board regular meeting - oklahoma · 5/20/2020 · tim allen bill bentley rod boles lisa henderson...

Board Regular MeetingScheduleVenue

Description

Organizer

Wednesday, May 20, 2020 9:00 AM — 12:00 PM CDTVirtual Meeting held in compliance with Open Meetings Act as amended by SB661 - Zoom videoconference meeting - Public Access Link: https://www.facebook.com/OkTRS/Live/This meeting will be held with the following trustee attending via ZOOM videoconference: Chairman Vernon Florence; Vice Chair Roger Gaddis; Judie Harris; Tim Allen, designee of Randy McDaniel; Bill Bentley; Rod Boles; Lisa Henderson; Michael Kellogg; Brandy Manek, designee of Stephen Harpe; Brandon Meyer; Chris Rector; Mathangi Shankar, designee of Joy Hofmesiter; Stephen Streeter; Drew Williamson; and Dr. Greg Winters, designee of Marcie Mack. Also, TRS Staff Tom Spencer; Sarah Green; Phyllis Bennett; Kim Bold; Joe Cappello; Dixie Moody; Sam Moore; John Santos; and Kirk Stebbins. Also, Jack Evatt; Doug Anderson; Peter Brown; Hilaire Johnson; and Emily Adams. Meeting materials will be available May 18 athttps://www.ok.gov/TRS/About_Us/Board_Information/Meeting_ Materials.html. Please note: If audio connection is lost, the meeting will be stopped and reconvened in 15 minutes. If the attempt to reconvene fails, the meeting will reconvene at 11 AM CST.Phyllis Bennett

Agenda

1. Roll Call for Quorum

2. Discussion and Possible Action on Approval of February 26, 2020, BoardRegular Meeting Minutes

Bd-2 MinBdMtgFeb2020(final).docx 1

3. Discussion and Possible Action on Investment Committee Report

3.1. Discussion and Possible Action on Investment Consultant Quarterly andMonthly Reports

Bd-3.1 ExecSummary-Highlights-2020-04-30.pdf 8 Bd-3.1 TRS-Alternatives-QE-12-31-2019.pdf 9 Bd-3.1 TRS-Fund-QE-03-31-2020.pdf 108 Bd-3.1 TRS-Monthly-April-2020.pdf 184

3.2. Discussion on Real Estate Market and Manager Status Update

Bd-3.2 April 2020 TRSO Real Estate Comments Final.pdf 197

3.3. Discussion and Possible Action on Open-End Non-Core Real Estate RFP

3.4. Discussion and Possible Action on Consent Request in Lieu of Meeting forStarwood Opportunity Funds.

3.5. Discussion and Update on Portfolio Rebalance Activity

Bd-3.4 Rebalance topic May Meeting.pdf 198

3.6. Discussion and Possible Action in Chief Investment Officer Report

Bd-3.5 CIO Report- May Meeting.pdf 199

4. Discussion and Possible Action on Committee Reports:

4.1. Audit Committee

4.2. Governance Committee:Discussion and Possible Action to Approve Final Draft and Adoption ofProcurement Policy to be included in the Board Policy Manual

Bd-4.2 Board Procurement Policy (1).docx 201

4.3. Nominating Committee:Discussion and Possible Action to Elect Board Officers for FY 2021

5. Discussion and Possible Action to Adopt a Resolution to Terminate the TRS403(b) Plan

Bd-5 ResolutionBdTerminating403bPlanIceMiller1stDraft4-22-20.docx 205

6. Discussion and Possible Action to Approve Application for TRS Membershipby Sovereign Community School Foundation

Bd-6a Sovereign Community School Ltr.pdf 207 Bd-6b Sovereign Community School Mins.pdf 208

7. Discussion and Possible Action on Staff Recommendations on ProposedLegislation for the 2020 Session

Bd-7 TRSOpposeSupport5-15-20.pdf 210

8. Discussion and Possible Action to Adopt FY 2021 Budget Work Program

Bd-8 Budget Work Program FY2021 - Final.pdf 214

9. Discussion and Possible Action to Approve Supplement to Engagement andRetainer Letter with Cohen Milstein as counsel for TRS in Re General ElectricSecurities Litigation, 19-cv-01013-DLC

10. Discussion and Possible Action on Renewal of Investment ManagerContracts for FY 2021:a. AEW - Core Real Estateb. Allianz Global Investors U.S. LLC - International Equityc. Causeway Capital Management LLC - International Equityd. Frontier Capital - Domestic Small Cap Equitye. Geneva Capital - Domestic Small Capf. Heitman America Real Estate Trust, LP - Core Real Estateg. Hoisington Investment Management Company - Domestic Fixed Incomeh. Hotchkis & Wiley - Domestic Mid Capi. L&B Realty - Core Real Estate and Non-Core Real Estate - Golden Drillerj. Loomis Sayles - Core Plus Extended Fixed Incomek. Lord Abbett - Core Plus Extended Fixed Incomel. MacKay Shields - Core Plus Extended Fixed Incomem. Neumeier Poma - Domestic Small Cap Equityn. Northern Trust - Domestic Equities - Russell 1000 & Sci-Beta Index & MidCap Equityo. Shapiro Capital Management - Domestic Small Cap Equityp. State Street Global Advisors - Emerging Markets Small Cap Equityq. Wasatch - Domestic Small Cap & International Small Capr. Wellington Management Company, LLP - Domestic Mid Cap, InternationalSmall Cap & International Large Cap

11. Discussion and Possible Action on Renewal of Contracts for FY 2021:a. Gabriel Roeder Smith - Actuarial Servicesb. Gay Tudor - Administrative Law Judge Servicesc. Ice Miller - Legal Servicesd. MY Consulting Group - Statement of Work for Software Development &Supporte. Price Edwards & Company - Real Estate Managementf. Stinnett & Associates, LLC - Internal Auditing of Business Processesg. Voya Financial - Custodial Servicesh. Drs. Jay, Osborne and Livingston - Medical Board Member Services

12. a. Discussion and Possible Action to Ratify Amendment to FY 2020 LegalServices Agreement with Phillips Murrah to Include Bankruptcy Serviceb. Discussion and Possible Action to Renew Legal Services Agreement withPhillips Murrah for FY 2021

13. Discussion and Possible Action on Investment Consultant PerformanceReview

Bd-13 2020 Investment Consultant Survey Results.pdf 221

14. Discussion and Possible Action to Renew Investment Consultant ServicesAgreement with AndCo Consulting

15. Discussion and Possible Action on Agency Reports:

15.1. Client Services

Bd-15.1 ClientServicesReport-May-2020.pdf 242

15.2. Human Resources

Bd-15.2 HR Status Report 2020-05-20.pdf 244

15.3. Finance

Bd-15.3 Finanace Reports.pdf 245

15.4. Deputy Director of Operations

Bd-15.4 MayMtgDepDirRpt2020.docx 252

15.5. General Counsel

Bd-15.5 GC Report - May Bd Mtg.docx 253

15.6. Executive Director

BD-15.6-ExecDirReport-04-25-to-05-18-2020.pdf 254

16. Questions and Comments from Trustees

17. New Business(Any matter not known about or which could not have been reasonablyforeseen prior to the time of posting. 25 O.S. 2011, Section 311.)

18. Adjournment

2500 N. Lincoln Blvd., 5th Floor, Oklahoma City, OK

Next meetings:Investment Committee - 2 p.m. Tuesday, July 21, 2020Board Regular Meeting - 9 a.m. Wednesday, July 22, 2020

MEETING MINUTES

FEBRUARY 26, 2020

BOARD OF TRUSTEES REGULAR MEETING

TEACHERS’ RETIREMENT SYSTEM OF OKLAHOMA

A regular meeting of the Board of Trustees of the Teachers’ Retirement System of Oklahoma was called to

order by Vernon Florence, Chairman, at 9:00 a.m. February 26, 2020, in the Administration Board Room, 5th

Floor, Oliver Hodge Education Building, 2500 N. Lincoln Blvd., Oklahoma City, Oklahoma. The meeting

notice and agenda were posted in accordance with 25 O.S. Section 311(A)(9).

TRUSTEES PRESENT:

Vernon Florence, Chairman

Roger Gaddis, Vice-Chairman

Judie Harris, Secretary

Tim Allen

Bill Bentley

Rod Boles

Lisa Henderson

Michael Kellogg

Brandy Manek

Brandon Meyer

Chris Rector

Mathangi Shankar

Stephen Streeter*

Drew Williams*

TRUSTEES ABSENT:

Greg Winters

TRS STAFF PRESENT:

Tom Spencer, Executive Director

Sarah Green, General Counsel

John Santos, Deputy Director of Operations

Dixie Moody, Director of Client Services

Kirk Stebbins, Chief Investment Officer

Sam Moore, Director of Finance/CFO

Kim Bold, Director of Human Resources

Debra Plog, Employer Reporting Manager

Joe Cappello, Senior Investment Officer

Phyllis Bennett, Executive Assistant

OTHERS PRESENT:

Doug Anderson, AndCo Consulting

Peter Brown, AndCo Consulting

Jack Evatt, AndCo Consulting

Rob Mills, AndCo Consulting

Vanessa Dutton, Eide Bailly

Wayne Maxwell, RPOE

* Denotes late arrival or early departure

ITEM 1 - ROLL CALL FOR QUORUM: Chairman Florence asked the recording secretary to call roll to

determine if a quorum was present. Trustees responding were Mr. Allen, Mr. Bentley, Mr. Boles, Mr. Florence,

Mr. Gaddis, Ms. Harris, Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, and Ms. Shankar. A

quorum was present.

ITEM 2 – DISCUSSION AND ACTION ON APPROVAL OF MINUTES FROM JANUARY 22, 2020,

BOARD REGULAR MEETING:

A motion made by Mr. Kellogg with a second made by Mr. Gaddis to approve the minutes of the January 22,

2020, Board Regular Meeting carried by a unanimous voice vote. Trustees responding were Mr. Allen, Mr.

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Boles, Mr. Florence, Mr. Gaddis, Ms. Harris, Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector,

and Ms. Shankar.

ITEM 3 – DISCUSSION AND POSSIBLE ACTION ON INVESTMENT COMMITTEE REPORT: Mr.

Gaddis, Chair of the Investment Committee, presented the Committee report from the February 25, 2020,

meeting.

3.1 DISCUSSION AND POSSIBLE ACTION ON MASTER CUSTODIAN RFP SELECTION: Mr.

Gaddis reviewed the executive summary of three firms that responded to TRS’ Global Custody Services RFP.

A motion out of the Investment Committee to retain Northern Trust as TRS’ Master Custodian carried by a

unanimous voice vote. Trustees responding were Mr. Allen, Mr. Boles, Mr. Florence, Mr. Gaddis, Ms. Harris,

Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, and Ms. Shankar.

Mr. Streeter and Mr. Williamson arrived at 9:05 a.m.

3.2 DISCUSSION AND POSSIBLE ACTION ON AMENDMENTS TO INVESTMENT POLICY

STATEMENT: Chief Investment Officer Kirk Stebbins reviewed proposed amendments that would clarify,

correct or update various areas in the Investment Policy Statement.

A motion out of the Investment Committee to approve the amendments as presented carried by a unanimous

voice vote. Trustees responding were Mr. Allen, Mr. Boles, Mr. Florence, Mr. Gaddis, Ms. Harris, Ms.

Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr. Streeter and Mr. Williamson.

3.3. DISCUSSION AND POSSIBLE ACTION ON SELECTION OF FINALISTS FOR OPEN-END

NON-CORE REAL ESTATE RFP AND AMENDMENT OF APRIL INVESTMENT COMMITTEE

MEETING TIME: Mr. Gaddis said AndCo Consulting recommended 4 of 9 finalists to TRS’ open-end, core

plus real estate RFP. Discussion and review of the managers’ analysis at yesterday’s Investment Committee

meeting narrowed it to 3 finalists. The finalists will be invited to give presentations at the April 21 Investment

Committee meeting. To allow for time to hear each finalist, the Committee requested the meeting start at 1 p.m.

A motion out of the Investment Committee to select Brookfield Asset Management, JP Morgan Asset

Management and Principal Real Estate Investors as finalists to be interviewed at the April 21 Committee

meeting, and to change the start time of the meeting to 1 p.m., carried by a unanimous voice vote. Trustees

responding were Mr. Allen, Mr. Boles, Mr. Florence, Mr. Gaddis, Ms. Harris, Ms. Henderson, Mr. Kellogg, Ms.

Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr. Streeter and Mr. Williamson.

3.4. DISCUSSION AND POSSIBLE ACTION ON INVESTMENT CONSULTANT QUARTERLY

REPORT: Investment Consultant to the Board Doug Anderson of AndCo Consultants, introduced Jack Evatt,

Consulting Director, and Rob Mills, researcher in Real Estate and Real Assets. Mr. Anderson reviewed

AndCo’s organizational chart before going over Market performance and TRS’ fund performance for the 4th

quarter of 2019. The total fund was at $17,810,899,632 as of December 31, 2019, and for CY 2019 had a return

of 19.5%, net of fees. He gave his thoughts on the current market slide being blamed on the corona virus.

Investment Consultant to the Board Peter Brown presented an Investment Performance Review for TRS’

Alternatives for the 3rd quarter of 2019. He said alternatives make up about 1/3 of TRS portfolio and he

reviewed performance of each segment within the Alternatives. Mr. Gaddis explained the J Curve in Real Estate

investing. TRS Chief Investment Officer Kirk Stebbins talked about distinctions in private market investments.

There was discussion about how lagging figures affect the reports. Mr. Gaddis asked AndCo to see if it is

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possible to get numbers so the reports’ dates are closer together. There was discussion about bonds. No action

was taken.

3.5. DISCUSSION AND POSSIBLE ACTION ON CHIEF INVESTMENT OFFICER REPORT: Mr.

Stebbins said his reports in the agenda packet were updated after this week’s 1,000 point drop but then it

dropped almost another 1,000 points yesterday. He announced that TRS Sr. Investment Officer Joe Cappello

will be leaving for a year to attend Cornell University, but Mr. Cappello will work part time with TRS. No

action was taken.

3.6. DISCUSSION AND POSSIBLE ACTION ON HARVEY PARKWAY QUARTERLY REPORT:

TRS Executive Director Tom Spencer reviewed figures on the balance sheet for the 6-month period of June

through December 2019. He said cash is up and receivables are down because two tenants left at the end of

December; two replacement tenants leased space but not the same amount of space; the building’s value is

slightly up but depreciation takes some of that away; total assets are down only $86K; liabilities are just over

$8K; a Net Operating Income of $1.1M was expected for the entire year; the expectation for six months was

$541,297 but only $418,149 was collected due to the loss of a tenant that rented 72% of the space; a current

tenant is moving up two floors and will rent about 50% more than they do now; and TRS still plans to move

into the building July 1 and pay rent to itself. No action was taken.

3.7. DISCUSSION AND NECESSARY ACTION TO APPROVE A CAPITAL EXPENSE IN EXCESS

OF $50,000 FOR THE HARVEY PARKWAY BUILDING: Mr. Spencer described circumstances that will

necessitate replacing heat pumps on the 5th floor of the Harvey Parkway building. The only bid received so far

was $63,588.00.

A motion out of the Investment Committee to approve capital expenditures up to $65K to cover replacement of

heat pumps on the 5th floor of the Harvey Parkway building carried by a unanimous voice vote. Trustees


Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr. Streeter and Mr. Williamson.

A break was taken from 10:10 a.m. to 10:28 a.m.

Mr. Williamson left at 10:30 a.m.

The following item was taken out of sequence.

ITEM 6 – DISCUSSION AND POSSIBLE ACTION TO APPROVE THE GASB 68 “SCHEDULE OF

EMPLOYER ALLOCATIONS AND COLLECTIVE PENSION AMOUNTS” AND GASB 75

“SCHEDULE OF EMPLOYER ALLOCATIONS AND COLLECTIVE OTHER POSTEMPLOYMENT

BENEFITS AMOUNTS” PREPARED BY EXTERNAL AUDITOR EIDE BAILLY: Vanessa Dutton of

Eide Bailly presented the pension liability and other postemployment benefits schedules for FY 2019, both of

which received a clean/unmodified opinion. She explained that the required communications letters let the

Board know there were no difficulties or disagreements with management, or any audit adjustments. If

approved by the Board, these schedules will be posted on TRS’ website for the benefit of the employers.

A motion by Mr. Meyer with a second made by Ms. Manek to approve the “Schedule of Employer Allocations

and Collective Pension Amounts” and the “Schedule of Employer Allocations and Collective Other

Postemployment Benefits Amounts” carried by a unanimous voice vote. Trustees responding were Mr. Allen,

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Mr. Boles, Mr. Florence, Mr. Gaddis, Ms. Harris, Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr.

Rector, Ms. Shankar, and Mr. Streeter.

ITEM 4 – DISCUSSION AND POSSIBLE ACTION TO APPROVE BUDGET CHANGES TO PAY

FOR FURNITURE, EQUIPMENT AND OTHER EXPENSES RELATED TO THE RELOCATION OF

THE TRS OFFICE TO THE HARVEY PARKWAY BUILDING: Mr. Spencer said goal is for TRS to

move into the Harvey Parkway Building by July 1. Some of TRS’ existing furniture will be moved and some

furnishings will be surplused. He reviewed his memorandum which included estimated costs for moving

furniture, equipment, files, other property and new furniture, and the cost for OMES to provide network

cabling, telephone service transfer, servers/connection and workstation services. The estimated total is $140K.

A motion by Mr. Kellogg with a second made by Mr. Allen to approve budget changes to pay for furniture,

equipment and other expenses related to the relocation of the TRS office to the Harvey Parkway Building

carried by a unanimous voice vote. Trustees responding were Mr. Allen, Mr. Boles, Mr. Florence, Mr. Gaddis,

Ms. Harris, Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, and Mr. Streeter.

ITEM 5 - DISCUSSION AND POSSIBLE ACTION ON COMMITTEE REPORTS:

a. Audit Committee: Chairman Florence announced there would be no Audit Committee report.

b. Governance:

DISCUSSION AND POSSIBLE ACTION TO APPROVE AMENDMENTS TO COMMITTEE

CHARTERS CONTAINED IN BOARD POLICY MANUAL: Governance Committee Chair

Michael Kellogg said TRS General Counsel Sarah Green would present this item. Ms. Green said the

Board Policy Review dictates the Committee Charter be reviewed the first quarter of each year.

Proposed amendments include adding the legal authority, clarifying the SEC definition, and grammatical

changes for consistency.

A motion made by Ms. Henderson with a second made by Mr. Streeter to approve the amendments to the

Committee Charters as presented carried by a unanimous voice vote. Trustees responding were Mr. Allen, Mr.

Boles, Mr. Florence, Mr. Gaddis, Ms. Harris, Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector,

Ms. Shankar, and Mr. Streeter.

ITEM 7 – DISCUSSION AND POSSIBLE ACTION TO SET CONTRIBUTION RATE FOR FEDERAL

AND GRANT MATCHING FUNDED POSITION FOR FY 2021: Mr. Spencer explained that the matching

rate is actuarially based and asked the Board to adopt the 7.7% matching rate for the FY 2021. He added that

this item is relevant this year because there is a bill before the Legislature that would do away with part of this

contribution. Chairman Florence said this contribution is critical to school districts.

A motion made by Mr. Allen with a second made by Mr. Meyer carried by a unanimous voice vote. Trustees


Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, and Mr. Streeter.

ITEM 8 – DISCUSSION AND POSSIBLE ACTION TO REVIEW FIRST DRAFT OF BOARD

PROCUREMENT POLICY TO BE INCLUDED IN THE BOARD POLICY MANUAL UPON FINAL

APPROVAL: Ms. Green explained that when TRS makes a purchase staff must follow the strict guidelines of

the State of Oklahoma’s Central Purchasing Act unless we are exempt. Going through Central Purchasing can

be cumbersome and time consuming. The procurement policy draft in the agenda packet cites the legal authority

that allows TRS to be exempt from the Central Purchasing guidelines. TRS has a policy in place in its

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Investment Policy Statement for the procurement of investment managers so they are not addressed in this

policy. This policy addresses procuring custodian banks, investment consultants, actuaries, physicians,

administrative law judges and CPAs and sets forth the process TRS would follow for selecting these firms and

professionals which would give TRS more flexibility and streamline the processes for Board contracts. Ms.

Green said the policy mirrors Central Purchasing to some extent in that selections of the custodial bank,

consultant and actuary are made on a competitive basis. She added that this policy would be subject to change

and would likely be reviewed every two years. Ms. Green will email the draft to Trustees to review and a draft

with any proposed changes will be presented and discussed at the April Board meeting for possible adoption.

No action was taken.

ITEM 9 – DISCUSSION AND POSSIBLE ACTION ON STAFF RECOMMENDATIONS ON

PROPOSED LEGISLATION FOR THE 2020 SESSION: Mr. Spencer said the Rules Committee is hearing

all types of House Bills this session, including pension bills, and it heard 40 or 50 bills yesterday. He is

monitoring HB 1307, a holdover bill that after the deadline to report the bill out of committee, it changed from a

COLA bill to a different type of bill that would transfer campus police officers from TRS to the law

enforcement retirement system. The bill’s author agreed to strike title this morning in the correct committee,

which is the Retirement Committee. Rep. Avery Frix, who has a COLA bill, HB 2304, took a shell bill this year

that was assigned to the Rules Committee as a 4% COLA bill. A 4% COLA would be a $500M increase in

TRS’ liability. HB 3599, which was heard in the Rules Committee yesterday, would eliminate privately funded,

tribal, and anything but federal, matching contributions. The author said this bill is a work in progress and

agreed to meet with Mr. Spencer tomorrow. He also commented on two return-to-work bills, HB 3994 and SB

1445. Mr. Streeter said he recalled there being a law that COLAs had to be funded by the State. Mr. Spencer

said there is such a law but now a provision is being added to COLA bills, including Rep. Frix’s, to exempt

them from that law. No action was taken.

ITEM 10 – DISCUSSION AND POSSIBLE ACTION ON AGENCY REPORTS:

10.1 – TRS Client Services Director Dixie Moody reviewed her division’s metrics through January 2020: Client

Services received over 600 estimate requests, which is customary this time of year. There were over 7,500

incoming calls, 6,200 were answered by an Information Center agent within 14 seconds, 1,300 opted to go

through the menu options and 99 callers abandoned their call after waiting approximately 6 seconds. Client

Services received and responded to 375 emails, and 549 members were added to the Member Portal. Of 96

members who applied for a January 1 retirement, 2 were disability retirements, 1 of whom was approved by the

Social Security Administration and 1 by TRS’ Medical Board. There were 195 annuities terminated due to

death.

10.2 – TRS Human Resources Director Kim Bold reported that there were no new personnel changes in

January. An employee recognition luncheon was held January 19. As reported last month, the manager over the

Information Center plans to retire July 1. That position has been posted and will be open until mid-March. A

member of the Information Center resigned and that position will be posted after the manager position has been

filled.

10.3 – Finance:

a. TRS Employer Reporting Manager Debra Plog said one report that has been out since October has now been

submitted. Western Heights has been late since September as their payroll officer continues to work with

Paycom. Rattan Schools has been late since November due to a change in personnel so Employer Reporting

staff will help by walking them through the process.

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b. TRS Chief Financial Officer Sam Moore said the Balance Sheet as of January 31, 2020, was $17.8B, that is

down $105M from the previous month. On the Statement of Revenues, Expenditures and Changes for the 7

Months Ended January 31, 2020, the biggest change is the Net Unrealized Gain. The -.08% change in the

Retirement Benefit Payments is due to the stipends being paid last year. On the Comparison of Actual

Expenditures FY 2019 and FY 2020 for the 7 months ended January 31, 2020, Investment Consultant Expenses

were up 23.6% due to making 6 payments during this period and 5 payments during the same period one year

ago. The Auditing Services amount reflects a large decrease because a year ago TRS paid BKD for services. On

the Comparison of FY 2020 Budget to Actual, Auditing Services was down -31.0% because TRS had budgeted

to pay BKD which no longer works for TRS. Personnel expenses are down -8.1% on the Comparison of FY

2020 Budget to Actual Expenses for the 7 months ended January 31, 2020, because TRS budgeted for two

positions that have not been filled. Auditing Services and Actuarial Services amounts will smooth out after

budgeted projects are completed and paid for. The Claims for Authorized Expenditures were presented without

comment.

10.4 – TRS Deputy Director of Operations John Santos reviewed issues he worked on the past month:

• OMES completed their part of upgrading servers for the Pension Administration System.

• TRS provided its first file to the Treasurer’s Unclaimed Property division to publish names of accounts

that have been closed and inactive for 5 years.

• ALICE enhancements in January corrected defects and added a feature to automatically generate letters

to members whose accounts close at 5 years.

• OMES had a site visit to the Harvey Parkway Building and provided a preliminary statement of work for

cabling, network configuration, telephony and workstation moves. OMES will visit again when the floor

plans are finalized.

• OMES and MY Consulting have outstanding items regarding cybersecurity.

10.5 – TRS General Counsel Ms. Green updated the Board on projects she has been working on:

• Securities Litigation: Oral arguments pertaining to the GE Securities Litigation have not been scheduled

yet.

• White Star Bankruptcy: TRS asserted a prepetition debt claim of $168,955 against White Star and now

has filed a post-petition claim of $1.3M for 12 months of rent.

• Harvey Parkway Building: TRS is negotiating a lease with Arcadia Capital which currently occupies

9,075 sq. ft. on the 4th floor and would like to move to the 6th floor and occupy 12,044 sq. ft. April 1.

TRS’ property manager responded to Tourism’s RFP for 25,000 sq. ft. of space though it’s not likely

there is that much space to lease. The property manager is being proactive in looking for additional

tenants on TRS’ behalf.

• Miscellaneous: a. When the Board voted in December to allocate an additional $40M to American

Realty Advisors, TRS took that opportunity to negotiate some side letter provisions with ARA and we

have come to terms on all of those provisions. Hopefully, a clean version of that side letter will come

today. b. TRS retained communications firm Ghost, and they are under contract from March 1, 2020,

through June 30, 2020, with four additional renewals costing approximately $50K annually. c. Eide

Bailly was again selected as TRS’ external auditor beginning July 1, 2020, subject to four additional

annual renewals. TRS got a slight fee reduction of approximately $7,300 over a 5-year period. d.

Regarding the federal/external grant matching statute that TRS has in place and the Board voted on

today at 7.7%: In December, the Attorney General got a request for an opinion on whether or not that

statute applied to private groups, such as Indian tribes, that contribute money to public schools. The AG

asked if TRS would like to respond and we did. This week he said we can expect an opinion between

late March and early May. The representative who asked for that opinion is the same representative who

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filed a bill to exempt private contributors from the grant matching statute. He thinks it applies to him

currently and he is trying to get an exemption.

10.6 – TRS Executive Director Tom Spencer shared his activities from January 23 through February 24, 2020:

• Investments (Office Building): a. Leasing was covered earlier in the meeting. b. The presumptive 5th

floor space plan for TRS needs to be approved by OMES. c. We have received a lot of feedback from

the property manager about tenants asking when the fitness center will open for use. We are considering

acquiring the equipment to make the fitness center an amenity that can be paid for by people who work

in the building. d. We need to get bids to do construction work, paint and carpet. We plan to put the

conference room on the first floor so it can be used by other tenants and to make it more accessible to

TRS guests.

• Legislation: The legislation report was covered earlier in the meeting.

• Communications: We are excited to have hired a communications firm that can help with TRS’

newsletters and Facebook.

• HR/Personnel: Ms. Bold reported on HR issues earlier. Two baby boomers have announced plans to

retire.

• Internal Audit: TRS was making progress on the cybersecurity audit until the person at OMES who was

helping us got promoted. Progress has slowed to a crawl. b. Stinnett & Associates gave us four or five

items from prior audits that will likely be covered at the April meeting. c. Stinnett started a Governance

Audit related to Board and agency governance.

• The State Treasurer’s Unclaimed Property program now includes the data TRS provided online. One

person has submitted a claim. There could be more when the printed list is inserted into the newspaper.

ITEM 11 – QUESTIONS AND COMMENTS FROM TRUSTEES: There were none.

ITEM 12 – NEW BUSINESS: There was no new business.

ITEM 13 – ADJOURNMENT:

A motion made by Mr. Gaddis with a second made by Mr. Florence to adjourn the meeting at 11:26 a.m. carried

by a unanimous voice vote. Trustees responding were carried by a unanimous voice vote. Trustees responding

were Mr. Allen, Mr. Boles, Mr. Florence, Mr. Gaddis, Ms. Harris, Ms. Henderson, Mr. Kellogg, Ms. Manek,

Mr. Meyer, Mr. Rector, Ms. Shankar, and Mr. Streeter.

By:

_________________________________________

Vernon Florence, Chairman

ATTEST:

By:

__________________________________________

Judie Harris

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EXECUTIVE SUMMARYAS OF APRIL 30, 2020

HIGHLIGHTS 1. Financial markets experienced heightened volatility during the first four months of 2020. The Russell 1000 traded roughly flat during

January, increased to an all time high in mid February, before it succumbed to COVI19 fear and economic slowdown. Risk assetsmoved sharply lower in the fastest bear market in history. The worst of the panic lasted roughly a month, marking its low point for thequarter during late March. From its high point, the US equity market declined over -30%. April saw share prices rally after massiveFederal relief efforts were rolled out. Mega-cap growth companies continued to lead the domestic equity market.

2. The Total Fund started 2020 with a total market value of $17.8 billion. It ended April at $16.1 billion. The total fund’s fiscal year to datereturn through the end of April was -3.3%*.

3. The domestic equity composite fell sharply during February and March before rallying during April. Through the end of April, thedomestic equity composite fiscal year to date return was -10.0%. Active managers led the passive and factor-based portfolios duringthe month. The Russell 1000 cap weighted index portfolio was the top performer over the fiscal year to date period.

4. International equities underperformed domestic equities over recent periods. Individual country returns were highly dependent onCOVID19 impacts.

5. Fixed Income investments stabilized the portfolio by earning positive returns so far this year. However, the core plus managerssuffered modest losses during the first quarter due to declining Corporate bond prices. The active duration bond portfolio earnedstrong returns during the quarter and past year as investors sought safety within the US Treasury market. The portfolio posted a fiscalyear to date return of +33.1%.

6. During early April, steps were taken to rebalance the portfolio as the bond allocation breached its maximum allocation via investmentpolicy. $500 million was raised by the core plus bond managers. $300 million was reinvested in equities. The remainder was used tomeet capital calls and build the cash reserve for pending benefits payments.

Areas of future focus:– Continue efforts to streamline Fund structure– 2020 Real Estate Search

*returns displayed gross of investment management fees.

Page 8 of 255

<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2545" DocumentTypeId="1" EffectiveDate="12/31/2019" Interval="3" Description="Alternatives

Summary" />

Investment Performance Review

Period Ending December 31, 2019

Teachers' Retirement System ofOklahomaAlternatives Summary

Net of Fees

Page 9 of 255

TOTAL ALTERNATIVES

Page 10 of 255

Asset Allocation By Segment as ofSeptember 30, 2019 : $17,163,411,971

Asset Allocation By Segment as ofDecember 31, 2019 : $17,819,792,585

Allocation

Segments Market Value Allocation

Domestic Equity 5,153,961,112 30.0¢

International Equity 2,981,749,607 17.4¢

Domestic Fixed Income 3,830,329,185 22.3¢

Real Estate 1,264,108,213 7.4¢

Private Equity 1,653,983,571 9.6¢

Cash Equivalent 2,278,703,226 13.3¢

MLP 577,057 0.0¢

Allocation





Real Estate 1,203,951,343 6.8¢

Private Equity 1,620,986,512 9.1¢

Cash Equivalent 192,963,259 1.1¢

MLP - 0.0¢

Asset Allocation Summary

Total FundAs of December 31, 2019

NONE

Page 11 of 255

December 31, 2019 : $2,804,636,744

AEW Core Property Trust11.8%

L&B Core Income Partners3.3%

Heitman America Real Estate Trust11.7%

American Strategic Value Realty Fund2.4%

AG Realty Value Fund X0.4%

Lyrical - OTRS Realty Partners IV2.4%

Artemis Real Estate Partners Fund III0.3%

Dune Real Estate Fund III1.9%

FCP Realty Fund IV0.3%

GreenOak US II1.2%

GreenOak US III0.6%

Harbert Euro Real Estate Fund V0.4%

Invesco Strategic Opportunities III0.5%

L&B Golden Driller3.1%

Landmark Real Estate Partners VII0.6%

Starwood Opportunity Fund X0.9%

Starwood Opportunity Fund XI0.5%

PIMCO Corporate Opportunities Fund II3.5%

PIMCO Bravo Fund III5.2%

PIMCO Bravo Fund II2.6%

PIMCO Bravo Fund0.0%

OTRS Legacy P-E Assets Fund LP0.5%

Franklin Park Private Equity46.0%

Asset Allocation By Manager

Total Alternatives

As of December 31, 2019

Grey: Core Real Estate. Green: Non-Core Real Estate. Yellow: Private Equity. Red: MLP Blue: Opportunistic Fixed Income.

Page 12 of 255

Financial Reconciliation Quarter to Date

Market Value10/01/2019

ManagementFees

OtherExpenses

Net ContributionsMarket Value

12/31/2019

Total Opportunistic Fixed Income Composite 310,998,355 - - -1,142,157 317,813,582

PIMCO Bravo Fund 1,539,992 - - - 1,222,833

PIMCO Bravo Fund II 76,081,063 - - -6,142,157 72,761,301

PIMCO Bravo Fund III 144,942,465 - - - 146,265,371

PIMCO Corporate Opportunities Fund II 88,434,835 - - 5,000,000 97,564,077

Total Core Real Estate Composite 838,207,430 -1,316,147 - -81,445,715 751,679,170

AEW Core Property Trust 328,265,320 -629,422 - - 331,418,581

Heitman America Real Estate Trust 330,174,783 -587,157 - - 326,973,324

L&B Core Income Partners 179,767,327 -99,568 - -81,445,715 93,287,265

Total Non-Core Real Estate Composite 428,918,354 -502,712 -8,865 17,139,649 455,379,042

American Strategic Value Realty Fund 66,247,596 -222,204 - - 67,787,193

AG Realty Value Fund X 3,696,120 156,929 - 7,964,950 11,936,910

Lyrical - OTRS Realty Partners IV 64,732,200 - - - 66,899,108

Artemis Real Estate Partners Fund III 6,107,861 - - 645,310 7,295,995

Dune Real Estate Fund III 54,577,457 - - - 54,140,569

Dune Real Estate Fund IV 4,126,939 - - 6,248,528 10,287,980

FCP Realty Fund IV 5,382,358 - - 1,251,656 7,440,972

GreenOak US II 37,831,489 - - - 33,578,265

GreenOak US III 13,753,266 -437,437 -8,865 2,741,876 17,288,002

Harbert Euro Real Estate Fund V 4,778,835 - - 5,088,158 10,795,435

Invesco Strategic Opportunities III 17,436,412 - - -6,201,144 14,524,640

L&B Golden Driller 84,387,306 - - - 86,454,313

Landmark Real Estate Partners VII 16,665,562 - - -416,842 16,176,758

Starwood Opportunity Fund X 26,858,367 - - -2,174,330 24,787,100

Starwood Opportunity Fund XI 8,986,586 - - 2,221,488 12,865,802

Property ACQ Fund 13,350,000 - - -230,000 13,120,000

Total Private Equity Composite 1,342,985,216 - -671 -38,500,227 1,303,172,930

OTRS Legacy P-E Assets Fund LP 14,576,568 - - -600,058 13,949,943

Franklin Park Private Equity 1,328,408,648 - -671 -37,900,169 1,289,222,987

Total Alternatives Composite 2,921,686,412 -2,499,845 -9,536 -103,844,743 2,828,044,724

Financial Reconciliation

Total Alternatives

Quarter To Date Ending December 31, 2019

Page 13 of 255

Comparative Performance Alternatives Summary as of December 31, 2019

Total Opportunistic Fixed Income Composite Total Private Equity Composite

Total Non-Core Real Estate Composite Total Core Real Estate Composite

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

-2.0

-4.0

Re

turn

(%)

3 YR 1 YR FYTD QTD

4.3

-0.3 -0.1

-0.6

9.2

12.1

2.8

2.1

16.616.9

5.3

-0.1

7.7

11.6

4.5

2.6

Comparative Performance

Total Alternatives (Net)


Page 14 of 255

Comparative Performance Trailing Returns

10 YR 5 YR 3 YR 1 YR YTD QTR

Total Alternatives Composite N/A N/A 6.98 10.87 10.87 0.36

Total Opportunistic Fixed Income Composite N/A N/A 7.70 11.59 11.59 2.57

Total Opportunistic Fixed Income Policy 3.87 3.29 4.30 9.29 9.29 0.45

PIMCO Bravo Fund N/A -6.18 -13.24 -46.77 -46.77 -20.59


PIMCO Bravo Fund II N/A 7.67 5.84 12.41 12.41 3.91


PIMCO Bravo Fund III N/A N/A N/A 10.12 10.12 0.91


PIMCO Corporate Opportunities Fund II N/A N/A 11.23 15.34 15.34 4.55


Total Real Estate Composite N/A N/A 5.77 3.44 3.44 0.34

Total Real Estate Policy 10.18 8.25 6.70 6.42 6.42 1.55

Total Core Real Estate Composite N/A N/A 4.29 -0.31 -0.31 -0.65

Total Core Real Estate Policy 10.39 7.98 6.13 4.39 4.39 1.27

AEW Core Property Trust N/A 7.95 6.48 5.42 5.42 0.96

NCREIF Fund Index-ODCE (VW) (Net) 10.39 7.98 6.13 4.39 4.39 1.27

NCREIF Fund Index-ODCE (EW) (Net) 10.52 8.34 6.46 5.18 5.18 1.30

L&B Core Income Partners N/A 5.39 0.81 -9.67 -9.67 -3.20



Heitman America Real Estate Trust N/A 7.65 4.79 1.50 1.50 -0.97



Total Non-Core Real Estate Composite N/A N/A 9.24 12.13 12.13 2.09

Total Non-Core Real Estate Policy 15.00 11.51 8.32 6.42 6.42 1.55

American Strategic Value Realty Fund N/A 11.22 8.93 8.43 8.43 2.32

Total Non-Core Real Estate Policy 15.00 11.51 8.32 6.42 6.42 1.55


Total Alternatives (Net)


Returns for periods greater than one year are annualized.Returns are expressed as percentages.

Page 15 of 255

Comparative Performance - IRR

Inception 5 YR 3 YR 1 YR FYTDInception

Date

Opportunistic Fixed Income

Total Opportunistic Fixed Income Composite 8.01 - 7.88 11.48 4.56 06/30/2015

PIMCO Bravo Fund 21.98 2.42 -1.71 -46.18 8.11 03/21/2011

PIMCO Bravo Fund II 8.83 7.94 5.75 12.28 3.51 03/19/2013

PIMCO Bravo Fund III 10.78 - - 10.05 3.79 03/10/2017

PIMCO Corporate Opportunities Fund II 11.83 - 11.25 15.28 6.73 09/01/2016

Non-Core Real Estate

Total Non-Core Real Estate Composite 9.45 - 9.36 12.14 2.89 06/30/2015

American Strategic Value Realty Fund 9.86 9.88 8.82 8.43 4.23 12/16/2014

AG Realty Value Fund X -8.36 - - - 3.74 06/10/2019

Lyrical - OTRS Realty Partners IV 7.95 7.98 10.25 9.06 5.70 11/12/2014

Artemis Real Estate Partners Fund III -8.79 - - -8.79 4.82 01/08/2019

Dune Real Estate Fund III 10.98 10.19 8.16 -2.57 -5.43 11/07/2014

Dune Real Estate Fund IV -20.06 - - - - 08/22/2019

FCP Realty Fund IV -0.23 - - -0.23 11.68 12/03/2018

GreenOak US II 2.88 2.78 0.69 -12.00 -11.30 10/30/2014

GreenOak US III -10.95 - - -0.31 3.55 06/25/2018

Harbert Euro Real Estate Fund V 15.64 - - 37.16 27.31 12/10/2018

Invesco Strategic Opportunities III 43.75 - - - - 09/17/2019

L&B Golden Driller 10.97 11.00 14.18 47.39 2.37 07/31/2014

Landmark Real Estate Partners VII 10.10 8.76 3.58 -1.44 -0.64 12/22/2014

Starwood Opportunity Fund X 17.42 - 12.12 5.91 3.33 10/29/2015

Starwood Opportunity Fund XI 57.20 - - 51.32 28.09 07/09/2018

Private Equity

Total Private Equity Composite 16.12 - 16.80 16.81 5.29 06/30/2015

OTRS Legacy P-E Assets Fund LP 9.89 4.15 -0.36 -1.52 -0.49 10/10/2008

Franklin Park Private Equity 15.98 16.39 17.24 17.06 5.35 04/08/2010


Private Investments


Page 16 of 255


YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 InceptionInception

Date

OTRS Legacy P-E Assets Fund LP -1.52 -1.26 0.79 9.47 5.81 5.44 16.78 15.49 13.26 22.51 13.66 9.89 10/10/2008

Franklin Park Private Equity 17.06 18.61 15.95 18.47 10.46 18.77 22.65 -2.16 -51.97 15.98 04/08/2010

PIMCO Bravo Fund -46.18 75.71 -14.36 5.70 2.14 18.84 23.25 44.77 21.98 03/21/2011

PIMCO Bravo Fund II 12.28 0.65 6.68 10.59 11.15 16.28 8.83 03/19/2013

PIMCO Corporate Opportunities Fund II 15.28 1.82 15.98 11.83 09/01/2016

PIMCO Bravo Fund III 10.05 9.39 10.78 03/10/2017

American Strategic Value Realty Fund 8.43 8.67 9.57 10.75 18.19 9.86 12/16/2014

AG Realty Value Fund X -8.36 06/10/2019

Lyrical - OTRS Realty Partners IV 9.06 7.48 14.28 3.32 0.00 7.95 11/12/2014

Artemis Real Estate Partners Fund III -8.79 -8.79 01/08/2019

Dune Real Estate Fund III -2.57 12.03 15.59 14.52 14.61 10.98 11/07/2014

Dune Real Estate Fund IV -20.06 08/22/2019

FCP Realty Fund IV -0.23 -0.23 12/03/2018

GreenOak US II -12.00 10.13 4.13 7.94 6.09 2.88 10/30/2014

GreenOak US III -0.31 -10.95 06/25/2018

Harbert Euro Real Estate Fund V 37.16 15.64 12/10/2018

Invesco Strategic Opportunities III 43.75 09/17/2019

L&B Golden Driller 47.39 -0.02 -0.01 -0.01 -0.17 10.97 07/31/2014

Landmark Real Estate Partners VII -1.44 1.22 10.49 10.24 70.15 10.10 12/22/2014

Starwood Opportunity Fund X 5.91 13.12 14.89 15.87 17.42 10/29/2015

Starwood Opportunity Fund XI 51.32 57.20 07/09/2018

Teachers' Retirement System of Oklahoma

Private Market Assets - Calendar Years Internal Rates of Return


IRR calculation reflect most recently reported calendar quarter end capital balance and all cash flows thereafter. As such, IRR may differ from the IRR on PME performance page.IRRs reflect performance from inception through the year listed and not the specific calendar year in itself.

Page 17 of 255

Cash Flow Summary

Capital Committed: $2,884,278,010

Capital Invested: $2,129,510,775

Total Contributions: $2,234,199,241

Remaining Capital Commitment: $823,718,132

Total Distributions: $1,275,254,237

Market Value: $2,076,365,554

Cash Flow Analysis

Net Asset Value Distribution Contributions

$0.0

$462,000,000.0

$924,000,000.0

$1,386,000,000.0

$1,848,000,000.0

$2,310,000,000.0

($462,000,000.0)

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19

Private Equity Portfolio

PartnershipsVintage

YearInvestment

Strategy

CapitalCommitted

$000

TotalContribution

$000

TotalDistribution

$000

MarketValue$000

IRRTVPI

Multiple

American Strategic Value Realty Fund - 53,750 3,620 67,787 9.9 1.3

Property ACQ Fund - 14,000 1,150 13,120 1.3 1.0

OTRS Legacy P-E Assets Fund LP 2008 Buyouts 113,028 100,501 127,939 13,950 9.9 1.4

Franklin Park Private Equity 2010 Buyouts 1,490,000 1,201,000 691,448 1,289,223 16.0 1.6

PIMCO Bravo Fund 2011 Distressed 100,000 112,370 194,328 1,223 22.0 1.7

Dune Real Estate Fund III 2013 Real Estate 53,750 50,471 17,343 54,141 11.0 1.4

GreenOak US II 2013 Real Estate 50,000 46,632 17,255 33,578 2.9 1.1

PIMCO Bravo Fund II 2013 Distressed 150,000 139,747 121,074 72,761 8.8 1.4

Lyrical - OTRS Realty Partners IV 2014 Real Estate 53,750 53,750 5,608 66,899 8.0 1.3

L&B Golden Driller 2014 Real Estate 75,000 74,666 19,500 86,454 11.0 1.4

Landmark Real Estate Partners VII 2014 Secondaries 35,000 32,647 23,289 16,177 10.1 1.2

Starwood Opportunity Fund X 2014 Real Estate 53,750 48,375 41,344 24,787 17.4 1.4

PIMCO Corporate Opportunities Fund II 2016 Distressed 100,000 82,813 223 97,564 11.8 1.2

PIMCO Bravo Fund III 2016 Distressed 175,000 127,329 633 146,265 10.8 1.2

Starwood Opportunity Fund XI 2016 Real Estate 60,000 12,000 3,202 12,866 57.2 1.3

GreenOak US III 2017 Real Estate 60,000 19,215 - 17,288 -10.9 0.9

Dune Real Estate Fund IV 2018 Real Estate 60,000 11,848 348 10,288 -20.1 0.9

Harbert Euro Real Estate Fund V 2018 Real Estate 50,000 10,507 279 10,795 15.6 1.1

FCP Realty Fund IV 2018 Real Estate 35,000 7,798 348 7,441 -0.2 1.0

Artemis Real Estate Partners Fund III 2018 Real Estate 50,000 7,883 123 7,296 -8.8 0.9

AG Realty Value Fund X 2018 Real Estate 60,000 12,465 - 11,937 -8.4 1.0

Invesco Strategic Opportunities III 2018 Real Estate 60,000 14,433 6,201 14,525 43.7 1.4

ALT - Total Alternatives Composite (Ex Core RE) Hybrid 2,884,278 2,234,199 1,275,254 2,076,366 55.7 1.5


ALT - Total Alternatives Composite (Ex Core RE)

Cash Flows as of December 31, 2019

Page 18 of 255

Private Equity Summary of Partnership

PartnershipsVintage

YearInvestment

Strategy

CapitalCommitment

$

MarketValue

$

DrawnDown

$

Distributed$

RecallableCapital

IRR(%)

DPIMultiple

TVPIMultiple

RemainingCommitment

OTRS Legacy P-E Assets Fund LP 2008 Buyouts 113,028,010 13,949,943 100,500,850 127,939,283 - 9.9 1.3 1.4 14,269,669

Franklin Park Private Equity 2010 Buyouts 1,490,000,000 1,289,222,987 1,201,000,000 691,447,819 - 16.0 0.6 1.6 317,689,026

AG Realty Value Fund X 2018 Real Estate 60,000,000 11,936,910 12,464,950 - - -8.4 - 1.0 47,400,000

Lyrical - OTRS Realty Partners IV 2014 Real Estate 53,750,000 66,899,108 53,750,000 5,607,637 - 8.0 0.1 1.3 -

Artemis Real Estate Partners Fund III 2018 Real Estate 50,000,000 7,295,995 7,883,208 122,676 119,795 -8.8 0.0 0.9 42,256,186

Dune Real Estate Fund III 2013 Real Estate 53,750,000 54,140,569 50,470,528 17,343,299 678,687 11.0 0.3 1.4 3,958,159

Dune Real Estate Fund IV 2018 Real Estate 60,000,000 10,287,980 11,847,770 347,926 338,526 -20.1 0.0 0.9 48,490,756

FCP Realty Fund IV 2018 Real Estate 35,000,000 7,440,972 7,798,459 348,234 121,186 -0.2 0.0 1.0 27,322,727

GreenOak US II 2013 Real Estate 50,000,000 33,578,265 46,631,716 17,255,089 1,070,269 2.9 0.4 1.1 4,506,406

GreenOak US III 2017 Real Estate 60,000,000 17,288,002 19,214,733 - - -10.9 - 0.9 40,785,267

Harbert Euro Real Estate Fund V 2018 Real Estate 50,000,000 10,795,435 10,507,236 278,613 216,114 15.6 0.0 1.1 39,736,504

Invesco Strategic Opportunities III 2018 Real Estate 60,000,000 14,524,640 14,433,256 6,201,144 3,910,086 43.7 0.4 1.4 49,476,830

L&B Golden Driller 2014 Real Estate 75,000,000 86,454,313 74,665,819 19,500,000 - 11.0 0.3 1.4 334,181

Landmark Real Estate Partners VII 2014 Secondaries 35,000,000 16,176,758 32,647,269 23,288,710 1,067,938 10.1 0.7 1.2 3,431,014

Starwood Opportunity Fund X 2014 Real Estate 53,750,000 24,787,100 48,375,000 41,343,523 - 17.4 0.9 1.4 5,375,000

Starwood Opportunity Fund XI 2016 Real Estate 60,000,000 12,865,802 12,000,000 3,201,659 1,720,757 57.2 0.3 1.3 49,720,757

PIMCO Bravo Fund 2011 Distressed 100,000,000 1,222,833 112,369,568 194,328,478 12,332,682 22.0 1.7 1.7 -

PIMCO Bravo Fund II 2013 Distressed 150,000,000 72,761,301 139,747,322 121,074,093 120,839,151 8.6 0.9 1.4 131,265,869

PIMCO Bravo Fund III 2016 Distressed 175,000,000 146,265,371 127,328,519 632,862 - 10.8 - 1.2 47,949,780

PIMCO Corporate Opportunities Fund II 2016 Distressed 100,000,000 97,564,077 82,813,039 222,920 - 11.8 0.0 1.2 17,500,000

Private Equity Summary of Partnership

Private Investment Funds


Franklin Legacy PE - *FP commitment $97.5M. Activites shown on this report includes activites for Aldus/OKTRS Fund, prior to 10/2010 transfers to FP.* Vintage Years listed are as reported by Investment Managers; OTRS commitment year may vary.

Page 19 of 255

EstimatedAnnual Fee

(%)

Market Value($)

EstimatedAnnual Fee

($)Fee Schedule

Total Alternatives Composite 0.65 2,828,044,724 18,262,650

Total Opportunistic Fixed Income Composite 1.36 317,813,582 4,312,508

PIMCO Bravo Fund 1.36 1,222,833 16,631 1.36 % of Assets

PIMCO Bravo Fund II 1.36 72,761,301 989,554 1.36 % of Assets

PIMCO Bravo Fund III 1.36 146,265,371 1,989,209 1.36 % of Assets

PIMCO Corporate Opportunities Fund II 1.35 97,564,077 1,317,115 1.35 % of Assets

Total Real Estate Composite 0.89 1,207,058,212 10,692,209

AEW Core Property Trust 0.81 331,418,581 2,684,491 0.81 % of Assets

Heitman America Real Estate Trust 0.76 326,973,324 2,473,813 1.10 % of First $10 M1.00 % of Next $15 M0.90 % of Next $25 M0.80 % of Next $50 M0.70 % Thereafter

L&B Core Income Partners 0.45 93,287,265 419,793 0.45 % of Assets

AG Realty Value Fund X 1.00 11,936,910 119,369 1.00 % of Assets

Lyrical - OTRS Realty Partners IV 1.50 66,899,108 1,003,487 1.50 % of Assets

Artemis Real Estate Partners Fund III 1.50 7,295,995 109,440 1.50 % of Assets

Dune Real Estate Fund III 1.50 54,140,569 812,109 1.50 % of Assets

Dune Real Estate Fund IV 1.50 10,287,980 154,320 1.50 % of Assets

FCP Realty Fund IV 1.50 7,440,972 111,615 1.50 % of Assets

GreenOak US II 1.75 33,578,265 587,620 1.75 % of Assets

GreenOak US III 1.75 17,288,002 302,540 1.75 % of Assets

Harbert Euro Real Estate Fund V 1.50 10,795,435 161,932 1.50 % of Assets

Fee Analysis

Total Fund


Page 20 of 255

Fee Analysis

Total Fund


EstimatedAnnual Fee

(%)

Market Value($)

EstimatedAnnual Fee

($)Fee Schedule

L&B Golden Driller 0.25 86,454,313 216,136 0.25 % of Assets

Landmark Real Estate Partners VII 1.00 16,176,758 161,768 1.00 % of Assets

American Strategic Value Realty Fund 1.12 67,787,193 757,872 1.25 % of First $10 M1.20 % of Next $15 M1.10 % of Next $25 M1.00 % Thereafter

Invesco Strategic Opportunities III 1.00 14,524,640 145,246 1.00 % of Assets

Property ACQ Fund 0.00 13,120,000 - 0.00 % of Assets

Starwood Opportunity Fund X 1.25 24,787,100 309,839 1.25 % of Assets

Starwood Opportunity Fund XI 1.25 12,865,802 160,823 1.25 % of Assets

Total Private Equity Composite 0.25 1,303,172,930 3,257,932

OTRS Legacy P-E Assets Fund LP 0.25 13,949,943 34,875 0.25 % of Assets

Franklin Park Private Equity 0.25 1,289,222,987 3,223,057 0.25 % of Assets

Page 21 of 255

Total Fund Policy

Allocation Mandate Weight (%)

Oct-2019

Russell 3000 Index 43.50

MSCI AC World ex USA IMI Index 19.00

Blmbg. Barc. U.S. Universal Index 22.00

Russell 2000 + 4% 6.50

NCREIF Property Index 9.00

Actuarial Assumption


Dec-1991

8.00% Annualized Returns 100.00

Jul-2015

7.50% Annualized Return 100.00

Benchmark History

Investment Policy Benchmarks


Page 22 of 255

Total Alternatives Policy


Jan-1926


Total Real Estate Policy


Jan-1978


Total Private Equity Policy


Oct-2016

Russell 2000 + 4% 100.00

Total Core Real Estate Policy


Jan-1978

NCREIF Fund Index-ODCE (VW) (Net) 100.00

Total MLP Policy


Jan-1996

Alerian MLP Index 100.00

Total Non-Core Real Estate Policy


Sep-2018


Benchmark History



Page 23 of 255

OPEN END REAL ESTATE FUNDS

Page 24 of 255

Historical Statistics 3 Years

ReturnStandardDeviation

SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 8.93 0.78 7.02 132.34 12 N/A N/A

Index 6.70 0.29 9.65 100.00 12 N/A N/A

90 Day U.S. Treasury Bill 1.67 0.33 N/A 25.37 12 N/A N/A



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 11.22 1.96 4.24 134.68 20 N/A N/A

Index 8.25 1.25 4.37 100.00 20 N/A N/A

90 Day U.S. Treasury Bill 1.05 0.45 N/A 13.12 19 N/A 1

Risk and Return 3 Years

Investment Index

6.0

6.6

7.2

7.8

8.4

9.0

9.6

Ret

urn

(%)

0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9Risk (Standard Deviation %)


Investment Index

7.7

8.4

9.1

9.8

10.5

11.2

11.9

Ret

urn

(%)

1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.1Risk (Standard Deviation %)

3 Year Rolling Percentile Rank IM U.S. Open End Private Real Estate (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 9 5 (56%) 4 (44%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 0 (0%) 4 (20%) 16 (80%)¾


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 1 0 (0%) 1 (100%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 0 (0%) 0 (0%) 20 (100%)¾

Strategy Review

American Strategic Value Realty Fund | NCREIF Property Index


Page 25 of 255

Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)

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QTRFYTD

1 YR 2 YR 3 YR 4 YR 5 YR

Investment 2.32 (21) 4.23 (41) 8.43 (30) 8.61 (33) 8.93 (29) 9.43 (27) 11.22 (27)��

Index 1.55 (62) 2.98 (68) 6.42 (65) 6.57 (78) 6.70 (75) 7.01 (78) 8.25 (81)��

Median 1.65 3.67 7.02 7.96 8.09 8.35 9.58


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2018 2017 2016 2015 2014 2013 2012

Investment 8.79 (39) 9.58 (13) 10.95 (28) 18.65 (18) N/A N/A N/A��

Index 6.72 (79) 6.96 (77) 7.97 (83) 13.33 (71) 11.82 (77) 10.98 (81) 10.54 (79)��

Median 8.27 8.06 9.35 14.80 13.42 14.27 12.45


1 QtrEnding

Sep-2019

1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

Investment 1.86 (42) 1.68 (20) 2.31 (27) 1.54 (60) 1.84 (68) 2.91 (25)

Index 1.41 (73) 1.51 (30) 1.80 (69) 1.37 (71) 1.67 (74) 1.81 (84)

Median 1.75 1.41 1.99 1.73 2.09 2.17

Strategy Review

American Strategic Value Realty Fund | NCREIF Property Index


Page 26 of 255



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 6.48 0.58 6.17 105.55 12 N/A N/A

Index 6.13 0.69 4.78 100.00 12 N/A N/A




SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 7.95 1.41 3.88 99.50 20 N/A N/A

Index 7.98 1.52 3.58 100.00 20 N/A N/A



Investment Index

6.0

6.1

6.2

6.3

6.4

6.5

6.6

Ret

urn

(%)

0.5 0.6 0.7 0.8Risk (Standard Deviation %)


Investment Index

7.9

8.0

Ret

urn

(%)

1.2 1.3 1.4 1.5 1.6Risk (Standard Deviation %)


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 0 (0%) 2 (10%) 18 (90%)¾

Index 20 0 (0%) 0 (0%) 3 (15%) 17 (85%)¾


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 14 0 (0%) 0 (0%) 0 (0%) 14 (100%)¾

Index 20 0 (0%) 0 (0%) 3 (15%) 17 (85%)¾

Strategy Review

AEW Core Property Trust | NCREIF Fund Index-ODCE (VW) (Net)


Page 27 of 255


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Investment 0.96 (87) 2.52 (81) 5.42 (77) 6.16 (84) 6.48 (76) 6.76 (84) 7.95 (82)��

Index 1.27 (84) 2.36 (82) 4.39 (84) 5.86 (88) 6.13 (85) 6.54 (84) 7.98 (82)��

Median 1.65 3.67 7.02 7.96 8.09 8.35 9.58


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5.0

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2018 2017 2016 2015 2014 2013 2012

Investment 6.90 (76) 7.12 (76) 7.61 (86) 12.82 (81) 10.44 (90) 11.48 (78) 8.84 (89)��

Index 7.36 (72) 6.66 (79) 7.79 (84) 13.95 (69) 11.46 (84) 12.90 (58) 9.79 (86)��

Median 8.27 8.06 9.35 14.80 13.42 14.27 12.45


1 QtrEnding

Sep-2019

1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

Investment 1.55 (67) 1.30 (60) 1.51 (77) 1.70 (55) 1.45 (92) 2.11 (59)

Index 1.08 (86) 0.77 (90) 1.20 (84) 1.52 (60) 1.87 (65) 1.81 (85)

Median 1.75 1.41 1.99 1.73 2.09 2.17

Strategy Review

AEW Core Property Trust | NCREIF Fund Index-ODCE (VW) (Net)


Page 28 of 255



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 4.79 1.93 1.49 78.77 10 N/A 2

Index 6.13 0.69 4.78 100.00 12 N/A N/A




SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 7.65 2.42 2.33 96.10 18 N/A 2

Index 7.98 1.52 3.58 100.00 20 N/A N/A



Investment Index

4.4

4.8

5.2

5.6

6.0

6.4

Ret

urn

(%)

0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2Risk (Standard Deviation %)


Investment Index

7.5

7.6

7.7

7.8

7.9

8.0

8.1

Ret

urn

(%)

1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.6Risk (Standard Deviation %)


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 0 (0%) 8 (40%) 12 (60%)¾

Index 20 0 (0%) 0 (0%) 3 (15%) 17 (85%)¾


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 15 0 (0%) 0 (0%) 7 (47%) 8 (53%)¾

Index 20 0 (0%) 0 (0%) 3 (15%) 17 (85%)¾

Strategy Review

Heitman America Real Estate Trust | NCREIF Fund Index-ODCE (VW) (Net)


Page 29 of 255


-4.0

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Investment -0.97 (100) 0.63 (97) 1.50 (95) 4.08 (93) 4.79 (92) 5.87 (87) 7.65 (88)��

Index 1.27 (84) 2.36 (82) 4.39 (84) 5.86 (88) 6.13 (85) 6.54 (84) 7.98 (82)��

Median 1.65 3.67 7.02 7.96 8.09 8.35 9.58


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2018 2017 2016 2015 2014 2013 2012

Investment 6.73 (78) 6.21 (88) 9.17 (54) 15.06 (49) 10.12 (91) 14.35 (49) 11.15 (74)��

Index 7.36 (72) 6.66 (79) 7.79 (84) 13.95 (69) 11.46 (84) 12.90 (58) 9.79 (86)��

Median 8.27 8.06 9.35 14.80 13.42 14.27 12.45


1 QtrEnding

Sep-2019

1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

Investment 1.61 (62) -0.50 (97) 1.37 (79) 0.59 (81) 2.05 (52) 1.93 (70)

Index 1.08 (86) 0.77 (90) 1.20 (84) 1.52 (60) 1.87 (65) 1.81 (85)

Median 1.75 1.41 1.99 1.73 2.09 2.17

Strategy Review

Heitman America Real Estate Trust | NCREIF Fund Index-ODCE (VW) (Net)


Page 30 of 255



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 0.81 4.35 -0.17 15.09 9 N/A 3

Index 6.13 0.69 4.78 100.00 12 N/A N/A




SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 5.39 4.55 0.88 69.34 17 N/A 3

Index 7.98 1.52 3.58 100.00 20 N/A N/A



Investment Index

0.0

2.0

4.0

6.0

8.0

Ret

urn

(%)



Investment Index

4.8

5.4

6.0

6.6

7.2

7.8

8.4

9.0

Ret

urn

(%)

0.8 1.2 1.6 2.0 2.4 2.8 3.2 3.6 4.0 4.4 4.8 5.2Risk (Standard Deviation %)


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 5 (25%) 8 (40%) 7 (35%)¾

Index 20 0 (0%) 0 (0%) 3 (15%) 17 (85%)¾


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 15 0 (0%) 0 (0%) 6 (40%) 9 (60%)¾

Index 20 0 (0%) 0 (0%) 3 (15%) 17 (85%)¾

Strategy Review

L&B Core Income Partners | NCREIF Fund Index-ODCE (VW) (Net)


Page 31 of 255


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QTRFYTD


Investment -3.20 (100) -5.24 (100) -9.67 (100) -2.15 (100) 0.81 (100) 2.84 (98) 5.39 (96)��

Index 1.27 (84) 2.36 (82) 4.39 (84) 5.86 (88) 6.13 (85) 6.54 (84) 7.98 (82)��

Median 1.65 3.67 7.02 7.96 8.09 8.35 9.58


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2018 2017 2016 2015 2014 2013 2012

Investment 6.00 (82) 7.00 (77) 9.17 (54) 16.23 (34) 13.01 (63) 10.17 (89) 6.28 (95)��

Index 7.36 (72) 6.66 (79) 7.79 (84) 13.95 (69) 11.46 (84) 12.90 (58) 9.79 (86)��

Median 8.27 8.06 9.35 14.80 13.42 14.27 12.45


1 QtrEnding

Sep-2019

1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

1 QtrEnding

Jun-2018

Investment -2.10 (100) -4.70 (100) 0.03 (100) 1.18 (78) 1.70 (73) 1.37 (98)

Index 1.08 (86) 0.77 (90) 1.20 (84) 1.52 (60) 1.87 (65) 1.81 (85)

Median 1.75 1.41 1.99 1.73 2.09 2.17

Strategy Review

L&B Core Income Partners | NCREIF Fund Index-ODCE (VW) (Net)


Page 32 of 255

CLOSED END REAL ESTATE FUNDS

Page 33 of 255

Fund Information

Type of Fund: Partnership Vintage Year: 2018

Strategy Type: Real Estate Management Fee: 1.50% Carried Interest: 20%, subject to an 8% preferred return and a 50% catch-up

Target IRR: 8.00% Inception: 08/02/2018

General Partner: AGR X LLC

Investment Strategy: Angelo Gordon has structured the fund to provide investors with access to a broad spectrum of value-add opportunities, from light value-add, where we execute a strategy to improveoperations and address existing vacancy, to heavy-value add, where we reposition a property or even change its use, as well as other value-add activity between these two ends of thespectrum. The Fund targets 16-17% gross return, and targets a 12-13% net return.

