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Board Regular Meeting
ScheduleVenue
Organizer
Wednesday, February 26, 2020, 9:00 AM — 12:00 PM TRS Board Room, 5th Floor, 2500 N Lincoln Blvd., Oklahoma City, Okla.Phyllis Bennett
Agenda
1. Roll Call for Quorum
2. Discussion and Possible Action on Approval of January 22, 2020, BoardRegular Meeting Minutes
Bd-2 Minutes-01-22-20-BdRegMtg-draft.docx 1
3. Discussion and Possible Action on Investment Committee Report
3.1. Discussion and Possible Action on Master Custodian RFP Selection
Bd-3.1 Global Custodian RFP Selection.pdf 8
3.2. Discussion and Possible Action on Amendments to Investment PolicyStatement
Bd-3.2 TRS Investment Policy Statement - DRAFT - Feb 26 2020.pdf 14
3.3. Discussion and Possible Action on Selection of Finalists for Open-End Non-Core Real Estate RFP and Amendment of April Investment CommitteeMeeting Time
Bd-3.3 TRSO_Open_End_Core Plus Real Estate RFP 2020.pdf 45
3.4. Discussion and Possible Action on Investment Consultant Quarterly Report
Bd-3.4.a AndCo-QuarterlyReport.pdf 86 Bd-3.4.b 2019-09-30 TRSO (Alternatives Summary) (004).pdf 167
3.5. Discussion and Possible Action in Chief Investment Officer Report
Bd-3.5 CIO Report Feb2020.pdf 269
3.6. Discussion and Possible Action on Harvey Parkway Building Fiscal Year toDate Financial Report
Bd-3.6.a HarveyPkwySummaryBalSheet12-31-19.pdf 275 Bd-3.6.b HarveyParkwayBudget&IncomeStateFYTD 12-31-19.pdf 276
3.7. Discussion and Necessary Action to Approve a Capital Expense for theHarvey Parkway Building in Excess of $50,000
Bd-3.7 HarveyParkway5thFloorHeatPumpsMemo2-21-20.pdf 277
4. Discussion and Possible Action to Approve Budget Changes to Pay forFurniture, equipment and other expenses related to the relocation of the TRSOffice to the Harvey Parkway Building
Bd-4 BudgetChangesReOfficeMove-2-20-20.pdf 278
5. Discussion and Possible Action on Committee Reports:
5.1. Audit Committee
5.2. Governance Committee:Discussion and Possible Action to Approve Amendments to CommitteeCharters Contained in Board Policy Manual
Bd-5.2 Charters Amendments.docx 280
6. Discussion and Possible Action to Approve the GAS B 68 "Schedule ofEmployer Allocations and Collective Pension Amounts" and GASB 75"Schedule of Employer Allocations and Collective Other PostemploymentBenefits Amounts" Prepared by External Auditor Eide Bailly
Bd-6.a GASB 68 2019 AU 260 Letter.pdf 287 Bd-6.b GASB 68 Final Signed 2019 Report.pdf 290 Bd-6.c GASB 75 2019 AU 260 Letter.pdf 318 Bd-6.d GASB 75 2019 Financial Statements.pdf 321
7. Discussion and Possible Action to Set Contribution Rate for Federal and GrantMatching Funded Position for FY 2021
Bd-7 FederalGrantMatchFY2021Memo.pdf 348
8. Discussion and Possible Action to Review First Draft of Board ProcurementPolicy to be Included in the Board Policy Manual Upon Final Approval
Bd-8 Board Procurement Policy Feb 2020.docx 349
9. Discussion and Possible Action on Staff Recommendations on ProposedLegislation for the 2020 Session
Bd-9 TRSOpposeSupport2-22-20.docx 353
10. Discussion and Possible Action on Agency Reports:
10.1. Client Services
Bd-10.1 Feb2020 ClientServicesBd Report.pdf 361
10.2. Human Resources
Bd-10.2 HR Status Report 2020-02-26.pdf 363
10.3. Financea. Employer Reportingb. CFO Report
Bd-10.3.a Employer Reporting.pdf 364Bd-10.3.b CFO Reports.pdf 365
10.4. Deputy Director of Operations
Bd-10.4 DepDirRpt-Feb2020.docx 371
10.5. General Counsel
Bd-10.5 GC Report Feb.docx 372
10.6. Executive Director
2500 N. Lincoln Blvd., 5th Floor, Oklahoma City, OK
11. Questions and Comments from Trustees
12. New Business
13. Adjournment
Next meetings:Investment Committee - 2 p.m. Tuesday, April 21Board Regular Meeting - 9 a.m. Wednesday, April 22
MEETING MINUTES
JANUARY 22, 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 Roger Gaddis, Vice-Chairman, at 9:02 a.m. January 22, 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:
Roger Gaddis, Vice-Chairman
Tim Allen
Bill Bentley
Rod Boles
Lisa Henderson*
Michael Kellogg
Brandy Manek
Brandon Meyer
Chris Rector
Mathangi Shankar
Stephen Streeter
Drew Williamson*
Greg Winters
TRUSTEES ABSENT:
Vernon Florence, Chairman
Judie Harris, Secretary
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, Sr. Investment Officer
Phyllis Bennett, Executive Assistant
OTHERS PRESENT:
Doug Anderson, AndCo Consulting
Peter Brown, AndCo Consulting
Jack Evatt, AndCo Consulting
Steve Massey, OREA
Wayne Maxwell, RPOE
* Denotes late arrival or early departure
ITEM 1 - ROLL CALL FOR QUORUM: Vice-Chairman Gaddis asked the recording secretary to call roll to
determine if a quorum was present. Trustees responding were Mr. Allen, Mr. Bentley, Mr. Boles, Mr. Gaddis,
Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr. Streeter, and Dr. Winters. A quorum was
present.
ITEM 2 – SWEAR IN NEW NON-VOTING TRUSTEE, BILL BENTLEY: Mr. Bentley read the Oath of
Office and shared some information about himself. Mr. Bentley will serve a one-year term on behalf of Retired
Professional Oklahoma Educators.
Ms. Henderson arrived at 9:02 a.m.
ITEM 3 – DISCUSSION AND ACTION ON APPROVAL OF MINUTES FROM DECEMBER 11, 2019,
BOARD REGULAR MEETING:
Page 1 of 372
A motion made by Dr. Winters with a second made by Mr. Boles to approve the minutes of the December 11,
2019, Board Regular Meeting carried by a unanimous voice vote. Trustees responding were Mr. Allen, Mr.
Boles, Mr. Gaddis, Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr.
Streeter, and Dr. Winters.
Mr. Williamson arrived at 9:07 a.m.
ITEM 4 – DISCUSSION AND POSSIBLE ACTION ON INVESTMENT COMMITTEE REPORT:
Investment Committee Chairman Roger Gaddis presented items discussed in yesterday’s meeting.
The next item was taken out of sequence.
4.2 - DISCUSSION AND POSSIBLE ACTION ON AMENDMENTS TO LIMITED PARTNERSHIP
AGREEMENT, FEE SCHEDULE AND INVESTMENT MANAGER AGREEMENT WITH L&B
REALTY FOR THE GOLDEN DRILLER FUND: TRS General Counsel Sarah Green reviewed TRS’
relationship with L&B and the proposed amendments to the investment manager agreement with L&B and the
agreement with Golden Driller LP.
A motion out of the Investment Committee to approve the proposed amendments subject to minor modifications
upon legal approval carried by a unanimous voice vote. Trustees responding were Mr. Allen, Mr. Boles, Mr.
Gaddis, Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr. Streeter, Mr.
Williamson and Dr. Winters.
4.3 - DISCUSSION AND POSSIBLE ACTION ON INVESTMENT CONSULTANT MANAGER
REVIEW: Mr. Gaddis said the report prepared by AndCo Consulting was reviewed in depth at the Investment
Committee meeting yesterday. Investment Consultant to the Board Doug Anderson reviewed Hotchkis & Wiley
and Geneva Capital, which are on AndCo’s watch list due to performance and ownership change respectively.
He also pointed out AndCo’s research group and the reports they generate.
4.4 - DISCUSSION AND POSSIBLE ACTION ON INVESTMENT CONSULTANT REPORT: Mr.
Anderson presented AndCo’s investment performance review for the period ending December 31, 2019. For the
Market, he reported CY 2019 the S&P 500 was up 31.49% and U.S. Aggregate bond index was up 8.72%. Also
for CY 2019, TRS’ Total Fund Composite was up 9.49%; Total Equity Composite was up 25.53%; the Total
International Equity Composite was up 21.34%; and the Total Fixed Income was up 11.83%. TRS’ Total Fund
market value was at $17,741,769,007, and Mr. Anderson said the current value is now higher. He added that
FYTD, the TRS’ Total Fund Composite is up 5.69%.
4.5 - DISCUSSION AND POSSIBLE ACTION ON CHIEF INVESTMENT OFFICER REPORT: TRS
Chief Investment Officer Kirk Stebbins reviewed projects and education sessions planned for 2020. He reported
that the Real Estate open-ended RFP responses are due Friday and the Custodial Bank RFP responses are due
January 31. Mr. Stebbins encouraged Trustees to take a copy of CFA Institute’s “A Primer for Investment
Trustees” that he provided.
4.1 - DISCUSSION AND POSSIBLE ACTION ON MID CAP U.S. EQUITY STRUCTURE: Mr. Gaddis
referred Trustees to the Executive Summary and graphs in the “Mid Cap Equity Structure Review and
Proposal” that the Investment Committee discussed thoroughly yesterday. Mr. Stebbins reviewed the
Conclusion & Recommendation report. There was discussion on the recommended changes, investment
managers involved, and how much TRS can save in fees.
Page 2 of 372
ITEM 5 – DISCUSSION AND POSSIBLE ACTION REGARDING JOINT STAFF AND
CONSULTANT MID CAP U.S. EQUITY STRUCTURAL REVIEW INCLUDING POSSIBLE
CHANGES TO ALLOCATIONS AMONG ACCOUNTS, REALLOCATIONS OF FUNDS TO
ACHIEVE DESIRED ALLOCATIONS AND/OR POTENTIAL TERMINATION OF AGREEMENTS
WITH ANY OR ALL OF THE FOLLOWING ASSET MANAGEMENT SERVICES REQUIRED TO
ACHIEVE DESIRED OUTCOMES
a. AJO, LP
A motion made by Mr. Gaddis with a second made by Dr. Winters to terminate the Mid Cap account managed
by AJO and transition funds to Northern Trust as successor manager and to allow staff to make allocations as
necessary carried by a unanimous voice vote. Trustees responding were Mr. Allen, Mr. Boles, Mr. Gaddis, Ms.
Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr. Streeter, Mr. Williamson and
Dr. Winters.
b. Frontier Capital Management
A motion made by Mr. Gaddis with a second made by Mr. Meyer to terminate the Mid Cap account managed
by Frontier Capital Management and transition funds to Northern Trust as successor manager and to allow staff
to make allocations as necessary carried by a unanimous voice vote. Trustees responding were Mr. Allen, Mr.
Boles, Mr. Gaddis, Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr.
Streeter, Mr. Williamson and Dr. Winters.
c. Hotchkis & Wiley Capital Management, LLC
d. Wellington Management Company, LLC
e. NTAM Russell 1000 Index
f. NTAM SciBeta Index
Mr. Gaddis said no action will be taken on items c, d, e and f.
ITEM 6 – DISCUSSION AND POSSIBLE ACTION TO AMEND THE INVESTMENT MANAGER
AGREEMENT WITH NORTHERN TRUST TO INCLUDE RUSSELL MID CAP INDEX SERVICES
UNDER MANAGEMENT OF NORTHERN TRUST AND DETAILING FEES AND INVESTMENT
GUIDELINES FOR SERVICES RENDERED:
A motion made by Dr. Winters with a second made by Mr. Rector to amend the investment manager agreement
with Northern Trust to include the Russell Mid Cap Index Services under management of Northern Trust and
detailing fees and investment guidelines for services rendered carried by a unanimous voice vote. Trustees
responding were Mr. Allen, Mr. Boles, Mr. Gaddis, Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr.
Rector, Ms. Shankar, Mr. Streeter, Mr. Williamson and Dr. Winters.
A motion by Dr. Winters with a second made by Mr. Rector to amend the previous motion to include using
Northern Trust as the transition manager carried by a unanimous voice vote. Trustees responding were Mr.
Allen, Mr. Boles, Mr. Gaddis, Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar,
Mr. Streeter, Mr. Williamson and Dr. Winters.
ITEM 7 - DISCUSSION AND POSSIBLE ACTION ON COMMITTEE REPORTS:
a. Audit: DISCUSSION AND POSSIBLE ACTION ON STINNETT & ASSOCIATES’ REPORT
ON CYBER SECURITY: Audit Committee Chair Dr. Winters reported that the committee had a
Page 3 of 372
conference call last week about OMES I.T. issues with Stinnett & Associates. He said there is positive
movement with OMES and the committee continues to work with them on the cyber security protection
TRS is seeking. It was decided not to close out the Cyber Security Audit because recommendations are
expected to come at the end of this week. It is hoped that the Cyber Security Audit will be closed out at
the February meeting. TRS Executive Director Tom Spencer shared positive comments about OMES
Director Steven Harpe.
b. Governance: Governance Committee Chair Mr. Kellogg said there was nothing to report.
ITEM 8 – DISCUSSION AND POSSIBLE ACTION ON AMENDMENTS TO VISION STATEMENT:
Mr. Spencer reviewed the Vision Statement that was approved by the Board at the October 2019 Retreat. He
said after further input from Trustees changes were made and he presented a draft of an amended Vision
Statement for consideration.
A motion made by Dr. Winters with a second made by Mr. Kellogg to approve the amended Vision Statement
as presented carried by a unanimous voice vote. Trustees responding were Mr. Allen, Mr. Boles, Mr. Gaddis,
Ms. Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr. Streeter, Mr. Williamson
and Dr. Winters.
ITEM 9 – DISCUSSION AND POSSIBLE ACTION ON FINAL ADOPTION OF PERMANENT
RULES: 715:1-1-5[AMENDED]; 715:10-1-6[AMENDED]; 715:10-5-7[AMENDED]; 715:10-9-
3[AMENDED]; 715:10-13-15[AMENDED]; 715:10-15-3[AMENDED]; 715:10-17-5[AMENDED]; 715:10-
17-16[NEW]: TRS General Counsel Sarah Green explained that in current rulemaking process TRS received no
comments during the public comment period from December 3, 2019, through January 2, 2020, and no one
appeared to comment at the public hearing January 6, 2020. The next step is final adoption by the Board and
then the rules will be submitted to the Governor and Legislature.
A motion made by Mr. Meyer with a second made by Dr. Winters to adopt the permanent rules 715:1-1-
5[AMENDED]; 715:10-1-6[AMENDED]; 715:10-5-7[AMENDED]; 715:10-9-3[AMENDED]; 715:10-13-
15[AMENDED]; 715:10-15-3[AMENDED]; 715:10-17-5[AMENDED]; 715:10-17-16[NEW] carried by a
unanimous voice vote. Trustees responding were Mr. Allen, Mr. Boles, Mr. Gaddis, Ms. Henderson, Mr.
Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr. Streeter, Mr. Williamson and Dr. Winters.
Ms. Green requested a break to allow the executive assistant to fix the orientation of some documents on the
meeting tablets.
A break was taken from 10 a.m. to 10:10 a.m.
ITEM 10 – DISCUSSION AND POSSIBLE ACTION ON SECURITIES LITIGATION REPORT: Ms.
Green explained that one of her duties is to provide the Board an annual report of TRS’ class action claims
filing status. She said TRS’ previous custodial bank was JP Morgan and is now Northern Trust. Staff files
claims involving JP Morgan. She presented Northern Trust’s report of Class Action Activity dating back to
January 2010. Northern Trust gets 2% of proceeds, up to a maximum of $1,000 per claim filed. It recovered
$93,251.34 on behalf of TRS in FY 2019.
ITEM 11 – DISCUSSION AND POSSIBLE ACTION ON STAFF RECOMMENDATIONS ON
PROPOSED LEGISLATION FOR THE 2020 SESSION: Mr. Spencer reviewed bills relevant to TRS that
have been filed for the 2020 Legislative session. There were several bills requesting COLAs to state retirement
systems, a couple of which were held over from last year as they were referred to the Legislative Actuary. Mr.
Page 4 of 372
Spencer explained that last year Gov. Stitt issued an executive order stating that State agencies cannot have
contract lobbyists without approval of their cabinet secretary. TRS did not seek approval for a contract lobbyist.
There was discussion. No action was necessary.
ITEM 12 – DISCUSSION AND POSSIBLE ACTION ON SELECTION OF FINALIST FOR
EXTERNAL AUDITOR SERVICES: Mr. Spencer said TRS’ Board of Trustees and the State Auditor &
Inspector’s office issued a joint RFP for external auditor services. He reviewed information about the five
candidates and said TRS and SAI recommend the Board retain Eide Bailly as TRS’ external auditor. The five-
year contract will cost $502,100.
A motion made by Dr. Winters with a second made by Mr. Allen to retain Eide Bailly for external auditor
services carried by a unanimous voice vote. Trustees responding were Mr. Allen, Mr. Boles, Mr. Gaddis, Ms.
Henderson, Mr. Kellogg, Ms. Manek, Mr. Meyer, Mr. Rector, Ms. Shankar, Mr. Streeter, Mr. Williamson and
Dr. Winters.
ITEM 13 - DISCUSSION AND POSSIBLE ACTION ON AGENCY REPORTS:
13.1 – TRS Client Services Director Dixie Moody reviewed her division’s metrics through December 2019:
There were 350 requests for retirement estimates were received, and around 400 were completed due to
inventory from November. In December there were 4,874 incoming calls, 87% of which were answered by an
Information Center agent within 13 seconds, 11% opted to go through the menu options and 81 callers
abandoned their call after waiting approximately 5 seconds. Client Services received and responded to 228
emails, and 402 members were added to the Member Portal. Of 207 members who applied for a January 1
retirement, 10 were disability retirements, 6 of whom were approved by TRS’ Medical Board, and 4 of by the
Social Security Administration. There were 159 annuities terminated due to death.
13.2 – TRS Human Resources Director Kim Bold reported the manager of the Information Center plans to retire
July 1 and she hopes to fill the position soon to for training purposes. She said department managers are
working on PMPs.
13.3 – Finance:
a. TRS Employer Reporting Manager Debra Plog said there are now two late employer reports and she
explained their reasons for the late reporting.
b. TRS CFO Sam Moore said the Balance Sheet as of December 31, 2019, was up $634.8 million since October
31, 2019. The Statement of Revenues, Expenditures and Changes for the 6 Months Ended December 31, 2019,
reflects late payments to State Credit in FY 2019. Retirement Benefit Payments were lower due to the $18
million stipend that was paid out last year. On the Comparison of Actual Expenditures FY 2019 and FY 2020
for the 6 months ended December 31, 2019, Auditing Services reflects a large decrease because TRS paid BKD
for services, and Postage shows a large decrease because of the large mailing a year ago. On the Comparison of
FY 2020 Budget to Actual Auditing Services was off because TRS had budgeted to pay BKD. The Claims for
Authorized Expenditures were presented without comment.
13.4 – TRS Deputy Director of Operations John Santos reviewed issues he worked on the past month:
• 70,770 1099 forms were generated and sent to a vendor to print and mail. This will result in an increase
in call volume.
• In 2019, there were 81,967 incoming calls, 65,997 answered calls, 33,516 workflows created, 33,417
workflows closed, 2,433 retirements processed and 1,781 terminated annuities processed.
Page 5 of 372
• Annual member statements were generated and available on the Member Portal. TRS is issuing a bid
solicitation for printing and mailing.
• Member Portal: 10,308 user accounts were created in CY 2019. From inception through Jan. 17, 2020,
there are now 32,032.
• OMES has made some progress on the services TRS requested. They scheduled a site visit for network
connectivity to the new building. They also upgraded eight servers and My Consulting will prepare for
testing.
13.5 – TRS General Counsel Ms. Green updated the Board on projects she has been working on:
• Attorney General Opinion Letter Request and Response: Ms. Green reviewed documents related to
TRS’ External Funds Matching Statute.
• Securities Litigation re GE: a. The briefing cycle was completed in November. b. TRS is awaiting
scheduling of oral arguments.
• White Star Bankruptcy: a. A prepetition claim for $169K was filed for May 2019 rent. B. TRS filed a
claim for post-petition debt because White Star’s lease ran through 2021. TRS is limited to one year of
rent, about $1.3 million. Today TRS will file a claim for that amount through its bankruptcy counsel.
White Star originally filed to reject their lease of November 30 but they were still in the building on
December 15, so TRS raised an issue and ended up settling for an additional $50K rent for December
along with furniture White Star left behind.
• Harvey Parkway Building: White Star occupied 72% of the building once and TRS’ property manager is
doing a good job of getting that space filled, which mitigates TRS’ damages from White Star’s lease
running through 2021. a. The first floor has a fitness center and a café area, that is not being used, but
the other side is vacant space where TRS plans to build a conference room. b. Intensity leased one-half
of the 2nd floor January 1, 2020. c. Another company is interested in leasing the remaining 2nd floor
space May 1, 2020. d. Contango, who purchased White Star, leased the entire 3rd floor. Arcadia Capital
who is currently occupying 9,000 square feet on the 4th floor, would like to move to the 6th floor to
occupy 12,000 square feet February 1. Their former 9,000 square foot space will be leased out
eventually. The remaining 4th floor space is occupied by federal tenants and the property manager. e.
TRS renewed the 5-years lease with the Comptroller of the Currency on the 4th floor effective January 1.
f. TRS intends to occupy the entire 5th floor. g. The property manager responded to an RFP from the
Department of Tourism who would like to lease 25K square feet of space. TRS probably does not have
enough space for that but it is good that our property manager responded.
Greg asked how many square feet is on each floor. Mr. Spencer replied it’s 16,000 sq. ft.
• Permanent Rulemaking was discussed earlier in the meeting.
13.6 – TRS Executive Director Tom Spencer shared his activities from December 10 through January 21, 2020:
• Mr. Spencer and TRS CFO Mr. Moore attended Governor Stitt’s Leadership Summit January 7.
Recognition was given to some agencies that had been nominated for various awards. Agency CFOs
later met separately with Secretary of Budget Mike Mazzei.
• Information Technology: In December, the Board authorized TRS to seek a proposal from a software
company to replace ALICE. A request was made to TRS’ Cabinet secretary to approve but he has not
responded.
• Budget Review: Messrs. Spencer, Santos and Moore met with Secretary Mazzei, Secretary of Digital
Transformation David Ostrowe and two OMES budget staffers in December regarding information they
wanted for the Governor’s Annual Budget book. TRS’ highlights include its administrative costs being
some of the lowest in the nation, three of the Oklahoma plans were the top three in the nation with the
highest percentage improvements in funded ratio, and TRS’ long-term investment returns.
• The Legislation report was discussed earlier in the meeting.
Page 6 of 372
• Communications: a. TRS’ Popular Annual Financial Report (PAFR) was included in TRS’ newsletter
which was sent out in December. b. There will be a couple follow-up interviews to hire a
communications firm. c. Mr. Santos talked about the “annual statement”, which is considered a best
practice for public pension plans. It gives members information on their accounts and a benefit estimate.
• The audit was discussed earlier in the meeting.
• Actuarial: Ryan Falls of Gabriel Roeder Smith will present an “experience study” in April. This study is
done to analyze the investment return assumption, inflation, mortality and wage growth. This data is
used for an Asset/Liability study.
• Office Building: Issues with White Star were covered in Ms. Green’s report. Staff was taken in small
groups to tour the Harvey Parkway Building. Mr. Spencer invited Trustees to tour the building.
Meetings with the space planner are ongoing. A moving committee headed by TRS’ Business Manager
is working on details with a goal to be in the building by July 1. There was discussion about furniture
left for TRS at the Harvey Parkway Building and the future of its fitness center. There was also
discussion about sharing TRS’ positive news that was mentioned in the Communications report.
ITEM 14 – QUESTIONS AND COMMENTS FROM TRUSTEES: Mr. Gaddis reviewed upcoming meeting
times of the Investment Committee meeting and reminded Trustees that everyone is invited to attend.
ITEM 15 – NEW BUSINESS: There was no new business.
ITEM 16 – ADJOURNMENT: Mr. Gaddis adjourned the meeting at 11:19 a.m.
By:
_________________________________________
Roger Gaddis, Vice Chairman
Page 7 of 372
GLOB
AL C
USTO
DIAN
RFP
RESP
ONSE
S &
SELE
CTIO
N
Page
8 o
f 372
•TR
S re
ceiv
ed th
ree
resp
onse
s to
our G
loba
l Cus
tody
Ser
vice
s RFP
.•
Bank
of N
ew Y
ork
Mel
lon
•N
orth
ern
Trus
t (In
cum
bent
)•
Stat
e St
reet
•Th
e th
ree
resp
onse
srep
rese
ntth
e fie
ld o
f bes
t-in-
clas
spro
vide
rsfo
rGlo
bal C
usto
dy S
ervi
ces.
•Ba
sed
upon
the
eval
uatio
n of
the
RFPs
and
refe
renc
e ch
ecks
, eac
h on
e of
the
resp
ondi
ng fi
rms i
s fu
lly ca
pabl
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mpe
tent
at p
rovi
ding
the
high
leve
l of s
ervi
ces r
equi
red.
•TR
S St
aff i
s rec
omm
endi
ng th
e co
ntin
ued
rete
ntio
n of
Nor
ther
n Tr
ust i
n its
capa
city
as t
he
Syst
em's
Glob
al C
usto
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ervi
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rovi
der.
