907 (1,012,500)

2017 Q2 - (135,046) 209,615 - (466) 8,173,010 (202,500)

2017 Q3 4,333,333 (155,822) 206,314 - - 12,556,835 (202,500)

2017 Q4 6,000,000 - 407,535 - (521) 18,963,849 (202,500)

2018 Q1 - (228,895) (15,574) - - 18,719,380 (202,500)

2018 Q2 - (299,178) 420,681 13,698 (521) 18,854,060 (202,500)

2018 Q3 - (608,328) 485,663 300,677 - 19,032,072 (202,500)

2018 Q4 - - 267,933 (1,974) (521) 19,297,510 (262,036)

2019 Q1 - (605,005) 312,110 (1,999) - 19,002,617 (203,423)

2019 Q2 8,333,333 (309,922) 412,717 (1,075) (521) 27,437,148 (225,990)

TOTAL 26,999,999 (2,364,456) 2,494,828 309,327 (2,550) 27,437,148 (2,918,949)

Mesa West Real Estate Income Fund IVInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal







11.2%15.1%14.6%

N/A12.9%

Leverage Ratio: 18.5% NAV % of Portfolio:Investment Strategy: Invest in logistics real estate assets in

key U.S. Submarkets near airports,seaports and ground transportationhubs that are critical to trade.







49.9%

22.6%

17.5%

10.0%

US West

US South

US East

US Midwest

100.0%

Industrial


QTR CONT DISTNET

INCOME UNREALIZED



2015 Q2 25,000,000 - 321,087 500,585 (41,435) 25,780,237 (147,629)

2015 Q3 176,356 (176,356) 343,346 340,648 58,114 26,522,346 (105,373)

2015 Q4 256,563 (256,563) 345,588 906,309 (33,448) 27,740,794 (197,157)

2016 Q1 272,212 (272,212) 343,451 184,884 14,024 28,283,154 (28,511)

2016 Q2 298,408 (298,408) 365,897 557,069 (4,453) 29,201,667 (92,976)

2016 Q3 278,301 (278,301) 397,414 405,126 50,292 30,054,499 (84,774)

2016 Q4 270,518 (270,518) 399,446 1,198,105 4,826 31,656,876 (306,096)

2017 Q1 329,544 (329,544) 387,744 898,387 (13,523) 32,929,484 (235,687)

2017 Q2 330,581 (330,581) 407,412 735,064 37,974 34,109,934 (272,773)

2017 Q3 272,385 (272,385) 405,972 1,944,888 49,494 36,510,288 (435,515)

2017 Q4 249,002 (249,002) 425,572 1,192,937 9,035 38,137,832 (233,379)

2018 Q1 308,146 (308,146) 441,455 925,392 1,189 39,505,868 (172,867)

2018 Q2 289,125 (289,125) 445,842 1,557,371 - 41,509,082 (323,612)

2018 Q3 291,718 (291,718) 460,506 928,833 (322) 42,898,099 (171,363)

2018 Q4 275,744 (275,744) 442,208 885,478 - 44,225,784 (186,377)

2019 Q1 495,369 (495,928) 486,163 812,002 (481) 45,522,909 (144,149)

2019 Q2 478,282 (478,282) 444,575 1,504,818 (252) 47,472,049 (280,704)

TOTAL 29,872,255 (4,872,814) 6,863,678 15,477,897 131,034 47,472,049 (3,418,943)

Prologis Targeted US Logistics FundInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal






Appreciation0.4%1.2%3.4%3.6%3.5%5.3%0.4%

Leverage Ratio: 16.9% NAV % of Portfolio:Investment Strategy: Diversified equity portfolio primarily in

completed properties with strong cashflow & potential for appreciation.





Prudential PRISA

Legal Structure: Insurance SMA Risk/Return:Investment End Date: N/A Client Commitment Date:

38.6%

34.8%

18.7%

8.0%

US West

US East

US South

US Midwest

33.3%

22.3%

18.0%

17.2%

9.1%

Office

Residential

Industrial

Retail

Other Property


QTR CONT DISTNET

INCOME UNREALIZED



2006 Q4 10,000,000 - - - - 10,000,000 -

2007 Q1 40,023,079 - 125,061 256,116 - 50,404,256 (23,079)

2007 Q2 111,923 - 643,682 2,321,789 - 53,481,649 (111,923)

2007 Q3 114,440 - 632,574 1,618,954 - 55,847,617 (114,440)

2007 Q4 112,345 - 688,506 282,912 - 56,931,379 (112,345)

2008 Q1 112,904 - 651,179 (373,919) - 57,321,544 (112,904)

2008 Q2 111,284 - 631,957 (367,778) - 57,697,007 (111,284)

2008 Q3 123,747 - 645,080 (538,431) - 57,927,403 (123,747)

2008 Q4 110,261 - 585,679 (9,080,248) - 49,543,096 (110,261)

2009 Q1 110,472 - 523,878 (8,319,985) - 41,857,460 (110,472)

2009 Q2 78,203 - 670,435 (6,293,009) - 36,313,089 (78,203)

2009 Q3 78,944 - 624,069 (3,534,612) - 33,481,491 (78,944)

2009 Q4 79,952 - 579,379 (1,563,298) - 32,577,523 (79,952)

2010 Q1 109,550 - 538,285 (713,749) - 32,511,610 (109,550)

2010 Q2 106,745 - 496,321 1,962,452 - 35,077,128 (106,745)

2010 Q3 106,736 - 483,864 499,066 - 36,166,794 (106,736)

2010 Q4 86,182 - 472,715 1,853,828 - 38,579,519 (86,182)

2011 Q1 106,141 - 420,096 1,625,891 - 40,731,647 (106,141)

2011 Q2 108,017 - 453,861 1,430,515 - 42,724,039 (108,017)

2011 Q3 102,378 - 475,316 1,177,552 - 44,479,286 (102,378)

2011 Q4 105,172 - 494,238 861,186 - 45,939,883 (105,172)

2012 Q1 111,217 - 493,533 901,568 - 47,446,201 (111,217)

2012 Q2 112,888 - 509,531 508,013 - 48,576,632 (112,888)

2012 Q3 112,657 - 507,812 241,402 - 49,438,502 (112,657)

2012 Q4 111,172 - 556,596 275,792 - 50,382,062 (111,172)

2013 Q1 111,283 - 537,752 1,008,595 - 52,039,693 (111,283)

2013 Q2 114,321 - 614,499 1,017,385 - 53,785,899 (114,321)

2013 Q3 119,579 - 577,132 1,281,963 - 55,764,572 (119,579)

2013 Q4 118,523 - 626,689 1,274,466 - 57,784,250 (118,523)

2014 Q1 117,404 - 563,749 737,418 - 59,202,821 (117,404)

2014 Q2 116,188 - 587,157 1,236,281 - 61,142,447 (116,188)

2014 Q3 125,566 - 678,086 1,137,532 - 63,083,631 (125,566)

2014 Q4 125,215 - 659,319 1,626,271 - 65,494,436 (125,215)

2015 Q1 135,484 - 676,494 1,298,330 - 67,604,745 (135,484)

2015 Q2 134,316 - 711,543 1,353,407 - 69,804,011 (134,316)

2015 Q3 138,289 - 700,643 2,582,512 - 73,225,455 (138,289)

2015 Q4 141,552 - 738,969 1,446,605 - 75,552,582 (141,552)

2016 Q1 133,085 - 714,231 816,729 - 77,216,626 (133,085)

2016 Q2 138,839 - 749,061 600,723 - 78,705,249 (138,839)

2016 Q3 - - 715,735 635,669 3,507 80,060,160 (182,874)

2016 Q4 - - 693,510 1,072,731 4,662 81,831,063 (185,753)

2017 Q1 - - 727,633 305,354 5,033 82,869,084 (189,516)

2017 Q2 - - 747,016 415,875 5,488 84,037,462 (191,722)

2017 Q3 - - 763,147 899,604 6,473 85,706,687 (194,205)

2017 Q4 - - 774,331 650,554 7,198 87,138,769 (197,752)

2018 Q1 - - 749,432 1,141,657 8,445 89,038,303 (200,795)

2018 Q2 - - 788,446 610,698 9,155 90,446,602 (204,831)

Prudential PRISAInvestment Activity Statement


QTR CONT DISTNET

INCOME UNREALIZED



Prudential PRISAInvestment Activity Statement

2018 Q3 - - 740,091 1,212,656 10,443 92,409,792 (207,824)

2018 Q4 773,779 (773,779) 775,848 691,836 11,191 93,888,667 (211,996)

2019 Q1 787,102 (787,102) 761,687 728,204 12,010 95,390,568 (215,138)

2019 Q2 840,521 (840,521) 786,170 403,864 12,489 96,593,091 (218,330)

TOTAL 56,617,455 (2,401,402) 31,062,016 11,218,926 96,094 96,593,091 (6,616,790)



NetTotal

GrossIncome

GrossTotal






Appreciation0.4%1.6%3.4%4.5%4.5%6.6%

(0.3%)

Leverage Ratio: 35.3% NAV % of Portfolio:Investment Strategy: Diversified domestic value fund. Net IRR:

Total Value Multiple:




Prudential PRISA II

Legal Structure: Insurance SMA Risk/Return:Investment End Date: N/A Client Commitment Date:

42.7%

33.0%

21.6%

2.6%

US East

US West

US South

US Midwest

37.5%

26.4%

20.2%

7.0%

6.3% 2.4% 0.2%

Office

Residential

Retail

Land

Other Property

Industrial

Hotel


QTR CONT DISTNET

INCOME UNREALIZED



2007 Q2 4,300,000 - - - - 4,300,000 -

2007 Q3 2,913,892 - 41,964 80,976 - 7,336,832 (10,892)

2007 Q4 2,574,729 - 74,283 57,990 - 10,043,834 (15,729)

2008 Q1 1,119,876 - 84,898 (92,010) - 11,156,598 (22,876)

2008 Q2 1,488,462 - 118,304 (17,500) - 12,745,864 (26,462)

2008 Q3 2,246,376 - 134,898 (99,980) - 15,027,158 (31,376)

2008 Q4 36,366 - 161,243 (2,842,794) - 12,381,973 (36,366)

2009 Q1 2,968,639 - 140,846 (3,268,854) - 12,222,604 (36,639)

2009 Q2 1,133,713 - 202,590 (1,741,445) - 11,817,462 (32,713)

2009 Q3 405,045 - 188,218 (1,428,873) - 10,981,852 (35,045)

2009 Q4 398,347 - 169,272 (954,035) - 10,595,436 (28,347)

2010 Q1 776,085 - 133,001 (86,111) - 11,418,411 (41,085)

2010 Q2 1,505,818 - 160,134 733,839 - 13,818,202 (49,818)

2010 Q3 52,849 - 138,443 807,679 - 14,817,173 (52,849)

2010 Q4 30,669 - 184,842 772,513 - 15,805,197 (30,669)

2011 Q1 55,866 - 150,046 665,403 - 16,676,512 (55,866)

2011 Q2 56,914 - 193,817 670,068 - 17,597,311 (56,914)

2011 Q3 57,942 - 181,306 669,801 - 18,506,359 (57,942)

2011 Q4 56,380 - 190,834 326,930 - 19,080,504 (56,380)

2012 Q1 56,923 - 160,785 655,793 - 19,954,005 (56,923)

2012 Q2 56,487 - 181,548 485,764 - 20,677,804 (56,487)

2012 Q3 59,818 - 184,178 366,033 - 21,287,832 (59,818)

2012 Q4 58,583 - 195,755 282,059 - 21,824,229 (58,583)

2013 Q1 58,834 - 169,986 222,730 - 22,275,779 (58,834)

2013 Q2 63,390 - 201,462 521,836 - 23,062,467 (63,390)

2013 Q3 65,979 - 227,094 635,791 - 23,991,331 (65,979)

2013 Q4 59,259 - 214,000 871,050 - 25,135,640 (59,259)

2014 Q1 62,662 - 197,656 569,255 - 25,965,213 (62,662)

2014 Q2 66,233 - 239,331 599,544 - 26,870,320 (66,233)

2014 Q3 68,301 - 247,426 601,155 - 27,787,203 (68,301)

2014 Q4 68,110 - 260,748 594,423 - 28,710,483 (68,110)

2015 Q1 69,464 - 240,094 713,556 - 29,733,597 (69,464)

2015 Q2 71,815 - 282,784 697,299 - 30,785,495 (71,815)

2015 Q3 79,117 - 298,897 1,147,165 - 32,310,674 (79,117)

2015 Q4 77,383 - 335,231 1,022,242 - 33,745,530 (77,383)

2016 Q1 71,346 - 289,350 480,487 - 34,586,713 (71,346)

2016 Q2 77,182 - 344,944 504,609 - 35,513,448 (77,182)

2016 Q3 - - 291,930 427,018 16,405 36,248,802 (105,226)

2016 Q4 - - 318,165 555,359 17,938 37,140,265 (107,340)

2017 Q1 - - 267,229 60,653 18,375 37,486,521 (109,903)

2017 Q2 - - 288,000 451,481 19,483 38,245,484 (110,899)

2017 Q3 - - 278,266 256,146 20,328 38,800,223 (113,081)

2017 Q4 - - 335,469 510,823 21,641 39,668,155 (114,676)

2018 Q1 - - 269,133 837,756 15,079 40,790,123 (117,171)

2018 Q2 - - 281,564 501,024 15,989 41,588,700 (120,397)

2018 Q3 - - 245,784 568,837 16,967 42,420,288 (122,693)

2018 Q4 322,691 (322,691) 319,912 153,342 17,364 42,910,906 (125,083)

Prudential PRISA IIInvestment Activity Statement


QTR CONT DISTNET

INCOME UNREALIZED



Prudential PRISA IIInvestment Activity Statement

2019 Q1 368,560 (368,560) 239,815 465,686 18,104 43,634,512 (126,494)

2019 Q2 380,224 (380,224) 338,261 156,196 17,986 44,146,955 (128,574)

TOTAL 24,440,328 (1,071,474) 10,393,736 10,168,708 215,660 44,146,955 (3,270,391)


Fund-Level Information Client-Level InformationOpportunistic06/20132.7%$25,000,000$0$32,424,481$35,411,891$7,761,4600.7%10.4%1.3x

NetTotal

GrossIncome

GrossTotal






Appreciation(0.5%)(0.7%)(1.2%)4.7%6.1%4.4%4.0%

Leverage Ratio: 11.7% NAV % of Portfolio:Investment Strategy: Undervalued markets/assets and

portfolio management strategiesgenerally unavailable to othercommercial real estate debt managers.





Torchlight Debt Opportunity Fund IV


34.5%

23.9%

23.5%

18.1%

<1%

US West

US Midwest

US East

US South

Foreign Other

28.4%

25.8%20.8%

16.3%

6.8%

1.9%

Retail

Residential

Hotel

Office

Industrial

Other Property


QTR CONT DISTNET

INCOME UNREALIZED



2013 Q3 15,212,400 - (637,718) 122,035 (17,144) 14,679,573 (356,640)

2013 Q4 - (5,399,077) 843,063 (51,057) 130,471 10,202,973 (76,637)

2014 Q1 - - 175,670 (102,410) (9,043) 10,267,190 (76,510)

2014 Q2 7,316,086 (414,660) 423,133 136,035 31,464 17,759,248 (110,094)

2014 Q3 2,448,311 (381,947) 306,825 87,800 (33,124) 20,187,113 (47,426)

2014 Q4 - (224,260) 269,158 365,475 17,021 20,614,507 (288,277)

2015 Q1 - (250,263) 297,496 152,233 (10,662) 20,803,311 (80,702)

2015 Q2 - (380,273) 282,680 (1,716) 501,371 21,205,373 (394,213)

2015 Q3 - (3,221,501) 329,050 (271,138) 365,709 18,407,493 (59,126)

2015 Q4 3,672,466 (643,417) 210,495 52,022 (20,677) 21,678,382 92,242

2016 Q1 3,672,465 (197,164) 347,350 (208,184) 6,057 25,298,906 261,650

2016 Q2 - (356,916) 588,303 (463,143) 215,439 25,282,589 33,460

2016 Q3 - (354,612) 353,679 169,360 163,340 25,614,356 (110,231)

2016 Q4 - (380,648) 479,795 (260,386) 997,439 26,450,556 (729,205)

2017 Q1 - (394,140) 783,796 (189,555) 24,707 26,675,364 (141,564)

2017 Q2 - (3,962,851) 469,807 (518,596) 826,595 23,490,319 (323,030)

2017 Q3 - (2,643,542) 388,225 160,892 (43,393) 21,352,501 (105,789)

2017 Q4 - (2,618,139) 410,711 30,411 176,667 19,352,151 (271,244)

2018 Q1 - (2,428,541) 340,687 110,019 189,324 17,563,640 (328,558)

2018 Q2 - (2,571,712) 270,850 (1,302) 410,027 15,671,503 (398,352)

2018 Q3 - (5,348,488) 175,178 (679,442) 882,126 10,700,877 (185,452)

2018 Q4 21,285 (929,534) 109,255 (421,512) 296,027 9,776,398 165,884

2019 Q1 52,598 (1,217,572) 99,601 (532,484) 551,979 8,730,520 6,836

2019 Q2 28,870 (1,092,634) 95,813 (62,599) 61,490 7,761,460 15,372

TOTAL 32,424,481 (35,411,891) 7,412,902 (2,377,242) 5,713,210 7,761,460 (3,507,606)

Torchlight Debt Opportunity Fund IVInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal






Appreciation1.1%0.8%0.9%5.5%8.4%N/A

26.6%

Leverage Ratio: 27.8% NAV % of Portfolio:Investment Strategy: Invest across the entire spectrum of

debt and other interests relating tocommercial real estate.