Cash Flow Summary

Capital Committed: $60,000,000

Capital Invested: $12,600,000

Management Fees: -$156,929

Expenses: -

Interest: $21,879

Total Contributions: $12,464,950


Total Distributions: -

Market Value: $11,936,910

Inception Date: 06/10/2019

Inception IRR: -8.4

TVPI: 1.0

Cash Flow Analysis


$0.0

$3,380,000.0

$6,760,000.0

$10,140,000.0

$13,520,000.0

$16,900,000.0

($3,380,000.0)

6/19 9/19 12/19

Private Equity Fund Overview

AG Realty Value Fund X


Page 34 of 255

Private Equity Financial Reconciliation

Date Market Value Investment Fees ExpensesCatch-UpInterest

Total Gain Cash InterestCatch-UpInterest

Received

RecallableCapital

Return ofCapitalCash

Total

06/10/2019 - 4,500,000 - - - 4,500,000 - - - - - -

06/30/2019 3,758,779 - - - - - - - - - - -

07/31/2019 3,758,779 - - - - - - - - - - -

08/31/2019 3,758,779 - - - - - - - - - - -

09/30/2019 3,696,120 - - - - - - - - - - -

10/15/2019 - 4,050,000 - - 21,879 4,071,879 - - - - - -

10/31/2019 7,767,999 - - - - - - - - - - -

11/30/2019 7,767,999 - - - - - - - - - - -

12/19/2019 - 4,050,000 - - - 3,893,071 - - - - - -

12/31/2019 11,936,910 - - - - - - - - - - -

Total 12,600,000 - - 21,879 12,464,950 - - - - - -


AG Realty Value Fund X

Since Inception Ending December 31, 2019

Page 35 of 255

Fund Information


Strategy Type: Real Estate Management Fee: 150 bps


General Partner:

Investment Strategy: Extremely hands on investment process that currently manages a diversified portfolio of multi-family investments in two sub-markets where they seek deep property by property knowledgeand a dominant market share. Currently, their portfolio owns over 6,000 apartment units in Chicago, Kansas City, and St. Louis in areas that exhibit strong, structural supply/demandconditions that cannot be easily reversed and ultimately benefit apartment owners. The team seeks areas where supply/demand remains in disequilibrium and favorable to long-term growthrates of rental income. Operating expenses for their properties tend to remain flat after initial investment, allowing them to compound a growing level of net operating expenses. The teamfocuses on year over year operating success rather than “trades”.

The fund expects to deploy equally between Chicago, Kansas City and St. Louis. Property acquisitions are moving forward at a deliberate pace. The location of the Barack Obamapresidential library was announced to be at the South side of Chicago. This should be positive for the portfolio’s holdings in the Hyde Park neighborhood

Cash Flow Summary



Management Fees: -

Expenses: -

Interest: -


Remaining Capital Commitment: -

Total Distributions: $5,607,637



Inception IRR: 8.0

TVPI: 1.3

Cash Flow Analysis


$0.0

$18,200,000.0

$36,400,000.0

$54,600,000.0

$72,800,000.0

$91,000,000.0

($18,200,000.0)

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19


Lyrical - OTRS Realty Partners IV


Page 36 of 255




Received

RecallableCapital


Total

11/12/2014 - 2,687,500 - - - 2,687,500 - - - - - -

11/30/2014 2,687,500 - - - - - - - - - - -

12/15/2014 - 8,062,500 - - - 8,062,500 - - - - - -

12/31/2014 10,750,000 - - - - - - - - - - -

01/31/2015 10,750,000 - - - - - - - - - - -

02/06/2015 - 5,375,000 - - - 5,375,000 - - - - - -

02/28/2015 16,125,000 - - - - - - - - - - -

03/27/2015 - 2,687,500 - - - 2,687,500 - - - - - -

03/31/2015 18,812,500 - - - - - - - - - - -

04/30/2015 18,812,500 - - - - - - - - - - -

05/31/2015 18,812,500 - - - - - - - - - - -

06/12/2015 - 2,687,500 - - - 2,687,500 - - - - - -

06/30/2015 21,500,000 - - - - - - - - - - -

07/31/2015 21,500,000 - - - - - - - - - - -

08/31/2015 21,500,000 - - - - - - - - - - -

09/30/2015 21,500,000 - - - - - - - - - - -

10/16/2015 - 5,375,000 - - - 5,375,000 - - - - - -

10/31/2015 26,875,000 - - - - - - - - - - -

11/30/2015 26,875,000 - - - - - - - - - - -

12/31/2015 26,875,000 - - - - - - - - - - -

01/31/2016 26,875,000 - - - - - - - - - - -

02/29/2016 26,875,000 - - - - - - - - - - -

03/31/2016 26,875,000 - - - - - - - - - - -

04/30/2016 26,875,000 - - - - - - - - - - -

05/31/2016 26,875,000 - - - - - - - - - - -

06/30/2016 26,875,000 - - - - - - - - - - -

07/08/2016 - 10,750,000 - - - 10,750,000 - - - - - -

07/31/2016 37,625,000 - - - - - - - - - - -

08/31/2016 37,625,000 - - - - - - - - - - -

09/02/2016 - 5,375,000 - - - 5,375,000 - - - - - -

09/30/2016 43,000,000 - - - - - - - - - - -

10/31/2016 43,000,000 - - - - - - - - - - -

11/29/2016 - 8,062,500 - - - 8,062,500 - - - - - -

11/30/2016 51,062,500 - - - - - - - - - - -

12/31/2016 52,210,483 - - - - - - - - - - -

01/31/2017 52,210,483 - - - - - - - - - - -

02/28/2017 52,210,483 - - - - - - - - - - -

03/31/2017 52,210,483 - - - - - - - - - - -

04/30/2017 52,210,483 - - - - - - - - - - -

05/31/2017 52,210,483 - - - - - - - - - - -




Page 37 of 255






Received

RecallableCapital


Total

06/30/2017 52,210,483 - - - - - - - - - - -

07/31/2017 52,210,483 - - - - - - - - - - -

08/31/2017 52,210,483 - - - - - - - - - - -

09/18/2017 - - - - - - - - - - 640,873 640,873

09/30/2017 51,569,610 - - - - - - - - - - -

10/16/2017 - 2,687,500 - - - 2,687,500 - - - - - -

10/31/2017 54,257,110 - - - - - - - - - - -

11/30/2017 54,257,110 - - - - - - - - - - -

12/18/2017 - - - - - - - - - - 640,873 640,873

12/31/2017 61,120,335 - - - - - - - - - - -

01/31/2018 61,120,335 - - - - - - - - - - -

02/28/2018 61,120,335 - - - - - - - - - - -

03/15/2018 - - - - - - - - - - 640,873 640,873

03/31/2018 60,499,540 - - - - - - - - - - -

04/30/2018 60,499,540 - - - - - - - - - - -

05/31/2018 60,499,540 - - - - - - - - - - -

06/15/2018 - - - - - - - - - - 737,004 737,004

06/30/2018 61,079,909 - - - - - - - - - - -

07/31/2018 61,079,909 - - - - - - - - - - -

08/31/2018 61,079,909 - - - - - - - - - - -

09/30/2018 63,063,319 - - - - - - - - - 737,004 737,004

10/31/2018 63,063,319 - - - - - - - - - - -

11/30/2018 63,063,319 - - - - - - - - - - -

12/31/2018 62,758,734 - - - - - - - - - 737,004 737,004

01/31/2019 62,758,734 - - - - - - - - - - -

02/28/2019 62,758,734 - - - - - - - - - - -

03/15/2019 - - - - - - - - - - 737,004 737,004

03/31/2019 62,731,800 - - - - - - - - - - -

04/30/2019 62,731,800 - - - - - - - - - - -

05/31/2019 62,731,800 - - - - - - - - - - -

06/30/2019 64,009,559 - - - - - - - - - - -

07/31/2019 64,009,559 - - - - - - - - - - -

08/31/2019 64,009,559 - - - - - - - - - - -

09/16/2019 - - - - - - - - - - 737,004 737,004

09/30/2019 64,732,200 - - - - - - - - - - -

10/31/2019 64,732,200 - - - - - - - - - - -

11/30/2019 64,732,200 - - - - - - - - - - -

12/31/2019 66,899,108 - - - - - - - - - - -

Total 53,750,000 - - - 53,750,000 - - - - 5,607,637 5,607,637

Page 38 of 255

Fund Information

Type of Fund: Direct Vintage Year: 2018

Strategy Type: Real Estate Management Fee: 1.50%

Target IRR: 9% Inception: 12/05/2017

General Partner: Artemis Real Estate Partners Fund III GP, LLC

Investment Strategy: Value-added, commingled real estate fund to invest in equity and debt across product type and geography in the U.S.

Cash Flow Summary



Management Fees: $1,183,696

Expenses: -

Interest: $19,599



Total Distributions: $122,676



Inception IRR: -8.8

TVPI: 0.9

Cash Flow Analysis


$0.0

$2,080,000.0

$4,160,000.0

$6,240,000.0

$8,320,000.0

$10,400,000.0

($2,080,000.0)

1/19 4/19 7/19 10/19 12/19


Artemis Real Estate Partners Fund III


Page 39 of 255




Received

RecallableCapital


Total

01/08/2019 - 981,311 619,800 - 19,599 1,620,710 - - - - - -

01/31/2019 1,620,710 - - - - - - - - - - -

02/05/2019 - 495,490 376,910 - - 872,400 - - - - - -

02/28/2019 2,116,200 - - - - - - - - - - -

03/18/2019 - 533,058 - - - 533,058 - - - - - -

03/31/2019 2,019,344 - - - - - - - - - - -

04/05/2019 - 1,475,964 - - - 1,475,964 - - - - - -

04/10/2019 - - - - - - - - 2,881 119,795 - 122,676

04/30/2019 3,372,632 - - - - - - - - - - -

05/31/2019 3,372,632 - - - - - - - - - - -

06/05/2019 - 990,683 - - - 990,683 - - - - - -

06/30/2019 4,611,622 - - - - - - - - - - -

07/03/2019 - 517,020 186,986 - - 704,006 - - - - - -

07/31/2019 5,128,642 - - - - - - - - - - -

08/31/2019 5,128,642 - - - - - - - - - - -

09/09/2019 - 1,041,077 - - - 1,041,077 - - - - - -

09/30/2019 6,107,861 - - - - - - - - - - -

10/31/2019 6,107,861 - - - - - - - - - - -

11/13/2019 - 645,310 - - - 645,310 - - - - - -

11/30/2019 6,753,171 - - - - - - - - - - -

12/31/2019 7,295,995 - - - - - - - - - - -

Total 6,679,913 1,183,696 - 19,599 7,883,208 - - 2,881 119,795 - 122,676


Artemis Real Estate Partners Fund III


Page 40 of 255

Fund Information


Strategy Type: Real Estate Management Fee: 1.50% + PBF

Target IRR: Pre-tax net annual IRR on invested capital of 15-17% Inception: 02/01/2013

General Partner: Dune Real Estate Partners III LLC

Investment Strategy: With targeted equity commitments of $960 million, Fund III continues the execution of Dune's opportunistic equity investment program with a focus on distressed, deep value-add andcontrarian investing, primarily in the U.S. Dune intends for Fund III to acquire real estate across multiple sectors including multifamily, retail, office, industrial & hotel sectors, among others.Dune seeks to assemble a portfolio of opportunistic investments for Fund III, well-balanced by region and sector, that Dune believes can generate a fund-level, pre-tax net annual IRR oninvested capital of between 15% and 17%. Investments are generally expected to be held by Fund III for a period of approximately five years.

Dune's strategy for Fund III broadly focuses on the opportunities resulting from unprecedented deleveraging of the capital markets and corresponding distress and dislocation in the realestate markets. Dune executes its strategy through three primary investment themes in Fund III:1. Distressed: Acquisition, recapitalization and/or restructuring of sub-performing and non-performing commercial mortgages and other real estate loans as an effective means of acquiringreal estate;2. Deep Value-Add: Repositioning of real estate assets and/or rationalization of capital structures; and3. Contrarian: Investing to take advantage of oversold markets or asset classeswhere the acquisition basis is compelling and where investor behavior has created exploitable mispricing.

Investment Objective: Fund III will seek to make investments in a broad range of real estate and real estate-related investments, such investments to include but not be limited toinvestments in single assets, portfolios, joint ventures and operating companies, as well as real estate-related loans and debt securities.

Cash Flow Summary



Management Fees: -

Expenses: -

Interest: -






Inception IRR: 11.0

TVPI: 1.4

Cash Flow Analysis


$0.0

$15,600,000.0

$31,200,000.0

$46,800,000.0

$62,400,000.0

$78,000,000.0

($15,600,000.0)

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19


Dune Real Estate Fund III


Page 41 of 255




Received

RecallableCapital


Total

11/07/2014 - 10,685,612 - - - 10,685,612 - - - - - -

11/30/2014 10,685,612 - - - - - - - - - - -

12/31/2014 11,935,003 - - - - - - - - - - -

01/31/2015 11,935,003 - - - - - - - - - - -

02/09/2015 - 5,375,000 - - - 5,375,000 - - - - - -

02/28/2015 17,310,003 - - - - - - - - - - -

03/31/2015 17,917,278 - - - - - - - - - - -

04/30/2015 17,917,278 - - - - - - - - - - -

05/31/2015 17,917,278 - - - - - - - - - - -

06/12/2015 - 678,687 - - - 678,687 - - - 678,687 - 678,687

06/25/2015 - 5,375,000 - - - 5,375,000 - - - - - -

06/30/2015 24,281,409 - - - - - - - - - - -

07/31/2015 24,281,409 - - - - - - - - - - -

08/31/2015 24,281,409 - - - - - - - - - - -

09/30/2015 25,034,773 - - - - - - - - - - -

10/31/2015 25,034,773 - - - - - - - - - - -

11/30/2015 25,034,773 - - - - - - - - - - -

12/14/2015 - 6,057,513 - - - 6,057,513 - - - - - -

12/31/2015 31,611,958 - - - - - - - - - - -

01/31/2016 31,611,958 - - - - - - - - - - -

02/29/2016 31,611,958 - - - - - - - - - - -

03/31/2016 32,138,353 - - - - - - - - - - -

04/30/2016 32,138,353 - - - - - - - - - - -

05/02/2016 - 2,799,481 - - - 2,799,481 - - - - - -

05/31/2016 34,937,834 - - - - - - - - - - -

06/30/2016 36,551,395 - - - - - - - - - - -

07/31/2016 36,551,395 - - - - - - - - - - -

08/31/2016 36,551,395 - - - - - - - - - - -

09/27/2016 - 3,301,146 - - - 3,301,146 - - - - - -

09/30/2016 41,145,907 - - - - - - - - - - -

10/31/2016 41,145,907 - - - - - - - - - - -

11/30/2016 41,145,907 - - - - - - - - - - -

12/31/2016 42,698,797 - - - - - - - - - - -

01/31/2017 42,698,797 - - - - - - - - - - -

02/28/2017 42,698,797 - - - - - - - - - - -

03/20/2017 - 2,418,750 - - - 2,418,750 - - - - - -

03/31/2017 46,020,384 - - - - - - - - - - -

04/30/2017 46,020,384 - - - - - - - - - - -

05/31/2017 46,020,384 - - - - - - - - - - -

06/30/2017 47,972,788 - - - - - - - - - - -




Page 42 of 255






Received

RecallableCapital


Total

07/31/2017 47,972,788 - - - - - - - - - - -

08/31/2017 47,972,788 - - - - - - - - - - -

09/30/2017 50,148,489 - - - - - - - - - - -

10/02/2017 - 1,075,000 - - - 1,075,000 - - - - - -

10/31/2017 51,223,489 - - - - - - - - - - -

11/30/2017 51,223,489 - - - - - - - - - - -

12/31/2017 53,179,314 - - - - - - - - - - -

01/31/2018 53,179,314 - - - - - - - - - - -

02/28/2018 56,135,527 2,956,213 - - - 2,956,213 - - - - - -

03/26/2018 - 3,113,020 - - - 3,113,020 - - - - - -

03/31/2018 59,283,227 - - - - - - - - - - -

04/30/2018 55,330,215 - - - - - - - - - 3,953,012 3,953,012

05/31/2018 55,330,215 - - - - - - - - - - -

06/27/2018 - - - - - - - - - - 4,491,119 4,491,119

06/30/2018 52,794,864 - - - - - - - - - - -

07/31/2018 52,794,864 - - - - - - - - - - -

08/24/2018 - - - - - - - - - - 2,331,988 2,331,988

08/31/2018 50,462,876 - - - - - - - - - - -

09/17/2018 - 2,915,938 - - - 2,915,938 - - - - - -

09/30/2018 56,247,108 - - - - - - - - - - -

10/31/2018 56,247,108 - - - - - - - - - - -

11/30/2018 56,247,108 - - - - - - - - - - -

12/14/2018 - - - - - - - - - - 1,337,911 1,337,911

12/31/2018 56,438,543 - - - - - - - - - - -

01/29/2019 - 2,357,161 - - - 2,357,161 - - - - - -

01/31/2019 58,795,704 - - - - - - - - - - -

02/28/2019 58,795,704 - - - - - - - - - - -

03/31/2019 59,945,618 - - - - - - - - - - -

04/30/2019 59,945,618 - - - - - - - - - - -

05/23/2019 - - - - - - - - - - 2,873,329 2,873,329

05/31/2019 57,072,289 - - - - - - - - - - -

06/17/2019 - 675,801 - - - 675,801 - - - - - -

06/30/2019 58,264,670 - - - - - - - - - - -

07/31/2019 58,264,670 - - - - - - - - - - -

08/31/2019 58,264,670 - - - - - - - - - - -

09/27/2019 - 686,206 - - - 686,206 - - - - 1,677,253 1,677,253

09/30/2019 54,577,457 - - - - - - - - - - -

10/31/2019 54,577,457 - - - - - - - - - - -

11/30/2019 54,577,457 - - - - - - - - - - -

12/31/2019 54,140,569 - - - - - - - - - - -

Total 50,470,528 - - - 50,470,528 - - - 678,687 16,664,612 17,343,299

Page 43 of 255

Fund Information


Strategy Type: Real Estate Management Fee: Commitment Period 1.5% per annum; Incentive Fee: 20% Profits Interest, with a40% / 60% GP catch-up


General Partner: Dune Real Estate Partners IV LLC

Investment Strategy: Fund IV seeks to make investments in a broad range of real estate and real estate-related investments, including investments in individual real estate properties, portfolios, operatingcompanies, equity interests and/or securities, bridge loans, first or second mortgages, participation interests, mezzanine debt, real estate-related loans and debt securities, preferred equity,convertible or participating mortgages, options to purchase and warrants, among several others, in each case through a variety of investment structures.

Cash Flow Summary



Management Fees: -

Expenses: -

Interest: -






Inception IRR: -20.1

TVPI: 0.9

Cash Flow Analysis


$0.0

$3,120,000.0

$6,240,000.0

$9,360,000.0

$12,480,000.0

$15,600,000.0

($3,120,000.0)

9/19 12/19


Dune Real Estate Fund IV


Page 44 of 255




Received

RecallableCapital


Total

08/22/2019 - 5,251,316 - - - 5,251,316 - - - - - -

08/31/2019 5,251,316 - - - - - - - - - - -

09/30/2019 4,126,939 - - - - - - - - - - -

10/31/2019 4,126,939 - - - - - - - - - - -

11/30/2019 4,126,939 - - - - - - - - - - -

12/16/2019 - 6,596,454 - - - 6,596,454 9,400 - - 338,526 - 347,926

12/31/2019 10,287,980 - - - - - - - - - - -

Total 11,847,770 - - - 11,847,770 9,400 - - 338,526 - 347,926


Dune Real Estate Fund IV


Page 45 of 255

Fund Information



Target IRR: 8%/10%20% over a 8% pref, once 10% pref reached 60%/40% Inception: 12/15/2017

General Partner: FCP Realty Fund IV, L.P.

Investment Strategy: FCP Realty Fund IV, L.P. (“FCP Fund IV”) is formed by FCP (“FCP” or the “Sponsor”) to invest in value-add real estate opportunities primarily in the moderate income multifamily propertiesin supply-constrained locations to generate durable cash flow and pursuing select class A multifamily investments and commercial investments to enhance portfolio returns. FCP Fund IV willtarget a 15.0% to 18.0% Gross IRR and a 2.0x Gross Equity Multiple with maximum leverage of 70% on a portfolio-wide basis.

Cash Flow Summary



Management Fees: -

Expenses: -

Interest: -






Inception IRR: -0.2

TVPI: 1.0

Cash Flow Analysis


$0.0

$2,080,000.0

$4,160,000.0

$6,240,000.0

$8,320,000.0

$10,400,000.0

($2,080,000.0)

12/18 3/19 6/19 9/19 12/19


FCP Realty Fund IV


Page 46 of 255




Received

RecallableCapital


Total

12/03/2018 - 695,364 - - - 695,364 - - - - - -

12/31/2018 695,364 - - - - - - - - - - -

01/31/2019 695,364 - - - - - - - - - - -

02/28/2019 695,364 - - - - - - - - - - -

03/25/2019 - 1,348,144 - - - 1,348,144 - - - - - -

03/31/2019 1,646,535 - - - - - - - - - - -

04/29/2019 - 1,390,728 - - - 1,390,728 - - - - - -

04/30/2019 3,037,263 - - - - - - - - - - -

05/31/2019 3,037,263 - - - - - - - - - - -

06/30/2019 2,793,539 - - - - - - - - - - -

07/16/2019 - 484,089 - - - 484,089 - - - - - -

07/31/2019 3,277,628 - - - - - - - - - - -

08/15/2019 - 2,628,477 - - - 2,628,477 - - - - - -

08/31/2019 5,906,105 - - - - - - - - - - -

09/19/2019 - - - - - - 227,049 - - 121,186 - 348,234

09/30/2019 5,382,358 - - - - - - - - - - -

10/28/2019 - 1,251,656 - - - 1,251,656 - - - - - -

10/31/2019 6,634,014 - - - - - - - - - - -

11/30/2019 6,634,014 - - - - - - - - - - -

12/31/2019 7,440,972 - - - - - - - - - - -

Total 7,798,459 - - - 7,798,459 227,049 - - 121,186 - 348,234


FCP Realty Fund IV


Page 47 of 255

Fund Information


Strategy Type: Real Estate Management Fee: 0.50% on committed and 1.75% on invested capital

Target IRR: Inception: 05/13/2013

General Partner: GreenOak US GP II, LP

Investment Strategy: To acquire institutional properties at deep discounts to intrinsic value in select markets across the US, which are subject to improving fundamentals and limited new supply. Investmentopportunities for the Fund will be sourced through GreenOak‘s extensive and longstanding relationships with sophisticated partners and owners, including prominent real estate investors,lenders and operators. The Investment Manager and its affiliates will identify and evaluate potential investments, participate in the management of Fund investments and provide certainadministrative services for the benefit of the Fund. Complexity and distress within capital structures and ownership of many real estate properties have limited the options of many ownersand lenders, creating opportunity for experienced investors who can manage through these issues. The General Partner believes its real estate, structuring, workout and capital marketsexpertise will be a competitive advantage in successfully acquiring, managing and ultimately repositioning such assets to appeal to institutional buyers upon exit into a recovering market.

Cash Flow Summary



Management Fees: $533,284

Expenses: $273,600

Interest: $67,853






Inception IRR: 2.9

TVPI: 1.1

Cash Flow Analysis


$0.0

$13,000,000.0

$26,000,000.0

$39,000,000.0

$52,000,000.0

$65,000,000.0

($13,000,000.0)

10/14 4/15 10/15 4/16 10/16 4/17 10/17 4/18 10/18 4/19 12/19


GreenOak US II


Page 48 of 255




Received

RecallableCapital


Total

10/30/2014 - 8,255,505 - - 67,853 8,323,358 - - - - - -

10/31/2014 8,255,505 - - - - - - - - - - -

11/25/2014 - - - - - - - - 6,261 859,482 - 865,743

11/30/2014 7,396,023 - - - - - - - - - - -

12/29/2014 - 3,897,838 - - - 3,897,838 - - - - - -

12/31/2014 11,532,964 - - - - - - - - - - -

01/31/2015 11,532,964 - - - - - - - - - - -

02/28/2015 11,532,964 - - - - - - - - - - -

03/31/2015 11,404,981 - - - - - - - - - - -

04/30/2015 11,404,981 - - - - - - - - - - -

05/31/2015 11,404,981 - - - - - - - - - - -

06/15/2015 - 4,215,759 533,284 273,600 - 5,022,643 - - - - - -

06/30/2015 18,354,691 - - - - - - - - - - -

07/31/2015 18,354,691 - - - - - - - - - - -

08/31/2015 18,354,691 - - - - - - - - - - -

09/30/2015 16,708,556 - - - - - - - - - - -

10/31/2015 16,708,556 - - - - - - - - - - -

11/20/2015 - 5,878,356 - - - 5,878,356 908,742 - 2,421 - 1,139,810 2,050,973

11/30/2015 20,538,360 - - - - - - - - - - -

12/31/2015 21,275,160 - - - - - - - - - - -

01/27/2016 - 6,743,730 - - - 6,743,730 - - - - - -

01/31/2016 28,018,890 - - - - - - - - - - -

02/29/2016 28,018,890 - - - - - - - - - - -

03/31/2016 27,859,887 - - - - - - - - - - -

04/30/2016 27,859,887 - - - - - - - - - - -

05/31/2016 27,859,887 - - - - - - - - - - -

06/20/2016 - 4,508,781 - - - 4,508,781 - - - - - -

06/30/2016 32,162,607 - - - - - - - - - - -

07/31/2016 32,162,607 - - - - - - - - - - -

08/31/2016 32,162,607 - - - - - - - - - - -

09/30/2016 32,783,600 - - - - - - - - - - -

10/19/2016 - 2,127,808 - - - 2,127,808 - - - 115,612 - 115,612

10/31/2016 34,795,796 - - - - - - - - - - -

11/30/2016 34,795,796 - - - - - - - - - - -

12/30/2016 - 1,686,717 - - - 1,686,717 156,849 - - 95,175 1,434,693 1,686,717

12/31/2016 36,947,144 - - - - - - - - - - -

01/31/2017 36,947,144 - - - - - - - - - - -

02/28/2017 36,947,144 - - - - - - - - - - -

03/31/2017 35,693,261 1,607,756 - - - 1,607,756 540,970 - - - 2,662,368 3,203,338

04/30/2017 35,693,261 - - - - - - - - - - -


GreenOak US II


Page 49 of 255


GreenOak US II




Received

RecallableCapital


Total

05/31/2017 35,693,261 - - - - - - - - - - -

06/30/2017 34,400,899 900,826 - - - 900,826 1,112,961 - - - 1,532,542 2,645,503

07/31/2017 34,400,899 - - - - - - - - - - -

08/31/2017 34,400,899 - - - - - - - - - - -

09/29/2017 - 1,071,680 - - - 1,071,680 - - - - - -

09/30/2017 35,315,876 - - - - - - - - - - -

10/31/2017 35,315,876 - - - - - - - - - - -

11/30/2017 35,315,876 - - - - - - - - - - -

12/08/2017 - 619,209 - - - 619,209 - - - - - -

12/31/2017 36,749,894 - - - - - - - - - - -

01/31/2018 36,749,894 - - - - - - - - - - -

02/28/2018 36,749,894 - - - - - - - - - - -

03/23/2018 - 1,093,423 - - - 1,093,423 - - - - - -

03/31/2018 37,709,581 - - - - - - - - - - -

04/30/2018 37,709,581 - - - - - - - - - - -

05/31/2018 37,709,581 - - - - - - - - - - -

06/28/2018 - 647,075 - - - 647,075 - - - - - -

06/30/2018 40,963,784 - - - - - - - - - - -

07/31/2018 40,963,784 - - - - - - - - - - -

08/31/2018 40,963,784 - - - - - - - - - - -

09/27/2018 - 986,991 - - - 986,991 - - - - - -

09/30/2018 42,377,585 - - - - - - - - - - -

10/31/2018 38,083,622 418,236 - - - 418,236 - 2,902,651 - - 1,809,548 4,712,199

11/30/2018 38,083,622 - - - - - - - - - - -

12/28/2018 - - - - - - 84,358 - - - 1,172,255 1,256,613

12/31/2018 37,720,086 - - - - - - - - - - -

01/31/2019 37,720,086 - - - - - - - - - - -

02/28/2019 37,720,086 - - - - - - - - - - -

03/29/2019 - - - - - - 218,606 - - - 499,785 718,391

03/31/2019 36,904,903 - - - - - - - - - - -

04/30/2019 36,904,903 - - - - - - - - - - -

05/31/2019 36,904,903 - - - - - - - - - - -

06/26/2019 - 747,355 - - - 747,355 - - - - - -

06/30/2019 37,485,093 - - - - - - - - - - -

07/31/2019 37,485,093 - - - - - - - - - - -

08/31/2019 37,485,093 - - - - - - - - - - -

09/27/2019 - 349,934 - - - 349,934 - - - - - -

09/30/2019 37,831,489 - - - - - - - - - - -

10/31/2019 37,831,489 - - - - - - - - - - -

11/30/2019 37,831,489 - - - - - - - - - - -

12/31/2019 33,578,265 - - - - - - - - - - -

Page 50 of 255


GreenOak US II


Total 45,756,979 533,284 273,600 67,853 46,631,716 3,022,486 2,902,651 8,682 1,070,269 10,251,001 17,255,089

Page 51 of 255

Fund Information




General Partner: GreenOak US GP III, LP

Investment Strategy: To acquire institutional properties at meaningful discounts to intrinsic value in select markets across the US that benefit from strong job growth, supply constraints and favorabledemographic trends. Investment opportunities for the Fund will be sourced through GreenOak’s extensive and longstanding relationships in the Fund’s target markets including real estateowners, intermediaries and operating partners. The Investment Manager and its affiliates will identify and evaluate potential investments, participate in the management of Fund investmentsand provide certain administrative services for the benefit of the Fund. The General Partner believes that the US commercial real estate market has likely reached a cyclical peak invaluation levels and there will be more favorable, contrarian investment opportunities over the next several years as this economic cycle ends, credit markets weaken and over supplyimpacts asset values in select markets. The General Partner anticipates coastal gateway markets will significantly outperform other primary and secondary markets and offer both betterdownside protection and greater upside throughout the cycle. Within these markets, the General Partner believes that inefficiencies remain on a selective basis despite asset valueappreciation. The General Partner will continue to seek opportunities to acquire assets selectively in submarkets with strong fundamentals, that may have been neglected from a capitalperspective and are defensive in business plan and capital structure. The General Partne believes GreenOak’s real estate, structuring, workout and capital markets expertise will be acompetitive advantage in successfully acquiring, managing and ultimately repositioning such assets to appeal to institutional buyers upon exit into a recovering market.

Cash Flow Summary




Expenses: $646,150

Interest: -



Total Distributions: -



Inception IRR: -10.9

TVPI: 0.9

Cash Flow Analysis


$0.0

$5,200,000.0

$10,400,000.0

$15,600,000.0

$20,800,000.0

$26,000,000.0

($5,200,000.0)

6/18 9/18 12/18 3/19 6/19 9/19 12/19


GreenOak US III


Page 52 of 255




Received

RecallableCapital


Total

06/25/2018 - 6,140,092 452,590 457,325 - 7,050,007 - - - - - -

06/30/2018 5,393,914 - - - - - - - - - - -

07/31/2018 5,393,914 - - - - - - - - - - -

08/31/2018 5,393,914 - - - - - - - - - - -

09/28/2018 - 633,879 188,808 38,041 - 860,728 - - - - - -

09/30/2018 5,966,586 - - - - - - - - - - -

10/31/2018 5,966,586 - - - - - - - - - - -

11/30/2018 5,966,586 - - - - - - - - - - -

12/27/2018 - 629,785 195,341 26,577 - 851,703 - - - - - -

12/31/2018 6,873,301 - - - - - - - - - - -

01/31/2019 6,873,301 - - - - - - - - - - -

02/28/2019 6,873,301 - - - - - - - - - - -

03/28/2019 - 4,349,710 196,144 28,240 - 4,574,094 - - - - - -

03/31/2019 11,196,405 - - - - - - - - - - -

04/30/2019 11,196,405 - - - - - - - - - - -

05/31/2019 11,196,405 - - - - - - - - - - -

06/30/2019 10,904,560 - - - - - - - - - - -

07/23/2019 - 2,682,627 366,596 87,102 - 3,136,325 - - - - - -

07/31/2019 13,587,187 - - - - - - - - - - -

08/31/2019 13,587,187 - - - - - - - - - - -

09/30/2019 13,753,266 - - - - - - - - - - -

10/04/2019 - 566,490 217,374 4,544 - 788,408 - - - - - -

10/31/2019 14,319,756 - - - - - - - - - - -

11/30/2019 14,319,756 - - - - - - - - - - -

12/09/2019 - 1,729,084 220,063 4,321 - 1,953,468 - - - - - -

12/31/2019 17,288,002 - - - - - - - - - - -

Total 16,731,667 1,836,916 646,150 - 19,214,733 - - - - - -


GreenOak US III


Page 53 of 255

Fund Information


Strategy Type: Real Estate Management Fee: 1.35% and 1.5% of the aggregate Subscriptions of First Closing Partners andLater Admitted Partners, respectively, ending upon the Fee Break Expiration Date


General Partner: HEREF V GP, LLP

Investment Strategy: European Real Estate

Cash Flow Summary



Management Fees: -

Expenses: -

Interest: $27,626






Inception IRR: 15.6

TVPI: 1.1

Cash Flow Analysis


$0.0

$2,860,000.0

$5,720,000.0

$8,580,000.0

$11,440,000.0

$14,300,000.0

($2,860,000.0)

12/18 3/19 6/19 9/19 12/19


Harbert Euro Real Estate Fund V


Page 54 of 255




Received

RecallableCapital


Total

12/10/2018 - 2,109,504 - - 27,626 2,137,130 - - - - - -

12/31/2018 1,628,464 - - - - - - - - - - -

01/31/2019 1,628,464 - - - - - - - - - - -

02/26/2019 - - - - - - - - 3,995 192,387 - 196,382

02/28/2019 1,436,076 - - - - - - - - - - -

03/31/2019 1,325,137 - - - - - - - - - - -

04/30/2019 1,325,137 - - - - - - - - - - -

05/28/2019 - - - - - - - - 1,093 23,727 - 24,820

05/31/2019 1,301,410 - - - - - - - - - - -

06/30/2019 1,296,393 - - - - - - - - - - -

07/31/2019 1,296,393 - - - - - - - - - - -

08/16/2019 - 3,224,538 - - - 3,224,538 - - - - - -

08/31/2019 4,520,931 - - - - - - - - - - -

09/30/2019 4,778,835 - - - - - - - - - - -

10/31/2019 4,778,835 - - - - - - - - - - -

11/30/2019 4,778,835 - - - - - - - - - - -

12/02/2019 - 5,145,568 - - - 5,145,568 - - - - 57,410 57,410

12/31/2019 10,795,435 - - - - - - - - - - -

Total 10,479,610 - - 27,626 10,507,236 - - 5,088 216,114 57,410 278,613


Harbert Euro Real Estate Fund V


Page 55 of 255

Fund Information


Strategy Type: Real Estate Management Fee: 1.50%, 20% incentive fee; 50% catch-up


General Partner:

Investment Strategy: The Fund seeks to achieve attractive returns by locating, analyzing and investing, directly or indirectly, in opportunistic and distressed transactions in real estate, real estate finance andrelated investments in both the U.S. and non-U.S. real estate markets, including, but not limited to, commercial real estate, commercial mortgage loans, rescue capital, distressed andnonperforming loans, stressed and sub-performing loans and other mortgage-related assets and structured real estate finance products.

Cash Flow Summary



Management Fees: -

Expenses: -

Interest: -






Inception IRR: 43.7

TVPI: 1.4

Cash Flow Analysis


$0.0

$4,680,000.0

$9,360,000.0

$14,040,000.0

$18,720,000.0

$23,400,000.0

($4,680,000.0)

9/19 12/19


Invesco Strategic Opportunities III


Page 56 of 255




Received

RecallableCapital


Total

09/17/2019 - 14,433,256 - - - 14,433,256 - - - - - -

09/30/2019 17,436,412 - - - - - - - - - - -

10/31/2019 17,436,412 - - - - - - - - - - -

11/30/2019 17,436,412 - - - - - - - - - - -

12/30/2019 - - - - - - - - - 3,910,086 2,291,058 6,201,144

12/31/2019 14,524,640 - - - - - - - - - - -

Total 14,433,256 - - - 14,433,256 - - - 3,910,086 2,291,058 6,201,144


Invesco Strategic Opportunities III


Page 57 of 255

Fund Information


Strategy Type: Real Estate Management Fee: 25 bps


General Partner: L&B Realty Acquisitions, LLC

Investment Strategy: The fund will invest in a focused portfolio composed of up to three property types: Retirement Homes/Memory Care facilities, Build to Core Office, and Special Opportunities. The primaryobjective is protection of capital and appreciation. Assets will be conservatively underwritten and utilize reasonable leverage (up to 65%). The portfolio will invest a geographically diversifiedportfolio of non-core development properties. The Retirement Homes/Memory Care will focus on demographically advantaged areas and construct new facilities. Build to Core will constructhigh quality office buildings in attractive infill areas. Special opportunities will target unique properties with a focus on long-term income production.

Cash Flow Summary




Expenses: -

Interest: -


Remaining Capital Commitment: $334,181




Inception IRR: 11.0

TVPI: 1.4

Cash Flow Analysis


$0.0

$28,600,000.0

$57,200,000.0

$85,800,000.0

$114,400,000.0

$143,000,000.0

($28,600,000.0)

7/14 1/15 7/15 1/16 7/16 1/17 7/17 1/18 7/18 1/19 7/19 12/19


L&B Golden Driller


Page 58 of 255




Received

RecallableCapital


Total

07/31/2014 600,000 600,000 - - - 600,000 - - - - - -

08/31/2014 600,000 - - - - - - - - - - -

09/25/2014 - 340,000 - - - 340,000 - - - - - -

09/30/2014 940,000 - - - - - - - - - - -

10/31/2014 940,000 - - - - - - - - - - -

11/14/2014 - 200,000 - - - 200,000 - - - - - -

11/30/2014 1,140,000 - - - - - - - - - - -

12/19/2014 - 225,000 - - - 225,000 - - - - - -

12/31/2014 1,341,974 - - - - - - - - - - -

01/31/2015 1,341,974 - - - - - - - - - - -

02/28/2015 1,341,974 - - - - - - - - - - -

03/06/2015 - 5,400,000 - - - 5,400,000 - - - - - -

03/31/2015 6,726,615 - - - - - - - - - - -

04/17/2015 - 900,000 - - - 900,000 - - - - - -

04/30/2015 7,626,615 - - - - - - - - - - -

05/26/2015 - 5,625,000 - - - 5,625,000 - - - - - -

05/31/2015 13,251,615 - - - - - - - - - - -

06/30/2015 13,242,860 - - - - - - - - - - -

07/31/2015 13,242,860 - - - - - - - - - - -

08/31/2015 13,242,860 - - - - - - - - - - -

09/03/2015 - 10,800,000 - - - 10,800,000 - - - - - -

09/04/2015 - 2,700,000 - - - 2,700,000 - - - - - -

09/30/2015 26,742,549 - - - - - - - - - - -

10/31/2015 26,742,549 - - - - - - - - - - -

11/30/2015 26,742,549 - - - - - - - - - - -

12/31/2015 26,742,331 - - - - - - - - - - -

01/31/2016 26,742,331 - - - - - - - - - - -

02/29/2016 26,742,331 - - - - - - - - - - -

03/25/2016 - 5,850,000 - - - 5,850,000 - - - - - -

03/31/2016 32,592,042 - - - - - - - - - - -

04/30/2016 32,592,260 - - - - - - - - - - -

05/16/2016 - 2,475,019 181,306 - - 2,656,325 - - - - - -

05/31/2016 35,067,279 - - - - - - - - - - -

06/30/2016 35,244,778 - - - - - - - - - - -

07/07/2016 - 505,498 95,080 - - 600,578 - - - - - -

07/29/2016 - 1,328,346 - - - 1,328,346 - - - - - -

07/31/2016 37,078,840 - - - - - - - - - - -

08/26/2016 - 4,500,000 - - - 4,500,000 - - - - - -

08/31/2016 41,578,840 - - - - - - - - - - -

09/16/2016 - - 33,332 - - 33,332 - - - - - -


L&B Golden Driller


Page 59 of 255


L&B Golden Driller




Received

RecallableCapital


Total

09/30/2016 41,707,034 - - - - - - - - - - -

10/18/2016 - - 16,666 - - 16,666 - - - - - -

10/31/2016 41,707,034 - - - - - - - - - - -

11/15/2016 - - 16,666 - - 16,666 - - - - - -

11/23/2016 - 4,500,000 - - - 4,500,000 - - - - - -

11/30/2016 46,207,034 - - - - - - - - - - -

12/21/2016 - 900,000 16,666 - - 916,666 - - - - - -

12/22/2016 - 450,000 - - - 450,000 - - - - - -

12/31/2016 47,606,639 - - - - - - - - - - -

01/31/2017 47,606,639 - 24,999 - - 24,999 - - - - - -

02/21/2017 - - 24,999 - - 24,999 - - - - - -

02/24/2017 - 1,350,000 - - - 1,350,000 - - - - - -

02/28/2017 48,956,639 - - - - - - - - - - -

03/22/2017 - - 24,999 - - 24,999 - - - - - -

03/23/2017 - 2,430,000 - - - 2,430,000 - - - - - -

03/31/2017 51,458,827 - - - - - - - - - - -

04/24/2017 - 3,150,000 104,156 - - 3,254,156 - - - - - -

04/26/2017 - 5,664,908 - - - 5,664,908 - - - - - -

04/30/2017 60,273,735 - - - - - - - - - - -

05/18/2017 - - 49,998 - - 49,998 - - - - - -

05/31/2017 60,273,735 - - - - - - - - - - -

06/15/2017 - 4,050,000 24,999 - - 4,074,999 - - - - - -

06/30/2017 64,502,888 - - - - - - - - - - -

07/19/2017 - - 24,999 - - 24,999 - - - - - -

07/31/2017 64,502,888 - - - - - - - - - - -

08/15/2017 - - 24,999 - - 24,999 - - - - - -

08/31/2017 64,502,888 - - - - - - - - - - -

09/29/2017 - - 33,332 - - 33,332 - - - - - -

09/30/2017 64,585,797 - - - - - - - - - - -

10/06/2017 - 1,608,300 - - - 1,608,300 - - - - - -

10/16/2017 - - 16,666 - - 16,666 - - - - - -

10/25/2017 - 585,000 - - - 585,000 - - - - - -

10/31/2017 66,779,097 - - - - - - - - - - -

11/15/2017 - - 16,666 - - 16,666 - - - - - -

11/30/2017 66,779,097 - - - - - - - - - - -

12/13/2017 - - 16,666 - - 16,666 - - - - - -

12/31/2017 66,829,095 - - - - - - - - - - -

01/31/2018 66,829,095 - 48,331 - - 48,331 - - - - - -

02/21/2018 - - 16,666 - - 16,666 - - - - - -

02/28/2018 66,829,095 - - - - - - - - - - -

03/15/2018 - - 16,666 - - 16,666 - - - - - -

Page 60 of 255


L&B Golden Driller




Received

RecallableCapital


Total

03/31/2018 66,907,634 - - - - - - - - - - -

04/17/2018 - - 35,665 - - 35,665 - - - - - -

04/30/2018 66,907,634 - - - - - - - - - - -

05/04/2018 - 621,000 - - - 621,000 - - - - - -

05/15/2018 - - 16,666 - - 16,666 - - - - - -

05/24/2018 - 135,000 - - - 135,000 - - - - - -

05/25/2018 - 225,000 - - - 225,000 - - - - - -

05/31/2018 67,888,634 - - - - - - - - - - -

06/22/2018 - 337,500 - - - 337,500 - - - - - -

06/27/2018 - - 16,666 - - 16,666 - - - - - -

06/30/2018 68,294,711 - - - - - - - - - - -

07/19/2018 - 225,000 35,665 - - 260,665 - - - - - -

07/31/2018 68,519,711 - - - - - - - - - - -

08/16/2018 - 387,000 8,333 - - 395,333 - - - - - -

08/31/2018 68,906,711 - - - - - - - - - - -

09/14/2018 - - 8,333 - - 8,333 - - - - - -

09/28/2018 - 346,500 - - - 346,500 - - - - - -

09/30/2018 69,305,473 - - - - - - - - - - -

10/12/2018 - 558,000 68,815 - - 626,815 - - - - - -

10/31/2018 69,863,473 - - - - - - - - - - -

11/29/2018 - 643,500 - - - 643,500 - - - - - -

11/30/2018 70,506,973 - - - - - - - - - - -

12/18/2018 - - 16,666 - - 16,666 - - - - - -

12/28/2018 - 472,500 - - - 472,500 - - - - - -

12/31/2018 71,057,665 - - - - - - - - - - -

01/22/2019 - - 70,796 - - 70,796 - - - - - -

01/25/2019 - 450,000 - - - 450,000 - - - - - -

01/31/2019 71,507,665 - - - - - - - - - - -

02/28/2019 71,507,665 - - - - - - - - - - -

03/08/2019 - 495,000 - - - 495,000 - - - - - -

03/31/2019 72,073,764 - - - - - - - - - - -

04/02/2019 - 450,000 - - - 450,000 - - - - - -

04/15/2019 - - 44,685 - - 44,685 - - - - - -

04/25/2019 - 504,000 - - - 504,000 - - - - - -

04/30/2019 73,027,764 - - - - - - - - - - -

05/06/2019 - 108,000 - - - 108,000 - - - - - -

05/29/2019 - 441,000 - - - 441,000 - - - - - -

05/31/2019 73,801,764 225,000 - - - 225,000 - - - - - -

06/27/2019 - 598,500 - - - 598,500 - - - - - -

06/30/2019 103,721,031 - - - - - - - - - - -

07/09/2019 - 110,000 - - - 110,000 - - - - - -

Page 61 of 255


L&B Golden Driller




Received

RecallableCapital


Total

07/10/2019 - - 45,101 - - 45,101 - - - - - -

07/31/2019 103,831,031 - - - - - - - - - - -

08/01/2019 - - - - - - - - - - 19,500,000 19,500,000

08/31/2019 84,331,031 - - - - - - - - - - -

09/30/2019 84,387,306 - - - - - - - - - - -

10/31/2019 84,387,306 - - - - - - - - - - -

11/30/2019 84,387,306 - - - - - - - - - - -

12/31/2019 86,454,313 - - - - - - - - - - -

Total 73,469,571 1,196,248 - - 74,665,819 - - - - 19,500,000 19,500,000

Page 62 of 255

Fund Information


Strategy Type: Secondaries Management Fee: 1.00% + PBF


General Partner: Landmark Real Estate Partners (LREP) VII, LP

Investment Strategy: Landmark's investment approach focuses on:- Capitalizing on the inefficiency and illiquidity of the secondary real estate market by acquiring limited partnership interests in institutional properties at a discount to market value;- Sourcing exclusive transaction opportunities by interacting directly with limited partners and advisors, understanding objectives, and providing customized transaction solutions;- Analyzing and evaluating transaction opportunities through the construction of property level investment cash flows derived from research, fund data, and input from Landmark's network ofthird party resources; and- Active monitoring of portfolio investments to track performance, accumulate investment data, and maximize value for investors.Portfolio construction goals:- Assemble a diverse, global portfolio of assets that span the real estate risk spectrum;- Focus on funds that are substantially committed and seasoned;- Create a highly diversified portfolio across all metrics;- Target attractive returns that deliver a 'secondary return premium;' and- Premium quantifiable through fundamentals through fundamentals such as cap rate, unlevered IRR, and investment basis.