•Ra
tiona
le fo
rrec
omm
enda
tion:
•Ove
rall
satis
fact
ion
with
the
serv
ices
pro
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Nor
ther
n Tr
ust
•Nor
ther
nTr
ust’s
his
tori
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rece
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and
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h et
hica
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ndar
ds•N
orth
ern
Trus
t offe
red
the
mos
t com
petit
ive
fee
quot
e
EXEC
UTIV
E SU
MM
ARY
Page
9 o
f 372
OVER
VIEW
OF
RESP
ONSE
SBN
Y Mellon
Northern Trust
State Street
Corporate History
Year fo
unde
d17
8418
8917
92Years in glob
al custody
business
151
131
39Globa
l Custody
Client Base
Total num
ber o
f global custody
clients
4,10
02,44
654
2Num
ber o
f pub
lic pen
sion clients
150
302
102
Total value
of assets u
nder custody
$23 Trillion
$8.1 Trillion
$3.9 Trillion
Value of pub
lic pen
sion assets und
er custody
$2.0 Trillion
$1.9 Trillion
$2.1 Trillion
Total clients g
aine
d in th
e last 3 years (#
/ $A
UC)
41 Clients /
$26
7.2 Billion
233 / $
338 Billion
7 Clients /
$15
.2 Billion
Total clients lost in the last 3 years (#
/ $A
UC)
23 Clients /
$71
Billion
83 / $2
37 Billion
144 Clients /
$24
3 Billion
# of employees w
ithin th
e glob
al custody
de
partmen
t19
,300
10,080
16,743
Securities L
ending
Curren
t num
ber o
f clients
402
454
283
Num
ber o
f pub
lic pen
sion clients
8912
244
Num
ber o
f clients g
aine
d in th
e last 3 years
6024
58Num
ber o
f clients lost in the last 3 years
173
97Security Lend
ing Split
90/10
90/10
85/15
Cash M
anagem
ent ‐ M
ost com
mon
ly used vehicle
Total current STIF AU
M$3
2.98
billion
$30.42
Billion
$53.6 billion
20
18 ann
ualized
return
2.10
%2.10
%2.10
%20
19 ann
ualized
return (m
ost u
p‐to‐date)
2.40
%2.40
%1.90
%Pe
rson
nel
Num
ber o
f accou
nts serviced by
this relatio
nship
mgm
t. team
98
7Accoun
t relationship staff add
ed (last 3
years)
64
3Accoun
t relationship staff lost (last 3 years)
51
3Av
erage years o
f experience of re
latio
nship team
1918
> 20
Page
10
of 3
72
BLEN
DED
SCOR
ING
MAT
RIX
Weight
BNY Mellon
Northern Trust
State St
Max
Bidd
er M
eets All Minim
um Qua
lifications (Y
es/ No)
Yes
Yes
Yes
Bidd
er’s ability to perform
Services R
eque
sted
Risk M
anagem
ent a
nd Internal Con
trols
3.3%
99
910
Custod
ial Capabilitie
s3.3%
99
910
Settlemen
t and
Securities Processing Capabilties
3.3%
99
910
Accoun
ting, Aud
iting, and
Rep
ortin
g Capabilities
3.3%
910
910
System
s and
Techn
ology
3.3%
89
910
Security and Bu
siness C
ontin
uity
3.3%
99
910
Trade and FX
Processing
3.3%
89
810
Performance M
easuremen
t and
Analytics
3.3%
99
910
Securities L
ending
3.3%
99
810
Total (Out of 3
0)30
%79
8279
90
Bidd
er’s experience an
d record of successful past p
erform
ance
with
engagem
ents of sim
ilar scope
and
com
plexity
Firm
Experience
8%9
99
10Team
Mem
ber E
xperience
8%9
99
10Re
ference Ch
ecks
8%8
98
10To
tal (Out of 3
0)30
%26
2726
30
Disclosures
Material D
isclosures (Yes/No)
10%
310
210
Total (Out of 1
0)10
%3
102
10
Price
Bund
led Co
st15
%9
93
10Ad
ditio
nal Fees &
Expen
ses
15%
47
510
Total (Out of 3
0)30
%13
168
20
Grand
Total (R
aw)
121
135
115
160
Grand
Total (W
eighted)
75%
88%
66%
100%
Page
11
of 3
72
NorthernTrust
AnnualFee:
•$2
5,00
0
SecurityLendingSplit:
•90
%/1
0%
On‐BoardingFee:
•$0
STIFFee:
•10
bp
TotalFY21FeeEstimate*
•AnnualFee:$
25,0
00
•STIFFee:$
135,
000
•TotalFee:$160,000
FEE
COM
PARI
SON
BNYMellon
AnnualFee:
•$2
5,00
0
SecurityLendingSplit:
•90
%/1
0% +
2bp
Adm
in. F
ee
On‐BoardingFee
•$0
STIFFee:
•7b
p
TotalFY21FeeEstimate*
•AnnualFee:
$25,
000
•STIFFee:$
94,5
00
•SecLendingAdminFee:$
360,
000
•TotalFee:$479,500
StateStreet
AnnualFee:
•$4
50,0
00 w
ith S
TIF
•$0
ifDD
A Ch
ecki
ng A
ccou
nt (F
ed fu
nds r
ate)
SecurityLendingSplit:
•Ra
nge
of 8
5%/1
5% to
90%
/10%
On‐BoardingFee:
•$0
with
STI
F
•$1
00,0
00 w
ith D
DA C
heck
ing
STIFFee:
•10
bp
TotalFY21FeeEstimate*
•AnnualFee:$
450,
000
•STIFFee:$
135,
000
•TotalFee:$585,000
* Fee
est
imat
e ba
sed
on $
135m
il av
erag
e ca
sh b
alan
ce, $
1.8B
ass
ets o
n lo
an, S
TIF
cash
veh
icle
(Not
DDA
)
Page
12
of 3
72
APPE
ND
IX: F
Y19
SECU
RITY
LEN
DIN
G BR
EAKD
OW
N
Page
13
of 3
72
Investment Policy Statement adopted September February 1826, 20192020
INVESTMENT POLICY STATEMENT AS OF SEPTEMBER 2019FEBRUARY 2020
Page 14 of 372
Investment Policy Statement adopted September February 1826, 20192020
Table of Contents
I. INTRODUCTION AND STATEMENTS OF PURPOSE, PHILOSOPHY AND ETHICS .............................. 1
A. Legal Authority and System Description........................................................................ 1
B. Statement of Purpose ...................................................................................................... 2
C. Statement of Investment Philosophy .............................................................................. 3
D. Statement of Ethical Standards ....................................................................................... 4
II. STATEMENT OF DUTIES AND RESPONSIBILITIES ........................................................................ 5
A. Board of Trustees ............................................................................................................ 5
B. Staff ................................................................................................................................. 5
C. Investment Consultant .................................................................................................... 6
D. Investment Managers ...................................................................................................... 7
E. Custodian ........................................................................................................................ 8
F. Securities Lending Agent ............................................................................................... 9
G. Transition Manager ....................................................................................................... 10
III. PROCEDURES .......................................................................................................................... 11
A. Investment Policy Review ............................................................................................ 11
B. Investment Manager Policy Exceptions ....................................................................... 11
C. Third Party Marketing and Referrals Disclosure Policy ............................................... 11
D. Request for Proposal Policy .......................................................................................... 12
E. Additional allocations to a previously retained manager: ............................................ 13
IV. INVESTMENT GOALS AND OBJECTIVES ................................................................................... 14
V. INVESTMENT GUIDELINES AND CONSTRAINTS ........................................................................ 15
A. Public Market Separate Account Investments .............................................................. 15
B. Private Market Partnership Interests and Commingled Account Investments ............. 20
VI. EVALUATION AND REVIEW ..................................................................................................... 23
A. Investment Staff Reporting Requirements .................................................................... 23
B. Investment Consultant Reporting Requirements .......................................................... 23
C. Investment Manager Reporting Requirements ............................................................. 23
APPENDIX A - PERFORMANCE BENCHMARKS .................................................................................. 25
APPENDIX B - STRATEGIC ASSET ALLOCATION ............................................................................... 26
APPENDIX C - REBALANCING POLICY .............................................................................................. 27
APPENDIX D - INVESTMENT MANAGER EXCEPTIONS TO INVESTMENT GUIDELINES ........................ 29
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Investment Policy Statement adopted September February 1826, 20192020
I. INTRODUCTION AND STATEMENTS OF PURPOSE, PHILOSOPHY AND ETHICS
The Board of Trustees of the Teachers’ Retirement System of Oklahoma, as the governing bodyfor the System, deems it prudent and necessary to maintain this Investment Policy Statement to actas the principal governing document for the investment of System assets.
A. Legal Authority and System Description
The System is established by statute; the legal authority and description of the System are detailedbelow.
Constitutional AuthoritySection 62 of Article 5 of the Oklahoma Constitution was added as a result of the passage of StateQuestion 306 on July 14, 1942. This section reads:
“The Legislature may enact laws to provide for the retirement for meritorious service of teachers and other employees in the public schools, colleges and universities in this State supported wholly or in part by public funds, and may provide for payments to be made and accumulated from public funds, either of the State or of the several school districts. Payments from public funds shall be made in conformity to equality and uniformity within the same classifications according to duration of service and remuneration received during such service.”
Statutory Authority As a result of the passage of State Question 306, the Legislature enacted House Bill 297 in the 1943 legislative session that created the Oklahoma Teachers Retirement System (“System”). The legislation has been changed substantially in the years since its creation and is currently codified in Oklahoma Statutes Title 70, Sections 17-101 et. seq. (NOTE: In the remainder of this document, statutory references will follow the notation O.S. 70 § 17-101 to reference Oklahoma Statutes Title 70, Section 17-101.)
Purpose of System In O.S. 70 § 17-102, paragraph 1 creates the Oklahoma Teachers Retirement System and outlines the purpose of the System as follows:
“A retirement system is hereby established and placed under the management of the Board of Trustees for the purpose of providing retirement allowances and other benefits under the provisions of this act for teachers of the State of Oklahoma.”
Board of Trustees Powers The second paragraph of O.S. 70 § 17-102 provides the broad terms of the powers entrusted to the Board of Trustees (“Board”):
“The Board of Trustees shall have the power and privileges of a corporation and shall be known as the "Board of Trustees of the Teachers' Retirement System of Oklahoma", and by such name all of its business shall be
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Investment Policy Statement adopted September February 1826, 20192020
transacted, all of its funds invested, and all of its cash and securities and other property held in trust for the purpose for which received.”
Further powers vested upon the Board are set forth in O.S. 70 § 17-106, in part:
“(1) The general administration and responsibility for the proper operation of the retirement system and for making effective the provisions of the act are hereby vested in a Board of Trustees which shall be known as the Board of Trustees and shall be organized immediately after a majority of the trustees provided for in this section shall have qualified and taken the oath of office.”
and:
“(9) (10) Subject to the limitations of this act, the Board of Trustees shall, from time to time, establish rules and regulations for the administration of the funds created by this act and for the transaction of its business.
Finally, O.S. 70 § 17-106.1, in part, defines the duties of the Board in relation to investment of fund assets:
“A. The Board of Trustees of the Teachers’ Retirement System of Oklahoma shall discharge their duties with respect to the System solely in the interest of the participants and beneficiaries and: 1. For the exclusive purpose of:a. providing benefits to participants and their beneficiaries, andb. defraying reasonable expenses of administering the System;2. With the care, skill, prudence, and diligence under the circumstancesthen prevailing that a prudent person acting in a like capacity and familiarwith such matters would use in the conduct of an enterprise of a likecharacter and with like aims;3. By diversifying the investments of the System so as to minimize the riskof large losses, unless under the circumstances it is clearly prudent not todo so; and4. In accordance with the laws, documents and instruments governing theSystem.”
B. Statement of Purpose
A primary purpose of this investment policy statement is to guide fiduciaries, including the Boardof Trustees, System staff, investment managers, consultants and others responsible for overseeingand investing the assets of the Fund. This policy also communicates foundational tenets underlyingits formulation. This policy provides specific guidance regarding investment objectives, assetallocation, risk management and the means by which investment objectives are intended to beachieved. Additional specific guidance is given in defining roles, delegated duties andaccountabilities of System fiduciaries as well as setting forth logical, disciplined procedures formaking decisions.
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Investment Policy Statement adopted September February 1826, 20192020
C. Statement of Investment Philosophy
Since this policy is a communication tool for System fiduciaries, interested stakeholders as well asother external parties, the Board recognizes that it is important to articulate the underlying beliefsthat are foundational in its formulation. Key aspects of the Board’s investment philosophy aresummarized in the following statements.
1. The Fund has an infinite time horizon and the assets should be invested and managedaccordingly.
2. A central tenet in investing is the tradeoff between risk and return, meaning that the pursuitof higher expected returns is accompanied with higher expected risk. Bearing some degreeof investment risk is necessary in the pursuit of investment return objectives.
3. Investment risk comes in many forms. The most common risk is the volatility of periodicreturns measured by the statistical term known as standard deviation. Additionally, there area variety of other risks to be considered. A partial list of these risks would include the riskof permanent loss of capital, the risk of not meeting objectives, illiquidity risk, credit risk,interest rate risk, inflation risk, leverage risk, concentration risk and manager risk. A primaryfocus of this investment policy is to balance, manage and, to the extent possible, controlthese various risks.
4. Funds with long term investment horizons are able to pursue higher expected returnsassociated with higher risk portfolios because they are able to remain invested when periodicdeclines in market values occur.
5. The Fund will best contribute to the primary goal of providing benefits to participants andtheir beneficiaries by realizing high risk-adjusted net returns.
6. The Board acknowledges that while other institutions may make investment decisions topursue various worthy causes that may be admirable in their own right, the Board’sinvestment decisions are made to achieve the primary goal of providing benefits toparticipants and their beneficiaries and defraying reasonable expenses.
7. Long-term investing success is best accomplished by adhering to a long-term strategic assetallocation rather than engaging in short term tactical market timing among asset classes.
8. Diversification among asset classes and securities is the primary means of controlling therisk of an investment portfolio.
9. The primary factor determining portfolio risk and return is how the portfolio is allocatedamong asset classes.
10. The decision-making process for investments should be both disciplined and logicalderiving support from current academic theory and the application of rigorous analysis.
11. In less efficient markets where the probabilities of achieving net-of-fee outperformancerelative to a passive market index are higher, active management is preferred. In moreefficient markets where the probabilities of achieving net-of-fee outperformance relative toa passive market index are lower, low-cost index management is preferred.
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Investment Policy Statement adopted September February 1826, 20192020
12. Certain asset classes are only accessible in the form of private market interests which havevery limited liquidity and normally higher costs relative to public market instruments.Investing a portion of the Fund in these illiquid asset classes is reasonable to the extent thatthey offer some desirable combination of the following relative to available public marketasset classes: higher expected net return and/or risk reduction through diversification.
D. Statement of Ethical Standards
The Board of Trustees is committed to maintaining and promoting the highest ethical standardsamong Board members and among all parties involved in the administration of fund assets.
The Board expects all parties involved in the administration of fund assets, including all Systemfiduciaries, to conduct their activities according to the highest ethical standards adhering likewiseto the principles expressed in the Board of Trustee Policy Manual Chapter 5 – Code of Conductand Chapter 6 – Ethical and Fiduciary Conduct. Given the nature of fund management andinvesting, particular attention will be given to conflicts of interest. All parties involved in theadministration of fund assets should be free of conflicts of interest to avoid even the appearance ofnot acting in the sole interests of System participants and their beneficiaries. Where any involvedparty becomes aware of an actual or potential conflict of interest it is their duty to disclose theconflict to the Board so that the Board may assess its seriousness.
Page 19 of 372
Investment Policy Statement adopted September February 1826, 20192020
II. STATEMENT OF DUTIES AND RESPONSIBILITIES
A. Board of Trustees
The Board of Trustees has the final decision making authority for the System. The InvestmentCommittee of the Board has the authority to make investment recommendations to the Board. TheBoard evaluates and decides whether or not to take action on recommendations from the InvestmentCommittee. The Investment Committee’s authority and responsibilities are set forth in theInvestment Committee Charter contained in the Board of Trustees Policy Manual.
Trustee duties and responsibilities are listed in summary as follows:
1. Adopt, and when deemed necessary, amend this Investment Policy Statement.
2. Determine delegated duties to be performed by other qualified fiduciaries in order to ensurethat the Fund is properly administered and regularly evaluated to assess progress towardsachieving established objectives.
3. Receive and evaluate reports, presentations and other materials provided by investmentconsultant(s), staff, investment managers, and other retained advisors to monitor theadministration of Fund assets in accordance with policy objectives and to regularly assessprogress towards achieving the goals and objectives defined herein.
4. Select and contract with qualified professional advisory organizations to perform functionsdeemed necessary by the Board to manage the Fund in accordance with policy. Commonprofessional advisory organizations would include investment consultant(s), investmentmanagers, global custodians and securities lending agents.
5. Evaluating the performance of retained professional advisory organizations and staff toassess fulfillment of duties, achievement of goals and compliance with policy guidelines.
6. Annually conduct a formal review of the performance of Investment Consultant(s),normally to be performed in the month of April.
7. Terminating the contracts with any retained professional advisory organization whendeemed necessary.
8. Review all costs of investment operations at least annually.
B. Investment Staff
A summary of the duties and responsibilities of the Investment sStaff is as follows:
1. Provide the Board and the Investment Committee with reports, presentations and any othermaterials to assist them in the fulfillment of their duties and responsibilities. The generalcontent and focus of reporting from Investment Staff is further described in Section VI.
2. Serve as the primary liaison between the Board of Trustees and the investment consultant(s),investment managers, custodian, securities lending agent and transition manager(s).
Page 20 of 372
Investment Policy Statement adopted September February 1826, 20192020
3. Implement Board decisions regarding asset allocation, investment structure, portfoliorebalancing procedures and retention of investment consultant(s), investment managers,custodian and securities lending agent.
4. Coordinate the search, selection and evaluation processes for investment consultant(s),investment managers, custodian and securities lending agent on behalf of the Board ofTrustees.
5. Monitor and review the performance of the total fund, asset class composites, andinvestment managers to evaluate achievement of objectives and compliance with policyguidelines.
6. Monitor and review all costs of investment operations including, but not limited to, feespaid to investment consultant(s), investment managers, and custodian, as well as portfoliotransactions costs.
7. Manage the liquidity in the Total Portfolio as necessary to ensure timely payment of benefitpayments, plan expenses and capital calls, etc. consistent with established asset allocationand portfolio rebalancing policies. The raising of cash amounts greater than two months’worth of benefit payments shall be subject to Board approval.
8. Conduct the search and selection of transition manager(s) in collaboration with theinvestment consultant(s) as directed by the Board.
9. Conduct due diligence in collaboration with the investment consultant(s) when investmentmanagers fail to meet the expectations of the Board or are formally placed ‘On Alert’ or‘On Notice’.
10. Research and review innovative investment ideas and concepts in collaboration with theinvestment consultant(s) in an effort to identify potential modifications to improve theinvestment portfolio.
11. Monitor the performance of the total fund, asset class composites and investment managersto determine if any issues need to be addressed by the Investment Committee or the Boardof Trustees.
C. Investment Consultant
A summary of the duties and responsibilities of the investment consultant(s) retained by the Boardis as follows:
1. Acknowledge status as a fiduciary to the System and remain in compliance both with thisinvestment policy and with the current executed contract with the System.
2. Provide the Board and the Investment Committee with reports, presentations and any othermaterials to assist them in the fulfillment of their duties and responsibilities. The generalcontent and focus of reporting from Investment Consultant is further described in SectionVI.
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Investment Policy Statement adopted September February 1826, 20192020
3. Assist the Board in developing and modifying policy objectives and guidelines, includingthe development of asset allocation strategies, recommendations on long-term assetallocation and the appropriate mix of investment manager styles and strategies.
4. Assist the Board by monitoring compliance with this Investment Policy.
5. Provide assistance in investment performance calculation, evaluation, and analysis.
6. Provide assistance in investment manager searches and selection.
7. Provide assistance in custodian, securities lending agent, transition manager andcommission recapture agent searches and selection.
8.7.Provide timely information, written and/or oral, on investment strategies, instruments, managers and other related issues, as requested by the Board.
9.8.Monitor the Board's System's investment managers and notify the Board and Investment staff of any material changes in the investment managers' organizational structure, their personnel or if there are performance issues.
10.9. Certify in writing to the Board on an annual basis as of the System’s June 30 fiscal year end, the investment consultant’s compliance with this Policy during the fiscal year period ending June 30.
11.10. Review with the Investment staff Staff the status and performance of current investment managers and determine if any issues need to be addressed by the Investment staff Staff or the Board of Trustees.
12.11. Provide assistance in the search and selection of transition manager(s) as directed by the Board.
13.12. Provide assistance in the conduct of due diligence when investment managers fail to meet the expectations of the Board or are placed ‘On Alert’ or ‘On Notice’.
14.13. Explore, research, analyze and review new investment ideas and managers in collaboration with the Investment staff Staff in an effort to keep the system current with investment options.
D. Investment Managers
A summary of the duties and responsibilities of each separate account, public markets investmentmanager retained by the Board is listed below. Commingled account and private market investmentmanagers whose investment activities are governed by subscription agreements or commingledtrust documents should adhere to the duties and responsibilities contained herein to the extentpossible and to the extent that they are not superseded by, or in conflict with, subscriptionagreements or commingled trust documents defining the relationship with the System.
1. Acknowledge status as a fiduciary to the System and remain in compliance both with thisinvestment policy and with the current executed contract with the System.
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Investment Policy Statement adopted September February 1826, 20192020
2. Provide the Board, the Investment Committee, the staff and the investment consultant(s)with reports, presentations and any other materials to assist them in the fulfillment of theirduties and responsibilities. The general content and focus of reporting from InvestmentManagers is further described in Section VI.
3. Manage the Fund’s assets in accordance with the policy guidelines and objectives expressedherein.
4. Prudently select investments based on thorough evaluation of all risks applicable to statedmandate.
5. Work with the custodian and the investment consultant to verify monthly accounting andperformance reports.
6. Certify in writing to the Board on an annual basis as of the System’s June 30 fiscal year end,the Investment Manager’s compliance with this Policy during the fiscal year period endingJune 30.
7. Act as a fiduciary in adopting and adhering to proxy voting policies, acknowledging that itsproxy voting policies may affect the value of their respective portfolio.
8. Seek to obtain best execution in all securities transactions to minimize the costs of trading.
E. Custodian
A summary of the duties and responsibilities of the custodian bank(s) retained by the System is asfollows:
1. Acknowledge status as a fiduciary to the System and remain in compliance both with thisinvestment policy and with the current executed contract with the System.
2. Provide the Board, the Investment Committee, the staff and the investment consultant(s)with reports, presentations and any other materials to assist them in the fulfillment of theirduties and responsibilities.
3. Accept daily instructions from designated staff.
4. Notify investment managers of proxies, tenders, rights, fractional shares or otherdispositions of holdings.
5. Safekeeping of securities.
6. Timely collection of interest and dividends.
7. Daily cash sweep of idle principal and income cash balances.
8. Process and maintain records of all investment manager transactions.
9. Collect proceeds from maturing securities.
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Investment Policy Statement adopted September February 1826, 20192020
10. Disburse all income or principal cash balances as directed.
11. Perform regular reconciliations of holdings and transactions with the System’s retainedinvestment managers on at least a monthly basis.
12. Work with the System’s staff and the investment consultant to ensure accuracy in reporting.
13. Manage and administer the System’s directed brokerage program.
14. Monitor compliance with this Investment Policies Statement, provide applicable research toensure the validity of suspected breaches, and submit appropriate commentary offering arecommendation to the reported breach.Calculate the investment performance of theSystem’s investment accounts and composites.
15. Participate in an annual review of compliance with the System’s staff, to determine theeffectiveness of investment policy testing. Providing required reports to assist the System’sstaff and vendors with compliance with the Governmental Accounting Standards Board, theInternal Revenue Service, the Securities and Exchange Commission, the Financial IndustryRegulatory Authority and other regulatory agencies.
16. Monitor, file and report on securities class action lawsuits and collect and record settlementproceeds.
17. Process and file Foreign Tax Reclaims on behalf of the System.
F. Securities Lending Agent
A summary of the duties and responsibilities of the securities lending agent retained by the Systemis as follows:
1. Acknowledge status as a fiduciary to the System and remain in compliance both with thisinvestment policy and with the current executed contract with the System.
2. Provide the Board, the Investment Committee, the staff and the investment consultant(s)with reports, presentations and any other materials to assist them in the fulfillment of theirduties and responsibilities.
3. Arrange terms and conditions of securities loans.
4. Monitor the market value of the securities lent and mark to market at least daily and ensurethat any necessary calls for additional collateral are made and that such collateral is obtainedon a timely basis.
5. Direct the investment of cash received as collateral in accordance with direction from theBoard, provided that such investments are consistent with guidelines provided in thisdocument.
6. Notify the Board of any changes to the investment guidelines in the Securities and ExchangeCommission’s rule 2A7 for consideration by the Board.
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Investment Policy Statement adopted September February 1826, 20192020
7. Notify the System’s staff in the event that a recalled security has not been returned by aborrowing party within 10 days of the request.
G. Transition Manager
The transition managers shall manage the transition of assets from one or more investmentmanagers or asset categories to one or more other investment managers or asset categories.Transition managers shall be selected among those approved by the Board. Transition managersshall be utilized when such employment is likely to present significant opportunities for costsavings, technical efficiencies or other benefits to the System.
A summary of the duties and responsibilities of Transition Managers retained by the System is asfollows:
1. Acknowledge status as a fiduciary to the System and remain in compliance both with thisinvestment policy and with the current executed contract with the System.
2. Provide a pre-trade analysis, which will include, among other things, a trading liquidityanalysis, portfolio sector analysis, volatility analysis, and estimated transaction costs.
3. Provide a detailed written plan of transition execution.
4. Provide a post-trade analysis, comparing the actual costs with the pre-trade estimates. Thereport will also include various trading statistics, benchmarking information, and detailedtrade reports.
5. In all securities transactions, transition managers shall seek to obtain best execution tominimize the costs of trading.
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Investment Policy Statement adopted September February 1826, 20192020
III. PROCEDURES
A. Investment Policy Review
In order to keep the Investment Policy current, the Board will, at least annually, review and modify,as deemed necessary any portions of the policy. The annual review will consider, but not be limitedto, the following: objectives and guidelines, the development of asset allocation strategies,recommendations on long-term asset allocation and the appropriate mix of investment managerstyles and strategies.
The Board, both upon their own initiative and upon consideration of the advice andrecommendations of staff, consultants, the investment managers and other fund professionalsinvolved with the assets, may amend policy guidelines. Proposed modifications should bedocumented in writing to the Board.
B. Investment Manager Policy Exceptions
Requests for an exception to invest in securities precluded by section V. A. or the applicablemandate’s specific policies, should be submitted in writing to the System and include justificationfor such request, , and a requested time period, up to three years. Exception requests will undergoa reevaluation and approval process at the end of each term. Staff and investment consultant willdetermine the investment manager’s process for providing quarterly reporting on attributionanalysis of the contribution of the allowed exception.
C. Third Party Marketing and Referrals Disclosure Policy
The Teachers’ Retirement System of Oklahoma requires transparency and full disclosure of allrelationships in proposed and committed investments with any third parties. A “third partymarketer” is a person who represents an asset management firm or any other type of investmentservices provider, as an independent contractor rather than as an employee of the firm, for thepurpose of making presentations or securing contracts with the System for the firm or provider.Any such third party marketer must disclose himself or herself as a third party marketer before orat the same time as contacting any member of the Board of Trustees, employee of the System orthe outside investment consultant for the System. In addition, firms submitting investmentproposals for consideration by Teachers’ Retirement System of Oklahoma (including any sub-managers or consultants engaged by such firms) are hereby required to disclose the identity of allthird-party marketers and/or individuals by whom the firm has been referred to Teachers’Retirement System of Oklahoma and further indicate those so identified that stand to receive feesor other consideration in the event that a contract between the firm and the Teachers’ RetirementSystem of Oklahoma is secured. Any consideration paid or benefits received, or any relationshipbetween such firm (including any sub-managers or consultants engaged by such firms) and thirdparty marketing entities and/or individuals, shall be disclosed. The disclosure requirementsestablished by this Policy apply throughout the term of any contractual relationship Teachers’Retirement System of Oklahoma may have with any firm and represents a continuing obligation ofdisclosure. This Policy becomes effective immediately and applies to all firms currently managingTeachers’ Retirement System of Oklahoma assets. All firms submitting investment proposals must
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Investment Policy Statement adopted September February 1826, 20192020
make the disclosures required by this Policy prior to any action being taken on the firm's investment proposal by the Board, as well as comply with the continuing obligation of disclosure.
D. Request for Proposal Policy
70 O.S. § 17-106.1(E) provides “The Board of Trustees may retain qualified investment managersto provide for the investment of the monies of the System. The investment managers shall bechosen by a solicitation of proposals on a competitive bid basis pursuant to standards set by theBoard of Trustees. Subject to the overall investment guidelines set by the Board of Trustees, theinvestment managers shall have full discretion in the management of those monies of the Systemallocated to the investment managers[…]”
While TRS statutes provide that investment managers must be retained on a competitive bid basis,this process is not required to conform to the Oklahoma Central Purchasing Act. The process forinvestment manager selection and allocation shall conform to the following process:
1. The Board shall approve all request for proposals (RFPs) issued by the System.
2. Respondents to a proposal shall comply with the procedures and conform to the standardsset forth in the RFP.
3. The issuance of an RFP does not commit the Board to award a contract or make anallocation to a manager or strategy. The Board reserves the right to accept or reject any orall proposals received, to negotiate with any and all qualified bidders, and to cancel in partor 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 bidder at a specified time and placewhich shall be open to the public pursuant to the Oklahoma Open Meetings Act.
5. Proposals shall be evaluated by the Investment Consultant and the Chief InvestmentOfficerStaff. An evaluation report to identify potential managers shall be presented to theInvestment Committee for recommendation to the Board.
6. Except for the purposes of seeking clarification of RFP responses, no member of theBoard, staff, or Investment Consultant shall knowingly communicate concerning anymatter that is material to the selection process with any party having a direct financialinterest in the award of the contract, an officer or employee of that party, or a placementagent retained or employed by that party, unless the communication is part of the processexpressly described in the RFP or part of any Board meeting prior to the award of thecontract. Any bidder who knowingly participates in a communication that is prohibited bythis subsection shall be disqualified from the contract award.
7. Due diligence shall be conducted on potential managers prior to the award of the contract.The nature of the due diligence shall be recommended to the Board by the InvestmentCommittee with the advice of the Investment Consultant, Chief Investment Officer, andExecutive Director.
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E. Additional allocations to a previously retained manager:
1. The Board may at any time make an additional allocation to a manager currently undercontract at its discretion in accordance with this Policy.
2. Additional allocations to subsequent or follow-on closed-end funds of a manager may bemade without the necessity of an additional RFP provided the investment thesis andstrategy of the subsequent or follow-on fund is substantially similar to the fund that wasoriginally allocated on a competitive bid basis. To be substantially similar a fund musthave the same benchmark, the same type of assets, and the investment decisions must bemade by substantially the same people as were managing the original fund/strategy.Closed-end funds are generally in the form of ownership interests in limited partnershipsand may include, but are not limited to, private equity, venture capital, mezzanine anddistressed debt, real estate funds, and natural resource funds.
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IV. INVESTMENT GOALS AND OBJECTIVES
To fulfill the System’s Mission Statement set forth in Chapter 2 of the Board of Trustees Policy Manual, the Board has a goal of earning a nominal, long-term, time-weighted, annualized, net total return of 7.5% on the investment portfolio while maintaining liquidity necessary to fund net benefits and operations.