Torchlight Debt Opportunity Fund V


30.3%

29.3%

22.1%

18.2%

<1%<1%

US South

US West

US East

US Midwest

International:All

Foreign Other

42.2%

18.9%

17.1%

11.9%

5.2%,

4.6%

Residential

Office

Retail

Hotel

Other Property

Industrial


QTR CONT DISTNET

INCOME UNREALIZED



2015 Q2 1,500,000 - (41,488) 44,071 - 1,502,583 (121,772)

2015 Q3 - - 47,005 (70,793) - 1,478,795 (90,000)

2015 Q4 3,000,000 - 18,706 (20,539) (20,520) 4,456,442 (90,000)

2016 Q1 - - 60,822 (132,443) - 4,384,821 (90,000)

2016 Q2 - - 129,518 (43,354) 57,256 4,528,241 (90,000)

2016 Q3 1,500,000 - 155,770 123,698 133,273 6,440,982 (112,840)

2016 Q4 1,500,000 - 206,014 21,284 - 8,168,280 (170,683)

2017 Q1 - - 234,922 78,945 11,935 8,494,082 (234,998)

2017 Q2 3,000,000 (249,860) 326,251 105,625 62,295 11,738,393 (213,543)

2017 Q3 7,500,000 (223,528) 396,751 (80,739) 35,733 19,366,610 (177,937)

2017 Q4 - (238,786) 405,176 223,166 17,525 19,773,691 (251,466)

2018 Q1 - - 419,599 403,873 21,010 20,618,173 (301,120)

2018 Q2 - (294,982) 455,013 451,202 175,786 21,405,192 (360,500)

2018 Q3 - (567,890) 477,632 207,207 207,695 21,729,836 (313,134)

2018 Q4 - (309,054) 384,134 (705,173) 144,393 21,244,136 (45,839)

2019 Q1 3,000,000 (1,098,715) 344,560 (654,011) 542,575 23,378,545 (148,281)

2019 Q2 3,000,000 - 348,772 (10,616) 149,703 26,866,404 (211,965)

TOTAL 24,000,000 (2,982,815) 4,369,157 (58,597) 1,538,659 26,866,404 (3,024,078)

Torchlight Debt Opportunity Fund VInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal

Quarter 0.6% 1.7% 3.5% 1.6%Year-to-Date 7.3% 5.8% 15.6% 3.6%One-Year 6.6% 14.9% 25.2% 7.0%Two-Year N/A N/A N/A N/AThree-Year N/A N/A N/A N/AFive-Year N/A N/A N/A N/ASince Inception 1.0% 10.2% 22.6% 7.2%





Appreciation1.7%9.5%9.1%N/AN/AN/A

11.4%

Leverage Ratio: 62.7% NAV % of Portfolio:Investment Strategy: Invest across the entire spectrum of

debt and other interests relating tocommercial real estate.





Torchlight Debt Opportunity Fund VI


54.2%

24.2%

11.8%

9.7%

0.1%<1% <1%

US East

US South

US West

US Midwest

US Other

International:All

Foreign Other

59.7%19.5%

9.4%

5.2%

4.6% 1.6%

Residential

Office

Retail

Hotel

Other Property

Industrial


QTR CONT DISTNET

INCOME UNREALIZED



2018 Q1 6,000,000 - (339,097) 71,184 94 5,732,181 (276,481)

2018 Q2 - (1,616,794) (69,021) 211,666 31,872 4,289,904 (191,250)

2018 Q3 - (580,557) (16,407) 640,725 26,932 4,360,597 (183,913)

2018 Q4 - (360,513) 3,708 (671,870) 81,052 3,412,974 (168,750)

2019 Q1 - (419,840) (35,727) 258,729 (7,134) 3,209,002 (168,750)

2019 Q2 19,505,574 - (182,148) 211,549 78,184 22,822,161 (467,311)

TOTAL 25,505,574 (2,977,704) (638,692) 721,983 211,000 22,822,161 (1,456,455)

Torchlight Debt Opportunity Fund VIInvestment Activity Statement


Fund-Level Information Client-Level InformationCore10/20181.9%$75,000,000$26,006,512$49,335,330$341,842$50,491,9164.7%N/M1.0x

NetTotal

GrossIncome

GrossTotal

Quarter 1.5% 0.7% 1.9% 1.6%Year-to-Date 3.1% 1.4% 3.8% 3.6%One-Year N/A N/A N/A N/ATwo-Year N/A N/A N/A N/AThree-Year N/A N/A N/A N/AFive-Year N/A N/A N/A N/ASince Inception N/M N/M N/M N/M






Leverage Ratio: 34.1% NAV % of Portfolio:Investment Strategy: Invest in industrial, multifamily, office,

and retail properties in major U.S.metropolitan areas.



No. of Active Investments: 40 Remaining Commitment:Target Return: 1% > ODCE Contributions:


USAA Eagle Real Estate Fund


36.7%

31.0%

18.4%

13.8%

US West

US East

US Midwest

US South

43.2%

20.4%

18.3%

17.9%

0.2%

Residential

Office

Industrial

Retail

Land


QTR CONT DISTNET

INCOME UNREALIZED



2018 Q4 24,570,753 - 100,420 147,570 59,900 24,878,642 (59,401)

2019 Q1 11,265,348 (164,104) 146,288 427,670 (44,016) 36,509,828 (85,160)

2019 Q2 13,499,229 (177,738) 193,630 293,489 173,478 50,491,916 (192,236)

TOTAL 49,335,330 (341,842) 440,338 868,729 189,361 50,491,916 (336,797)

USAA Eagle Real Estate FundInvestment Activity Statement



NetTotal

GrossIncome

GrossTotal

Quarter 4.6% (0.3%) 5.0% 1.6%Year-to-Date 7.2% (0.6%) 8.0% 3.6%One-Year 14.3% (1.3%) 16.5% 7.0%Two-Year 13.4% (1.9%) 18.1% 7.3%Three-Year 11.5% (4.5%) 21.1% 7.4%Five-Year N/A N/A N/A N/ASince Inception 11.5% (4.5%) 21.1% 7.4%






18.0%20.3%26.3%

N/A26.3%

Leverage Ratio: 60.8% NAV % of Portfolio:Investment Strategy: Target existing assets in need of

improvements and repositioningand/or have distressed capitalstructures in select global markets.