Cash Flow Summary



Management Fees: -

Expenses: $10,345

Interest: -






Inception IRR: 10.1

TVPI: 1.2

Cash Flow Analysis


$0.0

$8,580,000.0

$17,160,000.0

$25,740,000.0

$34,320,000.0

$42,900,000.0

($8,580,000.0)

12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19


Landmark Real Estate Partners VII


Page 63 of 255




Received

RecallableCapital


Total

12/22/2014 - 3,323,561 - - - 3,323,561 - - - - - -

12/31/2014 4,005,449 - - - - - - - - - - -

01/31/2015 4,055,449 - - - - - - - - - - -

02/24/2015 - - - - - - - - - 1,067,938 - 1,067,938

02/28/2015 2,987,511 - - - - - - - - - - -

03/31/2015 2,875,737 - - - - - - - - - - -

04/30/2015 2,875,737 - - - - - - - - - - -

05/31/2015 2,875,737 - - - - - - - - - - -

06/30/2015 2,704,492 - - - - - - - - - - -

07/31/2015 2,704,492 - - - - - - - - - - -

08/06/2015 - - - - - - - - - - 346,500 346,500

08/31/2015 2,357,992 - - - - - - - - - - -

09/30/2015 3,434,764 - - - - - - - - - - -

10/13/2015 - 1,305,150 - - - 1,305,150 - - - - - -

10/31/2015 4,739,914 - - - - - - - - - - -

11/13/2015 - - - - - - - - - - 346,500 346,500

11/23/2015 - 577,500 - - - 577,500 - - - - - -

11/30/2015 4,970,914 - - - - - - - - - - -

12/17/2015 - 8,184,330 - - - 8,184,330 - - - - - -

12/31/2015 14,764,839 - - - - - - - - - - -

01/31/2016 14,764,839 - - - - - - - - - - -

02/04/2016 - - - - - - - - - - 277,200 277,200

02/29/2016 14,487,639 - - - - - - - - - - -

03/24/2016 - - - - - - - - - - 277,200 277,200

03/31/2016 15,018,313 - - - - - - - - - - -

04/29/2016 - - - - - - - - - - 231,000 231,000

04/30/2016 14,787,313 - - - - - - - - - - -

05/31/2016 14,787,313 - - - - - - - - - - -

06/03/2016 - - - - - - - - - - 231,000 231,000

06/24/2016 - 2,310,000 - - - 2,310,000 - - - - - -

06/30/2016 16,995,274 - - - - - - - - - - -

07/15/2016 - - - - - - - - - - 577,500 577,500

07/31/2016 16,417,774 - - - - - - - - - - -

08/31/2016 16,417,774 - - - - - - - - - - -

09/08/2016 - - - - - - - - - - 623,700 623,700

09/27/2016 - 4,620,000 - - - 4,620,000 - - - - - -

09/30/2016 19,937,300 - - - - - - - - - 723,351 723,351

10/31/2016 19,650,721 - - - - - - - - - 286,579 286,579

11/30/2016 19,650,721 - - - - - - - - - - -

12/01/2016 - - - - - - - - - - 247,500 247,500




Page 64 of 255






Received

RecallableCapital


Total

12/21/2016 - 1,195,816 - - - 1,195,816 - - - - - -

12/22/2016 - - - - - - - - - - 1,198,421 1,198,421

12/31/2016 19,825,152 - - - - - - - - - - -

01/31/2017 18,626,731 - - - - - - - - - 1,198,421 1,198,421

02/23/2017 - - - - - - - - - - 390,789 390,789

02/28/2017 18,235,942 - - - - - - - - - - -

03/29/2017 - 211,026 - - - 211,026 - - - - - -

03/31/2017 18,523,344 - - - - - - - - - 377,763 377,763

04/27/2017 - - - - - - - - - - 455,921 455,921

04/30/2017 18,067,423 - - - - - - - - - - -

05/31/2017 17,689,660 - - - - - - - - - 377,763 377,763

06/29/2017 - - - - - - - - - - 299,605 299,605

06/30/2017 17,449,390 - - - - - - - - - - -

07/11/2017 - 1,995,104 - - - 1,995,104 - - - - - -

07/31/2017 19,444,494 - - - - - - - - - - -

08/31/2017 19,105,810 - - - - - - - - - 338,684 338,684

09/05/2017 - 4,608,711 - - - 4,608,711 - - - - - -

09/29/2017 - - - - - - - - - - 468,947 468,947

09/30/2017 24,260,443 - - - - - - - - - - -

10/20/2017 - - - - - - - - - - 755,526 755,526

10/31/2017 23,504,917 - - - - - - - - - - -

11/30/2017 22,749,391 - - - - - - - - - 755,526 755,526

12/18/2017 - 2,756,292 - - - 2,756,292 - - - - - -

12/22/2017 - - - - - - - - - - 716,447 716,447

12/31/2017 25,317,109 - - - - - - - - - - -

01/17/2018 - - - - - - - - - - 716,447 716,447

01/31/2018 24,600,662 - - - - - - - - - - -

02/05/2018 - - - - - - - - - - 508,026 508,026

02/28/2018 24,092,636 - - - - - - - - - - -

03/05/2018 - - - - - - - - - - 312,632 312,632

03/28/2018 - 453,492 - - - 453,492 - - - - - -

03/29/2018 - - - - - - - - - - 468,947 468,947

03/31/2018 23,685,388 - - - - - - - - - - -

04/30/2018 23,268,546 - - - - - - - - - 416,842 416,842

05/31/2018 23,268,546 - - - - - - - - - - -

06/29/2018 - - - - - - - - - - 547,105 547,105

06/30/2018 22,945,396 - - - - - - - - - - -

07/31/2018 22,945,396 - - - - - - - - - - -

08/06/2018 - - - - - - - - - - 1,094,211 1,094,211

08/30/2018 - - - - - - - - - - 638,289 638,289

08/31/2018 21,212,896 - - - - - - - - - - -

Page 65 of 255






Received

RecallableCapital


Total

09/06/2018 - - - - - - - - - - 625,263 625,263

09/24/2018 - 1,095,942 - - - 1,095,942 - - - - - -

09/30/2018 21,878,540 - - - - - - - - - - -

10/24/2018 - - - - - - - - - - 612,237 612,237

10/31/2018 21,266,303 - - - - - - - - - - -

11/30/2018 21,266,303 - - - - - - - - - - -

12/20/2018 - - - - - - - - - - 924,868 924,868

12/31/2018 20,278,974 - - - - - - - - - - -

01/31/2019 20,278,974 - - - - - - - - - - -

02/01/2019 - - - - - - - - - - 573,158 573,158

02/13/2019 - - - - - - - - - - 703,421 703,421

02/28/2019 19,002,395 - - - - - - - - - - -

03/31/2019 18,925,076 - - - - - - - - - - -

04/24/2019 - - - - - 11,966 - - - - 584,457 584,457

04/30/2019 18,340,619 - - - - - - - - - - -

05/02/2019 - - - - - - - - - - 442,895 442,895

05/31/2019 17,897,724 - - - - - - - - - - -

06/30/2019 17,837,213 - - - - - - - - - - -

07/17/2019 - - - - - -1,621 - - - - 625,263 625,263

07/31/2019 17,211,950 - - - - - - - - - - -

08/31/2019 17,211,950 - - - - - - - - - - -

09/27/2019 - - - - - - - - - - 508,026 508,026

09/30/2019 16,665,562 - - - - - - - - - - -

10/31/2019 16,248,720 - - - - - - - - - 416,842 416,842

11/30/2019 16,248,720 - - - - - - - - - - -

12/31/2019 16,176,758 - - - - - - - - - - -

Total 32,636,924 - - - 32,647,269 - - - 1,067,938 22,220,772 23,288,710

Page 66 of 255

Fund Information


Strategy Type: Real Estate Management Fee: 1.25% of committed capital during commitment period, and 1.25% of investedcapital thereafter.


General Partner: Starwood X Mgmt., L.P.

Investment Strategy: The early-cycle distressed real estate market in Europe, combined with the recovering U.S. market, offer compelling opportunities to acquire assets at attractive pricing with significantvalue-add potential from banks, insurance companies, lending institutions, bankruptcy courts and other distressed sellers. SOF X’s strategy is designed to allow the Fund to generate atarget gross IRR of 18-20% (14-16% net), and a 2.0x multiple with modest leverage, by acquiring real estate with strong potential fundamentals at a significant discount to replacement cost,with strong residual value growth and potential double-digit current operating yields. Starwood Capital has an active pipeline of opportunities across the spectrum of asset classes andcapital stack.On an absolute basis, we believe opportunistic real estate is a compelling investment. There are still opportunities in both the U.S. and Europe to buy assets at large discounts toreplacement cost and generate strong current cash returns of 10+%. We expect additional upside through appreciation from (1) the implementation of Starwood Capital’s value addstrategies to improve the cash flows of underlying properties, (2) the anticipation of new capital flows into a market pushing down cap rates, (3) economic growth within the targeted marketsdriving rental revenue growth, and/or (4) the careful cultivation and selection of the appropriate exit strategy to maximize portfolio or platform values.Similar to SOF VIII and SOF IX, Starwood Capital believes that SOF X can generate strong risk-adjusted returns by leveraging the following macro- and micro-economic factors:• Generating yield in a yield-less world• Focusing on strong economic growth areas and profiting from improving fundamentals for real estate investments• Investing in distressed opportunities in the U.S. and Europe as they continue to emerge• Capitalizing on opportunities to purchase assets at discounts to replacement cost

Cash Flow Summary




Expenses: -

Interest: -






Inception IRR: 17.4

TVPI: 1.4

Cash Flow Analysis


$0.0

$13,000,000.0

$26,000,000.0

$39,000,000.0

$52,000,000.0

$65,000,000.0

($13,000,000.0)

10/15 4/16 10/16 4/17 10/17 4/18 10/18 4/19 10/1912/19


Starwood Opportunity Fund X


Page 67 of 255




Received

RecallableCapital


Total

11/30/2015 6,452,060 - - - - - - - - - - -

12/01/2015 - - - - - - - - - - - -

12/22/2015 - - - - - - - - - - 116,344 116,344

12/31/2015 7,998,055 - 18,384 - - 18,384 - - - - - -

01/22/2016 - 23,112,500 - - - 23,112,500 - - - - - -

01/31/2016 31,110,555 - - - - - - - - - - -

02/29/2016 31,110,555 - - - - - - - - - - -

03/31/2016 32,215,173 - 167,051 - - 167,051 - - - - - -

04/18/2016 - - - - - - - - - - 507,190 507,190

04/30/2016 31,707,983 - - - - - - - - - - -

05/31/2016 31,707,983 - - - - - - - - - - -

06/23/2016 - - - - - - - - - - 953,601 953,601

06/30/2016 31,563,865 - 167,051 - - 167,051 - - - - - -

07/31/2016 31,563,865 - - - - - - - - - - -

08/31/2016 31,563,865 - - - - - - - - - - -

09/30/2016 33,127,697 - 168,887 - - 168,887 - - - - - -

10/03/2016 - 5,375,000 - - - 5,375,000 - - - - - -

10/06/2016 - - - - - - - - - - 5,739,572 5,739,572

10/31/2016 32,763,125 - - - - - - - - - - -

11/30/2016 32,763,125 - - - - - - - - - - -

12/31/2016 33,862,874 - 168,887 - - 168,887 - - - - - -

01/31/2017 33,862,874 - - - - - - - - - - -

02/28/2017 33,862,874 - - - - - - - - - - -

03/10/2017 - - - - - - - - - - 1,664,111 1,664,111

03/31/2017 33,195,098 - 165,668 - - 165,668 - - - - - -

04/24/2017 - 5,375,000 - - - 5,375,000 - - - - - -

04/30/2017 38,570,098 - - - - - - - - - - -

05/31/2017 38,570,098 - - - - - - - - - - -

06/29/2017 - - - - - - - - - - 1,418,553 1,418,553

06/30/2017 38,317,036 - 167,509 - - 167,509 - - - - - -

07/31/2017 38,317,036 - - - - - - - - - - -

08/02/2017 - - - - - - - - - - 4,686,355 4,686,355

08/31/2017 33,630,681 - - - - - - - - - - -

09/30/2017 35,117,026 - 169,349 - - 169,349 - - - - - -

10/10/2017 - - - - - - - - - - 3,529,899 3,529,899

10/31/2017 31,587,127 - - - - - - - - - - -

11/30/2017 31,587,127 - - - - - - - - - - -

12/21/2017 - - - - - - - - - - 959,829 959,829

12/31/2017 31,863,968 - 169,349 - - 169,349 - - - - - -

01/31/2018 31,863,968 - - - - - - - - - - -




Page 68 of 255






Received

RecallableCapital


Total

02/28/2018 31,863,968 - - - - - - - - - - -

03/05/2018 - 5,375,000 - - - 5,375,000 - - - - - -

03/29/2018 - - - - - - - - - - 3,338,351 3,338,351

03/30/2018 - - 165,668 - - 165,668 - - - - - -

03/31/2018 34,603,868 - - - - - - - - - - -

04/23/2018 - - - - - - - - - - 4,777,857 4,777,857

04/30/2018 29,826,011 - - - - - - - - - - -

05/31/2018 29,826,011 - - - - - - - - - - -

06/28/2018 - - - - - - - - - - 2,879,479 2,879,479

06/30/2018 28,644,189 - - - - - - - - - - -

07/31/2018 28,644,189 - - - - - - - - - - -

08/31/2018 28,644,189 - - - - - - - - - - -

09/10/2018 - - - - - - - - - - 1,665,143 1,665,143

09/28/2018 - - - - - - - - - - 3,599,348 3,599,348

09/30/2018 24,424,212 - - - - - - - - - - -

10/31/2018 24,424,212 - - - - - - - - - - -

11/30/2018 24,424,212 - - - - - - - - - - -

12/13/2018 - - - - - - - - - - 1,432,899 1,432,899

12/27/2018 - - - - - - - - - - 959,826 959,826

12/31/2018 22,211,916 - - - - - - - - - - -

01/31/2019 22,211,916 - - - - - - - - - - -

02/28/2019 22,211,916 - - - - - - - - - - -

03/31/2019 22,376,660 - - - - - - - - - - -

04/30/2019 22,376,660 - - - - - - - - - - -

05/31/2019 22,376,660 - - - - - - - - - - -

06/30/2019 22,757,042 - - - - - - - - - - -

07/22/2019 - 4,300,000 - - - 4,300,000 - - - - - -

07/31/2019 27,057,042 - - - - - - - - - - -

08/06/2019 - - - - - - - - - - 940,836 940,836

08/31/2019 26,116,206 - - - - - - - - - - -

09/30/2019 26,858,367 - - - - - - - - - - -

10/24/2019 - - - - - - - - - - 716,098 716,098

10/31/2019 26,142,269 - - - - - - - - - - -

11/30/2019 26,142,269 - - - - - - - - - - -

12/11/2019 - - - - - - 96,681 - - - 1,361,551 1,458,232

12/31/2019 24,787,100 - - - - - - - - - - -

Total 43,537,500 1,527,803 - - 45,065,303 96,681 - - - 41,246,842 41,343,523

Page 69 of 255

Fund Information




General Partner:

Investment Strategy: SOF XI continues the successful approach of its predecessor funds, with a focus on acquiring, developing and repositioning high-quality assets in nearly every major real estate asset classwith strong fundamentals. At the same time, the Fund seeks investments that can generate consistent and growing cash-on-cash returns either sourced directly, in partnerships, or jointventures.

Cash Flow Summary



Management Fees: -

Expenses: -

Interest: -






Inception IRR: 57.2

TVPI: 1.3

Cash Flow Analysis


$0.0

$3,380,000.0

$6,760,000.0

$10,140,000.0

$13,520,000.0

$16,900,000.0

($3,380,000.0)

7/18 10/18 1/19 4/19 7/19 10/19 12/19


Starwood Opportunity Fund XI


Page 70 of 255




Received

RecallableCapital


Total

07/09/2018 - 1,800,000 - - - 1,800,000 - - - - - -

07/31/2018 1,800,000 - - - - - - - - - - -

08/31/2018 1,800,000 - - - - - - - - - - -

09/30/2018 2,233,307 - - - - - - - - - - -

10/31/2018 2,233,307 - - - - - - - - - - -

11/30/2018 2,233,307 - - - - - - - - - - -

12/31/2018 2,476,501 - - - - - - - - - - -

01/22/2019 - 4,200,000 - - - 4,200,000 - - - - - -

01/31/2019 6,676,501 - - - - - - - - - - -

02/15/2019 - - - - - - - - - 611,471 735,649 1,347,120

02/28/2019 5,329,381 - - - - - - - - - - -

03/31/2019 6,007,575 - - - - - - - - - - -

04/30/2019 6,007,575 - - - - - - - - - - -

05/31/2019 6,007,575 - - - - - - - - - - -

06/13/2019 - - - - - - - - - 98,471 243,556 342,027

06/30/2019 5,790,982 - - - - - - - - - - -

07/08/2019 - 3,000,000 - - - 3,000,000 - - - - - -

07/31/2019 8,790,982 - - - - - - - - - - -

08/31/2019 8,790,982 - - - - - - - - - - -

09/25/2019 - - - - - - - - - 431,213 302,787 734,000

09/30/2019 8,986,586 - - - - - - - - - - -

10/28/2019 - 3,000,000 - - - 3,000,000 - - - - - -

10/31/2019 11,986,586 - - - - - - - - - - -

11/30/2019 11,986,586 - - - - - - - - - - -

12/23/2019 - - - - - - 198,910 - - 579,602 - 778,512

12/31/2019 12,865,802 - - - - - - - - - - -

Total 12,000,000 - - - 12,000,000 198,910 - - 1,720,757 1,281,992 3,201,659


Starwood Opportunity Fund XI


Page 71 of 255

PRIVATE EQUITY FUNDS

Page 72 of 255

Fund Information

Type of Fund: Fund Of Funds Vintage Year: 2010

Strategy Type: Buyouts Management Fee: Flat Fee $2,500,000


General Partner: FP OTRS I, LLC

Investment Strategy: The Fund invests in buyout and venture capital limited partnerships on behalf of Oklahoma Teachers' Retirement System.

Cash Flow Summary

Capital Committed: $1,490,000,000

Capital Invested: $1,172,310,974


Expenses: $643,729

Interest: -

Total Contributions: $1,201,000,000



Market Value: $1,289,222,987


Inception IRR: 16.0

TVPI: 1.6

Cash Flow Analysis


$0.0

$364,000,000.0

$728,000,000.0

$1,092,000,000.0

$1,456,000,000.0

$1,820,000,000.0

($364,000,000.0)

4/10 1/11 10/11 7/12 4/13 1/14 10/14 7/15 4/16 1/17 10/17 7/18 4/19 12/19


Franklin Park Private Equity


Page 73 of 255




Received

RecallableCapital


Total

04/08/2010 - 25,000 - - - 400,000 - - - - - -

04/30/2010 25,000 - - - - - - - - - - -

05/31/2010 25,000 - - - - - - - - - - -

06/30/2010 15,562 - - - - - - - - - - -

07/01/2010 - 62,500 - - - 62,500 - - - - - -

07/27/2010 - 123,142 - - - 500,030 - - - - - -

07/31/2010 201,174 - - - - - - - - - - -

08/31/2010 201,174 - - - - - - - - - - -

09/30/2010 189,891 - - - - - - - - - - -

10/12/2010 - 425,000 - - - 800,000 - - - - - -

10/31/2010 614,891 - - - - - - - - - - -

11/30/2010 614,891 - - - - - - - - - - -

12/23/2010 - 4,340,571 - - - 4,350,000 - - - - - -

12/31/2010 4,289,628 - - - - - - - - - - -

01/11/2011 - 125,000 - - - 500,000 - - - - - -

01/31/2011 4,414,628 - - - - - - - - - - -

02/09/2011 - 300,000 - - - 300,000 - - - - - -

02/28/2011 4,714,628 - - - - - - - - - - -

03/29/2011 - 390,000 - - - 400,000 - - - - - -

03/31/2011 4,914,174 - - - - - - - - - - -

04/21/2011 - 125,000 - - - 500,000 - - - - - -

04/30/2011 5,039,174 - - - - - - - - - - -

05/24/2011 - 1,300,000 - - - 1,300,000 - - - - - -

05/31/2011 6,964,174 625,000 - - - 625,000 - - - - - -

06/21/2011 - 4,200,000 - - - 4,200,000 - - - - - -

06/28/2011 - 640,620 - - - 650,000 - - - - - -

06/30/2011 10,039,324 - - - - - - - - - - -

07/14/2011 - 769,600 - - - 1,200,000 - - - - - -

07/31/2011 10,808,924 - - - - - - - - - - -

08/09/2011 - 450,000 - - - 450,000 - - - - - -

08/31/2011 11,258,924 - - - - - - - - - - -

09/26/2011 - 425,000 - - - 800,000 - - - - - -

09/30/2011 11,045,650 - - - - - - - - - - -

10/20/2011 - 3,600,000 - - - 3,600,000 - - - - - -

10/31/2011 14,645,649 - - - - - - - - - - -

11/28/2011 - 3,498,467 - - - 3,500,000 - - - - - -

11/30/2011 17,144,117 - - - - - - - - - - -

12/08/2011 - 450,000 - - - 450,000 - - - - - -

12/14/2011 - 3,250,000 - - - 3,250,000 - - - - - -

12/30/2011 - 500,000 - - - 500,000 - - - - - -




Page 74 of 255






Received

RecallableCapital


Total

12/31/2011 19,839,293 - - - - - - - - - - -

01/17/2012 - 69,630 - - - 500,000 - - - - - -

01/30/2012 - 550,000 - - - 550,000 - - - - - -

01/31/2012 20,458,923 - - - - - - - - - - -

02/09/2012 - 1,200,000 - - - 1,200,000 - - - - - -

02/29/2012 26,158,923 4,500,000 - - - 4,500,000 - - - - - -

03/16/2012 - 5,000,000 - - - 5,000,000 - - - - - -

03/27/2012 - 515,000 - - - 900,000 - - - - - -

03/31/2012 31,429,551 - - - - - - - - - - -

04/05/2012 - 2,300,000 - - - 2,300,000 - - - - - -

04/24/2012 - 3,490,000 - - - 3,500,000 - - - - - -

04/30/2012 37,219,551 - - - - - - - - - - -

05/07/2012 - 2,700,000 - - - 2,700,000 - - - - - -

05/23/2012 - 3,500,000 - - - 3,500,000 - - - - - -

05/31/2012 43,419,551 - - - - - - - - - - -

06/08/2012 - 900,000 - - - 900,000 - - - - - -

06/25/2012 - 831,210 - - - 1,500,000 - - - - - -

06/30/2012 44,831,106 - - - - - - - - - - -

07/05/2012 - 14,797,241 - - - 14,800,000 - - - - - -

07/20/2012 - 800,000 - - - 800,000 - - - - - -

07/30/2012 - 17,000,000 - - - 17,000,000 - - - - - -

07/31/2012 77,428,347 - - - - - - - - - - -

08/02/2012 - 1,900,000 - - - 1,900,000 - - - - - -

08/16/2012 - 600,000 - - - 600,000 - - - - - -

08/31/2012 79,928,347 - - - - - - - - - - -

09/24/2012 - 1,825,000 - - - 2,200,000 - - - - - -

09/30/2012 80,092,658 - - - - - - - - - - -

10/02/2012 - 4,700,000 - - - 4,700,000 - - - - - -

10/22/2012 - 14,000,000 - - - 14,000,000 - - - - - -

10/31/2012 98,792,658 - - - - - - - - - - -

11/02/2012 - 5,250,000 - - - 5,250,000 - - - - - -

11/08/2012 - 10,000,000 - - - 10,000,000 - - - - - -

11/30/2012 114,042,658 - - - - - - - - - - -

12/20/2012 - 5,702,982 - - - 6,000,000 - - - - - -

12/31/2012 122,019,182 - - - - - - - - - 767,459 767,459

01/18/2013 - 9,318,794 - - - 10,000,000 - - - - - -

01/31/2013 131,337,976 - - - - - - - - - - -

02/22/2013 - 5,000,000 - - - 5,000,000 - - - - - -

02/28/2013 141,337,976 5,000,000 - - - 5,000,000 - - - - - -

03/31/2013 141,725,513 - - - - - - - - - - -

04/08/2013 - 4,625,000 - - - 5,000,000 - - - - - -

Page 75 of 255






Received

RecallableCapital


Total

04/30/2013 146,350,513 - - - - - - - - - - -

05/02/2013 - 4,990,000 - - - 5,000,000 - - - - - -

05/30/2013 - 13,000,000 - - - 13,000,000 - - - - - -

05/31/2013 164,715,513 - - - - - - - - - - -

06/26/2013 - 7,000,000 - - - 7,000,000 - - - - - -

06/30/2013 175,527,272 - - - - - - - - - - -

07/11/2013 - 2,990,759 - - - 4,000,000 - - - - 573,678 573,678

07/30/2013 - 7,500,000 - - - 7,500,000 - - - - - -

07/31/2013 185,444,353 - - - - - - - - - - -

08/31/2013 185,444,353 - - - - - - - - - - -

09/17/2013 - 2,000,000 - - - 2,000,000 - - - - - -

09/30/2013 201,388,073 - - - - - - - - - - -

10/04/2013 - 3,123,298 - - - 3,500,000 - - - - - -

10/10/2013 - 3,000,000 - - - 3,000,000 - - - - 5,776,938 5,776,938

10/31/2013 202,934,433 1,200,000 - - - 1,200,000 - - - - - -

11/07/2013 - 9,000,000 - - - 9,000,000 - - - - - -

11/30/2013 211,934,433 - - - - - - - - - - -

12/02/2013 - 4,993,693 - - - 5,000,000 - - - - - -

12/31/2013 232,487,640 1,200,000 - - - 1,200,000 - - - - 6,799,673 6,799,673

01/16/2014 - 3,504,245 - - - 4,500,000 - - - - - -

01/24/2014 - 9,985,000 - - - 10,000,000 - - - - - -

01/31/2014 245,976,885 - - - - - - - - - - -

02/04/2014 - - - - - - - - - - 3,931,166 3,931,166

02/20/2014 - 10,000,000 - - - 10,000,000 - - - - - -

02/24/2014 - 5,000,000 - - - 5,000,000 - - - - - -

02/28/2014 257,045,719 - - - - - - - - - - -

03/24/2014 - 2,000,000 - - - 2,000,000 - - - - - -

03/31/2014 265,634,859 - - - - - - - - - - -

04/03/2014 - 14,125,000 - - - 14,500,000 - - - - 8,526,705 8,526,705

04/15/2014 - 9,986,043 - - - 10,000,000 - - - - - -

04/30/2014 281,219,197 - - - - - - - - - - -

05/27/2014 - 10,000,000 - - - 10,000,000 - - - - - -

05/31/2014 291,219,197 - - - - - - - - - - -

06/23/2014 - 10,000,000 - - - 10,000,000 - - - - - -

06/30/2014 313,434,668 - - - - - - - - - - -

07/10/2014 - 12,726,678 - - - 14,000,000 - - - - 4,099,069 4,099,069

07/29/2014 - 12,000,000 - - - 12,000,000 - - - - - -

07/31/2014 334,062,277 - - - - - - - - - - -

08/25/2014 - 10,000,000 - - - 10,000,000 - - - - - -

08/31/2014 344,062,277 - - - - - - - - - - -

09/04/2014 - 9,607,044 - - - 10,000,000 - - - - - -

Page 76 of 255






Received

RecallableCapital


Total

09/30/2014 368,760,250 - - - - - - - - - - -

10/24/2014 - 12,000,000 - - - 12,000,000 - - - - 4,961,486 4,961,486

10/31/2014 375,798,764 - - - - - - - - - - -

11/30/2014 375,798,764 - - - - - - - - - - -

12/17/2014 - 12,000,000 - - - 12,000,000 - - - - 1,375,974 1,375,974

12/30/2014 - 14,994,000 - - - 15,000,000 - - - - - -

12/31/2014 426,179,676 - - - - - - - - - - -

01/22/2015 - 4,721,191 - - - 6,000,000 - - - - 1,852,080 1,852,080

01/31/2015 429,048,787 - - - - - - - - - - -

02/28/2015 429,048,787 - - - - - - - - - - -

03/19/2015 - 20,599,494 - - - 21,000,000 - - - - 9,886,167 9,886,167

03/31/2015 458,584,380 - - - - - - - - - - -

04/30/2015 458,584,380 - - - - - - - - - - -

05/04/2015 - 29,000,000 - - - 29,000,000 - - - - 16,866,492 16,866,492

05/31/2015 470,717,888 - - - - - - - - - - -

06/03/2015 - 2,000,000 - - - 2,000,000 - - - - 12,921,226 12,921,226

06/26/2015 - 15,000,000 - - - 15,000,000 - - - - 2,248,977 2,248,977

06/30/2015 484,240,430 - - - - - - - - - - -

07/02/2015 - - - - - 1,577,599 - - - - - -

07/29/2015 - 23,422,401 - - - 23,422,401 - - - - 3,890,135 3,890,135

07/31/2015 503,772,696 - - - - - - - - - - -

08/21/2015 - 25,000,000 - - - 25,000,000 - - - - - -

08/31/2015 528,772,696 - - - - - - - - - - -

09/23/2015 - 14,623,077 - - - 15,000,000 - - - - - -

09/30/2015 550,208,253 - - - - - - - - - - -

10/31/2015 550,208,253 - - - - - - - - - - -

11/30/2015 563,892,507 25,000,000 - - - 25,000,000 - - - - 11,315,746 11,315,746

12/31/2015 591,146,716 23,333,111 - - - 25,000,000 - - - - 13,159,617 13,159,617

01/31/2016 591,146,716 - - - - - - - - - - -

02/04/2016 - 17,000,000 - - - 17,000,000 - - - - 3,013,661 3,013,661

02/29/2016 605,133,055 - - - - - - - - - - -

03/28/2016 - 24,663,969 - - - 25,000,000 - - - - 9,236,684 9,236,684

03/31/2016 625,403,284 - - - - - - - - - - -

04/18/2016 - 15,000,000 - - - 15,000,000 - - - - 3,897,933 3,897,933

04/30/2016 636,505,351 - - - - - - - - - - -

05/23/2016 - 20,000,000 - - - 20,000,000 - - - - 4,381,761 4,381,761

05/31/2016 652,123,590 - - - - - - - - - - -

06/06/2016 - 15,498,391 - - - 15,500,000 - - - - 1,185,420 1,185,420

06/30/2016 698,912,924 - - - - - - - - - - -

07/21/2016 - 13,201,795 - - - 15,000,000 - - - - 8,113,303 8,113,303

07/29/2016 - 6,000,000 - - - 6,000,000 - - - - 9,150,198 9,150,198

Page 77 of 255






Received

RecallableCapital


Total

07/31/2016 700,851,218 - - - - - - - - - - -

08/30/2016 - 8,999,888 - - - 9,000,000 - - - - 1,845,187 1,845,187

08/31/2016 708,005,920 - - - - - - - - - - -

09/23/2016 - 12,695,000 - - - 13,000,000 - - - - 5,192,643 5,192,643

09/30/2016 717,306,593 - - - - - - - - - - -

10/20/2016 - 15,000,000 - - - 15,000,000 - - - - 15,859,268 15,859,268

10/31/2016 716,447,325 - - - - - - - - - - -

11/30/2016 716,447,325 - - - - - - - - - - -

12/02/2016 - 13,225,225 - - - 14,999,970 - - - - 23,630,135 23,630,135

12/22/2016 - 9,424,995 - - - 9,462,500 - - - - 2,762,562 2,762,562

12/30/2016 - - - - - - - - - - 13,444,489 13,444,489

12/31/2016 783,957,758 - - - - - - - - - - -

01/13/2017 - 20,000,000 - - - 20,000,000 - - - - 9,293,697 9,293,697

01/31/2017 791,692,469 - - - - - - - - - 2,971,622 2,971,622

02/22/2017 - 10,000,000 - - - 10,000,000 - - - - 1,902,634 1,902,634

02/28/2017 799,789,835 - - - - - - - - - - -

03/22/2017 - - - - - - - - - - 3,723,343 3,723,343

03/30/2017 - - - - - - - - - - 9,030,258 9,030,258

03/31/2017 822,517,193 10,468,000 - - - 10,500,000 - - - - - -

04/24/2017 - 19,747,500 - - - 20,000,000 - - - - 5,305,170 5,305,170

04/30/2017 836,959,523 - - - - - - - - - - -

05/18/2017 - 12,999,495 - - - 13,000,000 - - - - 1,555,641 1,555,641

05/31/2017 848,403,377 - - - - - - - - - - -

06/14/2017 - 12,000,000 - - - 12,000,000 - - - - 208,828 208,828

06/27/2017 - 20,000,000 - - - 20,000,000 - - - - 1,358,420 1,358,420

06/30/2017 896,798,889 - - - - - - - - - - -

07/25/2017 - 14,094,199 - - - 16,000,000 - - - - 12,511,147 12,511,147

07/31/2017 898,381,942 - - - - - - - - - - -

08/22/2017 - 11,999,852 - - - 12,000,000 - - - - 1,828,164 1,828,164

08/31/2017 908,553,630 - - - - - - - - - - -

09/01/2017 - 18,000,000 - - - 18,000,000 - - - - 1,744,154 1,744,154

09/18/2017 - 11,998,976 - - - 12,000,000 - - - - 896,079 896,079

09/30/2017 964,204,584 - - - - - - - - - - -

10/30/2017 - 24,747,500 - - - 25,000,000 - - - - 21,588,683 21,588,683

10/31/2017 967,363,401 - - - - - - - - - - -

11/30/2017 967,363,401 - - - - - - - - - - -

12/28/2017 - 21,999,391 - - - 22,000,000 - - - - 16,535,214 16,535,214

12/29/2017 - - - - - - - - - - 2,852,766 2,852,766

12/31/2017 1,035,561,566 - - - - - - - - - - -

01/31/2018 1,035,561,566 - - - - - - - - - - -

02/06/2018 - 14,083,665 - - - 16,000,000 - - - - 2,503,918 2,503,918

Page 78 of 255






Received

RecallableCapital


Total

02/28/2018 1,047,141,313 - - - - - - - - - - -

03/01/2018 - 18,000,000 - - - 18,000,000 - - - - 1,571,454 1,571,454

03/28/2018 - 14,000,000 - - - 14,000,000 - - - - 14,677,440 14,677,440

03/31/2018 1,111,549,323 - - - - - - - - - - -

04/27/2018 - 14,985,000 - - - 15,000,000 - - - - 8,868,419 8,868,419

04/30/2018 1,117,680,904 - - - - - - - - - - -

05/31/2018 1,117,680,904 - - - - - - - - - - -

06/18/2018 - 34,999,370 - - - 35,000,000 - - - - 22,519,515 22,519,515

06/28/2018 - 10,000,000 - - - 10,000,000 - - - - 32,918,510 32,918,510

06/30/2018 1,184,724,984 - - - - - - - - - - -

07/24/2018 - 5,158,773 - - - 7,000,000 - - - - 26,834,612 26,834,612

07/31/2018 1,163,049,145 - - - - - - - - - - -

08/31/2018 1,163,049,144 - - - - - - - - - - -

09/27/2018 - 17,000,000 - - - 17,000,000 - - - - 21,062,829 21,062,829

09/30/2018 1,208,424,875 - - - - - - - - - - -

10/31/2018 1,197,838,546 4,000,000 - - - 4,000,000 - - - - 14,586,329 14,586,329

11/26/2018 - 6,000,000 - - - 6,000,000 - - - - 31,274,167 31,274,167

11/30/2018 1,172,564,379 - - - - - - - - - - -

12/10/2018 - 17,999,367 - - - 18,000,000 - - - - 1,047,986 1,047,986

12/28/2018 - 9,000,000 - - - 9,000,000 - - - - 19,960,167 19,960,167

12/31/2018 1,201,689,558 - - - - - - - - - - -

01/23/2019 - 13,653,397 - - - 15,000,000 - - - - 295,052 295,052

01/31/2019 1,215,047,903 - - - - - - - - - - -

02/25/2019 - 5,000,000 - - - 5,000,000 - - - - 12,474,492 12,474,492

02/28/2019 1,207,573,411 - - - - - - - - - - -

03/29/2019 - 8,985,000 - - - 9,000,000 - - - - 10,690,587 10,690,587

03/31/2019 1,268,917,480 - - - - - - - - - - -

04/25/2019 - - - - - - - - - - 22,059,559 22,059,559

04/30/2019 1,246,857,921 - - - - - - - - - - -

05/24/2019 - - - - - - - - - - 25,317,704 25,317,704

05/30/2019 - - - - - - - - - - 6,086,427 6,086,427

05/31/2019 1,215,453,790 - - - - - - - - - - -

06/30/2019 1,284,772,763 - - - - - - - - - - -

07/16/2019 - 22,859,288 - - - 24,000,000 - - - - 30,462,275 30,462,275

07/31/2019 1,277,169,776 - - - - - - - - - - -

08/31/2019 1,277,169,776 - - - - - - - - - - -

09/13/2019 - 12,498,819 - - - 12,500,000 - - - - 17,783,932 17,783,932

09/25/2019 - - - - - - - - - - 670,437 670,437

09/27/2019 - 5,000,000 - - - 5,000,000 - - - - 17,910,187 17,910,187

09/30/2019 1,328,408,648 - - - - - - - - - - -

10/29/2019 - - - - - - - - - - 10,445,098 10,445,098

Page 79 of 255






Received

RecallableCapital


Total

10/31/2019 1,317,963,550 - - - - - - - - - - -

11/20/2019 - 3,999,330 - - - 4,000,000 - - - - 10,778,059 10,778,059

11/30/2019 1,311,185,491 - - - - - - - - - - -

12/31/2019 1,289,222,987 4,000,000 - - - 4,000,000 - - - - 24,677,012 24,677,012

Total 1,172,310,974 - - - 1,201,000,000 - - - - 691,447,819 691,447,819

Page 80 of 255

Fund Information

Type of Fund: Fund Of Funds Vintage Year: 2008

Strategy Type: Buyouts Management Fee: 25 bps


General Partner: FP OTRS I, LLC

Investment Strategy: Effective July 1, 2010, the underlying investment partnership interests of Aldus/OKTRS Fund, L.P. were transferred to the Fund at fair value, as reported by underlying fund managers, as ofJune 30, 2010.

Cash Flow Summary




Expenses: $241,030

Interest: -






Inception IRR: 9.9

TVPI: 1.4

Cash Flow Analysis


$0.0

$33,800,000.0

$67,600,000.0

$101,400,000.0

$135,200,000.0

$169,000,000.0

($33,800,000.0)

10/08 10/09 10/10 10/11 10/12 10/13 10/14 10/15 10/16 10/17 10/18 12/19


OTRS Legacy P-E Assets Fund LP


FP commitment $97.5M. Total activity figures shown on this report includes activities for Aldus/OKTRS Fund, prior to 10/2010 transfers to FP.

Page 81 of 255




Received

RecallableCapital


Total

10/10/2008 - 355,102 - - - 355,102 - - - - - -

10/24/2008 - 5,447,761 - - - 5,447,761 - - - - - -

10/29/2008 - 168,000 - - - 168,000 - - - - - -

10/31/2008 5,970,863 - - - - - - - - - - -

11/04/2008 - 66,164 - - - 66,164 - - - - - -

11/17/2008 - 874,720 - - - 874,720 - - - - - -

11/30/2008 6,911,747 - - - - - - - - - - -

12/29/2008 - 122,941 - - - 122,941 - - - - - -

12/31/2008 3,855,369 - - - - - - - - - - -

01/02/2009 - 723,125 - - - 723,125 - - - - - -

01/31/2009 4,578,494 - - - - - - - - - - -

02/05/2009 - 5,727 - - - 5,727 - - - - - -

02/10/2009 - 117,987 - - - 117,987 - - - - - -

02/13/2009 - 420,000 - - - 420,000 - - - - - -

02/28/2009 5,122,208 - - - - - - - - - - -

03/16/2009 - 1,379,730 - - - 1,379,730 - - - - - -

03/19/2009 - 153,886 - - - 153,886 - - - - - -

03/27/2009 - 38,260 - - - 38,260 - - - - - -

03/31/2009 6,033,626 - - - - - - - - - - -

04/01/2009 - -262,800 - - - -262,800 - - - - 90,840 90,840

04/08/2009 - 47,727 - - - 47,727 - - - - - -

04/13/2009 - 773,125 - - - 773,125 - - - - - -

04/15/2009 - 2,047,007 - - - 2,047,007 - - - - - -

04/30/2009 8,547,845 - - - - - - - - - - -

05/15/2009 - 98,226 - - - 98,226 - - - - - -

05/27/2009 - 337,464 - - - 337,464 - - - - - -

05/29/2009 - -49,098 - - - -49,098 -2,491 - - - 8,337 5,846

05/31/2009 8,926,100 - - - - - - - - - - -

06/02/2009 - -66,136 - - - -66,136 - - - - - -

06/08/2009 - 357,955 - - - 357,955 - - - - - -

06/18/2009 - -52,364 - - - -52,364 - - - - - -

06/30/2009 8,375,379 75,536 - - - 75,536 -2,819 - - - 56,616 53,797

07/08/2009 - -70,876 - - - -70,876 - - - - - -

07/13/2009 - 1,240,909 - - - 1,240,909 - - - - - -

07/14/2009 - 86,599 - - - 86,599 - - - - - -

07/16/2009 - -663,085 - - - -663,085 - - - - - -

07/29/2009 - 237,263 - - - 237,263 - - - - - -

07/30/2009 - - - - - - - - - - 180,009 180,009

07/31/2009 9,011,584 - - - - - - - - - 14,596 14,596

08/04/2009 - -1,240,909 - - - -1,240,909 - - - - - -




Page 82 of 255






Received

RecallableCapital


Total

08/14/2009 - 165,528 - - - 165,528 - - - - - -

08/18/2009 - - - - - - - - - - 142,102 142,102

08/31/2009 7,783,226 - - - - - - - - - 10,875 10,875

09/28/2009 - -4,091 - - - -4,091 - - - - - -

09/30/2009 9,467,183 -5,276 - - - -5,276 - - - - 11,377 11,377

10/06/2009 - -6,345 - - - -6,345 - - - - 26,959 26,959

10/21/2009 - -187,517 - - - -187,517 - - - - - -

10/28/2009 - 200,048 - - - 200,048 - - - - - -

10/30/2009 - -30,534 - - - -30,534 - - - - 9,904 9,904

10/31/2009 9,405,973 - - - - - - - - - - -

11/04/2009 - 94,489 - - - 94,489 - - - - - -

11/09/2009 - 238,636 - - - 238,636 - - - - - -

11/12/2009 - -77,959 - - - -77,959 - - - - - -

11/30/2009 9,560,718 -94,340 - - - -94,340 - - - - 6,082 6,082

12/01/2009 - 145,894 - - - 145,894 - - - - 255,049 255,049

12/02/2009 - -133,636 - - - -133,636 - - - - - -

12/03/2009 - 148,157 - - - 148,157 - - - - - -

12/08/2009 - 478,192 - - - 478,192 - - - - - -

12/14/2009 - -173,798 - - - -173,798 - - - - - -

12/17/2009 - 502,791 - - - 502,791 - - - - 191,625 191,625

12/21/2009 - 361,224 - - - 361,224 - - - - - -

12/24/2009 - -23,785 - - - -23,785 - - - - - -

12/28/2009 - - - - - - - - - - 191,439 191,439

12/30/2009 - -29,349 - - - -29,349 -5,622 - - - 5,896 274

12/31/2009 11,202,655 108,080 - - - 108,080 - - - - - -

01/14/2010 - 1,584,771 - - - 1,584,771 - - - - - -

01/15/2010 - -180,000 - - - -180,000 - - - - - -

01/25/2010 - 373,295 - - - 373,295 - - - - - -

01/26/2010 - 47,727 - - - 47,727 - - - - - -

01/31/2010 13,028,448 - - - - - - - - - - -

02/01/2010 - - - - - - - - - - 25,547 25,547

02/02/2010 - -11,836 - - - -11,836 - - - - 21 21

02/04/2010 - 1,500,000 - - - 1,500,000 - - - - - -

02/05/2010 - 51,136 - - - 51,136 - - - - - -

02/12/2010 - - - - - - - - - - 554,885 554,885

02/22/2010 - 1,500,000 - - - 1,500,000 - - - - - -

02/25/2010 - 38,182 - - - 38,182 - - - - - -

02/26/2010 - - - - - - - - - - 11,263 11,263

02/28/2010 15,514,215 - - - - - - - - - - -

03/29/2010 - 1,500,000 - - - 1,500,000 - - - - - -

03/30/2010 - 83,986 - - - 83,986 - - - - 66 66

Page 83 of 255






Received

RecallableCapital


Total

03/31/2010 17,773,494 -90,000 - - - -90,000 - - - - 12,266 12,266

04/13/2010 - - - - - - - - - - 240,329 240,329

04/14/2010 - -35,567 - - - -35,567 -4,071 - - - - -4,071

04/15/2010 - - - - - - - - - - 430,430 430,430

04/28/2010 - - - - - - - - - - 16,021 16,021

04/30/2010 17,043,282 - - - - - - - - - 11,936 11,936

05/03/2010 - 1,500,000 - - - 1,500,000 - - - - - -

05/04/2010 - 1,268,136 - - - 1,268,136 - - - - - -

05/05/2010 - -25,568 - - - -25,568 - - - - - -

05/12/2010 - - - - - - - - - - 279,996 279,996

05/27/2010 - 265,579 - - - 265,579 -3,558 - - - 177,233 173,675

05/28/2010 - -45,153 - - - -45,153 - - - - 15,232 15,232

05/29/2010 - - - - - - - - - - 552 552

05/31/2010 19,536,821 - - - - - - - - - - -

06/03/2010 - 69,089 - - - 69,089 - - - - - -

06/14/2010 - 1,500,000 - - - 1,500,000 - - - - 2,136 2,136

06/29/2010 - - - - - - -835 - - - 41,920 41,085

06/30/2010 21,375,538 143,478 - - - 143,478 - - - - 11,379 11,379

07/06/2010 - 750,000 - - - 750,000 - - - - - -

07/21/2010 - 1,000,000 - - - 1,000,000 - - - - - -

07/31/2010 23,125,538 - - - - - - - - - - -

08/06/2010 - 1,500,000 - - - 1,500,000 - - - - - -

08/31/2010 24,625,538 - - - - - - - - - - -

09/22/2010 - 2,100,000 - - - 2,100,000 - - - - - -

09/28/2010 - 2,300,000 - - - 2,300,000 - - - - - -

09/30/2010 30,747,220 - - - - - - - - - - -

10/07/2010 - 2,500,000 - - - 2,500,000 - - - - - -

10/31/2010 33,247,220 - - - - - - - - - - -

11/30/2010 33,247,220 - - - - - - - - - - -

12/09/2010 - 3,700,000 - - - 3,700,000 - - - - - -

12/16/2010 - 1,967,420 - - - 2,000,000 - - - - - -

12/31/2010 41,079,291 - - - - - - - - - - -

01/10/2011 - 1,381,037 - - - 1,500,000 - - - - - -

01/31/2011 42,460,328 - - - - - - - - - - -

02/04/2011 - 2,000,000 - - - 2,000,000 - - - - - -

02/25/2011 - 1,361,361 - - - 1,500,000 - - - - - -

02/28/2011 45,821,689 - - - - - - - - - - -

03/31/2011 48,303,167 - - - - - - - - - - -

04/30/2011 48,303,167 - - - - - - - - - - -

05/31/2011 48,303,167 - - - - - - - - - - -

06/30/2011 48,292,282 - - - - - - - - - - -

Page 84 of 255






Received

RecallableCapital


Total

07/31/2011 48,292,282 - - - - - - - - - - -

08/31/2011 48,292,282 - - - - - - - - - - -

09/13/2011 - 500,000 - - - 500,000 - - - - - -

09/26/2011 - 998,698 - - - 1,000,000 - - - - - -

09/30/2011 49,427,342 - - - - - - - - - - -

10/12/2011 - 1,000,000 - - - 1,000,000 - - - - - -

10/24/2011 - 1,600,000 - - - 1,600,000 - - - - - -

10/31/2011 52,027,342 - - - - - - - - - - -

11/28/2011 - 2,349,840 - - - 2,350,000 - - - - - -

11/30/2011 54,377,181 - - - - - - - - - - -

12/15/2011 - 1,100,000 - - - 1,100,000 - - - - - -

12/30/2011 - 7,501,112 - - - 7,501,112 - - - - 7,076,112 7,076,112

12/31/2011 60,249,785 - - - - - - - - - - -

01/24/2012 - 732,311 - - - 850,000 - - - - - -

01/31/2012 60,982,096 - - - - - - - - - - -

02/01/2012 - 1,000,000 - - - 1,000,000 - - - - - -

02/29/2012 61,982,096 - - - - - - - - - - -

03/28/2012 - 1,990,000 - - - 2,000,000 - - - - - -

03/31/2012 67,955,786 - - - - - - - - - - -

04/30/2012 67,955,786 - - - - - - - - - - -

05/31/2012 67,955,786 - - - - - - - - - - -

06/30/2012 67,613,180 - - - - - - - - - - -

07/31/2012 67,613,180 - - - - - - - - - - -

08/01/2012 - 3,935,597 - - - 4,055,492 - - - - 4,055,492 4,055,492

08/03/2012 - 900,000 - - - 900,000 - - - - - -

08/31/2012 68,393,285 - - - - - - - - - - -

09/17/2012 - 887,989 - - - 900,000 - - - - - -

09/30/2012 72,203,244 - - - - - - - - - - -

10/01/2012 - 900,000 - - - 900,000 - - - - - -

10/31/2012 73,103,244 - - - - - - - - - - -

11/30/2012 73,103,244 - - - - - - - - - - -

12/31/2012 76,781,403 6,673,618 - - - 6,790,636 - - - - 6,790,636 6,790,636

01/31/2013 76,781,403 - - - - - - - - - - -

02/28/2013 74,200,961 -2,000,000 - - - -2,000,000 - - - - 580,442 580,442

03/31/2013 76,138,394 - - - - - - - - - - -

04/30/2013 76,138,394 - - - - - - - - - - -

05/03/2013 - - - - - - - - - - 1,213,669 1,213,669

05/31/2013 74,924,725 - - - - - - - - - - -

06/30/2013 76,690,736 - - - - - - - - - - -

07/08/2013 - 3,660,000 - - - 3,800,000 - - - - 5,138,052 5,138,052

07/31/2013 75,212,684 - - - - - - - - - - -

Page 85 of 255






Received

RecallableCapital


Total

08/01/2013 - - - - - - - - - - 3,567,508 3,567,508

08/21/2013 - 1,000,000 - - - 1,000,000 - - - - - -

08/31/2013 72,645,176 - - - - - - - - - - -

09/30/2013 75,564,331 - - - - - - - - - - -

10/10/2013 - 1,700,000 - - - 1,700,000 - - - - 2,649,963 2,649,963

10/31/2013 74,614,368 - - - - - - - - - - -

11/07/2013 - - - - - - - - - - 1,278,466 1,278,466

11/27/2013 - 550,000 - - - 550,000 - - - - - -

11/30/2013 73,885,902 - - - - - - - - - - -

12/31/2013 75,795,717 584,602 - - - 700,000 - - - - 4,360,564 4,360,564

01/31/2014 75,795,717 - - - - - - - - - - -

02/04/2014 - 600,000 - - - 600,000 - - - - 1,914,316 1,914,316

02/28/2014 74,481,401 - - - - - - - - - - -

03/31/2014 72,742,353 1,180,000 - - - 1,200,000 - - - - 4,791,927 4,791,927

04/30/2014 72,742,353 - - - - - - - - - - -

05/31/2014 72,742,353 - - - - - - - - - - -

06/03/2014 - 1,890,942 - - - 2,000,000 - - - - 4,483,728 4,483,728

06/30/2014 69,617,803 - - - - - - - - - 1,820,811 1,820,811

07/31/2014 69,617,803 - - - - - - - - - - -

08/31/2014 69,617,803 - - - - - - - - - - -

09/30/2014 70,540,375 - - - - - - - - - - -

10/15/2014 - 1,149,621 - - - 1,150,000 - - - - 9,746,223 9,746,223

10/31/2014 61,943,773 - - - - - - - - - - -

11/30/2014 61,943,773 - - - - - - - - - - -

12/31/2014 61,680,862 - - - - - - - - - - -

01/15/2015 - 1,652,859 - - - 1,750,000 - - - - 3,520,703 3,520,703

01/31/2015 59,813,018 - - - - - - - - - - -

02/13/2015 - - - - - - - - - - 2,294,031 2,294,031

02/28/2015 57,518,987 - - - - - - - - - - -

03/16/2015 - 829,500 - - - 850,000 - - - - 2,056,706 2,056,706

03/31/2015 57,181,007 - - - - - - - - - - -

04/30/2015 57,181,007 - - - - - - - - - - -

05/31/2015 57,181,007 - - - - - - - - - - -

06/04/2015 - 1,411,009 - - - 1,500,000 - - - - 4,872,110 4,872,110

06/30/2015 55,158,930 - - - - - - - - - - -

07/31/2015 55,158,930 - - - - - - - - - - -

08/14/2015 - 1,000,000 - - - 1,000,000 - - - - 3,871,843 3,871,843

08/31/2015 52,287,087 - - - - - - - - - - -

09/16/2015 - 200,000 - - - 200,000 - - - - 1,941,686 1,941,686

09/30/2015 49,880,478 - - - - - - - - - - -

10/15/2015 - 200,000 - - - 200,000 - - - - 2,102,414 2,102,414

Page 86 of 255






Received

RecallableCapital


Total

10/31/2015 47,978,064 - - - - - - - - - - -

11/20/2015 - 418,771 - - - 500,000 - - - - 1,656,134 1,656,134

11/30/2015 46,740,701 - - - - - - - - - - -

12/31/2015 45,568,892 - - - - - - - - - 2,876,730 2,876,730

01/31/2016 45,568,892 - - - - - - - - - - -

02/29/2016 45,568,892 - - - - - - - - - - -

03/31/2016 44,480,697 1,176,983 - - - 1,200,000 - - - - 2,918,579 2,918,579

04/30/2016 44,480,697 - - - - - - - - - - -

05/27/2016 - 126,892 - - - 200,000 - - - - 2,112,217 2,112,217

05/31/2016 42,495,372 - - - - - - - - - - -

06/30/2016 43,958,597 - - - - - - - - - - -

07/19/2016 - - - - - - - - - - 638,637 638,637

07/31/2016 43,319,960 - - - - - - - - - - -

08/10/2016 - 199,888 - - - 200,000 - - - - 2,862,456 2,862,456

08/31/2016 40,657,392 - - - - - - - - - - -

09/13/2016 - 100,000 - - - 100,000 - - - - 2,663,395 2,663,395

09/30/2016 38,732,746 - - - - - - - - - - -

10/19/2016 - 100,000 - - - 100,000 - - - - 738,637 738,637

10/31/2016 38,094,109 - - - - - - - - - - -

11/30/2016 38,094,109 - - - - - - - - - - -

12/21/2016 - 430,303 - - - 500,000 - - - - 1,799,410 1,799,410

12/30/2016 - - - - - - - - - - 277,541 277,541

12/31/2016 37,750,687 - - - - - - - - - - -

01/31/2017 37,750,687 - - - - - - - - - - -

02/28/2017 37,750,687 - - - - - - - - - - -

03/02/2017 - 228,400 - - - 250,000 - - - - 1,386,682 1,386,682

03/31/2017 38,487,569 - - - - - - - - - - -

04/30/2017 38,487,569 - - - - - - - - - - -

05/12/2017 - 399,089 - - - 400,000 - - - - 938,686 938,686

05/31/2017 37,947,972 - - - - - - - - - - -

06/29/2017 - - - - - - - - - - 1,037,315 1,037,315

06/30/2017 35,482,762 - - - - - - - - - - -

07/28/2017 - 85,942 - - - 150,000 - - - - 1,457,157 1,457,157

07/31/2017 34,175,605 - - - - - - - - - - -

08/31/2017 34,175,605 - - - - - - - - - - -

09/29/2017 - 898,976 - - - 900,000 - - - - 1,718,406 1,718,406

09/30/2017 33,893,948 - - - - - - - - - - -

10/31/2017 33,893,948 - - - - - - - - - - -

11/13/2017 - 250,000 - - - 250,000 - - - - 1,365,892 1,365,892

11/30/2017 32,778,056 - - - - - - - - - - -

12/08/2017 - 149,797 - - - 150,000 - - - - 3,247,427 3,247,427

Page 87 of 255






Received

RecallableCapital


Total

12/29/2017 - - - - - - - - - - 760,357 760,357

12/31/2017 28,213,600 - - - - - - - - - - -

01/31/2018 28,213,600 - - - - - - - - - - -

02/16/2018 - 78,083 - - - 150,000 2,455,200 - - - - 2,455,200

02/28/2018 25,836,483 - - - - - - - - - - -

03/27/2018 - - - - - - 527,885 - - - - 527,885

03/31/2018 24,750,409 - - - - - - - - - - -

04/30/2018 24,750,409 - - - - - - - - - - -

05/31/2018 24,750,409 - - - - - - - - - - -

06/27/2018 - 138,864 - - - 150,000 635,883 - - - - 635,883

06/30/2018 25,200,359 - - - - - - - - - - -

07/23/2018 - 36 - - - 50,000 537,580 - - - - 537,580

07/31/2018 24,662,815 - - - - - - - - - - -

08/16/2018 - - - - - - 2,504,334 - - - - 2,504,334

08/31/2018 22,158,481 - - - - - - - - - - -

09/30/2018 21,971,837 - - - - - - - - - - -

10/29/2018 - - - - - - 948,584 - - - - 948,584

10/31/2018 21,023,253 - - - - - - - - - - -

11/27/2018 - - - - - - 3,044,280 - - - - 3,044,280

11/30/2018 17,978,973 - - - - - - - - - - -

12/20/2018 - 59,789 - 211 - 60,000 - - - - 239,956 239,956

12/28/2018 - - - - - - - - - - 994,523 994,523

12/31/2018 16,433,349 - - - - - - - - - - -

01/23/2019 - 105,810 34,190 10,000 - 150,000 - - - - - -

01/31/2019 16,539,159 - - - - - - - - - - -

02/28/2019 16,539,159 - - - - - - - - - - -

03/26/2019 - - - - - - 421,183 - - - - 421,183

03/31/2019 16,065,956 - - - - - - - - - - -

04/30/2019 16,065,956 - - - - - - - - - - -

05/31/2019 16,065,956 - - - - - - - - - - -

06/05/2019 - 36,373 - - - 50,000 - - - - 748,939 748,939

06/30/2019 15,297,370 - - - - - - - - - - -

07/31/2019 15,297,370 - - - - - - - - - - -

08/31/2019 15,297,370 - - - - - - - - - - -

09/26/2019 - 8,819 - - - 10,000 - - - - 684,298 684,298

09/30/2019 14,576,568 - - - - - - - - - - -

10/31/2019 14,576,568 - - - - - - - - - - -

11/30/2019 14,576,568 - - - - - - - - - - -

12/31/2019 13,949,943 - - - - - - - - - 600,058 600,058

Total 98,713,940 34,190 10,211 - 100,500,850 11,055,533 - - - 116,883,750 127,939,283

Page 88 of 255

OPPORTUNISTIC FIXED INCOME

Page 89 of 255

Fund Information


Strategy Type: Distressed Management Fee: 1.36% (20% carried interest over 8% hurdle rate)


General Partner: PIMCO

Investment Strategy: Private equity-style opportunistic fund with an expected emphasis on markets influenced by bank regulatory reform covering mortgages, real estate and consumer markets, primarily in theU.S. but with some exposure to Europe. Employs a multidisciplinary investment approach across public and private markets to uncover attractive risk-adjusted returns. This requires aflexible investment approach, due to the complex interaction of monetary policies, regulation and capital markets. Target IRR and multiple of 15% and 1.8x, net of fees and carried interest.

BRAVO team includes over 80 portfolio management personnel with a wide range of backgrounds, including originations, capital markets, real estate acquisitions and asset management.The team has a history of identifying investment opportunities, and constructing teams to capitalize on these opportunities.

The funds have a disciplined underwriting process that combines macroeconomic perspectives and asset-level functional expertise. The amount of information available through theplatform and proprietary analytics will be used to form a unique understanding and ability to identify and source relative value investment across the capital structure. Further, the fund willleverage PIMCO’s financing platform and capital markets and structure expertise to understand complex securities to optimize returns.