To achieve the goal above the Board believes that several investment objectives need to be attained. In setting the objectives the Board follows the criteria as recommended in “A Primer for Investment Trustees” (Bailey, Jeffery, Jesse Phillips and Thomas Richards. A Primer for Investment Trustees. Charlottesville: Research Foundation of CFA Institute, 2011). Specifically, investment objectives should be
unambiguous and measurable,
specified in advance,
actionable and attainable,
reflective of the Trustees’ risk tolerance and consistent with the System’s mission.
The Board has established several objectives for the investment portfolio that meet the criteria above. These objectives listed below are specified at the Total Fund, Asset Class Composite and individual mandate/Investment Account level.
Total Fund Investment Objectives Achieve or exceed on a three year rolling basis, absolute and risk-adjusted, net excess returns
relative to the Total Fund Policy Index as specified in Appendix A. On a three year rolling basis, maintain relative risk levels equal to or below that of the Total
Fund Policy Index.
Asset Class Investment Objectives Achieve or exceed on a three year rolling basis, absolute and risk-adjusted, net excess returns
relative to the Asset Class Index as specified in Appendix A. On a three year rolling basis, maintain relative risk levels equal to or below that of the Asset
Class Index.
Investment Account Objectives Achieve or exceed on a three year rolling basis, absolute and risk-adjusted, net excess returns
relative to the Investment Account Index as specified in Appendix A. On a three year rolling basis, maintain relative risk levels equal to or below that of the
Investment Account Index.
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V. INVESTMENT GUIDELINES AND CONSTRAINTS
The System maintains a diversified portfolio with investments in multiple asset classes as definedby its strategic asset allocation. Investments in some asset classes can be made through publicsecurities markets while investments in other asset classes are only possible through private marketinvestment vehicles.
Generally the System’s public market investments are held by the System’s Custodian in separateaccounts managed by retained investment management firms. For these public market investmentsin separate accounts at the System’s custody bank, the System defines the parameters within whichthe retained investment managers can manage the portfolio. In addition to public marketinvestments held in separate accounts the System may choose to invest in commingled orpartnership structures alongside other institutional investors where the System does not define theinvestment management parameters but rather accepts the investment management parameters asspecified in commingled trust documents or in partnership agreements.
With the above distinctions in mind, this section of the Policy covering guidelines and constraintsis divided into two subsections and further grouped by asset class. The first subsection addressespublic market investments held in separate accounts by the System’s Custodian. It communicatesto the investment management firms retained to manage these accounts the parameters within whichthey are permitted to manage the portfolio.
The second subsection addresses commingled and private market investments where the Systemaccepts the investment parameters as defined in trust documents or partnership agreements andother associated legal documents. This subsection documents the rationale for choosing acommingled or partnership structure and the general boundaries within which the System will seekto structure its private markets investments.
A. Public Market Separate Account Investments
1. Discretion and Prohibited Investments
Full discretion, within the parameters of these guidelines is granted to the investmentmanagers regarding the allocation of their portfolios, the selection of securities, and thetiming of transactions. Any exception requests to the guidelines listed herein should becommunicated to the System’s Investment staff and Investment Consultant. Due to the everexpanding variety of financial instruments and financial engineering methods, the followinglist of ineligible investments is not considered to be exhaustive. Any instrument, to whichthese Investment Guidelines do not explicitly prohibit, that is not expressly allowed by theapplicable mandate specific guidelines, should be requested through the exception process,detailed in section III. B, prior to investment.
a. Privately placed or other non-marketable debt, except securities issued under Rule144A.
b. Securities denominated in non-US currency, unless provided in accordance with anapplicable mandate.
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c. Lettered, legend or other so-called restricted stock
d. Physical commodities and commodity derivatives
e. Short sales and purchases on margin; leverage is not allowed unless the System hasexpressly given the right to lever to a manager.
f. Direct investments in private placements, real estate, oil and gas and venture capital,unless provided in accordance with an applicable mandate.
2. Index Portfolios
a. All index portfolios characteristics and returns are expected to closely resemble thedesignated benchmark.
b. Index managers may use both full replication and stratified sampling portfolioconstruction methodologies.
3. Cash Rule for Equity Portfolios
a. Investment managers of portfolios consisting of equity securities including MLPsshould seek to remain fully invested. Fully invested for the purposes of this documentshall mean normally maintaining a portfolio allocation to cash investments of 5% orless. Should the investment manager desire to maintain cash investments at a levelgreater than 5% for an extended period of time, the investment manager shall provideadvanced written notification and explanation to the Investment Staff and InvestmentConsultant.
b. No violation shall be deemed to occur if cash investment levels exceed the 5% due toinstructions received from the System. If cash investments breach the 5% threshold forten consecutive business days or 7% for three consecutive business days the managershall submit a written notice and explanation of each such event to Investment Staff andInvestment Consultant.
4. Derivatives
a. Investment managers may be permitted, under the terms of individual investmentcontracts, to use derivative instruments as set forth in each manager’s investmentguidelines. A derivative is a security or contractual agreement that derives its value fromsome underlying security, commodity, currency or index. Some examples of derivativesfor purposes of this Policy are (a) contracts such as forwards, futures, put and calloptions, and swaps and (b) non-traditional securities with embedded options such ascollateralized mortgage obligations (CMOs) and structured note products. Traditionalsecurities with options such as convertible bonds and preferred stock are not consideredderivatives under this policy, nor are warrants.
b. Derivatives shall not be used to introduce leverage, that is, the notional value ofderivatives positions cannot exceed the cash or securities values available from the
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System’s assets. Derivatives may not be used to create levered exposure to the assets being managed. Derivatives may be used for the purpose of reducing effective cash exposure and for hedging currency risk and interest rate risk.
c. Managers must ascertain and carefully monitor the creditworthiness of any third partiesinvolved in derivative transactions.
d. Foreign exchange forward contracts or currency swaps are permitted for currencyhedging purposes. Posting of a “margin” deposit for these contracts is permitted inconnection with foreign exchange forward contracts or currency swaps as such a depositis not considered to be “purchases on margin” or “leverage”.
5. Domestic Equity
a. Domestic Equity portfolios will not concentrate more than the greater of a 2%benchmark-relative active weight or 7% of market value of funds under advisement inholdings of a single issuer.
b. Domestic Equity portfolios will not hold greater than 5% of the outstanding shares of asingle issuer.
c. Domestic Equity portfolios will be limited to holdings of common stock, AmericanDepository Receipts (ADRs) listed on a domestic exchange, non-midstream MLP unitsand any security type that is a constituent in the portfolio’s benchmark index.
d. Domestic Equity portfolios may hold, sell or exercise rights, warrants or otherinstruments received by virtue of corporate actions.
e. Domestic Equity portfolios may purchase unlevered Exchange Traded Funds (ETFs)linked to the portfolio’s benchmark index solely for the purpose of reducing temporarilyhigh cash exposure.
6. International Equity
a. International Equity portfolios will not concentrate more than the greater of a 2%benchmark-relative active weight or 7% of market value of funds under advisement inholdings of a single issuer.
b. International Equity portfolios will not hold greater than 5% of the outstanding sharesof a single issuer.
c. International Equity portfolios will not concentrate more than the greater of a 5%benchmark-relative active weight or 35% of the market value of funds under advisementin issuers from the UK or Japan and no more than 30% of the market value of fundsunder advisement in issuers from any other single country.
d. International Equity portfolios will invest no less than 50% of the portfolio in companieslocated in developed markets as determined by MSCI.
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e. International Equity portfolios will be limited to holdings of common stock, AmericanDepository Receipts (ADRs) listed on a domestic exchange and any other security typethat is a constituent in the portfolio’s benchmark index.
f. International Equity portfolios may hold, sell or exercise rights, warrants or otherinstruments received by virtue of corporate actions.
g. International Equity portfolios may purchase unlevered Exchange Traded Funds (ETFs)linked to the portfolio’s benchmark index or country sub index solely for the purpose ofreducing temporarily high cash exposure. International Equity portfolios may also holdcommingled fund units to gain exposure to markets where individual company sharepurchases are either inefficient or not possible.
7. Fixed Income
a. Fixed Income portfolios will not concentrate greater than 5% of market value of fundsunder advisement in holdings of a single issuer. This restriction does not apply tosovereign issues.
b. Fixed Income portfolios will not hold greater than 5% of the issued securities of a singleissuer.
c. Fixed Income portfolios will not concentrate greater than 20% in non-USD denominatedobligations.
d. Fixed Income portfolios will not concentrate greater than 10% in developing oremerging markets issuers as determined by MSCI.
e. Fixed Income portfolios may hold shares of common stock converted from embeddedcorporate actions. At the time of conversion, managers should communicate issuesconverted into common shares to the System’s Investment staff and InvestmentConsultant.
f. Core Plus Full Discretion Fixed Income
i. Core Plus portfolios will not concentrate greater than 50% in issues which are ratedBa1 or lower by Moody’s, or Moody’s equivalent rating by an SEC registeredNRSRO. If the ratings assigned to an instrument by an SEC registered NRSROare not the same, the highest rating of these rating agencies will be used. If aninstrument is not rated by an SEC registered NRSRO, the equivalent ratingdetermined by the Manager’s internal rating system will be used.
ii. Core Plus portfolios may hold up to 5% of the market value of the account in anycombination of the following: issues which internally or externally are ratedbelow Caa2 Moody’s, or Moody’s equivalent rating by an SEC registeredNRSRO, common stock, preferred stock, closed-end funds or exchange-tradedfunds..
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iii. All holdings of unrated securities and securities subject to the 5% limitation aboveshall be subject to monthly reporting requirements as set forth in Section VI. 3. ofthis Policy.
iv. The Core Plus portfolio manager may not invest more than 10% of the portfolioin unrated securities.
g. Active Duration Fixed Income
i. Active duration portfolios may concentrate holdings up to 100% at any maturityalong the U.S. Treasury term structure.
ii. Active duration portfolio accounts are limited to holding securities backed by thefull faith and credit of the U.S. government and units of the short term investmentfund of the System’s custodial bank.
h. Securities Lending Collateral Pool
i. The investments of the securities lending collateral are governed by a separateinvestment policy document therefore they are not addressed herein.
8. Master Limited Partnership (Midstream Energy Infrastructure)
a. Master Limited Partnership (MLP) portfolios will be limited to the purchase ofinvestments in midstream energy infrastructure, which include: (a) securities such asunits and other ownership instruments issued by MLPs that are organized as partnershipsor limited liability companies which elect to be taxed as a partnership; (b) securities thatoffer economic exposure to MLPs from entities holding primarily general partner ormanaging member interests in MLPs; and (c) equity securities in companies that focuson energy infrastructure and the midstream energy sector.
b. MLP portfolios will not concentrate greater than 15% of market value of funds underadvisement in holdings of unregistered, privately placed securities of publicly tradedMLPs at the time of purchase.
c. MLP portfolios will be permitted to invest in Initial Public Offerings and SecondaryPublic Offerings of MLP securities.
d. MLP portfolios will not concentrate greater than 10% of market value of funds underadvisement in holdings of a single issue. A “single issue” is defined by shares in eitherthe limited partner, or shares in the general partner; or equity securities of midstreamenergy infrastructure companies but shares in the limited partnership and generalpartnership should not be taken in aggregate.
e. MLP portfolios will not hold greater than 5% of the outstanding shares of a singleissuer.
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B. Private Market Partnership Interests and Commingled Account Investments
The System recognizes that private market investments and commingled fund investments are governed by subscription agreements, limited partnership agreements, trust documents and other related legal documents. Additionally, the System recognizes that in the event of a conflict between the aforementioned documents and this Investment Policy Statement, the subscription agreements, limited partnership agreement and other related legal documents shall take precedence in the governance of these investments.
The System determines how it will select and structure its private market and commingled fund investments this section sets forth the guidelines the System will follow for structuring the portion of the portfolio invested in private market and commingled fund investments.
1. Private Equity and Private Debt
a. Private Equity portfolios will be comprised of buyout funds, growth capital funds,turnaround funds venture capital funds and other primarily equity focused strategiesapproved by the System.
b. Private Debt will be comprised of distressed debt funds, mezzanine debt funds, asvarious types of credit funds and other primarily debt focused strategies approved bythe System.
c. For Strategic Asset Allocation purposes, the System regards Private Equity as an assetclass and Private Debt as a sub-category of the Fixed IncomePrivate Equity asset class.
d. In order to achieve a diversified private equity portfolio, the following sub-allocationsshall be used as an overall target for commitment levels within the portfolio:
Segment Long-Term Allocation Ranges Corporate Finance1 80% - 100% Venture Capital 0% - 20% 1 Includes buyout, turnaround and debt related strategies
Region Long-Term Allocation Ranges U.S. and Western Europe 80% - 100% Other 0% - 20%
e. The minimum Private Equity or Private Debt commitment is $10 million.
f. Commitments will not be made to a primary fund which exceeds an amount equal to20% of the total amount raised for a proposed fund.
g. Aggregate commitments to a General Partner may not be greater than 25% of fundsunder advisement.
h. For potential new commitments identified by a retained private markets consulting firm,the private markets consulting firm shall, prior to any commitment, provide detailed
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information on the opportunity, including a final memorandum summarizing all due diligence performed, to Staff, the Investment Consultant, and the Board.
i. The System will not invest funds into opportunities that intend to purchase remainingassets from a previous fund.
j. Funds that meet the following criteria will not be considered eligible for initialevaluation or potential funding commitments:
i. Vehicles which are not backed by accredited investors, as that term is defined inSection 2 of the Federal Securities Act of 1933, as amended, (15 U.S.C. Section77(b)) and rules and regulations promulgated under that section.
ii. Investments representing direct equity ownership in individual companies or otherbusiness entities, without the benefit of an intermediate partnership or otherindirect ownership structure. However, this exception shall not include directequity ownership which results from the distribution of securities frompartnerships to the System. This rule does not restrict the possibility of a co-investment in Private Equity; contingent upon a third party consultant providingthe recommendation and vehicle for investment.
iii. Investments which would violate resolutions passed by the System’s Board.
iv. Investments in which the General Partner has committed to invest no personal orfirm assets.
2. Real Estate
a. Real estate investments will be categorized as Core and Non-Core. The objectives ofreal estate investments are to provide diversification benefits to the overall portfolio,provide protection against inflation, generate stable income, produce attractive risk-adjusted return and preserve capital.
b. Real estate exposure shall be acquired primarily through comingled fund vehicles,both open end and closed end, and, to a lesser extent, joint venture limited partnershipsand separate accounts.
c. The real estate portfolio will be diversified by property type, geographic region andinvestment strategy.
d. Real estate funds will not concentrate, in any single property, an amount exceeding25% of the total Gross Asset Value (GAV) of the overall investment fund.
e. Core real estate funds will include investments that are operating and substantiallyleased, primarily invested in the four main property types including office, industrial,retail and multi-family. Other property types may be included to a lesser extent.Current income will comprise a majority of the total return over an investment cycle.
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f. Core real estate funds will not concentrate greater than 20% of the total GAV of theinvestment fund in Non-Core properties.
g. Core real estate funds will not carry leverage in excess of 35% of the GAV of theinvestment fund.
h. Non-Core real estate funds will include Value-add and Opportunistic investmentstrategies. Non-core funds may purchase and manage, in addition to the four mainproperty types, other specialty properties that may require renovation, rehabilitation ordevelopment. Current income may comprise a minority and appreciation may representthe majority of the total return of these investments.
3. Opportunistic Private Market Investments
a. The Opportunistic Investment category describes investments that are not adequatelyclassified within the other investment mandates. Allocations to opportunisticinvestments may range from 0% to 5% of total portfolio. The Board shall determineappropriate commitment levels subject to the constraints below.
b. The Board shall not make commitments to a single portfolio greater than 20% of thetotal amount of the proposed portfolio.
c. The Board shall not concentrate aggregate commitments to a single investmentmanager’s firm greater than 25% of the firm’s total assets under management.
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VI. EVALUATION AND REVIEW
A. Investment Staff Reporting Requirements
The Investment Staff will at regular periodic Board and Investment Committee meetings report as needed on the following: asset class and manager account variances relative to targets, updates regarding changes within the portfolio including rebalancing and transition events, portfolio risk exposures, asset class structure reviews, special project reports and any other areas of investment portfolio analysis as directed by the Board.
B. Investment Consultant Reporting Requirements
The Investment Consultant will report on investment portfolio performance at regular periodic Board and Investment Committee meetings. These reports will cover the following: recent capital markets developments and consequent impacts on investment portfolio performance both gross and net of fees, asset allocation, return attribution, multi-period analyses of the performance of all investment portfolio accounts and composites relative to benchmarks and comparable universes, analyses of the risks of investment portfolio accounts and composites relative to benchmarks. The Investment Consultant will also prepare and present special reports covering the System’s private markets alternatives investments as well as the System’s 403(b) plan.
In addition to reporting on investment portfolio performance, the Investment Consultant will report to the Board any material recent organizational or personnel developments at the investment firms retained by the System. The Investment Consultant will also report to the Board regarding the investment firms retained by the System any significant changes in clients and assets under management.
To assist the Board in their annual review of the Investment Consultant, the Investment Consultant will provide a report covering material organizational or personnel developments at the firm as well as any significant changes in number of clients and/or assets under advisement. The Investment Consultant will also provide a certification signed by the investment consultant firm’s Chief Compliance Officer or designee that the firm has for the fiscal year remained in compliance with all applicable elements of this Policy, the investment consulting agreement between the firm and the System and any other contractual instruments defining the relationship between the investment consultant and the System. The Investment Consultant will also provide any additional information or disclosures the Board determine necessary to conduct their annual review.
C. Investment Manager Reporting Requirements
Each Investment Manager will timely report to Investment Staff and Investment Consultant any material organizational or personnel developments at their firm as well as any significant changes in number of clients and/or assets under management either for the mandate in which the System is invested or for the entire firm.
In addition to the requirements stated herein, each investment manager will provide any reports as may be required in the investment management agreement or subscription agreement between the
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firm and the System and any other contractual instruments defining the relationship between the investment manager and the System.
On a quarterly basis each Investment Manager will provide to Investment Staff and Investment Consultant performance, transaction and market value data as requested in electronic or hardcopy form to assist Staff and the Investment Consultant in their roles of monitoring the investment portfolio on behalf of the Board. The data requested will be designed by Staff and Investment Consultant to correspond with the Investment Manager’s particular asset class assignment. In their regular quarterly reporting, Core Plus Full Discretion Fixed Income managers will provide a line-item holdings report for unrated securities and investments subject to the 5% limitation as referenced in Section V. A. 7. f. iii.
On a yearly basis for the System’s June 30 fiscal year each Investment Manager shall provide the Staff and the Investment Consultant an annual report consisting of the following:
1. A certification signed by the investment management firm’s Chief Compliance Officer ordesignee that the firm has for the fiscal year remained in compliance with all applicable elementsof this Policy, and any investment guidelines within the investment management agreement orsubscription agreement and any other contractual instruments defining the relationship between theinvestment manager and the System.
2. For firms that cast proxy votes on behalf of the System, a summary of the firm’s philosophywith respect to voting proxies along with a detailed report showing all proxy votes cast during thefiscal year.
3. A detailed report showing investment management fees and expenses charged by the firmto the System whether invoiced or deducted during the fiscal year.
4. A disclosure of any payments, monetary or otherwise, to System fiduciaries including Staff,Investment Consultant or Trustees.
5. A review of the Investment Manager’s investment philosophy and process as well as a June30 fiscal year summary of any material organizational or personnel developments at the firm aswell as any significant changes in number of clients and/or assets under management either for themandate in which the System is invested or for the entire firm during the fiscal year.
6. Each investment manager is required to report to the System’s Investment Staff andInvestment Consultant the types of derivative instruments used along with a narrative explanationof the rationale for using such instruments in their portfolio management process during the pastyear highlighting risks mitigated and or efficiencies achieved.
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APPENDIX A - PERFORMANCE BENCHMARKS
Composite Benchmark Index
Total Portfolio Policy Index* U.S. Equities Russell 3000 International Equities MSCI ACWI ex.US IMI Fixed Income Bloomberg Barclays U.S. Universal Real Estate NCREIF Property Master Limited Partnerships Alerian MLP Private Equity Russell 2000 + 4% Large Cap U.S. Equities Russell 1000 Mid Cap U.S. Equities Russell Mid Cap Small Cap U.S. Equities Russell 2000 Small Cap International Equities MSCI World ex US Small Cap
*The Policy Index is a composite index composed of the monthly asset class benchmark returns weighted by their respectivestrategic asset allocation targets.
A current listing of the System’s investment managers, accounts and benchmarks can be found on the System’s website at https://www.ok.gov/TRS/Publications/index.html
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APPENDIX B - STRATEGIC ASSET ALLOCATION
The assets of the Plan shall be invested with a focus on meeting long-term objectives in order to fulfill the System’s Mission Statement. Recognizing the goals and objectives of the System, the following strategic asset allocation target has been adopted:
U.S. Equities 43.5%
International Equities 19.0%
Fixed Income 22.0%
Real Estate 9.0%
Private Equity 6.5%
Cash 0%
While the Board of Trustees has adopted the strategic asset allocation above and the rebalancing policy below, the number of investment managers or mandates used is not specifically set forth by policy. The number and type of investment managers to be hired within an asset class shall be determined by the Board of Trustees based upon periodic analyses of asset class portfolio structures.
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APPENDIX C - REBALANCING POLICY
In the event the Plan’s market values change to the extent that asset class percentage allocations fall below defined minimum percentage allocations or exceed defined maximum percentage allocations, staff shall prepare a plan to rebalance the portfolio according to the guidelines shown below:
Minimum Low
Rebalance Point
Target High
Rebalance Point
Maximum
U.S. Equity 36.5% 40.0% 43.5% 47.0% 50.5%
International Equity 14.0% 16.5% 19.0% 21.5% 24.0%
Fixed Income 17.0% 19.5% 22.0% 24.5% 27.0%
Real Estate 6.5% 7.8% 9.0% 10.3% 11.5%
Private Equity 4.5% 5.5% 6.5% 7.5% 8.5%
When allocations move outside minimum or maximum boundaries they will be rebalanced half of the way back to the target percentage. Due to the asymmetrical nature of maximum and minimum boundaries, a full rebalancing of each asset class may not be possible. In such cases, rebalancing asset classes up from their minimums shall take priority. Cash held in short-term investments with the Custodian shall be considered as domestic fixed income for rebalancing purposes. In highly stressed market environments where volatility and transaction costs are elevated, a rebalancing plan designed to reduce tracking error and transaction costs may be developed and substituted for the normal rebalancing approach defined by the boundaries above.
In rebalancing the portfolio, staff shall consider asset class liquidity in determining the timeframe over which the rebalancing should take place in an attempt to reduce transaction costs. Securities may be transferred in lieu of cash, if feasible, to achieve lower transaction costs. Staff and the investment consultant may consult with those managing the affected investment accounts to determine the appropriate incremental amounts to be transferred as well as the appropriate duration of the rebalancing. The primary goal of rebalancing will be to control risk by correcting variances from minimum and maximum asset class allocations: minimizing transaction costs and diversifying across time will be secondary goals. In the event that Plan asset market values change to correct variances from minimum and maximum asset class allocations, rebalancing programs may be halted prior to the anticipated date of completion.
Upon the development of a rebalancing plan consistent with these guidelines, staff will advise the Plan's Custodian of the upcoming changes and direct affected investment managers to implement the required purchases and sales in a manner that leaves the resulting portfolios in concert with their current strategies.
The Staff may defer any element of the rebalancing with concurrence of the Chairman of the Board of Trustees under circumstances where percentage allocation variances outside of minimum and maximum boundaries are minimal and appear to be only temporary in nature or in the event that such rebalancing would not be in the best interest of the Plan.
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Annually, staff may present an optional strategy for rebalancing all asset classes near target allocations, giving due consideration to potential transaction costs.
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APPENDIX D - INVESTMENT MANAGER EXCEPTIONS TO INVESTMENT GUIDELINES
Any exception requests subsequent to the approval of these guidelines should be submitted according to the framework established in Section III, B.
Requesting firm: Loomis, Sayles & Company (Core Plus Full Discretion Fixed Income)
Exception requested: Section V.A.7.d.; Increase the maximum portfolio concentration in developing or emerging markets from 10% to 15%.
Proposition for attribution: Attribution from the allocation reported quarterly as a component of portfolio total return.
Requested term: 12/31/2020
Requesting firm: Hotchkis & Wiley Large and Mid Cap Equity
Exception requested: Section V.A.5.c.; Allow non-U.S. dollar denominated securities traded in local markets and securities of non-U.S. companies (including ADRs) traded over the counter in the U.S. market.
Proposition for attribution: Provide quarterly reporting with and without non-U.S. holdings.
Requested term: 12/31/2021
Requesting firm: Wellington Management International Small Cap Equity
Exception requested: Section V.A.6.c.; Increase the maximum portfolio exposure in Japan from 35% to 40%.
Proposition for attribution: When the portfolio exposure in Japan exceeds 35%, provide quarterly reporting illustrating the contribution to total return.
Requested term: 12/31/2021
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ty ty
pes
in n
eed
of r
e-le
asin
g, r
enov
atio
n, r
epos
ition
ing
or
red
evel
opm
ent.
It m
ay a
lso
incl
ude
a lim
ited
am
ount
of d
evel
opm
ent.
Leve
rag
e is
typ
ical
ly in
the
40%
to 6
0% L
oan-
to-
Val
ue (
LTV
) ra
nge.
The
targ
et IR
R (
gro
ss)
is in
the
14%
to 1
7% r
ang
e. T
otal
ret
urn
is c
omp
rised
of a
pp
reci
atio
n an
dcu
rren
t inc
ome.
Rol
ew
ithin
aPo
rtfo
lio:
R
eal e
stat
e p
rovi
des
div
ersi
ficat
ion
ben
efits
, typ
ical
ly r
educ
es o
vera
ll p
ortfo
lio v
olat
ility
, gen
erat
es in
com
e an
d h
asin
flatio
n he
dg
ing
cha
ract
eris
tics.
A s
trat
egic
allo
catio
n to
a c
ore
plu
s st
rate
gy
is p
ositi
oned
as
a co
mp
lem
ent t
o a
core
stra
teg
y th
at is
gen
eral
ly th
e p
rimar
y co
mp
onen
t of a
n in
stitu
tiona
l inv
esto
r’s r
eal e
stat
e p
ortfo
lio.
Ben
chm
ark
and
Peer
Gro
up:
P
erfo
rman
ce e
valu
atio
n is
typ
ical
ly m
ade
rela
tive
to th
e N
CR
EIF
Fun
d In
dex
–O
pen
End
Div
ersi
fied
Cor
e E
qui
ty In
dex
(NFI
-OD
CE
). N
FI-O
DC
E is
a c
apita
lizat
ion-
wei
ght
ed, g
ross
of f
ee, t
ime-
wei
ght
ed r
etur
n in
dex
with
an
ince
ptio
n d
ate
ofD
ecem
ber
31,
197
7. T
he in
dex
is c
urre
ntly
com
pris
ed o
f 24
open
-end
, cor
e re
al e
stat
e fu
nds.
In o
rder
to a
dju
st fo
r th
ehi
ghe
r-ris
k/re
turn
pro
file
of n
on-c
ore
stra
teg
ies
a m
arg
in o
f +10
0 to
200
bp
s m
ay b
e ad
ded
to th
e N
FI-O
DC
E r
etur
n.