Westbrook Real Estate Fund X


36.0%

27.3%

25.1%

11.6%

Europe

US East

US West

Asia

44.0%

22.7%

20.2%

9.6%3.5%,

Office

Residential

Industrial

Hotel

Retail


QTR CONT DISTNET

INCOME UNREALIZED



2016 Q3 3,157,895 - (149,852) 292,410 - 3,300,453 -

2016 Q4 3,796,138 - (616,886) 550,290 17,345 7,047,340 (532,980)

2017 Q1 2,691,781 - (242,284) 69,827 164,210 9,730,874 (165,465)

2017 Q2 167,303 (526,315) (239,566) 442,133 133,291 9,707,720 (167,303)

2017 Q3 6,379,668 (1,052,631) (273,948) 250,705 292,424 15,303,938 (169,142)

2017 Q4 169,142 (615,903) (300,307) 1,144,204 (220,624) 15,480,450 (169,142)

2018 Q1 4,271,348 - (575,212) 928,913 70,675 20,176,174 (481,874)

2018 Q2 3,325,198 (1,347,368) (217,381) 693,521 83,406 22,713,550 (167,303)

2018 Q3 3,322,938 (1,789,473) (185,010) 243,080 698,101 25,003,186 (165,043)

2018 Q4 3,257,954 (1,536,843) (251,510) 766,142 259,667 27,498,596 (100,059)

2019 Q1 4,849,569 - (203,289) 867,499 51,934 33,064,309 (112,727)

2019 Q2 3,303,000 (2,520,500) (251,354) 899,126 919,079 35,413,659 (145,105)

TOTAL 38,691,934 (9,389,033) (3,506,599) 7,147,850 2,469,508 35,413,659 (2,376,143)

Westbrook Real Estate Fund XInvestment Activity Statement


DEFINITIONS

Term Definition

Committed Capital An amount set by an investor and a fund manager, as the aggregate amount an investor will invest in the private equity fund, over the life of the investment period. Committed Capital is presented net of any commitment releases or expirations and reflects foreign currency exchange rate fluctuations.

Contribution Capital provided by the limited partners to pay a fund’s underlying investments, fees, and carried interest.

Distribution Cash or stock returned to the limited partners after the general partner has exited from an investment. Stock distributions are sometimes referred to as "in‐kind" distributions. The partnership agreement governs the timing of distributions to the limited partner, as well as how any profits are divided among the limited partners and the general partner.

Distributions to Paid‐in Capital (“DPI”)

The amount a partnership has distributed to its investors relative to the total capital contribution of the fund. DPI is calculated as a Distributions divided by Contributions. Also referred to as the Realization Ratio.

Total Exposure Total Exposure represents the maximum exposure a portfolio has to a targeted sector, geography, or other specific cut of the data.

Fair Market Value The fair value of an investment, as defined within each limited partnership agreement, yet in compliance with the governmental regulation, generally prepared on a GAAP basis. Also referred to as Market Value.

Fund The investment vehicle, often a limited partnership, to which the limited partners commit capital.

Geography The region in which a portfolio company is located.

Internal Rate of Return (“IRR")

A performance metric that measures total value created by the portfolio’s daily cash flows and market value as of quarter‐end. The discount rate that equates the net present value (NPV) of an investment’s cash flows with its cash outflows. IRR is net of fund manager’s fees, expenses, and carried interest.

Net Multiple (or Total Value Multiple, “TVM”)

A performance metric that measures total value created by the portfolio relative to capital invested, without consideration for time. Calculated as the total value of an investment, which is comprised of the current market value of an investment plus the realizations generated from an investment, divided by the total capital invested in an investment. This metric addresses one particular shortfall of the IRR calculation, in that a high IRR over a short holding period is not necessarily attractive to a long‐term institutional investor.

Public Market Equivalent (“PME”)

Realization (or “Proceeds”)

Sector

Unfunded

Vintage Year

Benchmarking metric which designs a set of analyses used in the Private Markets to evaluate the performance of Private Markets investments against a public benchmark or index. To perform the public market analysis, StepStone will run a Direct Alpha analysis which will assume the cash flows to/from each investment were used to invest into and out of the given index. Direct Alpha is an annualized excess return, describing the relative performance of the private market investment to the stated index as of the measurement date. The calculation is a dollar‐weighted return, based on the series of fund cash flows and the residual value, discounted to a single point in time using the respective index returns. For presentation purposes, StepStone provides the implied PME based on the Direct Alpha methodology which subtracts/adds the out/underperformance from the net IRR which provides the implied return of the public benchmark.

The capital received from a portfolio company, generally flowing from the portfolio company to the managing fund, in any dollar amount; however, generally for the sale of the investment, dividends or interest payable, etc.

A fund’s indicated investment focus, e.g. Buyout, Venture Capital, or Special Situations.

The total remaining commitment to a fund. Unfunded represents the aggregate remaining commitments to partnership investments.

The year of fund formation and first takedown of capital.

Term Definition

1 | P a g e S t e p S t o n e R e a l E s t a t e – S u m m e r 2 0 1 9

StepStone Real Estate

Market Commentary

Summer 2019

After raising rates four times in 2018, many

observers expected that economic moderation

would cause the US Federal Open Markets

Committee to reverse course and lower rates.

Global real estate transaction volume fell -6%

from 2Q18 to 2Q19 to $210 billion. Annualizing

the YTD transaction volume would yield $778

billion of activity, which is 78% of the 2018 levels.

_______________________________________

Figure 1| Annual Global Transaction Volume

_______________________________________

Source: Real Capital Analytics (6/30/19)

North America posted 51% of Global volume,

marking the third straight quarter for North

America to represent a majority of transaction

activity. The Asia Pacific and EMEA (Europe

Africa and Middle East) regions were down -14%

and -19% over that period to $34 billion and $63

billion, respectively. Transactions in the

Americas were up 6% to $113 billion in the

quarter.

_______________________________________

Figure 2| Regional Share of Global Transaction Volume

_______________________________________


The global decline in interest rates that followed the market correction of late 2018 led to widening cap rate spreads across most regions. The cap rate spread in Paris was highest among major global developed markets, ending the quarter at 5.40%. In contrast, Hong Kong ended the quarter with the lowest cap rate spread at 0.96%. The cap rate spread for New York Office was 2.47% as of June 30, 2019.