Cash Flow Summary



Management Fees: -

Expenses: -

Interest: $36,886


Remaining Capital Commitment: -




Inception IRR: 22.0

TVPI: 1.7

Cash Flow Analysis


$0.0

$52,000,000.0

$104,000,000.0

$156,000,000.0

$208,000,000.0

$260,000,000.0

($52,000,000.0)

3/11 12/11 9/12 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 12/19


PIMCO Bravo Fund


Page 90 of 255




Received

RecallableCapital


Total

03/21/2011 - 10,668,493 - - 36,886 10,705,379 - - - - - -

03/31/2011 10,868,473 - - - - - - - - - - -

04/29/2011 - 1,763,822 - - - 1,763,822 - - 12,441 1,763,822 - 1,776,263

04/30/2011 10,868,473 - - - - - - - - - - -

05/10/2011 - 20,000,000 - - - 20,000,000 - - - - - -

05/31/2011 30,868,473 - - - - - - - - - - -

06/27/2011 - - - - - - - - 71,239 8,403,909 - 8,475,149

06/30/2011 22,946,770 - - - - - - - - - - -

07/22/2011 - 2,164,951 - - - 2,164,951 - - 27,071 2,164,951 - 2,192,022

07/31/2011 22,946,770 - - - - - - - - - - -

08/23/2011 - 8,500,000 - - - 8,500,000 - - - - - -

08/31/2011 31,446,770 - - - - - - - - - - -

09/30/2011 31,679,692 - - - - - - - - - - -

10/31/2011 31,679,692 - - - - - - - - - - -

11/25/2011 - 10,000,000 - - - 10,000,000 - - - - - -

11/30/2011 41,679,692 - - - - - - - - - - -

12/31/2011 41,752,791 - - - - - - - - - - -

01/31/2012 41,752,791 - - - - - - - - - - -

02/29/2012 51,752,791 10,000,000 - - - 10,000,000 - - - - - -

03/31/2012 56,310,033 - - - - - - - - - - -

04/17/2012 - 10,000,000 - - - 10,000,000 - - - - - -

04/30/2012 66,310,033 - - - - - - - - - - -

05/31/2012 66,310,033 - - - - - - - - - - -

06/30/2012 70,221,173 - - - - - - - - - - -

07/16/2012 - 10,000,000 - - - 10,000,000 - - - - - -

07/31/2012 80,221,173 - - - - - - - - - - -

08/27/2012 - 10,000,000 - - - 10,000,000 - - - - - -

08/31/2012 90,221,173 - - - - - - - - - - -

09/30/2012 101,301,349 - - - - - - - - - - -

10/31/2012 101,301,349 - - - - - - - - - - -

11/30/2012 101,304,349 - - - - - - - - - - -

12/31/2012 110,348,711 - - - - - - - - - - -

01/11/2013 - 10,000,000 - - - 10,000,000 - - - - - -

01/31/2013 120,348,711 - - - - - - - - - - -

02/28/2013 120,348,711 - - - - - - - - - - -

03/31/2013 130,297,603 - - - - - - - - - - -

04/30/2013 130,297,603 - - - - - - - - - - -

05/21/2013 - 5,000,000 - - - 5,000,000 - - - - - -

05/31/2013 135,297,603 - - - - - - - - - - -

06/30/2013 138,422,405 - - - - - - - - - - -


PIMCO Bravo Fund


Page 91 of 255


PIMCO Bravo Fund




Received

RecallableCapital


Total

07/31/2013 138,422,405 - - - - - - - - - - -

08/31/2013 138,422,405 - - - - - - - - - - -

09/30/2013 144,763,263 - - - - - - - - - - -

10/31/2013 144,763,263 - - - - - - - - - - -

11/30/2013 144,763,263 - - - - - - - - - - -

12/06/2013 - 4,235,416 - - - 4,235,416 - - - - - -

12/31/2013 158,236,314 - - - - - - - - - - -

01/31/2014 158,236,314 - - - - - - - - - - -

02/28/2014 158,236,314 - - - - - - - - - - -

03/31/2014 165,180,188 - - - - - - - - - - -

04/04/2014 - - - - - - - - - - 17,908,233 17,908,233

04/30/2014 147,271,955 - - - - - - - - - - -

05/28/2014 - - - - - - - - - - 14,923,528 14,923,528

05/31/2014 132,348,427 - - - - - - - - - - -

06/30/2014 141,364,086 - - - - - - - - - - -

07/30/2014 - - - - - - - - - - 19,187,393 19,187,393

07/31/2014 122,176,693 - - - - - - - - - - -

08/25/2014 - - - - - - - - - - 19,187,393 19,187,393

08/31/2014 102,989,301 - - - - - - - - - - -

09/26/2014 - - - - - - - - - - 8,527,730 8,527,730

09/30/2014 98,024,338 - - - - - - - - - - -

10/31/2014 98,024,338 - - - - - - - - - - -

11/30/2014 98,024,338 - - - - - - - - - - -

12/31/2014 101,207,577 - - - - - - - - - - -

01/28/2015 - - - - - - 1,053,601 - - - 20,265,724 21,319,325

01/31/2015 79,888,252 - - - - - - - - - - -

02/28/2015 79,888,252 - - - - - - - - - - -

03/31/2015 64,505,384 - - - - - 17,055,460 - - - - 17,055,460

04/30/2015 64,505,384 - - - - - - - - - - -

05/31/2015 64,505,384 - - - - - - - - - - -

06/15/2015 - - - - - - 10,167,848 - - - - 10,167,848

06/30/2015 56,376,690 - - - - - - - - - - -

07/31/2015 56,376,690 - - - - - - - - - - -

08/31/2015 56,376,690 - - - - - - - - - - -

09/30/2015 54,167,323 - - - - - - - - - - -

10/08/2015 - - - - - - 12,141,249 - - - - 12,141,249

10/31/2015 42,026,074 - - - - - - - - - - -

11/30/2015 42,026,074 - - - - - - - - - - -

12/18/2015 - - - - - - 11,464,328 - - - - 11,464,328

12/31/2015 30,345,566 - - - - - - - - - - -

01/15/2016 - - - - - - 4,342,548 - - - - 4,342,548

Page 92 of 255


PIMCO Bravo Fund




Received

RecallableCapital


Total

01/31/2016 26,003,018 - - - - - - - - - - -

02/29/2016 26,003,018 - - - - - - - - - - -

03/31/2016 24,262,242 - - - - - - - - - - -

04/30/2016 24,262,242 - - - - - - - - - - -

05/31/2016 24,262,242 - - - - - - - - - - -

06/01/2016 - - - - - - 5,832,739 - - - - 5,832,739

06/30/2016 20,679,406 - - - - - - - - - - -

07/18/2016 - - - - - - 5,062,635 - - - - 5,062,635

07/31/2016 15,616,771 - - - - - - - - - - -

08/31/2016 15,616,771 - - - - - - - - - - -

09/06/2016 - - - - - - 5,071,624 - - - - 5,071,624

09/30/2016 10,959,734 - - - - - - - - - - -

10/31/2016 10,959,734 - - - - - - - - - - -

11/30/2016 10,959,734 - - - - - - - - - - -

12/06/2016 - - - - - - 3,712,456 - - - - 3,712,456

12/31/2016 7,395,580 - - - - - - - - - - -

01/31/2017 7,395,580 - - - - - - - - - - -

02/28/2017 7,395,580 - - - - - - - - - - -

03/31/2017 6,743,806 - - - - - - - - - - -

04/30/2017 6,743,806 - - - - - - - - - - -

05/31/2017 6,743,806 - - - - - - - - - - -

06/28/2017 - - - - - - 1,176,278 - - - - 1,176,278

06/30/2017 5,474,809 - - - - - - - - - - -

07/31/2017 5,474,809 - - - - - - - - - - -

08/31/2017 5,474,809 - - - - - - - - - - -

09/30/2017 5,208,166 - - - - - - - - - - -

10/06/2017 - - - - - - 668,513 - - - - 668,513

10/31/2017 4,539,653 - - - - - - - - - - -

11/30/2017 4,539,653 - - - - - - - - - - -

12/31/2017 4,601,860 - - - - - - - - - - -

01/31/2018 4,601,860 - - - - - - - - - - -

02/27/2018 - - - - - - 1,374,949 - - - - 1,374,949

02/28/2018 3,226,911 - - - - - - - - - - -

03/31/2018 6,670,815 - - - - - - - - - - -

04/30/2018 6,670,815 - - - - - - - - - - -

05/31/2018 6,670,815 - - - - - - - - - - -

06/13/2018 - - - - - - 1,969,043 - - - - 1,969,043

06/30/2018 4,451,645 - - - - - - - - - - -

07/31/2018 4,451,645 - - - - - - - - - - -

08/31/2018 4,451,645 - - - - - - - - - - -

09/30/2018 4,323,171 - - - - - - - - - - -

Page 93 of 255


PIMCO Bravo Fund




Received

RecallableCapital


Total

10/31/2018 4,323,171 - - - - - - - - - - -

11/30/2018 4,323,171 - - - - - - - - - - -

12/31/2018 3,191,262 - - - - - - - - - - -

01/31/2019 3,191,262 - - - - - - - - - - -

02/28/2019 3,191,262 - - - - - - - - - - -

03/29/2019 - - - - - - 791,774 - - - - 791,774

03/31/2019 2,019,100 - - - - - - - - - - -

04/30/2019 2,019,100 - - - - - - - - - - -

05/31/2019 2,019,100 - - - - - - - - - - -

06/30/2019 1,131,150 - - - - - - - - - - -

07/31/2019 1,131,150 - - - - - - - - - - -

08/31/2019 1,131,150 - - - - - - - - - - -

09/30/2019 1,539,992 - - - - - - - - - - -

10/31/2019 1,539,992 - - - - - - - - - - -

11/30/2019 1,539,992 - - - - - - - - - - -

12/31/2019 1,222,833 - - - - - - - - - - -

Total 112,332,682 - - 36,886 112,369,568 81,885,044 - 110,751 12,332,682 100,000,000 194,328,478

Page 94 of 255

Fund Information





Investment Strategy: Private equity-style opportunistic fund with an expected emphasis on markets influenced by bank regulatory reform covering mortgages, real estate and consumer markets, primarily in theU.S. but with some exposure to Europe. Employs a multidisciplinary investment approach across public and private markets to uncover attractive risk-adjusted returns. This requires aflexible investment approach, due to the complex interaction of monetary policies, regulation and capital markets. Target IRR and multiple of 15% and 1.8x, net of fees and carried interest.BRAVO team includes over 80 portfolio management personnel with a wide range of backgrounds, including originations, capital markets, real estate acquisitions and asset management.The team has a history of identifying investment opportunities, and constructing teams to capitalize on these opportunities.The funds have a disciplined underwriting process that combines macroeconomic perspectives and asset-level functional expertise. The amount of information available through theplatform and proprietary analytics will be used to form a unique understanding and ability to identify and source relative value investment across the capital structure. Further, the fund willleverage PIMCO’s financing platform and capital markets and structure expertise to understand complex securities to optimize returns.

Cash Flow Summary




Expenses: -

Interest: $174,040






Inception IRR: 8.8

TVPI: 1.4

Cash Flow Analysis


$0.0

$46,800,000.0

$93,600,000.0

$140,400,000.0

$187,200,000.0

$234,000,000.0

($46,800,000.0)

3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 12/19


PIMCO Bravo Fund II


Page 95 of 255




Received

RecallableCapital


Total

03/19/2013 - 7,500,000 - - - 7,500,000 - - - - - -

03/31/2013 7,496,327 - - - - - - - - - - -

04/30/2013 7,496,327 - - - - - - - - - - -

05/31/2013 7,496,327 - - - - - - - - - - -

06/30/2013 7,458,244 - 18,210 - - 18,210 - - - - - -

07/31/2013 7,458,244 - - - - - - - - - - -

08/31/2013 7,458,244 - - - - - - - - - - -

09/30/2013 7,782,538 - 7,366 - - 7,366 - - - - - -

10/31/2013 7,782,538 - - - - - - - - - - -

11/22/2013 - 2,062,922 - - - 2,062,922 - - 45,839 2,062,922 - 2,108,762

11/30/2013 7,782,538 - - - - - - - - - - -

12/16/2013 - 7,500,000 - - 174,040 7,674,040 - - - - - -

12/31/2013 17,027,473 - - - - - - - - - - -

01/03/2014 - 1,834,647 - - - 1,834,647 - - 24,253 1,834,647 - 1,858,900

01/31/2014 17,027,473 - - - - - - - - - - -

02/06/2014 - 256,703 - - - 256,703 - - 7,320 256,703 - 264,023

02/28/2014 17,027,473 - - - - - - - - - - -

03/31/2014 28,747,268 11,250,000 - - - 11,250,000 - - - - - -

04/15/2014 - 4,169,010 - - - 4,169,010 - - 157,530 4,169,010 - 4,326,539

04/30/2014 28,747,268 - - - - - - - - - - -

05/31/2014 28,747,268 - - - - - - - - - - -

06/30/2014 38,162,358 7,500,000 - - - 7,500,000 - - - - - -

07/31/2014 38,162,358 - - - - - - - - - - -

08/31/2014 38,162,358 - - - - - - - - - - -

09/29/2014 - 15,000,000 - - - 15,000,000 - - - - - -

09/30/2014 55,318,071 - - - - - - - - - - -

10/14/2014 - 15,000,000 - - - 15,000,000 - - - - - -

10/31/2014 70,318,071 - - - - - - - - - - -

11/30/2014 70,318,071 - - - - - - - - - - -

12/31/2014 71,361,965 - - - - - - - - - - -

01/26/2015 - 15,000,000 - - - 15,000,000 - - - - - -

01/31/2015 86,361,965 - - - - - - - - - - -

02/28/2015 86,361,965 - - - - - - - - - - -

03/31/2015 88,713,916 - - - - - - - - - - -

04/30/2015 88,713,916 - - - - - - - - - - -

05/12/2015 - 15,000,000 - - - 15,000,000 - - - - - -

05/31/2015 103,713,916 - - - - - - - - - - -

06/30/2015 106,153,781 - - - - - - - - - - -

07/31/2015 106,153,781 - - - - - - - - - - -

08/31/2015 106,153,781 - - - - - - - - - - -


PIMCO Bravo Fund II


Page 96 of 255


PIMCO Bravo Fund II




Received

RecallableCapital


Total

09/30/2015 107,872,083 - 367,668 - - 367,668 - - - - - -

10/31/2015 107,872,083 - - - - - - - - - - -

11/30/2015 107,872,083 - - - - - - - - - - -

12/04/2015 - 26,250,000 - - - 26,250,000 - - - - - -

12/31/2015 138,367,809 - - - - - - - - - - -

01/31/2016 138,367,809 - - - - - - - - - - -

02/29/2016 138,367,809 - - - - - - - - - - -

03/31/2016 135,967,883 - - - - - - - - - - -

04/30/2016 135,967,883 - - - - - - - - - - -

05/31/2016 135,967,883 - - - - - - - - - - -

06/30/2016 141,246,900 - - - - - - - - - - -

07/31/2016 141,246,900 - - - - - - - - - - -

08/31/2016 141,246,900 - - - - - - - - - - -

09/30/2016 146,612,973 - - - - - - - - - - -

10/31/2016 146,612,973 - - - - - - - - - - -

11/30/2016 146,612,973 - - - - - - - - - - -

12/31/2016 153,057,955 - - - - - - - - - - -

01/31/2017 153,057,955 - - - - - - - - - - -

02/28/2017 153,057,955 - - - - - - - - - - -

03/13/2017 - 11,250,000 - - - 11,250,000 - - - - - -

03/31/2017 166,935,242 - - - - - - - - - - -

04/30/2017 166,935,242 - - - - - - - - - - -

05/31/2017 166,935,242 - - - - - - - - - - -

06/30/2017 171,912,717 - - - - - - - - - - -

07/31/2017 171,912,717 - - - - - - - - - - -

08/25/2017 - - - - - - - - - 6,824,619 - 6,824,619

08/31/2017 165,088,098 - - - - - - - - - - -

09/30/2017 166,792,374 - - - - - - - - - - -

10/06/2017 - - - - - - - - - 7,693,855 - 7,693,855

10/31/2017 159,098,519 - - - - - - - - - - -

11/30/2017 159,098,519 - - - - - - - - - - -

12/01/2017 - - - - - - - - - 6,824,619 - 6,824,619

12/31/2017 153,480,223 - - - - - - - - - - -

01/31/2018 153,480,223 - - - - - - - - - - -

02/28/2018 146,655,604 - - - - - - - - 6,824,619 - 6,824,619

03/23/2018 - - - - - - - - - 9,248,741 - 9,248,741

03/31/2018 139,788,373 - - - - - - - - - - -

04/30/2018 139,788,373 - - - - - - - - - - -

05/15/2018 - - - - - - - - - 6,278,650 - 6,278,650

05/31/2018 133,509,723 - - - - - - - - - - -

06/19/2018 - - - - - - - - - 6,511,471 - 6,511,471

Page 97 of 255


PIMCO Bravo Fund II




Received

RecallableCapital


Total

06/30/2018 129,979,470 - - - - - - - - - - -

07/31/2018 129,979,470 - - - - - - - - - - -

08/08/2018 - - - - - - - - - 5,459,695 - 5,459,695

08/22/2018 - - - - - - - - - 8,258,607 - 8,258,607

08/31/2018 116,261,168 - - - - - - - - - - -

09/30/2018 118,510,916 - - - - - - - - - - -

10/12/2018 - - - - - - - - - 6,215,798 - 6,215,798

10/31/2018 112,295,118 - - - - - - - - - - -

11/20/2018 - - - - - - - - - 8,951,249 - 8,951,249

11/30/2018 103,343,869 - - - - - - - - - - -

12/21/2018 - - - - - - - - - 2,729,848 - 2,729,848

12/31/2018 93,818,433 - - - - - - - - - - -

01/31/2019 93,818,433 - - - - - - - - - - -

02/20/2019 - - - - - - - - - 9,144,990 - 9,144,990

02/28/2019 84,673,443 - - - - - - - - - - -

03/31/2019 89,735,715 - - - - - - - - - - -

04/12/2019 - - - - - - - - - 2,249,275 - 2,249,275

04/30/2019 87,486,440 - - - - - - - - - - -

05/16/2019 - - - - - - - - - 3,415,648 - 3,415,648

05/31/2019 84,070,791 - - - - - - - - - - -

06/30/2019 85,903,469 - - - - - - - - - - -

07/31/2019 85,903,469 - - - - - - - - - - -

08/06/2019 - - - - - - - - - 6,439,491 - 6,439,491

08/31/2019 79,463,978 - - - - - - - - - - -

09/25/2019 - - - - - - - - - 3,302,534 - 3,302,534

09/30/2019 76,081,063 - - - - - - - - - - -

10/31/2019 76,081,063 - - - - - - - - - - -

11/08/2019 - - - - - - - - - 2,729,848 - 2,729,848

11/30/2019 73,351,215 - - - - - - - - - - -

12/20/2019 - - - - - - - - - 3,412,310 - 3,412,310

12/31/2019 72,761,301 - - - - - - - - - - -

Total 139,573,282 393,244 - 174,040 140,140,566 - - 234,941 120,839,151 - 121,074,093

Page 98 of 255

Fund Information





Investment Strategy: Distressed Residential & Commercial Real Estate

Cash Flow Summary




Expenses: -

Interest: $278,299






Inception IRR: 10.8

TVPI: 1.2

Cash Flow Analysis


$0.0

$39,000,000.0

$78,000,000.0

$117,000,000.0

$156,000,000.0

$195,000,000.0

($39,000,000.0)

3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19


PIMCO Bravo Fund III


Page 99 of 255




Received

RecallableCapital


Total

03/10/2017 - 17,500,000 - - 278,299 17,778,299 - - - - - -

03/31/2017 17,452,589 - - - - - - - - - - -

04/30/2017 17,452,589 - - - - - - - - - - -

05/26/2017 - - - - - - - - 148,038 - - 148,038

05/31/2017 17,304,551 - - - - - - - - - - -

06/30/2017 18,344,452 - 55,723 - - 55,723 - - - - - -

07/31/2017 18,344,452 - - - - - - - - - - -

08/31/2017 18,159,986 - - - - - - - 184,466 - - 184,466

09/30/2017 18,528,035 - 77,917 - - 77,917 - - - - - -

10/31/2017 18,528,035 - - - - - - - - - - -

11/13/2017 - - - - - - - - 57,838 - - 57,838

11/30/2017 18,470,197 - - - - - - - - - - -

12/06/2017 - - - - - - - - 239,266 - - 239,266

12/22/2017 - 8,750,000 - - - 8,750,000 - - - - - -

12/31/2017 28,746,634 - 11,664 - - 11,664 - - - - - -

01/31/2018 28,746,634 - - - - - - - - - - -

02/28/2018 28,746,634 - - - - - - - - - - -

03/31/2018 29,448,142 - 129,344 - - 129,344 - - - - - -

04/30/2018 29,448,142 - - - - - - - - - - -

05/03/2018 - - - - - - - - 3,253 - - 3,253

05/25/2018 - 17,500,000 - - - 17,500,000 - - - - - -

05/31/2018 46,944,889 - - - - - - - - - - -

06/30/2018 49,853,937 - 167,263 - - 167,263 - - - - - -

07/31/2018 49,853,937 - - - - - - - - - - -

08/31/2018 49,853,937 - - - - - - - - - - -

09/14/2018 - 13,125,000 - - - 13,125,000 - - - - - -

09/30/2018 64,200,394 - - - - - - - - - - -

10/11/2018 - 8,750,000 - - - 8,750,000 - - - - - -

10/31/2018 72,950,394 - - - - - - - - - - -

11/30/2018 72,950,394 - - - - - - - - - - -

12/12/2018 - 13,125,000 - - - 13,125,000 - - - - - -

12/20/2018 - 13,300,220 - - - 13,300,220 - - - - - -

12/31/2018 98,840,274 - - - - - - - - - - -

01/08/2019 - 17,500,000 - - - 17,500,000 - - - - - -

01/31/2019 116,340,274 - - - - - - - - - - -

02/28/2019 116,340,274 - - - - - - - - - - -

03/31/2019 119,055,246 - - - - - - - - - - -

04/30/2019 119,055,246 - - - - - - - - - - -

05/31/2019 119,055,246 - - - - - - - - - - -

06/30/2019 123,485,307 - - - - - - - - - - -




Page 100 of 255






Received

RecallableCapital


Total

07/19/2019 - 17,500,000 - - - 17,500,000 - - - - - -

07/31/2019 140,985,307 - - - - - - - - - - -

08/31/2019 140,985,307 - - - - - - - - - - -

09/30/2019 144,942,465 - - - - - - - - - - -

10/31/2019 144,942,465 - - - - - - - - - - -

11/30/2019 144,942,465 - - - - - - - - - - -

12/31/2019 146,265,371 - - - - - - - - - - -

Total 127,050,220 441,911 - 278,299 127,770,430 - - 632,862 - - 632,862

Page 101 of 255

Fund Information


Strategy Type: Distressed Management Fee: 1.35% Incentive Fee: 20% carried interest over 8% hurdle rate



Investment Strategy: The fund will target distressed and special situation investments in public and private companies. The investment strategy will be centered on obtaining significant influence to driveinvestment outcomes. Secular changes in technology, regulation and market structures are expected to disrupt industries. The path to policy normalization is expected to be bumpy,exposing companies with weak financials. An economic recession is inevitable and likely to occur during the Fund’s investment period. The middle market is inefficient and less competitivedue to economic vulnerability. These factors create opportunities for well-resourced teams of experienced investors. The fund has a target annualized IRR of approximately 15% andmultiple of 1.5-1.7x, net of fees and carried interest. The fund has a five-year term, with two possible 1.5 year extensions at GP’s discretion.

Cash Flow Summary




Expenses: -

Interest: $313,039






Inception IRR: 11.8

TVPI: 1.2

Cash Flow Analysis


$0.0

$26,000,000.0

$52,000,000.0

$78,000,000.0

$104,000,000.0

$130,000,000.0

($26,000,000.0)

9/16 12/16 3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19


PIMCO Corp Opp II


Page 102 of 255




Received

RecallableCapital


Total

09/01/2016 - 12,000,000 - - 313,039 12,313,039 - - - - - -

09/30/2016 12,829,420 - - - - - - - - - - -

10/20/2016 - - - - - - - 93,023 - - - 93,023

10/31/2016 12,736,397 - - - - - - - - - - -

11/30/2016 12,736,397 - - - - - - - - - - -

12/30/2016 - - 20,383 - - 20,383 - - - - - -

12/31/2016 13,235,491 - - - - - - - - - - -

01/31/2017 13,235,491 - - - - - - - - - - -

02/07/2017 - - - - - - - 129,896 - - - 129,896

02/28/2017 13,105,595 - - - - - - - - - - -

03/31/2017 13,606,314 - 42,969 - - 42,969 - - - - - -

04/30/2017 13,606,314 - - - - - - - - - - -

05/31/2017 13,606,314 - - - - - - - - - - -

06/20/2017 - 8,000,000 - - - 8,000,000 - - - - - -

06/30/2017 22,057,519 - 57,899 - - 57,899 - - - - - -

07/31/2017 22,057,519 - - - - - - - - - - -

08/31/2017 22,057,519 - - - - - - - - - - -

09/30/2017 23,230,110 - 72,441 - - 72,441 - - - - - -

10/31/2017 23,230,110 - - - - - - - - - - -

11/30/2017 23,230,110 - - - - - - - - - - -

12/31/2017 23,858,364 - 74,821 - - 74,821 - - - - - -

01/31/2018 23,858,364 - - - - - - - - - - -

02/28/2018 23,858,364 - - - - - - - - - - -

03/05/2018 - 5,000,000 - - - 5,000,000 - - - - - -

03/31/2018 28,992,763 - 85,101 - - 85,101 - - - - - -

04/30/2018 28,992,763 - - - - - - - - - - -

05/31/2018 36,492,763 7,500,000 - - - 7,500,000 - - - - - -

06/30/2018 39,258,481 - 108,706 - - 108,706 - - - - - -

07/25/2018 - 6,000,000 - - - 6,000,000 - - - - - -

07/31/2018 45,258,481 - - - - - - - - - - -

08/31/2018 45,258,481 - - - - - - - - - - -

09/27/2018 - 5,000,000 - - - 5,000,000 - - - - - -

09/30/2018 50,714,593 - - - - - - - - - - -

10/31/2018 50,714,593 - - - - - - - - - - -

11/30/2018 50,714,593 - - - - - - - - - - -

12/31/2018 48,018,141 - - - - - - - - - - -

01/25/2019 - 6,500,000 - - - 6,500,000 - - - - - -

01/31/2019 54,518,141 - - - - - - - - - - -

02/28/2019 54,518,141 - - - - - - - - - - -

03/25/2019 - 5,000,000 - - - 5,000,000 - - - - - -


PIMCO Corp Opp II


Page 103 of 255


PIMCO Corp Opp II




Received

RecallableCapital


Total

03/31/2019 62,871,015 - - - - - - - - - - -

04/23/2019 - 5,000,000 - - - 5,000,000 - - - - - -

04/30/2019 67,871,015 - - - - - - - - - - -

05/31/2019 67,871,015 - - - - - - - - - - -

06/30/2019 69,314,480 - - - - - - - - - - -

07/03/2019 - 7,500,000 - - - 7,500,000 - - - - - -

07/30/2019 - 10,000,000 - - - 10,000,000 - - - - - -

07/31/2019 86,814,480 - - - - - - - - - - -

08/31/2019 86,814,480 - - - - - - - - - - -

09/30/2019 88,434,835 - - - - - - - - - - -

10/31/2019 88,434,835 - - - - - - - - - - -

11/30/2019 88,434,835 - - - - - - - - - - -

12/17/2019 - 5,000,000 - - - 5,000,000 - - - - - -

12/31/2019 97,564,077 - - - - - - - - - - -

Total 82,500,000 462,320 - 313,039 83,275,359 - 222,920 - - - 222,920

Page 104 of 255

Report Statistics Definitions and Descriptions

Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's

non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the

product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple

shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative

quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the

Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has

historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A

higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund

to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free

rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance.

Page 105 of 255

Disclosures

AndCo compiled this report for the sole use of the client for which it was prepared. AndCo is responsible for evaluating the performance results of the Total Fund along with the investment advisors by comparing their performance with indices and other related peer universe data that is deemed appropriate. AndCo uses the results from this evaluation to make observations and recommendations to the client. AndCo uses time-weighted calculations which are founded on standards recommended by the CFA Institute. The calculations and values shown are based on information that is received from custodians. AndCo analyzes transactions as indicated on the custodian statements and reviews the custodial market values of the portfolio. As a result, this provides AndCo with a reasonable basis that the investment information presented is free from material misstatement. This methodology of evaluating and measuring performance provides AndCo with a practical foundation for our observations and recommendations. Nothing came to our attention that would cause AndCo to believe that the information presented is significantly misstated. This performance report is based on data obtained by the client’s custodian(s), investment fund administrator, or other sources believed to be reliable. While these sources are believed to be reliable, the data providers are responsible for the accuracy and completeness of their statements. Clients are encouraged to compare the records of their custodian(s) to ensure this report fairly and accurately reflects their various asset positions. The strategies listed may not be suitable for all investors. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Past performance is not an indication of future performance. Any information contained in this report is for informational purposes only and should not be construed to be an offer to buy or sell any securities, investment consulting, or investment management services. Additional information included in this document may contain data provided by from index databases, public economic sources and the managers themselves. This document may contain data provided by Bloomberg Barclays. Bloomberg Barclays Index data provided by way of Barclays Live. This document may contain data provided by Standard and Poor’s. Nothing contained within any document, advertisement or presentation from S&P Indices constitutes an offer of services in jurisdictions where S&P Indices does not have the necessary licenses. All information provided by S&P Indices is impersonal and is not tailored to the needs of any person, entity or group of persons. Any returns or performance provided within any document is provided for illustrative purposes only and does not demonstrate actual performance. Past performance is not a guarantee of future investment results. This document may contain data provided by MSCI, Inc. Copyright MSCI, 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. This document may contain data provided by Russell Investment Group. Russell Investment Group is the source owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a user presentation of the data. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in presentation thereof. This document may contain data provided by Morningstar. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is not guarantee of future results.

Page 106 of 255

<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2545" DocumentTypeId="1" EffectiveDate="03/31/2020" Interval="3" Description="Net Executive

Summary" />


Period Ending March 31, 2020

Teachers' Retirement System ofOklahomaExecutive Report

Page 108 of 255

1st Quarter 2020 Market Environment

Page 109 of 255

Global risk asset class returns declined significantly during the 1st quarter of2020 due primarily to the COVID-19 (Coronavirus) pandemic. Both domesticand international equities experienced significant drawdowns as investorsmoved into perceived haven assets such as US Treasury bonds. Equitymarket volatility, as measured by the VIX Index, reached its highest level sincethe Financial Crisis in 2008. Through the quarter, global economic growthturned negative as countries responded to the pandemic by shuttering theireconomies. In the US, as a result of the decision to institute social distancingand shelter-in-place orders, labor markets suffered significant losses asbusinesses closed or furloughed employees. Rising economic concernsresulted in swift action by the Federal Reserve (Fed) which cut its overnightlending rate to between 0% to 0.25%. Importantly, the US governmentresponded with a stimulus package consisting of forgivable loans and othershort-term benefits, that is designed to act as a bridge for the economy untilbusinesses can reopen. Within domestic equity markets, large cap stocksoutperformed small cap equities during the quarter with the S&P 500 Indexreturning -19.6% versus a -30.6% return for the small cap Russell 2000 Index.US equity returns over the 1-year period turned negative as a result of thedrawdown with large and mid-cap stocks returning -7.0% and -18.3%respectively, while small cap stocks fell -24.0%.

International markets also posted negative returns for the 1st quarter. Similarto US markets, international returns were impacted by the Coronavirus anddeteriorating economic fundamentals. International returns also facedheadwinds from a strengthening US dollar (USD) which appreciated againstmost major currencies during the period. Developed markets outpacedemerging markets during the period with the MSCI EAFE Index falling -22.8%versus a -23.6% decline for the MSCI Emerging Markets Index. Bothdeveloping and emerging markets posted losses over the 1-year period,returning -14.4% and -17.7% respectively.

As expected during periods of rising volatility, high quality fixed incomeoutperformed equities during the 1st quarter as investors looked for relativesafety amid the equity market drawdown. The broad market BloombergBarclays Aggregate Index gained 3.1% as interest rates fell following risingconcerns related to the Coronavirus and central bank stimulus from the Fedand other global central banks. US Government bonds were the bestperforming securities for the 1st quarter returning 8.1%. Investment gradecorporate bonds suffered negative returns on concerns about economicgrowth prospects in the future. The bond market has meaningfullyoutperformed the equity market over the trailing 1-year period with theBloomberg Barclays Aggregate posting a solid 8.9% return.

Source: Investment Metrics

The Market EnvironmentMajor Market Index Performance

As of March 31, 2020

0.6%

-3.6%2.8%

1.7%8.1%

3.1%

-30.6%-27.1%

-20.2%-20.9%

-19.6%

-23.6%-22.8%

-23.4%

-35.0% -25.0% -15.0% -5.0% 5.0%

3-Month T-Bill

Bbg Barclays Corp IGBbg Barclays MBS

Bbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US Agg

Russell 2000Russell MidCap

Russell 1000Russell 3000

S&P 500

MSCI Emerg MktsMSCI EAFE

MSCI ACWxUS

Quarter Performance

2.3%

5.0%7.0%6.8%

13.1%8.9%

-24.0%-18.3%

-8.0%-9.1%

-7.0%

-17.7%-14.4%

-15.6%

-30.0% -20.0% -10.0% 0.0% 10.0% 20.0%

3-Month T-Bill

Bbg Barclays Corp IGBbg Barclays MBS

Bbg Barclays US TIPSBbg Barclays US GovtBbg Barclays US Agg

Russell 2000Russell MidCap

Russell 1000Russell 3000

S&P 500

MSCI Emerg MktsMSCI EAFE

MSCI ACWxUS

1-Year Performance

Page 110 of 255

Source: Investment Metrics

The Market EnvironmentDomestic Equity Style Index Performance

As of March 31, 2020 US equity returns were significantly lower during the 1st quarter with varied

results across both style and market capitalization. Concerns related to theCoronavirus, in combination with signs that the US economy could be enteringinto recession weighed on equities. Labor markets came under significantpressure during the quarter as companies began laying off employees inresponse to the government’s decision to mandate a shelter-in-place approachto dealing with the pandemic. In response to the deteriorating economicconditions, the Fed took unprecedented action on March 15th and lowered theFed Fund’s rate to between 0% to 0.25%. The Fed also announced that itwould be purchasing up to $500 billion in US Treasury bonds and $200 billionin mortgage-backed bonds. Subsequently, the Fed announced on March 23rdthat it would begin purchasing unlimited amounts of US Treasury andmortgage-backed bonds. This announcement was well received by investorsand marked the recent low in equity markets.

During the quarter, higher market capitalization stocks were down less thanlower market capitalization stocks across the style spectrum. The large capRussell 1000 Index lost -20.2% during the period versus a -30.6% return forthe small cap Russell 2000 Index. Investors preferred large cap stocks relativeto small cap stocks as they are typically viewed as less risky during periods ofrising market volatility given the size of their balance sheets and ability togenerate cash flow. When viewed over the most recent 1-year period, largecap stocks significantly outpaced small cap stocks with the Russell 1000posting a -8.0% loss compared to the -24.0% drawdown in the Russell 2000.

In general, value stocks underperformed growth stocks across marketcapitalizations during the 1st quarter despite value stocks trading near all-timelows based on valuation metrics. Importantly, value indexes contain largeexposures to such sectors as energy, consumer durables and financials, all ofwhich came under pressure during the quarter. Large cap growth stocks heldup better than large cap value stocks due to larger weightings in thetechnology and industrials sectors as well as a smaller exposure to theunderperforming energy sector. The Russell 1000 Growth Index was the leastnegative style index for the period, returning -14.1%. The small cap valueindex posted the weakest relative return for the quarter with a loss of -35.7%.Results over the 1-year period were mixed with value stocks underperformingacross market capitalizations while large cap stocks outpaced both mid andsmall cap stocks due in large part to the exposure to technology stocks andrelative underweights to both energy and financial stocks.

-25.8%

-30.6%

-35.7%

-20.0%

-27.1%

-31.7%

-14.1%

-20.2%

-26.7%

-14.9%

-20.9%

-27.3%

-40.0% -30.0% -20.0% -10.0% 0.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

Quarter Performance - Russell Style Series

-18.6%

-24.0%

-29.6%

-9.4%

-18.3%

-24.1%

0.9%

-8.0%

-17.2%

-0.4%

-9.1%

-18.0%

-35.0% -25.0% -15.0% -5.0% 5.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

1-Year Performance - Russell Style Series

Page 111 of 255

Generally, sector performance was negative across large cap sectors for the1st quarter. The outlier during the period was the energy sector which sawsignificant losses due primarily to the drop in oil prices as a result of demanddestruction related to the Coronavirus and the inability of OPEC to agree onproduction cuts. Health care and technology were the two of the leastnegative during the quarter returning -12.4% and -12.5%. Energy stocks fell astaggering -51.3% during the quarter as crude oil prices fell as globaleconomic growth receded during the period. Financial stocks also lagged,declining -32.6%, as interest rates fell and a flat yield curve, in combinationwith fewer borrowers, increased pressure on financial stocks. Returns overthe 1-year period were also generally negative with only the technologysector showing a positive return (+8.5%). Similar to the quarter’s results,energy stocks underperformed by a considerable margin relative to othersectors. Industrials, materials, and financials also lagged for the yearreturning -19.3%, -19.2% and -18.4% respectively.

Quarterly results for small capitalization sectors were generally worse thantheir large capitalization counterparts with only utilities outperforming duringthe period. All eleven economic sectors saw substantial losses during theperiod with only three of eleven sectors outpacing the Russell 2000 Indexreturn for the quarter. Similar to large capitalization sectors, defensive sectorswere less negative as investors gravitated toward their relative safety andhigher yields. Utilities was the least negative sector, returning -12.8%, whilehealthcare and consumer staples returned -19.2% and -21.5%, respectively.The cyclically oriented energy sector was the largest detractor for the period,posting a disconcerting loss of --62.4% as global energy prices collapsed.Consumer discretionary stocks also fell substantially during the quarterreturning -44.3% as consumer activity fell sharply following the decision toimpose shelter-in-place orders. Financial stocks, which were down -34.7% forthe quarter, were negatively impacted by the Fed’s decision to lower interestrates and the significant decline in lending activity. Similar to quarterlyperformance, the trailing 1-year period returns were broadly negative.Utilities, technology and health care sectors were the down the least,returning -4.9%, -9.7% and -10.5%, respectively.

The Market EnvironmentGICS Sector Performance & (Sector Weight)


Source: Morningstar DirectAs a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.

-3.4%

-15.2%

-19.2%

8.5%-19.3%

-1.1%

-18.4%-53.8%

-1.5%

-10.6%

-3.8%

-14.2%

-22.9%

-26.9%

-12.5%

-27.3%

-12.4%

-32.6%

-51.3%

-13.2%

-19.8%

-17.4%

-60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0%

Utilities (3.3%)

Real Estate (3.8%)

Materials (2.7%)

Info Technology (23.8%)

Industrials (9.4%)

Health Care (13.7%)

Financials (12.8%)

Energy (3.7%)

Consumer Staples (6.7%)

Consumer Disc (10.1%)

Comm Services (10.0%)

Russell 1000 Quarter 1-Year

-4.9%

-26.4%

-36.1%

-9.7%

-21.9%

-10.5%

-26.7%-70.7%

-15.1%

-40.0%

-35.7%

-12.8%

-33.0%

-39.1%

-22.2%

-32.7%

-19.2%

-34.7%

-62.4%

-21.5%

-44.3%

-31.2%

-75.0% -65.0% -55.0% -45.0% -35.0% -25.0% -15.0% -5.0%

Utilities (3.8%)

Real Estate (8.0%)

Materials (3.7%)

Info Technology (13.9%)

Industrials (15.9%)

Health Care (18.1%)

Financials (17.7%)

Energy (2.7%)

Consumer Staples (2.9%)

Consumer Disc (11.0%)

Comm Services (2.3%)

Russell 2000 Quarter 1-Year

Page 112 of 255

The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000


Source: Morningstar Direct

Top 10 Weighted Stocks Top 10 Weighted Stocks

Russell 1000 Weight 1-Qtr Return

1-Year Return Sector Russell 2000 Weight 1-Qtr

Return1-Year Return Sector

Microsoft Corp 5.09% 0.3% 35.5% Information Technology Teladoc Health Inc 0.77% 85.2% 178.8% Health CareApple Inc 4.47% -13.2% 35.6% Information Technology NovoCure Ltd 0.40% -20.1% 39.8% Health CareAmazon.com Inc 3.48% 5.5% 9.5% Consumer Discretionary Amedisys Inc 0.40% 10.0% 48.9% Health CareFacebook Inc A 1.70% -18.7% 0.1% Communication Services Generac Holdings Inc 0.39% -7.4% 81.9% IndustrialsBerkshire Hathaway Inc B 1.53% -19.3% -9.0% Financials Lumentum Holdings Inc 0.38% -7.1% 30.4% Information TechnologyAlphabet Inc Class C 1.49% -13.0% -0.9% Communication Services Repligen Corp 0.35% 4.4% 63.4% Health CareJohnson & Johnson 1.49% -9.5% -3.6% Health Care Haemonetics Corp 0.35% -13.3% 13.9% Health CareAlphabet Inc A 1.48% -13.2% -1.3% Communication Services ACADIA Pharmaceuticals Inc 0.33% -1.2% 57.4% Health CareJPMorgan Chase & Co 1.20% -35.0% -8.4% Financials Trex Co Inc 0.32% -10.8% 30.3% IndustrialsVisa Inc Class A 1.18% -14.1% 3.8% Information Technology Rexford Industrial Realty Inc 0.32% -9.7% 16.6% Real Estate

Top 10 Performing Stocks (by Quarter) Top 10 Performing Stocks (by Quarter)




Moderna Inc 0.03% 53.1% 47.2% Health Care Waitr Holdings Inc Class A 0.00% 282.0% -90.0% Consumer DiscretionaryLegg Mason Inc 0.02% 37.2% 86.1% Financials Novavax Inc 0.03% 241.2% 23.3% Health CareTaubman Centers Inc 0.01% 36.6% -15.3% Real Estate Vir Biotechnology Inc 0.02% 172.5% N/A Health CareVirtu Financial Inc A 0.00% 31.9% -7.8% Financials Athersys Inc 0.03% 143.9% 100.0% Health CareZscaler Inc 0.02% 30.9% -14.2% Information Technology Forty Seven Inc 0.17% 142.4% 490.5% Health CareRegeneron Pharmaceuticals Inc 0.17% 30.0% 18.9% Health Care Kala Pharmaceuticals Inc 0.01% 138.2% 6.3% Health CareCitrix Systems Inc 0.07% 28.0% 44.0% Information Technology Aduro Biotech Inc 0.01% 132.2% -31.2% Health CareRingCentral Inc Class A 0.07% 25.6% 96.6% Information Technology Tocagen Inc 0.00% 128.8% -88.8% Health CareNortonLifeLock Inc 0.04% 25.4% 40.9% Information Technology Inovio Pharmaceuticals Inc 0.05% 125.5% 99.5% Health CareTesla Inc 0.32% 25.3% 87.2% Consumer Discretionary Neon Therapeutics Inc 0.00% 123.7% -59.1% Health Care

Bottom 10 Performing Stocks (by Quarter) Bottom 10 Performing Stocks (by Quarter)




Centennial Resource Dev. Inc A 0.00% -94.3% -97.0% Energy Independence Contract Drilling Inc 0.00% -93.0% -97.5% EnergyKosmos Energy Ltd 0.00% -84.0% -85.0% Energy QEP Resources Inc 0.01% -92.5% -95.6% EnergyApache Corp 0.01% -83.5% -87.5% Energy Whiting Petroleum Corp 0.00% -90.9% -97.4% EnergyTransocean Ltd 0.00% -83.1% -86.7% Energy Amplify Energy Corp 0.00% -90.4% -93.0% EnergyApergy Corp 0.00% -83.0% -86.0% Energy Penn Virginia Corp 0.00% -89.8% -93.0% EnergyTarga Resources Corp 0.01% -82.7% -81.7% Energy Pacific Drilling SA 0.00% -89.8% -97.1% EnergyNorwegian Cruise Line Holdings Ltd 0.01% -81.2% -80.1% Consumer Discretionary Nine Energy Service Inc 0.00% -89.7% -96.4% EnergyMFA Financial Inc 0.00% -79.7% -76.9% Financials Forum Energy Technologies Inc 0.00% -89.4% -96.5% EnergyChesapeake Energy Corp 0.00% -79.1% -94.4% Energy Oasis Petroleum Inc 0.01% -89.3% -94.2% EnergyMacerich Co 0.00% -78.4% -85.6% Real Estate SM Energy Co 0.01% -89.1% -93.0% Energy

Page 113 of 255

Source: MSCI Global Index Monitor (Returns are Net)

International equity returns were negative in USD terms for the 1st quarter asmarkets were negatively impacted by the Coronavirus. In local currency terms,developed and emerging markets performed slightly better due to US dollar(USD) strength against most major currencies which created a significantheadwind for US investors. The MSCI ACWI ex US Index lost -20.1% in localcurrency terms while a USD investor experienced a loss of -23.4% due to theaforementioned currency effect. Similar to US markets, international equitymarkets were severely impacted by concerns regarding headwinds fromslowing economic data. Global central banks reacted by providing additionalstimulus measures which are designed to provide the market with liquidity andrestore confidence. The European Central Bank (ECB) and the JapaneseCentral Bank (JCB) announced new programs to purchase securities in aneffort to boost markets while the Bank of England (BOE) cut its policy rate to0.1% and announced additional quantitative easing in an effort to counteract adeterioration in the economy.

Results for developed market international indices were negative in both localcurrency terms and USD terms for the 1st quarter. Prior to the onset of theCoronavirus, there were notable developments within the political sphere. TheUK formally withdrew from the EU in January. While there remains muchuncertainty surrounding what the relationship between the UK and the EU willlook like, both sides are continuing to negotiate for a final withdrawal later thisyear. In Europe, Italy and Spain were hard hit by the Coronavirus. Alreadybeset by relatively low GDP growth in historical terms, the region is expectedto experience recession. In Japan, the economy was already under pressureas a result of declining trade with China prior to the onset of the Coronavirus.The Olympics were also rescheduled to 2021 in an effort to reduce the numberof potential infections.

Emerging markets continued their trend from 2019, underperforming relative todeveloped markets during the 1st quarter. The MSCI Emerging Markets Indexfell -23.6% and -19.1% in USD and local currency terms, respectively. The USand China made headway in resolving their trade war by signing the PhaseOne trade deal in January. Countries with greater sensitivities to commodityprices or a strong USD tended to underperform during the period. Regionally,Asian countries outperformed both EMEA and Latin America, primarily due totheir aggressive response to the Coronavirus. Within Latin America, Brazil andMexico were hard hit as a result of the selloff in oil prices. Argentinaunderperformed as the country considered delaying the payment of interest onits sovereign debt.

The Market EnvironmentInternational and Regional Market Index Performance (Country Count)

As March 31, 2020

-24.0%

-10.4%

-18.5%

-13.0%

-11.3%

-13.3%

-12.6%

-12.8%

-12.8%

-40.8%

-12.1%

-27.7%

-17.7%

-12.4%

-15.5%

-14.4%

-14.9%

-15.6%

-50.0% -40.0% -30.0% -20.0% -10.0% 0.0%

EM Latin Amer (6)

EM Asia (9)

EM EMEA (11)

Emerging Mkt (26)

Pacific (5)

Europe & ME (16)

EAFE (21)

WORLD x US (22)

AC World x US (48)

1-Year Performance USD Local Currency

-31.8%

-16.2%

-24.1%

-19.1%

-18.4%

-21.8%

-20.6%

-20.5%

-20.1%

-45.6%

-18.1%

-33.9%

-23.6%

-20.3%

-24.3%

-22.8%

-23.3%

-23.4%

-50.0% -40.0% -30.0% -20.0% -10.0% 0.0%

EM Latin Amer (6)

EM Asia (9)

EM EMEA (11)

Emerging Mkt (26)

Pacific (5)

Europe & ME (16)

EAFE (21)

WORLD x US (22)

AC World x US (48)

Quarter Performance USD Local Currency

Page 114 of 255

The Market EnvironmentUS Dollar International Index Attribution & Country Detail


Source: Morningstar Direct, MSCI Global Index Monitor (Returns are Net in USD)As a result of the GICS classification changes on 9/28/2018 and certain associated reporting limitations, sector performance represents backward looking performance for the prior year of each sector’s current constituency, post creation of the Communication Services sector.

MSCI - EAFE Sector Weight Quarter Return 1-Year ReturnCommunication Services 5.5% -18.0% -11.5%Consumer Discretionary 11.1% -26.8% -15.0%Consumer Staples 12.6% -13.5% -8.5%

Energy 4.0% -36.2% -37.9%

Financials 16.5% -31.6% -24.7%Health Care 14.3% -8.9% 7.1%Industrials 14.2% -26.4% -16.0%Information Technology 7.6% -17.7% -1.7%Materials 6.7% -26.8% -20.5%Real Estate 3.3% -27.6% -27.1%Utilities 4.2% -13.2% -5.1%Total 100.0% -22.8% -14.4%

MSCI - ACWIxUS Sector Weight Quarter Return 1-Year ReturnCommunication Services 7.5% -14.1% -9.9%Consumer Discretionary 11.8% -24.1% -12.9%Consumer Staples 10.5% -14.7% -9.9%Energy 5.2% -38.5% -37.1%Financials 19.2% -31.0% -24.9%Health Care 10.5% -9.2% 4.6%Industrials 11.4% -26.2% -17.1%Information Technology 10.2% -17.5% 1.3%Materials 7.0% -27.5% -22.8%Real Estate 3.0% -27.6% -25.9%Utilities 3.7% -15.9% -8.7%Total 100.0% -23.4% -15.6%

MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year ReturnCommunication Services 13.1% -9.6% -8.2%Consumer Discretionary 15.4% -18.1% -8.3%Consumer Staples 6.6% -19.8% -15.7%Energy 5.9% -39.9% -35.8%Financials 21.6% -31.1% -27.6%Health Care 3.6% -8.5% -8.5%Industrials 4.9% -28.0% -26.5%Information Technology 16.9% -17.8% 3.2%Materials 6.7% -30.7% -31.3%Real Estate 2.9% -26.7% -21.5%Utilities 2.5% -26.0% -23.4%Total 100.0% -23.6% -17.7%

MSCI-EAFE MSCI-ACWIxUS Quarter 1- YearCountry Weight Weight Return ReturnJapan 26.3% 17.4% -16.8% -6.7%United Kingdom 15.1% 10.0% -28.8% -23.0%France 10.8% 7.1% -27.6% -17.7%Switzerland 10.7% 7.1% -11.5% 3.5%Germany 8.3% 5.5% -27.0% -17.5%Australia 5.9% 3.9% -33.3% -26.3%Netherlands 4.2% 2.7% -20.7% -7.7%Hong Kong 3.8% 2.5% -17.3% -21.1%Sweden 2.8% 1.8% -21.4% -11.2%Spain 2.6% 1.7% -29.8% -26.5%Denmark 2.2% 1.4% -8.0% 4.5%Italy 2.2% 1.4% -29.3% -21.4%Singapore 1.2% 0.8% -28.2% -22.3%Finland 1.0% 0.7% -19.1% -18.0%Belgium 0.9% 0.6% -32.6% -30.2%Israel 0.6% 0.4% -18.1% -18.4%Ireland 0.6% 0.4% -25.7% -8.3%Norway 0.5% 0.4% -33.4% -31.3%New Zealand 0.3% 0.2% -16.4% -1.0%Portugal 0.2% 0.1% -13.1% -2.5%Austria 0.2% 0.1% -42.9% -39.7%Total EAFE Countries 100.0% 66.0% -22.8% -14.4%Canada 6.3% -27.5% -19.9%Total Developed Countries 72.3% -23.3% -14.9%China 11.3% -10.2% -5.8%Taiwan 3.4% -19.1% 1.3%Korea 3.3% -22.5% -16.8%India 2.1% -31.1% -30.9%Brazil 1.4% -50.2% -41.9%South Africa 1.0% -40.3% -37.1%Russia 0.9% -36.4% -14.4%Saudi Arabia 0.7% -24.0% -28.9%Thailand 0.6% -33.8% -32.5%Mexico 0.5% -35.5% -31.9%Malaysia 0.5% -19.2% -21.1%Indonesia 0.4% -39.6% -36.8%Qatar 0.3% -17.3% -15.1%Philippines 0.2% -32.2% -30.5%Poland 0.2% -36.5% -39.9%Chile 0.2% -33.6% -47.1%United Arab Emirates 0.2% -27.1% -30.3%Turkey 0.1% -30.1% -19.8%Peru 0.1% -35.8% -39.4%Colombia 0.1% -49.7% -47.3%Hungary 0.1% -39.0% -31.3%Greece 0.1% -45.2% -30.4%Argentina 0.0% -39.3% -51.0%Egypt 0.0% -27.1% -10.8%Czech Republic 0.0% -38.5% -38.3%Pakistan 0.0% -39.7% -39.0%Total Emerging Countries 27.7% -23.6% -17.7%Total ACWIxUS Countries 100.0% -23.4% -15.6%

Page 115 of 255

Source: Bloomberg

The Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance (Duration)

As of March 31, 2020 Fixed income market returns during the 1st quarter were bifurcated between

high- and low-quality bonds. Interest rates fell across the US Treasury YieldCurve through the quarter as investors sought safety and lower volatilityassets. As a result of the deterioration of the US economy, the Fed tookunprecedented action and lowered interest rates to between 0% to 0.25%. Asa result, short term interest rates fell dramatically. The benchmark USTreasury 10-Year bond yield fell by more than 120 basis points during thequarter ending the period at a yield of 0.70%. In addition to lowering interestrates, the Fed committed to purchasing near unlimited US Treasury bonds andAgency mortgage bonds while implementing additional programs that allow forthe purchase of corporate bonds. The bellwether Bloomberg Barclays USAggregate Index posted positive returns for both the 1st quarter and the 1-yearperiod, returning 3.1% and 8.9%, respectively.

Within investment grade credit, higher quality issues outperformed lowerquality issues during the quarter. More specifically, investors rotated out oflower quality issues due to the expectation for deterioration in the economy asa result of shelter-in-place protection measures. On an absolute basis, withoutnegating the duration differences in the sub-indices, high yield credit was theworst performing sector returning -12.7% for the quarter, while AAA was thebest performing, returning 5.8%. High yield spreads relative to comparable USTreasury issues widened to their highest levels since the 2008 Financial Crisisat nearly 1,100 basis points. Within investment grade bonds, Baa alsounderperformed, returning -7.4%. Much has been made in recent years aboutthe growth of Baa bond issues outstanding and the potential for downgradesshould a recession ensue. Returns over the 1-year period show generallypositive returns with only high yield bonds posting a negative result. Withininvestment grade bonds, AAA bonds outperformed returning 10.5% comparedto 7.5%, 7.4% and 1.9%, respectively, for AA, A and Baa rated issues.

Within the Bloomberg Barclays US Aggregate Bond Index, defensive USTreasury, government agency and mortgage backed sectors outperformedinvestment grade corporate issues over the 1-year period. The defensivesectors benefited from the flight to quality as investors preferred lower volatilityissues despite their lower relative yields. Over the 1-year period, US Treasurybonds returned 13.2% while US mortgage backed and investment gradecorporate issues returned 7.0% versus a 5.0%, respectively. High yield bondswere the only negative performer for the year in the chart primarily due to thequarter’s dramatic spread widening and resulting weak performance.Additionally, commodity-related lower quality issues were negatively impactedwith the significant decline in oil prices.

-1.1%

-2.7%

2.5%

3.1%

1.7%

-3.6%

2.8%

8.2%

-12.7%

-7.4%

-0.6%

1.5%

5.8%

-15.0% -10.0% -5.0% 0.0% 5.0% 10.0%

Multiverse (6.9)

Global Agg x US (8.1)

Intermediate Agg (3.2)

Aggregate (5.7)

U.S. TIPS (6.7)

U.S. Corporate IG (8.0)

U.S. Mortgage (1.7)

U.S. Treasury (7.0)

U.S. High Yield (4.1)

Baa (7.9)

A (8.0)

AA (7.2)

AAA (4.9)

Quarter Performance

3.5%

0.7%

6.9%

8.9%

6.8%

5.0%

7.0%

13.2%-6.9%

1.9%

7.4%

7.5%

10.5%

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

Multiverse (6.9)

Global Agg x US (8.1)

Intermediate Agg (3.2)

Aggregate (5.7)

U.S. TIPS (6.7)

U.S. Corporate IG (8.0)

U.S. Mortgage (1.7)

U.S. Treasury (7.0)

U.S. High Yield (4.1)

Baa (7.9)

A (8.0)

AA (7.2)

AAA (4.9)

1-Year Performance

Page 116 of 255

Source: US Department of Treasury, FRED (Federal Reserve of St. Louis)

The Market EnvironmentMarket Rate & Yield Curve Comparison

As of March 31, 2020 Global fixed income returns continued their relative underperformance when

compared to their domestic counterparts during the 1st quarter. Yields acrossdeveloped markets fell in the first quarter following the onset of theCoronavirus. While the number of negative yielding bonds has recentlysubsided, countries such as Germany, Sweden and Switzerland continue tohave lower, or in some cases negative yields. As mentioned, the USDappreciated against most developed currencies during the quarter, acting as aheadwind to global bond index performance. The return on global bonds, asrepresented by the Bloomberg Barclays Global Aggregate ex US Index, was -2.7% for the period. Global bonds also trailed over the 1-year period with theGlobal Aggregate ex US Index returning 0.7% versus 8.9% return for thedomestic Bloomberg Barclays Aggregate Index. Global growth is expected toslow considerably in the 1st and 2nd quarters as countries continue to managethrough the Coronavirus pandemic. Importantly, global central banks areacting in coordination to provide sufficient liquidity in an effort to calm markets.As a result, interest rates, and bond returns, are expected to remain low untileconomic activity resumes.

Much of the index performance detailed in the bar graphs on the previouspage is visible on a time series basis by reviewing the line graphs to the right.The ‘1-Year Trailing Market Rates’ chart illustrates that over the last year, the10-year Treasury yield (green line) has fallen from roughly 2.5% to roughly0.7%. The blue line illustrates changes in the BAA OAS (Option AdjustedSpread). This measure quantifies the additional yield premium that investorsrequire to purchase and hold non-Treasury issues. This line illustrates anabrupt increase in credit spreads during the 1st quarter of 2020 as investorsmoved to higher quality assets during the quarter’s risk-off environment. Priorto that, spreads had remained relatively range bound over the previous threequarters as investors sought out higher relative yields in corporate bonds. Theorange line illustrates US Treasury TIPS which reflect investor expectations offuture inflation. Over the trailing year, TIPS yields had already been trendinggenerally lower due to concerns about the sustainability of global economicgrowth. Following the drawdown in the 1st quarter, TIPS yields were negativeas investors believed that the US economy would enter a recession.