RFP
Str
ateg
ic O
verv
iew
Page
46
of 3
72
Th
e ob
ject
ive
of th
e R
FP is
to a
dd
an
open
-end
cor
e p
lus
fund
(s)
to in
crea
se th
e no
n-co
re a
lloca
tion
Th
e co
mm
itmen
t to
an o
pen
-end
fund
(s)
will
mov
e th
e re
al e
stat
e p
ortfo
lio c
lose
r to
the
targ
et s
trat
egy
allo
catio
n of
50%
cor
e an
d 5
0% n
on-c
ore
Th
e q
uart
erly
liq
uid
ity o
f an
open
-end
fund
allo
ws
for
mor
e fle
xib
ility
to r
ebal
ance
the
stra
teg
y al
loca
tion
as n
ewco
mm
itmen
ts a
re m
ade
to fo
llow
-on
fund
s in
the
non-
core
por
tfolio
TRSO
Rea
l Est
ate
Port
folio
–St
rate
gy D
iver
sific
atio
n
Cor
e67
%
Non
-Cor
e33
%
*Str
ateg
y d
iver
sific
atio
n is
bas
ed o
n 9/
30/2
019
mar
ket v
alue
s
TRSO
Rea
l Est
ate
Port
folio
Page
47
of 3
72
Th
e p
acin
g m
odel
was
up
dat
ed to
det
erm
ine
the
pro
ject
ed y
ear-
end
mar
ket v
alue
s fo
r th
e to
tal p
ortfo
lio a
nd th
eco
mp
onen
ts o
f the
rea
l est
ate
por
tfolio
B
ased
on
the
upd
ate,
And
Co
reco
mm
end
s m
akin
g a
com
mitm
ent o
f $10
0 m
illio
n to
two
of th
e ca
ndid
ates
C
omm
ittin
g $
200
mill
ion
pro
vid
es fl
exib
ility
to a
ccou
nt fo
r in
crea
sing
mar
ket v
alue
of n
on-c
ore
com
mitm
ents
mad
ed
urin
g 2
018
as w
ell a
s co
mm
itmen
ts to
follo
w-o
n fu
nds
of n
on-c
ore
real
est
ate
man
ager
s in
the
por
tfolio
RFP
-C
omm
itmen
t Am
ount
*Str
ateg
y d
iver
sific
atio
n is
bas
ed o
n 9/
30/2
019
mar
ket v
alue
s
Proj
ecte
d Ye
ar-E
nd 2
020
TRSO
Rea
l Est
ate
Port
folio
(incl
udin
g $2
00 m
illio
n co
mm
itmen
t)
Target Rea
l Estate : 9
.0%
Target Core: 4.5%
Target Non
‐Core: 4.5%
Yea
r-En
d
20
20
Pacing
Mod
el ‐Projected To
tal Portfolio Value
18,284
,967
,005
Pa
cing
Mod
el ‐Projected Existing Closed
‐End
Non
‐Core (M
V)
423,02
8,94
7 Pa
cing
Mod
el ‐Projected Existing Closed
‐End
Non
‐Core (%
) 2.3%
Projected Nee
d Ope
n‐En
d Non
‐Core (%
) for 4.5% Non
‐Core
2.2%
Projected Nee
d for O
pen‐En
d Non
‐Core ($)
399,79
4,56
9
Total N
on‐Core Re
al Estate MV
822,82
3,51
5 To
tal N
on‐Core Re
al Estate %
4.5%
Projected 20
20 Nee
d for O
E Non
‐Core (M
V)39
9,79
4,56
9
Projected 20
20 ARA
Strategic Value
(MV)
71,547
,404
Ad
ditio
nal o
pen‐en
d ne
eded
328,24
7,16
5
Commitm
ent to AR
A Strategic Va
lue
40,000
,000
Co
mmitm
ent to New
OE Fu
nd(s) from RFP
288,24
7,16
5
Cor
e52
%N
on-C
ore
48%
To
tal R
eal E
stat
e A
lloca
tion:
8.4
%Page
48
of 3
72
D
iver
sifie
d b
y U
.S. g
eog
rap
hic
reg
ion
with
min
imal
exp
osur
e to
Inte
rnat
iona
l
U
nder
wei
ght
in th
e E
ast a
nd W
est r
egio
n re
lativ
e to
NFI
-OD
CE
M
ater
ial o
verw
eig
ht in
the
Mid
wes
t and
Sou
th r
egio
n re
lativ
e to
NFI
-OD
CE
Ta
rget
cha
ract
eris
tics
for
new
fund
com
mitm
ent(
s)
oA
nal
loca
tion
toth
eE
asta
ndW
estr
egio
nsth
atw
illin
crea
seth
ep
ortfo
lio’s
exp
osur
ein
thos
em
arke
ts
oA
nal
loca
tion
toth
eM
idw
estr
egio
nth
atw
illd
ecre
ase
the
por
tfolio
’sex
pos
ure
inth
ose
mar
kets
oW
eb
elie
vean
over
wei
ght
toth
eS
outh
reg
ion
isw
arra
nted
bas
edon
the
pre
senc
eof
seve
ralm
arke
tsth
atra
nkhi
ghl
yin
the
U.S
.for
pop
ulat
ion
gro
wth
and
job
gro
wth
TRSO
Rea
l Est
ate
Port
folio
–G
eogr
aphi
c D
iver
sific
atio
n
TRSO
Por
tfolio
Eas
t21
.2%
Wes
t28
.1%
Sou
th28
.2%M
idw
est
18.7
%
Oth
erU
.S.
0.8%
Eur
ope
2.6%
Asi
a0.
2%La
tinA
mer
ica
0.1%
U.S
. Reg
iona
l Div
ersi
ficat
ion
21.2
%
28.1
%28
.2%
18.7
%
30.8
%
41.7
%
19.0
%
8.5%
0%5%10%
15%
20%
25%
30%
35%
40%
45%
Eas
tW
est
Sou
thM
idw
est
TRS
O P
ortfo
lioN
FI-O
DC
E
Page
49
of 3
72
D
iver
sifie
d b
y p
rop
erty
typ
e w
ith e
xpos
ure
acro
ss p
rimar
y p
rop
erty
typ
es (
offic
e, m
ultif
amily
, ind
ustr
ial)
and
nic
hep
rop
erty
typ
es (
seni
or h
ousi
ng, s
elf-
stor
age,
hot
el, f
or-s
ale
resi
den
tial)
M
ater
ial u
nder
wei
ght
in In
dus
tria
l and
Offi
ce r
elat
ive
to N
FI-O
DC
E
Ta
rget
cha
ract
eris
tics
for
new
fund
com
mitm
ent(
s)
oA
nal
loca
tion
toIn
dus
tria
ltha
twill
incr
ease
the
por
tfolio
’sal
loca
tion
toth
ese
ctor
oA
nal
loca
tion
toR
etai
ltha
twill
dec
reas
eth
ep
ortfo
lio’s
exp
osur
eto
the
sect
or
oM
inim
alal
loca
tion
toni
che
pro
per
tyty
pes
whi
chcu
rren
tlyre
pre
sent
18.6
%of
the
TRS
Op
ortfo
lio
TRSO
Rea
l Est
ate
Port
folio
–Pr
oper
ty T
ype
Div
ersi
ficat
ion
TRSO
Por
tfolio
Offi
ce23
.6%
Mul
tifam
ily27
.3%
For-
sale
Res
iden
tial
1.6%
Ind
ustr
ial
12.7
%
Ret
ail
17.7
%
Hot
el3.
2%
Sen
ior
Hou
sing
6.9%
Sel
fS
tora
ge
5.2%
Land
0.6%
Oth
er1.
0%
Prim
ary
Prop
erty
Typ
es
23.6
%
27.3
%
12.7
%
17.7
%
33.8
%
25.3
%
19.3
%17
.1%
0%5%10%
15%
20%
25%
30%
35%
40%
Offi
ceM
ultif
amily
Ind
ustr
ial
Ret
ail
TRS
O P
ortfo
lioN
FI-O
DC
E
Page
50
of 3
72
Min
imum
& P
refe
rred
Crit
eria
Eva
luat
ion
-Ove
rvie
w
Th
e R
FP g
ener
ated
nin
e un
ique
resp
onse
s
Th
e nu
mb
er o
f op
en-e
nd, c
ore
plu
s re
al e
stat
e in
vest
men
t man
ager
s is
lim
ited
rela
tive
to s
ever
al o
ther
ass
et c
lass
es.
Th
e ta
ble
bel
ow d
enot
es a
rev
iew
of t
he m
inim
um a
nd p
refe
rred
“q
ualif
icat
ions
of t
he b
idd
er”
from
the
RFP
.
A
gre
en s
trate
gy
den
otes
a m
anag
er p
revi
ousl
y ve
tted
and
cur
rent
ly “
Ap
pro
ved
” at
And
Co.
AndC
o Ap
prov
ed S
trate
gy
*It i
s a
min
imum
req
uire
men
t tha
t the
inve
stm
ent m
anag
er p
rod
uct/s
trat
egy
pro
pos
ed fo
r co
nsid
erat
ion
have
a r
edem
ptio
n p
olic
yth
at p
rovi
des
a m
inim
um o
f sem
i-ann
ual l
iqui
dity
(p
ost a
n in
itial
lock
-up
per
iod
).
Cou
ntFi
rm N
ame
Min
imum
Crit
eria
Des
irabl
e C
riter
ia
SEC
/Ban
k R
egis
tere
dE&
O
Insu
ranc
eO
pen-
End
Sem
i-An
nual
Li
quid
ity
>$1.
5B
Tota
l AU
M
3-YR
Tra
ckR
ecor
d
Div
ersi
fied
by S
ecto
r /
Geo
grap
hy
Tax
Exem
ptIn
vest
ors
1B
rook
field
Ass
et M
anag
emen
tY
esY
esY
esY
esY
esY
esY
esY
es
2JP
Mor
gan
Ass
et M
anag
emen
tY
esY
esY
esY
esY
esY
esY
esY
es
3P
GIM
Rea
l Est
ate
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
4P
rinci
pal
Rea
l Est
ate
Inve
stor
sY
esY
esY
esY
esY
esY
esY
esY
es
5C
arly
le In
vest
men
t Man
agem
ent
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6C
BR
E G
lob
al In
vest
men
t Par
tner
sY
esY
esY
esY
esY
esY
esY
esY
es
7C
lario
n P
artn
ers
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
8In
vesc
o A
dvi
sers
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
9K
ayne
And
erso
n R
eal E
stat
eY
esY
esY
esY
esY
esY
esY
esY
es
Page
51
of 3
72
Min
imum
& P
refe
rred
Crit
eria
Eva
luat
ion
-Scr
eeni
ng
C
arly
le In
vest
men
t Man
agem
ent’s
pro
pos
ed fu
nd in
vest
s p
rimar
ily in
nic
he p
rop
erty
typ
es. I
t was
elim
inat
ed b
ecau
seot
her n
on-c
ore
real
est
ate
man
ager
s in
the
por
tfolio
inve
st in
nic
he p
rop
erty
typ
es. T
his
com
mitm
ent(s
) is
inte
nded
top
rimar
ily ta
rget
exp
osur
e to
trad
ition
al p
rop
erty
typ
es
C
BR
E G
lob
al In
vest
ors
pro
pos
ed fu
nd w
as e
limin
ated
bec
ause
ther
e ar
e ot
her
non-
core
man
ager
s in
the
real
est
ate
por
tfolio
that
sp
onso
r fun
ds
with
glo
bal
and
inte
rnat
iona
l man
dat
es
C
lario
n P
artn
ers’
pro
pos
ed fu
nd in
vest
s so
lely
in th
e in
dus
trial
sec
tor.
It w
as e
limin
ated
bec
ause
it is
not
div
ersi
fied
by
pro
per
ty s
ecto
r
In
vesc
o A
dvi
ser’s
pro
pos
ed fu
nd h
as 1
8 in
vest
ors.
It w
as e
limin
ated
bec
ause
of t
he s
mal
l inv
esto
r bas
e
K
ayne
And
erso
n R
eal E
stat
e’s
pro
pos
ed fu
nd in
vest
s p
rimar
ily in
nic
he p
rop
erty
typ
es. I
t was
elim
inat
ed b
ecau
se o
ther
non-
core
real
est
ate
man
ager
s in
the
por
tfolio
inve
st in
nic
he p
rop
erty
typ
es. T
his
com
mitm
ent(s
) is
inte
nded
to p
rimar
ilyta
rget
exp
osur
e to
trad
ition
al p
rop
erty
typ
es
Cou
ntFi
rm N
ame
Min
imum
Crit
eria
Des
irabl
e
SEC
/Ban
k R
egis
tere
dE&
O
Insu
ranc
eO
pen-
End
Sem
i-An
nual
Li
quid
ity
>$1B
To
tal
AUM
3-YR
Tra
ckR
ecor
d
Div
ersi
fied
by S
ecto
r /
Geo
grap
hy
Tax
Exem
ptIn
vest
ors
1C
arly
le In
vest
men
t Man
agem
ent
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
2C
BR
E G
lob
al In
vest
ors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
3C
lario
n P
artn
ers
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
4In
vesc
o A
dvi
sers
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
5K
ayne
And
erso
n R
eal E
stat
eY
esY
esY
esY
esY
esY
esY
esY
es
Page
52
of 3
72
Purp
ose
fort
his
Man
ager
Ana
lysi
sR
epor
t:
This
sear
chre
por
tre
view
sp
oten
tial
cand
idat
esfo
ran
allo
catio
nto
open
-end
,co
rep
lus
real
esta
te.
Bas
edon
our
rese
arch
and
due
dili
gen
ceof
core
plu
sre
ales
tate
man
ager
s,as
wel
las
anev
alua
tion
offit
with
the
Sys
tem
’sex
istin
gp
ortfo
lio,w
ew
illre
view
the
follo
win
gca
ndid
ates
for
pot
entia
linv
estm
ent:
Can
dida
tes
Intr
oduc
tion
Firm
Firm
A
bbre
viat
ion
Stra
tegy
Stra
tegy
A
bbre
viat
ion
Bro
okfie
ld A
sset
Man
agem
ent
BA
MB
rook
field
Pre
mie
r R
eal E
stat
e P
artn
ers
BPR
EP
J.P
. Mor
gan
Ass
et M
anag
emen
tJP
MA
MJP
MC
B S
pec
ial S
ituat
ion
Pro
per
ty F
und
SSPF
PG
IM R
eal E
stat
ePG
IM R
EP
RIS
A II
PRIS
A II
Prin
cip
al R
eal E
stat
e In
vest
ors
PREI
Prin
cip
al E
nhan
ced
Pro
per
ty F
und
PEPF
Page
53
of 3
72
Inve
stm
ent M
anag
er a
nd S
trat
egy
Com
par
ison
Page
54
of 3
72
Firm
Ove
rvie
w
Firm
Rea
l Est
ate
Bus
ines
s In
cept
ion
Ow
ners
hip
Rea
l Est
ate
AU
M a
s of
9/
30/2
019
Hea
dqua
rter
sR
eal E
stat
e Pr
ofes
sion
als
BA
M20
01P
ublic
ly-t
rad
ed c
omp
any
(NY
SE
: BA
M)
$82.
0 b
illio
nTo
ront
o, O
ntar
ioFi
rm: 3
80
JPM
AM
1970
Bus
ines
s un
it of
JP
Mor
gan
Inve
stm
ent M
anag
emen
t whi
ch is
a w
holly
-ow
ned
sub
sid
iary
of J
.P. M
org
an C
hase
& C
o., a
pub
licly
-tra
ded
co
rpor
atio
n$7
2.6
bill
ion
New
Yor
k, N
YFi
rm: 1
22
PGIM
RE
1970
Bus
ines
s un
it of
PG
IM, I
nc. t
he in
vest
men
t man
agem
ent b
usin
ess
of
Pru
den
tial F
inan
cial
, Inc
., a
pub
licly
-tra
ded
cor
por
atio
n $4
9.9
bill
ion
Mad
ison
, NJ
Firm
: 188
PREI
1998
Who
lly-o
wne
d s
ubsi
dia
ry o
f Prin
cip
al F
inan
cial
Gro
up, a
pub
licly
-tra
ded
co
mp
any
$77.
1 b
illio
nD
es M
oine
s, IA
Firm
: 165
Page
55
of 3
72
Team
Ove
rvie
w
Firm
Inve
stm
ent T
eam
Supp
ortin
g In
vest
men
t Pro
fess
iona
ls
BA
M
M
anag
ing
Par
tner
Mar
k B
row
n is
the
lead
por
tfolio
man
ager
. Bro
wn
is s
upp
orte
d b
yth
ree
add
ition
al in
vest
men
t pro
fess
iona
ls th
at c
omp
rise
the
ded
icat
ed fu
nd te
am
Inve
stm
ent C
omm
ittee
(IC
) re
view
s an
d a
pp
rove
s al
l tra
nsac
tions
. It i
s co
mp
rised
of
CE
O B
ruce
Fla
tt an
d V
ice
Cha
irman
Bar
ry B
lattm
an fr
om B
AM
and
Cha
irman
Ric
Cla
rk, C
EO
Bria
n K
ing
ston
, and
CO
O B
ill P
owel
l fro
m B
rook
field
Pro
per
ty G
roup
70
acq
uisi
tions
40
ass
et m
anag
emen
t
JPM
AM
M
anag
ing
Dire
ctor
Cra
ig T
heirl
is th
e le
ad p
ortfo
lio m
anag
er
IC r
evie
ws
and
ap
pro
ves
all t
rans
actio
ns. I
t is
com
pris
ed o
f The
irl, C
IO D
oug
Sch
war
tz, H
ead
of A
sset
Man
agem
ent M
ark
Bon
apac
e, a
nd a
sen
ior
rep
rese
ntat
ive
from
the
Rea
l Est
ate
Res
earc
h G
roup
26
acq
uisi
tions
63
ass
et m
anag
emen
t
7 re
sear
ch
PGIM
RE
S
enio
r P
ortfo
lio M
anag
er D
arin
Brig
ht, P
ortfo
lio M
ang
er J
ustin
Gle
ason
, and
Ass
ista
ntP
ortfo
lio M
anag
er C
aitli
n O
’Con
nor
IC
rev
iew
s an
d a
pp
rove
s al
l tra
nsac
tions
. It i
s co
mp
rised
of B
right
, Sen
ior
Por
tfolio
Man
ager
Fra
nk G
arci
a, G
lob
al C
hief
Ris
k O
ffice
r Le
n K
apla
n, H
ead
of A
mer
icas
Res
earc
h Le
e M
enife
e, H
ead
of A
sset
Man
agem
ent C
hris
tina
Hill
, Hea
d o
f U.S
.Tr
ansa
ctio
ns T
odd
Gol
db
erg
, Glo
bal
CO
O C
athy
Mar
cus,
and
Sen
ior
Por
tfolio
Man
ager
Sou
ltana
Rei
gle
46
acq
uisi
tions
10
0 as
set m
anag
emen
t
15 r
esea
rch
PREI
To
dd
Whi
te a
nd M
ark
Sch
olz
are
the
por
tfolio
man
ager
s. W
hite
and
Sch
olz
are
sup
por
ted
by
two
add
ition
al in
vest
men
t pro
fess
iona
ls th
at c
omp
rise
the
ded
icat
edfu
nd te
am
IC r
evie
ws
and
ap
pro
ves
all t
rans
actio
ns. I
t is
com
pris
ed o
f Whi
te a
nd e
ight
mem
ber
sof
the
man
agem
ent t
eam
of P
RE
I
16
acq
uisi
tions
52
ass
et m
anag
emen
t
7 re
sear
ch
Page
56
of 3
72
Port
folio
Sum
mar
y St
atis
tics:
Sep
tem
ber 3
0, 2
019
Firm
Stra
tegy
Ince
ptio
n
Num
ber
ofIn
vest
ors
Num
ber
of
Prop
ertie
s
Gro
ss A
sset
Va
lue
of F
und
($M
M)
Net
Ass
et
Valu
e of
Fun
d ($
MM
)
Valu
e of
in
Plac
e D
ebt
($M
M)
Valu
e of
Fun
d H
eld
in C
ash
& E
quiv
alen
ts
($M
M)
Valu
e of
C
omm
itmen
ts
in
Con
trib
utio
n Q
ueue
($M
M)
Valu
e of
C
omm
itmen
ts
in
Red
empt
ion
Que
ue ($
MM
)
BA
M20
1659
934,
445
2,07
71,
752
3456
050
JPM
AM
1998
9378
7,43
04,
053
3,36
317
038
0
PGIM
RE
1980
104
161
13,0
598,
214
3,48
180
343
0
PREI
2004
108
563,
685
2,00
11,
359
4729
41
Page
57
of 3
72
Inve
stm
ent S
trat
egy
Firm
Stra
tegy
Foc
usR
eal E
stat
e Pr
oper
ty T
ypes
Max
Allo
catio
n to
Non
-Cor
e In
vest
men
ts
Targ
et
Net
Ret
urn
Leve
rage
BA
M
Fund
inve
sts
in p
rop
ertie
s w
ith s
tab
le in
com
e st
ream
s,
hig
h oc
cup
ancy
, and
gro
win
g r
ents
. It l
ever
ages
B
rook
field
’s o
per
atin
g p
latfo
rms
to g
ener
ate
attr
activ
e re
nt g
row
th a
nd e
nhan
ce r
etur
ns o
ver
the
long
-ter
m.
O
ffice
M
ultif
amily
In
dus
tria
l
Ret
ail
M
ax o
f 20%
for
dev
elop
men
t9%
to 1
1%
Ta
rget
: 45%
C
urre
nt: 4
6%
Max
imum
: 50%
JPM
AM
Fund
inve
sts
in a
var
iety
of v
alue
-ad
d o
pp
ortu
nitie
s in
th
e U
.S. s
uch
as le
ase-
up, g
roun
d-u
p d
evel
opm
ent,
red
evel
opm
ent,
and
rep
ositi
onin
g. I
t may
als
o ac
qui
re
vaca
nt la
nd to
be
held
for
futu
re d
evel
opm
ent o
r ap
pre
ciat
ion.
O
ffice
M
ultif
amily
In
dus
tria
l
Ret
ail
M
ax o
f 40%
for
dev
elop
men
t9%
to 1
1%
Targ
et: 4
0% to
50%
C
urre
nt: 4
5%
Max
imum
: 60%
PGIM
RE
Fund
inve
sts
in a
var
iety
of v
alue
-ad
d o
pp
ortu
nitie
s su
ch
as le
asin
g, r
epos
ition
ing
, dev
elop
men
t, an
d a
cqui
sitio
n of
cas
h flo
win
g p
rop
ertie
s at
a d
isco
unt t
o re
pla
cem
ent
cost
whe
re p
ricin
g lo
catio
ns m
ay e
xist
.
O
ffice
M
ultif
amily
In
dus
tria
l
Ret
ail
S
elf-
Sto
rag
e
M
ax o
f 35%
7% to
10%
Ta
rget
: 30%
to 3
5%
Cur
rent
: 35%
M
axim
um: 4
0%
PREI
Fund
inve
sts
in a
com
bin
atio
n of
sta
bili
zed
inco
me
gen
erat
ing
ass
ets
and
val
ue-a
dd
and
dev
elop
men
t p
roje
cts
that
can
gen
erat
e hi
ghe
r ris
k-ad
just
ed re
turn
s.
O
ffice
M
ultif
amily
In
dus
tria
l
Ret
ail
S
tud
ent H
ousi
ng
M
ax o
f 25%
11%
to 1
3%
Targ
et: 4
0% to
45%
C
urre
nt: 3
8%
Max
imum
: 50%
Page
58
of 3
72
Key
Diff
eren
tiato
rs
Firm
Uni
que
Feat
ures
Poin
ts to
Con
side
r
BA
M
S
cale
and
dep
th o
f Bro
okfie
ld’s
op
erat
ing
pla
tform
allo
ws
it to
exe
cute
larg
e-sc
ale
and
com
ple
x tr
ansa
ctio
ns. A
vera
ge
equi
ty in
vest
men
t is
$100
to $
250
mill
ion
P
ortfo
lio c
urre
ntly
has
no
exp
osur
e to
ret
ail a
sset
s
Focu
s on
gat
eway
mar
kets
S
igni
fican
t allo
catio
n of
48%
in th
e W
est r
egio
n
Fund
targ
ets
a 4.
0% a
nnua
l div
iden
d y
ield
Tw
o-ye
ar lo
ck u
p p
erio
d
Thre
e-ye
ar tr
ack
reco
rd fo
r th
e fu
nd, w
hich
isB
AM
’s fi
rst o
pen
-end
rea
l est
ate
offe
ring
B
AM
’s tr
ack
reco
rd p
rior
to th
e fo
rmat
ion
of th
eFu
nd in
clud
es $
3.3
bill
ion
inve
sted
in c
ore
plu
sre
al e
stat
e th
at g
ener
ated
a 1
0.0%
net
IRR
JPM
AM
Ty
pic
al a
lloca
tion
is 5
0% s
tab
ilize
d a
sset
s an
d 5
0% a
sset
s in
var
ious
sta
ges
of d
evel
opm
ent,
rep
ositi
onin
g, a
nd le
asin
g
Focu
s on
gat
eway
mar
kets
S
igni
fican
t allo
catio
n of
51%
in th
e E
ast r
egio
n
Fund
doe
s no
t tar
get
an
annu
al d
ivid
end
dis
trib
utio
n. T
he in
com
e ea
rned
is a
utom
atic
ally
rein
vest
ed
N
o lo
ck u
p p
erio
d
No
per
form
ance
-bas
ed fe
e
Cha
rges
a fe
e b
ased
on
fund
’s d
ebt
O
ver
the
last
5-y
rs, t
he a
lloca
tion
to d
evel
opm
ent
was
in th
e 14
% to
20%
ran
ge
PGIM
RE
M
inim
um o
f 65%
sta
bili
zed
ass
ets
(>80
% le
ased
) an
d u
p to
35%
val
ue-a
dd
and
dev
elop
men
tp
roje
cts
C
onsi
sten
t bia
s to
war
ds
six
coas
tal m
arke
ts: S
an F
ranc
isco
, Sou
ther
n C
alifo
rnia
, Flo
rida,
Was
hing
ton
D.C
., B
osto
n, a
nd N
ew Y
ork/
New
Jer
sey.
Ap
pro
xim
atel
y, 7
5% o
f the
por
tfolio
isin
vest
ed in
thes
e m
arke
ts
Ded
icat
ed a
lloca
tion
to s
elf-
stor
age
D
istr
ibut
es o
per
atin
g c
ash
flow
, for
the
last
5-y
rs th
e d
ivid
end
yie
ld w
as in
the
3.0%
to 3
.5%
rang
e
N
o lo
ck u
p p
erio
d
No
per
form
ance
-bas
ed fe
e
Ove
r th
e la
st 5
-yrs
, the
allo
catio
n to
dev
elop
men
tw
as in
the
6% to
12%
ran
ge
PREI
M
inim
um o
f 75%
inve
sted
in s
tab
ilize
d a
sset
s (>
80%
leas
ed) a
nd u
p to
25%
val
ue-a
dd
and
dev
elop
men
t pro
ject
s
Focu
s on
sec
ond
ary
mar
kets
D
edic
ated
allo
catio
n to
stu
den
t hou
sing
Fu
nd ta
rget
s a
4.0%
to 6
.0%
ann
ual d
ivid
end
yie
ld
N
o lo
ck u
p p
erio
d
Ove
r th
e la
st 5
-yrs
, the
allo
catio
n to
dev
elop
men
tw
as in
the
5% to
11%
ran
ge
Page
59
of 3
72
Term
s
Firm
Stat
ed
Min
imum
C
ontr
ibut
ion
Que
ue /
Estim
ated
Len
gth
Red
empt
ion
Term
sM
anag
emen
t Fee
Ince
ntiv
e Fe
ePr
efer
red
Ret
urn
BA
M$5
mill
ion
Two
to th
ree
qua
rter
s
Qua
rter
ly w
ith 9
0-d
ays
notic
e
1.
00%
on
the
first
$20
0M
0.85
% p
er a
nnum
on
the
rem
aind
er
10
% w
ith a
50%
cat
ch-u
pca
lcul
ated
on
a tr
ailin
gth
ree-
year
per
iod
7%
JPM
AM
$10
mill
ion
One
qua
rter
Q
uart
erly
with
30-
day
sno
tice
1.
25%
exc
ept f
or 0
.15%
on
mar
ket v
alue
of c
ash
abov
e a
5% p
ositi
on
0.62
5% o
n p
ro-r
ata
shar
e of
deb
t
Max
imum
ann
ual f
ee is
1.6
0%
N
one
N/A
PGIM
RE
$5 m
illio
nO
ne q
uart
er
Qua
rter
ly w
ith 9
0-d
ays
notic
e
Fi
rst $
25M
: 1.2
5%
Ove
r $2
5M to
$50
M: 1
.15%
O
ver
$50M
to $
100M
: 1.0
5%
Ove
r$10
0M to
$20
0M: 0
.95%
O
ver
$200
M to
$30
0M: 0
.90%
O
ver
$300
M: 0
.85%
N
one
N/A
PREI
$1 m
illio
nO
ne to
two
qua
rter
s
Qua
rter
ly w
ith 9
0-d
ays
notic
e
$1
M to
$5M
: 1.4
0%
$5M
to $
10M
: 1.3
0%
$10M
to $
50M
: 1.2
0%
$50M
to $
100M
: 1.1
0%
$100
M to
$15
0M: 1
.00%
$1
50M
or
gre
ater
: 0.8
5%
15
% o
ver
the
hurd
le r
ate,
calc
ulat
ed o
n a
trai
ling
thre
e-ye
ar b
asis
Hur
dle
rat
e,
11%
IRR
Page
60
of 3
72
Estim
ated
Fee
Impa
ct
M
anag
er’s
est
imat
ed n
et r
etur
n fo
r va
rious
3-y
ear
gro
ss r
etur
n le
vels
bas
ed o
n a
$100
mill
ion
com
mitm
ent
7.0%
8.0%
9.0%
10.0
%11
.0%
12.0
%B
AM
6.0%
7.0%
7.5%
8.1%
9.0%
9.9%
JPM
AM
5.4%
6.4%
7.4%
8.4%
9.4%
10.4
%P
GIM
RE
5.9%
6.9%
7.9%
8.9%
9.9%
10.9
%P
RE
I6.
0%7.
0%8.
0%9.