_______________________________________

Figure 3| Office Cap Rate Spread to 10 Year Sovereign Debt

_______________________________________

Source: Bloomberg (6/30/19)

$1028

$446

$239

$413

$533

$582

$725

$837

$973

$872$911

$997

$389

$

$200

$400

$600

$800

$1000

$1200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Tran

sact

ion

Vo

lum

e ($

bill

ion

)

50%

34%

24%

35%41%

47% 46% 45%49% 50%

45%49% 51%

13%

19%

26%

26%21%

20% 20% 18%16% 17%

18%17%

18%

37%

47% 50%

39% 38%33% 35% 37% 36% 34%

37%33% 30%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Americas Asia EMEA

5.40% 5.39%

4.38%

3.86%3.61%

3.35%

2.47%

0.96%

Paris Frankfurt Tokyo London Sydney Toronto New York HongKong


Fundraising and Dry Powder

There were 102 funds closed through June 2019,

which is on pace to fall well below 2018 levels.

The $48 billion raised through June is on pace to

exceed 2018 levels.

_______________________________________

Figure 4| Real Estate Funds Closed by Year

_______________________________________

Source: Preqin (6/30/19)

Investors were most interested in committing to

Europe-focused funds over the next 12 months

(52%), though the level of interest has declined

from the year ago period (65%). Interest in North

America strategies increased from 42% to 50%

over that time period.

_______________________________________

Figure 5| Investor’s Targeted Commitments – By Region

_______________________________________


Almost two thirds of investors are planning to

commit to Core strategies in the coming year

(63%), compared to less than half expressing

that intent a year ago (49%). Debt strategies are

on the radar for a quarter (25%) of investors.

_______________________________________

Figure 6| Investor’s Targeted Commitments – By Strategy

_______________________________________


0

50

100

150

200

250

300

350

400

450

500

0

20

40

60

80

100

120

140

160

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

1H19

Nu

mb

er o

f Fu

nd

s C

lose

d

Cap

ital

Rai

sed

An

nu

ally

($

Bln

)

Capital Raised Funds Closed

42%

65%

25%

34%

50%52%

26%

36%

North America Europe Asia-Pacific Global

Q2 2018 Q2 2019

49%51%

58%

45%

17%

63%

40%

56%

49%

25%

Core Core-Plus Value Added Opportunistic Debt

Q2 2018 Q2 2019


Shift from Core and Gateway Markets

Contribution queues ($4.6 billion) to US Core

Open-Ended funds are larger than redemption

queues ($3.7 billion), after the former lagged the

latter last quarter.

Of the twenty-five ODCE funds, fifteen have

contribution queues and five have redemption

queues. One fund in particular makes up $2.6

billion of the redemption queue.

_______________________________________

Figure 7| Core Contribution and Redemption Queues ($bil.)

_______________________________________

Source: StepStone Real Estate (6/30/19)

Price movement for the Major Markets of

Boston, New York, Washington DC, Chicago, San

Francisco and Los Angeles (+2.2%) outpaced

Non-Major Markets (+1.3%) in the quarter. Price

movement has also lifted the CPPI Industrial

Index above the CPPI Apartment Index for the

first time ever.

_______________________________________

Figure 8| Major vs Non-Major Market

_

_____________________________________

Source: Moody’s Commercial Property Price Index (6/30/19)

With falling yields and slowing appreciation,

one-year total returns for NCREIF through the

second quarter of 6.51% were below the long-

term historical income returns of 7.14%.

_______________________________________

Figure 8| Core Contribution and Redemption Queues

_______________________________________

Source: NCREIF (6/30/19)

$1.5

$6.2

$7.5$7.0

$10.6 $10.8

$8.9

$6.1 $6.2

$3.79$4.55

-$6.2

-$.3 -$.4 -$.1 -$.1 $.0 -$.2

-$1.9

-$.3

-$2.3

-$3.7

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Contribution Queue Redemption Queue

122.3

115.8

95

100

105

110

115

120

125

Sep

-16

Dec

-16

Mar

-17

Jun

-17

Sep

-17

Dec

-17

Mar

-18

Jun

-18

Sep

-18

Dec

-18

Mar

-19

Jun

-19

Ind

ex V

alu

e

Major Markets

Non Major Markets

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Re

turn

Year

Income Return

Appreciation Return

Average Total Return

Average Income Return

Average Appreciation Return


US Fundamentals Remain Strong

All four of the main NCREIF property types

produced positive returns for the four quarters

ending in June. Industrials led with 13.9%,

followed by Office (6.8%), Apartments (5.8%)

and Retail (1.7%). Concerns over store closings

and e-commerce continue to cause year-over-

year value declines of -2.8% for the Retail sector.

These same factors contributed to an 8.8%

appreciation gain for Industrials.

Vacancy has fallen to a 10-year low for Office

(9.8%). Apartments (5.6%), Industrial (3.1%) and

Retail (6.8%) vacancies are all below the year ago

level.

_______________________________________

Figure 9| US Vacancy

_______________________________________

Source: NCREIF (6/30/19) Data reflect the prior 40 quarters.

NOI Growth for Industrials (8.9%) is near a 10-

year high. Apartment (7.7%) NOI Growth is

nearly double the year ago levels while Retail

NOI Growth has turned negative.

_______________________________________

Figure 10| Four Quarter NOI Growth

_______________________________________


NPI cap rates are near record lows (4.4%) and

near the year ago levels for all property types.

Industrial (4.5%) cap rates are at 10-year lows.

_____________________________________

Figure 11| Cap Rates

_______________________________________


5.7% 5.6%

3.1%

9.8%

6.8%

2%

4%

6%

8%

10%

12%

14%

16%

NPI Apartment Industrial Office Retail

Vac

ancy

AverageCurrentPrior 4 Qtrs

4.7%

7.7%8.9%

4.4%

-0.4%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%


4 Q

uar

ter

NO

I Gro

wth

Rat

e

AverageCurrentPrior 4 Qtrs

4.4%4.2%

4.5%4.3%

4.5%

4%

5%

6%

7%

8%


Cap

Rat

e

Average

Current

Prior 4 Qtrs


US Apartment Sector

Apartment demand has lagged supply for eight

of the last nine quarters. The prior two years if

excess supply caused vacancy to rise and rents to

fall.