The lower graph provides a snapshot of the US Treasury yield curve at the endof each of the last four calendar quarters. The downward shift in US interestrates is clearly visible over the last quarter. The primary driver of this change inthe curve was due to the supportive actions taken by the Fed, which reversedrecent interest rate increases, and a broad flight to the perceived safety of USTreasury securities.

-1.00

-0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

1-Year Trailing Market Rates

Fed Funds Rate TED Spread3-Month Libor BAA OAS10yr Treasury 10yr TIPS

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr

Treasury Yield Curve

6/30/2019 9/30/201912/31/2019 3/31/2020

Page 117 of 255

TOTAL FUND

Page 118 of 255

Asset Allocation by Segment

March 31, 2020 : $15,005,513,512

Allocation*

Market Value Allocation

Total Domestic Equity Composite 5,822,560,883 38.8¢£

Total International Equity Composite 2,261,732,331 15.1¢£

Total Fixed Income Composite 3,949,963,579 26.3¢£

Total Opportunistic Fixed Income Composite 274,196,127 1.8¢£

Total Private Equity Composite 1,285,957,446 8.6¢£

Total Real Estate Composite 1,199,645,286 8.0¢£

Total Cash Composite 211,457,860 1.4¢£

Gain/Loss Summary

QTD FYTD 1 YR 3 YR

Total Fund

Beginning Market Value 17,819,792,585 17,152,422,878 16,660,370,216 15,100,622,349

Net Contributions 5,816,790 -251,942,429 -292,412,786 -929,061,173

Fees/Expenses -11,502,458 -39,040,629 -51,302,530 -173,866,775

Return on Investment -2,808,593,405 -1,855,926,309 -1,311,141,387 1,007,819,111

Ending Market Value 15,005,513,512 15,005,513,512 15,005,513,512 15,005,513,512


Total Fund Total Fund Policy

0.0

4.0

8.0

12.0

-4.0

-8.0

-12.0

-16.0

-20.0

Re

turn

QTD FYTD 1 YR 3 YR 5 YR 7 YR 10 YR SinceInception

Time Period

-15.3

-9.2

-6.3

2.63.5

5.6

7.46.8

-15.5

-10.9

-7.9

2.13.1

5.9

7.5

6.4

Asset Allocation and Performance At-A-Glance

Total Fund


Page 119 of 255

Executive Summary

Policy Target In Policy Outside Policy

0.0% 6.0% 12.0% 18.0% 24.0% 30.0% 36.0% 42.0% 48.0% 54.0% 60.0%

Cash & Cash Equivalents$214,643,681.0 (1.4%)

Private Equity$1,560,153,573.0 (10.4%)

Real Estate$1,196,513,545.8 (8.0%)

Fixed Income$3,949,963,579.0 (26.3%)

International Equity$2,261,732,331.0 (15.1%)

Domestic Equity$5,822,506,802.0 (38.8%)

Asset Allocation Compliance

AssetAllocation ($)

CurrentAllocation (%)

TargetAllocation (%)

Differences(%)

MinimumAllocation (%)

MaximumAllocation (%)

Target Rebal.($000)

Min. Rebal.($000)

Max. Rebal.($000)

Domestic Equity 5,822,506,802 38.80 43.50 -4.70 36.50 50.50 704,891,576 -345,494,370 1,755,277,521

International Equity 2,261,732,331 15.07 19.00 -3.93 14.00 24.00 589,315,236 -160,960,439 1,339,590,912

Fixed Income 3,949,963,579 26.32 22.00 4.32 17.00 27.00 -648,750,606 -1,399,026,282 101,525,069

Real Estate 1,196,513,546 7.97 9.00 -1.03 6.50 11.50 153,982,670 -221,155,168 529,120,508

Private Equity 1,560,153,573 10.40 6.50 3.90 4.50 8.50 -584,795,195 -884,905,465 -284,684,924

Cash & Cash Equivalents 214,643,681 1.43 0.00 1.43 0.00 0.00 -214,643,681 -214,643,681 -214,643,681

Total Fund 15,005,513,512 100.00 100.00 0.00 N/A N/A - - -

Asset Allocation Compliance Summary

Total Fund


Page 120 of 255

OTRS Composite

OTRS Composite OTRS Domestic Equity OTRS International Equity

OTRS Fixed Income OTRS Real Estate OTRS Actuarial Assumption (7.5% Current)

$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

$1.25

$1.30

$1.35

$1.40

3/17 6/17 9/17 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20

$1.24

$1.18

$1.16

$0.94

$1.00

$1.07

Growth of $1

Total Fund

3 Years Ending March 31, 2020

Calculation based on monthly periodicity. Gross of fee returns.

Page 121 of 255

Asset Allocation By Segment as ofDecember 31, 2019 : $17,819,792,585

Asset Allocation By Segment as ofMarch 31, 2020 : $15,005,513,512

Allocation





Real Estate 1,203,951,343 6.8¢

Private Equity 1,620,986,512 9.1¢


Allocation





Real Estate 1,196,513,546 8.0¢

Private Equity 1,560,153,573 10.4¢


Asset Allocation Summary

Total FundAs of March 31, 2020

NONE

Page 122 of 255

Annual Asset Class Performance

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

Best

17.91 9.74 26.07 44.80 27.04 21.57 25.91 43.24 33.35 9.70 26.18 32.53 -1.45 31.41 26.16

5

15.28 6.85 1.15 40.88 26.77 8.26 25.46 42.66 14.47 2.08 14.78 31.60 -2.86 28.49 -4.64

5.47 5.91 -36.92 37.73 13.28 -4.13 18.28 35.71 13.64 -1.75 11.66 22.58 -4.70 27.97 -22.77

2.26 1.23 -40.01 16.34 9.79 -11.62 18.20 31.96 10.77 -1.87 11.04 22.33 -5.33 27.70 -23.22

N/A N/A N/A -13.89 8.08 -12.10 10.26 31.28 6.12 -2.45 5.81 20.56 -8.67 22.41 -23.69

N/A N/A N/A N/A N/A N/A 3.68 21.18 5.26 -2.59 0.57 20.00 -12.06 21.16 -27.14

6

N/A N/A N/A N/A N/A N/A N/A 0.12 -3.62 -4.18 0.30 10.97 -14.01 17.81 -30.90

Worst

N/A N/A N/A N/A N/A N/A N/A -8.80 -6.38 -4.33 -2.73 5.10 -19.08 11.06 -31.79

Domestic Equity IndexCap Wgt

Domestic Equity IndexedNonCap

Domestic Equity ActiveMid Cap

Domestic Equity ActiveSmall Cap

International Large CapEquity

International Small CapEquity

Fixed Income ActiveDuration

Fixed Income Core Plus

Annual Asset Class Performance

Total Fund


Gross of fee returns.

Page 123 of 255



NetTransfers

Contributions DistributionsManagement

FeesOther

ExpensesIncome

Apprec./Deprec.


Total Fund 17,819,792,585 - 219,816,790 -214,000,000 -11,495,643 -6,815 86,592,628 -2,895,186,033 15,005,513,512

Total Equity Composite 10,887,760,215 -7,121,060 13,675 - -7,048,822 - 47,834,606 -2,837,145,400 8,084,293,214

Total Domestic Equity Composite 7,874,541,850 -2,180,538 - - -3,777,998 - 32,263,472 -2,078,285,903 5,822,560,883

Total Domestic Equity Active Large Cap Composite 1,881,903 -1,771,131 - - - - -181 -389 110,202

Hotchkis & Wiley Large Cap Value (Closed) 1,662,035 -1,551,109 - - - - -388 -336 110,202

Sawgrass Large Cap Growth 219,868 -220,022 - - - - 207 -53 -

Total Domestic Equity Active Mid Cap Composite 1,942,976,314 -1,006,145,113 - - -532,793 - 3,135,076 -291,356,265 648,077,219

Frontier Mid Cap Growth (Closed) 526,977,517 -538,933,075 - - - - 106,538 11,849,033 13

Wellington Mid Cap Growth 563,624,725 - - - -342,962 - 730,622 -127,674,234 436,338,151

AJO Mid Cap Equity (Closed) 458,874,262 -467,212,038 - - - - 92,152 8,245,702 78

Hotchkis & Wiley Mid Cap Value 393,499,810 - - - -189,831 - 2,205,764 -183,776,766 211,738,977

Total Domestic Equity Active Small Cap Composite 1,732,462,048 - - - -2,786,061 - 4,398,334 -554,460,185 1,179,614,136

Shapiro Enhanced Small Cap Value 783,860,097 - - - -1,135,069 - 2,235,417 -293,434,569 491,525,876

Geneva US Small Cap Growth 224,481,365 - - - -381,937 - 212,255 -44,112,041 180,199,642

Wasatch Small Cap Core Growth 234,687,270 - - - -442,494 - 417,020 -54,708,724 179,953,072

Frontier Small Cap Value 224,383,708 - - - -432,527 - 924,757 -89,142,803 135,733,135

Neumeier Poma Small Cap Value 265,049,608 - - - -394,034 - 608,885 -73,062,048 192,202,411

Total Domestic Equity Indexed Composite 4,197,139,988 982,158,895 - - -459,144 - 23,599,017 -1,207,733,511 3,994,705,245

Northern Trust Russell 1000 1,681,084,152 - - - -33,704 - 8,151,121 -347,967,342 1,341,234,227

SciBeta US HFE MBMS 2,516,055,836 - - - -425,440 - 13,296,655 -597,422,973 1,931,504,078

Northern Trust Russell Midcap - 982,158,895 - - - - 2,151,241 -262,343,196 721,966,940

Transition Account 81,597 23,576,811 - - - - 1,131,226 -24,735,553 54,081


Total Fund

1 Quarter Ending March 31, 2020

Page 124 of 255


Total Fund



NetTransfers


FeesOther

ExpensesIncome

Apprec./Deprec.


Total International Equity Composite 3,013,218,365 -4,940,522 13,675 - -3,270,824 - 15,571,134 -758,859,497 2,261,732,331

Total International Large Cap Equity Composite 2,108,779,955 - 9,780 - -1,848,085 - 13,281,631 -512,562,305 1,607,660,976

Allianz Best Styles AC Intl Equity 1,053,944,598 - 9,780 - -689,604 - 7,214,294 -258,950,006 801,529,062

Causeway Intl Opportunities 499,168,224 - - - -403,554 - 3,628,352 -153,839,939 348,553,083

Northern Trust International Passive (Closed) 12,851 - - - - - -200 -315 12,336

Wellington International Quality Growth 555,654,282 - - - -754,927 - 2,439,185 -99,772,045 457,566,495

Total International Small Cap Equity Composite 904,438,410 -4,940,522 3,895 - -1,422,739 - 2,289,503 -246,297,193 654,071,355

ARI Small Cap International (Closed) 887,142 -4,738 1,904 - - - -15,178 -1 869,130

Epoch Small Cap International (Closed) 5,333,365 -4,935,784 1,991 - - - 16,537 -22,240 393,869

SSGA Emerging Markets Small Cap 282,766,311 - - - -465,311 - - -87,633,826 194,667,174

Wasatch International Small Cap Growth 336,352,584 - - - -618,116 - 1,180,701 -73,977,058 262,938,111

Wellington International Small Cap Equity 279,099,008 - - - -339,312 - 1,107,443 -84,664,068 195,203,071

Total Fixed Income Composite 3,914,212,853 - - - -1,908,943 - 33,561,859 4,097,810 3,949,963,579

Total Fixed Income Core Composite 3,914,212,853 - - - -1,908,943 - 33,561,859 4,097,810 3,949,963,579

Total Fixed Income Core Plus Composite 3,201,890,863 - - - -1,748,458 - 30,562,625 -179,149,450 3,051,555,580

Loomis Multisector Full Discretion 1,064,337,922 - - - -634,697 - 10,252,046 -58,371,384 1,015,583,887

Lord Abbett Core Plus Full Discretion 1,063,663,552 - - - -543,405 - 8,532,995 -57,872,214 1,013,780,928

Mackay Core Plus Extended Discretion 1,073,889,389 - - - -570,356 - 11,777,584 -62,905,852 1,022,190,765

Total Fixed Income Active Duration Composite 712,321,990 - - - -160,485 - 2,999,234 183,247,260 898,407,999

Hoisington Macroeconomic FI 712,321,990 - - - -160,485 - 2,999,234 183,247,260 898,407,999

Total Alternatives Composite 2,828,044,724 -7,793,898 - - -1,540,933 -6,815 3,157,647 -62,061,866 2,759,798,859

Total Opportunistic Fixed Income Composite 317,813,582 7,956,226 - - - - - -51,573,681 274,196,127

PIMCO Bravo Fund 1,222,833 - - - - - - -628,378 594,455

PIMCO Bravo Fund II 72,761,301 -4,640,741 - - - - - -14,652,954 53,467,606

PIMCO Bravo Fund III 146,265,371 5,096,967 - - - - - -20,485,263 130,877,075

PIMCO Corporate Opportunities Fund II 97,564,077 7,500,000 - - - - - -15,807,086 89,256,991

Total Real Estate Composite 1,207,058,212 1,465,360 - - -1,540,933 -6,815 3,157,647 -10,488,185 1,199,645,286

Total Core Real Estate Composite 751,679,170 -77,442 - - -1,290,214 -6,815 3,029,428 -11,404,102 741,930,025

AEW Core Property Trust 331,418,581 - - - -621,927 - 3,029,428 -5,781,985 328,044,097

Heitman America Real Estate Trust 326,973,324 - - - -569,366 - - -6,051,552 320,352,406

L&B Core Income Partners 93,287,265 -77,442 - - -98,921 -6,815 - 429,435 93,533,522

Page 125 of 255


Total Fund



NetTransfers


FeesOther

ExpensesIncome

Apprec./Deprec.


Total Non-Core Real Estate Composite 455,379,042 1,542,802 - - -250,719 - 128,219 915,917 457,715,261

American Strategic Value Realty Fund 67,787,193 3,440,000 - - -128,219 - 128,219 905,522 72,132,715

AG Realty Value Fund X 11,936,910 - - - - - - - 11,936,910

Lyrical - OTRS Realty Partners IV 66,899,108 - - - - - - - 66,899,108

Artemis Real Estate Partners Fund III 7,295,995 1,488,867 - - - - - - 8,784,862

Dune Real Estate Fund III 54,140,569 -1,021,338 - - - - - - 53,119,231

Dune Real Estate Fund IV 10,287,980 2,544,722 - - - - - - 12,832,702

FCP Realty Fund IV 7,440,972 4,062,897 - - -122,500 - - - 11,381,369

GreenOak US II 33,578,265 - - - - - - - 33,578,265

GreenOak US III 17,288,002 - - - - - - - 17,288,002

Harbert Euro Real Estate Fund V 10,795,435 4,311,739 - - - - - - 15,107,174

Invesco Strategic Opportunities III 14,524,640 - - - - - - - 14,524,640

L&B Golden Driller 86,454,313 -8,500,000 - - - - - 10,395 77,964,708

Landmark Real Estate Partners VII 16,176,758 -560,132 - - - - - - 15,616,626

Starwood Opportunity Fund X 24,787,100 -3,393,162 - - - - - - 21,393,938

Starwood Opportunity Fund XI 12,865,802 -830,791 - - - - - - 12,035,011

Property ACQ Fund 13,120,000 - - - - - - - 13,120,000

Total Private Equity Composite 1,303,172,930 -17,215,484 - - - - - - 1,285,957,446

OTRS Legacy P-E Assets Fund LP 13,949,943 -589,352 - - - - - - 13,360,591

Franklin Park Private Equity 1,289,222,987 -16,626,132 - - - - - - 1,272,596,855

Total Cash Composite 189,774,793 14,914,958 219,803,115 -214,000,000 -996,945 - 2,038,516 -76,576 211,457,860

Cash 189,774,793 14,914,958 219,803,115 -214,000,000 -996,945 - 2,038,516 -76,576 211,457,860

Page 126 of 255

Financial Reconciliation Quarter to Date


ManagementFees

OtherExpenses

Net ContributionsMarket Value

03/31/2020

Total Opportunistic Fixed Income Composite 317,813,582 - - 7,956,226 274,196,127

PIMCO Bravo Fund 1,222,833 - - - 594,455

PIMCO Bravo Fund II 72,761,301 - - -4,640,741 53,467,606

PIMCO Bravo Fund III 146,265,371 - - 5,096,967 130,877,075

PIMCO Corporate Opportunities Fund II 97,564,077 - - 7,500,000 89,256,991

Total Core Real Estate Composite 751,679,170 -1,290,214 -6,815 -77,442 741,930,025

AEW Core Property Trust 331,418,581 -621,927 - - 328,044,097

Heitman America Real Estate Trust 326,973,324 -569,366 - - 320,352,406

L&B Core Income Partners 93,287,265 -98,921 -6,815 -77,442 93,533,522

Total Non-Core Real Estate Composite 455,379,042 -250,719 - 1,542,802 457,715,261

American Strategic Value Realty Fund 67,787,193 -128,219 - 3,440,000 72,132,715

AG Realty Value Fund X 11,936,910 - - - 11,936,910

Lyrical - OTRS Realty Partners IV 66,899,108 - - - 66,899,108

Artemis Real Estate Partners Fund III 7,295,995 - - 1,488,867 8,784,862

Dune Real Estate Fund III 54,140,569 - - -1,021,338 53,119,231

Dune Real Estate Fund IV 10,287,980 - - 2,544,722 12,832,702

FCP Realty Fund IV 7,440,972 -122,500 - 4,062,897 11,381,369

GreenOak US II 33,578,265 - - - 33,578,265

GreenOak US III 17,288,002 - - - 17,288,002

Harbert Euro Real Estate Fund V 10,795,435 - - 4,311,739 15,107,174

Invesco Strategic Opportunities III 14,524,640 - - - 14,524,640

L&B Golden Driller 86,454,313 - - -8,500,000 77,964,708

Landmark Real Estate Partners VII 16,176,758 - - -560,132 15,616,626

Starwood Opportunity Fund X 24,787,100 - - -3,393,162 21,393,938

Starwood Opportunity Fund XI 12,865,802 - - -830,791 12,035,011

Property ACQ Fund 13,120,000 - - - 13,120,000

Total Private Equity Composite 1,303,172,930 - - -17,215,484 1,285,957,446

OTRS Legacy P-E Assets Fund LP 13,949,943 - - -589,352 13,360,591

Franklin Park Private Equity 1,289,222,987 - - -16,626,132 1,272,596,855

Total Alternatives Composite 2,828,044,724 -1,540,933 -6,815 -7,793,898 2,759,798,859


Total Alternatives

Quarter To Date Ending March 31, 2020

Page 127 of 255

Plan Sponsor TF Asset Allocation vs. All Public Plans-Total Fund

-12

-4

4

12

20

28

36

44

52

60

68

All

oc

ati

on

(%)

39

15

26

0

10

8

1

Allocations (%)

US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash

Total Fund 38.8 15.1 26.3 0.0 10.5 7.9 1.4��

5th Percentile 56.6 24.2 54.5 9.5 41.2 15.4 8.7

1st Quartile 46.9 17.9 37.6 5.3 21.8 11.6 2.9

Median 37.7 13.7 29.1 4.4 12.0 9.8 1.3

3rd Quartile 27.5 10.5 21.9 2.7 5.2 5.9 0.5

95th Percentile 13.5 6.3 13.7 0.1 1.9 2.5 0.1

Plan Sponsor TF Asset Allocation

Total Fund


Calculation based on monthly periodicity.

Page 128 of 255

Comparative Performance Summary as of March 31, 2020

Total Fund Composite

0.0

3.0

6.0

9.0

12.0

-3.0

-6.0

-9.0

-12.0

-15.0

-18.0

Re

turn

(%)

FYTD 1QuarterEnding

Mar-2020

1QuarterEnding

Dec-2019

1QuarterEnding

Sep-2019

1QuarterEnding

Jun-2019

1QuarterEnding

Mar-2019

1QuarterEnding

Dec-2018

1QuarterEnding

Sep-2018

1QuarterEnding

Jun-2018

1QuarterEnding

Mar-2018

-10.3

-15.2

5.2

0.6

3.7

9.2

-9.6

3.12.7

-0.7


Total Fund


Page 129 of 255


10 YR 5 YR 3 YR 1 YR FYTD YTD QTR

Total Fund Composite NT (Gross) 7.59 (6) 3.39 (59) 2.30 (72) -6.99 (83) -10.30 (89) -15.24 (81) -15.24 (81)

Total Fund Policy 7.31 (10) 3.41 (58) 2.47 (67) -6.66 (81) -9.62 (80) -15.64 (88) -15.64 (88)

All Public Plans-Total Fund Median 6.33 3.54 2.85 -4.74 -7.76 -13.12 -13.12

Total Equity Composite 7.36 1.77 -0.83 -17.65 -20.32 -25.65 -25.65

Total Domestic Equity Composite 8.78 (55) 2.78 (54) -0.01 (54) -17.76 (59) -20.75 (59) -26.00 (57) -26.00 (57)

Total Domestic Equity Policy 10.19 (39) 6.07 (29) 4.00 (36) -9.13 (33) -12.70 (31) -20.90 (37) -20.90 (37)

IM U.S. Equity (SA+CF) Median 9.19 3.26 0.79 -14.87 -18.46 -24.44 -24.44

Total International Equity Composite 3.26 (60) -0.31 (56) -2.22 (56) -17.08 (59) -19.04 (58) -24.72 (58) -24.72 (58)

Total International Equity Policy 2.60 (72) -0.20 (53) -1.88 (53) -15.89 (52) -18.32 (54) -24.02 (52) -24.02 (52)

IM International Equity (SA+CF) Median 3.83 0.13 -1.70 -15.76 -17.91 -23.79 -23.79

Total Fixed Income Composite 5.95 (1) 4.33 (4) 5.41 (10) 8.18 (42) 4.19 (56) 0.96 (69) 0.96 (69)

Total Fixed Income Policy 3.82 (97) 3.23 (82) 4.37 (80) 7.15 (68) 3.92 (64) 1.30 (62) 1.30 (62)

IM U.S. Broad Market Core Fixed Income (SA+CF) Median 4.26 3.47 4.77 7.83 4.48 1.73 1.73

Total Fixed Income Core Plus Composite 4.44 (33) 2.38 (100) 2.61 (98) 1.41 (96) -1.78 (97) -4.64 (97) -4.64 (97)

Total Fixed Income Core Plus Policy 3.49 (100) 2.58 (99) 3.28 (97) 3.77 (93) 0.79 (93) -1.87 (93) -1.87 (93)


Total Fixed Income Active Duration Composite 9.93 (1) 8.39 (1) 16.40 (1) 41.12 (1) 31.97 (1) 26.16 (1) 26.16 (1)

Total Fixed Income Active Duration Policy 4.07 (68) 3.73 (21) 5.82 (3) 13.23 (1) 9.92 (1) 8.20 (1) 8.20 (1)


Total Opportunistic Fixed Income Composite N/A N/A 3.54 -5.36 -7.66 -11.67 -11.67

Total Core Real Estate Composite N/A 6.73 4.05 -1.92 -0.91 -1.11 -1.11

Total Core Real Estate Policy 10.42 7.48 5.85 3.93 3.13 0.75 0.75

NCREIF Fund Index-ODCE (EW) (Net) 10.55 7.82 6.14 4.38 3.22 0.71 0.71

Comparative Performance - GROSS

Total Fund


Returns for periods greater than one year are annualized.Returns are expressed as percentages. Gross of fee returns.

Page 130 of 255



Total Fund Composite NT (Gross) 7.59 (3) 3.39 (47) 2.30 (67) -6.99 (80) -10.30 (86) -15.24 (80) -15.24 (80)


All Public Plans-Total Fund Median 6.13 3.31 2.78 -5.25 -8.21 -13.70 -13.70


Total Equity Policy 7.67 3.82 2.08 -11.38 -14.57 -21.94 -21.94




Total Domestic Equity Active Composite 7.93 (66) 1.13 (67) -2.53 (65) -23.60 (76) -26.33 (78) -31.27 (77) -31.27 (77)

Total Domestic Equity Active Policy 8.92 (53) 3.65 (48) 0.08 (54) -19.02 (63) -22.21 (64) -29.09 (69) -29.09 (69)


Total Domestic Equity Active Mid Cap Composite 8.02 (68) -0.04 (72) -2.65 (57) -24.55 (81) -26.65 (81) -30.90 (76) -30.90 (76)

Total Domestic Mid Cap Equity Policy 8.77 (57) 1.85 (54) -0.81 (51) -18.31 (53) -21.54 (57) -27.07 (55) -27.07 (55)

IM U.S. Mid Cap Equity (SA+CF) Median 9.12 2.54 -0.63 -16.86 -19.99 -26.11 -26.11

Hotchkis & Wiley Mid Cap Value 3.31 (100) -9.92 (100) -18.38 (100) -47.18 (100) -45.42 (100) -46.16 (100) -46.16 (100)

Russell Midcap Value Index 7.22 (66) -0.76 (62) -5.97 (58) -24.13 (62) -26.48 (62) -31.71 (55) -31.71 (55)

IM U.S. Mid Cap Value Equity (SA+CF) Median 7.61 -0.43 -5.23 -22.36 -25.06 -31.18 -31.18

Wellington Mid Cap Growth 9.99 (80) 6.13 (51) 9.15 (35) -8.78 (60) -14.77 (61) -22.53 (81) -22.53 (81)

Russell Midcap Growth Index 10.89 (63) 5.61 (60) 6.53 (57) -9.45 (64) -14.09 (56) -20.04 (64) -20.04 (64)

IM U.S. Mid Cap Growth Equity (SA+CF) Median 11.39 6.19 7.20 -7.44 -13.62 -19.10 -19.10


Total Fund



Page 131 of 255


Total Fund



Total Domestic Equity Active Small Cap Composite 7.54 (56) 1.85 (36) -3.67 (44) -24.53 (54) -27.29 (59) -31.79 (55) -31.79 (55)

Total Domestic Small Cap Policy 6.90 (66) -0.25 (58) -4.64 (51) -23.99 (50) -25.55 (48) -30.61 (49) -30.61 (49)

IM U.S. Small Cap Equity (SA+CF) Median 7.87 0.29 -4.58 -24.01 -25.91 -30.96 -30.96

Geneva US Small Cap Growth N/A 8.29 (15) 6.72 (32) -9.99 (21) -15.50 (21) -19.59 (21) -19.59 (21)

Russell 2000 Growth Index 8.89 (80) 1.70 (75) 0.10 (75) -18.58 (65) -20.76 (57) -25.76 (67) -25.76 (67)

IM U.S. Small Cap Growth Equity (SA+CF) Median 10.61 4.70 3.99 -15.44 -20.08 -23.51 -23.51

Frontier Small Cap Value N/A -2.02 (51) -10.42 (72) -32.90 (83) -35.48 (87) -39.36 (87) -39.36 (87)

Russell 2000 Value Index 4.79 (87) -2.42 (61) -9.51 (62) -29.64 (63) -30.60 (56) -35.66 (59) -35.66 (59)

IM U.S. Small Cap Value Equity (SA+CF) Median 6.50 -2.01 -8.65 -28.18 -29.50 -34.99 -34.99

Neumeier Poma Small Cap Value N/A 3.60 (5) -0.91 (5) -19.77 (12) -22.04 (11) -27.37 (9) -27.37 (9)

Neumeier Poma Policy 5.66 (73) -0.80 (30) -6.99 (34) -23.99 (25) -25.55 (20) -30.61 (20) -30.61 (20)

IM U.S. Small Cap Value Equity (SA+CF) Median 6.50 -2.01 -8.65 -28.18 -29.50 -34.99 -34.99

Shapiro Enhanced Small Cap Value 6.82 (85) -1.03 (76) -8.84 (94) -31.89 (97) -33.31 (99) -37.19 (97) -37.19 (97)

Russell 2000 Index 6.90 (82) -0.25 (65) -4.64 (51) -23.99 (42) -25.55 (40) -30.61 (40) -30.61 (40)

IM U.S. Small Cap Core Equity (SA+CF) Median 8.28 0.75 -4.58 -24.60 -26.81 -31.69 -31.69

Wasatch Small Cap Core Growth N/A 7.63 (18) 7.97 (25) -9.74 (20) -16.34 (25) -23.17 (45) -23.17 (45)


IM U.S. Small Cap Growth Equity (SA+CF) Median 10.61 4.70 3.99 -15.44 -20.08 -23.51 -23.51

Total Domestic Equity Indexed Composite N/A 4.77 (40) 2.42 (44) -12.33 (43) -15.73 (42) -23.06 (45) -23.06 (45)

Russell 3000 Index 10.15 (40) 5.77 (31) 4.00 (36) -9.13 (33) -12.70 (31) -20.90 (37) -20.90 (37)


Total Domestic Equity Index Cap Wgt Composite N/A 5.38 (54) 3.06 (58) -10.97 (62) -14.60 (63) -22.77 (66) -22.77 (66)

Russell 1000 Index 10.39 (47) 6.22 (42) 4.64 (44) -8.03 (46) -11.77 (46) -20.22 (48) -20.22 (48)

IM U.S. Large Cap Equity (SA+CF) Median 10.24 5.73 4.01 -8.66 -12.36 -20.53 -20.53

Northern Trust Russell 1000 N/A N/A N/A -8.03 (52) -11.78 (55) -20.21 (53) -20.21 (53)

Russell 1000 Index 10.39 (56) 6.22 (54) 4.64 (56) -8.03 (52) -11.77 (54) -20.22 (55) -20.22 (55)

IM U.S. Large Cap Index Equity (SA+CF) Median 10.41 6.25 4.67 -8.01 -11.75 -20.19 -20.19

Northern Trust Russell Midcap N/A N/A N/A N/A N/A N/A N/A

Russell Midcap Index 8.77 (57) 1.85 (54) -0.81 (51) -18.31 (53) -21.54 (57) -27.07 (55) -27.07 (55)

IM U.S. Mid Cap Equity (SA+CF) Median 9.12 2.54 -0.63 -16.86 -19.99 -26.11 -26.11


Page 132 of 255


Total Fund



Total Domestic Equity Indexed NonCap Composite N/A 4.58 (61) 2.60 (59) -13.20 (70) -16.45 (70) -23.22 (67) -23.22 (67)

SciBeta US High FactorExposure Index N/A N/A N/A -13.22 (70) -16.47 (70) -23.24 (67) -23.24 (67)

IM U.S. Large Cap Equity (SA+CF) Median 10.24 5.73 4.01 -8.66 -12.36 -20.53 -20.53

SciBeta US HFE MBMS N/A N/A N/A -13.20 (46) -16.45 (44) -23.22 (46) -23.22 (46)






Total International Large Cap Equity Composite 3.87 (50) -0.04 (52) -1.00 (42) -15.66 (50) -17.64 (47) -23.69 (49) -23.69 (49)

Total International Large Cap Equity Policy 2.60 (72) -0.20 (53) -1.88 (53) -15.89 (52) -18.32 (54) -24.02 (52) -24.02 (52)


Allianz Best Styles AC Intl Equity N/A N/A -2.55 (69) -17.46 (74) -18.73 (63) -23.89 (55) -23.89 (55)

MSCI AC World ex USA 2.52 (93) -0.17 (57) -1.48 (49) -15.14 (55) -17.79 (53) -23.26 (50) -23.26 (50)

IM International Core Equity (SA+CF) Median 4.25 0.24 -1.55 -14.59 -17.54 -23.49 -23.49

Causeway Intl Opportunities 2.48 (94) -2.58 (99) -4.93 (87) -22.09 (94) -23.36 (95) -30.11 (97) -30.11 (97)

Causeway Intl Policy 1.46 (100) -2.22 (97) -5.92 (95) -23.18 (98) -24.58 (99) -28.45 (90) -28.45 (90)

IM International Core Equity (SA+CF) Median 4.25 0.24 -1.55 -14.59 -17.54 -23.49 -23.49

Wellington International Quality Growth N/A N/A 5.90 (18) -6.18 (33) -10.46 (29) -17.54 (24) -17.54 (24)

Wellington Intl Quality Growth Policy 4.78 (67) 2.43 (44) 2.91 (44) -6.94 (42) -10.99 (32) -18.16 (34) -18.16 (34)

IM International Large Cap Growth Equity (SA+CF) Median 5.28 1.97 2.68 -8.22 -12.96 -19.54 -19.54

Total International Small Cap Equity Composite N/A -0.96 (78) -4.67 (66) -20.30 (64) -22.20 (69) -27.14 (47) -27.14 (47)

Total International Small Cap Equity Policy 3.16 (96) -0.44 (70) -4.52 (65) -20.84 (70) -21.93 (65) -28.94 (70) -28.94 (70)

IM International Small Cap Equity (SA+CF) Median 6.13 1.16 -2.53 -17.51 -19.66 -27.51 -27.51

SSGA Emerging Markets Small Cap N/A N/A -8.10 (91) -27.39 (95) -27.81 (95) -31.01 (87) -31.01 (87)

MSCI Emerging Markets Small Cap Index -1.04 (100) -4.87 (100) -9.33 (95) -28.71 (96) -28.06 (95) -31.34 (87) -31.34 (87)


Wasatch International Small Cap Growth N/A 4.05 (18) 2.95 (14) -9.91 (12) -14.77 (17) -21.66 (12) -21.66 (12)

MSCI AC World ex USA Small Cap 3.16 (96) -0.44 (70) -4.52 (65) -20.84 (70) -21.93 (65) -28.94 (70) -28.94 (70)


Wellington International Small Cap Equity N/A -2.74 (92) -7.34 (88) -21.38 (74) -23.03 (77) -29.96 (80) -29.96 (80)

MSCI EAFE Small Cap Index 5.18 (67) 1.34 (45) -2.50 (50) -17.81 (53) -19.36 (48) -27.45 (48) -27.45 (48)



Page 133 of 255


Total Fund









Loomis Multisector Full Discretion 4.80 (11) 2.51 (99) 2.42 (99) 1.07 (97) -1.88 (97) -4.52 (97) -4.52 (97)



Lord Abbett Core Plus Full Discretion 4.18 (55) 2.34 (100) 2.47 (98) 1.34 (96) -2.18 (97) -4.64 (97) -4.64 (97)



Mackay Core Plus Extended Discretion 4.27 (48) 2.16 (100) 2.75 (98) 1.80 (96) -1.29 (96) -4.76 (97) -4.76 (97)






Hoisington Macroeconomic FI 10.90 (7) 8.39 (13) 16.40 (16) 41.12 (16) 31.97 (16) 26.16 (16) 26.16 (16)


IM U.S. Government Bonds (SA+CF) Median 3.37 3.41 5.48 11.23 8.31 6.06 6.06


PIMCO Bravo Fund N/A -19.12 -29.65 -70.56 -47.45 -51.39 -51.39

Blmbg. Barc. U.S. Universal Index 4.05 3.35 4.37 7.15 3.92 1.30 1.30

PIMCO Bravo Fund II N/A 2.15 -2.81 -16.51 -18.29 -21.29 -21.29


PIMCO Bravo Fund III N/A N/A 7.29 -8.28 -11.57 -14.76 -14.76


PIMCO Corporate Opportunities Fund II N/A N/A 4.10 -8.85 -10.75 -16.20 -16.20



Page 134 of 255


Total Fund



Total Core Real Estate Composite N/A 6.73 4.05 -1.92 -0.91 -1.11 -1.11



AEW Core Property Trust N/A 8.14 6.29 3.58 2.06 -0.83 -0.83

NCREIF Fund Index-ODCE (VW) (Net) 10.42 7.48 5.85 3.93 3.13 0.75 0.75


Heitman America Real Estate Trust N/A 7.25 4.53 -1.20 -0.88 -1.85 -1.85



L&B Core Income Partners N/A 5.35 0.88 -9.01 -4.63 0.46 0.46



Cash 9.51 4.38 2.21 2.35 1.71 0.37 0.37

90 Day U.S. Treasury Bill 0.62 1.17 1.83 2.25 1.61 0.58 0.58


Page 135 of 255



Total Fund Composite NT (Net) 7.17 (9) 3.02 (69) 1.99 (76) -7.24 (84) -10.47 (88) -15.29 (81) -15.29 (81)


Difference -0.14 -0.39 -0.48 -0.58 -0.85 0.35 0.35



Difference -0.44 -2.30 -3.26 -6.54 -5.94 -3.76 -3.76



Difference -1.60 -3.66 -4.32 -8.85 -8.21 -5.14 -5.14



Difference 0.18 -0.59 -0.83 -1.57 -1.01 -0.79 -0.79



Difference 1.88 0.86 0.81 0.82 0.13 -0.38 -0.38



Difference 0.74 -0.42 -0.93 -2.58 -2.73 -2.82 -2.82



Difference 5.73 4.57 10.47 27.78 21.97 17.93 17.93


Total Core Real Estate Composite N/A N/A 3.38 -2.57 -1.41 -1.29 -1.29


Difference N/A N/A -2.47 -6.50 -4.54 -2.04 -2.04


Difference N/A N/A -2.76 -6.95 -4.63 -2.00 -2.00

Comparative Performance - NET

Total Fund



Page 136 of 255



Total Fund Composite NT (Net) 7.17 (9) 3.02 (69) 1.99 (76) -7.24 (84) -10.47 (88) -15.29 (81) -15.29 (81)


Difference -0.14 -0.39 -0.48 -0.58 -0.85 0.35 0.35



Difference -0.44 -2.30 -3.26 -6.54 -5.94 -3.76 -3.76



Difference -1.60 -3.66 -4.32 -8.85 -8.21 -5.14 -5.14

Total Domestic Equity Active Composite 7.49 (72) 0.78 (67) -2.97 (65) -23.97 (76) -26.60 (79) -31.36 (75) -31.36 (77)

Total Domestic Equity Active Policy 8.92 (52) 3.65 (47) 0.08 (53) -19.02 (61) -22.21 (64) -29.09 (67) -29.09 (69)

Difference -1.43 -2.87 -3.05 -4.95 -4.39 -2.27 -2.27

Total Domestic Equity Active Mid Cap Composite 7.60 (76) -0.41 (73) -2.99 (58) -24.78 (80) -26.81 (81) -30.95 (76) -30.95 (76)

Total Domestic Mid Cap Equity Policy 8.77 (56) 1.85 (54) -0.81 (51) -18.31 (54) -21.54 (57) -27.07 (55) -27.07 (55)

Difference -1.17 -2.26 -2.18 -6.47 -5.27 -3.88 -3.88

Hotchkis & Wiley Mid Cap Value 2.79 (100) -10.35 (100) -18.75 (100) -47.34 (100) -45.51 (100) -46.20 (100) -46.20 (100)

Russell Midcap Value Index 7.22 (63) -0.76 (59) -5.97 (57) -24.13 (61) -26.48 (60) -31.71 (52) -31.71 (52)

Difference -4.43 -9.59 -12.78 -23.21 -19.03 -14.49 -14.49

Wellington Mid Cap Growth 9.61 (87) 5.85 (54) 8.90 (38) -9.01 (64) -14.93 (65) -22.58 (85) -22.58 (85)

Russell Midcap Growth Index 10.89 (62) 5.61 (60) 6.53 (57) -9.45 (65) -14.09 (56) -20.04 (64) -20.04 (64)

Difference -1.28 0.24 2.37 0.44 -0.84 -2.54 -2.54


Total Fund


Returns for periods greater than one year are annualized.Returns are expressed as percentages. Net of fee returns.

Page 137 of 255


Total Fund



Total Domestic Equity Active Small Cap Composite 6.73 (71) 1.11 (42) -4.33 (48) -25.05 (58) -27.66 (62) -31.91 (56) -31.91 (56)

Total Domestic Small Cap Policy 6.90 (66) -0.25 (57) -4.64 (51) -23.99 (52) -25.55 (49) -30.61 (50) -30.61 (50)

Difference -0.17 1.36 0.31 -1.06 -2.11 -1.30 -1.30

Geneva US Small Cap Growth N/A 7.56 (18) 5.97 (35) -10.60 (24) -15.93 (23) -19.73 (23) -19.73 (21)


Difference N/A 5.86 5.87 7.98 4.83 6.03 6.03

Frontier Small Cap Value N/A -2.89 (68) -11.18 (84) -33.46 (84) -35.89 (89) -39.51 (87) -39.51 (87)

Russell 2000 Value Index 4.79 (88) -2.42 (63) -9.51 (63) -29.64 (62) -30.60 (55) -35.66 (58) -35.66 (58)

Difference N/A -0.47 -1.67 -3.82 -5.29 -3.85 -3.85

Neumeier Poma Small Cap Value N/A 2.95 (7) -1.50 (7) -20.27 (13) -22.41 (11) -27.48 (9) -27.48 (9)

Neumeier Poma Policy 5.66 (73) -0.80 (28) -6.99 (32) -23.99 (23) -25.55 (18) -30.61 (18) -30.61 (18)

Difference N/A 3.75 5.49 3.72 3.14 3.13 3.13

Shapiro Enhanced Small Cap Value 6.03 (94) -1.71 (82) -9.40 (95) -32.32 (98) -33.63 (99) -37.29 (96) -37.29 (96)

Russell 2000 Index 6.90 (82) -0.25 (66) -4.64 (50) -23.99 (45) -25.55 (44) -30.61 (45) -30.61 (45)

Difference -0.87 -1.46 -4.76 -8.33 -8.08 -6.68 -6.68

Wasatch Small Cap Core Growth N/A 6.72 (24) 7.10 (30) -10.42 (24) -16.80 (28) -23.31 (50) -23.31 (48)


Difference N/A 5.02 7.00 8.16 3.96 2.45 2.45

Total Domestic Equity Indexed Composite N/A N/A 2.40 (43) -12.35 (41) -15.75 (41) -23.06 (43) -23.06 (45)

Russell 3000 Index 10.15 (39) 5.77 (30) 4.00 (35) -9.13 (32) -12.70 (31) -20.90 (35) -20.90 (37)

Difference N/A N/A -1.60 -3.22 -3.05 -2.16 -2.16

Total Domestic Equity Index Cap Wgt Composite N/A 5.37 (52) 3.05 (56) -10.98 (60) -14.61 (60) -22.77 (63) -22.77 (63)

Russell 1000 Index 10.39 (46) 6.22 (41) 4.64 (43) -8.03 (46) -11.77 (46) -20.22 (46) -20.22 (46)

Difference N/A -0.85 -1.59 -2.95 -2.84 -2.55 -2.55

Northern Trust Russell 1000 N/A N/A N/A -8.04 (51) -11.79 (55) -20.22 (50) -20.22 (50)

Russell 1000 Index 10.39 (50) 6.22 (48) 4.64 (47) -8.03 (47) -11.77 (53) -20.22 (49) -20.22 (49)

Difference N/A N/A N/A -0.01 -0.02 0.00 0.00

Northern Trust Russell Midcap N/A N/A N/A N/A N/A N/A N/A

Russell Midcap Index 8.77 (57) 1.85 (54) -0.81 (51) -18.31 (53) -21.54 (57) -27.07 (55) -27.07 (55)

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


Page 138 of 255


Total Fund



Total Domestic Equity Indexed NonCap Composite N/A 4.55 (59) 2.55 (58) -13.24 (68) -16.50 (68) -23.23 (65) -23.23 (65)



SciBeta US HFE MBMS N/A N/A N/A -13.24 (44) -16.50 (44) -23.23 (44) -23.23 (46)





Difference 0.18 -0.59 -0.83 -1.57 -1.01 -0.79 -0.79

Total International Large Cap Equity Composite N/A -0.35 (54) -1.35 (43) -15.96 (51) -17.87 (50) -23.76 (50) -23.76 (51)

Total International Large Cap Equity Policy 2.60 (70) -0.20 (52) -1.88 (50) -15.89 (50) -18.32 (55) -24.02 (52) -24.02 (52)

Difference N/A -0.15 0.53 -0.07 0.45 0.26 0.26

Allianz Best Styles AC Intl Equity N/A N/A -2.82 (69) -17.68 (78) -18.90 (67) -23.95 (58) -23.95 (58)

MSCI AC World ex USA 2.52 (92) -0.17 (57) -1.48 (47) -15.14 (56) -17.79 (54) -23.26 (51) -23.26 (51)

Difference N/A N/A -1.34 -2.54 -1.11 -0.69 -0.69

Causeway Intl Opportunities 2.31 (96) -2.90 (99) -5.25 (90) -22.36 (95) -23.55 (96) -30.17 (97) -30.17 (97)

Causeway Intl Policy 1.46 (100) -2.22 (97) -5.92 (95) -23.18 (98) -24.58 (99) -28.45 (90) -28.45 (90)

Difference 0.85 -0.68 0.67 0.82 1.03 -1.72 -1.72

Wellington International Quality Growth N/A N/A 5.30 (24) -6.70 (41) -10.83 (32) -17.66 (28) -17.66 (28)

Wellington Intl Quality Growth Policy 4.78 (69) 2.43 (45) 2.91 (45) -6.94 (43) -10.99 (33) -18.16 (36) -18.16 (36)

Difference N/A N/A 2.39 0.24 0.16 0.50 0.50

Total International Small Cap Equity Composite N/A -1.66 (88) -5.31 (74) -20.80 (71) -22.61 (75) -27.28 (49) -27.28 (49)

Total International Small Cap Equity Policy 3.16 (96) -0.44 (72) -4.52 (67) -20.84 (72) -21.93 (67) -28.94 (72) -28.94 (72)

Difference N/A -1.22 -0.79 0.04 -0.68 1.66 1.66

SSGA Emerging Markets Small Cap N/A N/A -8.70 (93) -27.91 (96) -28.33 (95) -31.15 (87) -31.15 (87)

MSCI Emerging Markets Small Cap Index -1.04 (100) -4.87 (100) -9.33 (95) -28.71 (96) -28.06 (94) -31.34 (88) -31.34 (88)

Difference N/A N/A 0.63 0.80 -0.27 0.19 0.19

Wasatch International Small Cap Growth N/A 3.20 (25) 2.16 (21) -10.60 (17) -15.26 (20) -21.83 (14) -21.83 (14)

MSCI AC World ex USA Small Cap 3.16 (96) -0.44 (72) -4.52 (67) -20.84 (72) -21.93 (67) -28.94 (72) -28.94 (72)

Difference N/A 3.64 6.68 10.24 6.67 7.11 7.11

Wellington International Small Cap Equity N/A -3.40 (96) -7.91 (91) -21.80 (76) -23.33 (79) -30.06 (81) -30.06 (81)

MSCI EAFE Small Cap Index 5.18 (67) 1.34 (46) -2.50 (51) -17.81 (54) -19.36 (49) -27.45 (50) -27.45 (50)

Difference N/A -4.74 -5.41 -3.99 -3.97 -2.61 -2.61


Page 139 of 255


Total Fund





Difference 1.88 0.86 0.81 0.82 0.13 -0.38 -0.38



Difference 0.74 -0.42 -0.93 -2.58 -2.73 -2.82 -2.82

Loomis Multisector Full Discretion 4.63 (15) 2.32 (99) 2.22 (98) 0.81 (95) -2.06 (96) -4.58 (96) -4.58 (96)


Difference 1.14 -0.26 -1.06 -2.96 -2.85 -2.71 -2.71

Lord Abbett Core Plus Full Discretion 4.01 (73) 2.17 (100) 2.29 (98) 1.16 (95) -2.31 (96) -4.69 (96) -4.69 (96)


Difference 0.52 -0.41 -0.99 -2.61 -3.10 -2.82 -2.82

Mackay Core Plus Extended Discretion 4.04 (68) 1.95 (100) 2.52 (97) 1.59 (95) -1.44 (95) -4.81 (96) -4.81 (96)


Difference 0.55 -0.63 -0.76 -2.18 -2.23 -2.94 -2.94



Difference 5.73 4.57 10.47 27.78 21.97 17.93 17.93

Hoisington Macroeconomic FI 10.75 (6) 8.26 (10) 16.29 (10) 41.01 (9) 31.89 (9) 26.13 (10) 26.13 (10)


Difference 6.68 4.53 10.47 27.78 21.97 17.93 17.93


PIMCO Bravo Fund N/A -19.12 -29.65 -70.56 -47.45 -51.39 -51.39


Difference N/A -22.47 -34.02 -77.71 -51.37 -52.69 -52.69

PIMCO Bravo Fund II N/A 2.08 -2.81 -16.51 -18.29 -21.29 -21.29


Difference N/A -1.27 -7.18 -23.66 -22.21 -22.59 -22.59

PIMCO Bravo Fund III N/A N/A 6.74 -8.28 -11.57 -14.76 -14.76


Difference N/A N/A 2.37 -15.43 -15.49 -16.06 -16.06


Page 140 of 255


Total Fund



PIMCO Corporate Opportunities Fund II N/A N/A 3.56 -8.85 -10.75 -16.20 -16.20


Difference N/A N/A -0.81 -16.00 -14.67 -17.50 -17.50

Total Core Real Estate Composite N/A N/A 3.38 -2.57 -1.41 -1.29 -1.29


Difference N/A N/A -2.47 -6.50 -4.54 -2.04 -2.04


Difference N/A N/A -2.76 -6.95 -4.63 -2.00 -2.00

AEW Core Property Trust N/A 7.30 5.48 2.80 1.48 -1.02 -1.02


Difference N/A -0.18 -0.37 -1.13 -1.65 -1.77 -1.77


Difference N/A -0.52 -0.66 -1.58 -1.74 -1.73 -1.73

Heitman America Real Estate Trust N/A 6.48 3.79 -1.91 -1.41 -2.02 -2.02


Difference N/A -1.00 -2.06 -5.84 -4.54 -2.77 -2.77


Difference N/A -1.34 -2.35 -6.29 -4.63 -2.73 -2.73

L&B Core Income Partners N/A 4.90 0.47 -9.37 -4.90 0.35 0.35


Difference N/A -2.58 -5.38 -13.30 -8.03 -0.40 -0.40


Difference N/A -2.92 -5.67 -13.75 -8.12 -0.36 -0.36

Cash N/A N/A 2.21 2.35 1.71 0.37 0.37

90 Day U.S. Treasury Bill 0.62 1.17 1.83 2.25 1.61 0.58 0.58

Difference N/A N/A 0.38 0.10 0.10 -0.21 -0.21


Page 141 of 255


Inception 5 YR 3 YR 1 YR FYTDInception

Date

Opportunistic Fixed Income

Total Opportunistic Fixed Income Composite 2.51 - 0.09 -10.64 -12.52 06/30/2015

PIMCO Bravo Fund 21.93 -0.20 -2.15 -70.46 -47.45 03/21/2011

PIMCO Bravo Fund II 6.65 5.33 1.13 -13.24 -15.99 03/19/2013

PIMCO Bravo Fund III -0.45 - -0.29 -8.27 -11.03 03/10/2017

PIMCO Corporate Opportunities Fund II -0.60 - -1.74 -10.54 -11.47 09/01/2016

Non-Core Real Estate

Total Non-Core Real Estate Composite 8.83 - 8.79 11.35 3.04 06/30/2015

American Strategic Value Realty Fund 9.54 9.34 8.33 7.37 5.62 12/16/2014

AG Realty Value Fund X -6.41 - - - 2.78 06/10/2019

Lyrical - OTRS Realty Partners IV 7.50 7.66 10.28 7.84 5.71 11/12/2014

Artemis Real Estate Partners Fund III -6.40 - - 9.53 4.42 01/08/2019

Dune Real Estate Fund III 10.40 9.48 7.45 -4.55 -5.46 11/07/2014

Dune Real Estate Fund IV -14.19 - - - - 08/22/2019

FCP Realty Fund IV -2.05 - - 4.62 7.80 12/03/2018

GreenOak US II 2.74 2.78 0.37 -11.71 -11.28 10/30/2014

GreenOak US III -8.68 - - 1.48 3.35 06/25/2018

Harbert Euro Real Estate Fund V 8.33 - - 21.96 17.37 12/10/2018

Invesco Strategic Opportunities III 53.11 - - - - 09/17/2019

L&B Golden Driller 10.35 10.42 14.03 50.77 2.44 07/31/2014

Landmark Real Estate Partners VII 9.64 8.61 2.81 -1.06 -0.66 12/22/2014

Starwood Opportunity Fund X 16.79 - 11.35 5.25 3.52 10/29/2015

Starwood Opportunity Fund XI 42.58 - - 32.27 27.45 07/09/2018

Private Equity

Total Private Equity Composite 15.25 - 15.66 11.27 5.35 06/30/2015

OTRS Legacy P-E Assets Fund LP 9.84 3.93 -3.00 -0.95 -0.50 10/10/2008

Franklin Park Private Equity 15.32 15.50 16.11 11.43 5.42 04/08/2010


Private Investments


Page 142 of 255


YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 InceptionInception

Date

OTRS Legacy P-E Assets Fund LP 0.00 -1.52 -1.26 0.79 9.47 5.81 5.44 16.78 15.49 13.26 22.51 9.84 10/10/2008

Franklin Park Private Equity 0.00 17.06 18.61 15.95 18.47 10.46 18.77 22.65 -2.16 -51.97 15.32 04/08/2010

PIMCO Bravo Fund -51.39 -46.18 75.71 -14.36 5.70 2.14 18.84 23.25 44.77 21.93 03/21/2011

PIMCO Bravo Fund II -20.68 12.28 0.65 6.68 10.59 11.15 16.28 6.65 03/19/2013

PIMCO Corporate Opportunities Fund II -16.20 15.28 1.82 15.98 -0.60 09/01/2016

PIMCO Bravo Fund III -14.59 10.05 9.39 -0.45 03/10/2017

American Strategic Value Realty Fund 1.33 8.43 8.67 9.57 10.75 18.19 9.54 12/16/2014

AG Realty Value Fund X 0.00 -6.41 06/10/2019

Lyrical - OTRS Realty Partners IV 0.00 9.06 7.48 14.28 3.32 0.00 7.50 11/12/2014

Artemis Real Estate Partners Fund III 0.00 -8.79 -6.40 01/08/2019

Dune Real Estate Fund III 0.00 -2.57 12.03 15.59 14.52 14.61 10.40 11/07/2014

Dune Real Estate Fund IV 0.00 -14.19 08/22/2019

FCP Realty Fund IV -1.29 -0.23 -2.05 12/03/2018

GreenOak US II 0.00 -12.00 10.13 4.13 7.94 6.09 2.74 10/30/2014

GreenOak US III 0.00 -0.31 -8.68 06/25/2018

Harbert Euro Real Estate Fund V 0.00 37.16 8.33 12/10/2018

Invesco Strategic Opportunities III 0.00 53.11 09/17/2019

L&B Golden Driller 0.01 47.39 -0.02 -0.01 -0.01 -0.17 10.35 07/31/2014

Landmark Real Estate Partners VII 0.00 -1.44 1.22 10.49 10.24 70.15 9.64 12/22/2014

Starwood Opportunity Fund X 0.00 5.91 13.12 14.89 15.87 16.79 10/29/2015

Starwood Opportunity Fund XI 0.00 51.32 42.58 07/09/2018


Private Market Assets - Calendar Years Internal Rates of Return


IRR calculation reflect most recently reported calendar quarter end capital balance and all cash flows thereafter. As such, IRR may differ from the IRR on PME performance page.IRRs reflect performance from inception through the year listed and not the specific calendar year in itself.

Page 143 of 255

Firm Strategy Name

Comp

Quarter

Return*

Comp

Strategy

Range

Min

Comp

Strategy

Range

Max

Hotchkis and Wiley

Capital ManagementMid-Cap Value -47.03% -47.57% -46.16%

Wellington Management

Company Mid Cap Growth -22.50% -22.58% -22.52%

Frontier Capital

ManagementSmall Cap Value -39.39% -40.11% -39.13%

Geneva Capital

Management

US Small Cap

Growth-19.46% -19.73% -19.04%

Neumeier Poma Small-Cap Value -26.02% -27.37% -24.78%

Domestic Equity Manager

(Small Cap)

1. Sector allocation provided a modest positive contribution to performance.

2. The portfolio's top ten stocks were spread over four sectors and included four producer durables firms,

three technology companies, two consumer discretionary stocks and one financial position. The

producer durables stocks consisted of a government services provider, an engineering and construction

company, a petroleum transporter and an industrial distributor.

3. PJT Partners (PJT), a boutique investment bank, was a top contributor. The company exceeded sales

and earnings expectations for its fiscal fourth quarter. The company has a restructuring practice that

should do well in an economic downturn by helping clients reorganize their businesses.

1. Stocks dropped sharply in March as the number of COVID-19 cases climbed in many countries and

governments around the world sought to fight the pandemic by restricting travel, limiting business

activities and closing schools, shops, restaurants and government offices.

2. Underperformance was primarily due to negative stock selection, which was weakest in financial

services, materials & processing and technology.

3. Banks underperformed due to lower interest rates as typically their loans reprice faster than deposits

and due to concerns about credit quality in an economic downturn.


(Mid Cap)

1. Selection in communication services and real estate.

2. Lack of exposure to energy.

3. The top 5 individual contributors were: Slack Technologies, DocuSign, SBA Communications, Take-

Two Interactive Software, and Tyler Technologies.

1. Weak selection in consumer discretionary, industrials and information technology.

2. The overweight to consumer discretionary and underweight to consumer staples hurt performance.

3. The top 5 individual detractors were: Aramark, Hexcel, Under Armour, Expedia Group, and Bluebird

Bio.

1. The outsized exposure to deeply discounted stocks was a considerable detractor.

2. Energy, industrials, and financials detracted from performance.

3. The largest individual detractors to relative performance in the period were Kosmos Energy, Cairn

Energy, Apache, NexTier Oilfield Solution, and Goodyear Tire & Rubber.

1. Larger cap stocks held up better than smaller cap stocks and growth held up better than value.

2. The portfolio’s average weight to stocks over $20 billion in market cap was 10% compared to 29% for

the index.

3. The largest positive contributors were Centene, Amerco, Ericsson, Avis Budget, and Enstar Group.

1. Masimo was up during the period as the company stands to benefit from the COVID-19 outbreak. The

company pre-announced preliminary 1Q results and revenue came in well ahead of expectations ($265-

271M vs expectations for $252.5M). The beat was driven by the surge in demand for the company’s

pulse oximetry products that are utilized in treating COVID-19 patients. The company chose to pull

guidance for the year given the lack of visibility into demand but the current surge in demand should

offset any weakness from the reduction in elective surgeries.