0%10
.0%
10.9
%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0
%
12.0
%
Net Return
Estim
ated
Net
Ret
urn
BA
MJP
MA
MP
GIM
RE
PR
EI
Page
61
of 3
72
Geo
grap
hic
Allo
catio
n: S
epte
mbe
r 30,
201
9
BA
MJP
MA
MP
GIM
RE
PR
EI
Eas
t34
%50
%42
%36
%W
est
48%
16%
31%
36%
Sou
th15
%13
%24
%23
%M
idw
est
3%20
%3%
6%
0%10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Page
62
of 3
72
Prop
erty
Typ
e A
lloca
tion:
Sep
tem
ber 3
0, 2
019
BA
MJP
MA
MP
GIM
RE
PR
EI
Offi
ce32
%49
%35
%23
%M
ultif
amily
30%
33%
34%
26%
Ind
ustr
ial
38%
11%
4%24
%R
etai
l0%
6%18
%17
%S
tud
ent H
ousi
ng0%
0%0%
10%
Sel
f-S
tora
ge
0%0%
5%0%
Land
0%2%
5%0%
0%10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Page
63
of 3
72
Prop
erty
Life
Cyc
le A
lloca
tion:
Sep
tem
ber 3
0, 2
019
BA
MJP
MA
MP
GIM
RE
PR
EI
Sta
bili
zed
86%
77%
83%
83%
Leas
e U
p3%
0%4%
9%R
epos
ition
ing
0%0%
0%0%
Red
evel
opm
ent
0%6%
0%0%
Dev
elop
men
t12
%17
%13
%9%
0%10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Page
64
of 3
72
Inve
stm
ent S
ize
Allo
catio
n: S
epte
mbe
r 30,
201
9
BA
MJP
MA
MP
GIM
RE
PR
EI
Ove
r $1
00M
55%
70%
55%
23%
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to $
100M
28%
22%
21%
35%
Less
than
$50
M17
%9%
24%
42%
0%10%
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50%
60%
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80%
90%
100%
Inve
stm
ent s
ize
is r
epre
sent
ed b
y th
e G
ross
Ass
et V
alue
Page
65
of 3
72
Prop
erty
Age
Allo
catio
n: S
epte
mbe
r 30,
201
9
BA
MJP
MA
MP
GIM
RE
PR
EI
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r 20
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20
13%
2%30
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%5
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010
%2%
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4%U
nder
528
%45
%27
%44
%
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60%
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Page
66
of 3
72
Inve
stm
ent S
truc
ture
: Sep
tem
ber 3
0, 2
019
BA
MJP
MA
MP
GIM
RE
PR
EI
Who
lly-o
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%8%
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Join
t Ven
ture
41%
92%
55%
46%
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er0%
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60%
70%
80%
90%
100%
Page
67
of 3
72
IMP
AC
T O
N P
OR
TFO
LIO
DIV
ER
SIF
ICA
TIO
N
Page
68
of 3
72
Cha
nge
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M
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tW
est
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.2%
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41.7
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%
33.8
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ustr
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ail
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iver
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etai
lPage
70
of 3
72
Cha
nge
in P
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lio D
iver
sific
atio
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$1
00 m
illio
n co
mm
itmen
t to
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IM R
E
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urre
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iver
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atio
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22.8
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.9%
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%
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ast
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%
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ail
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24.5
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Page
72
of 3
72
Cha
nge
in P
ortfo
lio D
iver
sific
atio
n $1
00M
com
mitm
ent t
o ea
ch o
f BA
M a
nd J
PM
AM
TR
SO
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rent
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.3%
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%
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%
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%
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%
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%
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%
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%
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%
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Cha
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iver
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Page
74
of 3
72
Trac
k R
ecor
d R
evie
w (
as o
f Dec
emb
er 3
0, 2
019)
Page
75
of 3
72
Com
para
tive
Perf
orm
ance
: Cal
enda
r Yea
r
Not
e:al
lret
urns
are
time
wei
ght
edan
dne
toff
ees
exce
ptw
here
note
dd
iffer
ent.
The
resu
ltssh
own
rep
rese
ntp
astp
erfo
rman
cean
dd
ono
trep
rese
ntex
pec
ted
futu
rep
erfo
rman
ceor
exp
erie
nce.
Pas
tper
form
ance
doe
sno
tgua
rant
eefu
ture
resu
lts.
Fund
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
BA
M8.
6511
.85
9.12
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
JPM
AM
5.01
9.59
7.88
8.77
18.9
513
.91
17.9
210
.67
21.4
116
.35
-45.
16
PGIM
RE
6.48
9.13
6.98
9.74
16.5
713
.25
14.1
213
.28
19.3
923
.35
-45.
65
PREI
6.84
9.48
9.34
13.4
320
.32
13.8
017
.59
12.6
016
.91
12.6
4-4
3.72
NFI
-OD
CE
4.40
7.37
6.66
7.79
13.9
511
.46
12.9
09.
7914
.96
15.2
6-3
0.40Pa
ge 7
6 of
372
Com
para
tive
Perf
orm
ance
: Tra
iling
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iods
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urns
are
time
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ght
edan
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toff
ees
exce
ptw
here
note
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iffer
ent.
The
resu
ltssh
own
rep
rese
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erfo
rman
cean
dd
ono
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rese
ntex
pec
ted
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rep
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ceor
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erie
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Pas
tper
form
ance
doe
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tgua
rant
eefu
ture
resu
lts.
Fund
YTD
1-Ye
ar3-
Year
5-Ye
ar7-
Year
10-Y
ear
BA
M8.
658.
659.
86n/
an/
an/
a
JPM
AM
5.01
5.01
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9.94
11.6
112
.93
PGIM
RE
6.48
6.48
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9.72
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413
.11
PREI
6.84
6.84
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912
.88
13.2
3
NFI
-OD
CE
4.40
4.40
6.14
7.99
9.17
10.4
0
Page
77
of 3
72
Inve
stm
ent M
anag
er a
nd F
und
Nar
rativ
es
Page
78
of 3
72
Bro
okfie
ld P
rem
ier R
eal E
stat
e Pa
rtne
rsFi
rmO
verv
iew
Bro
okfie
ld w
as fo
und
ed in
189
9 w
hen
Bra
zilia
ns a
nd C
anad
ians
join
ed to
form
São
Pau
lo
Tram
way
, Lig
ht a
nd P
ower
Com
pan
y, g
ivin
g it
a tr
ack
reco
rd a
s an
ow
ner
and
op
erat
or o
f rea
l as
sets
for
over
115
yea
rs. B
rook
field
con
tinue
d to
inve
st it
s ow
n ca
pita
l to
dev
elop
, ow
n an
d
oper
ate
asse
ts, e
qui
pp
ing
it w
ith e
xper
tise
req
uire
d to
gro
w th
e b
usin
esse
s it
acq
uire
s. T
he fi
rm
oper
ated
und
er th
e na
me
Bra
scan
unt
il 20
05 w
hen
it w
as c
hang
ed to
Bro
okfie
ld. I
n th
e ea
rly
2000
’s B
rook
field
laun
ched
com
min
gle
d fu
nds
for
priv
ate
inve
stor
s ac
ross
all
real
ass
ets,
the
star
t of B
rook
field
’s a
sset
man
agem
ent b
usin
ess.
In to
tal,
Bro
okfie
ld h
as $
285
bill
ion
asse
ts
und
er m
anag
emen
t with
in r
eal e
stat
e, p
rivat
e eq
uity
, and
infr
astr
uctu
re.
Bro
okfie
ld A
sset
Man
agem
ent’s
(B
AM
) p
rivat
e fu
nd b
usin
ess
has
rais
ed o
ver
$100
bill
ion
of
com
mitm
ents
, $32
bill
ion
of w
hich
is it
s ow
n ca
pita
l as
the
Gen
eral
Par
tner
com
mitm
ent.
BA
M is
a
pub
lic c
omp
any
(NY
SE
: BA
M)
that
con
duc
ts it
s op
erat
ions
prim
arily
thro
ugh
its s
ubsi
dia
ries,
co
nsol
idat
ed e
ntiti
es a
nd a
ffilia
tes.
The
Bro
okfie
ld P
rop
erty
Gro
up (
BP
G)
emp
loys
ove
r 16
,000
op
erat
ing
pro
fess
iona
ls d
edic
ated
to a
cqui
sitio
ns, a
sset
man
agem
ent,
leas
ing
, pro
per
ty
man
agem
ent,
reno
vatio
ns, a
nd d
evel
opm
ent.
It ow
ns a
nd o
per
ates
ap
pro
xim
atel
y $1
55 b
illio
n of
rea
l est
ate
acro
ss o
ffice
, ret
ail,
mul
tifam
ily, i
ndus
tria
l, an
d v
ario
us o
ther
pro
per
ties.
Team
Ove
rvie
wM
anag
ing
Par
tner
Mar
k B
row
n, w
ho jo
ined
Bro
okfie
ld in
200
0, s
erve
s as
the
por
tfolio
man
ager
of
BP
RE
P. B
row
n’s
exp
erie
nce
span
s a
varie
ty o
f tra
nsac
tion
and
pro
per
ty ty
pes
. Prio
r to
b
ecom
ing
the
por
tfolio
man
ager
of B
PR
EP
, he
wor
ked
in v
ario
us s
enio
r ca
pita
l mar
kets
, in
vest
men
ts, a
nd a
cqui
sitio
ns a
nd d
isp
ositi
ons
role
s. B
row
n al
ong
with
CE
O/B
PG
Bria
n K
ing
ston
, CO
O/B
PG
CO
O B
ill P
owel
l, C
FO/ B
PG
Bry
an D
avis
, Gen
eral
Cou
nsel
/BP
G B
rett
Fox,
C
FO/R
eal E
stat
e Fu
nds
Cris
tiano
Mac
had
o co
mp
rise
the
Fund
Lea
der
ship
Tea
m. B
row
n is
d
irect
ly s
upp
orte
d b
y D
eput
y P
ortfo
lio M
anag
er N
icol
as H
ause
r, a
nd A
ssoc
iate
Kay
ti Fa
ustin
i. Th
e te
am le
vera
ges
the
inve
stm
ent a
nd o
per
atio
nal c
apab
ilitie
s of
BP
G, w
hich
em
plo
ys o
ver
4,60
0 op
erat
ing
pro
fess
iona
ls w
orki
ng in
the
U.S
The
Inve
stm
ent C
omm
ittee
com
pris
ed o
f CE
O/B
AM
Bru
ce F
latt,
CE
O/P
rivat
e Fu
nds
Jeff
Blid
ner,
S
enio
r M
anag
ing
Par
tner
Ric
Cla
rk, a
nd K
ing
ston
wor
ks o
n an
info
rmal
bas
is e
valu
atin
g
inve
stm
ents
for
BP
RE
P, r
evie
ws
and
res
olve
s co
nflic
ts, a
nd h
as u
ltim
ate
resp
onsi
bili
ty fo
r ap
pro
ving
all
acq
uisi
tions
and
dis
pos
ition
s.
Stra
tegy
Ove
rvie
wB
PR
EP
isan
open
-end
,cor
ep
lus
fund
with
ata
rget
netI
RR
inth
e9%
to11
%ra
nge.
Itp
rimar
ilyta
rget
scl
ass
Aq
ualit
yp
rop
ertie
sth
atw
illne
edso
me
com
bin
atio
nof
mov
ing
bel
owm
arke
tren
tsto
mar
ket
leve
ls,
leas
e-up
ofva
canc
y,or
light
reno
vatio
nsto
gen
erat
ea
10%
to12
%re
turn
atth
ein
vest
men
tle
vel.
Itm
ayal
soal
loca
teup
to20
%to
dev
elop
men
tp
roje
cts.
The
fund
will
inve
stin
the
four
prim
ary
pro
per
tyty
pes
with
anem
pha
sis
onp
rimar
ym
arke
ts.
The
typ
ical
tran
sact
ion
size
isup
per
mar
ket
with
anav
erag
eeq
uity
inve
stm
ent
inth
e$1
00to
$200
mill
ion
rang
e.Th
eav
erag
eho
ldp
erio
dw
illb
ese
ven
year
sor
mor
ew
ithp
erio
dic
shor
ter-
term
dis
pos
ition
sof
pro
per
ties
that
have
limite
din
com
eg
row
thp
rosp
ects
.Th
eta
rget
leve
rag
era
tiofo
rth
efu
ndis
45%
with
am
axim
umlim
itof
50%
.
Expe
ctat
ions
Ove
rth
elo
ng-t
erm
the
targ
etne
tIR
Rof
9%to
11%
isa
reas
onab
leex
pec
tatio
nfo
rin
vest
ors.
How
ever
,in
the
near
term
the
NO
Ig
row
thfo
rth
ein
itial
inve
stm
ents
isp
roje
cted
toex
ceed
9%ov
erth
ene
xtth
ree
year
s,w
hich
pro
vid
esa
pot
entia
ltai
lwin
dfo
rth
ere
turn
toex
ceed
the
targ
etra
nge.
Asi
gni
fican
tsl
owin
gof
job
gro
wth
and
/or
anac
cele
ratio
nof
new
sup
ply
coul
dp
rese
nta
chal
leng
eto
achi
evin
gth
ele
asin
gth
atis
need
edto
achi
eve
9%N
OIg
row
th.
Poin
tsto
Con
side
r
Bef
ore
esta
blis
hing
BP
RE
P, B
rook
field
’s r
eal e
stat
e tr
ack
reco
rd in
clud
es $
3.3
bill
ion
ofc a
pita
l com
mitt
ed to
cor
e p
lus
real
est
ate
thro
ugh
two
clos
ed-e
nd fu
nd v
ehic
les
with
200
6an
d 2
013
vint
ages
, res
pec
tivel
y. T
he tw
o fu
nds
have
gen
erat
ed a
com
bin
ed 1
0.0%
net
IRR
and
1.9
x m
ultip
le.
B
PR
EP
cur
rent
ly h
as n
o ex
pos
ure
to r
etai
l pro
per
ties.
It w
ill e
vent
ually
be
a co
mp
onen
t of t
hep
ortfo
lio. H
owev
er, t
he te
am is
taki
ng a
mea
sure
d a
pp
roac
h to
dep
loyi
ng c
apita
l int
o th
e sp
ace.
The
leve
l of a
gg
reg
ate
leve
rag
e co
uld
exc
eed
the
50%
lim
it in
the
near
-ter
m. T
here
is a
thre
e-ye
ar g
race
per
iod
on
the
max
imum
whi
le th
e p
ortfo
lio is
con
stru
cted
.
An
affil
iate
Bro
okfie
ld P
rop
erty
Par
tner
s (B
PY
) ac
qui
res
real
est
ate
for
its o
wn
bal
ance
she
et.
BP
Y m
ay h
ave
over
lap
pin
g in
vest
men
t ob
ject
ives
as
BP
RE
P. T
here
is th
e p
oten
tial t
hat
occa
sion
ally
inve
stm
ents
may
firs
t be
offe
red
to B
PY
or
be
allo
cate
d to
bot
h B
PY
and
BP
RE
P. W
e ap
pre
ciat
e th
e tr
ansp
aren
cy B
AM
pro
vid
es in
to th
is. I
t is
req
uire
d in
the
qua
rter
l yan
d a
nnua
l rep
orts
to p
rovi
de
a lis
t of a
ll in
vest
men
ts th
at m
et th
e fu
nd’s
ob
ject
ive,
whi
ch th
efu
nd w
as n
ot o
ffere
d.
Rec
omm
enda
tion
Sum
mar
yB
PR
EP
is a
diff
eren
tiate
d s
trat
egy
with
in th
e co
re p
lus
spac
e. T
he s
cale
and
dep
th o
f B
rook
field
’s r
eal e
stat
e op
erat
ing
pla
tform
set
s it
apar
t fro
m c
omp
etito
rs o
fferin
g c
ore
and
cor
e p
lus
stra
teg
ies.
Bro
okfie
ld’s
op
erat
iona
l res
ourc
es a
llow
it to
exe
cute
larg
e-sc
ale
and
com
ple
x tr
ansa
ctio
ns th
at m
ost c
ore
plu
s st
rate
gie
s d
o no
t pur
sue.
Whi
le B
PR
EP
is o
nly
app
roac
hing
its
two-
year
trac
k re
cord
, Bro
okfie
ld h
as g
ener
ated
sol
id r
etur
ns a
cros
s ot
her
fund
veh
icle
s th
at
pur
sue
core
plu
s, v
alue
-ad
d, a
nd o
pp
ortu
nist
ic s
trat
egie
s.
The
BP
RE
P lo
ng-t
erm
, tar
get
net
IRR
is 9
% to
11%
with
targ
et le
vera
ge
of 4
5%. B
PR
EP
can
be
pos
ition
ed a
s a
com
ple
men
t to
an a
lloca
tion
to a
cor
e re
al e
stat
e fu
nd o
r as
the
prim
ary
real
es
tate
allo
catio
n of
a c
lient
with
out t
he r
esou
rces
to im
ple
men
t a n
on-c
ore
real
est
ate
pro
gra
m.
Page
79
of 3
72
JPM
CB
Spe
cial
Situ
atio
n Pr
oper
ty F
und
Firm
Ove
rvie
wJ.
P. M
org
an h
as o
ffere
d a
sset
man
agem
ent s
ervi
ces
for
over
a c
entu
ry, o
rigin
ally
thro
ugh
the
Trus
t and
Inve
stm
ent D
ivis
ion
of J
.P. M
org
an &
Co.
, Inc
. and
mor
e re
cent
ly th
roug
h J.
P. M
org
an
Inve
stm
ent M
anag
emen
t Inc
. (JP
MIM
), a
who
lly o
wne
d s
ubsi
dia
ry o
f JP
Mor
gan
Cha
se &
Co.
JP
MIM
was
foun
ded
and
reg
iste
red
with
the
SE
C in
198
4. T
he c
ong
lom
erat
e b
ank
is
head
qua
rter
ed in
New
Yor
k, N
Y, a
s is
the
ban
k’s
asse
t man
agem
ent d
ivis
ion,
J.P
.M
org
an A
sset
Man
agem
ent (
JPM
AM
). J
.P. M
org
an A
sset
Man
agem
ent –
Glo
bal
Rea
l Ass
ets
(JP
M-G
RA
) ha
s m
anag
ed o
pen
-end
rea
l est
ate
com
min
gle
d fu
nds
sinc
e 19
70. T
he p
aren
t firm
is
a p
ublic
ily tr
aded
com
pan
y on
the
NY
SE
(Ti
cker
: JP
M).
Team
Ove
rvie
wC
raig
Thei
rlis
the
ded
icat
edp
ortfo
liom
anag
erfo
rth
eS
pec
ial
Situ
atio
nP
rop
erty
Fund
(SS
PF)
Thei
rlha
sse
rved
inth
isro
lesi
nce
Janu
ary
2016
.P
rior
tob
eing
nam
edth
ep
ortfo
liom
anag
er,
hew
asth
eH
ead
ofS
outh
-Mid
wes
tA
cqui
sitio
ns.
Inth
isro
le,
hew
asin
volv
edin
man
yac
qui
sitio
nsfo
rth
eS
pec
ial
Situ
atio
nP
rop
erty
Fund
(SS
PF)
.S
SP
Fis
man
aged
by
the
pro
fess
iona
lsof
the
Rea
lE
stat
eA
mer
icas
div
isio
n.Th
eA
mer
icas
div
isio
nin
clud
es30
asse
tm
anag
ers,
26ac
qui
sitio
nsof
ficer
s,an
dsi
xd
evel
opm
ent
and
eng
inee
ring
pro
fess
iona
ls.
The
Inve
stm
ent
Com
mitt
ee(I
C),
whi
chap
pro
ves
all
tran
sact
ions
,is
com
pris
edof
thirt
een
seni
orp
rofe
ssio
nals
from
all
oper
atio
nal
area
sin
volv
edin
man
agin
gS
SP
F.U
nani
mou
sap
pro
val
isre
qui
red
from
the
four
votin
gm
emb
ers
whi
chin
clud
esTh
eirl,
Chi
efIn
vest
men
tO
ffice
rD
oug
Sch
war
tz,
the
asse
tm
anag
emen
tse
ctor
head
resp
onsi
ble
for
the
per
form
ance
ofth
eas
set,
and
ase
nior
real
esta
tere
sear
chp
rofe
ssio
nal.
Stra
tegy
Ove
rvie
w
SS
PF
focu
ses
onm
id-
tola
rge-
size
dp
rop
ertie
sw
ithin
the
four
mai
np
rop
erty
typ
esth
atar
ein
prim
ary
mar
kets
.S
SP
Fin
vest
sin
asse
tsre
qui
ring
the
exec
utio
nof
ava
riety
ofva
lue-
add
stra
teg
ies
tore
ach
stab
iliza
tion
incl
udin
gle
ase-
up,
and
rep
ositi
onin
gas
wel
lre
dev
elop
men
tan
dd
evel
opm
ent
pro
ject
s.In
vest
men
tsw
illp
rimar
ilyb
em
ade
via
the
equi
typ
ortio
nof
the
cap
itals
tack
and
opp
ortu
nist
ical
lyvi
am
ezza
nine
deb
t.
The
und
erw
ritin
gfo
ra
pot
entia
lac
qui
sitio
nis
aco
llab
orat
ive
pro
cess
invo
lvin
gp
rofe
ssio
nals
from
acq
uisi
tions
,as
set
man
agem
ent,
the
finan
cial
gro
up,
and
the
dev
elop
men
tan
den
gin
eerin
gg
roup
.U
pon
com
ple
tion
ofd
ued
ilig
ence
,Th
eirl
and
all
othe
rp
rofe
ssio
nals
that
par
ticip
ated
inth
ed
ued
ilig
ence
pro
cess
sig
nof
fon
com
ple
ted
chec
klis
tb
efor
eth
eas
set
rece
ives
final
app
rova
lfro
mth
eIC
.A
sset
man
ager
sar
ere
spon
sib
lefo
rth
ep
erfo
rman
ceof
the
asse
tp
ost-
acq
uisi
tion
asa
resu
ltth
eyar
ehe
avily
invo
lved
inun
der
writ
ing
tod
eter
min
eif
the
assu
mp
tions
inth
eb
usin
ess
pla
nar
eco
nsis
tent
with
wha
tis
occu
rrin
gin
the
mar
ket.
Ass
etm
anag
ers
cond
uct
anan
nual
hold
/sel
lan
alys
isfo
rea
chas
set
with
thei
rho
ld/s
ell
reco
mm
end
atio
nre
qui
red
tob
ere
view
edan
dac
cep
ted
by
the
IC.
Expe
ctat
ions
The
per
form
ance
obje
ctiv
eof
SS
PF
isto
outp
erfo
rmth
eN
FI-O
DC
EIn
dex
(VW
)b
ya
min
imum
of20
0b
asis
poi
nts.
We
bel
ieve
that
isa
reas
onab
leex
pec
tatio
nfo
rth
est
rate
gy
inm
ost
pha
ses
ofth
ere
ales
tate
cycl
e.H
owev
er,
we
exp
ect
the
stra
teg
yw
illun
der
per
form
the
Ind
exsi
gni
fican
tlyd
urin
ga
real
esta
tep
rice
corr
ectio
nb
ased
onits
hig
her
leve
rag
ean
dsi
gni
fican
tle
vel
ofex
pos
ure
tova
lue-
add
and
dev
elop
men
t.
Poin
tsto
Con
side
r
Th
e p
ortfo
lio c
omp
ositi
onis
targ
eted
to b
e ap
pro
xim
atel
y 50
% s
tab
ilize
d a
sset
s an
d 5
0%as
sets
und
erg
oing
a v
alue
-ad
d s
trat
egy
or d
evel
opm
ent p
roje
cts
Le
vera
ge
leve
ls w
ill b
e in
the
40%
to 5
0% r
ang
e
Dev
elop
men
t can
be
up to
40%
of t
he p
ortfo
lio. H
owev
er, T
heirl
is c
omfo
rtab
le w
ith a
nal
loca
tion
in th
e 15
% to
23%
ran
ge
S
SP
F is
not
man
aged
to h
ave
sim
ilar
allo
catio
ns to
geo
gra
phi
c re
gio
ns a
nd p
rop
erty
typ
esas
the
NFI
-OD
CE
Ind
ex (
VW
)
The
inco
me
yiel
d w
ill b
e lo
wer
than
a c
ore
fund
with
an
estim
ate
in th
e 3%
to 4
% r
ang
e
Rec
omm
enda
tion
Sum
mar
y
The
size
and
scop
e of
the
JPM
AM
rea
l est
ate
pla
tform
sta
nds
abov
e its
pee
rs. T
heirl
and
the
pro
fess
iona
ls th
at s
erve
as
the
head
s of
the
five
oper
atio
nal a
reas
ave
rag
e cl
ose
to tw
o d
ecad
es
of te
nure
with
the
firm
and
25
year
s of
ind
ustr
y ex
per
ienc
e. T
he te
am a
lso
incl
udes
the
reso
urce
s of
an
in-h
ouse
deb
t gro
up a
nd a
dev
elop
men
t and
eng
inee
ring
gro
up. A
dd
ition
ally
, th
e te
am c
an a
lso
leve
rag
e th
e eq
uity
and
fixe
d in
com
e re
sear
ch c
apab
ilitie
s of
JP
MA
M fo
r cr
edit
and
ind
ustr
y an
alys
is.
Whi
le h
is te
nure
as
por
tfolio
man
ager
has
bee
n b
rief,
Thei
rl ha
s b
een
heav
ily in
volv
ed in
the
acq
uisi
tion
of m
any
of th
e as
set i
n th
e p
ortfo
lio. H
is le
vel o
f fam
iliar
ity w
ith th
e p
ortfo
lio e
limin
ates
an
y co
ncer
ns w
e ha
ve w
ith h
is r
ecen
t ap
poi
ntm
ent t
o th
e p
ositi
on. A
dd
ition
ally
, it i
s im
por
tant
to
reco
gni
ze th
at th
e in
vest
men
t pro
cess
is h
ighl
y co
llab
orat
ive
req
uirin
g s
igni
fican
t inv
olve
men
t of
pro
fess
iona
ls fr
om a
ll op
erat
iona
l are
as o
f the
Rea
l Est
ate
Am
eric
as d
ivis
ion
to s
ourc
e,
und
erw
rite
and
man
age
asse
ts.
SS
PF
is r
ecom
men
ded
for
any
clie
nt im
ple
men
ting
an
allo
catio
n to
non
-cor
e p
rivat
e re
al e
stat
e th
at c
anno
t allo
cate
to th
e m
ore
pre
vale
nt c
lose
d-e
nd, l
imite
d p
artn
ersh
ip v
ehic
les.
On
the
risk-
spec
trum
, SS
PF
falls
bet
wee
n m
ost o
pen
-end
cor
e p
lus
stra
teg
ies
and
a ty
pic
al v
alue
-ad
d
stra
teg
y as
the
por
tfolio
will
tend
to b
e co
mp
rised
of 5
0% s
tab
ilize
d p
rop
ertie
s w
ith th
e re
mai
nder
con
sist
ing
of v
alue
-ad
d in
vest
men
ts a
nd d
evel
opm
ent p
roje
cts.
Page
80
of 3
72
PGIM
PR
ISA
IIFi
rmO
verv
iew
PG
IMR
ealE
stat
eop
erat
esas
ab
usin
ess
unit
ofP
GIM
,an
ind
irect
sub
sid
iary
ofp
ublic
ly-t
rad
edP
rud
entia
l,In
c.(N
YS
E:
PR
U).
PG
IMR
eal
Est
ate
has
bee
nm
anag
ing
core
real
esta
tein
vest
men
tsfo
rp
ensi
onfu
ndcl
ient
ssi
nce
1970
whe
nit
laun
ched
the
ind
ustr
y’s
first
open
-end
com
min
gle
dfu
nd,
PR
ISA
.Th
efir
mha
sa
glo
bal
pre
senc
ew
ith17
loca
tions
acro
ssth
eU
.S.,
Eur
ope,
Asi
aP
acifi
can
dLa
tinA
mer
ica.
Item
plo
ysov
er60
0p
rofe
ssio
nals
wor
ldw
ide
with
over
350
ded
icat
edto
the
U.S
.Th
efir
mcu
rren
tlym
anag
esst
rate
gie
sth
atsp
anth
eris
ksp
ectr
umfr
omco
reto
opp
ortu
nist
icin
bot
heq
uity
and
deb
tst
ruct
ures
asw
ella
sb
oth
priv
ate
real
esta
tean
dp
ublic
ly-t
rad
edre
ales
tate
secu
ritie
s.
Team
Ove
rvie
wTh
e28
pro
fess
iona
lsco
mp
risin
gth
ed
edic
ated
PR
ISA
IIte
amar
ele
db
yS
enio
rP
ortfo
lioM
anag
erD
arin
Brig
ht.B
right
has
bee
na
mem
ber
ofth
ep
ortfo
liom
anag
emen
ttea
mfo
rP
RIS
AII
sinc
e20
04.