There were a little more than 40,000 new

Apartment units completed across the US in the

first quarter, the lowest quarterly level in almost

six years. The four quarter total units supplied

through 2Q19 was about 214,000, which is -19%

below the four-quarter level through 2Q18.

Demand in the quarter was around 37,000 units,

which is the lowest level in over five years.

Vacancy has fallen to 4.7% through June after

ticking up to 4.8% at year end. Vacancy is much

tighter for the BC-Class units (3.5%) compared to

A-Class units (6.0%).

Absorption for the quarter was highest in New

York (5.8%), Washington DC (3.9%) and Denver

(3.5%).

_______________________________________

Figure 12| Apartment Supply & Demand

_______________________________________

Source: REIS (6/30/19)

Rent growth for A-Class units in the quarter was

4.1%, which is in-line with the year ago growth

levels. Despite the tighter vacancy, BC-Class

units are seeing declining rent growth. Rent

growth in the quarter for the non-luxury

segment was 4.0%, down from 4.7% at year end.

Rent growth was highest in Chicago (5.8%),

Denver (5.8%) and Phoenix (5.3%).

With $46 billion of transaction activity in the

quarter, the Apartment segment led all property

types and was 31% of activity for the quarter.

Volume in the quarter was up 25.3% compared

to the same quarter a year ago.

Dallas led the annualized volume through the

end of the quarter. If combined, Manhattan and

the NYC Burroughs would have led the

transaction activity for the quarter. The Inland

Empire posted the highest year-over-year

growth in transaction volume (84%). Among the

ten largest markets by volume, Chicago saw the

largest year-over-year decline (-8%).

_______________________________________

Figure 13| Apartment Transaction Activity

_______________________________________


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

-60

-40

-20

20

40

60

80

100

120

Jun

-08

Dec

-08

Jun

-09

Dec

-09

Jun

-10

Dec

-10

Jun

-11

Dec

-11

Jun

-12

Dec

-12

Jun

-13

Dec

-13

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

Dec

-17

Jun

-18

Dec

-18

Jun

-19

Vac

ancy

Un

its

(th

ou

san

ds)

Demand Supply Vacancy

-100% -75% -50% -25% 0% 25% 50% 75% 100%

-$10 -$8 -$6 -$4 -$2 $ $2 $4 $6 $8 $10

Dallas

Los Angeles

Atlanta

Houston

Manhattan

Phoenix

Seattle

NYC Boroughs

Denver

Chicago

Austin

DC VA burbs

Philadelphia

Tampa

Charlotte

Boston

Orlando

Raleigh/Durham

Las Vegas

San Francisco

DC MD burbs

Baltimore

No NJ

Inland Empire

San Antonio

Year over Year Change in Volume (%)

12 Month Volume ($ billion)

Volume

Change (YoY)


US Industrial Sector

Industrial demand has exceeded supply since

2011, which has resulted in tight vacancy and

strong NOI growth.

After growing for five straight years, demand

growth is beginning to slow. The 112 million

square feet of demand is 13% below the year ago

level. That said, supply has not kept up with the

demand that has come from online retailers and

logistics firms. Reis forecasts that new supply will

step down over the next few years.

Vacancy has fallen to 7.0% through June, down

40 basis points from the 7.4% one year prior.

Vacancy is tighter for modern logistics facilities

and in-fill locations that can serve “last mile”

distribution. Vacancy is tightest in the west coast

markets of Los Angeles (4.7%), Orange County

(7.1%) and Philadelphia (7.3%).

Absorption for the quarter was highest in Fort

Worth (4.1%), Riverside (3.8%) and Indianapolis

(2.6%).

_______________________________________

Figure 14| Industrial Supply & Demand

_______________________________________


Year-over-year rent growth of 2.8% was slightly

below the five-year average of 3.3% from 2013

to 2018. Industrial rent growth is down from the

4.4% level posted in 2017 as demand comes off

slightly. Rent growth was highest in Denver

(3.4%), Chicago (3.2%) and Phoenix (3.1%).


quarter, the Industrial segment has overcome

the retail sector as the third largest sector

behind apartment and office. Volume in the

quarter was down -4% compared to the same

quarter a year ago.

Chicago had the highest amount of annualized

volume through the end of the quarter, followed

by Los Angeles and the Inland Empire. Among

the ten largest markets by volume, Los Angeles

was the only market to post a year-over-year

decline (-5%) and Boston saw the largest

increase (58%). Cincinnati saw the highest year-

over-year volume growth (109%).

_______________________________________

Figure 15| Industrial Transaction Activity

_______________________________________


0%

2%

4%

6%

8%

10%

12%

14%

-100

-50

50

100

150

200

Dec

-08

Jun

-09

Dec

-09

Jun

-10

Dec

-10

Jun

-11

Dec

-11

Jun

-12

Dec

-12

Jun

-13

Dec

-13

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

Dec

-17

Jun

-18

Dec

-18

Jun

-19

Vac

ancy

Squ

are

Feet

(m

illio

ns)


-200% -150% -100% -50% 0% 50% 100% 150% 200%

-$8 -$6 -$4 -$2 $ $2 $4 $6 $8

Chicago

Los Angeles

Inland Empire

Dallas

Atlanta

No NJ

NYC Boroughs

Seattle

Houston

Boston

Phoenix

Orange Co

East Bay

San Diego

San Jose

Indianapolis

Memphis

Miami/Dade Co

Minneapolis

Denver

Cincinnati

Columbus

Baltimore

Detroit

Charlotte



Volume

Change (YoY)


US Office Sector

Despite record employment levels, Office

vacancy is rising as supply has exceeded demand

for 12 of the past 13 quarters.

There were 8 msf new Office space completed

across the US in the second quarter, which is 25%

below the amount delivered in the same period

a year ago. The one-year total supplied through

2Q19 was about 37 msf, which is below the four-

quarter level of 47 msf through 2Q18.