2. Shares of Inphi were up during the period and the company stands to benefit long-term from the

growth in data centers and a roll-out of 5G. The growth in data centers will be positively impacted by

COVID-19 as more people work remotely and there is an increased need for bandwidth during this

period.

3. Tabula Rasa Healthcare shares were strong during the first two months of the year as CMS data

indicated national PACE enrollment was trending towards the high end of expectations. With the onset of

COVID-19 shares retreated but were up 42% YTD at the peak through mid-February and this helped to

buffer YTD losses.

1. Bright Horizons Family Solutions was weak during March as the company was forced to close over

half of their childcare facilities due to the COVID-19 outbreak but is maintaining operations at centers that

serve critical health care centers. The company is seeing an increase in demand for backup care and the

company has a relatively flexible cost model.

2. Shares of Allegiant Travel were down meaningfully towards the end of February due to the slowdown

in air travel related to coronavirus and this weakness continued into March as discretionary air travel

essentially ground to a halt. Company is cutting capacity in response to virus; taking additional measures

such as renegotiating payment terms with vendors, suspending non-essential capex, instituting a hiring

freeze and compensation reductions for employees.

3. Tactile Systems Technology was down 17% during the month of January and the company was further

impacted in March due to COVID-19. The company preannounced a very strong quarter with sales and

earnings coming in ahead of expectations. 2020 guidance was also strong with the company forecasting

low-to-mid 20’s growth rates. Pressuring shares was the announcement of the CEO’s retirement in 2020.

1. An overweight allocation in information technology.

2. Stock selection in consumer discretionary.

3. Lack of investment in oil & gas small-cap stocks.

1. Lower weightings in health care.

2. Lower weightings in utilities.

3. No exposure to consumer staples.

Manager Writeups


What Helped What Hurt

Page 144 of 255

Firm Strategy Name

Comp

Quarter

Return*

Comp

Strategy

Range

Min

Comp

Strategy

Range

Max

Manager Writeups



Shapiro Capital

ManagementSmall Cap -37.08% -37.19% -32.94%

Wasatch AdvisorsSmall Cap Core

Growth-23.19% -23.44% -22.76%

Allianz

Best Styles

International

Equity MSCI

ACWI ex-US (Net)

-24.09%

TRSO

only

account.

TRSO

only

account.

Causeway Capital

Management

International

Opportunities-30.13% -30.41% -29.39%


Company

International

Quality Growth-17.50% -18.10% -17.30%


(Small Cap)

1. Selection in financials and communications services.

2. Allocation effect, driven by overweight to health care, lack of exposure to energy, and underweight to

real estate.

3. The top 5 individual contributors were: Cellnex Telecom, TAL Education, TENCENT, Nestle, Wolters

Kluwer.

1. Weak selection in industrials and health care.

2. Underweight to consumer staples, overweight to financials.

3. The top 5 individual detractors were: Safran, Airbus, AerCap, Compass Group, NXP Semiconductors.

1. Holdings in India, as well as an overweight position in China and an underweight positions in

Australia, South Africa, and Indonesia.

2. Holdings in consumer services, retailing, and commercial & professional services industry groups, as

well as underweight position in the real estate and diversified financials industry groups.

3. Top contributors: contract foodservice company, Compass Group Plc (United Kingdom), payment

terminal provider, Ingencio Group SA, pharmaceuticals & biotechnology company, Roche Holding AG

(Switzerland), aerospace component manufacturer, Safran SA (France), and retailer, WH Smith Plc

(United Kingdom).

1. Holdings in the United Kingdom, Japan, Germany, Canada, and the Netherlands.

2. Holdings in banks, energy, capital goods, automobiles & components, and materials industry groups.

3. Top detractors: automobile manufacturer, Volkswagen AG (Germany), jet engine manufacturer, Rolls-

Royce Holdings Plc (United Kingdom), banking & financial services company, UniCredit S.p.A. (Italy),

banking & financial services company, Barclays Plc (United Kingdom), and diversified chemicals

manufacturer, BASF SE (Germany).

1. The portfolio’s lack of “virus” stocks or companies deemed a beneficiary of the pandemic such as video

streamers and the 226 biotechs counted among the Russell 2000 index. Generally speaking these are

comprised of developing technology companies and “pre-revenue” drug companies that trade outside our

valuation comfort zone.

2. Sector exposure penalized performance. The portfolio was over exposed to consumer discretionary

stocks and underexposed to industries viewed as safe havens such as utilities and consumer staples.

This is again as a result of valuation. Defensive sectors such as utilities and staples were already trading

at historically high multiples before evidence of the Covid19 virus was apparent.

3. The existence of debt penalized performance as more levered companies underperformed less

levered ones by 600 basis points in the quarter. Search for inefficiency often results in the companies that

are in the process of a restructuring (spin-offs etc.) which often includes some measure of debt.

Histtoricaly, Shapiro has been successful gauging appropriate debt levels for specific companies and

industries. Therefore the portfolios have tended to recapture debt related underperformance that has

occurred in periods of indiscriminate selling when markets normalize.

International Equity Manager

(Large Cap)1. Momentum and Revisions.

2. High quality stocks that had better liquidity profiles, especially companies with lower levels of leverage

relative to their peers.

3. The 20 largest (biggest bets) relative weight positions held up well, contributing 46 bps of positive

performance.

1. Value had a dismal February and March, resulting in one of its worst quarterly performances in

recent history.

2. Small Caps underperformed the broader market, and the mandate had an approximate 14%

overweight to names with a market cap $5 billion or less, and this attributed to about 35 bps of underperformance.

3. Relative attribtuion from sector allocations was unusually high as despite tight collars around the benchmark sector weights, the large market moves led to large affects even from small active weights. Overall, it was 50 bps relative detraction.

1. Stock selection drove the strategy’s outperformance of the benchmark. Holdings in the consumer-

discretionary, industrials and information-technology (IT) sectors were especially beneficial,

outperforming their benchmark counterparts despite finishing the quarter down on an absolute basis.

2. The largest individual contributor to strategy performance in the first quarter was Five9, Inc. (FIVN), an

IT holding. Five9 is a cloud software provider for contact centers around the world. The company’s

products include a virtual contact center that acts as a hub for engagement between clients and

customers. As industries necessarily shifted toward remote-work arrangements as the pandemic took

hold, call centers—many of which run on Five9’s software—have become even more integral to the

operations of many organizations.

3. The strategy’s second-best contributor another IT company, DocuSign, Inc. (DOCU). Like Five9’s call-

center software, the recent heavier-than-usual reliance on solutions that simplify remote-working

highlighted the value of DocuSign’s offerings.

1. Concerns about the impact of the coronavirus pandemic on company operations and earnings

overshadowed most other factors driving stock prices in the first quarter. Especially during March, the

overarching theme was one of market volatility as sharp declines one day were followed by historic rallies

the next. The strategy was not immune to the market panic, which broadly impacted equity markets in the

U.S. and around the world, although pleased strategy companies held up better overall than those in the

benchmark.

2. Underweight position and less-advantageous stock picking in the health-care sector were headwinds

to performance relative to the benchmark. Like IT, we believe the health-care sector will likely come back

fairly quickly when the pandemic subsides and normalcy starts to return.

3. Despite outperforming their counterparts in the benchmark, companies in the industrials sector were

impacted by the broad slowdown in demand and production. Many of the strategy’s largest detractors

during the quarter came from within the industrials sector, including Cimpress plc (CMPR) and RBC

Bearings, Inc. (ROLL).

1. Growth style stocks uncharacteristically outperformed more conservative value stocks during the first

quarter decline. Our portfolio stocks that share more of a growth profile generally outperformed. For

example the only two small cap stocks to report gains in the first quarter, Livent and Ciena, did so by

participating in this strength, and as a result of opportune trading.

2. This was also true for stocks that that registered losses but preserved value better than the market.

Included in this group were more growth-oriented companies such as Entegris and BWX Technologies

which preserved value best by having the largest reserve of gains from the more buoyant period pre-

February 21st to cushion the impact of broad pandemic related selling.

3. The portfolio’s “enhanced” flexibility in sum helped relative performance as Kroger’s gains and Pfizer ‘s

small relative loss more than offset the dilution from Viacom/CBS. In general stock selection also proved

to add a slight advantage that was unfortunately overwhelmed by the negative implications of sector

allocation.

Page 145 of 255

Firm Strategy Name

Comp

Quarter

Return*

Comp

Strategy

Range

Min

Comp

Strategy

Range

Max

Manager Writeups



Wasatch AdvisorsInternational

Growth-21.81% -22.32% -21.29%


Company

International Small

Cap Equity-29.96% -30.02% -29.78%

Loomis, Sayles &

Company

Core Plus Fixed

Income-3.82% -7.56% -0.32%

Lord Abbett Core Plus -3.78% -3.96% -3.26%

Mackay Shields

Core Plus

Extended

Discretion

-4.80%

TRSO

only

account.

TRSO

only

account.

Hoisington Investment

Management

Macroeconomic

Fixed Income26.30% 25.05% 27.64%

* Manager provided data

1. The portfolio's longer duration posture contributed positively to results as the Federal Reserve

aggressively cut rates.

2. Continue to maintain a defensive posture within the investment grade corporate allocation by focusing

on shorter duration, higher quality and less cyclical industries.

3. Although securitized assets underperformed, strategy is overweight higher rated, shorter duration fixed

rated securities backed by strong collateral.

1. Yield curve posture detracted as the curve steepened. Also embedded in this number is the cost of

carry from futures.

2. The overweight to corporates detracted from performance, particularly front-end where the dealer

community stepped away.

3. Forced selling caused securitized assets to widen out where strategy was overweight.

1.Over the quarter, a significant underweight to high yield was the largest contributor to relative

performance. The Russia-Saudi Arabia oil war proved to be a strong headwind for the asset class, which

was in addition to the elevated market volatility caused by COVID-19. Over the quarter, a significant

underweight to high yield was the largest contributor to relative performance. The Russia-Saudi Arabia oil

war proved to be a strong headwind for the asset class, which was in addition to the elevated market

volatility caused by COVID-19.

2. An overweight to asset-backed securities (ABS) also contributed to relative performance during the

quarter. Specifically, allocations to AAA-rated asset backed securities (ABS) aided performance. While

this asset class has also been negatively impacted by spread widening, we have used ABS to focus on

higher quality exposures, which have held up better. We favor high quality ABS that are backed by credit

cards and auto loans, and we have avoided areas of the market that have been more directly exposed to

the impact of the coronavirus (such as container and aircraft ABS).

3. An allocation to cash equivalents also helped performance, as risk assets sold off during the quarter.

1. Concerns about the impact of the coronavirus pandemic on company operations and earnings

overshadowed most other factors driving stock prices in the first quarter. Especially during March, the

overarching theme was one of market volatility as sharp declines one day were followed by historic rallies

the next. The strategy was not immune to the market panic, which broadly impacted global equity

markets, although we are pleased our companies held up better overall than those in the benchmark.

2. Webjet Ltd. one of the largest individual detractors. The company operates the largest online travel

agency in Australia and New Zealand. Webjet’s positioning in the region is an area of investment focus

for Wasatch. Believe company can survive disruption caused by the pandemic, has the potential to take

significant market share when the travel industry normalizes.

3. Despite minimal exposure to tourism and travel companies, one other notable exception is Trainline

which ended the quarter as a detractor. With most people staying at home, travel in the U.K. has

decreased significantly and this will have a material impact on Trainline’s earnings. However, the

company has ample cash on its balance sheet and has access to capital through a revolving credit facility

to the extent the downturn is longer or deeper than expected.

1. Security selection within investment grade corporate bonds was the largest detractor from

performance. Specifically, selection within the consumer cyclical sector detracted.

2. In addition, security selection within commercial mortgage-backed securities (CMBS) detracted from

performance. Despite holding an up-in-quality bias, the asset class came under immense pressure in the

latter half of the month as the new normal of “social distancing” led to concerns about underlying

commercial real estate fundamentals. This was magnified by technical pressures, and supply/demand

imbalances similar to what had been seen in corporate credit markets earlier in the month of March.

While spreads began to recover at the end of the month, the asset class had negative returns, even in

the highest-rated structures that we believe should be well-protected even in a severe economic

downturn.

3. Lastly, an underweight to U.S. Treasuries hurt performance. The asset class rallied as yields

plummeted across the yield curve and investors flocked to safe assets.

1. Weak selection in consumer discretionary and materials.

2. Underweight to consumer staples and overweight to industrials.

3. The top 5 individual detractors were: oOh!media Ltd, Dufry, Autogrill, NRW, Elis.

1. A significant underweight allocation to treasurys was the primary detractor from relative performance

for the quarter.

2. Notable overweight to investment grade credit hampered returns, along with security selection.

3. ABS and CMBS securitized holdings weighed on excess returns.

Fixed Income

(Core)

1. The longer duration securities returned a positive return for the quarter.

2. The significant depth of the treasury market allows for all accounts to hold the same securities helping

to reduce return variance.

1. A significant underweight allocation to high yield credit was the top source of returns for the period.

2. The allocation to liquid investments aided returns due to heightened risk-off sentiment.

3. Security selection in treasurys was had a modest positive impact on returns.

N/A

1. Selection in healthcare and energy.

2. Allocation, driven by overweight to healthcare and underweight to energy.

3. The top 5 individual contributors were: STRATEC SE, Nippon Gas, Yokogawa Bridge Holdings,

DiaSorin, Nippon Shinyaku.

1. Stock selection was the primary driver of the strategy’s outperformance of the benchmark, particularly

in Japan, the United Kingdom, Canada, Taiwan and Australia. Japan is the most-heavily weighted

country within the strategy, and we remain excited about investment opportunities we have been seeing

in the market. In addition to beneficial stock selection by Wasatch, Japan’s small-cap market fared

relatively well during the quarter. Believe part of the reason is that many Japanese companies and

consumers have strong balance sheets and are well-positioned to weather this storm.

2. A few of the strategy’s companies that fared better than most during the quarter were Kusuri no Aoki

Holdings Co. Ltd., the largest individual contributor, Sugi Holdings Co. Ltd. and Tsuruha Holdings, Inc. All

three companies are drugstore chains based in Japan. They continue to generate strong sales by

supplying local citizens with daily necessities and pharmaceuticals.

3. Good news from DiaSorin S.p.A., an Italian diagnostics company that received Emergency Use

Authorization from the U.S. Food and Drug Administration for a test that detects the virus that causes

Covid-19. DiaSorin finished the quarter as the strategy’s second-best contributor.

International Equity Manager

(Small Cap)

Page 146 of 255

AndCo Manager WatchlistSpring 2020

Manager Portfolio Market

Value

As of 3/31/2020

Status Notes

EDHEC/Scientific Beta – Factor

Based US Equity

$1,931,504,078 On Watch EDHEC/Scientific Beta was added to the watch list during

January of 2020 upon announcement of an ownership

change. Singapore Exchange Limited. bought a majority

stake in the organization. The transaction closed during

the first quarter of 2020. We will continue to monitor the

firm under its new ownership model.

Geneva US Small Cap Growth $180,199,642 Upgraded Off Watchlist Geneva was added to the watch list during December of

2019 upon announcement of an ownership change.

Members of Geneva’s management team will buy the firm

with Estancia Partners. Management will hold majority

ownership. The transaction successfully closed

during the first quarter of 2020.

Hotchkis & Wiley Mid Cap Value $211,738,977 On Watch Hotchkis & Wiley Mid Cap was added to the watch list in

September of 2019. The portfolio is managed in a

contrarian, deep value process that has been out of favor.

The portfolio has historically displayed high tracking error

versus its benchmark.

Wellington International Small Cap $262,938,111 On Watch Wellington International Small Cap was added to the

watch list in September of 2019. Recent returns trail its

benchmark.

Page 147 of 255



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 2.10 13.08 0.09 96.07 9 100.63 3

Index 2.64 13.11 0.13 100.00 9 100.00 3

90 Day U.S. Treasury Bill 1.83 0.28 N/A 10.95 12 -5.84 N/A



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 3.12 11.32 0.23 98.12 16 102.09 4

Index 3.50 11.11 0.26 100.00 15 100.00 5

90 Day U.S. Treasury Bill 1.17 0.46 N/A 8.02 19 -4.57 1


Investment Index

2.0

2.2

2.4

2.6

2.8

3.0

Ret

urn

(%)

13.0 13.1 13.2Risk (Standard Deviation %)


Investment Index

3.0

3.1

3.2

3.3

3.4

3.5

3.6

Ret

urn

(%)

11.0 11.1 11.2 11.3 11.4Risk (Standard Deviation %)

3 Year Rolling Percentile Rank All Public Plans-Total Fund

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 3/20

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 13 (65%) 6 (30%) 1 (5%) 0 (0%)¾

Index 20 5 (25%) 13 (65%) 2 (10%) 0 (0%)¾

5 Year Rolling Percentile Rank All Public Plans-Total Fund

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 3/20

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 16 (80%) 3 (15%) 1 (5%) 0 (0%)¾

Index 20 13 (65%) 7 (35%) 0 (0%) 0 (0%)¾

Strategy Review

Total Fund | Total Fund Policy


Page 148 of 255

Peer Group Analysis - All Public Plans-Total Fund

-22.0

-19.0

-16.0

-13.0

-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

Re

turn

QTRFYTD


Investment -15.48 (84) -10.86 (92) -7.93 (91) -1.94 (83) 2.10 (74) 5.39 (19) 3.12 (63)��

Index -15.25 (80) -9.19 (69) -6.32 (71) -0.49 (51) 2.64 (56) 5.52 (15) 3.50 (42)��

Median -13.70 -8.21 -5.25 -0.45 2.78 4.64 3.31

Peer Group Analysis - All Public Plans-Total Fund

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn

2019 2018 2017 2016 2015 2014 2013

Investment 19.55 (52) -5.28 (77) 16.37 (20) 11.72 (1) -3.64 (99) 8.14 (10) 24.02 (1)��

Index 21.55 (14) -4.95 (65) 15.44 (44) 10.73 (2) -2.97 (97) 7.15 (26) 21.10 (5)��

Median 19.65 -4.44 15.13 6.85 -0.06 6.19 16.32


1 QtrEnding

Dec-2019

1 QtrEnding

Sep-2019

1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

Investment 4.77 (79) 0.67 (68) 3.29 (59) 9.74 (19) -9.78 (90) 2.87 (68)

Index 6.67 (5) 0.44 (82) 3.17 (70) 9.96 (13) -9.19 (79) 3.61 (27)

Median 5.47 0.83 3.34 8.88 -8.28 3.25

Strategy Review

Total Fund | Total Fund Policy


Page 149 of 255


Total Fund Total Equity Total Domestic Equity Total International Equity

Total Fixed Income MSCI AC World ex USA BarCap Universal Russell 3000

-2.0

0.0

2.0

4.0

6.0

8.0

Re

turn

(%)


Russell 3000

BarCap Universal

MSCI AC World ex USA

Total Fixed Income

Total International Equity

Total Domestic Equity

Total Equity

Total Fund



DownsideRisk

MaximumDrawdown

UpMarket

Capture

DownMarket

Capture

Total Fund 3.39 9.88 7.54 -15.24 98.71 98.52

Total Equity 1.77 15.12 11.99 -25.65 133.50 153.82

Total Domestic Equity 2.78 16.02 12.47 -26.00 142.22 155.24

Total International Equity -0.31 14.53 11.38 -27.15 116.57 150.90

Total Fixed Income 4.33 4.33 2.54 -3.85 30.76 1.71

MSCI AC World ex USA -0.17 14.39 10.91 -23.46 115.71 148.64

Russell 3000 5.77 14.04 10.48 -20.90 142.88 132.62

Blmbg. Barc. U.S. Universal Index 3.35 3.00 1.71 -2.90 18.11 -6.26

Total Fund Policy (Monthly) 3.41 9.97 7.54 -15.64 100.00 100.00

Risk Return and Statistics

Total Fund


Page 150 of 255

EstimatedAnnual Fee

(%)

Market Value($)

EstimatedAnnual Fee

($)Fee Schedule

Total Fund 0.31 15,005,513,512 46,387,380

Total Equity Composite 0.27 8,084,293,214 21,538,620

Total Domestic Equity Composite 0.19 5,822,560,883 11,031,216

Hotchkis & Wiley Large Cap Value (Closed) 0.60 110,202 661 0.60 % of First $10 M0.50 % of Next $140 M0.30 % of Next $50 M0.20 % Thereafter

Northern Trust Russell 1000 0.01 1,341,234,227 115,593 0.02 % of First $200 M0.01 % Thereafter

SciBeta US HFE MBMS 0.07 1,931,504,078 1,372,053 0.08 % of First $200 M0.07 % Thereafter

Northern Trust Russell Midcap 0.01 721,966,940 69,148 0.02 % of First $200 M0.01 % Thereafter

Frontier Mid Cap Growth (Closed) 0.77 13 - 0.75 % of First $50 M0.65 % of Next $50 M0.50 % Thereafter

Wellington Mid Cap Growth 0.25 436,338,151 1,090,845 0.25 % of Assets

AJO Mid Cap Equity (Closed) 0.55 78 - 0.55 % of Assets

Hotchkis & Wiley Mid Cap Value 0.20 211,738,977 423,478 0.20 % of Assets

Shapiro Enhanced Small Cap Value 0.60 491,525,876 2,949,155 0.60 % of Assets

Geneva US Small Cap Growth 0.71 180,199,642 1,271,298 0.75 % of First $100 M0.65 % of Next $100 M0.60 % Thereafter

Wasatch Small Cap Core Growth 0.77 179,953,072 1,385,639 0.77 % of Assets

Frontier Small Cap Value 0.85 135,733,135 1,150,132 0.90 % of First $100 M0.70 % Thereafter

Fee Analysis

Total Fund


Page 151 of 255

Fee Analysis

Total Fund


EstimatedAnnual Fee

(%)

Market Value($)

EstimatedAnnual Fee

($)Fee Schedule

Neumeier Poma Small Cap Value 0.63 192,202,411 1,203,214 0.65 % of First $100 M0.60 % of Next $100 M0.55 % Thereafter

Total International Equity Composite 0.46 2,261,732,331 10,507,404

Causeway Intl Opportunities 0.37 348,553,083 1,281,383 0.75 % of First $10 M0.65 % of Next $40 M0.50 % of Next $50 M0.35 % of Next $50 M0.30 % of Next $50 M0.25 % Thereafter

Allianz Best Styles AC Intl Equity 0.28 801,529,062 2,205,073 0.36 % of First $75 M0.32 % of Next $75 M0.27 % of Next $350 M0.25 % Thereafter

Wellington International Quality Growth 0.56 457,566,495 2,566,616 0.60 % of First $100 M0.55 % Thereafter

ARI Small Cap International (Closed) 0.75 869,130 6,518 0.75 % of First $25 M0.65 % of Next $75 M0.50 % Thereafter

Epoch Small Cap International (Closed) 0.75 393,869 2,954 0.75 % of First $100 M0.70 % of Next $100 M0.65 % Thereafter

SSGA Emerging Markets Small Cap 0.70 194,667,174 1,365,337 0.80 % of First $50 M0.70 % of Next $50 M0.65 % Thereafter

Wasatch International Small Cap Growth 0.80 262,938,111 2,103,505 0.80 % of Assets

Wellington International Small Cap Equity 0.50 195,203,071 976,015 0.50 % of Assets

Page 152 of 255

Fee Analysis

Total Fund


EstimatedAnnual Fee

(%)

Market Value($)

EstimatedAnnual Fee

($)Fee Schedule

Total Fixed Income Composite 0.18 3,949,963,579 7,161,290

Total Fixed Income Core Composite 0.18 3,949,963,579 7,161,290

Loomis Multisector Full Discretion 0.24 1,015,583,887 2,451,168 0.32 % of First $100 M0.30 % of Next $300 M0.20 % Thereafter

Lord Abbett Core Plus Full Discretion 0.17 1,013,780,928 1,766,537 0.20 % of First $500 M0.18 % of Next $250 M0.12 % Thereafter

Mackay Core Plus Extended Discretion 0.21 1,022,190,765 2,194,382 0.23 % of First $500 M0.20 % Thereafter

Hoisington Macroeconomic FI 0.08 898,407,999 749,204 0.15 % of First $300 M0.05 % Thereafter

Page 153 of 255

Fee Analysis

Total Fund


EstimatedAnnual Fee

(%)

Market Value($)

EstimatedAnnual Fee

($)Fee Schedule

Total Alternatives Composite 0.64 2,759,798,859 17,687,469

Total Opportunistic Fixed Income Composite 1.36 274,196,127 3,720,142

PIMCO Bravo Fund 1.36 594,455 8,085 1.36 % of Assets

PIMCO Bravo Fund II 1.36 53,467,606 727,159 1.36 % of Assets

PIMCO Bravo Fund III 1.36 130,877,075 1,779,928 1.36 % of Assets

PIMCO Corporate Opportunities Fund II 1.35 89,256,991 1,204,969 1.35 % of Assets

Total Real Estate Composite 0.90 1,199,645,286 10,752,434

AEW Core Property Trust 0.81 328,044,097 2,657,157 0.81 % of Assets

Heitman America Real Estate Trust 0.76 320,352,406 2,427,467 1.10 % of First $10 M1.00 % of Next $15 M0.90 % of Next $25 M0.80 % of Next $50 M0.70 % Thereafter

L&B Core Income Partners 0.45 93,533,522 420,901 0.45 % of Assets

American Strategic Value Realty Fund 1.11 72,132,715 801,327 1.25 % of First $10 M1.20 % of Next $15 M1.10 % of Next $25 M1.00 % Thereafter

AG Realty Value Fund X 1.00 11,936,910 119,369 1.00 % of Assets

Lyrical - OTRS Realty Partners IV 1.50 66,899,108 1,003,487 1.50 % of Assets

Artemis Real Estate Partners Fund III 1.50 8,784,862 131,773 1.50 % of Assets

Dune Real Estate Fund III 1.50 53,119,231 796,788 1.50 % of Assets

Dune Real Estate Fund IV 1.50 12,832,702 192,491 1.50 % of Assets

FCP Realty Fund IV 1.50 11,381,369 170,721 1.50 % of Assets

GreenOak US II 1.75 33,578,265 587,620 1.75 % of Assets

Page 154 of 255

Fee Analysis

Total Fund


EstimatedAnnual Fee

(%)

Market Value($)

EstimatedAnnual Fee

($)Fee Schedule

GreenOak US III 1.75 17,288,002 302,540 1.75 % of Assets

Harbert Euro Real Estate Fund V 1.50 15,107,174 226,608 1.50 % of Assets

Invesco Strategic Opportunities III 1.00 14,524,640 145,246 1.00 % of Assets

L&B Golden Driller 0.25 77,964,708 194,912 0.25 % of Assets

Landmark Real Estate Partners VII 1.00 15,616,626 156,166 1.00 % of Assets

Starwood Opportunity Fund X 1.25 21,393,938 267,424 1.25 % of Assets

Starwood Opportunity Fund XI 1.25 12,035,011 150,438 1.25 % of Assets

Property ACQ Fund 0.00 13,120,000 - 0.00 % of Assets

Total Private Equity Composite 0.25 1,285,957,446 3,214,894

OTRS Legacy P-E Assets Fund LP 0.25 13,360,591 33,401 0.25 % of Assets

Franklin Park Private Equity 0.25 1,272,596,855 3,181,492 0.25 % of Assets

Page 155 of 255

Total Fund Policy


Oct-2019




Russell 2000 + 4% 6.50




Dec-1991


Jul-2015


Benchmark History



Page 156 of 255

TOTAL DOMESTIC EQUITY

Page 157 of 255

Comparative Performance : Periods As of March 31, 2020 & Annualized Years Ending December 31, 2019

Total Domestic Equity Composite Total Domestic Equity Policy Russell 3000 Index

0.0

15.0

30.0

45.0

-15.0

-30.0

-45.0

Re

turn

QTR YTD 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs

-20.9 -20.9

31.0

11.414.6 14.1

11.2

-26.0 -26.0

28.0

8.612.6 13.4

9.8

Risk and Return: Since Inception

Total Domestic Equity Composite Total Domestic Equity Policy Russell 3000 Index

9.0

9.2

9.4

9.6

9.8

Re

turn

(%)


Russell 3000 Index

Total Domestic Equity Policy

Total Domestic Equity Composite

Growth of $100: Since Inception

Total Domestic Equity Composite Total Domestic Equity Policy

Russell 3000 Index

$0.00

$700.00

$1,400.00

$2,100.00

$2,800.00

3/90 12/92 9/95 6/98 3/01 12/03 9/06 6/09 3/12 12/14 9/17 3/20

$1,436.90$1,388.22

$1,592.29


SharpeRatio

UpMarket

Capture

DownMarket

Capture

InceptionDate

Total Domestic Equity Composite 9.66 15.51 0.50 105.48 104.93 04/01/1990

Russell 3000 Index 9.29 14.73 0.49 101.87 102.09 04/01/1990

Total Domestic Equity Policy 9.16 14.50 0.49 100.00 100.00 04/01/1990 90 Day U.S. Treasury Bill 2.82 0.67 N/A 7.23 -6.64 04/01/1990


Total Domestic Equity CompositeAs of March 31, 2020

Page 158 of 255



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment -0.01 17.92 -0.01 97.87 8 117.12 4

Index 4.00 15.61 0.22 100.00 9 100.00 3




SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 2.78 16.02 0.18 99.78 15 119.28 5

Index 6.07 13.99 0.41 100.00 16 100.00 4



Investment Index

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

Ret

urn

(%)

15.0 15.3 15.6 15.9 16.2 16.5 16.8 17.1 17.4 17.7 18.0 18.3 18.6Risk (Standard Deviation %)


Investment Index

1.6

2.4

3.2

4.0

4.8

5.6

6.4

7.2

Ret

urn

(%)


3 Year Rolling Percentile Rank IM U.S. Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 3/20

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 10 (50%) 10 (50%) 0 (0%)¾

Index 20 3 (15%) 15 (75%) 2 (10%) 0 (0%)¾

5 Year Rolling Percentile Rank IM U.S. Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 3/20

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 12 (60%) 8 (40%) 0 (0%)¾

Index 20 1 (5%) 17 (85%) 2 (10%) 0 (0%)¾

Strategy Review

Total Domestic Equity Composite | Total Domestic Equity Policy


Page 159 of 255

Peer Group Analysis - IM U.S. Equity (SA+CF)

-52.0

-44.0

-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

Re

turn

QTRFYTD


Investment -26.00 (57) -20.75 (59) -17.76 (59) -6.38 (56) -0.01 (54) 4.74 (51) 2.78 (54)��

Index -20.90 (37) -12.70 (31) -9.13 (33) -0.58 (32) 4.00 (36) 7.17 (37) 6.07 (29)��

Median -24.44 -18.46 -14.87 -4.90 0.79 4.84 3.26

Peer Group Analysis - IM U.S. Equity (SA+CF)

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Re

turn

2019 2018 2017 2016 2015 2014 2013

Investment 28.03 (54) -7.93 (55) 21.17 (41) 15.64 (40) -3.42 (73) 10.64 (46) 39.21 (30)��

Index 31.02 (35) -5.24 (39) 21.13 (42) 12.38 (55) 1.38 (34) 13.69 (21) 32.39 (75)��

Median 28.57 -7.08 19.23 13.04 -0.52 9.95 35.76


1 QtrEnding

Dec-2019

1 QtrEnding

Sep-2019

1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

Investment 7.36 (68) -0.25 (61) 3.78 (54) 15.20 (34) -16.60 (56) 5.98 (48)

Index 9.10 (33) 1.16 (38) 4.10 (47) 14.04 (49) -14.30 (34) 7.12 (34)

Median 8.27 0.52 3.93 13.95 -15.94 5.77

Strategy Review

Total Domestic Equity Composite | Total Domestic Equity Policy


Page 160 of 255

March 31, 2020 : $5,822,396,600

AJO Mid Cap Equity (Closed)0.0%

Frontier Mid Cap Growth (Closed)0.0%

Hotchkis & Wiley Mid Cap Value3.6%

Wellington Mid Cap Growth7.5%

Geneva US Small Cap Growth3.1%

Frontier Small Cap Value2.3%

Neumeier Poma Small Cap Value3.3%

Shapiro Enhanced Small Cap Value8.4%

Wasatch Small Cap Core Growth3.1%

Northern Trust Russell Midcap12.4%

SciBeta US HFE MBMS33.2%

Northern Trust Russell 100023.0%




Green: MC. Yellow: SC. Red:Indexed

Page 161 of 255

Comparative Performance Domestic Equity Summary as of March 31, 2020

Mid Cap Small Cap Equity Cap Wgt Equity NonCap

Total Domestic Equity Composite Total Domestic Equity Policy Total Domestic Equity Active Policy

0.0

10.0

20.0

-10.0

-20.0

-30.0

-40.0

Re

turn

(%)

10 YR 5 YR 3 YR 1 YR QTD

8.9

3.6

0.1

-19.0

-29.1

8.8

2.8

0.0

-17.8

-26.0

7.5

1.9

-3.7

-24.5

-31.8

8.0

0.0

-2.6

-24.6

-30.9


Mid Cap 8.0 0.0 -2.6 -24.6 -30.9

Small Cap 7.5 1.9 -3.7 -24.5 -31.8

Equity Cap Wgt N/A 5.4 3.1 -11.0 -22.8

Equity NonCap N/A 4.6 2.6 -13.2 -23.2

Total Domestic Equity Composite 8.8 2.8 0.0 -17.8 -26.0

Total Domestic Equity Policy 10.2 6.1 4.0 -9.1 -20.9

Total Domestic Equity Active Policy 8.9 3.6 0.1 -19.0 -29.1




Returns are expressed as percentages.

Page 162 of 255

Active Domestic Equity Statistics - Trailing Five Years

UpMarket

Capture

DownMarket

CaptureReturn

ActualCorrelation

Mid Cap Managers

Hotchkis & Wiley Mid Cap Value 112.99 153.45 -9.92 0.95

Russell Midcap Value Index 100.00 100.00 -0.76 1.00

IM U.S. Mid Cap Value Equity (SA+CF) Median 102.82 99.66 -0.43 0.97

Wellington Mid Cap Growth 109.95 109.22 6.13 0.97

Russell Midcap Growth Index 100.00 100.00 5.61 1.00

IM U.S. Mid Cap Growth Equity (SA+CF) Median 97.91 95.06 6.19 0.97

Small Cap Managers

Frontier Small Cap Value 101.72 98.47 -2.02 0.98

Russell 2000 Value Index 100.00 100.00 -2.42 1.00

IM U.S. Small Cap Value Equity (SA+CF) Median 97.03 95.56 -2.01 0.97

Geneva US Small Cap Growth 97.72 71.24 8.29 0.95

Russell 2000 Growth Index 100.00 100.00 1.70 1.00

IM U.S. Small Cap Growth Equity (SA+CF) Median 99.17 88.82 4.70 0.96

Neumeier Poma Small Cap Value 99.79 82.01 3.60 0.96

Neumeier Poma Policy 100.00 100.00 -0.80 1.00


Shapiro Enhanced Small Cap Value 100.64 101.23 -1.03 0.93

Russell 2000 Index 100.00 100.00 -0.25 1.00


Wasatch Small Cap Core Growth 100.72 76.89 7.63 0.97

Russell 2000 Growth Index 100.00 100.00 1.70 1.00

IM U.S. Small Cap Growth Equity (SA+CF) Median 99.17 88.82 4.70 0.96

Multi-Statistics

Total Active Domestic Equity


Page 163 of 255

Total Equity Policy


Jun-1994



Total Domestic Mid Cap Equity Policy


Jan-1979

Russell Midcap Index 100.00

Total Domestic Equity Policy


Oct-2016


Total Domestic Small Cap Equity Policy


Jan-1979


Total Domestic Equity Active Policy


Feb-2020

Russell Midcap Index 35.00


Benchmark History



Page 164 of 255

TOTAL INTERNATIONAL EQUITY

Page 165 of 255


Total International Equity Composite Total International Equity Policy

0.0

15.0

30.0

-15.0

-30.0

Re

turn


-24.0 -24.0

22.2

2.3

10.49.0

6.2

-24.7 -24.7

22.0

1.3

10.6

7.7 6.6


Total International Equity Composite Total International Equity Policy

4.0

4.8

5.6

6.4

7.2

Re

turn

(%)


Total International Equity Policy

Total International Equity Composite


Total International Equity Composite

Total International Equity Policy

$0.00

$200.00

$400.00

$600.00

$800.00

1/96 4/98 7/00 10/02 1/05 4/07 7/09 10/11 1/14 4/16 7/18 3/20

$278.88

$499.65


SharpeRatio

UpMarket

Capture

DownMarket

Capture

InceptionDate

Total International Equity Composite 6.88 16.37 0.35 99.21 86.95 02/01/1996

MSCI AC World ex USA IMI Index 4.34 16.79 0.20 100.00 100.00 02/01/1996

Total International Equity Policy 4.34 16.79 0.20 100.00 100.00 02/01/1996 90 Day U.S. Treasury Bill 2.29 0.62 N/A 5.40 -4.66 02/01/1996


Total International Equity CompositeAs of March 31, 2020

Page 166 of 255



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment -2.22 15.56 -0.18 100.82 7 102.16 5

Index -1.88 15.15 -0.17 100.00 7 100.00 5




SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment -0.31 14.53 -0.03 96.93 11 97.36 9

Index -0.20 14.50 -0.02 100.00 11 100.00 9



Investment Index

-2.3

-2.2

-2.1

-2.0

-1.9

-1.8

Ret

urn

(%)



Investment Index

-0.5

-0.4

-0.3

-0.2

-0.1

Ret

urn

(%)

14.4 14.5 14.6Risk (Standard Deviation %)

3 Year Rolling Percentile Rank IM International Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 3/20

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 8 (40%) 12 (60%) 0 (0%)¾

Index 20 0 (0%) 2 (10%) 18 (90%) 0 (0%)¾

5 Year Rolling Percentile Rank IM International Equity (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 3/20

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 0 (0%) 12 (60%) 8 (40%) 0 (0%)¾

Index 20 0 (0%) 0 (0%) 20 (100%) 0 (0%)¾

Strategy Review

Total International Equity Composite | Total International Equity Policy


Page 167 of 255

Peer Group Analysis - IM International Equity (SA+CF)

-40.0

-34.0

-28.0

-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

Re

turn

QTRFYTD


Investment -24.72 (57) -19.04 (58) -17.08 (58) -12.46 (60) -2.22 (56) 1.02 (61) -0.31 (56)��

Index -24.02 (52) -18.32 (54) -15.89 (51) -10.38 (46) -1.88 (53) 1.77 (51) -0.20 (53)��

Median -23.83 -17.91 -15.77 -10.85 -1.70 1.80 0.13

Peer Group Analysis - IM International Equity (SA+CF)

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Re

turn

2019 2018 2017 2016 2015 2014 2013

Investment 22.00 (56) -15.90 (61) 32.03 (44) -0.86 (82) 2.30 (33) -5.89 (82) 24.28 (34)��

Index 22.24 (53) -14.35 (45) 28.38 (61) 4.91 (45) -4.20 (61) -3.47 (60) 16.30 (60)��

Median 22.58 -14.81 30.63 4.04 -1.72 -2.48 19.91


1 QtrEnding

Dec-2019

1 QtrEnding

Sep-2019

1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

Investment 9.89 (53) -2.14 (58) 2.42 (53) 10.76 (47) -13.98 (71) -0.41 (58)

Index 9.26 (62) -1.62 (44) 2.98 (45) 10.43 (51) -11.82 (51) 0.48 (43)

Median 10.01 -1.85 2.61 10.49 -11.80 0.10

Strategy Review

Total International Equity Composite | Total International Equity Policy


Page 168 of 255

March 31, 2020 : $2,261,719,995

Causeway Intl Opportunities15.4%

Wellington International Small Cap Equity8.6%

Wasatch International Small Cap Growth11.6%

SSGA Emerging Markets Small Cap8.6%

Epoch Small Cap International (Closed)0.0%

ARI Small Cap International (Closed)0.0%

Wellington International Quality Growth20.2%

Allianz Best Styles AC Intl Equity35.4%




Blue: LC. Green: SC

Page 169 of 255

Comparative Performance International Equity Summary as of March 31, 2020

International Large Cap Equity International Small Cap Equity Total International Equity Composite Total International Equity Policy

0.0

6.0

12.0

-6.0

-12.0

-18.0

-24.0

-30.0

-36.0

Re

turn

(%)


2.6

-0.2

-1.9

-15.9

-24.0

3.3

-0.3

-2.2

-17.1

-24.7

-1.0

-4.7

-20.3

-27.1

3.9

0.0-1.0

-15.7

-23.7


International Large Cap Equity 3.9 0.0 -1.0 -15.7 -23.7

International Small Cap Equity N/A -1.0 -4.7 -20.3 -27.1

International Equity Composite 3.3 -0.3 -2.2 -17.1 -24.7

Total International Equity Policy 2.6 -0.2 -1.9 -15.9 -24.0





Page 170 of 255

Active International Equity Statistics - Trailing Five Years

UpMarket

Capture

DownMarket

CaptureReturn

ActualCorrelation

International Large Cap Equity Managers

Causeway Intl Opportunities 104.76 105.71 -2.58 0.98

Causeway Intl Policy 100.00 100.00 -2.22 1.00

IM International Core Equity (SA+CF) Median 93.76 83.11 0.24 0.94

Allianz International 97.10 114.92 -3.66 0.99

MSCI AC World ex USA 100.00 100.00 -0.17 1.00

IM International Core Equity (SA+CF) Median 95.67 93.55 0.24 0.96

Wellington Quality Growth International 99.79 83.82 5.24 0.96

Wellington Intl Quality Growth Policy 100.00 100.00 2.43 1.00

IM International Large Cap Growth Equity (SA+CF) Median 97.66 98.19 1.97 0.95

International Small Cap Equity Managers

Wasatch International Small Cap 96.70 75.38 3.76 0.88

MSCI AC World ex USA Small Cap 100.00 100.00 -0.44 1.00

IM International Small Cap Equity (SA+CF) Median 99.77 91.05 1.16 0.96

Wellington International Small Cap 109.72 110.45 1.27 0.97

Wellington Intl Small Cap Policy 100.00 100.00 1.34 1.00

IM International Small Cap Equity (SA+CF) Median 98.96 100.41 1.16 0.97

Multi-Statistics

Total Active International Equity


Due to lack of history in actual client portfolio, manager composite data has been used for Allianz Intl, Welling Quality Growth, ARI Intl, Epoch SC, Wasatch SC, and Wellington SC.

Page 171 of 255

Total International Policy


Jan-1988


Causeway Intl Policy


Oct-2016

MSCI AC World ex USA Value 100.00

Total International Large Cap Policy


Jun-1994


Wellington Intl Quality Growth Policy


Oct-2016

MSCI AC World ex USA Growth 100.00

Total International Small Cap Policy


Jun-1994

MSCI AC World ex USA Small Cap 100.00

Wellington Intl Small Cap Policy


Oct-2016

MSCI EAFE Small Cap Index 100.00

Benchmark History



Page 172 of 255

TOTAL FIXED INCOME

Page 173 of 255


Total Fixed Income Composite Total Fixed Income Policy Blmbg. Barc. U.S. Universal Index

0.0

3.0

6.0

9.0

12.0

15.0

Re

turn



Total Fixed Income Composite Total Fixed Income Policy Blmbg. Barc. U.S. Universal Index

5.6

6.0

6.4

6.8

7.2

Re

turn

(%)


Blmbg. Barc. U.S. Universal Index

Total Fixed Income Policy

Total Fixed Income Composite


Total Fixed Income Composite


Blmbg. Barc. U.S. Universal Index

$0.00

$250.00

$500.00

$750.00

$1,000.00

3/90 12/92 9/95 6/98 3/01 12/03 9/06 6/09 3/12 12/14 9/17 3/20

$606.81

$578.61

$776.68


SharpeRatio

UpMarket

Capture

DownMarket

Capture

InceptionDate

Total Fixed Income Composite 7.07 4.09 1.01 112.09 100.60 04/01/1990

Blmbg. Barc. U.S. Universal Index 6.19 3.55 0.94 100.44 95.16 04/01/1990

Total Fixed Income Policy 6.03 3.58 0.89 100.00 100.00 04/01/1990 90 Day U.S. Treasury Bill 2.82 0.67 N/A 24.10 -30.08 04/01/1990


Total Fixed Income CompositeAs of March 31, 2020

Page 174 of 255



SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 5.41 4.44 0.80 125.95 9 129.75 3

Index 4.37 3.11 0.82 100.00 10 100.00 2




SharpeRatio

UpMarket

Capture

UpQuarters

DownMarket

Capture

DownQuarters

Investment 4.33 4.33 0.74 133.58 13 132.15 7

Index 3.23 3.01 0.69 100.00 15 100.00 5



Investment Index

4.5

4.8

5.1

5.4

5.7

Ret

urn

(%)



Investment Index

3.0

3.3

3.6

3.9

4.2

4.5

4.8

Ret

urn

(%)

2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.4 4.6Risk (Standard Deviation %)

3 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 3/20

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 19 (95%) 1 (5%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 0 (0%) 13 (65%) 7 (35%)¾

5 Year Rolling Percentile Rank IM U.S. Broad Market Core Fixed Income (SA+CF)

0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ran

k

6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 3/20

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

Investment 20 20 (100%) 0 (0%) 0 (0%) 0 (0%)¾

Index 20 0 (0%) 0 (0%) 10 (50%) 10 (50%)¾

Strategy Review

Total Fixed Income Composite | Total Fixed Income Policy


Page 175 of 255

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

QTRFYTD


Investment 0.96 (69) 4.19 (56) 8.18 (42) 6.49 (44) 5.41 (10) 5.49 (2) 4.33 (4)��

Index 1.30 (62) 3.92 (64) 7.15 (68) 5.83 (72) 4.37 (80) 3.55 (82) 3.23 (82)��

Median 1.73 4.48 7.83 6.32 4.77 3.80 3.47

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Re

turn

2019 2018 2017 2016 2015 2014 2013

Investment 12.05 (2) -1.14 (97) 6.68 (3) 7.77 (2) -1.90 (100) 7.93 (4) 0.15 (6)��

Index 9.29 (47) -0.25 (82) 4.09 (47) 3.04 (53) 0.55 (76) 5.97 (67) -2.02 (72)��

Median 9.19 0.06 4.04 3.10 0.82 6.15 -1.59


1 QtrEnding

Dec-2019

1 QtrEnding

Sep-2019

1 QtrEnding

Jun-2019

1 QtrEnding

Mar-2019

1 QtrEnding

Dec-2018

1 QtrEnding

Sep-2018

Investment 0.15 (66) 3.05 (4) 3.83 (2) 4.57 (3) -0.23 (97) 0.48 (10)

Index 0.45 (17) 2.12 (88) 3.11 (56) 3.32 (39) 1.17 (71) 0.27 (27)

Median 0.22 2.33 3.12 3.23 1.40 0.18

Strategy Review

Total Fixed Income Composite | Total Fixed Income Policy


Page 176 of 255

March 31, 2020 : $3,949,963,579

Loomis Multisector Full Discretion25.7%

Hoisington Macroeconomic FI22.7%

Mackay Core Plus Extended Discretion25.9%

Lord Abbett Core Plus Full Discretion25.7%


Total Fixed Income


Blue: Core Plus. Grey: Active Duration.

Page 177 of 255

Comparative Performance Fixed Income Summary as of March 31, 2020

Core Plus Fixed Income Active Duration Fixed Income Total Fixed Income Composite Total Fixed Income Policy

0.0

10.0

20.0

30.0

40.0

50.0

-10.0

Re

turn

(%)


3.8 3.24.4

7.2

1.3

5.94.3

5.4

8.2

1.0

9.98.4

16.4

41.1

26.2

4.4

2.4 2.61.4

-4.6


Core Plus Fixed Income 4.4 2.4 2.6 1.4 -4.6

Active Duration Fixed Income 9.9 8.4 16.4 41.1 26.2

Total Fixed Income Composite 5.9 4.3 5.4 8.2 1.0

Total Fixed Income Policy 3.8 3.2 4.4 7.2 1.3


Total Fixed Income



Page 178 of 255

Fixed Income Statistics - Trailing Five Years

UpMarket

Capture

DownMarket

CaptureReturn

ActualCorrelation

Core Fixed Income

Loomis Multisector Full Discretion 101.97 104.81 2.51 0.85

Total Fixed Income Core Plus Policy 100.00 100.00 2.58 1.00

IM U.S. Broad Market Core Fixed Income (SA+CF) Median 107.74 84.25 3.47 0.87

Lord Abbett Core Plus Full Discretion 106.10 118.19 2.34 0.93



Mackay Core Plus Extended Discretion 104.27 121.04 2.16 0.93



Active Duration Fixed Income

Hoisington Macroeconomic FI 314.80 407.70 8.39 0.96

Total Fixed Income Active Duration Policy 100.00 100.00 3.73 1.00

IM U.S. Government Bonds (SA+CF) Median 78.84 61.85 3.41 0.96

Multi-Statistics

Total Fixed Income


Page 179 of 255



Oct-2016


Total Fixed Income Active Duration Policy


Oct-2016

Blmbg. Barc. U.S. Treasury 100.00

Total Fixed Income Core Policy


Oct-2016


Total Fixed Income High Yield Policy


Sep-1986

ICE BofAML High Yield Master II 100.00

Total Fixed Income Core Plus Policy


Sep-2019

Blmbg. Barc. U.S. Aggregate Index 70.00

ICE BofAML High Yield Master II 30.00

Benchmark History



Page 180 of 255

Report Statistics Definitions and Descriptions

Active Return - Arithmetic difference between the manager’s performance and the designated benchmark return over a specified time period. Alpha - A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's

non-systemic return, or its historical performance not explained by movements of the market. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the

product’s performance. Distributed to Paid In (DPI) - The ratio of money distributed to Limited Partners by the fund, relative to contributions. It is calculated by dividing cumulative distributions by paid in capital. This multiple

shows the investor how much money they got back. It is a good measure for evaluating a fund later in its life because there are more distributions to measure against. Down Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance Downside Risk - A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative

quarterly set of returns. A higher factor is indicative of a riskier product. Excess Return - Arithmetic difference between the manager’s performance and the risk-free return over a specified time period. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Information Ratio - This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the

Information Ratio, the more the manager has added value to the portfolio. Public Market Equivalent (PME) - Designs a set of analyses used in the Private Equity Industry to evaluate the performance of a Private Equity Fund against a public benchmark or index. R-Squared - The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has

historically moved in the same direction as the appropriate benchmark. Return - Compounded rate of return for the period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A

higher value demonstrates better historical risk-adjusted performance. Standard Deviation - A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Total Value to Paid In (TVPI) - The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund

to date. It is a good measure of performance before the end of a fund’s life Tracking Error - This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Treynor Ratio - Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free

rate divided by beta to derive the absolute rate of return per unit of risk. A higher value indicates a product has achieved better historical risk-adjusted performance. Up Market Capture - The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance.

Page 181 of 255

Disclosures


Page 182 of 255


Page 183 of 255

<CBDoc TenantId="2" EntityTypeId="3100" EntityId="2545" DocumentTypeId="2" EffectiveDate="04/30/2020" Interval="1" Description="Net" />


Period Ending April 30, 2020

Teachers' Retirement System of

Oklahoma

Page 184 of 255

Market Update

Russell Indices Style Returns

Equities Month 3 M YTD 1 Year 3 Yr Ann

5 Yr Ann V B G V B G

S&P 500 Total Return 12.82 (9.26) (9.29) 0.86 9.04 9.12Russell Midcap Index 14.36 (15.92) (16.60) (10.00) 3.46 4.81Russell 2000 Index 13.74 (18.47) (21.08) (16.39) (0.82) 2.88Russell 1000 Growth Index 14.80 (3.54) (1.39) 10.84 15.69 13.34Russell 1000 Value Index 11.24 (16.70) (18.49) (11.01) 1.42 3.90Russell 3000 Index 13.24 (10.33) (10.42) (1.04) 8.02 8.33MSCI EAFE NR 6.46 (16.09) (17.84) (11.34) (0.58) (0.17)MSCI EM NR 9.16 (12.52) (16.60) (12.00) 0.57 (0.10)

Fixed Income Month 3 M YTD 1 Year Mod. Adj. Duration

Yield to Worst Currencies 04/30/20 12/31/19 12/31/18

U.S. Aggregate 1.78 3.00 4.98 10.84 5.72 1.31 Euro Spot 1.10 1.12 1.15U.S. Corporate Investment Grade 5.24 (0.91) 1.42 9.88 8.34 2.67 British Pound Spot 1.26 1.33 1.28U.S. Corporate High Yield 4.51 (8.78) (8.75) (4.11) 3.91 8.05 Japanese Yen Spot 107.18 108.61 109.69Global Aggregate 1.96 0.35 1.63 6.56 7.18 1.00 Swiss Franc Spot 0.97 0.97 0.98

Key Rates 04/30/20 12/31/19 12/31/18 12/31/17 12/31/16 Commodities 04/30/20 12/31/19 12/31/18US Generic Govt 3 Mth 0.08 1.54 2.35 1.38 0.50 Oil 18.84 59.44 49.11US Generic Govt 2 Yr 0.20 1.57 2.49 1.88 1.19 Gasoline 1.78 2.59 2.26US Generic Govt 10 Yr 0.64 1.92 2.68 2.41 2.44 Natural Gas 1.95 2.25 2.51US Generic Govt 30 Yr 1.28 2.39 3.01 2.74 3.07 Gold 1,694.20 1,535.10 1,187.30ICE LIBOR USD 3M 0.56 1.91 2.81 1.69 1.00 Silver 14.97 18.09 16.50Euribor 3 Month ACT/360 (0.27) (0.38) (0.31) (0.33) (0.32) Copper 234.40 281.45 266.20Bankrate 30Y Mortgage Rates Na 3.52 3.86 4.51 3.85 4.06 Corn 320.00 401.00 417.25Prime 3.25 4.75 5.50 4.50 3.75 BBG Commodity TR Idx 129.91 172.00 159.72

Source: Bloomberg & Investment Metrics. For informational purposes only and should not be regarded as investment advice. Information is based on sources and data believed to be reliable, butAndCo Consulting cannot guarantee the accuracy, adequacy or completeness of the information. The material provided herein is valid only as of the date of distribution and not as of any future date.

Levels (%) Levels

25.5 28.4

YTD 2019

Index Returns (%) Levels

S -27.7 -21.1 -14.7 S 22.4

36.4

M -22.6 -16.6 -7.5 M 27.0 30.5 35.5

April 30, 2020

Index Returns (%)

L -18.5 -9.7 -1.4 L 26.5 31.4

0.22

-1.63 -2.71-5.47

-6.76-9.30

-10.72 -11.56

-14.83

-20.68

-25.43

-35.70-40.0

-35.0

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

YTD Sector Returns

50.29

32.69 32.09 31.4829.32 29.00 27.94 27.61 26.35

24.5820.82

11.81

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2019 Sector Returns

Page 185 of 255

Executive Summary

Policy Target In Policy Outside Policy

0.0% 6.0% 12.0% 18.0% 24.0% 30.0% 36.0% 42.0% 48.0% 54.0% 60.0%

Cash & Cash Equivalents$312,282,226.0 (1.9%)

Private Equity$1,615,306,353.3 (10.0%)

Real Estate$1,215,737,228.8 (7.5%)

Fixed Income$3,582,489,255.0 (22.2%)

International Equity$2,566,966,260.0 (15.9%)

Domestic Equity$6,824,449,904.0 (42.3%)

Asset Allocation Compliance

AssetAllocation ($)

CurrentAllocation (%)

TargetAllocation (%)

Differences(%)

MinimumAllocation (%)

MaximumAllocation (%)

Target Rebal.($000)

Min. Rebal.($000)

Max. Rebal.($000)

Domestic Equity 6,824,449,904 42.34 43.50 -1.16 36.50 50.50 186,545,680 -941,660,506 1,314,751,866

International Equity 2,566,966,260 15.93 19.00 -3.07 14.00 24.00 495,307,673 -310,553,888 1,301,169,234

Fixed Income 3,582,489,255 22.23 22.00 0.23 17.00 27.00 -36,698,385 -842,559,946 769,163,176

Real Estate 1,215,737,229 7.54 9.00 -1.46 6.50 11.50 234,813,582 -168,117,199 637,744,362

Private Equity 1,615,306,353 10.02 6.50 3.52 4.50 8.50 -567,686,323 -890,030,948 -245,341,699

Cash & Cash Equivalents 312,282,226 1.94 0.00 1.94 0.00 0.00 -312,282,226 -312,282,226 -312,282,226

Total Fund 16,117,231,227 100.00 100.00 0.00 N/A N/A - - -

Asset Allocation Compliance Summary

Total Fund

As of April 30, 2020

Page 186 of 255



NetTransfers

Contribution DistributionsManagement

FeesOther

ExpensesIncome

Apprec./Deprec.