He
issu
pp
orte
db
yP
ortfo
lioM
anag
erJu
stin
Gle
ason
and
Ass
ista
ntP
ortfo
lioM
anag
erJe
ssic
aN
ewth
.Th
eot
her
key
com
pon
ent
ofth
eP
RIS
AII
team
are
the
18as
set
man
agem
ent
pro
fess
iona
lsth
atar
ere
spon
sib
lefo
rth
ed
evel
opm
ent,
imp
lem
enta
tion,
and
mon
itorin
gof
the
bus
ines
sp
lans
for
each
ofth
eFu
nd’s
asse
ts.
Ad
diti
onal
ly,
the
PG
IMR
Ere
sear
chte
amis
anin
teg
ral
com
pon
ent
ofal
lp
hase
sof
the
pro
cess
from
dev
elop
men
tof
PR
ISA
IIst
rate
gy
asw
ella
sfr
omun
der
writ
ing
tod
isp
ositi
onat
the
asse
tlev
el.
Stra
tegy
Ove
rvie
wP
RIS
A II
was
the
first
op
en-e
nd, c
ore
plu
s st
rate
gy
in h
isto
ryw
ith a
n in
cep
tion
in 1
980.
It
focu
ses
on u
pp
er m
idd
le-m
arke
tto
larg
e-si
zed
pro
per
ties
acro
ss th
e fo
ur m
ain
pro
per
ty ty
pes
p
lus
the
Sel
f-S
tora
ge
sect
or th
at a
re p
rimar
ily lo
cate
d in
the
maj
or c
oast
al m
arke
ts T
he te
am
may
inve
st u
p to
35%
of P
RIS
A II
in v
alue
-ad
d a
nd d
evel
opm
ent p
roje
cts
with
the
rem
aind
er
req
uire
d to
be
inve
sted
in s
tab
ilize
d, i
ncom
e-g
ener
atin
g a
sset
s th
at a
re a
min
imum
80%
leas
ed.
PR
ISA
II tr
ansa
ctio
ns a
re s
ourc
edth
roug
h a
varie
ty o
f cha
nnel
s, in
clud
ing
JV
par
tner
s, b
roke
rs,
pro
per
ty o
wne
rs a
nd o
per
ator
s, a
nd th
e b
road
er le
gal
and
fina
ncia
l com
mun
ity. A
fter
a ne
w
inve
stm
ent h
as b
een
app
rove
d b
y th
e In
vest
men
t Com
mitt
ee (
IC),
the
acq
uisi
tions
pro
fess
iona
l b
egin
s to
fina
lize
due
dili
gen
ce w
hich
is r
evie
wed
with
the
asse
t man
ager
and
por
tfolio
m
anag
er. F
ollo
win
g fi
nal a
pp
rova
l the
ass
et is
ass
igne
d to
the
asse
t man
ager
who
then
d
evel
ops
and
exe
cute
s th
e b
usin
ess
pla
n fo
r th
e as
set.
A fo
rmal
hol
d/s
ell a
naly
sis
is c
omp
lete
d
on a
n an
nual
bas
is b
y th
e as
set m
anag
er a
nd is
pro
vid
ed to
the
por
tfolio
man
agem
ent t
eam
w
hich
has
the
dis
cret
ion
to d
irect
a h
old
or
sell
dec
isio
n.
All
acq
uisi
tions
, dis
pos
ition
s, d
evel
opm
ent a
nd fi
nanc
ing
s ar
e re
view
ed a
nd v
oted
on
by
the
firm
’s IC
. The
IC is
com
pris
ed o
f eig
ht p
rofe
ssio
nals
that
are
the
mos
t sen
ior
lead
ers
acro
ss a
ll op
erat
iona
l are
as o
f PG
IM R
E. T
he IC
mem
ber
s av
era g
e ov
er tw
o d
ecad
es o
f exp
erie
nce.
Expe
ctat
ions
The
PR
ISA
IIlo
ng-t
erm
,tar
get
netr
etur
nis
8%to
10%
with
ab
ench
mar
kof
the
NFI
-OD
CE
Ind
ex(V
W)
plu
s10
0b
ps.
We
bel
ieve
itis
are
ason
able
exp
ecta
tion
for
the
stra
teg
yin
mos
tp
hase
sof
the
real
esta
tecy
cle.
How
ever
,re
lativ
eto
the
NFI
-OD
CE
Ind
exw
eex
pec
tth
est
rate
gy
will
und
erp
erfo
rmsi
gni
fican
tlyd
urin
ga
real
esta
tep
rice
corr
ectio
nb
ased
onits
hig
her
leve
rag
ean
dsi
gni
fican
tlev
elof
exp
osur
eto
valu
e-ad
dan
dd
evel
opm
ent.
Poin
tsto
Con
side
r
P
RIS
AII
is s
light
ly h
ighe
r ris
k re
lativ
e to
mos
t cor
e fu
nds
bas
ed o
n th
e ta
rget
leve
rag
e in
the
30%
to 3
5% L
TV r
ang
e as
wel
l as
a g
reat
er le
vel o
f exp
osur
e to
val
ue-a
dd
and
dev
elop
men
t.
PR
ISA
II w
ill te
nd to
hav
e a
prim
ary
focu
s on
larg
er a
sset
s lo
cate
d in
the
maj
or c
oas t
alm
arke
ts. P
RIS
A II
als
o in
clud
es a
n al
loca
tion
ded
icat
ed to
the
Sel
f-S
tora
ge
s ect
or.
Rec
omm
enda
tion
Sum
mar
y
The
com
bin
atio
n of
the
hist
ory
and
rep
utat
ion
of P
GIM
Rea
l Est
ate
alon
g w
ith th
e si
ze a
nd
exp
erie
nce
of th
e d
edic
ated
PR
ISA
II te
am is
not
able
am
ong
cor
e p
lus
fund
s. B
right
has
bee
n a
mem
ber
of t
he p
ortfo
lio m
anag
emen
t tea
m fo
r ov
er a
dec
ade,
whi
le b
oth
Gle
ason
and
New
th
pro
vid
e m
ore
than
a d
ecad
e of
exp
erie
nce
each
acr
oss
acq
uisi
tions
, deb
t wor
kout
s an
d
finan
cing
s, a
nd a
sset
man
agem
ent.
Ad
diti
onal
ly, t
he 1
8 as
set m
anag
emen
t pro
fess
iona
ls
aver
age
over
a d
ecad
e of
ass
et m
anag
emen
t exp
erie
nce.
PR
ISA
II is
a tr
ue c
ore
plu
s st
rate
gy
with
muc
h of
the
acq
uisi
tion
activ
ity ta
king
pla
ce w
ithin
its
non-
core
allo
catio
n ra
ther
than
acq
uirin
g a
nd le
verin
g u
p c
ore
asse
ts. T
he n
on-c
ore
por
tfolio
fo
cuse
s on
the
acq
uisi
tion
of a
sset
s th
at w
ill b
e of
hig
h en
oug
h q
ualit
y to
be
held
as
a p
art o
f the
co
re p
ortfo
lio u
pon
com
ple
tion
of a
val
ue-a
dd
or
dev
elop
men
t bus
ines
s p
lan.
The
cor
e p
ortfo
lio
gen
erat
es o
ver
90%
of t
he F
und
’s in
com
e re
turn
with
the
obje
ctiv
e of
miti
gat
ing
som
e of
the
risk
of th
e hi
ghe
r-ris
k/re
turn
non
-cor
e in
vest
men
ts.
PR
ISA
IIis
rec
omm
end
ed fo
r an
ycl
ient
allo
catin
g to
priv
ate
real
est
ate.
Rel
ativ
e to
cor
e st
rate
gie
s, P
RIS
A II
pro
vid
es a
mod
erat
ely
hig
her
risk/
retu
rn p
rofil
e b
ased
on
the
gre
ater
al
loca
tion
to v
alue
-ad
d/d
evel
opm
ent a
nd ta
rget
leve
rag
e of
35%
to 4
0%. F
or s
mal
ler
clie
nts,
the
com
bin
atio
n of
65%
sta
bili
zed
pro
per
ties
and
up
to 3
5% v
alue
-ad
d/d
evel
opm
ent p
ositi
ons
PR
ISA
II w
ell t
o b
e a
sole
allo
catio
n p
rovi
din
g d
iver
sific
atio
n ac
ross
str
ateg
y ty
pes
. Ad
diti
onal
ly,
with
its
pro
pen
sity
to b
e p
ositi
oned
prim
arily
in m
ajor
coa
stal
mar
kets
it c
an b
e p
ositi
oned
as
a cl
ient
’s s
ole
allo
catio
n to
rea
l est
ate
or a
s a
com
ple
men
tary
str
ateg
y to
a c
ore
fund
with
a
sig
nific
ant f
ocus
on
seco
ndar
y m
arke
ts.
Page
81
of 3
72
Prin
cipa
l Enh
ance
d Pr
oper
ty F
und
Expe
ctat
ions
The
PE
PF
long
-ter
m,
targ
etne
tre
turn
is11
%to
13%
.W
eb
elie
veth
atis
are
ason
able
exp
ecta
tion
for
the
stra
teg
yin
mos
tpha
ses
ofth
ere
ales
tate
cycl
e.H
owev
er,r
elat
ive
toth
eN
FI-
OD
CE
Ind
exw
eex
pec
tth
est
rate
gy
will
und
erp
erfo
rmsi
gni
fican
tlyd
urin
ga
real
esta
tep
rice
corr
ectio
nb
ased
onits
hig
her
leve
rag
ean
dsi
gni
fican
tle
vel
ofex
pos
ure
tova
lue-
add
and
dev
elop
men
t.
Poin
tsto
Con
side
r
PE
PF
is s
light
ly h
ighe
r ris
k re
lativ
e to
mos
t cor
e fu
nds
bas
ed o
n th
e ta
rget
leve
rag
e in
the
40%
to 4
5% L
TV r
ang
e as
wel
l as
a g
reat
er le
vel o
f exp
osur
e to
val
ue-a
dd
and
dev
elop
men
t.
PE
PF
will
tend
to h
ave
a p
rimar
y fo
cus
on s
ubur
ban
ass
ets
loca
ted
in s
econ
dar
y m
arke
ts.
The
inco
me
yiel
d h
as c
onsi
sten
tly b
een
in th
e 4%
to 6
% r
ang
e.
Rec
omm
enda
tion
Sum
mar
yTh
est
abili
tyan
dco
ntin
uity
ofth
ete
amis
nota
ble
with
the
Fund
und
erth
esa
me
lead
ersh
ipsi
nce
ince
ptio
n.D
urin
gth
eir
tenu
re,
Whi
tean
dS
chol
zha
ved
emon
stra
ted
ad
isci
plin
eof
opp
ortu
nist
ical
lyre
aliz
ing
gai
nsan
dre
pos
ition
ing
the
por
tfolio
whe
reg
reat
erva
lue
can
be
foun
d.
PR
EI
has
asi
gni
fican
tlo
ng-t
erm
pre
senc
ein
alla
reas
ofre
ales
tate
inve
stin
gin
clud
ing
priv
ate
equi
tyan
dd
ebt
asw
ell
asp
ublic
equi
tyan
dd
ebt
whi
chcr
eate
sop
por
tuni
ties
for
incr
ease
dd
ealf
low
.P
artic
ular
lyin
the
priv
ate
deb
tsp
ace
whe
rele
ndin
gre
latio
nshi
ps
com
mon
lyre
sult
inan
equi
tyre
latio
nshi
p.
Ad
diti
onal
ly,
the
gre
ater
reso
urce
sof
PG
Ica
nb
ele
vera
ged
asa
par
tof
the
inve
stm
ent
pro
cess
.Fo
rex
amp
le,
the
fixed
inco
me
gro
upof
PG
Iis
used
for
tena
ntcr
edit
anal
ysis
.
PE
PF
isre
com
men
ded
for
any
clie
ntal
loca
ting
top
rivat
ere
ales
tate
.Rel
ativ
eto
core
stra
teg
ies,
PE
PF
pro
vid
esa
mod
erat
ely
hig
her
risk/
retu
rnp
rofil
eb
ased
onth
eg
reat
eral
loca
tion
tova
lue-
add
/dev
elop
men
tan
dta
rget
leve
rag
eof
40%
to45
%.
For
smal
ler
clie
nts,
the
com
bin
atio
nof
75%
stab
ilize
dp
rop
ertie
san
dup
to25
%va
lue-
add
/dev
elop
men
tp
ositi
ons
PE
PF
wel
lto
be
aso
leal
loca
tion
with
div
ersi
ficat
ion
acro
ssst
rate
gy
typ
es.
Ad
diti
onal
ly,
with
itsp
rop
ensi
tyto
be
pos
ition
edp
rimar
ilyin
top
-tie
rse
cond
ary
mar
kets
itca
nb
ep
ositi
oned
asa
com
ple
men
tto
pur
eco
rest
rate
gie
sth
atfo
cus
prim
arily
onm
ajor
mar
kets
.
Firm
Ove
rvie
wP
rinci
pal
Rea
lEst
ate
Inve
stor
s(P
RE
I)is
aw
holly
-ow
ned
sub
sid
iary
ofP
rinci
pal
Glo
bal
Inve
stor
s(P
GI)
.P
GI
isa
mem
ber
ofth
eN
YS
Elis
ted
Prin
cip
alFi
nanc
ialG
roup
.P
RE
Ib
ecam
ea
sep
arat
ere
gis
tere
dS
EC
inve
stm
ent
advi
sor
in19
98.
Prio
rto
that
the
firm
’sex
per
ienc
eas
are
ales
tate
inve
stor
orig
inat
esin
1959
whe
nit
beg
anm
akin
gsi
ngle
pro
per
tyin
vest
men
tsan
dco
mm
erci
allo
ans
for
Ban
ker’s
Life
;no
wkn
own
asTh
eP
rinci
pal
Fina
ncia
lG
roup
.P
RE
Iof
fers
real
esta
test
rate
gie
sac
ross
priv
ate
equi
tyan
dd
ebt
asw
ell
asp
ublic
equi
tyan
dd
ebt.
The
firm
ishe
adq
uart
ered
inD
esM
oine
s,w
here
app
roxi
mat
ely
95%
ofth
ein
vest
men
tp
rofe
ssio
nals
are
loca
ted
.The
rem
aind
erar
ein
Chi
cag
o,S
acra
men
toan
dLa
kew
ood
,WA
.
Team
Ove
rvie
wP
EP
Fis
led
by
co-P
ortfo
lioM
anag
ers
Tod
dW
hite
and
Mar
kS
chol
z.W
hite
has
bee
nth
ep
rimar
yp
ortfo
liom
anag
ersi
nce
ince
ptio
nof
the
Fund
.S
chol
zha
sal
sob
een
am
emb
erof
the
team
sinc
eits
ince
ptio
n.Th
ete
amal
soin
clud
esP
ortfo
lioA
naly
sts
Col
inFr
yean
dB
rent
Hee
msk
erk,
Dire
ctor
ofFi
nanc
ialR
epor
ting
Nik
kiS
pen
cean
dP
ortfo
lioC
ontr
olle
rLa
nce
Stie
rman
.The
US
PA
team
issu
pp
orte
db
yth
ete
ams
inot
her
oper
atio
nal
area
sin
clud
ing
acq
uisi
tions
/dis
pos
ition
s,as
set
man
agem
ent,
rese
arch
,ac
coun
ting
and
finan
ce.
All
acq
uisi
tions
,d
isp
ositi
ons,
dev
elop
men
tand
finan
cing
tran
sact
ions
are
revi
ewed
and
app
rove
dw
itha
maj
ority
vote
by
the
firm
’sM
anag
emen
tC
omm
ittee
(MC
).Th
eM
C,
whi
chin
clud
esW
hite
,is
com
pris
edof
elev
ense
nior
pro
fess
iona
lsth
atre
pre
sent
seni
orm
anag
emen
tofa
llop
erat
iona
lare
asof
PR
EI.
Stra
tegy
Ove
rvie
wP
EP
Fis
anop
en-e
nd,
core
plu
sfu
ndth
atw
asla
unch
edin
2004
.It
focu
ses
onm
id-
tola
rge-
size
dp
rop
ertie
sac
ross
the
four
mai
np
rop
erty
typ
esin
mar
kets
with
pop
ulat
ions
ofon
em
illio
nor
gre
ater
.Th
ete
amw
illal
soin
vest
inth
eS
tud
ent
Hou
sing
sect
orw
hich
isno
tsu
bje
ctto
the
one
mill
ion
org
reat
erp
opul
atio
nco
nstr
aint
.Th
ete
amm
ayin
vest
upto
25%
ofP
EP
Fin
valu
e-ad
dan
dd
evel
opm
entp
roje
cts
with
the
rem
aind
erre
qui
red
tob
ein
vest
edin
stab
ilize
d,i
ncom
e-g
ener
atin
gas
sets
that
are
am
inim
um80
%le
ased
.
The
inve
stm
ent
pro
cess
beg
ins
with
the
co-p
ortfo
liom
anag
ers
and
the
team
esta
blis
hing
ast
rate
gy
bas
edon
the
outlo
okfo
rth
em
arke
tan
dav
aila
ble
inve
stm
ent
opp
ortu
nitie
s,w
hich
isco
mm
unic
ated
toth
eot
her
oper
atio
nal
area
s.D
urin
gth
ep
relim
inar
yre
view
,th
ete
amw
orks
clos
ely
with
the
acq
uisi
tions
gro
upto
revi
ewp
oten
tial
inve
stm
ents
with
the
rese
arch
,as
set
man
agem
ent
and
mor
tgag
eun
der
writ
ing
team
sre
spon
sib
lefo
rm
arke
tan
dp
rop
erty
spec
ific
anal
ysis
.Ass
ets
that
pas
sth
ep
relim
inar
yre
view
mov
eto
the
final
due
dili
gen
cep
roce
ssw
here
the
acq
uisi
tion
man
ager
dire
cts
are
view
with
inp
utfr
omth
efo
llow
ing
team
s:p
ortfo
liom
anag
emen
t,as
set
man
agem
ent,
por
tfolio
acco
untin
g,
rese
arch
,le
gal
,ap
pra
isal
,en
gin
eerin
gan
den
viro
nmen
tal.
An
asse
tth
atsu
cces
sful
lyp
asse
sth
roug
hfin
ald
ued
ilig
ence
issu
bm
itted
toth
eM
anag
emen
tCom
mitt
eefo
rap
pro
valt
om
ove
tocl
osin
g.
Page
82
of 3
72
Glo
ssar
y of
Ter
ms
Cap
italS
truc
ture
orC
apita
lSta
ck–
Ref
ers
toth
ele
gal
org
aniz
atio
nof
all
ofth
eca
pita
lp
lace
din
toan
asse
t.Th
ere
are
four
bas
icty
pes
ofst
ruct
ures
:se
nior
deb
t,m
ezza
nine
deb
t,p
refe
rred
equi
tyan
deq
uity
.
Cap
italC
all–
Occ
urs
whe
na
man
ager
req
uest
sa
tran
sfer
ofth
ep
ortio
nof
the
cap
ital
anin
vest
orha
sco
mm
itted
.Th
eca
lled
cap
ital
isut
ilize
db
yth
em
anag
erto
mak
ein
vest
men
tsan
dco
ver
exp
ense
s.
Cap
Rat
e-
Am
easu
reof
the
inco
me
retu
rnof
real
esta
te.
The
cap
rate
for
ap
rop
erty
isg
ener
ally
calc
ulat
edb
yd
ivid
ing
the
neto
per
atin
gin
com
eof
ap
rop
erty
by
the
curr
entm
arke
tva
lue.
Car
ried
Inte
rest
–Th
em
anag
er’s
shar
eof
the
fund
’sov
eral
lp
rofit
s,ty
pic
ally
20%
.It
isty
pic
ally
rece
ived
by
the
man
ager
afte
rre
turn
ing
calle
dca
pita
lto
inve
stor
sp
lus
ap
refe
rred
retu
rn.A
lso
know
nas
“car
ry”
or“p
rom
ote”
.
Cat
chUp
–O
ccur
saf
ter
the
man
ager
has
mad
ed
istr
ibut
ions
toin
vest
ors
equi
vale
ntto
are
turn
ofth
eca
lled
cap
ital
plu
sth
ep
refe
rred
retu
rn.
At
this
poi
ntth
em
anag
erg
ener
ally
rece
ives
50%
offu
ture
dis
trib
utio
nsun
tilto
tald
istr
ibut
ions
are
equa
lto
the
man
ager
’sca
rrie
din
tere
stal
loca
tion.
Com
mitt
edC
apita
l–Th
eam
ount
ofca
pita
ltha
tan
inve
stor
has
agre
edto
inve
stin
ap
rivat
efu
nd.T
heca
pita
lis
calle
don
anas
need
edb
asis
by
the
man
ager
.
Equi
ty–
Rep
rese
nts
the
owne
rshi
pin
tere
stin
the
pro
per
ty.
The
equi
tyho
lder
only
rece
ives
cash
flow
afte
ral
loft
heot
her
inve
stor
slo
wer
inth
eca
pita
lsta
ckha
veb
een
pai
d.
Equi
tyM
ultip
le–
Ap
erfo
rman
cem
easu
refo
rp
rivat
ein
vest
men
tfu
nds.
Itre
pre
sent
sth
em
ultip
leof
the
calle
dca
pita
ltha
tis
retu
rned
toin
vest
ors.
Gen
eral
Part
ner(
GP)
–Th
eG
Pis
the
man
ager
ofth
efu
ndw
hile
the
inve
stor
sof
the
fund
are
the
limite
dp
artn
ers
(LP
s).T
heG
Pre
tain
slia
bili
tyfo
rth
eac
tions
ofth
ep
artn
ersh
ip.
Inte
rnal
Rat
eof
Ret
urn
(IRR
)–
Ap
erfo
rman
cem
easu
refo
rp
rivat
ein
vest
men
tfu
nds
that
acco
unts
for
the
man
ager
sco
ntro
lofw
hen
cash
flow
soc
cur
and
the
irreg
ular
timin
gof
cash
flow
s.
Inve
stm
ent
Perio
dor
Com
mitm
ent
Perio
d–
Ref
ers
toth
ees
tab
lishe
dle
ngth
oftim
ea
man
ager
can
mak
ein
vest
men
ts,g
ener
ally
two
toth
ree
year
s.
Lim
ited
Part
ners
hip
–Th
ele
gal
entit
yco
mp
rised
ofa
gen
eral
par
tner
and
limite
dp
artn
ers.
The
gen
eral
par
tner
islia
ble
for
the
actio
nsof
the
par
tner
ship
whi
leth
elim
ited
par
tner
sar
eg
ener
ally
pro
tect
edfr
omle
gal
actio
nsan
dan
ylo
sses
bey
ond
thei
ror
igin
alin
vest
men
t.
Lim
ited
Part
ner
(LP)
–Th
ein
vest
orin
alim
ited
par
tner
ship
.Th
eLP
rece
ives
inco
me
and
cap
ital
gai
ns.
Itis
also
pro
tect
edfr
omle
gal
actio
nsan
dlo
sses
bey
ond
itsor
igin
alin
vest
men
t.
Loan
-to-C
ost(
LTC)
–A
met
ricus
edb
ya
lend
erto
exp
ress
the
ratio
ofa
loan
toth
eto
talc
ost
ofco
mp
letin
ga
dev
elop
men
tpro
ject
.
Loan
-to-V
alue
(LTV
)–
Am
etric
used
by
ale
nder
toex
pre
ssth
era
tioof
alo
anto
the
fair
mar
ketv
alue
ofth
ep
rop
erty
.
Mez
zani
neD
ebt–
Ahy
brid
bet
wee
neq
uity
and
deb
t.It
isse
nior
toeq
uity
but
sub
ord
inat
eto
seni
ord
ebt.
Am
ezza
nine
inve
stor
typ
ical
lyre
ceiv
esa
fixed
inte
rest
pay
men
tove
ra
spec
ified
term
but
may
also
par
ticip
ate
inth
eup
sid
eof
the
inve
stm
ent.
Net
Ope
ratin
gIn
com
e(N
OI)
–A
llre
venu
eg
ener
ated
from
ap
rop
erty
min
usth
ene
cess
ary
oper
atin
gex
pen
ses
req
uire
dto
run
and
mai
ntai
nth
eb
uild
ing
Pref
erre
dEq
uity
–A
hyb
ridb
etw
een
equi
tyan
dd
ebt
sim
ilar
tom
ezza
nine
deb
t.It
isse
nior
toeq
uity
but
sub
ord
inat
eto
deb
t.In
vest
ors
rece
ive
cash
flow
sah
ead
ofeq
uity
but
also
par
ticip
ate
inth
eup
sid
eof
the
inve
stm
ent.
Pref
erre
dR
etur
n–
The
“hur
dle
rate
ofre
turn
”th
atth
elim
ited
par
tner
sm
ustr
ecei
veon
calle
dca
pita
lin
ord
erfo
rth
em
anag
erto
beg
inre
ceiv
ing
itsca
rrie
din
tere
st.
Prim
ary
orG
atew
ayM
arke
ts–
Are
the
maj
orco
asta
lm
arke
ts(B
osto
n,N
ewY
ork,
San
Fran
cisc
o,Lo
sA
ngel
es)
asw
ella
sC
hica
go
and
Was
hing
ton
D.C
.Th
ese
mar
kets
tend
tob
eth
em
ostl
iqui
dw
ithth
ehi
ghe
stle
velo
ftra
nsac
tion
volu
me.
Rep
ositi
onin
g–
An
inve
stm
ent
stra
teg
yw
here
the
owne
rad
ds
valu
eto
the
pro
per
tyb
yco
mp
letin
gd
efer
red
mai
nten
ance
,im
pro
ving
the
phy
sica
lap
pea
ranc
ean
d/o
rop
erat
ions
inor
der
toin
crea
sere
nts
and
/or
attr
actn
ewte
nant
s.
Red
evel
opm
ent–
An
inve
stm
ent
stra
teg
yth
atin
clud
essi
gni
fican
tp
hysi
calu
pg
rad
esto
the
pro
per
tyw
hich
may
resu
ltin
ahi
gh-
leve
lofv
acan
cyun
tilth
ep
roje
ctis
com
ple
te.
Seco
ndar
yM
arke
ts–
Are
othe
rsi
zab
lem
arke
tsw
ithso
lidtr
ansa
ctio
nvo
lum
esan
dp
rese
nce
ofin
stitu
tiona
linv
esto
rs.E
xam
ple
sin
clud
eA
tlant
a,A
ustin
,Cha
rlotte
and
Pho
enix
.
Seni
orD
ebt
–A
loan
secu
red
by
the
pro
per
tyw
hich
serv
esa
colla
tera
lfo
rth
elo
an.
Itis
seni
orto
equi
ty,
pre
ferr
edeq
uity
and
mez
zani
ned
ebt.
The
hold
erof
the
deb
tre
ceiv
esin
tere
stp
aym
ents
bef
ore
cash
flow
can
be
dis
trib
uted
toth
ein
vest
ors
com
pris
ing
the
hig
her
pos
ition
sin
the
cap
itals
tack
.
Tert
iary
Mar
kets
–A
rem
arke
tsw
ithlo
wtr
ansa
ctio
nvo
lum
esan
da
limite
dp
rese
nce
ofin
stitu
tiona
linv
esto
rs.E
xam
ple
sar
eC
inci
nnat
i,C
olum
bus
and
Mem
phi
s.
Vint
age
–Th
eca
lend
arye
arin
whi
chth
em
anag
erb
egin
sin
vest
ing
the
cap
ital
ofa
priv
ate
fund
.
Page
83
of 3
72
IMPO
RTA
NT
DIS
CLO
SUR
EIN
FOR
MA
TIO
N
This
mat
eria
lis
conf
iden
tiala
ndno
tint
end
edfo
rd
istr
ibut
ion
toth
ep
ublic
.A
ndC
oC
onsu
lting
(“A
ndC
o”)
com
pile
dth
isre
por
tfor
the
sole
use
ofth
ecl
ient
for
whi
chit
was
pre
par
ed.
And
Co
uses
the
mat
eria
lcon
tain
edin
this
eval
uatio
nto
mak
eob
serv
atio
nsan
dre
com
men
dat
ions
toth
ecl
ient
,ho
wev
erth
est
rate
gie
slis
ted
may
not
be
suita
ble
for
all
inve
stor
san
dth
ere
isno
gua
rant
eeth
atth
est
rate
gie
slis
ted
will
be
succ
essf
ul.