Demand of 4 msf in the quarter was flat

compared to the prior quarter.

Vacancy was 16.8% through March, up 20 basis

points from the 16.6% one year prior. Vacancy is

tighter for the A-Class space (15.1%) compared

to B-Class space (18.8%).

Absorption for the quarter was highest in the

Western markets of Austin (2.9%), Seattle (2.7%)

and Phoenix (1.9%).

_______________________________________

Figure 16| Office Supply & Demand

_______________________________________


Rent growth for A-Class space in the quarter was

2.0%, which is below the growth level of 2.5% in

2018. Rental growth in BC-Class space was 0.5%,

compared to 2.4% for 2018.

Rent growth was highest in Seattle (4.0%),

Minneapolis (4.0%) and Austin (3.3%).


quarter, the Office segment was behind only

Apartments and was 23% of activity for the

quarter. Volume in the quarter was up 36%

compared to a year ago.

Boston moved into second place in terms of

volume with an 82% increase year-over-year.

Among the 10 largest Office markets, Chicago

saw the largest year-over-year decline in

transaction volume (-35%).

The NYC Boroughs and Austin had the largest

increase in volume, with 127% and 114%

respectively.

_______________________________________

Figure 17| Office Transaction Activity

_______________________________________


0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

-30

-25

-20

-15

-10

-5

5

10

15

20

25

Jun

-08

Dec

-08

Jun

-09

Dec

-09

Jun

-10

Dec

-10

Jun

-11

Dec

-11

Jun

-12

Dec

-12

Jun

-13

Dec

-13

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

Dec

-17

Jun

-18

Dec

-18

Jun

-19

Vac

ancy

Squ

are

Feet

(m

illio

ns)


-100% -75% -50% -25% 0% 25% 50% 75% 100%

-$20 -$16 -$12 -$8 -$4 $ $4 $8 $12 $16 $20

Manhattan

Boston

Los Angeles

San Francisco

Seattle

San Jose

Dallas

DC

Chicago

Atlanta

East Bay

San Diego

Houston

Phoenix

Austin

DC VA burbs

Denver

Orange Co

NYC Boroughs

Philadelphia

No NJ

Minneapolis

Charlotte

Portland

Raleigh/Durham



Volume

Change (YoY)


US Retail Sector

Despite concerns over e-commerce and store

closings, Retail demand has exceeded supply for

the past two quarters.

There were a little more than 1.5 msf of new

Retail space completed across the US in the

second quarter. The four-quarter total supplied

through 2Q19 was about 8 million square feet,

which is 26% below the four-quarter level

through 2Q18.

Demand in the four-quarters ending 1Q19 was

about 180% higher than the year ago levels.

Vacancy has fallen to 10.1% through June, down

10 basis points from the 10.2% one year prior.

With mall closings, vacancy is lower in 2018 than

2011, when vacancies hit 11.1%

Absorption for the quarter was highest in Palm

Beach (2.0%), Orlando (1.1%), and Miami (0.8%).

_______________________________________

Figure 18| Retail Supply & Demand

_______________________________________


Rent growth for Retail was below inflation at

1.5%, about flat from a year ago.

Rent growth was highest in Orlando (2.6%),

Miami (2.5%) and Houston (2.2%).


quarter, the Retail segment was the lowest of

the main property types and was 12% of activity

for the quarter. Volume in the quarter was down

22% compared to the same quarter a year ago,

which was the largest decrease among the main

property types.

Among the ten largest markets by volume, Las

Vegas saw the largest year-over-year increase

(151%). Baltimore had the largest volume

increase with a gain of 154%.

Los Angeles had the largest decline in transaction

volume, contracting -35%.

_______________________________________

Figure 19| Retail Transaction Activity

_________________________________


0%

2%

4%

6%

8%

10%

12%

-10

-8

-6

-4

-2

2

4

6

8

10

Jun

-08

Dec

-08

Jun

-09

Dec

-09

Jun

-10

Dec

-10

Jun

-11

Dec

-11

Jun

-12

Dec

-12

Jun

-13

Dec

-13

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

Dec

-16

Jun

-17

Dec

-17

Jun

-18

Dec

-18

Jun

-19

Vac

ancy

Squ

are

Feet

(m

illio

ns)


-250% -200% -150% -100% -50% 0% 50% 100% 150% 200% 250%

-$8 -$6 -$4 -$2 $ $2 $4 $6 $8

Manhattan

Los Angeles

Dallas

Houston

Chicago

Atlanta

Las Vegas

Inland Empire

NYC Boroughs

Boston

Seattle

Miami/Dade Co

No NJ

Phoenix

San Diego

Philadelphia

San Francisco

DC VA burbs

Denver

Minneapolis

Baltimore

Richmond/Norfolk

San Antonio

Orlando

Portland



Volume

Change (YoY)


Disclosures

This document is for information purposes only and has been compiled with publicly available information. StepStone makes no guarantees of the accuracy of the information provided. This information is for the use of StepStone’s clients and contacts only. This report is only provided for informational purposes. This report may include information that is based, in part or in full, on assumptions, models and/or other analysis (not all of which may be described herein). StepStone makes no representation or warranty as to the reasonableness of such assumptions, models or analysis or the conclusions drawn. Any opinions expressed herein are current opinions as of the date hereof and are subject to change at any time. StepStone is not intending to provide investment, tax or other advice to you or any other party, and no information in this document is to be relied upon for the purpose of making or communicating investments or other decisions. Neither the information nor any opinion expressed in this report constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service.

Past performance is not a guarantee of future results. Actual results may vary.

Each of StepStone Group LP, StepStone Group Real Assets LP and StepStone Group Real Estate LP is an investment adviser registered with the Securities and Exchange Commission. StepStone Group Europe LLP is authorized and regulated by the Financial Conduct Authority, firm reference number 551580.

Manager references herein are for illustrative purposes only and do

not constitute investment recommendations.

Documents

Quarterly Real Estate Monitoring Report · 12/18/2019 · Real Estate LP, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG or their subsidiaries