Total Fund 15,005,513,512 - 70,213,651 -98,000,000 -769,935 -244,369 20,422,938 1,120,095,430 16,117,231,227

Total Equity 8,084,293,214 300,000,000 - - - - 8,829,932 998,347,126 9,391,470,272

Total Domestic Equity 5,822,560,883 200,000,000 - - - - 4,768,797 797,174,332 6,824,504,012

Total Domestic Equity Active (ex AllCap) 1,827,855,638 75,000,000 - - - - 671,161 285,258,429 2,188,785,228

Total Domestic Equity Active Large Cap 110,202 - - - - - - 9 110,211

Total Domestic Equity Active Mid Cap 648,077,219 - - - - - 274,684 113,842,067 762,193,970

Total Domestic Equity Active Small Cap 1,179,614,136 75,000,000 - - - - 396,477 171,416,326 1,426,426,939

Transition Account 54,081 - - - - - - 27 54,108

Total Domestic Equity Indexed 3,994,705,245 125,000,000 - - - - 4,097,636 511,915,903 4,635,718,784

Total Domestic Equity Index Cap Wgt 2,063,201,167 125,000,000 - - - - 2,228,669 282,785,849 2,473,215,685

Total Domestic Equity Indexed NonCap 1,931,504,078 - - - - - 1,868,967 229,130,054 2,162,503,099

Total International Equity 2,261,732,331 100,000,000 - - - - 4,061,135 201,172,794 2,566,966,260

Total International Large Cap Equity 1,607,660,976 100,000,000 - - - - 3,631,327 119,661,858 1,830,954,161

Total International Small Cap Equity 654,071,355 - - - - - 429,808 81,510,936 736,012,099

Total Fixed Income 3,949,963,579 -500,000,000 - - - - 10,760,379 121,765,297 3,582,489,255

Total Fixed Income Core Plus 3,051,555,580 -500,000,000 - - - - 9,764,779 114,817,876 2,676,138,235

Total Fixed Income Active Duration 898,407,999 - - - - - 995,600 6,947,421 906,351,020


Total Fund

1 Month Ending April 30, 2020

Please note: Total monthly cash flows of plan $98M ($80M + $10M + $8M). Reflected above is cash basis (dependable on when $98M hits account and is paid out).

Page 187 of 255


Total Fund

1 Month Ending April 30, 2020


NetTransfers

Contribution DistributionsManagement

FeesOther

ExpensesIncome

Apprec./Deprec.


Total Alternatives 2,759,798,859 72,259,169 - - -769,935 -244,369 - -142 2,831,043,582

Total Opportunistic Fixed Income 274,196,127 42,852,813 - - - - - - 317,048,940

Total Real Estate 1,199,645,286 17,106,389 - - -769,935 -244,369 - -142 1,215,737,229

Total Core Real Estate 741,930,025 -1,502,188 - - -76,940 - - -142 740,350,755

Total Non-Core Real Estate 457,715,261 18,608,577 - - -692,995 -244,369 - - 475,386,474

Total Private Equity 1,285,957,446 12,299,967 - - - - - - 1,298,257,413

Total Cash 211,457,860 127,740,831 70,213,651 -98,000,000 - - 832,627 -16,851 312,228,118

Please note: Total monthly cash flows of plan $98M ($80M + $10M + $8M). Reflected above is cash basis (dependable on when $98M hits account and is paid out).

Page 188 of 255

Asset Allocation & Performance

Allocation

MarketValue

$

Performance(%)

Inception 10 YR 5 YR 3 YR 1 YR FYTD YTD QTR MTHInception

Date

Total Fund 16,117,231,227

Total Fund Composite NT (Gross) - 8.89 8.20 4.68 4.46 -1.98 -3.26 -8.59 -8.21 7.84 12/01/1991

Total Fund Policy - 8.01 4.91 4.98 -0.74 -1.78 -8.31 -7.98 8.68

Total Fund Composite NT (Net) - 8.55 7.78 4.32 4.15 -2.24 -3.45 -8.65 -8.26 7.84 12/01/1991

Total Equity Composite 9,391,470,272 9.99 8.40 4.00 2.58 -10.97 -10.55 -16.52 -15.00 12.27 04/01/1990

Total Equity Policy 8.43 8.72 5.70 5.36 -4.51 -4.67 -12.89 -12.04 11.58

Total Domestic Equity Composite 6,824,504,012 10.10 9.87 5.42 4.04 -10.48 -10.00 -15.96 -14.96 13.57 04/01/1990

Total Domestic Equity Policy 9.59 11.39 8.53 8.02 -1.04 -1.14 -10.42 -10.33 13.24

Total Domestic Equity Active Composite 2,188,785,228 11.53 9.18 4.08 1.95 -15.82 -15.00 -20.71 -19.10 15.37 10/01/2011

Total Domestic Equity Active Policy 12.20 10.18 6.19 4.17 -11.27 -11.35 -19.19 -17.58 13.95

Transition Account 54,108

Total Domestic Equity Active Large Cap Composite 110,211

Hotchkis & Wiley Large Cap Value (Closed) 110,211

Total Domestic Equity Active Mid Cap Composite 762,193,970 8.97 9.44 3.34 2.44 -14.71 -13.74 -18.74 -17.95 17.61 12/01/1998

Total Domestic Mid Cap Equity Policy 8.61 9.83 4.81 3.46 -10.00 -10.28 -16.60 -15.92 14.36

AJO Mid Cap Equity (Closed) 78

Frontier Mid Cap Growth (Closed) 13

Hotchkis & Wiley Mid Cap Value 255,824,760 8.05 4.93 -6.85 -12.70 -38.63 -34.05 -34.95 -30.17 20.82 08/01/2002

Russell Midcap Value Index 8.95 8.09 1.99 -2.02 -16.74 -16.66 -22.59 -21.05 13.36

Wellington Mid Cap Growth 506,369,119 10.54 11.29 9.71 13.85 1.62 -1.09 -10.10 -9.99 16.05 09/01/1998

Russell Midcap Growth Index 9.28 12.19 8.88 11.28 0.23 -0.63 -7.52 -8.38 15.66


Total Fund


Page 189 of 255


Total Fund


Allocation

MarketValue

$

Performance(%)


Date

Total Domestic Equity Active Small Cap Composite 1,426,426,939 8.47 8.43 4.68 0.49 -18.25 -16.97 -22.11 -19.69 14.19 02/01/1998

Total Domestic Small Cap Policy 6.54 7.69 2.88 -0.82 -16.39 -15.32 -21.08 -18.47 13.74

Geneva US Small Cap Growth 202,315,639 12.27 - 11.26 10.16 -3.50 -5.13 -9.73 -10.71 12.27 06/01/2013

Russell 2000 Growth Index 8.04 9.96 5.19 4.21 -9.22 -8.95 -14.71 -13.76 14.89

Frontier Small Cap Value 156,075,663 4.17 - 1.14 -6.41 -26.94 -25.81 -30.28 -26.27 14.99 06/01/2013

Russell 2000 Value Index 3.12 5.30 0.30 -6.06 -23.84 -22.04 -27.72 -23.60 12.34

Neumeier Poma Small Cap Value 210,976,301 9.34 - 5.98 1.68 -16.92 -14.43 -20.27 -19.58 9.77 06/01/2013

Neumeier Poma Policy 4.55 6.30 2.23 -3.04 -16.39 -15.32 -21.08 -18.47 13.74

Shapiro Enhanced Small Cap Value 648,355,142 8.66 7.96 1.72 -4.14 -24.88 -22.89 -27.38 -23.29 15.62 02/01/1998

Russell 2000 Index 6.54 7.69 2.88 -0.82 -16.39 -15.32 -21.08 -18.47 13.74

Wasatch Small Cap Core Growth 208,704,194 12.02 - 11.54 13.05 -2.48 -2.97 -10.89 -11.49 15.98 06/01/2013

Russell 2000 Growth Index 8.04 9.96 5.19 4.21 -9.22 -8.95 -14.71 -13.76 14.89

Total Domestic Equity Indexed Composite 4,635,718,784 10.96 - 7.17 6.26 -4.32 -4.99 -13.25 -13.05 12.75 04/01/2012

Russell 3000 Index 11.24 11.29 8.33 8.02 -1.04 -1.14 -10.42 -10.33 13.24

Total Domestic Equity Index Cap Wgt Composite 2,473,215,685 11.04 - 7.87 7.13 -2.89 -3.08 -12.35 -12.47 13.48 04/01/2012

Russell 1000 Index 11.54 11.57 8.74 8.68 0.09 -0.11 -9.68 -9.78 13.21

Northern Trust Russell 1000 1,647,731,437 5.62 - - - -0.09 -0.29 -9.83 -9.94 13.02 12/01/2017

Russell 1000 Index 5.68 11.57 8.74 8.68 0.09 -0.11 -9.68 -9.78 13.21

Northern Trust Russell Midcap 825,484,248 -7.86 - - - - - - -7.86 14.34 03/01/2020

Russell Midcap Index -7.93 9.83 4.81 3.46 -10.00 -10.28 -16.60 -15.92 14.36

Total Domestic Equity Indexed NonCap Composite 2,162,503,099 11.14 - 6.89 6.30 -5.47 -6.46 -14.03 -13.64 11.96 04/01/2012

SciBeta US High FactorExposure Index - - - - -5.51 -6.51 -14.09 -13.69 11.93

SciBeta US HFE MBMS 2,162,503,099 1.74 - - - -5.47 -6.46 -14.03 -13.64 11.96 12/01/2017

SciBeta US High FactorExposure Index 1.71 - - - -5.51 -6.51 -14.09 -13.69 11.93

Page 190 of 255


Total Fund


Allocation

MarketValue

$

Performance(%)


Date

Total International Equity Composite 2,566,966,260 7.24 4.21 0.56 -0.37 -12.11 -11.81 -17.99 -15.11 8.93 02/01/1996

Total International Equity Policy 4.66 3.46 0.36 -0.03 -11.34 -11.62 -17.78 -15.47 8.21

Total International Large Cap Equity Composite 1,830,954,161 2.72 4.70 0.51 0.56 -11.37 -11.49 -17.99 -15.19 7.47 04/01/2008

Total International Large Cap Equity Policy 1.73 3.46 0.36 -0.03 -11.34 -11.62 -17.78 -15.47 8.21

Allianz Best Styles AC Intl Equity 915,230,920 3.77 - - -1.00 -13.68 -13.46 -18.95 -16.05 6.49 07/01/2016

MSCI AC World ex USA 4.30 3.37 0.31 0.24 -11.07 -11.50 -17.40 -15.13 7.64

Causeway Intl Opportunities 420,913,022 6.71 3.43 -1.92 -3.11 -17.49 -16.59 -23.93 -19.84 8.83 05/01/2003

Causeway Intl Policy 6.39 2.18 -1.98 -4.41 -20.00 -19.74 -23.85 -20.34 6.42

Wellington International Quality Growth 494,797,773 8.74 - - 7.14 -1.19 -3.17 -10.82 -9.58 8.14 07/01/2016

Wellington Intl Quality Growth Policy 6.58 5.87 3.37 4.78 -2.02 -3.26 -11.05 -10.20 8.69

Northern Trust International Passive (Closed) 12,446

Total International Small Cap Equity Composite 736,012,099 6.94 - 0.65 -2.02 -13.49 -12.45 -18.02 -14.91 12.53 12/01/2011

Total International Small Cap Equity Policy 5.29 4.13 0.70 -1.77 -13.15 -12.41 -20.27 -17.71 12.20

ARI Small Cap International (Closed) 870,517

Epoch Small Cap International (Closed) 394,449

SSGA Emerging Markets Small Cap 221,639,667 -1.27 - - -4.34 -17.79 -17.81 -21.45 -17.78 13.86 09/01/2016

MSCI Emerging Markets Small Cap Index -2.45 0.01 -4.03 -5.65 -18.93 -18.02 -21.75 -18.50 13.97

Wasatch International Small Cap Growth 295,697,857 10.71 - 5.83 5.67 -4.07 -4.15 -11.90 -10.25 12.46 12/01/2011

MSCI AC World ex USA Small Cap 5.29 4.13 0.70 -1.77 -13.15 -12.41 -20.27 -17.71 12.20

Wellington International Small Cap Equity 217,409,609 6.15 - -1.27 -5.42 -16.10 -14.27 -21.99 -17.85 11.38 12/01/2011

MSCI EAFE Small Cap Index 7.39 6.04 2.45 -0.64 -11.94 -10.93 -19.87 -17.49 10.45

Page 191 of 255


Total Fund


Allocation

MarketValue

$

Performance(%)


Date

Total Fixed Income Composite 3,582,489,255 7.17 6.13 5.06 6.28 11.80 7.85 4.51 1.87 3.51 04/01/1990

Total Fixed Income Policy 6.08 3.92 3.71 4.78 9.15 6.00 3.33 1.51 2.00

Total Fixed Income Core Plus Composite 2,676,138,235 5.64 4.70 3.19 3.70 4.88 2.21 -0.76 -2.15 4.07 08/01/1999

Total Fixed Income Core Plus Policy 4.98 3.63 3.14 3.81 5.70 3.19 0.47 -0.87 2.38

Loomis Multisector Full Discretion 906,976,139 6.16 5.20 3.54 4.03 6.04 3.55 0.77 -0.39 5.54 08/01/1999


Lord Abbett Core Plus Full Discretion 879,633,024 5.05 4.36 2.96 3.21 3.75 0.78 -1.75 -3.65 3.03 11/01/2004


Mackay Core Plus Extended Discretion 889,529,072 5.12 4.50 2.96 3.69 4.91 2.39 -1.21 -2.31 3.73 11/01/2004


Total Fixed Income Active Duration Composite 906,351,020 8.33 9.77 9.41 16.11 45.81 33.13 27.27 18.00 0.88 11/01/2004

Total Fixed Income Active Duration Policy 4.40 4.03 3.94 5.80 14.27 10.62 8.89 6.29 0.64

Hoisington Macroeconomic FI 906,351,020 9.01 10.56 9.41 16.11 45.81 33.13 27.27 18.00 0.88 11/01/2004

Total Fixed Income Active Duration Policy 4.40 4.03 3.94 5.80 14.27 10.62 8.89 6.29 0.64

Total Opportunistic Fixed Income Composite 317,048,940 6.05 - - 3.54 -5.36 -7.66 -11.67 -11.67 0.00 06/01/2015

PIMCO Bravo Fund 594,455 -3.08 - -19.12 -29.65 -70.56 -47.45 -51.39 -51.39 0.00 04/01/2011

PIMCO Bravo Fund II 53,467,606 6.95 - 2.15 -2.81 -16.51 -18.29 -21.29 -21.29 0.00 04/01/2013

PIMCO Bravo Fund III 173,729,888 7.09 - - 7.29 -8.28 -11.57 -14.76 -14.76 0.00 04/01/2017

PIMCO Corporate Opportunities Fund II 89,256,991 6.65 - - 4.10 -8.85 -10.75 -16.20 -16.20 0.00 09/01/2016

Total Core Real Estate Composite 740,350,755 6.11 - 6.17 4.05 -1.92 -0.91 -1.11 -1.11 0.00 04/01/2011

AEW Core Property Trust 328,043,955 9.67 - 8.14 6.29 3.58 2.06 -0.83 -0.83 0.00 08/01/2011

Heitman America Real Estate Trust 320,352,406 9.92 - 7.25 4.53 -1.20 -0.88 -1.85 -1.85 0.00 05/01/2011

L&B Core Income Partners 91,954,394 7.07 - 5.35 0.88 -9.01 -4.63 0.46 0.46 0.00 05/01/2011

Page 192 of 255


Total Fund


Allocation

MarketValue

$

Performance(%)


Date

Total Non-Core Real Estate Composite 475,386,474

American Strategic Value Realty Fund 72,132,715

AG Realty Value Fund X 17,186,910

Lyrical - OTRS Realty Partners IV 66,899,108

Artemis Real Estate Partners Fund III 10,756,498

Dune Real Estate Fund III 53,119,231

Dune Real Estate Fund IV 12,832,702

FCP Realty Fund IV 11,381,369

GreenOak US II 33,578,265

GreenOak US III 23,724,092

Harbert Euro Real Estate Fund V 15,107,174

Invesco Strategic Opportunities III 14,524,640

L&B Golden Driller 77,964,708

Landmark Real Estate Partners VII 13,630,113

Starwood Opportunity Fund X 21,393,938

Starwood Opportunity Fund XI 18,035,011

Property ACQ Fund 13,120,000

Total Private Equity Composite 1,298,257,413

OTRS Legacy P-E Assets Fund LP 13,360,591

Franklin Park Private Equity 1,284,896,822

Cash 312,228,118 9.73 9.03 3.47 2.20 2.19 1.76 0.42 0.28 0.05 04/01/1990

Page 193 of 255

Total Fund Policy


Oct-2019




Russell 2000 + 4% 6.50




Dec-1991


Jul-2015


Benchmark History



Page 194 of 255

Disclosures


Page 195 of 255


Page 196 of 255

REAL ESTATE OBSERVATIONSAS OF APRIL 30, 2020

COMMENTARY Impact COVID-19 on Real Estate

Impact Summary

Disproportionate impact on Hotels, Senior Housing and Enclosed Malls. Office and Industrial have been slower to exhibitimmediate impact on operations given long-term nature of leases and operation.

Rent relief requested mostly from Retail tenants but also Multi-family and Office (Law firms) tenants.

Managers in constant discussion with lenders and tenants. Many wrote down their portfolios (-1% to -5%) in 1Q20 with themajority of the adjustment in Retail properties (Enclosed Malls). Additional write-downs expected.

Private market are currently frozen. Transactions under contract during 1Q20 mostly closed. 2Q20 transactions delayed.

Multifamily properties considered resilient especially where there are strong demographics which are less impacted by potentialjob losses. Rent growth and occupancy will be impacted until economy recovers. Roughly 90% rent collected in April.

Student Housing is defensive but difficult to project impact given uncertainty surrounding colleges and universities reopening inFall 2020. About 95% or rent collected for April as a result of parent guarantees.

Retail has been especially hard hit. Necessity-based retail and online shopping are seeing spending increases while mostdiscretionary categories have seen steep declines. Malls and department stores are at heightened risk for closures and bankruptcy.Neighborhood and community centers have risk exposure to smaller and financially weaker tenancy. Less than 30% rent collectedfor April.

Office demand has been slow to recover since the Great Financial Crisis and the pandemic may create additional pressure asemployees continue to work from home after the virus has faded. Development projects in the planning stage likely to be delayedor cancelled, eliminating some new supply. Roughly 90% of rent collected for April.

Industrial activity may slow but long-term demand remains positive given the need for supply chain efficiency and close proximityto large population centers. Fundamentals are strong (95%-100% rent collected) but significant new supply is a risk.

Opportunity

Near term opportunities expected to arise from Mortgage REITs, mezzanine and traditional debt. May see opportunities inhospitality, retail and senior housing. Office and industrial will benefit from new life science tenants. Additional capital callsbeyond current projections expected.

New distressed focused investment funds and side-car vehicles are quickly entering the market.

Page 197 of 255

Re-Balance Retrospective• On April 13th, Oklahoma Teachers' began a $500 million re-balance plan

transferring assets from Fixed Income to U.S. Equity, International Equity, and Cash. Our goal was to re-balance halfway back to target weights. • Public market investments are now near targets and comfortably within

their min/max bounds.• How has our re-balance impacted the portfolio?

• As of May 13th, the re-balance has produced a $15,253,379 gain relative to no re-balancing.

Asset Class 31-Mar-20 13-May-20 Min Allocation Target Allocation Max Allocation

Cash 1.4% 1.9% 0.0% 0.0% 0.0%Fixed Income 26.2% 22.6% 17.0% 22.0% 27.0%

U.S. Equity 38.5% 41.3% 36.5% 43.5% 50.5%

Intl. Equity 15.3% 16.0% 14.0% 19.0% 24.0%Real Estate 7.9% 7.6% 5.0% 9.0% 11.5%

Private Capital 10.7% 10.7% 2.5% 6.5% 8.5%

Page 198 of 255

Composite Market Value Market Allocation Min % Allocation Low Rebalance Point Target Allocation High Rebalance Point Max % AllocationCash and Equivalents $296,688,637 1.9% 0.0% 0.0% 0.0% 0.0% 0.0%Fixed Income $3,571,194,769 22.6% 17.0% 19.5% 22.0% 24.5% 27.0%U.S. Equity $6,533,724,330 41.3% 36.5% 40.0% 43.5% 47.0% 50.5%International Equity $2,539,852,271 16.0% 14.0% 16.5% 19.0% 21.5% 24.0%Real Estate $1,202,425,995 7.6% 5.0% 7.8% 9.0% 10.3% 11.5%Private Capital $1,689,581,531 10.7% 4.5% 5.5% 6.5% 7.5% 8.5%Grand Total 15,833,467,534 100.0%

Composite $ Below Min Min $ Allocation Low Rebalance Point Target Market ValueHigh Rebalance

Point Max $ Allocation $ Above MaxCash and Equivalents $0.00 $0 $0 $0 $0 $0 $296,688,637Fixed Income $0.00 $2,692,000,000 $3,088,000,000 $3,483,000,000 $3,879,000,000 $4,275,000,000U.S. Equity $0.00 $5,779,000,000 $6,333,000,000 $6,888,000,000 $7,442,000,000 $7,996,000,000International Equity $0.00 $2,217,000,000 $2,613,000,000 $3,008,000,000 $3,404,000,000 $3,800,000,000Real Estate $0.00 $792,000,000 $1,235,000,000 $1,425,000,000 $1,631,000,000 $1,821,000,000Private Equity $0.00 $713,000,000 $871,000,000 $1,029,000,000 $1,188,000,000 $1,346,000,000 $343,581,531

Composite* MTD QTD YTD FYTD

Oklahoma Teachers Total Fund -2.29% 5.37% -10.75% -5.68%

Domestic Equity -4.26% 8.74% -19.57% -14.00%International Equity -1.06% 7.76% -18.98% -13.08%Fixed Income -0.32% 3.18% 4.13% 7.36%* Net of Fee Returns

as of May 13, 2020Asset Allocation vs Policy Targets & Recent Performance

Page 199 of 255

Cash 296,688,637.33 1.9% 0.0% - 296,688,637 CashFixed Income 3,571,194,769 22.6% 22.0% 3,483,362,857 87,831,912 Fixed Income

HOISINGTON INVESTMENT 894,719,189 5.7% 4.1% 653,130,536 241,588,653 DurationLOOMIS SAYLES CORE PLUS 904,469,563 5.7% 6.0% 943,410,774 (38,941,211) Core PlusLORD ABBETT CORE PLUS 880,576,684 5.6% 6.0% 943,410,774 (62,834,090) Core PlusMACKAY SHIELDS CORE PLUS 891,429,333 5.6% 6.0% 943,410,774 (51,981,440) Core Plus

Public Equity 9,073,576,601 57.3% 62.5% 9,895,917,209 (822,340,608) Public EquityDomestic Equity 6,533,724,330 41.3% 43.5% 6,887,558,377 (353,834,047) Domestic Equity

Large Cap 3,672,328,428 23.2% 23.3% 3,687,218,752 (14,890,324) Large CapNT RUSSELL 1000 1,598,912,912 10.1% 9.3% 1,472,512,481 126,400,431 PassiveSCI BETA US HFE MBMS 2,073,305,300 13.1% 14.0% 2,216,685,455 (143,380,154) Factor

Mid Cap 1,520,214,915 9.6% 10.6% 1,676,368,375 (156,153,460) Mid CapWELLINGTON MID CAP 501,614,884 3.2% 2.6% 419,092,094 82,522,791 GrowthHOTCHKIS & WILEY MID CAP 229,525,489 1.4% 2.6% 419,092,094 (189,566,604) ValueRUSSELL MIDCAP 789,074,451 5.0% 5.3% 838,184,188 (49,109,737) Core

Small Cap 1,341,180,987 8.5% 9.6% 1,523,971,250 (182,790,263) Small CapSHAPIRO CAP SMALL CAP 603,932,261 3.8% 4.7% 746,745,913 (142,813,652) CoreGENEVA CAPITAL 200,736,379 1.3% 1.2% 194,306,334 6,430,044 GrowthWASATCH ADV SMALL CAP 202,521,361 1.3% 1.2% 194,306,334 8,215,026 GrowthFRONTIER CAP SMALL CAP 137,962,734 0.9% 1.2% 194,306,334 (56,343,600) ValueNEUMEIER POMA SMALL CAP 196,028,254 1.2% 1.2% 194,306,334 1,721,919 Value

International Equity 2,539,852,271 16.0% 19.0% 3,008,358,831 (468,506,561) International EquityInt'l Large Cap 1,798,555,708 11.4% 11.9% 1,880,224,270 (81,668,562) Int'l Large Cap

ALLIANZ INTL 899,129,041 5.7% 6.2% 977,716,620 (78,587,579) FactorWELLINGTON INTLGR EQ 496,475,197 3.1% 2.9% 451,253,825 45,221,372 GrowthCAUSEWAY CAPITAL 402,951,470 2.5% 2.9% 451,253,825 (48,302,355) Value

Int'l Small Cap 741,296,563 4.7% 7.1% 1,128,134,562 (386,837,999) Int'l Small CapEPOCH INTL 390,972 0.0% 0.0% - 390,972 CoreWASATCH INTL 302,318,849 1.9% 1.8% 282,033,640 20,285,208 CoreWELLINGTON INTL 216,083,737 1.4% 1.8% 282,033,640 (65,949,903) CoreSSGA EMSC 221,639,667 1.4% 1.8% 282,033,640 (60,393,974) Emerging Market

Real Estate 1,202,425,995 7.6% 9.0% 1,425,012,078 (222,586,083) Real EstateCore RE 734,868,021 4.6% 4.5% 712,506,039 22,361,982 Core RE

AEW CORE PROPERTY TRUST 324,989,155 2.1% 1.5% 237,502,013 87,487,142 CoreL&B CORE INCOME 91,950,403 0.6% 1.5% 237,502,013 (145,551,610) CoreHEITMAN AMERICA REAL ESTATE 317,928,463 2.0% 1.5% 237,502,013 80,426,450 Core

Non Core RE 467,557,975 3.0% 4.5% 712,506,039 (244,948,065) Non Core RE 844,100,000 AMERICAN STRATEGIC VALUE 72,135,357 0.5% Value Add 93,750,000 ANGELO GORDON X 16,504,410 0.1% Value Add - Global 60,000,000 ARTEMIS REAL ESTATE III 10,378,416 0.1% Value Add 50,000,000 DUNE REAL ESTATE III 53,119,231 0.3% Value Add 53,750,000 DUNE REAL ESTATE IV 12,832,702 0.1% Value Add 60,000,000 FCP REALTY 11,258,869 0.1% Value Add 35,000,000 GREENOAK US II 33,578,265 0.2% Value Add 50,000,000 GREENOAK US III 23,724,092 0.1% Value Add - Constr. 60,000,000 HARBERT EUROPEAN REAL ESTATE V 14,679,681 0.1% Value Add - Europe 44,100,000 HARVEY PARKWAY BUILDING 13,120,000 0.1% Value AddINVESCO STRATEGIC OPPS 8,232,112 0.1% Value Add - Global 60,000,000 L&B GOLDEN DRILLER 77,964,708 0.5% Senior Housing 75,000,000 LANDMARK REAL ESTATE VII 13,702,075 0.1% Value Add 35,000,000 Lyrical-OTRS Realty Partner IV 66,899,108 0.4% Value Add 53,750,000 STARWOOD OPPORTUNITY X 21,393,938 0.1% Value Add 53,750,000 STARWOOD OPPORTUNITY XI 18,035,011 0.1% Value Add 60,000,000

Private Capital 1,689,581,531 10.7% 6.5% 1,029,175,390 660,406,141 Private Capital 2,112,500,000 Private Equity 1,372,532,591 8.7% Private Equity 1,587,500,000

LEGACY LP 13,428,794 0.1% Legacy 97,500,000 FRANKLIN PARK 1,359,103,797 8.6% Fund of Funds 1,490,000,000

Private Debt 317,048,940 2.0% Private Debt 525,000,000 PIMCO BRAVO III 173,729,888 1.1% Debt - Mtge 175,000,000 PIMCO BRAVO II 53,467,606 0.3% Debt - Mtge 150,000,000 PIMCO BRAVO 594,455 0.0% Debt - Mtge 100,000,000 PIMCO COF II 89,256,991 0.6% Debt - Credit 100,000,000

Grand Total 15,833,467,534 100.0% 100.0%

Mandate Style

Current Portfolio vs Policy Targetsas of May 13, 2020

% of fund

Composites & Accounts Market Value Target % Target ($) Over (Under) Committed Capital

Page 200 of 255

Board Procurement Policy

A. Custodian Banks, Investment Managers, Investment Consultants, and Actuaries

Legal Authority

Title 74 O.S. Section 85.7(A)(3)(a) provides:

Contracts for master custodian banks or trust companies, investment managers, investment consultants,

and actuaries for the state retirement systems…and other professional services as defined in Section 803

of Title 18 of the Oklahoma Statutes shall be exempt from competitive bidding procedures of this section

and requisition requirements of Section 85.4 of this title [The Oklahoma Central Purchasing Act].

Procurement Information Memorandum (Number 09-01) provides:

In order to provide agencies greater flexibility in the management of their purchasing processes

the following guidance is provided.

e. Agencies with approved internal procedures and a Certified Procurement Officer may

process the acquisitions for Contracts for master custodian banks or trust companies, investment

managers, investment consultants, and actuaries for the state retirement systems, which are exempt

from competitive bidding, for unlimited dollar amounts, without submission of a requisition to the

State Purchasing Director.

f. In accordance with Title 74 O.S. §85.7(A)(3)(c), state agencies shall notify the State

Purchasing Director, by submission of form DCS-FORM-CP-091, Report of Exemptions from

Competitive Bidding, within 15 days of completion of an acquisition of professional services under

this policy.

Title 70 O.S. Section 17-106 provides:

(17) The Board of Trustees shall retain an actuarial firm that shall be technical advisors of the

Board of Trustees on matters regarding the operation of funds created by the provisions of this act

and shall perform such other duties as are required in connection therewith.

Title 70 O.S. Section 17-106.1 provides:

E. The Board of Trustees may retain qualified investment managers to provide for the investment

of the monies of the System. The investment managers shall be chosen by a solicitation of

proposals on a competitive bid basis pursuant to standards set by the Board of Trustees.

F. Funds and revenues for investment by the investment managers or the Board of Trustees shall

be placed with a custodian selected by the Board of Trustees. The custodian shall be a bank or trust

company offering pension fund master trustee and master custodial services. The custodian shall

be chosen by a solicitation of proposals on a competitive bid basis pursuant to standards set by

the Board of Trustees.

TRS Policy

TRS has the requisite approved internal purchasing procedures and a Certified Procurement

Officer. As such, the Board may retain the following vendors through a competitive bid process

Page 201 of 255

https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=66969


https://omes.ok.gov/legal/statutes/74/85-4

approved by the Board of Trustees – with the contract awards being exempt from the competitive

bid standards set forth in the Oklahoma Central Purchasing Act at Title 74 O.S. §§ 85.1 et. seq.:

▪ Custodian Banks

▪ Investment Managers1

▪ Investment Consultants

▪ Actuaries

It is the policy of the Board to select each of the vendors on a competitive bid basis subject to the

following standards:

1. The Board shall approve all Requests For Proposals (RFPs) issued by the System for these

vendors. The RFP should be written in such a way that it is appropriately tailored to the

needs of TRS considering both the size and complexity of the System as well as the goals

the System is seeking to accomplish through the responding vendor.

2. Respondents to a proposal shall comply with the procedures and conform to the standards

set forth in the RFP. Failure to do so will result in disqualification from selection.

3. The issuance of an RFP does not commit the Board to award a contract. The Board reserves

the right to accept or reject any or all proposals received, to negotiate with any and all

qualified vendors, and to cancel in part or in its entirety a solicitation if it is in the best

interests of the System to do so.

4. The Board shall award contracts to the most suitable vendor at a specified time and place

which shall be open to the public pursuant to the Oklahoma Open Meetings Act.

5. Unless otherwise requested by the Board, proposals shall initially be evaluated by the

appropriate TRS staff, as designated by the Executive Director, who shall prepare an

evaluation report to identify one or more potential finalists which shall be presented to the

Board at an Open Meeting. This evaluation shall include independent scoring of each

vendor along with reference checks, if applicable, though the scoring results need not be

presented in the final evaluation report.

6. Following presentation by the Executive Staff, the Board may vote to take any of the

following action:

a. Select a vendor subject to successful contract negotiation,

b. Reject the finalist recommendations from the Executive Staff and review all vendor

submissions to select finalists,

c. Award a contract to one or more vendors based on the Board’s review of all vendor

submissions,

d. Move to conduct due diligence on finalists recommended by either the Executive Staff

or the Board to include:

i. Interviews of finalists,

1 See the TRS Investment Policy Statement for the Request for Proposal Policy pertaining to the selection of

investment managers.

Page 202 of 255

ii. Due diligence trips, if necessary,

iii. Any other due diligence deemed necessary prior to the selection of a vendor.

7. Ultimately, the Board may vote to award the contract(s) to one or more vendor(s) or reject

all proposals received.

8. TRS’s Business Manager or one member of the Executive Staff shall be designated as the

sole contact for responding vendors during the RFP process. No other member of the staff,

Board, or Investment Consultant shall knowingly communicate concerning any matter that

is material to the selection process with any party having a direct financial interest in the

award of the contract, an officer or employee of that party, or a placement agent retained

or employed by that party, unless the communication is part of the process expressly

described in the RFP or part of any Board meeting prior to the award of the contract. Any

vendor who knowingly participates in a communication that is prohibited by this

subsection shall be disqualified from the contract award.

B. Other Professional Services

Legal Authority

Title 74 O.S. Section 85.7(A)(3)(a) provides:

Contracts for master custodian banks or trust companies, investment managers, investment consultants,

and actuaries for the state retirement systems…and other professional services as defined in Section 803

of Title 18 of the Oklahoma Statutes shall be exempt from competitive bidding procedures of this section

and requisition requirements of Section 85.4 of this title [The Oklahoma Central Purchasing Act].

“Professional service” includes the professional service rendered by physicians, attorneys

(including Administrative Law Judges), and certified public accountants. See 18 O.S. §803.

Procurement Information Memorandum (Number 09-01) provides:

In order to provide agencies greater flexibility in the management of their purchasing processes

the following guidance is provided. a. Effective January 13, 2009, agencies with approved internal procedures and a Certified

Procurement Officer may process the acquisitions for professional services as defined in Section 803

of Title 18 of the Oklahoma Statutes, which are exempt from competitive bidding, for unlimited dollar

amounts, without submission of a requisition to the State Purchasing Director. The contractor must be

providing solely the services for which they are licensed…The status of the license of the professional

should be confirmed prior to contracting or any renewal of an existing contract. The license should be

both current and in good standing.

b. Agencies are encouraged to conduct negotiations on contract costs or to conduct

solicitations, as may be appropriate.

Page 203 of 255



https://omes.ok.gov/legal/statutes/74/85-4


(14) …When requested by the Board of Trustees, the Attorney General of the state also shall render

legal services to the Board of Trustees. In addition to the above, the Board of Trustees may employ

hearing examiners to conduct administrative grievance hearings under the provisions of the

Administrative Procedures Act.

(16) The Board of Trustees shall designate a Medical Board to be composed of three physicians

not eligible to participate in the retirement system. The physicians so appointed by the Board of

Trustees shall be legally qualified to practice medicine in Oklahoma or the state in which they

reside and shall be physicians of good standing in the medical profession. The Board of Trustees

may have more than one Medical Board and each Board shall have the same duties and authority

under the statutes. If required, other physicians may be employed to report on special cases.


It shall be the duty of the State Auditor and Inspector to audit annually the funds, accounts and

assets of the Teachers' Retirement System.

TRS Policy

TRS has the requisite approved internal purchasing procedures and a Certified Procurement

Officer. As such, the Board may retain the following vendors with the contract awards being

exempt from the competitive bid standards set forth in the Oklahoma Central Purchasing Act at

Title 74 O.S. §§ 85.1 et. seq.:

▪ Medical Board Members/Physicians

▪ Attorneys (Attorney General, Administrative Law Judges)

▪ Certified Public Accountants2

It is the policy of the Board to make appointments or award contracts to these positions in a prudent

manner and solely for the services for which the professional is licensed. A competitive bid process

is not required but may be undertaken to fill a position if, in the Board’s opinion, it is in the best

interest of the System to do so.

2 The Board will cooperate with the State Auditor and Inspector’s office to select, through a competitive bid process,

an auditor to audit annually the funds, accounts, and assets of the Teachers’ Retirement System.

Page 204 of 255

RESOLUTION BY THE BOARD OF TRUSTEES

OF THE TEACHERS' RETIREMENT SYSTEM OF OKLAHOMA

WHEREAS, 70 O.S. Section 17-101 et seq. authorized the Board of Trustees ("Board") of

the Teachers' Retirement System of Oklahoma ("TRS") to establish, and the Board has established,

a Tax-Sheltered Annuity Program ("TRS Program") which satisfies the applicable qualification

requirements for grandfathered governmental tax-sheltered annuity programs as specified in

section 403(b) of the Internal Revenue Code ("IRC") and the relevant regulatory provisions and

guidance related thereto;

WHEREAS, 70 O.S. Section 17-102.3(5) provides that the Board of Trustees may

terminate the TRS Program, in accordance with the requirements of federal tax law and in a way

that is designed to minimize financial harm to the participants in the TRS Program;

WHEREAS, 70 O.S. Section 17-102.3(5) provides that to assist in minimizing any such

harm, an employer that sponsors a local tax-sheltered annuity program under IRC section 403(b)

("Local Program") and that has an active or inactive participant with an account balance under the

TRS Program ("Participating Employer"), shall permit the provider administering the TRS

Program on the effective date of such termination, to be a provider in the Local Program and to

offer the same investment options to TRS Program participants that were available under the TRS

Program;

WHEREAS, 70 O.S. Section 17-102.3(5) further provides that to assist in minimizing any

such harm, a Participating Employer that sponsors a Local Program that includes the TRS Program

as the only investment option may instead choose to terminate the Local Program at such time that

the TRS Program is terminated in accordance with the applicable rules under IRC section 403(b);

WHEREAS, the current provider under the TRS Program is Voya, which collectively

consists of Voya Retirement Insurance and Annuity Company ("VRIAC"), Voya Financial

Partners, LLC ("VFA"), and Voya Institutional Trust Company ("VITC"); and

WHEREAS, the Board now desires to terminate the TRS Program.

NOW, THEREFORE, BE IT RESOLVED, that the Board resolves to terminate the TRS

Program pursuant to 70 O.S. Section 17-102.3(5) effective December 31, 2020 ("Termination

Date").

RESOLVED FURTHER, that no further contributions shall be remitted under the TRS

Program after the Termination Date.

RESOLVED FURTHER, that the Board hereby directs that, as soon as administratively

practicable after the Termination Date, any TRS Program assets held on behalf of a Participating

Employer that sponsors a Local Program be transferred to such Local Program pursuant to the

assignment of the Voya contractual agreements related to the TRS Program to the Participating

Employer.

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RESOLVED FURTHER, that for any Participating Employer that terminates its Local

Program on or before the Termination Date, the Board hereby directs that all TRS Program assets

held on behalf of that Participating Employer be distributed to such Participating Employer's

participants by no later than twelve months following the Termination Date.

RESOLVED FURTHER, that the Board does hereby authorize and direct the appropriate

officer of TRS to implement these resolutions on behalf of the Board, including to (i) establish the

date on or before the Termination Date on which contributions will no longer be accepted under

the TRS Program, (ii) communicate the termination of the TRS Program to Participating

Employers and participants, (iii) facilitate the timely transfer of assets under the TRS Program to

the Local Programs sponsored by Participating Employers and/or direct the timely distribution of

assets under the TRS Program to participants in Local Programs that have been terminated by

Participating Employers, as applicable, and (iv) take any additional actions that may be necessary

or appropriate to effectuate these resolutions.

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Sovereign Community School Board Special Meeting Wednesday, February 19, 2020 Southern Oaks Library Study Room B

6900 S. Walker Ave

Oklahoma City, OK 73131

─

Attendees:Sarah Adams Cornell- Board Vice President Jacob Tsotigh- Board Secretary Kyla Molina- Board Member Kate Sultuska- Board MemberStacie Thrasher- Minutes Clerk

Absent: Phil Gover- Board President Matt Wilson- Superintendent

Public Guest(s): Carrie Lehi

Meeting called to order by Stacie Thrasher at 6:17pm.

Quorum is present and established at 6:18pm

Action Items

I. Consent Agenda items. In agenda, items i-iv to approve, disapprove, or table itemsindividually, or as a whole .

A. Item (a): Motion to table the approval of minutes of the February 13, 2020Special Meeting Minutes

1. Motioned by: Kate Sultuska2. Seconded: Jacob Tsotigh3. Vote:

a) Ayes: Sarah Adams-Cornell, Kyla Molina, Kate Sultuska, JacobTsotigh

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b) Nays: Nonec) Motion Passes

B. Item (b): Motion to approve and access services of Teacher RetirementServices (TRS) and to be shown in minutes

1. Motioned by: Kate Sultuska2. Seconded: Jacob Tsotigh3. Vote:



C. Item (c): Motion to approve Carrie Lehi to complete and submit theGardening grant, and follow up with the Board regarding the grant’s status;let the minutes show that all items purchased through the grant are propertyof Sovereign Community School and that any costs outside of the grant, willbe encumbered by any other grants Ms. Lehi obtains

1. Motioned by: Jacob Tsotigh2. Seconded: Kyla Molina3. Vote:



D. Item (d): Motion to approve Alma Sukea hourly wage as discerned by MattWilson to be paid no more than 6 hours per week to help with janitorial andcustodial duties.

1. Motioned by: Kate Sultuska2. Seconded: Kyla Molina3. Vote:



II. Agenda Item 6, motion to adjourn1. Motioned by: Sarah Adams-Cornell2. Seconded: Kate Sultuska3. Vote


b) Nays: Nonec) Motion passes

Meeting adjourned at 6:48pm

Pag 209 of 255

Joy Hofmeister

State Superintendent of Public Instruction

Oklahoma State Department of Education

Accreditation Standards and School Personnel Records

STATE MINIMUM TEACHER SALARY SCHEDULE

2019-2020

70 O.S. § 18-114.14

Year of

Bachelor's Degree

*Bachelor's +

National Board Master's

*Master's +

National Board Doctor's

Experience Degree Certification Degree Certification Degree

0 $36,601 $37,759 $37,991 $39,149 $39,381

1 37,035 38,193 38,425 39,583 39,815

2 37,469 38,628 38,859 40,018 40,249

3 37,904 39,062 39,294 40,452 40,684

4 38,338 39,496 39,728 40,886 41,118

5 38,810 39,968 40,200 41,358 41,590

6 39,273 40,432 40,663 41,822 42,054

7 39,737 40,895 41,127 42,285 42,517

8 40,200 41,358 41,590 42,749 42,980

9 40,663 41,822 42,054 43,212 43,444

10 41,684 42,844 43,568 44,728 45,945

11 42,177 43,336 44,061 45,221 46,438

12 42,670 43,829 44,554 45,713 46,931

13 43,162 44,322 45,047 46,206 47,424

14 43,655 44,815 45,539 46,699 47,916

15 44,167 45,327 46,052 47,212 48,430

16 44,660 45,820 46,545 47,705 48,923

17 45,153 46,313 47,038 48,198 49,416

18 45,646 46,806 47,531 48,691 49,909

19 46,139 47,299 48,024 49,184 50,402

20 46,652 47,813 48,538 49,698 50,917

21 47,145 48,306 49,031 50,192 51,410

22 47,639 48,799 49,524 50,685 51,903

23 48,132 49,292 50,018 51,178 52,397

24 48,625 49,785 50,511 51,671 52,890

25 50,049 51,232 51,971 53,153 54,395

*National Board Certification columns are for teachers who applied for and/or received National Board Certification after June 30, 2013.

Career/Technology Ag Teacher** = Minimum Salary + $2,600/year - 12 month contract

Other Career/Tech Teacher** = Minimum Salary + $2,200/year - 10 month contract

Special Education Teacher*** = Minimum Salary + 5 percent above the prevailing wage paid teachers of children

who are nondisabled in the same school district.

**Salary distribution per the policies and procedures manual of the Oklahoma State Board of Career and Technology Education.

***Salary distribution mandated by 70 O.S. § 13-110: Also includes Resource Teachers, Education Diagnosticians, and

Speech Pathologists/Therapists.

Beginning with the 2018-2019 school year, certified personnel, as defined in 70 O.S. § 26-103, in the public schools of Oklahoma

shall receive in salary and/or fringe benefits not less than the amount specified in the following schedule. When determining

minimum salary, "fringe benefits" shall mean only the employee's share of retirement, if paid by the district.

The State Board of Education shall accept teaching experience from out-of-state school districts that are accredited by the State Board of Education or

appropriate state accrediting agency for said districts. For the purpose of state salary increments and retirement, no teacher shall be granted credit for

more than five (5) years active duty in the military service or out-of-state or out-of-country teaching experience as a certified teacher or its equivalent.

Nothing in this section shall prohibit boards of education from crediting more years of experience on local salary schedules than those allowed for state

purposes. The provisions of the above salary schedule shall not apply to teachers who have entered into postretirement employment with a public school

in Oklahoma and are still receiving a monthly retirement benefit. (70 O.S. § 18-114.14)

Note: Teachers eligible to receive the National Board Certification bonus shall not be eligible to receive

the additional salary increment set forth in this salary schedule.

M E M O R A N D U M

TO: TRS Board of Trustees

FROM: Tom Spencer, Executive Director

DATE: May 15, 2020

RE: Staff Comments on legislation in 2020 --------------------------------------------------------------------------------------------------------------------- The following is a summary of relevant bills that have been filed for the 2020 session. In the “staff comment” section under each bill is the position the staff intends to take absent a contrary direction and vote of the Board. There will be an item on the agenda for the board meeting under which these bills can be discussed. If any board member would like the Board to take a position on a particular bill, such a motion would be in order under that agenda item as well. All items in yellow highlight are “new” since my last report.

Bills Impacting Benefits or TRS Administration

HOUSE BILLS

HB 1090 (Rep. Osburn; Sen. Montgomery) This is a holdover bill that would allow members of TRS to purchase service credit. The bill amends OPLAAA ostensibly so the Legislature can consider the service credit purchase aspect of the bill. This bill amends certain service purchases by those members who have service teaching in the Peace Corps, or other public schools. This bill limits the purchase to “active” members. It lifts the current cap of 5 years on such purchased service as well as most other limitations. It changes the cost of purchase to actuarial cost as opposed to paying contributions plus interest. The credit can be purchased if the member is not already getting retirement credit from these years. Staff comments: Monitor. The staff has been working with both authors since last session on possible modifications to the bill. There is a lot of interest at eliminating any impediment to the recruitment of teachers. Status: Filed in 2019. It passed the House in 2019 with its title stricken and was never considered by the Senate. Holdover. It is still a live round and can be taken up by the Senate.

HB 3350 (Rep. Frix) Filed as a shell bill, a committee substitute was filed on Tuesday, February 25, giving 4% COLAs to retirees of all systems. It has the so-called “safe-harbor” provision that exempts the bill from OPLAAA. A committee sub by Rep. Kannady was adopted and passed by the Rules Committee on 2/27. For TRS and the other systems there is a “sliding scale” percentage COLA given based on the number of years someone is retired. Two years or less as of 7/1/2020 – 0%. At least 2 years as of July 1, 2020 but less than 5 years, 2%. Five or more years is 4%. Staff position & comments: Oppose if unfunded. Support if funded. The price tag on a 4% COLA is $500 million. GRS has advised us, and the House has been informed, that this bill would cost $400 million. There is no indication that the authors or others intend to fund the cost of the COLA. Status: Committee Sub passed out of the House Rules committee on Thursday, February 27 at 1:30. It passed the full House 99-0 on March 10.

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HB 3599 (Rep. Roberts, Dustin) This bill would eliminate TRS’ ability to apply the “federal and grant matching contributions” to non-federally funded positions that are funded from private sources. Staff position & comments: Opposed. This bill reduces revenue to TRS. The purpose of the federal and grant matching contributions is so the pension cost of every position participating in TRS is fully funded. Under the bill, privately funded positions would only pay employee and employer contributions, and TRS would not collect the additional matching contribution rate currently set at 7.7%. If passed, federal law would prevent collecting this contribution even on federal grants due to the “non-discrimination” provision that prevents States from charging pension costs on federal grants and not also charging it on private sources. TRS collected $27 million on this contribution in FY 2019. Status: Passed out of the House Rules committee on February 25, 2020 upon author’s representation that it was a “work in progress.” On 3/5/20, the Rules Committee recommended striking title on the bill that must be done by the full House. Rep. Roberts filed a motion to strike title on 3/9/20. It passed the House with title off on 3/10.

HB 3994 (Rep. Wright) This bill would modify the post-retirement salary limitations in 70 O.S. §17-116.10 when retirees return to work. It would raise the current restriction on earnings forretirees under the age of 62, from $15,000 (or Social Security maximum which is about $17 K)to $25,000. This could have some cost to TRS as some retirees may decide to come back to workat the higher salary maximum. The bill has been designated a “non-fiscal impact bill” becausethe bill exempts itself from OPLAAA. Staff position & comments: Monitor & PossiblyOppose. Our actuary wrote us a letter with an estimate of a $23 million fiscal impact. Status: Itwas heard in the House Banking, Fin. Serv. & Pensions committee on 2/19/20. The fiscal impactwas discussed at the committee meeting. The author said it was a “work in progress” and wouldlikely “strike title” on the House floor. It passed unanimously. TRS staff discussed this bill withRep. Wright to see if he would support SB 1445 and let this die. That didn’t happen. The billpassed the House on 3/11/20.

HB 4029 (Rep. McCall) This bill would modify the post-retirement salary limitations in 70 O.S. §17-116.10 when retirees return to work. It would prohibit retirees from returning to work for afull year after retirements, but then repeals all salary limitations for those retirees who come backto work. It also makes the minimum salary schedule applicable to retirees returning to work. Anamendment to the bill was approved by the House Rules Committee that local school districtscould bargain on the salaries for these returning retirees. The cost to TRS is unknown. The billhas been designated a “non-fiscal impact bill” because the bill exempts itself from OPLAAA.Staff position & comments: Monitor & Possibly Oppose. In 2015 a bill that would have raisedsalary caps in the first 3 years of retirement to around $66,000, would have cost to the Systemaround $169 million. The one-year prohibition from retirees returning to work could lower thecost to TRS potentially. Status: Passed as amended in the House Rules Committee onTuesday, Feb. 11. On March 9, the Speaker filed a Floor amendment changing thelanguage dramatically. The bill went back to the 60-day layout before returning to workafter retirement. It set a cap for the first year of return at $36,601.00. After the first yearthe cap goes to $50,000. TRS actuary Ryan Falls set the cost of this bill at $214 millionwhich was communicated to the House. With the amendment this bill becomes a verylucrative incentive to start drawing one’s pension and return to work quickly. The billpassed on March 11.

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HB 2741 (Rep. Wallace; Sen. Thompson) This bill was filed as a shell bill in 2019 and was called "State Budget Implementation Act of 2019." It was “laid over” in February of 2019 by the House Joint Committee on Appropriations and Budget (J-CAB). It laid dormant with no substantive content until May 4, 2020. A committee substitute was presented to the J-CAB that day and passed out of that committee. The bill reduced the amount of “dedicated revenue” to TRS. TRS has been receiving 5% of income tax receipts, as well as sales & use taxes, for many years. The bill reduced all of those tax types to 3.5% for the last 10 months of FY 2021 and 3.75% in FY 2022. It then goes to 5.5% from FY 2023 to FY 2027 before it returns to 5% in FY 2028. All of the funds diverted from TRS are going to the education budget. It was passed by the full House the next day on 5/5/20. It was passed by the Senate on 5/7/20 and sent to the Governor the same day. Governor Stitt vetoed the bill on Wednesday, 5/13/20. Both the House and the Senate swiftly voted to override the veto on the same day. It is now law.

SENATE BILLS

SB 1445 (Sen. Stanley, Rep. Nollan) This bill lifts earnings caps for a 3-year period beginning July 1, 2020 for retired TRS members who were retired as of July 1, 2019 and have not worked since retirement. These retirees may come back to work as classroom teachers after being retired for one year. Similar legislation was passed in 2017, but only applied to retired classroom teachers. Under this bill administrators and really any retired member who retired on July 1, 2019 or before, could start working as a classroom teacher as of July 1, 2020. Position/Staff comments: Neutral to support. Because of the one-year layoff for a retiree to come back with no cap, we don’t believe there will be any fiscal impact. Our actuaries see very little fiscal impact. Status: The bill passed in the Senate Retirement & Insurance Committee on February 24, 2020 with its title stricken. An amendment to restore title was filed on 2/26/20. Passed the Senate 39 to 8 on 3/12/20. A floor amendment limited the time period to one year instead of three. The intention is to look at the state of the teacher shortage each year. On May 6, 2020 the bill was put directly on the House calendar, and is currently on “General Order.”

Bills Impacting TRS and Other State Agencies

House Bills

HB 4025 (Rep. McCall; Sen. Treat) – This bill amends a bill under the recently enacted “LOFT” legislation. LOFT is the Legislative Office of Fiscal Transparency.” This bill would add a section that requires all state agencies to provide on request “raw datasets” to that office. That office must adopt policies dealing with the format and file layout of such data. Staff position & comments: Monitor. We have no objection sharing certain data with LOFT since its mandate is oversight. We would take issue with personal data or other confidential data to be provided. Status: Passed the full House on 3/3/20. Passed the Senate by unanimous vote on 5/12/20 and has been sent to the Governor.

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Senate Bills

SB 1422 (Sen. Thompson; Rep. Wallace) This is a massive bill (105 pages) that makes many amendments to the State Central Purchasing Act. It appears to require all agencies to use OMES purchasing staff with the exception noted if an agency can do it more efficiently (cheaper). A specific change in the bills reads, “the Chief Information Officer shall have the authority to designate certain information technology telecommunication contracts for state agencies as statewide contracts and mandatory statewide contracts and may negotiate consolidation contracts, enterprise agreements and high technology system contracts in lieu of or in conjunction with competitive bidding procedures to reduce acquisition cost.” Staff position & comments: Monitor. As with many bills there are good, bad and unknown aspects of the bill. Status: Passed the full House on 3/3/20 and the Senate on 5/14/20.

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TRS BUDGET PROPOSAL FY 2021 May 20, 2020

This is a summary of the items in the staff’s Budget Work Program for the FY 2021 budget year.

General Observations

Stating the obvious, we are waking up to a completely different world than when we last met in February. Thousands of jobs lost because of the pandemic with corresponding tax revenue plunging. A large portion of our population is still sheltering in place with an occasional trip to the grocery store. We are limping our way back to some semblance of normalcy. But even with those historical occurrences, our budget needs and ideas are only slightly different than they were when we discussed our Budget Request with the Board back in September 2019.

The TRS staff tries to spend our funds wisely. We get bids or quotes on most everything we purchase whether we have to or not. TRS may be one of the most thoroughly audited agencies in state government. We follow basic principles of risk management and appropriate financial controls.

We have some additions to the budget request for FY 2021 but we also have reductions in others. Where it shows an increase, there is a specific reason or goal in mind for the increase. Where we show reductions, it is because costs have gone down, the item or service is no longer needed, or we are cutting back. All of these budget items will improve, or certainly won’t harm, how we provide excellent client service.

I still believe the biggest asset we have at TRS is our people. We only have 37 full time staff members at present, and they are extremely productive. We currently have one vacancy but we have one manager who has announced retirement at the end of FY 2020. Another manager will retire a few months into the fiscal year. But we still have a very stable workforce. We are still budgeting for 40 FTE. We created two I.T. positions a few years ago. One has been filled, the other has not been filled. The other budgeted, but not filled position is a department supervisor in Client Services. We may take a look at whether we need to fill one of these positions, or re-allocate one of the positions for something different.

We almost went the entire fiscal year 2020 without a vacancy. Several months ago we had a staff member who had to leave the workforce due to a family medical issue, and we had one unexpected retirement. We continue to promote a collaborative work environment in which the opinions of our staff members are valued. We reward excellent performance with our annual ABCD (Above and Beyond the Call of Duty) awards and performance based stipends based on their actual evaluations. Finally we try to measure market salary data to see how our salaries are keeping up with the market. Those salary studies are done by the Human Capital Management Division of OMES. We make adjustments when the data supports it.

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TRS GOALS

Our long-term goals are to improve the funded status of the pension plan by maximizing return on investment and securing adequate funding from the state. We will improve customer service by building and maintaining a professional staff and through the utilization of the Internet and other technology.