Any
info
rmat
ion
cont
aine
din
this
rep
ort
isfo
rin
form
atio
nal
pur
pos
eson
lyan
dsh
ould
not
be
cons
true
dto
be
anof
fer
tob
uyor
sell
any
secu
ritie
s,in
vest
men
tco
nsul
ting
,or
inve
stm
ent
man
agem
ent
serv
ices
.A
dd
ition
ally
,th
ean
alys
isp
rovi
ded
,w
hile
gen
eral
lyco
mp
rehe
nsiv
e,is
not
inte
nded
top
rovi
de
com
ple
tein
form
atio
non
each
ofth
em
anag
emen
torg
aniz
atio
nsor
thei
run
der
lyin
gst
rate
gie
s.P
leas
ere
fer
toth
eir
resp
ectiv
eFo
rmA
DV
s,p
itch
boo
ks,a
nd/o
rof
ferin
gd
ocum
ents
for
com
ple
tete
rms,
incl
udin
gris
ksan
dex
pen
ses.
Info
rmat
ion
isb
ased
onso
urce
san
dd
ata
bel
ieve
dto
be
relia
ble
,b
utA
ndC
oca
nnot
gua
rant
eeth
eac
cura
cy,
adeq
uacy
orco
mp
lete
ness
.Th
ein
form
atio
np
rovi
ded
isva
lidas
ofth
ed
ate
ofd
istr
ibut
ion
orth
eas
-of
dat
ein
dic
ated
and
not
asof
any
futu
red
ate,
and
will
not
be
upd
ated
orot
herw
ise
revi
sed
tore
flect
info
rmat
ion
that
sub
seq
uent
lyb
ecom
esav
aila
ble
,or
circ
umst
ance
sex
istin
gor
chan
ges
occu
rrin
gaf
ter
such
dat
e.
The
sour
ceof
dat
aan
dfig
ures
pro
vid
edis
gen
eral
lyth
ere
spec
tive
man
ager
s,in
clud
ing
thei
rFo
rmA
DV
s,p
itchb
ooks
,of
ferin
gd
ocum
ents
and
othe
rsi
mila
rd
ocum
enta
tion.
Ad
diti
onal
info
rmat
ion
incl
uded
inth
isd
ocum
ent
may
cont
ain
dat
ap
rovi
ded
by
3rd
par
tysu
bsc
riptio
ns,
ind
exd
atab
ases
orp
ublic
econ
omic
sour
ces.
Ret
urn
dat
ap
rese
nted
inth
e“T
rack
Rec
ord
s”is
pro
vid
edfo
rhi
stor
ical
and
info
rmat
iona
lp
urp
oses
only
.Th
ere
sults
show
nre
pre
sent
pas
tp
erfo
rman
cean
dd
ono
trep
rese
ntex
pec
ted
futu
rep
erfo
rman
ceor
exp
erie
nce.
Pas
tper
form
ance
doe
sno
tgua
rant
eefu
ture
resu
lts.R
etur
nsst
ated
are
net
offe
es,
whi
chm
ayin
clud
e:in
vest
men
tad
viso
ryfe
es,
taxe
san
dot
her
exp
ense
s.W
hen
clie
nt-s
pec
ific
per
form
ance
issh
own,
And
Co
uses
time-
wei
ght
edca
lcul
atio
ns,
whi
char
efo
und
edon
stan
dar
ds
reco
mm
end
edb
yth
eC
FAIn
stitu
te.
Inth
ese
case
s,th
ep
erfo
rman
ce-r
elat
edd
ata
show
nar
eb
ased
onin
form
atio
nth
atis
rece
ived
from
cust
odia
ns.
As
are
sult,
this
pro
vid
esA
ndC
ow
itha
reas
onab
leb
asis
that
the
inve
stm
ent
info
rmat
ion
pre
sent
edis
free
from
mat
eria
lmis
stat
emen
t.
RIS
KFA
CTO
RS
As
pre
sent
edin
this
rep
ort,
alth
oug
hin
vest
ing
inp
rivat
ein
fras
truc
ture
fund
sca
nb
eb
enef
icia
l,it
isal
soim
por
tant
toco
nsid
erth
eas
soci
ated
risks
.In
vest
ing
inp
rivat
ein
fras
truc
ture
fund
sis
hig
her
risk,
may
invo
lve
spec
ulat
ion,
and
isno
tsui
tab
lefo
ral
linv
esto
rs.P
rosp
ectiv
ein
vest
ors
shou
ldb
eaw
are
ofth
elo
ng-t
erm
natu
reof
anin
vest
men
tin
priv
ate
infr
astr
uctu
refu
nds.
Inve
stm
ents
(dire
ctor
ind
irect
)in
priv
ate
infr
astr
uctu
rear
ety
pic
ally
illiq
uid
.O
ther
gen
eral
risks
and
imp
orta
ntco
nsid
erat
ions
asso
ciat
edw
ithp
rivat
ein
fras
truc
ture
fund
sin
clud
e,b
utar
eno
tlim
ited
to:
vola
tiliti
esin
pol
itica
l,m
arke
tan
dec
onom
icco
nditi
ons;
exte
nsiv
ean
dfr
eque
ntly
chan
gin
gre
gul
atio
n;d
ownt
urns
ind
eman
d;
chan
ges
toin
fras
truc
ture
valu
esan
dta
xes;
valu
atio
nan
dap
pra
isal
met
hod
olog
ies;
inte
rest
rate
s;an
den
viro
nmen
tali
ssue
s.Th
eris
ksou
tline
dhe
rein
do
not
pur
por
tto
cove
ral
lris
ksor
und
erly
ing
fact
ors
asso
ciat
edw
ithin
vest
ing
inin
fras
truc
ture
fund
s.P
leas
ere
fer
toth
ere
spec
tive
offe
ring
doc
umen
tsfo
rco
mp
lete
info
rmat
ion.Dis
clos
ure
Info
rmat
ion
Page
84
of 3
72
CH
ICA
GO
|
CLE
VE
LAN
D
| D
ALL
AS
|
DE
TRO
IT
| O
RLA
ND
O
| P
ITTS
BU
RG
H
| R
EN
O
Page
85
of 3
72
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Summary" />
Inve
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Page
86
of 3
72
And
Co
Firm
Upd
ate
Firs
tand
fore
mos
t,“T
hank
you”
forg
ivin
gAn
dCo
the
oppo
rtuni
tyto
serv
eyo
u.O
nbe
half
ofou
rent
ireor
gani
zatio
n,w
ear
eex
trem
ely
grat
eful
and
appr
ecia
tive
ofou
rclie
ntpa
rtner
ship
san
dw
illco
ntin
uew
orki
ngha
rdto
mai
ntai
nyo
urtru
stan
dco
nfid
ence
.Our
mis
sion
stat
emen
trea
ds“T
ore
pres
entt
heso
lein
tere
stof
ourc
lient
sby
rede
finin
gin
depe
nden
ce.”
We’
reha
ppy
tore
port
that
we
rem
ain
stea
dfas
tin
this
core
belie
fand
cont
inue
tobu
ildan
orga
niza
tion
with
ase
rvic
em
odel
that
isin
depe
nden
t,si
ngul
arly
focu
sed,
cust
omiz
edan
dpa
ssio
nate
lyde
liver
ed.
2020
isa
big
year
for
AndC
o.W
ear
ece
lebr
atin
gou
r20
-yea
ran
nive
rsar
yof
serv
ing
our
valu
able
clie
nts.
Asw
est
art
2020
,w
ear
e89
peop
lest
rong
advi
sing
appr
oxim
atel
y$9
2bi
llion
incl
ient
asse
ts–
are
cord
high
.In
2019
we
hire
d9
new
team
mem
bers
.Al
ldep
artm
ents
with
inAn
dCo
have
grow
nov
erth
eye
ars
asw
eth
ough
tfully
inve
stin
our
firm
topr
ovid
eth
ese
rvic
esyo
uex
pect
.W
eha
vein
clud
edou
ror
gani
zatio
nalc
hart
inth
isre
port
whi
chyo
urco
nsul
tant
will
revi
ewto
prov
ide
you
avi
sual
izat
ion
ofou
rco
ntin
ued
com
mitm
entt
ose
rvic
ean
dqu
ality
.
2020
will
also
repr
esen
tan
othe
rye
arof
sign
ifica
ntin
vest
men
tin
the
orga
niza
tion.
Asa
resu
lt,yo
urfe
edba
ckis
inva
luab
leas
we
cont
inue
tofo
cus
ourr
einv
estm
enti
nar
eas
that
will
enha
nce
ours
ervi
ces
tocl
ient
s.W
ew
ould
like
toth
ank
ever
yone
fort
heir
parti
cipa
tion
inou
rclie
ntsu
rvey
last
year
.Yo
urho
nest
yan
dca
ndor
allo
wed
usto
accu
rate
lyas
sess
whe
rew
ear
est
rong
and
whe
reth
ere
are
oppo
rtuni
ties
for
impr
ovem
ent.
The
area
sw
here
our
clie
nts
indi
cate
pote
ntia
lro
omfo
rim
prov
emen
tdr
ive
muc
hof
our
inve
stm
ent
and
focu
s.Th
isis
apr
imar
yre
ason
why
we
hire
d7
new
team
mem
bers
inou
rre
sear
chgr
oup
last
year
tohe
lppr
omot
ein
vest
men
tid
eas
and
supp
ort
our
cons
ulta
nts.
Toda
y,w
eha
ve19
dedi
cate
dre
sear
chan
alys
ts.
As20
20pr
ogre
sses
,w
ear
eta
rget
ing
addi
tiona
lin
vest
men
tsw
ithin
our
finan
ce,
com
plia
nce,
hum
anre
sour
ces,
info
rmat
ion
tech
nolo
gy,m
arke
ting
and
rese
arch
depa
rtmen
ts.
Mor
eove
r,ea
chJa
nuar
yw
eha
veou
rann
ualf
irmw
ide
retre
at.T
his
retre
atis
agr
eat
time
for
all
ofou
rem
ploy
ees
tosp
end
time
toge
ther
and
for
usto
rein
forc
eev
eryo
ne’s
unde
rsta
ndin
gof
AndC
o’s
prim
ary
purp
ose,
shar
ere
sults
high
light
edby
ours
trate
gic
goal
s,an
dre
view
area
sof
focu
sfo
rthe
upco
min
gye
ar.
Sinc
eth
ein
cept
ion
ofAn
dCo,
the
idea
has
been
tom
ake
the
firm
am
ultig
ener
atio
nal
orga
niza
tion
owne
dan
dop
erat
edby
itsem
ploy
ees.
Asa
resu
lt,si
nce
2015
,alo
ngw
ithth
est
rate
gic
elem
ents
ofou
ran
nual
retre
at,w
eal
soan
noun
cene
wpa
rtner
sof
the
firm
tosu
ppor
tour
succ
essi
onpl
anan
dth
elo
ng-te
rmsu
stai
nabi
lity
ofth
eor
gani
zatio
n.To
day
we
have
ato
tal
of10
partn
ers
cont
rollin
g10
0%of
the
com
pany
.Th
isye
arw
ead
ded
two
new
partn
ers
Kim
Spur
linan
dEv
anSc
usse
l.Ki
mha
sbe
enon
our
Exec
utiv
eLe
ader
ship
team
for
the
past
7ye
ars
and
curre
ntly
serv
esas
our
CFO
.Eva
nha
sbe
enon
our
rese
arch
team
for
7ye
ars
and
was
rece
ntly
prom
oted
toa
Res
earc
hD
irect
or.
We
coul
dn’t
beha
ppie
rfor
both
Kim
and
Evan
.
The
evol
utio
nof
ourf
irmw
ould
notb
epo
ssib
lew
ithou
tgre
atcl
ient
partn
ers
like
you.
Our
nam
ere
min
dsus
who
we
wor
kfo
rev
ery
day
“Our
Clie
nt”
&Co.
You
will
alw
ays
beou
rfir
stpr
iorit
y.As
we
cont
inue
todi
scus
sst
rate
gic
deci
sion
sre
gard
ing
ourf
irm,p
leas
ekn
owev
ery
deci
sion
isfil
tere
dth
roug
hth
efo
llow
ing
ques
tion
“How
does
this
bene
fitou
rcl
ient
s?”
and
ifit
does
n’tb
enef
ityo
u,w
edo
n’td
oit,
it’s
that
sim
ple.
We
said
this
last
year
and
we’
llsa
yit
agai
nne
xtye
ar.I
fthi
sco
mm
itmen
teve
rfal
ters
,you
need
tofin
da
new
cons
ulta
nt.
We
know
each
ofou
rcl
ient
sis
faci
ngm
any
chal
leng
esan
dw
ew
ant
tobe
ther
eto
help
supp
ort
you
thro
ugh
all
envi
ronm
ents
.W
ear
eho
nore
dan
dhu
mbl
edth
atyo
uha
vech
osen
AndC
oas
your
partn
er.
We
dono
tta
keth
atre
latio
nshi
pan
dre
spon
sibi
lity
forg
rant
edan
dw
illco
ntin
ueto
wor
ktir
eles
sly
toex
ceed
your
expe
ctat
ions
.
On
beha
lfof
AndC
o,th
ank
you
fory
ourv
alue
dpa
rtner
ship
and
the
oppo
rtuni
tyto
serv
eyo
u.
Mik
e W
elke
r, C
FA®
CEO
Page
87
of 3
72
Org
aniz
atio
nal
Char
t
PART
NER
SHIP
Au
stin
Bre
wer
, CFA
Pub
lic F
ixed
Inco
me
Ben
Bal
dri
dg
e, C
FA, C
AIA
Priv
ate
& H
edge
d Fi
xed
Inco
me
Dav
id J
ulie
rR
eal E
stat
e &
Rea
l Ass
ets
Eliz
abet
h W
olf
eC
apita
l Mar
kets
& A
sset
Allo
catio
n
Eva
n S
cuss
el, C
FA, C
AIA
Priv
ate
& P
ublic
Equ
ity
Jeff
rey
Kar
ansk
yP
ublic
Equ
ity
Jere
my
Fisc
hP
ublic
Mul
ti A
sset
s &
Fix
ed In
com
e
Jose
ph
Ivas
zuk
Ope
ratio
nal D
ue D
iligen
ce
Josu
e C
hri
stia
nse
n, C
IPM
Pub
lic E
quity
Julie
Bak
er, C
FAP
rivat
e &
Hed
ged
Equi
ty
Just
in E
llses
ser,
CFA
, CA
IAP
rivat
e Eq
uity
Kad
mie
l Ono
dje,
CA
IAH
edge
d &
Pub
lic M
ulti
Ass
ets
Kai
Pet
erse
n, C
FAA
sset
Lia
bilit
y &
Cap
ital M
arke
ts
Kev
in L
aake
, CFA
Priv
ate
Equi
ty
Mat
thew
Og
ren
Pub
lic F
ixed
Inco
me
Phi
lip S
chm
itt,
CIM
AFi
xed
Inco
me
& C
apita
l Mar
kets
Ro
b M
ills,
CA
IAR
eal E
stat
e &
Rea
l Ass
ets
Tim
Kom
inia
rek,
CA
IAP
rivat
e Eq
uity
& In
frast
ruct
ure
Zac
Chi
chin
ski,
CFA
, CIP
MP
ublic
Equ
ity
RESE
ARC
H
Do
nn
a S
ulli
van
Alb
ert
Sau
erla
nd
Am
y Fo
ster
An
nie
Lo
pez
Bro
oke
Wils
on
, CIP
M
Dav
id G
ou
gh
, CP
FA
Do
nn
ell L
ehre
r
Gra
ce N
ieb
rzyd
ow
ski
Jeff
Pru
nis
ki
Joh
n R
od
ak, C
IPM
Juny
an P
eng
Kim
Hu
mm
el
Mar
y A
nn
Joh
nso
n
Meg
han
Hai
nes
Mis
ha
Bel
l
Ro
sem
arie
Kie
sko
wsk
i
Yo
on
Lee
-Ch
oi
CLIE
NT
SOLU
TIO
NS
An
net
te B
idar
t
Bra
d H
ess,
CFA
Bre
nd
on
Vav
rica
, CFP
Bri
an G
reen
Bri
an K
ing
Ch
ris
Ku
hn
, CFA
, CA
IA
Ch
rist
iaan
Bro
kaw
, CFA
Dav
e W
est,
CFA
Do
ug
An
der
son
Gw
eld
a S
will
ey
Ian
Jon
es
CON
SULT
ING
Jam
es R
oss
Jeff
Ku
chta
, CFA
Jen
nif
er B
rozs
tek
Jen
nif
er G
ain
fort
, CFA
Joe
Car
ter,
CP
FA
Joh
n M
cCan
n, C
IMA
Joh
n M
ellin
ger
Joh
n T
hin
nes
, CFA
, CA
IA
Jon
Bre
th, C
FP
Just
in L
auve
r, E
sq.
Ker
ry R
ich
ard
ville
, CFA
Mar
y N
ye
Mic
hae
l Fle
iner
Mic
hael
Ho
lycr
oss,
CIM
A
Mik
e B
ost
ler
Pau
l Mu
rray
, CP
FA
Pet
er B
row
n
Tim
Nas
h
Tim
Wal
ters
Tony
Kay
Trev
or
Jack
son
Tyle
r Gru
mbl
es, C
FA, C
IPM
21 C
FA5 C
IPM
8 CA
IA33
AD
VAN
CED
DEG
REES
89 EMPLOYE
ES
OPE
RATI
ON
SF
INA
NC
EB
ran
die
Riv
era
OP
ER
AT
ION
SD
an O
sika
, CFA
Jerr
y C
amel
I.T.
Jam
ie U
tt
MA
RK
ET
ING
Bo
nn
ie B
urg
ess
Kim
Go
od
earl
Tala
Ch
in
Mik
e W
elke
r, C
FA
Bry
an B
akar
djie
v, C
FA
Dav
id R
ay
Sar
a S
earl
e
Tro
y B
row
n, C
FA
INVE
STM
ENT
POLI
CY C
OM
MIT
TEE
Upd
ated
as
of 0
1/13
/20
Mik
e W
elke
r, C
FA
Bry
an B
akar
djie
v, C
FA
Dan
Jo
hn
son
Dav
id R
ay
Do
nn
a S
ulli
van
Eva
n S
cuss
el, C
FA, C
AIA
Jaso
n P
urd
y
Kim
Sp
url
in, C
PA
Ste
ve G
ord
on
Tro
y B
row
n, C
FA
LEA
DER
SHIP
& M
AN
AGEM
ENT
Mik
e W
elke
r, C
FAC
EO
Bry
an B
akar
djie
v, C
FAC
OO
Kim
Sp
url
in, C
PA
C
FO
Sar
a S
earl
eC
CO
Rac
hel
Bri
gn
on
i, M
HR
CH
RO
Ste
ve G
ord
on
Par
tner
Tro
y B
row
n, C
FAE
xecu
tive
Dire
ctor
Dav
id R
ayE
xecu
tive
Dire
ctor
Dan
Jo
hn
son
Con
sulti
ng D
irect
or
Der
ek T
ang
eman
, CFP
, C
IMA
Mar
ketin
g D
irect
or
Eva
n S
cuss
el, C
FA, C
AIA
Res
earc
h D
irect
or
Jack
Eva
ttC
onsu
lting
Dire
ctor
Jaco
b P
eaco
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lting
Dire
ctor
Jaso
n P
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. Dire
ctor
Phi
lip S
chm
itt,
CIM
AR
esea
rch
Dire
ctor
Page
88
of 3
72
4th
Qua
rter
201
9 M
arke
t Env
ironm
ent
Page
89
of 3
72
Br
oad
asse
tcla
ssre
turn
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ere
posi
tive
durin
gth
e4t
hqu
arte
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with
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Both
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and
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ter.
Emer
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mar
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San
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ound
glob
altra
de,
and
likel
yre
solu
tion
onBr
exit.
Inte
rnat
iona
lret
urns
wer
eal
sobu
oyed
bya
wea
keni
ngU
Sdo
llar(
USD
)whi
chde
clin
edag
ains
tmos
tmaj
orcu
rrenc
ies
durin
gth
epe
riod.
Emer
ging
mar
kets
outp
erfo
rmed
rela
tive
tode
velo
ped
mar
kets
durin
gth
epe
riod
with
the
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ngM
arke
tsIn
dex
post
ing
aga
inof
11.8
%co
mpa
red
toa
retu
rnof
8.2%
for
the
MSC
IEA
FEIn
dex.
Both
deve
lope
dan
dem
ergi
ngm
arke
tspo
sted
stro
ngre
turn
sov
erth
e1-
year
perio
d,re
turn
ing
22.0
%an
d18
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resp
ectiv
ely.
Fi
xed
inco
me
inde
xpe
rform
ance
was
mut
eddu
ring
the
4th
quar
ter.
The
broa
dm
arke
tBl
oom
berg
Barc
lays
Aggr
egat
eIn
dex
man
aged
toga
in0.
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inve
stor
sfa
vore
deq
uitie
san
din
tere
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tes
wer
ege
nera
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tdu
ring
the
quar
tera
sco
ncer
nsov
eran
imm
anen
tUS
rece
ssio
nea
sed.
Inve
stm
entg
rade
corp
orat
ebo
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ered
solid
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rman
cefo
rthe
4th
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terr
etur
ning
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hich
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erfo
rmed
Trea
sury
and
secu
ritiz
edis
sues
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orpo
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sbe
nefit
ted
from
the
sam
ein
crea
sed
inve
stor
risk
appe
tite
that
fuel
edeq
uity
retu
rns
durin
gth
equ
arte
r.O
vera
ll,th
ebo
ndm
arke
tdel
iver
edst
rong
trailin
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year
retu
rns
with
the
Bloo
mbe
rgBa
rcla
ysAg
greg
ate
post
ing
are
turn
of8.
7%.
Sou
rce:
Inve
stm
ent M
etric
s
The
Mar
ket E
nviro
nmen
tM
ajor
Mar
ket I
ndex
Per
form
ance
As o
f Dec
embe
r 31,
201
9
0.5%
1.2%
0.7%0.8%
-0.8
%0.
2%
9.9%
7.1%
9.0%9.1%
9.1%
11.8
%8.
2%8.
9%
-2.0
%0.
0%2.
0%4.
0%6.
0%8.
0%10
.0%
12.0
%
3-M
onth
T-B
ill
Bbg
Barc
lays
Cor
p IG
Bbg
Barc
lays
MBS
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Barc
lays
US
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Bbg
Barc
lays
US
Gov
tBb
g Ba
rcla
ys U
S Ag
g
Rus
sell
2000
Rus
sell
Mid
Cap
Rus
sell
1000
Rus
sell
3000
S&P
500
MSC
I Em
erg
Mkt
sM
SCI E
AFE
MSC
I AC
WxU
S
Qua
rter
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form
ance
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4%8.
4%6.
8%8.
7%
25.5
%30
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31.4
%31
.0%
31.5
%
18.4
%22
.0%
21.5
%
0.0%
5.0%
10.0
%15
.0%
20.0
%25
.0%
30.0
%35
.0%
3-M
onth
T-B
ill
Bbg
Barc
lays
Cor
p IG
Bbg
Barc
lays
MBS
Bbg
Barc
lays
US
TIPS
Bbg
Barc
lays
US
Gov
tBb
g Ba
rcla
ys U
S Ag
g
Rus
sell
2000
Rus
sell
Mid
Cap
Rus
sell
1000
Rus
sell
3000
S&P
500
MSC
I Em
erg
Mkt
sM
SCI E
AFE
MSC
I AC
WxU
S
1-Ye
ar P
erfo
rman
ce
Page
90
of 3
72
Sou
rce:
Inve
stm
ent M
etric
s
The
Mar
ket
Envi
ronm
ent
Dom
estic
Equ
ity S
tyle
Inde
x Pe
rfor
man
ceAs
of D
ecem
ber 3
1, 2
019
Ag
ains
tthe
larg
ely
posi
tive
glob
alec
onom
icba
ckdr
opde
taile
don
the
prev
ious
page
,th
eU
Seq
uity
mar
ket
deliv
ered
stro
ngga
ins
acro
ssth
eca
pita
lizat
ion
and
styl
esp
ectru
mfo
rth
e4t
hqu
arte
rof
2019
.G
row
thst
ocks
outp
erfo
rmed
valu
est
ocks
for
the
full
capi
taliz
atio
nra
nge
durin
gth
epe
riod.
Furth
er,
asis
ofte
nth
eca
sedu
ring
perio
dsof
stro
ng“ri
sk-o
n”pe
rform
ance
,sm
allc
apgr
owth
stoc
ksou
tpac
edla
rge
cap
grow
thst
ocks
due
prim
arily
toan
expe
ctat
ion
that
smal
ler
com
pani
esha
veac
cele
rate
dea
rnin
gsgr
owth
rela
tive
tola
rge
com
pani
es.
Th
eR
usse
ll20
00G
row
thIn
dex
was
the
best
perfo
rmin
gst
yle
inde
xfo
rth
epe
riod,
retu
rnin
g11
.4%
,whi
lela
rge
cap
and
mid
-cap
grow
thre
turn
eda
solid
10.6
%an
d8.
2%re
spec
tivel
y.Th
eou
tper
form
ance
ofsm
allc
apst
ocks
acro
ssth
est
yle
spec
trum
for
the
perio
dre
pres
ente
da
reve
rsal
from
prev
ious
quar
ters
.Th
esm
all
cap
Rus
sell
2000
Inde
xga
ined
9.9%
durin
gth
epe
riod
vers
usa
9.0%
retu
rnfo
rthe
larg
eca
pR
usse
ll10
00In
dex.
W
hen
view
edov
erth
em
ostr
ecen
t1-y
earp
erio
d,la
rge
cap
stoc
kssi
gnifi
cant
lyou
tper
form
edsm
allc
apst
ocks
with
the
Rus
sell
1000
post
ing
ast
rong
31.4
%ga
inw
hile
the
Rus
sell
2000
deliv
ered
aso
lid25
.5%
retu
rn.
Uns
urpr
isin
gly,
give
nth
ere
cent
stro
ngm
arke
ten
viro
nmen
t,va
lue
stoc
ksal
sotra
iled
thei
rgr
owth
coun
terp
arts
over
the
trailin
g1-
year
perio
d.Th
ete
chno
logy
-hea
vyR
usse
ll10
00G
row
thIn
dex
was
the
best
perfo
rmin
gin
dex
over
the
1-ye
arpe
riod
deliv
erin
ga
stel
lar
36.5
%re
turn
com
pare
dto
are
turn
of26
.5%
for
the
Rus
sell
1000
Valu
eIn
dex
11.4
%
9.9%
8.5%
8.2%
7.1%
6.4%
10.6
%
9.0%
7.4%
10.7
%
9.1%
7.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0
%12
.0%
14.0
%
2000
Gro
wth
2000
Inde
x
2000
Val
ue
Mid
Cap
Gro
wth
Mid
Cap
Inde
x
Mid
Cap
Val
ue
1000
Gro
wth
1000
Inde
x
1000
Val
ue
3000
Gro
wth
3000
Inde
x
3000
Val
ue
Qua
rter
Per
form
ance
-R
usse
ll St
yle
Serie
s
28.5
%
25.5
%
22.4
%
35.5
%
30.5
%
27.1
%
36.4
%
31.4
%
26.5
%
35.8
%
31.0
%
26.3
%
0.0%
5.0%
10.0
%15
.0%
20.0
%25
.0%
30.0
%35
.0%
40.0
%
2000
Gro
wth
2000
Inde
x
2000
Val
ue
Mid
Cap
Gro
wth
Mid
Cap
Inde
x
Mid
Cap
Val
ue
1000
Gro
wth
1000
Inde
x
1000
Val
ue
3000
Gro
wth
3000
Inde
x
3000
Val
ue
1-Ye
ar P
erfo
rman
ce -
Rus
sell
Styl
e Se
ries
Page
91
of 3
72
Pe
rform
ance
was
posi
tive
acro
ssal
lele
ven
larg
eca
pec
onom
icse
ctor
sfo
rth
e4t
hqu
arte
rbu
tfo
urou
tpac
edth
ere
turn
ofth
ebr
oade
rR
usse
ll10
00In
dex.
The
mor
eec
onom
ical
lyse
nsiti
vese
ctor
s,su
chas
tech
nolo
gy,
finan
cial
san
dco
mm
unic
atio
nse
rvic
espo
sted
retu
rns
of14
.1%
,9.
9%an
d9.
2%,
resp
ectiv
ely,
asin
vest
ors’
expe
ctat
ions
offu
ture
econ
omic
grow
thim
prov
ed.H
ealth
care
stoc
ksra
llied
asth
eco
stan
ddr
ugpr
icin
grh
etor
icfro
mD
emoc
ratic
Pres
iden
tialc
andi
date
sso
ftene
d.Te
chno
logy
was
also
ale
ader
with
stoc
kssu
chas
Appl
eex
perie
ncin
gst
rong
holid
aysa
les
and
Mic
roso
ftm
akin
ga
stro
ngea
rnin
gsan
noun
cem
ent.