Goal #1: Improve and Enhance Client Services including Better Communications Goal #2: Develop an Efficient, Knowledgeable Professional Team (Staff and Board) Goal #3: Enhance and Modernize IT Capabilities and Services Goal #4: Achieve Superior Risk-adjusted Returns and Manage the Assets of the Plan

Prudently Goal # 5: Secure Adequate Revenue to Improve the Funded Status of the Plan

FY 2021 Budget ideas

1. Salary & Payroll Costs – We think we will have OMES perform another office-wide marketstudy of salaries for the FY 2021 budget year. I’m assuming that there will be some increases insalary due to market conditions in FY 2020 but the economic downturn may depress thosenumbers. As indicated earlier, we are under budget for salary & benefits since we are budgetingfor 40 FTE. We have 37 employees at present. We are in the process of filling a vacancy and wehave posted for our retiring Information Center Supervisor. However, we will likely fill a long-vacant supervisor position in Client Services in FY 2021. A new Legislative Liaison position isincluded for $140,742 salary and benefits. I am making another run to get permission to hire alobbying firm. If I’m successful, I will not need this position. The payroll budget has an increasefor market increases.Increase - $363,534

2. Professional Services

a. Investment Consultant – FY 2021 is the last year of the current contract with AndCo. There isan increase built in for FY 2021. The contract goes up from $1,180,476 in FY 2020 to$1,195,290 for FY 2021.Increase - $14,814

b. Back Office Provider/Alternative Investments – TRS hired Meketa in FY 2020 to provide“back office” services that have provided us better data, accounting, and processes to properlyoversee TRS’ growing number of alternative investments. The budget was $500,000 as weneeded to submit the budget prior to making a final selection. The actual cost for FY 2020 was$275,000. In FY 2021 the cost will be $325,000.Decrease - $175,000.

c. Auditing – (Internal Auditor) We had two firms performing different types of internal auditservices in FY 2019. The amount TRS budgeted in FY 2020 for Stinnett (“consultative” auditor)was $125,000, and the original amount we budgeted for the “assurance” auditor was $175,000,for a total internal audit services budget of $300,000. I recommend that we just use Stinnett in

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FY 2021 for our internal audit needs. However, I will propose that we discuss having Stinnett do some of the “assurance” work. If the Board agrees we can lower the internal audit portion of the budget by $125,000. That will still provide $50,000 in case we want to test out Stinnett doing some of that different type of auditing. Decrease all Audit Services – $125,000

d. Actuarial – The budget for FY 2020 (the 3rd year of a multi-year contract) was $80,300. In FY2021 the contract has a maximum for the basic services of $69,900. We sometimes have the firmdo work outside the scope of their annual retainer. The FY 2020 budget for basic services was$76,600. The cost of the experience study is $41,000. Total FY 2020 budget for actuarialexpenses is $117,600. We think the budget for FY 2021 should be around $80,000 in FY 2020.Decrease - $37,600

e. Communications Firm – The FY 2020 budget had $50,000 for a communications firm. A firmwas hired in the 2nd half of the current fiscal year. We believe that a full year of services for helpon the website, assistance with the newsletter & PAFR, help with social media, and producingeducation videos will cost $100,000 in FY 2021Increase $50,000

f. Contract Lobbyist – It may be wishful thinking on my part but I intend to make the argumentthat if we pledge to coordinate our legislative initiatives with the Governor’s team, TRS willbenefit, and the Governor will benefit. I would like to think that if we had a lobbying firm thisyear, we would have had a better outcome. We have to assume the answer will be “no” but if it isa “yes” we can re-instate $45,000 in the budget and decrease personnel cost for a legislativeliaison.Decrease - $45,000

3. Administrative Expenses

a. Office Relocation Expenses – There is $100,000 in our current FY 2020 budget year for“office relocation.” In February, the Board approved of a change to increase that figure to$140,000 for all moving expenses that included (a) a moving company to take everything beingmoved from the Hodge Building to the Harvey Parkway Building for $40,000, (b) new furnitureto replace older, worn furniture of $70,000, and (c) paying OMES to perform all of our networkcabling installation. Our move to the Harvey Parkway Building should be completed bySeptember 1, 2020 which means most of these expenses will be out of the FY 2021 budget.Since the expenditures mentioned above are in different categories, only the moving companyexpenses of $40,000 are reflected here.Decrease - $60,000

b. Equipment – New office furniture and equipment for the Harvey Parkway building.Increase - $70,000

c. Rent and Maintenance – Office rent will increase from $13,196 to $20,320 per month.However, we will be paying rent to ourselves.Increase - $71,240

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4. I.T. (Data Processing)

a. Professional Services (Software Development, OMES-ISD & Pension Administration SystemImplementation Consultant) – For FY 2020 we budgeted a total of $1,054,000.in this category.The breakdown was $204,000 for the cost of I.T. services from OMES. We went back to onlytwo developers for FY 2020 through MY Consulting for a total budget of $350,000. Webudgeted $500,000 for an I.T. consulting firm with experience advising statewide pension planshow to select the best software to replace legacy systems. At this point we actually believe thatwe will be able to acquire software from an established company without the need for a separateconsultant. We will most likely need to have a contract with or through OMES for a projectmanager. We estimate a one year cost for OMES’ services at $150,000. The $500,000 consultantcost from the current year will end up being in the cost for the software itself in FY 2021. For FY2021 we think our OMES cost will be $210,000 for our basic services and $150,000 for projectmanagement for a total of $360,000. The My Consulting cost will remain at $350,000. We alsothink we could have software acquisition costs of $1,000,000. The total proposed budget forFY2021 is $1,742,300. We also estimate that we will pay OMES $30,000 for network cablingand additional services as a part of our move to Harvey Parkway.Increase - $688,300

b. Rent and Maintenance – We anticipate acquiring software that will better use fax capabilitiesand make it easier for members to send in documents. Incoming faxes will be routedelectronically to staff without being printed out. We believe the cost to be around $25,000. Wewill also be leasing an additional multifunction printer at the Harvey Parkway Building at a costof $6,000 for the lease and maintenance. There are also increases in our current leases.Increase - $35,800

Summary of Changes for FY 2021

The FY 2020 Budget is $8,607,606. We propose a budget of $9,472,544 for FY2021. Overall net increase for FY 2021: $864,938

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May 20, 2020

Actual Actual Actual Increase Increase FY -2019 FY 2020 FY 2021 (Decrease) (Decrease)

Object of Expenditure Budget Budget Budget Budget PercentagePersonnel Services

Salary and Longevity Pay Expenses 2,660,968 2,738,204 3,024,518 286,314 10.5%Taxes, Benefits, and Other Expenses 1,346,712 1,408,394 1,485,614 77,220 5.5%

Subtotal Personal Services 4,007,680 4,146,598 4,510,132 363,534 8.8% 1Professional Services

Investment Consultant Expenses 1,146,676 1,180,476 1,195,290 14,814 1.3% 2aInvestment Manager Alternatives Expense 0 500,000 325,000 (175,000) (35.0%) 2bInvestment Custodian Expenses 28,000 28,000 28,000 0 0.0%Pension Commission Expenses 70,000 70,000 70,000 0 0.0%

Subtotal Investment Expenses 1,244,676 1,778,476 1,618,290 (160,186) (9.0%)Legal Services - Special Projects 100,000 100,000 100,000 0 0.0%Legal Services - Attorney General 7,500 7,500 7,500 0 0.0%Administrative Hearings 5,000 5,000 5,000 0 0.0%Auditing Services 380,500 393,200 268,200 (125,000) (31.8%) 2cActuarial Services 75,300 117,600 80,000 (37,600) (32.0%) 2dMedical Hearings 15,000 15,000 15,000 0 0.0%Communications Firm 50,000 50,000 100,000 50,000 100.0% 2eContract Lobbyist 45,000 45,000 0 (45,000) (100.0%) 2fDisability Retirement Management 50,000 50,000 50,000 0 0.0%Miscellaneous Services 25,330 25,330 23,030 (2,300) (9.1%)

Subtotal Professional Services 753,630 808,630 648,730 (159,900) (19.8%)Subtotal Professional Services 1,998,306 2,587,106 2,267,020 (320,086) (12.4%)

Travel and Per Diem ExpensesNon-Employee Travel Expenses 30,300 30,300 30,300 0 0.0%Employee Training 18,889 18,889 18,889 0 0.0%Employee Travel Expenses 26,190 18,000 18,000 0 0.0%

Subtotal Travel and Per Diem Expenses 75,379 67,189 67,189 0 0.0%Administrative Expenses

Postage 195,000 195,000 195,000 0 0.0%Printing and Binding Contracts 114,000 75,000 100,000 25,000 33.3%Informational Services 12,531 9,791 19,791 10,000 102.1%Rent and Maintenance 166,632 166,632 237,872 71,240 42.8% 3cOffice Supplies 37,820 30,000 30,000 0 0.0%Equipment 8,500 8,500 78,500 70,000 823.5% 3bOffice Relocation Expense 100,000 100,000 40,000 (60,000) (60.0%) 3aMiscellaneous Administrative Expenses 53,904 45,155 46,305 1,150 2.5%

Subtotal Administrative Expenses 688,387 630,078 747,468 117,390 18.6%Data Processing Expenses

Professional Services 1,163,700 1,054,000 1,742,300 688,300 65.3% 4aTelecommunication Services 30,600 30,000 10,000 (20,000) (66.7%)Rent and Maintenance 25,500 31,375 67,175 35,800 114.1% 4bOffice Supplies 5,000 5,000 5,000 0 0.0%Equipment 52,000 52,300 52,300 0 0.0%Informational Services 0 3,960 3,960 0 0.0%

Subtotal Data Processing Expenses 1,276,800 1,176,635 1,880,735 704,100 59.8%

Total Expenses 8,046,552 8,607,606 9,472,544 864,938 10.0%

Agency TotalsBudget Works Program

Fiscal 2021

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May 20, 2020

2020-2021Actual Actual Actual Projected Proposed Increase Increase

FY -2019 FY -2019 FY 2020 FY 2020 FY 2021 (Decrease) (Decrease)Object of Expenditure Budget Expenses Budget Expenses Budget Budget Percentage

Personnel ServicesSalary and Longevity Pay Expenses 2,660,968 2,515,886 2,738,204 2,586,573 3,024,518 286,314 10.5%Taxes, Benefits, and Other Expenses 1,346,712 1,227,952 1,408,394 1,242,362 1,485,614 77,220 5.5%

Subtotal Personal Services 4,007,680 3,743,838 4,146,598 3,828,935 4,510,132 363,534 8.8%Professional Services

Investment Consultant Expenses 1,146,676 1,126,676 1,180,476 1,160,476 1,195,290 14,814 1.3%Investment Manager Alternatives Expense 0 0 500,000 330,000 325,000 (175,000) (35.0%)Investment Custodian Expenses 28,000 21,000 28,000 28,000 28,000 0 0.0%Pension Commission Expenses 70,000 49,503 70,000 70,000 70,000 0 0.0%

Subtotal Investment Expenses 1,244,676 1,197,179 1,778,476 1,588,476 1,618,290 (160,186) (9.0%)Legal Services - Special Projects 100,000 63,612 100,000 53,451 100,000 0 0.0%Legal Services - Attorney General 7,500 0 7,500 0 7,500 0 0.0%Administrative Hearings 5,000 0 5,000 2,500 5,000 0 0.0%Auditing Services 380,500 251,640 393,200 183,200 268,200 (125,000) (31.8%)Actuarial Services 75,300 76,815 117,600 117,600 80,000 (37,600) (32.0%)Medical Hearings 15,000 8,100 15,000 8,000 15,000 0 0.0%Communications Firm 50,000 0 50,000 50,000 100,000 50,000 100.0%Contract Lobbyist 45,000 45,000 45,000 0 0 (45,000) (100.0%)Disability Retirement Management 50,000 0 50,000 0 50,000 0 0.0%Miscellaneous Services 25,330 58,720 25,330 30,000 23,030 (2,300) (9.1%)

Subtotal Professional Services 753,630 503,887 808,630 444,751 648,730 (159,900) (19.8%)Subtotal Professional Services 1,998,306 1,701,066 2,587,106 2,033,227 2,267,020 (320,086) (12.4%)

Travel and Per Diem ExpensesNon-Employee Travel Expenses 30,300 12,343 30,300 10,565 30,300 0 0.0%Employee Training 18,889 12,890 18,889 12,500 18,889 0 0.0%Employee Travel Expenses 26,190 19,231 18,000 15,075 18,000 0 0.0%

Subtotal Travel and Per Diem Expenses 75,379 44,464 67,189 38,140 67,189 0 0.0%Administrative Expenses

Postage 195,000 203,171 195,000 196,500 195,000 0 0.0%Printing and Binding Contracts 114,000 28,450 75,000 38,000 100,000 25,000 33.3%Informational Services 12,531 13,685 9,791 20,313 19,791 10,000 102.1%Rent and Maintenance 166,632 166,788 166,632 165,000 237,872 71,240 42.8%Office Supplies 37,820 24,109 30,000 25,000 30,000 0 0.0%Equipment 8,500 0 8,500 0 78,500 70,000 823.5%Office Relocation Expense 100,000 0 100,000 0 40,000 (60,000) (60.0%)Miscellaneous Administrative Expenses 53,904 33,086 45,155 32,500 46,305 1,150 2.5%

Subtotal Administrative Expenses 688,387 469,289 630,078 477,313 747,468 117,390 18.6%Data Processing Expenses

Professional Services 1,163,700 640,344 1,054,000 475,000 1,742,300 688,300 65.3%Telecommunication Services 30,600 7,550 30,000 7,500 10,000 (20,000) (66.7%)Rent and Maintenance 25,500 5,772 31,375 30,000 67,175 35,800 114.1%Office Supplies 5,000 0 5,000 2,500 5,000 0 0.0%Equipment 52,000 58,349 52,300 52,300 52,300 0 0.0%Informational Services 0 3,960 0 3,960 0 0.0%

Subtotal Data Processing Expenses 1,276,800 712,015 1,176,635 567,300 1,880,735 704,100 59.8%

Total Expenses 8,046,552 6,670,672 8,607,606 6,944,917 9,472,544 864,938 10.0%

Agency Budget Work Program FY-2020 Projected Budget to Actual vs FY-2019 Budget to Actual

Fiscal 2021

Page 219 of 255

May 20, 2020

2020-2021% 2021 BudgetActual Actual Actual Projected Proposed Increase Increase 2020 Projected Exp

FY -2019 FY -2019 FY 2020 FY 2020 FY 2021 (Decrease) (Decrease) IncreaseObject of Expenditure Budget Expenses Budget Expenses Budget Budget Percentage (Decrease) %

Personnel ServicesSalary and Longevity Pay Expenses 2,660,968 2,515,886 2,738,204 2,586,573 3,024,518 286,314 10.5% 16.9%Taxes, Benefits, and Other Expenses 1,346,712 1,227,952 1,408,394 1,242,362 1,485,614 77,220 5.5% 19.6%

Subtotal Personal Services 4,007,680 3,743,838 4,146,598 3,828,935 4,510,132 363,534 8.8% 17.8%Professional Services

Investment Consultant Expenses 1,146,676 1,126,676 1,180,476 1,160,476 1,195,290 14,814 1.3% 3.0%Investment Manager Alternatives Expense 0 0 500,000 330,000 325,000 (175,000) 100.0% (1.5%)Investment Custodian Expenses 28,000 21,000 28,000 28,000 28,000 0 0.0% 0.0%Pension Commission Expenses 70,000 49,503 70,000 70,000 70,000 0 0.0% 0.0%

Subtotal Investment Expenses 1,244,676 1,197,179 1,778,476 1,588,476 1,618,290 (160,186) (9.0%) 1.9%Legal Services - Special Projects 100,000 63,612 100,000 53,451 100,000 0 0.0% 87.1%Legal Services - Attorney General 7,500 0 7,500 0 7,500 0 0.0% 100.0%Administrative Hearings 5,000 0 5,000 2,500 5,000 0 0.0% 100.0%Auditing Services 380,500 251,640 393,200 183,200 268,200 (125,000) (31.8%) 46.4%Actuarial Services 75,300 76,815 117,600 117,600 80,000 (37,600) (32.0%) (32.0%)Medical Hearings 15,000 8,100 15,000 8,000 15,000 0 0.0% 87.5%Communications Firm 50,000 0 50,000 50,000 100,000 50,000 100.0% 100.0%Contract Lobbyist 45,000 45,000 45,000 0 0 (45,000) (100.0%) (100.0%)Disability Retirement Management 50,000 0 50,000 0 50,000 0 0.0% 100.0%Miscellaneous Services 25,330 58,720 25,330 30,000 23,030 (2,300) (9.1%) (23.2%)

Subtotal Professional Services 753,630 503,887 808,630 444,751 648,730 (159,900) (19.8%) 45.9%Subtotal Professional Services 1,998,306 1,701,066 2,587,106 2,033,227 2,267,020 (320,086) (12.4%) 11.5%

Travel and Per Diem ExpensesNon-Employee Travel Expenses 30,300 12,343 30,300 10,565 30,300 0 0.0% 186.8%Employee Training 18,889 12,890 18,889 12,500 18,889 0 0.0% 51.1%Employee Travel Expenses 26,190 19,231 18,000 15,075 18,000 0 0.0% 19.4%

Subtotal Travel and Per Diem Expenses 75,379 44,464 67,189 38,140 67,189 0 0.0% 76.2%Administrative Expenses

Postage 195,000 203,171 195,000 196,500 195,000 0 0.0% (0.8%)Printing and Binding Contracts 114,000 28,450 75,000 38,000 100,000 25,000 33.3% 163.2%Informational Services 12,531 13,685 9,791 20,313 19,791 10,000 102.1% (2.6%)Rent and Maintenance 166,632 166,788 166,632 165,000 237,872 71,240 42.8% 44.2%Office Supplies 37,820 24,109 30,000 25,000 30,000 0 0.0% 20.0%Equipment 8,500 0 8,500 0 78,500 70,000 823.5% 0.0%Office Relocation Expense 100,000 0 100,000 0 40,000 (60,000) (60.0%) (100.0%)Miscellaneous Administrative Expenses 53,904 33,086 45,155 32,500 46,305 1,150 2.5% 42.5%

Subtotal Administrative Expenses 688,387 469,289 630,078 477,313 747,468 117,390 18.6% 56.6%Data Processing Expenses

Professional Services 1,163,700 640,344 1,054,000 475,000 1,742,300 688,300 65.3% 266.8%Telecommunication Services 30,600 7,550 30,000 7,500 10,000 (20,000) (66.7%) 33.3%Rent and Maintenance 25,500 5,772 31,375 30,000 67,175 35,800 114.1% 123.9%Office Supplies 5,000 0 5,000 2,500 5,000 0 0.0% 100.0%Equipment 52,000 58,349 52,300 52,300 52,300 0 0.0% 0.0%Informational Services 0 3,960 0 3,960 0 0.0% 100.0%

Subtotal Data Processing Expenses 1,276,800 712,015 1,176,635 567,300 1,880,735 704,100 59.8% 231.5%

Total Expenses 8,046,552 6,670,672 8,607,606 6,944,915 9,472,544 864,938 10.0% 36.4%

Agency Budget Work Program FY-2020 Projected Budget to Actual vs FY-2019 Budget to Actual

Fiscal 2021

Page 220 of 255

2020 Investment Consultant Performance Review

Q1 Performance Reporting: Consultant provides investment performancecalculation, evaluation, and analysis including a report detailing

performance rankings of the System’s investment managers comparedwith their benchmark and monthly and quarterly performance reports -

clearly communicating report findings so trustees are equipped with thenecessary understanding of the fund's investment performance in order to

fulfill their fiduciary duty to monitor the fund.Answered: 14 Skipped: 0

0.00%0

0.00%0

21.43%3

35.71%5

42.86%6

0.00%0 14 4.21

Poor Below Average Average Above Average Excellent

N/A

0

2

4

6

8

10

POOR BELOWAVERAGE

AVERAGE ABOVEAVERAGE

EXCELLENT N/A TOTAL WEIGHTEDAVERAGE

(nolabel)

Their briefing became better a few months ago when they re-formatted their delivery and hit the high points.

W/occasional stumbles that seem to be due to vendors and alternative investments that report late, and sometimes require small adjustments

Reports sometimes contain errors and the consultant seems to skip around at random when presenting the reports at the meetings.

The consultants highlight managers who are doing well; rarely on the managers who are under-performing. That is the case even with managers who aren't performing well over long periods.

Weighted Average 2020: 4.21 Weighted Average 2019: 3.92

Too much information. Report is too long, and should be easier to understand. Info is great, but there’s too much.

Page 221 of 255


Q2 Performance Reporting: Consultant condenses and summarizesBoard reports to focus on any actions the Board may need to take and

any significant factors that have impacted or will impact the portfolio returnand risk.

Answered: 14 Skipped: 0

0.00%0

7.14%1

28.57%4

28.57%4

35.71%5

0.00%0 14 3.93


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

Like #1 above, the briefing was more easily understood once the key points were highlighted.

Wish the consultant would spend some time on Executive Summary for TRS before launching into details.

We have reduced the full board investment reports mostly to the basics. The board seems to appreciate the reduced time and details. I have some concerns that the board (not the consultants) should have an appetite for a little more detail, but they do have it in the report and can read and inquire as necessary.

See prior comments. Seem to spend time only discussing outperformance (Hoisington) and not addressing why equities underperform policy index over extended periods.

The consultant rarely highlights which managers are under-performing, or in the case of MLPs where the entire asset class is tanking.

As a trustee I would be interested in understanding more about the amount of risk in our portfolio and whether we realize as much benefit in rising markets as we suffer loss in down markets. Based on what I have learned as a Trustee, TRS has had to take on more risk because of our funded status. One question for consideration is are we to a point in funding where we should consider taking less risk?

Weighted Average 2020: 3.93No 2019 Comparison

Page 222 of 255


Q3 Performance Reporting: Consultant provides accurate and timelyinformation on investment strategies, instruments, managers and other

issues as requested.Answered: 14 Skipped: 0

0.00%0

7.14%1

14.29%2

64.29%9

14.29%2

0.00%0 14 3.86


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

I believe AndCo works diligently to stay on top, although at times, vendors like L&B have not been as clear and up to date as consultants and the board desire. It sounds to me like AndCo. attempts to stay in contact with our managers on a regular basis. AndCo. may need to emphasize and demand additional transparency from our alternatives managers

Weighted Average 2020: 3.86Weighted Average 2019: 3.92

Page 223 of 255


Q4 Investment Manager Monitoring: Consultant monitors the Board’sinvestment managers and timely notifies the Board and staff of any

performance issues or material changes in the investment managers’organizational structure or personnel.


0.00%0

0.00%0

23.08%3

46.15%6

30.77%4

0.00%0 13 4.08

Poor Below Average Average Above Averge Excellent

N/A

0

2

4

6

8

10

POOR BELOWAVERAGE

AVERAGE ABOVEAVERGE


(nolabel)

The investment committee and board get regular reports, some that are resulting from information received within a few days or even hours of our meetings. We have received some info. late at times, but it appears that it was due to late or inaccurate disclosure and not due to AndCo. negligence.


Page 224 of 255


Q5 Investment Manager Monitoring: Consultant conducts due diligencewhen investment managers fail to meet expectations or are placed ‘On

Alert’ and timely reports findings to the Board and staff.Answered: 14 Skipped: 0

0.00%0

0.00%0

35.71%5

42.86%6

21.43%3

0.00%0 14 3.86


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

From material and updates provided in meetings, it appears that AndCo is doing timely follow-up on issues and reporting same to the committee and board.


Page 225 of 255


Q6 Periodic Projects: Consultant assists in developing and modifyinginvestment policy objectives and guidelines, including the development of

asset allocation strategies, recommendations on long-term assetallocation, and the appropriate mix of investment manager styles and

strategies.Answered: 14 Skipped: 0

0.00%0

7.14%1

21.43%3

57.14%8

7.14%1

7.14%1 14 3.69


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

I assume the Consultant is communicating with the Staff on this issue.

As we are about to embark on an new asset asset/liability study, it seems like AndCo is being involved as requested. I am sure OTRS staff share in carrying the ball on this project. We may need more insight and coaching regarding our assumed rate of return in light of current interest rates and the investment environment going forward.

Not proactive here, at least in last 12-15 months.

This seems to be more of something the investment staff does.


Page 226 of 255


Q7 Periodic Projects: Consultant provides assistance in investmentmanager searches including the drafting of RFPs, conducting the search,

reviewing, organizing, and summarizing responses, participating in theinterviews of potential investment managers, conducting due diligence on

potential managers, and making recommendations regarding finalselection of managers.


0.00%0

0.00%0

14.29%2

50.00%7

21.43%3

14.29%2 14 4.08

Poor Below Aerage Average Above Average Excellent

N/A

0

2

4

6

8

10

POOR BELOWAERAGE



(nolabel)

I'm not sure of the level of engagement by the consultant in this area. As far as I know, the Consultant is coordinating these efforts with the staff.

It sounds like this is a team effort with OTRS staff. I am not sure how the work/responsibilities are divided but I am satisfied that AndCo will participate at whatever level and to whatever degree they are asked to.


Page 227 of 255


Q8 Compliance Tasks: Consultant acknowledges status as, and acts at alltimes as, a fiduciary to the System, and remains in compliance with the

Investment Policy Statement.Answered: 14 Skipped: 0

0.00%0

0.00%0

21.43%3

28.57%4

50.00%7

0.00%0 14 4.29


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

None


Page 228 of 255


Q9 Compliance Tasks: Consultant assists the Board by monitoringinvestment manager compliance with the Investment Policy Statement.


0.00%0

0.00%0

14.29%2

28.57%4

50.00%7

7.14%1 14 4.38


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

Great job!

In conjunction with coordinated with staff.

Can only assume this is being done. Seen no evidence either way.


Page 229 of 255


Q10 Client Service Assessment: Consultant cultivates and exhibits a goodworking relationship with the Board of Trustees and Staff.


0.00%0

0.00%0

14.29%2

28.57%4

57.14%8

0.00%0 14 4.43


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

Doug & Pete do an outstanding job!

The Consultant appears to be working closely with the Staff.

I receive email and telephone contact from Doug monthly with information as things may develop and inquiring about things I might need.


Page 230 of 255


Q11 Client Service Assessment: Consultant explores, researches,analyzes and reviews new investment ideas and managers in

collaboration with the Board and staff.Answered: 14 Skipped: 0

0.00%0

0.00%0

21.43%3

50.00%7

21.43%3

7.14%1 14 4.00


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)


Although for reasons outside of their control these issues seem to move, most of the time, at a snails pace. It is good to vet things well, and make decisions with as much info as possible.

Not sure about staff, board seems to be on a need to know basis. Board was not informed of re-balancing action until almost after fact, and it likely should have been done sooner.

Page 231 of 255


Q12 Prior Evaluation Recommendation: Following the evaluation in 2019, the Board and TRS staff recommended the Consultant present an

Executive Summary written in bullet point form covering each point the consultant wishes to highlight from the full report. The summary was to

include items that helped or hurt performance over the applicable period and contain the most relevant and significant things that a Board or

committee member needs to know to properly oversee the TRS Fund. Examples of such items requested to be included were how events in the

capital markets impacted the portfolio, asset classes that have done particularly well or poorly, economic reports or governmental actions that have or might affect performance in the future, whether our asset classes

outperformed or under-performed their benchmarks, under-performing managers, and any other recommendations of the consultant. How would

you rate the Consultant over the past year with regards to this recommendation?


0.00%0

14.29%2

14.29%2

35.71%5

28.57%4

7.14%1 14 3.85


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

Weighted Average 2020: 3.85 No 2019 comparison

Page 232 of 255

As noted in comment for question 2 above, AndCo has prepared an Executive Summary page for their report, however it seldom receives much attention during performance presentations.

It seems to still be a work-in-progress.

The reports have been good, however they could be improved with more "bullet points" and less narrative.

I have not seen an Executive Summary presented in bullet point form that I can recall.

Too many bullet points. Each meeting should have a small handful of discussion points. We always seem to discuss the same things. Can’t recall one discussion from their report, as it is more a reporting of results and not a dialogue.

The emphasis on the reports is quantity over quality and is certainly not succinct. We haven’t been getting true executive summaries. What is expected is one page where the main points and takeaways of the full report, are highlighted at the beginning. They have to stop putting that over-sized return figure in the report many times isn’t relevant. When you emphasize a trailing 12 month number for a calendar year, in a 7/1/19 to 12/31/19 report, there is a big disconnect. Those gains are history. They are in the book. Again there is a problem with calling attention to the positive and not telling it like it is.

Page 233 of 255


Q13 Prior Evaluation Recommendation: Following the evaluation in 2019,the Board and TRS staff recommended the Consultant be more proactivein timely informing staff, the Investment Committee and Board on relevant

positive and negative issues with such portfolios and/or managers, andobtain the relevant information from the managers. If necessary, the

managers should appear before the board to discuss these issues. Theconsultants were asked to ensure the staff, investment committee and

Board receive detailed information about new asset classes and/ormanagers concerning fees, how fees are calculated, how the portfolio willbe valued for performance purposes, and the likely legal documentationnecessary to invest in the asset class or with a particular manager. How

would you rate the Consultant over the past year with regards to thisrecommendation?


0.00%0

0.00%0

28.57%4

50.00%7

21.43%3

0.00%0 14 3.93


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

We have not been getting face time with managers. it seems like scheduling has been full with other stuff and considering the new 8 meeting schedule it will be more difficult to see managers in person while working in RFP finalists, actuaries, auditors, etc.

Seems the same.

Weighted Average 2020: 3.93NO 2019 Comparison

Page 234 of 255


Q14 Prior Evaluation Recommendation: Following the evaluation in 2019,the Board and TRS staff recommended the Consultant highlight and

provide detailed information on underperforming managers, including thelikely reasons they may be underperforming, information on how they are

being monitored, a recommendation of whether to continue therelationship with the manager, and a recommendation of where to re-direct the proceeds of the portfolio if the manager is terminated. Howwould you rate the Consultant over the past year with regards to this

recommendation?Answered: 14 Skipped: 0

0.00%0

7.14%1

28.57%4

21.43%3

35.71%5

7.14%1 14 3.92


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

Weighted Average 2020: 3.92

No 2019 comparison

Still sense perhaps a bit of reluctance to focus on areas where performance is not meeting or exceeding expectations.

Although, it is and will be more difficult to maintain a shorter, more concise investment report without getting into some of the weeds. The information is in the board packet. I believe it is presented to the investment committee in good detail and summarized for the board. For board members wanting more detail, as always, they can read most of it in the packet or attend the committee meeting.

There is still far too much pointing out positives, and not pointing out negatives.

14 / 19

Page 235 of 255


Q15 Prior Evaluation Recommendation: Following the evaluation in 2019,the Board and TRS staff recommended the Consultant have sufficient

professionals and support staff to ensure the assigned consultants havedata, reports, and information to competently advise TRS. How would you

rate the consulting firm over the past year with regards to thisrecommendation?


0.00%0

7.14%1

21.43%3

21.43%3

42.86%6

7.14%1 14 4.08


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

Weighted Average 2020: 4.08

No 2019 comparison

AndCo has responded well to this recommendation by demonstrating a team approach to servicing the TRS relationship.

Unfortunately, Kai Peterson quit. Hopefully they can retain a qualified actuary quickly so we can perform an asset/liability study.

We generally have 3 AndCo representatives at board meetings and it appears that the backup they have working on OTRS stuff is meeting our needs.

Page 236 of 255


Q16 Overall Performance: Given the various areas of performance listedabove, how would you rate the overall performance of the consultant in

assisting the Board to meet the investment objectives of TRS?Answered: 14 Skipped: 0

0.00%0

7.14%1

14.29%2

50.00%7

28.57%4 14 4.00


0

2

4

6

8

10

POOR BELOW AVERAGE AVERAGE ABOVE AVERAGE EXCELLENT TOTAL WEIGHTED AVERAGE

(no label)


I credit Doug, Peter and AndCo. for a big part of the success OTRS has experienced during my tenure on the board. They have provided continuity with mangers and the OTRS mission as board members and OTRS team members have come and gone.

Page 237 of 255


Q17 Additional questions for staff: Consultant certifies on a quarterly basisin writing the investment consultant’s compliance with the Investment

Policy Statement.Answered: 13 Skipped: 1

0.00%0

0.00%0

7.69%1

7.69%1

30.77%4

53.85%7 13 4.50


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)

None

Weighted Average 2020: 4.50 Weighted Average 2019: 4.00

Page 238 of 255


Q18 Additional questions for staff: Consultant reviews with the staff thestatus and performance of current investment managers and determines if

any issues need to be addressed by the staff or the Board of Trustees.Answered: 13 Skipped: 1

0.00%0

0.00%0

7.69%1

23.08%3

30.77%4

38.46%5 13 4.38


N/A

0

2

4

6

8

10

POOR BELOWAVERAGE



(nolabel)


Doug, Peter, and Jack seem to be very up-to-date with our Investment Managers and speak to each of them multiple times per quarter. Communication was great during our 1Q20 re-balance.

Cannot speak for staff in this regard.

Page 239 of 255


Q19 Additional questions for staff: Consultant has exhibited animprovement in scheduling, communicating, and coordinating the delivery

of materials to be assembled by staff and distributed to the Board.Answered: 11 Skipped: 3

0.00%0

18.18%2

9.09%1

27.27%3

45.45%5 11 4.00


0

2

4

6

8

10

POOR BELOW AVERAGE AVERAGE ABOVE AVERAGE EXCELLENT TOTAL WEIGHTED AVERAGE

(no label)

None

Weighted Average 2020: 4.00No 2019 comparison

meeting (with limited exceptions) along with a schedule outlining deadlines for reports to be submitted to Staff for peer review and preparation for meeting packets.

Running Three-Year Total:

2018: 4.34 2019: 3.89 2020: 4.08

Page 240 of 255

1. Executive Summary: Summarize issues important for board members to know presented in abetter and consistent template to use for monthly meetings.

a. Generally one page, never more than two pages (less is better), of an extremely briefsummary on issues important for board members to know.

b. Provide information in bullet point or numbered format including a reference to thepage in the packet where more detailed information can be found, if applicable.

c. Include issues contributing to, or subtracting from, performance since last meeting(highlight the negatives along with the positives).

d. Include specific bullet points if necessary for the following:i. Manager status report: individual managers being watched, andii. Alternative investments: specifically touching on each space (real estate and

private equity).e. Include issues to watch going forward.

2. Professionals and Support Staff: Discuss plan/timing for replacement of in-house actuary andplan/timing for asset/liability study in light of loss of actuary (push to 2021?).

3. Communicating/Coordinating delivery of Board packet materials:a. Staff will provide consultant with a list of reports (with limited exceptions) to be

provided in preparation for each meeting along with a timeline to have reports tosubmitted to staff for peer review and preparation for the Board packet. Consultant isexpected to supply only those reports requested and timely submit those reports tostaff.

Recommendations for FY21:

Page 241 of 255

CLIENT SERVICES PERFORMANCE METRICS THROUGH APRIL 2020

0

200

400

600

800

1000

1200

1400

1600

Num

ber o

f Req

uest

s

ESTIMATE REQUESTS THROUGH APRIL 2020

New Requests Completed Outstanding Avg. time to complete = 9.75 Hrs.

Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20

Num

ber o

f Cal

ls

INCOMING CALLS SERVED THROUGH TRS MAIN NUMBER

Total Incoming Answered Routed Abandoned

86%

11%3%

INFORMATION CENTER PERFORMANCE APRIL 2020

TOTAL CALLS QUEUED THROUGH THE OTRS

MAIN LINE : 5276

TOTAL E-MAILS RECEIVED THROUGH OTRS WEB LINK:

520

PORTAL CLIENTSWITH CONFIRMED PINs:

8109

INCOMINGE-MAILS: 392

TOTAL E-MAILS RECEIVED THROUGH OTRS WEB LINK:

520

564 Calls Routed Through Menu Options.

4556 Calls Answered. Average Speed of Answer: 17 seconds.Target Speed: 20 Seconds

153 Callers Abandoned in Queue. Average Abandon Time: 9 seconds.

CONFIRMED PORTAL PINs03/31/2020: 33,534April 2020 + 387 Total Confirmed: 33,921

INCOMINGE-MAILS: 352

Page 242 of 255

Count Benefit Total

Average

Benefit

Average Years

of Service

Average

Age

Disability 5 $10,396.23 $2,079.25 20.38 58.80

Early 8 $7,011.53 $876.44 15.69 60.25

Normal 77 $157,254.75 $2,042.27 22.72 64.12

Total 90 $174,662.51 $1,940.69 21.97 63.48

158 ($233,062.45) $1,475.08 25.12 82.54

Monthly Retirement Status Report

From 5/1/2020 to 5/31/2020

New Retirements

Terminated Annuities

Page 243 of 255

HR STATUS REPORT May 20, 2020

HR STATUS REPORT

New Hires:

n/a

Resignations/Terminations/Retirements:

n/a

Promotions/Transfers/Salary Adjustments/Changes:

n/a

MISCELLANEOUS PAYMENTS

Severance Payments:

n/a

PENDING – NEW HIRES, RESIGNATIONS, RETIREMENTS OR OTHER CHANGES

Senior Investment Officer - change from full-time to part-time eff. 5/11/2020 (detail on next report)

Client Services Manager (Information Center) – interviews are pending

Retirement Planning Consultant (Information Center) – recruiting

Page 244 of 255

Employer ReportingAnalysis of Employee and Employer Contributions Received

0 0 0 0 0 01

0 01

0

5

10

15

July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June TOTAL

Number of Delinquent Reports FY20

$0

.00

$0

.00

$0

.00

$0

.00

$0

.00

$0

.00

$4

7,5

80

.27

$0

.00

$0

.00

$4

7,5

80

.27

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000


Estimated Delinquent Funds FY20

$5

6,9

58

,73

2.5

5

$4

5,8

55

,98

3.8

8

$5

5,1

79

,30

6.9

8

$6

7,1

84

,00

0.4

2

$7

1,7

76

,34

2.7

8

$7

3,9

27

,98

2.8

4

$6

1,9

67

,32

9.8

6

$6

4,5

57

,35

3.4

4

$6

7,3

69

,20

2.3

0

$5

64

,77

6,2

35

.05

$7

3,5

02

,63

6.7

1

$4

4,3

53

,79

4.2

1

$5

8,2

42

,60

9.5

3

$7

2,4

20

,86

8.6

3

$7

0,1

84

,01

7.8

5

$7

6,4

04

,94

8.8

0

$6

2,2

41

,90

9.3

8

$6

4,2

79

,70

7.9

8

$7

9,6

86

,40

4.8

7

$6

01

,31

6,8

97

.96

$0

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000


Comparison of Contributions ReceivedFor Nine Months Ended March 31, 2019 and March 31, 2020

2019 2020

Page 245 of 255

CURRENT ASSETS:

Cash Not Available For Investment $20,889,145.58

Equities (At Market Value) 12,133,019,606.80

Fixed Income (At Market Value) 3,533,705,544.42

Short-Term Investment Account 588,446,746.98

Due From/(To) Broker (93,740,063.94)

Accounts Receivable Installment Payments 1,065,676.61

Accrued Income 58,446,995.37

Total Current Assets 16,241,833,651.82

CAPITAL ASSETS:

Office Furniture and Equipment 5,265,742.65

Accumulated Depreciation (846,219.00)

TOTAL ASSETS $16,246,253,175.47

CURRENT LIABILITIES:

Teachers' Savings Fund $5,727,704,047.19

Retirement Benefit Fund 11,022,926,492.77

Interest Fund (581,801,777.88)

Expense Fund 16,288,656.89

Suspense Fund 55,679,720.53

Total Current Liabilities 16,240,797,139.50

TRS Capital Investment 5,456,035.97

TOTAL LIABILITIES AND CAPITAL INVESTMENT $16,246,253,175.47

BALANCE SHEET

APRIL 30, 2020

Page 246 of 255

Year to Date Year to Date % Change

(FY 2020) (FY 2019)

Balance of Cash and Investments

Net Position, Beginning of Year $17,105,220,217.46 $16,584,571,799.91

RECEIPTS:

Members' Deposits 245,097,793.73 231,060,933.42 6.07%

Employer Contributions 368,061,058.54 354,220,684.91 3.91%

State Credits 28,610,807.03 24,572,883.61 16.43%

Reimbursed Administrative 2,233.00 137,862.37 -98.38%

Matching Funds from Schools 23,169,904.33 22,132,658.23 4.69%

Lottery Revenue 3,161,476.99 3,590,264.00 -11.94%

Cigarette Sales Tax Revenue 1,207,304.14 1,069,402.99 12.90%

Dedicated Revenue 277,533,286.32 266,201,044.46 4.26%

Total Retirement Receipts 946,843,864.08 902,985,733.99 4.86%

Interest Income (Fixed Income and Short-Term) 154,671,492.53 152,238,143.33 1.60%

Dividend Income 152,929,314.06 169,214,389.23 -9.62%

Net Realized Gain/(Loss) 377,532,883.95 221,966,392.12 70.09%

Net Unrealized Gain/(Loss) (1,241,770,037.94) 131,814,827.28 -1042.06%

Investment Operations Income:

Class Action Lawsuit Proceeds 69,868.74 216,869.56 -67.78%

Other Income 23,212.24 (2,030,963.77) 101.14%

Securities Lending Income 5,183,306.89 5,341,285.44 -2.96%

Total Investment Income (551,359,959.53) 678,760,943.19 -181.23%

TOTAL RECEIPTS 395,483,904.55 1,581,746,677.18 -75.00%

DISBURSEMENTS:

Retirement Benefits 1,143,120,396.28 1,133,836,020.86 0.82%

Insurance Premiums Paid for Retirees 29,899,649.27 30,348,008.84 -1.48%

Death Benefits 17,812,201.05 16,675,418.78 6.82%

Withdrawals of Accounts 31,836,463.54 34,116,199.75 -6.68%

Total Benefit Payments 1,222,668,710.14 1,214,975,648.23 0.63%

Administrative Expense:

General Operations 4,548,694.99 4,613,829.64 -1.41%

Investment Expense 31,653,065.06 34,833,046.66 -9.13%

Total Administrative Expenses 36,201,760.05 39,446,876.30 -8.23%

TOTAL DISBURSEMENTS 1,258,870,470.19 1,254,422,524.53 0.35%

NET INCREASE/(NET DECREASE) (863,386,565.64) 327,324,152.65 -363.77%

Balance of Cash and Investments, April 30 $16,241,833,651.82 $16,911,895,952.56

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES

FOR THE TEN MONTHS ENDED APRIL 30

Page 247 of 255

FY-2019 YTD FY-2020 YTDActual Actual Increase Increase

Expenditures Expenditures (Decrease) (Decrease)Object of Expenditure 4/30/2019 4/30/2020 Amount Percentage

Personnel ServicesSalary and Longevity Pay Expenses 2,090,240 2,143,339 53,099 2.5%Taxes, Benefits, and Other Expenses 1,016,602 1,040,447 23,845 2.3%

Subtotal Personnel Services 3,106,842 3,183,786 76,944 2.5%Professional Services

Investment Consultant Expenses 751,117 870,357 119,240 15.9%Investment Manager Alternatives Expense 0 205,000 205,000 0.0%Investment Custodian Expenses 7,000 21,000 14,000 200.0%Pension Commission Expenses 30,663 31,604 941 3.1%

Subtotal Investment Expenses 788,780 1,127,961 339,181 43.0%Legal Services - Special Projects 51,362 31,479 (19,883) -38.7%Legal Services - Attorney General 0 0 0 0.0%Administrative Hearings 0 0 0 0.0%Auditing Services 178,167 189,555 11,388 6.4%Actuarial Services 54,382 83,124 28,742 52.9%Medical Hearings 6,600 7,600 1,000 15.2%Communications Firm 0 0 0 0.0%Contract Lobbyist 33,750 0 (33,750) 0.0%Disability Retirement Management 0 0 0 0.0%Miscellaneous Services 44,838 28,996 (15,842) -35.3%

Subtotal Professional Services 369,099 340,754 (28,345) -7.7%Total Professional Services 1,157,879 1,468,715 310,836 26.8%

Travel and Per Diem ExpensesNon-Employee Travel Expenses 9,513 9,149 (364) -3.8%Employee Training 10,691 8,359 (2,332) -21.8%Employee Travel Expenses 15,607 12,245 (3,362) -21.5%

Subtotal Travel and Per Diem Expenses 35,811 29,753 (6,058) -16.9%Administrative Expenses

Postage 181,971 164,458 (17,513) -9.6%Printing and Binding Contracts 28,450 31,411 2,961 10.4%Informational Services 11,043 16,203 5,160 46.7%Rent and Maintenance 123,243 142,842 19,599 15.9%Office Supplies 18,334 18,587 253 1.4%Equipment 0 0 0 0.0%Office Relocation 0 0 0 0.0%Miscellaneous Administrative Expenses 28,674 22,805 (5,869) -20.5%

Subtotal Administrative Expenses 391,715 396,306 4,591 1.2%Data Processing Expenses

Professional Services 430,310 378,931 (51,379) -11.9%Telecommunication Services 4,955 5,449 494 10.0%Rent and Maintenance 2,064 5,780 3,716 180.0%Office Supplies 461 119 (342) -74.2%Equipment - Telecommunications 50,627 35,544 (15,083) -29.8%Informational Services 0 0 0 0.0%

Subtotal Data Processing Expenses 488,417 425,823 (62,594) -12.8%

Total Expenses 5,180,664 5,504,383 323,719 6.2%Total Investment Expenses Only 788,780 1,127,961 339,181 43.0%Total Data Processing Expenses Only 488,417 425,823 (62,594) -12.8%Total except Investment & Data Processing Expenses 3,903,467 3,950,599 47,132 1.2%

Wednesday, May 20, 2020

SCHEDULE IComparison of Actual Expenditures Fiscal Year 2019 and Fiscal Year 2020

10 Months Ended April 30, 2020

Page 248 of 255

10 Months 10 Months Over OverFY-2020 YTD FY-2020 YTD (Under) (Under)

Object of Expenditure Budget Actual Amount PercentagePersonnel Services

Salary and Longevity Pay Expenses 2,290,532 2,143,339 (147,193) -6.4%Taxes, Benefits, and Other Expenses 1,175,230 1,040,447 (134,783) -11.5%

Subtotal Personnel Services 3,465,762 3,183,786 (281,976) -8.1%Professional Services

Investment Consultant Expenses 987,060 967,063 (19,997) -2.0%Investment Manager Alternatives Expense 416,670 205,000 (211,670) -50.8%Investment Custodian Expenses 28,000 21,000 (7,000) -25.0%Pension Commission Expenses 52,500 31,604 (20,896) -39.8%

Subtotal Investment Expenses 1,484,230 1,224,667 (259,563) -17.5%Legal Services - Special Projects 83,334 31,479 (51,855) -62.2%Legal Services - Attorney General 6,250 0 (6,250) 0.0%Administrative Hearings 5,000 0 (5,000) 0.0%Auditing Services 343,204 189,555 (153,649) -44.8%Actuarial Services 98,000 88,841 (9,159) -9.3%Medical Hearings 12,500 7,600 (4,900) -39.2%Communications Firm 41,668 0 (41,668) 0.0%Contract Lobbyist 37,500 0 (37,500) 0.0%Disability Retirement Management 41,668 0 (41,668) 0.0%Miscellaneous Services 21,910 28,996 7,086 32.3%

Subtotal Professional Services 691,034 346,471 (344,563) -49.9%Total Professional Services 2,175,264 1,571,138 (604,126) -27.8%

Travel and Per Diem ExpensesNon-Employee Travel Expenses 28,300 9,149 (19,151) -67.7%Employee Training 17,889 8,359 (9,530) -53.3%Employee Travel Expenses 18,644 12,245 (6,399) -34.3%

Subtotal Travel and Per Diem Expenses 64,833 29,753 (35,080) -54.1%Administrative Expenses

Postage 162,600 164,458 1,858 1.1%Printing and Binding Contracts 69,916 31,411 (38,505) -55.1%Informational Services 9,791 16,203 6,412 65.5%Rent and Maintenance 138,980 142,842 3,862 2.8%Office Supplies 25,636 18,587 (7,049) -27.5%Equipment 7,750 0 (7,750) 0.0%Office Relocation 100,000 0 (100,000) 0.0%Miscellaneous Administrative Expenses 43,085 22,805 (20,280) -47.1%

Subtotal Administrative Expenses 557,758 396,306 (161,452) -28.9%Data Processing Expenses

Professional Services 878,336 394,574 (483,762) -55.1%Telecommunication Services 25,488 5,449 (20,039) -78.6%Rent and Maintenance 25,125 5,780 (19,345) -77.0%Office Supplies 4,580 119 (4,461) -97.4%Equipment - Telecommunications 43,250 35,544 (7,706) -17.8%Informational Services 3,360 0 (3,360) 0.0%

Subtotal Data Processing Expenses 980,139 441,466 (535,313) -54.6%

Total Expenses 7,243,756 5,622,449 (1,617,947) -22.3%Total Investment Expenses Only 1,484,230 1,224,667 (259,563) -17.5%Total Data Processing Expenses Only 980,139 441,466 (535,313) -54.6%Total except Investment and Data Processing Expenses 4,779,387 3,956,316 (823,071) -17.2%

Wednesday, May 20, 2020

SCHEDULE IIComparison of FY2020 Budget to Actual Expenses

10 Months Ended April 30, 2020 Year to Date Comparison

Page 249 of 255

Communications

AT&T Wireless, OneNet phone service charges 360.56$ Bancfirst Remote deposit scanner service charges - March 20.30 Cox Communications Cable charges - March 49.58 D.J. Wall Street Journal Financial news service subscription 467.88 Oklahoman Advertising Job ad placement - Oklahoman 1,289.00 JP Morgan Chase Bank, NA Account analysis bank fees 695.28Office of Management and Enterprise Services Server, disk storage, scanning & network support 15,642.88

18,525.48

Contingency, Maintenance, Insurance, Rent, Etc.

Amazon Marketplace Office/kitchen supplies/IT accessories 5,765.50 Department of Libraries Records storage: December - January 957.00 FedEx Freight Shipping - Medical Board packets 35.70 Government Finance Officers Association (GFOA) Webinar registration 85.00 Imagenet Consulting LLC Desktop printer maintenance and usage: March 2020 314.75 Kiamichi Opportunities Kitchen/office meeting supplies 381.10 Office Depot Office supplies 79.95 Office of Management and Enterprise Services Office rent - April 13,195.27 Oklahoma State Treasurer Stop payment charges - March 2020 15.00 SHI International Corp. Board iPad software renewal 284.16 Standley Systems, LLC Copier Leases - January - March 3,663.53 Staples Office supplies/paper 1,422.21 Valley Laser Kitchen and office supplies 91.04

26,290.21

CLAIMS FOR AUTHORIZED EXPENDITURESAPRIL 30, 2020

Page 250 of 255

Professional Services, Workers Comp Insurance

Dathan D. Jay, MD Medical Board - April 300.00$ Eide Bailly, LLP Audit Services - FY2019 - GASB 68 & 75 31,700.00 Gabriel, Roeder, Smith, & Co. Actuarial services - March 16,479.17 ICE Miller Legal fees - February 391.00 J. P. Livingston, MD Medical Board - April 300.00 MY Consulting Inc. ALICE/Client server development - March 29,485.75 Office of Management and Enterprise Services Interagency mail/postage/printing 6,215.45 Peyton Osborne, MD Medical Board - April 300.00 Stinnett & Associates LLC Internal Audit services: March 2020 27,945.00

113,116.37

Investment Expenditures

Andco Investment Consulting svcs. - March 96,706.34 96,706.34

Salaries and Fringe Benefits

Salaries Administrative department 44,508.83 Salaries Finance/Accounting department 37,298.98Salaries Client Services department 94,686.29Salaries Investment department 22,166.78Salaries IT department 6,873.75Longevity Payroll 1,500.00Excess Benefit Allowance 1,350.82FICA/MQFE Social Security and Medicare 15,754.40Oklahoma State Deferred Savings Incentive Plan Savings incentive plan and administrative fee 1,023.84Oklahoma Group Insurance Employee health, dental, and life 40,864.44Teachers' Retirement System of Oklahoma Employees' retirement contributions 44,195.87

310,224.00

Grand Total 564,862.40$

APRIL 30, 2020CLAIMS FOR AUTHORIZED EXPENDITURES

Page 251 of 255

Deputy Executive Director of Operations Report

May 2020 Board Meeting

1. For April I am again happy to report that we were able to again maintain the same level of

service despite the major change of working from home and getting accustomed to different

technology.

2. Last month we were able to finally decommission four of the eight old servers used for ALICE.

We spent a lot of time testing new software releases and are expecting to go live with the other

four servers for ALICE’s production environment in May. This will conclude a very lengthy

project and I commend our staff and My Consulting Group for their work on this important

project.

3. OMES has provided updated responses to the cybersecurity audit and we have requested more

clarification on two items. We may have that information by the Board meeting date.

4. We continue working on audits with Stinnett regarding governance and survivor benefits.

Page 252 of 255

GENERAL COUNSEL REPORT MAY 2020 SARAH GREEN

1. White Star Bankruptcy

a. TRS (as landlord) has asserted a claim of approximately $168,955 in prepetition

debt owed by White Star.

b. We filed a claim for post-petition debt totaling $$1,337,537.04 (12 months of rent

at $111,461.42).

2. Harvey Parkway Building

a. All tenants have paid April and May rent.

b. Arcadia Capital – currently occupying 9,075 sq. ft. of space on the 4th floor –

decided not to expand to occupy entire 6th floor and will remain in their

current space.

c. TRS moving into 5th floor.

d. Contango – 3nd floor – expanding to vacant space on 1st floor on July 1 –

additional 6,234 square feet.

e. Intensity - ½ of the 2nd floor.

f. Conference room and fitness center in remainder of 1st floor space.

g. Our property manager responded to an RFP from the Dept. of Tourism for

25,000 sq. ft. of space – looking at ½ of 2nd floor and all of 6th floor. Space has

been approved by OMES for that purpose. Awaiting final word from Tourism.

3. Misc.

a. AG Opinion – Federal/External Grant Matching – AG Opinion expected anytime

between late March to May.

Page 253 of 255

M E M O R A N D U M

TO: The Board of Trustees of TRS

FROM: Tom Spencer, Executive Director

DATE: May 18, 2020

RE: Monthly Report for April 25, 2020 through May 18, 2020 -------------------------------------------------------------------------------------------------------------------- Here are a few of the highlights of my activities since my last report emailed to Board a few weeks ago.

1. Legislation – No need to repeat my legislative report here. I spent a good amount of time rightbefore the Legislature returned sending out pleas to Senate Leadership and members of theSenate Retirement and Insurance Committee not to hear the three (3) House bills that were stillalive at that time. I wish I could stop there and declare a major victory. What is amazing is thatthe Legislature in the recent past highlighted how successful their pension reform has been.OPLAAA, which passed in 2006, was the most successful piece of pension reform passed in thelast 20 years. It blocked costly pension legislation because the Legislature was supposed to payfor benefit increases. OPLAAA has now become a mere “speed bump” to legislators by insertingwhat is euphemistically called a “safe harbor” provision that exempts any pension benefit bill itis in from OPLAAA. Not only is the tactic legally dubious, but I don’t know what is “safe” aboutit. It certainly isn’t safe for the taxpayers. The big news was, of course, the passage of HB 2741that takes around $70 million of our dedicated revenue over the next two fiscal year, and raisesthe percentage to 5.5% from FY 2003 to 2007 to “pay us back.” Then the veto and then theoverride on the same day.

2. Investmentsa. (Office Building Tenants) - The oil company that bought the assets of White Star (Contango)has the entire 3rd floor of the building. The company just signed a lease for the west side of thefirst floor. If a certain other prospective tenant signs its lease to rent 1 ½ floors at HarveyParkway (all of 6 and ½ of 2) we will essentially be fully leased with our office on the 5th floor.b. Other – We have had problems in the past with power surges in the building but not for along time. We got hit with a big one a few weeks ago. We needed to invest about $13K for somebetter surge protection on each floor. Construction on our 5th floor space will start soon. I did awalk-through with the architect and construction foreman last week. A lot of details but we thinkit will be very attractive and comfortable space for staff and our members.

3. Communicationsa. “Ghost” - Some of the senior staff had a Zoom meeting with “Ghost” our communicationsfirm. They shared some key takeaways of the survey that was sent to a sampling of staff, trusteesand key stakeholders. The purpose was to come up with a “brand strategy” and general overallcommunications strategy. We went over some of the words that describe TRS or symbolize theimage and reputation of TRS. Some of the words used by those who responded includedAccurate, Reliable, Secure, Professional, Competent, Trustworthy and Knowledgeable. We

Page 254 of 255

examined several websites of different organizations and Ghost identified a variety of features that the firm feels we might incorporate into our future website.

b. Other Communication – We have been using Facebook more for announcements andresponding to concerns. Every time we have a big market correction, or there is concern aboutthe financial condition of the fund, we have a lot of questions about the safety of pensions. Ourmessage is consistent. TRS pensions are an obligation of the State of Oklahoma and are notdependent on the performance of the market. However all of us must be vigilant to protect thefinancial viability of TRS.

4. Internal Audit (Stinnett)a. Governance Audit – Several staff members and some trustees have spent a lot of timeresponding to questions and requests for documentation. We think that this is winding up and welook for a report at the July meeting.b. Cyber Security – On the observations dealing with OMES-ISD, there may be some thatcannot be fully dealt with and concluded in several months. Stinnett has recommended, and thestaff agrees, that we should note that full responses or implantation should be accepted for nowso we can get this closed and move on.

5. COVID-19 Response – I said in my interim report that I emailed to you a few weeks ago thatI am immensely proud of my staff and how they have all pulled together to do everythingnecessary to transition the TRS office to a remote, tele-working office. The senior staff and ourone I.T. staff member have been spending a ton of time researching what other agencies weredoing with their virtual meetings and acquiring the right license to put on this meeting. It tooklonger than expected as we frankly had little to no experience with Zoom. But we experimented,tested and practiced to make this as efficient as possible. We still have a handful of people thatcome to the office at any time, and only one that still works full time. Everyone remainsproductive and we seem to be meeting the needs of our membership. I am not in a big hurry tohave staff come back to the office any time soon. Unlike so many businesses affected by thispandemic, TRS has not been “closed” for business one single day. We are not open for guestsbut we are providing a high level of service.

6. Virtual Board Meeting Prep – While many of us have been casual users of Zoom software,none of us has ever planned a formal Board meeting under the amended Open Meetings Acteither. We spent a lot of time talking to other agencies such as SDE and OPERS about their plansand got a lot of good tips. But ultimately we had to “learn how to drive” to see what it was reallylike. We hope this all turned out O.K.

7. Personnel – We have vacancies and imminent vacancies to fill. We will ultimately needcandidates to come in for testing, but we intend to do first round interviews via Zoom. That willbe interesting.

Page 255 of 255

1

TEACHERS’ RETIREMENT SYSTEM OF OKLAHOMA INVESTMENT COMMITTEE MEETING – MAY 19, 2020

RECOMMENDATIONS/MOTIONS TO BOARD OF TRUSTEES

Meeting called to order at 2:00 p.m., May 19, 2020

Board Item 3.1 – Investment Consultant Quarterly and Monthly Reports No Action

Board Item 3.2 – Discussion on Real Estate Market and Manager Status Update No Action

Board Item 3.3 - Discussion and Possible Action on Open-End Non-Core Real Estate RFP: 1. Roger Gaddis2. Vernon Florence

Recommendation to full Board: Motion to suspend the current selection of finalists for the open-end non-core real estate RFP to obtain updated information from all respondents to be presented to the Board by consultants at the October Board meeting for review and further action as appropriate at the time.

Board Item 3.4 - Discussion and Possible Action on Consent Request in Lieu of Meeting for Starwood Opportunity Funds:

1. Vernon Florence2. Stephen Streeter

Recommendation to full Board: Motion to give written consent to request from Starwood Opportunity Fund XI to acquire proposed investment of affordable housing portfolio.

Board Item 3.5– Discussion and Possible Action on Portfolio Rebalance Activity: No action

Board 3.6 - Discussion and Possible Action on Chief Investment Officer Report No action

Meeting adjourned at 5 p.m.

ADDENDUM

board regular meeting - oklahoma · 5/20/2020 · tim allen bill bentley rod boles lisa henderson...

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