Not
surp
risin
gly,
defe
nsiv
ese
ctor
ssu
chas
cons
umer
stap
les,
indu
stria
lsan
den
ergy
unde
rper
form
edth
ebr
oade
rm
arke
tdu
ring
the
perio
d.Al
lel
even
econ
omic
sect
ors
wer
eal
sopo
sitiv
eov
erth
e1-
year
trailin
gpe
riod
with
each
sect
orpo
stin
ga
retu
rnin
exce
ssof
20%
for
the
year
.Si
mila
rto
the
quar
ter’s
resu
lts,
econ
omic
ally
sens
itive
sect
ors
outp
aced
defe
nsiv
eon
esby
aco
nsid
erab
lem
argi
n.Th
ete
chno
logy
sect
orw
as20
19’s
stan
dout
perfo
rmer
,po
stin
gan
impr
essi
ve49
.6%
for
the
year
.Th
ese
ctor
was
buoy
edby
Appl
e’s
89.0
%re
turn
and
Mic
roso
ft’s
57.6
%re
turn
for
the
year
.Th
efin
anci
alse
ctor
,w
hich
retu
rned
31.8
%fo
rth
eye
ar,a
lso
expe
rienc
edst
rong
earn
ings
asre
cess
iona
ryfe
ars
subs
ided
and
the
US
yiel
dcu
rve
mov
edto
war
da
mor
eno
rmal
,po
sitiv
ely
slop
e.Th
eon
lyot
her
econ
omic
sect
orto
outp
erfo
rmth
ebr
oade
rR
usse
ll10
00in
dex
retu
rnof
31.4
%fo
rth
e1-
year
perio
dw
asth
eco
mm
unic
atio
nse
rvic
esse
ctor
,whi
chpo
sted
are
turn
of32
.9%
fort
heye
ar.
Q
uarte
rlyre
sults
for
smal
lcap
sect
ors
wer
em
ixed
com
pare
dto
thei
rla
rge
cap
coun
terp
arts
with
seve
nof
the
elev
enec
onom
icse
ctor
sou
tpac
ing
thei
rco
rresp
ondi
ngla
rge
cap
equi
vale
nts.
Ten
ofth
eel
even
smal
lca
pse
ctor
spr
oduc
edpo
sitiv
eab
solu
tere
turn
sdu
ring
the
quar
ter,
buts
imila
rto
larg
eca
ppe
rform
ance
,onl
yth
ree
sect
ors
man
aged
toou
tpac
eth
ebr
oad
Rus
sell
2000
Inde
x.Ec
onom
ical
lyse
nsiti
vese
ctor
sw
ere
also
the
stro
nges
tper
form
ers
inth
esm
allc
apsp
ace
asin
vest
ors
expr
esse
dan
appe
tite
for
risk.
The
heal
thca
rese
ctor
was
the
quar
ter’s
stan
dout
,po
stin
ga
retu
rnof
22.4
%fo
rth
equ
arte
r.Th
ete
chno
logy
and
mat
eria
lsse
ctor
sal
sopo
sted
doub
le-d
igit
perfo
rman
cefo
rth
epe
riod
with
retu
rns
of11
.7%
and
11.5
%re
spec
tivel
y.W
hile
nota
sign
ifica
ntw
eigh
tin
the
inde
x,th
eut
ilitie
s,w
hich
are
cons
ider
edde
fens
ive,
was
the
only
nega
tive
sect
or,
post
ing
alo
ssof
-1.6
%.
Ove
rth
etra
iling
1-ye
arpe
riod,
retu
rns
wer
ebr
oadl
ypo
sitiv
ew
ithon
lyth
ehi
ghly
cycl
ical
ener
gyse
ctor
,la
rgel
ytie
dto
oil
pric
es,
prod
ucin
gne
gativ
epe
rform
ance
with
are
turn
of-6
.3%
.Si
mila
rto
larg
eca
ppe
rform
ance
,te
chno
logy
led
the
way
with
the
sect
orre
turn
ing
ast
ella
r42.
7%fo
rthe
year
.R
etur
nsw
ere
also
impr
essi
vein
the
indu
stria
ls,h
ealth
care
and
real
esta
tese
ctor
s,w
hich
post
edga
ins
of29
.9%
,29
.4%
and
29.1
%,
resp
ectiv
ely,
and
finis
hed
ahea
dof
the
Rus
sell
2000
inde
xre
turn
of25
.5%
fort
heye
ar.
The
Mar
ket E
nviro
nmen
tG
ICS
Sect
or P
erfo
rman
ce &
(Sec
tor W
eigh
t)As
of D
ecem
ber 3
1, 2
019
Sou
rce:
Mor
ning
star
Dire
ctA
s a
resu
lt of
the
GIC
S c
lass
ifica
tion
chan
ges
on 9
/28/
2018
and
cer
tain
ass
ocia
ted
repo
rting
lim
itatio
ns, s
ecto
r per
form
ance
repr
esen
ts b
ackw
ard
look
ing
perfo
rman
ce fo
r the
prio
r yea
r of e
ach
sect
or’s
cur
rent
con
stitu
ency
, pos
t cre
atio
n of
the
Com
mun
icat
ion
Ser
vice
s se
ctor
.
25.6
%
29.1
%
22.9
%
49.6
%30
.0%
21.4
%
31.8
%
10.6
%
26.9
%
27.9
%
32.9
%
0.5%
0.3%
6.4%
14.1
%
5.7%
14.4
%
9.9%
5.8%
3.5%5.
5%
9.2%
0.0%
10.0
%20
.0%
30.0
%40
.0%
50.0
%
Util
ities
(3.3
%)
Rea
l Est
ate
(3.9
%)
Mat
eria
ls (2
.8%
)
Info
Tec
hnol
ogy
(22.
4%)
Indu
stria
ls (9
.7%
)
Hea
lth C
are
(13.
5%)
Fina
ncia
ls (1
3.2%
)
Ener
gy (4
.1%
)
Con
sum
er S
tapl
es (6
.9%
)
Con
sum
er D
isc
(10.
1%)
Com
m S
ervi
ces
(9.9
%)
Rus
sell
1000
Qua
rter
1-Ye
ar
20.5
%
29.1
%
23.0
%
42.7
%
29.9
%
29.4
%
21.8
%-6
.3%
15.9
%
21.5
%
9.4%
-1.6
%
3.4%
11.5
%
11.7
%
7.8%
22.4
%
7.3%7.6%
7.1%8.
6%
5.3%
-10.
0%0.
0%10
.0%
20.0
%30
.0%
40.0
%50
.0%
Util
ities
(3.9
%)
Rea
l Est
ate
(8.2
%)
Mat
eria
ls (3
.9%
)
Info
Tec
hnol
ogy
(13.
6%)
Indu
stria
ls (1
6.2%
)
Hea
lth C
are
(16.
7%)
Fina
ncia
ls (1
8.1%
)
Ener
gy (3
.1%
)
Con
sum
er S
tapl
es (3
.0%
)
Con
sum
er D
isc
(11.
0%)
Com
m S
ervi
ces
(2.4
%)
Rus
sell
2000
Qua
rter
1-Ye
ar
Page
92
of 3
72
The
Mar
ket E
nviro
nmen
tTo
p 10
Inde
x W
eigh
ts &
Qua
rter
ly P
erfo
rman
ce fo
r the
Rus
sell
1000
& 2
000
As o
f Dec
embe
r 31,
201
9
Sou
rce:
Mor
ning
star
Dire
ct
Top
10 W
eigh
ted
Stoc
ksTo
p 10
Wei
ghte
d St
ocks
Rus
sell
1000
Wei
ght
1-Q
tr
Ret
urn
1-Ye
ar
Ret
urn
Sect
orR
usse
ll 20
00W
eigh
t1-
Qtr
R
etur
n1-
Year
R
etur
nSe
ctor
Appl
e In
c4.
40%
31.5
%89
.0%
Info
rmat
ion
Tech
nolo
gyN
ovoC
ure
Ltd
0.35
%12
.7%
151.
7%H
ealth
Car
eM
icro
soft
Cor
p4.
02%
13.8
%57
.6%
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rmat
ion
Tech
nolo
gyTh
e M
edic
ines
Co
0.30
%69
.9%
343.
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ealth
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Page
93
of 3
72
Sou
rce:
MS
CI G
loba
l Ind
ex M
onito
r (R
etur
ns a
re N
et)
Br
oad
inte
rnat
iona
lequ
ityre
turn
sw
ere
posi
tive
inbo
thlo
calc
urre
ncy
and
USD
term
sfo
rth
e4t
hqu
arte
ras
inve
stor
sbe
nefit
edfro
ma
broa
d“ri
sk-o
n”en
viro
nmen
t.U
Sin
vest
ors
also
bene
fited
asth
eU
SDw
eake
ned
rela
tive
tom
ost
maj
orde
velo
ped
and
emer
ging
mar
ket
curre
ncie
sdu
ring
the
perio
d.W
ithin
the
broa
derc
urre
ncy
mov
esth
atbo
oste
dU
SDre
turn
,the
Briti
shpo
und
and
the
Euro
appr
ecia
ted
rela
tive
toth
eU
SDdu
ring
the
quar
terw
hich
acte
das
ahe
adw
ind
toho
ldin
gsin
thos
esu
b-m
arke
ts.
How
ever
,th
em
acro
impa
ctof
the
USD
wea
knes
sfo
rth
epe
riod
was
posi
tive
for
US
inve
stor
sfo
rth
ebr
oad
mar
ket
inte
rnat
iona
lin
dexe
s.Th
eM
SCI
EAFE
and
ACW
Iex
US
Inde
xes
retu
rned
8.2%
and
7.9%
resp
ectiv
ely
for
the
quar
ter.
Sim
ilar
toU
Sm
arke
ts,
inte
rnat
iona
leq
uity
mar
kets
wer
ebu
oyed
bylo
ose
cent
ral
bank
mon
etar
ypo
licie
sw
hich
supp
lied
the
mar
kets
with
liqui
dity
.Chr
istin
eLa
gard
eas
sum
edth
epr
esid
ency
ofth
eEu
rope
anC
entra
lBa
nk(E
CB)
and
anno
unce
dth
atin
tere
stra
tes
wou
ldre
mai
nne
gativ
eat
-0.5
%w
hile
the
Bank
ofJa
pan’
ske
yra
teal
sore
mai
nsin
nega
tive
terri
tory
at-0
.1%
.Th
ePe
ople
’sBa
nkof
Chi
naan
noun
ced
durin
gth
equ
arte
rth
atit
wou
ldco
ntin
uew
ithits
prud
entm
onet
ary
polic
yw
ithth
ego
alof
prov
idin
gst
imul
usm
easu
res
asne
eded
.
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prev
ious
lyno
ted,
resu
ltsfo
rde
velo
ped
mar
ket
inde
xes
wer
est
rong
lypo
sitiv
efo
rth
e4t
hqu
arte
r.Eu
rope
anst
ocks
mov
edhi
gher
onex
pect
atio
nsof
atra
dere
solu
tion
betw
een
Chi
naan
dth
eU
S.In
the
UK,
Prim
eM
inst
erBo
risJo
hnso
nre
ceiv
eda
reso
undi
ngm
anda
tein
rece
ntel
ectio
nsre
sulti
ngin
ala
rge
maj
ority
inPa
rliam
ent.
The
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ltsm
ake
ithi
ghly
likel
yth
atth
eU
Kw
illle
ave
the
Euro
pean
Uni
on.T
hede
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sein
Brex
itun
certa
inty
led
the
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shpo
und
tora
llyag
ains
tmos
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orcu
rrenc
ies.
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ntra
st,t
heec
onom
yin
Hon
gKo
ngfe
llin
tore
cess
ion
asco
ntin
ued
polit
ical
prot
ests
and
the
Chi
nese
gove
rnm
ent’s
resp
onse
detra
cted
from
grow
th.
Whi
leno
tas
stro
ngas
US
equi
tym
arke
tre
turn
s,ea
chof
the
broa
d,de
velo
ped
mar
ket
benc
hmar
kspo
sted
retu
rns
inex
cess
of20
%fo
rthe
trailin
g1-
year
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d.
Fo
rthe
4th
quar
ter,
emer
ging
mar
kets
reve
rsed
the
rece
nttre
ndan
dm
anag
edto
outp
erfo
rmde
velo
ped
inte
rnat
iona
lmar
kets
.Th
eM
SCI
Emer
ging
Mar
kets
Inde
xre
turn
eda
stro
ngU
SDre
turn
of11
.8%
.As
prev
ious
lyno
ted,
the
pros
pect
ofre
duce
dtra
dete
nsio
nsbe
twee
nth
eU
San
dC
hina
stok
edre
turn
sin
emer
ging
mar
kets
.As
are
sult,
coun
tries
with
grea
ter
sens
itivi
ties
toco
mm
odity
pric
esan
dgl
obal
trade
activ
itype
rform
edw
elld
urin
gth
epe
riod.
Asev
iden
ce,R
ussi
aan
dBr
azil,
both
larg
een
ergy
expo
rters
,ret
urne
d16
.6%
and
15.6
%,
resp
ectiv
ely,
durin
gth
equ
arte
r.Fo
rth
efu
llye
ar,
emer
ging
mar
kets
deliv
ered
stro
ngre
turn
sin
both
loca
lcu
rrenc
yan
dU
SDte
rms.
The
MSC
IEm
ergi
ngM
arke
tsIn
dex
clim
bed
18.4
%in
loca
lcur
renc
yan
d18
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inU
SDte
rms.
The
narro
wpe
rform
ance
diffe
rent
ialb
etw
een
loca
lcur
renc
yan
dU
SDem
ergi
ngm
arke
tre
turn
sis
also
obse
rvab
leac
ross
each
ofth
ein
tern
atio
nal
benc
hmar
ksfo
rth
e1-
year
perio
das
the
year
’scu
rrenc
yvo
latil
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rgel
yba
lanc
edou
t.
The
Mar
ket E
nviro
nmen
tIn
tern
atio
nal a
nd R
egio
nal M
arke
t Ind
ex P
erfo
rman
ce (C
ount
ry C
ount
)As
Dec
embe
r 31,
201
9
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%
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%
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%
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%
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%12
.0%
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%
EM L
atin
Am
er (6
)
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sia
(9)
EM E
MEA
(11)
Emer
ging
Mkt
(26)
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fic (5
)
Euro
pe &
ME
(16)
EAFE
(21)
WO
RLD
x U
S (2
2)
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orld
x U
S (4
8)
Qua
rter
Per
form
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Loca
l Cur
renc
y
19.7
%
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%
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%
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%
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%
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%
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%
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%
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%
EM L
atin
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)
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sia
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(11)
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Mkt
(26)
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fic (5
)
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pe &
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(16)
EAFE
(21)
WO
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x U
S (2
2)
AC W
orld
x U
S (4
8)
1-Ye
ar P
erfo
rman
ceU
SDLo
cal C
urre
ncy
Page
94
of 3
72
The
Mar
ket E
nviro
nmen
tU
S D
olla
r Int
erna
tiona
l Ind
ex A
ttrib
utio
n &
Cou
ntry
Det
ail
As o
f Dec
embe
r 31,
201
9
Sou
rce:
Mor
ning
star
Dire
ct, M
SC
I Glo
bal I
ndex
Mon
itor (
Ret
urns
are
Net
in U
SD
)A
s a
resu
lt of
the
GIC
S c
lass
ifica
tion
chan
ges
on 9
/28/
2018
and
cer
tain
ass
ocia
ted
repo
rting
lim
itatio
ns, s
ecto
r per
form
ance
repr
esen
ts b
ackw
ard
look
ing
perfo
rman
ce fo
r the
prio
r yea
r of e
ach
sect
or’s
cur
rent
con
stitu
ency
, pos
t cre
atio
n of
the
Com
mun
icat
ion
Ser
vice
s se
ctor
.
MSC
I -EA
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ctor
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ght
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rter
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urn
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ar R
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nC
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l10
0.0%
8.9%
26.9
%
MSC
I -Em
ergi
ng M
ktSe
ctor
Wei
ght
Qua
rter
Ret
urn
1-Ye
ar R
etur
nC
omm
unic
atio
n Se
rvic
es11
.0%
9.8%
11.2
%C
onsu
mer
Dis
cret
iona
ry14
.2%
16.7
%35
.1%
Con
sum
er S
tapl
es6.
3%2.
6%10
.7%
Ener
gy7.
4%9.
8%19
.8%
Fina
ncia
ls24
.2%
9.8%
12.6
%H
ealth
Car
e2.
8%14
.7%
3.7%
Indu
stria
ls5.
3%7.
8%7.
1%In
form
atio
n Te
chno
logy
15.7
%18
.9%
41.6
%M
ater
ials
7.4%
12.3
%5.
9%R
eal E
stat
e3.
0%17
.6%
23.9
%U
tiliti
es2.
6%4.
3%7.
9%To
tal
100.
0%11
.8%
18.4
%
MSC
I-EAF
EM
SCI-A
CW
IxU
SQ
uart
er1-
Year
Cou
ntry
Wei
ght
Wei
ght
Ret
urn
Ret
urn
Japa
n24
.5%
16.1
%7.
6%19
.6%
Uni
ted
King
dom
16.5
%10
.8%
10.0
%21
.1%
Fran
ce11
.4%
7.5%
8.5%
25.7
%Sw
itzer
land
9.3%
6.1%
7.6%
32.3
%G
erm
any
8.7%
5.7%
9.9%
20.8
%Au
stra
lia6.
8%4.
5%4.
3%22
.9%
Net
herla
nds
4.0%
2.6%
7.4%
32.1
%H
ong
Kong
3.5%
2.3%
7.3%
10.3
%Sp
ain
2.8%
1.9%
6.0%
12.0
%Sw
eden
2.7%
1.8%
13.1
%21
.2%
Italy
2.3%
1.5%
8.1%
27.3
%D
enm
ark
1.8%
1.2%
13.1
%28
.2%
Sing
apor
e1.
3%0.
8%7.
4%15
.0%
Belg
ium
1.0%
0.7%
-1.1
%20
.3%
Finl
and
0.9%
0.6%
3.0%
9.5%
Nor
way
0.6%
0.4%
4.3%
10.4
%Ire
land
0.6%
0.4%
18.5
%37
.5%
Isra
el0.
6%0.
4%7.
2%9.
6%N
ew Z
eala
nd0.
3%0.
2%17
.4%
38.2
%Au
stria
0.2%
0.2%
8.0%
14.5
%Po
rtuga
l0.
2%0.
1%8.
7%23
.7%
Tota
l EAF
E C
ount
ries
100.
0%65
.8%
8.2%
22.0
%C
anad
a6.
7%4.
9%27
.5%
Tota
l Dev
elop
ed C
ount
ries
72.5
%7.
9%22
.5%
Chi
na9.
4%14
.7%
23.5
%Ko
rea
3.2%
13.4
%12
.5%
Taiw
an3.
2%17
.9%
36.4
%In
dia
2.4%
5.3%
7.6%
Braz
il2.
1%14
.2%
26.3
%So
uth
Afric
a1.
3%13
.1%
10.0
%R
ussi
a1.
1%16
.8%
50.9
%Sa
udi A
rabi
a0.
7%2.
7%7.
2%Th
aila
nd0.
7%-0
.9%
9.5%
Mex
ico
0.6%
6.2%
11.4
%In
done
sia
0.5%
7.0%
9.1%
Mal
aysi
a0.
5%3.
1%-2
.0%
Philip
pine
s0.
3%2.
9%10
.5%
Qat
ar0.
3%2.
2%-1
.0%
Pola
nd0.
2%4.
1%-5
.9%
Chi
le0.
2%-8
.8%
-16.
9%U
nite
d Ar
ab E
mira
tes
0.2%
-1.5
%4.
0%Tu
rkey
0.1%
-0.1
%11
.1%
Col
ombi
a0.
1%14
.4%
30.8
%Pe
ru0.
1%6.
0%4.
8%G
reec
e0.
1%12
.7%
43.2
%H
unga
ry0.
1%22
.2%
19.4
%Ar
gent
ina
0.0%
15.4
%-2
0.8%
Cze
ch R
epub
lic0.
0%8.
9%4.
2%Eg
ypt
0.0%
5.6%
41.8
%Pa
kist
an0.
0%26
.5%
9.7%
Tota
l Em
ergi
ng C
ount
ries
27.5
%11
.8%
18.4
%To
tal
ACW
IxU
S C
ount
ries
100.
0%8.
9%26
.9%
Page
95
of 3
72
Sou
rce:
Blo
ombe
rg
The
Mar
ket E
nviro
nmen
tD
omes
tic B
ond
Sect
or &
Bro
ad/G
loba
l Bon
d M
arke
t Per
form
ance
(Dur
atio
n)As
of D
ecem
ber 3
1, 2
019
Fi
xed
inco
me
mar
kets
exte
nded
thei
rga
ins
inth
e4t
hqu
arte
r,ex
cept
for
US
Trea
sury
bond
sw
hich
decl
ined
durin
gth
epe
riod.
Inte
rest
rate
sro
sem
odes
tlyac
ross
the
US
Trea
sury
Yiel
dC
urve
thro
ugh
the
quar
ter
asin
vest
ors’
conf
iden
cege
nera
llyim
prov
edw
hich
resu
lted
inbo
ndpr
ices
fallin
g.Th
eFe
dco
ntin
ued
topr
ovid
eliq
uidi
tyby
cutti
ngsh
ort-t
erm
inte
rest
rate
sby
25ba
sis
poin
tsto
betw
een
1.50
%an
d1.
75%
inO
ctob
er.T
heFe
dbe
gan
expa
ndin
gits
bala
nce
shee
tby
purc
hasi
ngse
curit
ies
topr
ovid
eth
em
arke
tw
ithliq
uidi
tyw
hich
isan
othe
rfo
rmof
mon
etar
yea
sing
.Th
eFe
dm
ade
noch
ange
sto
mon
etar
ypo
licy
atth
eir
Dec
embe
rm
eetin
gan
dsi
gnal
edth
atth
eyw
ould
rem
ain
onho
ldbu
tw
ould
cont
inue
tom
onito
rth
eec
onom
ycl
osel
yfo
ran
yfu
rther
dete
riora
tion.
Impo
rtant
ly,
the
US
Trea
sury
Yiel
dC
urve
norm
aliz
edbe
twee
nth
e2-
year
and
10-y
ear
issu
esw
hich
sugg
ests
that
the
thre
atof
anim
min
entr
eces
sion
has
been
redu
ced.
Anin
verte
dyi
eld
curv
eha
shi
stor
ical
lypr
eced
eda
rece
ssio
nw
ithin
the
next
6-24
mon
ths.
The
bellw
ethe
rBlo
ombe
rgBa
rcla
ysU
SAg
greg
ate
Inde
xad
ded
0.2%
durin
gth
e4t
hqu
arte
rw
hile
retu
rnin
g8.
7%fo
rthe
1-ye
arpe
riod
endi
ngin
Dec
embe
r.
W
ithin
inve
stm
ent
grad
ecr
edit,
low
erqu
ality
issu
esre
sum
edth
eir
outp
erfo
rman
ceov
erhi
gher
qual
ityis
sues
asin
vest
ors’
appe
tites
for
risk
incr
ease
ddu
ring
the
quar
ter.
Bond
sra
ted
Baa
wer
eth
ebe
stpe
rform
ing
inve
stm
entg
rade
cred
itqu
ality
segm
entr
etur
ning
1.7%
for
the
quar
ter,
whi
leAA
Aw
asth
ew
orst
perfo
rmin
g,re
turn
ing
-0.2
%.
Hig
hyi
eld
corp
orat
ebo
nds
outp
aced
allo
ther
cred
itse
ctor
sdu
ring
the
quar
terr
etur
ning
2.6%
.For
the
full
year
both
inve
stm
entg
rade
and
high
yiel
dbo
nds
deliv
ered
stro
ngpe
rform
ance
retu
rnin
g14
.5%
and
14.3
%re
spec
tivel
y.
Pe
rform
ance
acro
ssde
fens
ive
sect
ors
such
asU
STr
easu
rybo
nds,
mor
tgag
eba
cked
secu
ritie
san
dTI
PSw
ere
mix
eddu
ring
the
quar
term
ostly
due
toth
eir
dura
tion
prof
iles.
Ris
ing
inte
rest
rate
sdu
ring
the
quar
ter
acte
das
ahe
adw
ind
tope
rform
ance
.As
are
sult,
US
Trea
sury
bond
s,m
ortg
age
bond
san
dTI
PSre
turn
ed-0
.8%
,0.
7%an
d0.
8%re
spec
tivel
y.O
vera
ll,fe
ars
ofris
ing
infla
tion
rem
ain
rela
tivel
ylo
ww
hile
expe
ctat
ions
for
apo
sitiv
eec
onom
icen
viro
nmen
tre
mai
nst
rong
.As
are
sult,
for
the
full
1-ye
arpe
riod,
US
Trea
sury
,mor
tgag
esan
dTI
PSre
turn
ed6.
9%,
6.4%
and
8.4%
resp
ectiv
ely,
trailin
gal
lco
rpor
ate
cred
itse
ctor
ssi
gnifi
cant
lyov
erth
efu
llye
ar.
0.6%0.
7%
0.5%
0.2%
0.8%
1.2%
0.7%
-0.8
%
2.6%
1.7%
0.7%
0.0%
-0.2
%
-1.0
%0.
0%1.
0%2.
0%3.
0%
Mul
tiver
se (7
.0)
Glo
bal A
gg x
US
(8.2
)
Inte
rmed
iate
Agg
(3.7
)
Aggr
egat
e (5
.9)
U.S
. TIP
S (4
.7)
U.S
. Cor
pora
te IG
(7.9
)
U.S
. Mor
tgag
e (3
.2)
U.S
. Tre
asur
y (6
.5)
U.S
. Hig
h Yi
eld
(3.0
)
Baa
(8.0
)
A (7
.8)
AA (6
.8)
AAA
(5.1
)
Qua
rter
Per
form
ance
7.1%
5.1%
6.7%
8.7%
8.4%
14.5
%
6.4%6.
9%
14.3
%
16.4
%
13.0
%
9.5%
6.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0
%12
.0%
14.0
%16
.0%
18.0
%
Mul
tiver
se (7
.0)
Glo
bal A
gg x
US
(8.2
)
Inte
rmed
iate
Agg
(3.7
)
Aggr
egat
e (5
.9)
U.S
. TIP
S (4
.7)
U.S
. Cor
pora
te IG
(7.9
)
U.S
. Mor
tgag
e (3
.2)
U.S
. Tre
asur
y (6
.5)
U.S
. Hig
h Yi
eld
(3.0
)
Baa
(8.0
)
A (7
.8)
AA (6
.8)
AAA
(5.1
)
1-Ye
ar P
erfo
rman
ce
Page
96
of 3
72
Sou
rce:
US
Dep
artm
ent o
f Tre
asur
y, F
RE
D (F
eder
al R
eser
ve o
f St.
Loui
s)
The
Mar
ket E
nviro
nmen
tM
arke
t Rat
e &
Yie
ld C
urve
Com
paris
onAs
of D
ecem
ber 3
1, 2
019
G
loba
lfix
edin
com
ere
turn
sw
ere
posi
tive
durin
gth
e4t
hqu
arte
r.G
ener
ally
,gl
obal
cent
ral
bank
mon
etar
ypo
licy
rem
ains
supp
ortiv
eas
low
econ
omic
grow
thpe
rsis
tsin
muc
hof
the
wor
ldou
tsid
eof
the
US.
Asa
resu
lt,ne
gativ
ein
tere
stra
tes
pers
isti
nm
uch
ofEu
rope
and
Japa
n.H
owev
er,t
henu
mbe
rof
bond
sw
ithne
gativ
eyi
elds
decl
ined
inre
cent
mon
ths
asfu
ture
expe
ctat
ions
for
econ
omic
grow
thim
prov
ed.
Asm
entio
ned
prev
ious
ly,
we
saw
curre
ncy
vola
tility
incr
ease
durin
gth
equ
arte
rw
ithth
eU
SDm
ovin
glo
wer
agai
nstm
ost
maj
orde
velo
ped
and
emer
ging
mar
ket
curre
ncie
s.Th
ede
prec
iatio
nof
the
USD
acte
das
aca
taly
stfo
rU
Sin
vest
ors
com
pare
dto
loca
linv
esto
rs.G
loba
lbo
nds,
asre
pres
ente
dby
the
Bloo
mbe
rgBa
rcla
ysG
loba
lAgg
rega
teex
US
Inde
x,re
turn
edw
as0.
7%du
ring
the
quar
ter
whi
chou
tper
form
edU
Sbo
nds
repr
esen
ted
byth
eBl
oom
berg
Barc
lays
Aggr
egat
eIn
dex.
For
the
full
1-ye
arpe
riod,
glob
albo
nds
unde
rper
form
eddo
mes
ticbo
nds
5.1%
vers
us8.
7%re
spec
tivel
y.
M
uch
ofth
ein
dex
perfo
rman
cede
taile
din
the
bar
grap
hson
the
prev
ious
page
isvi
sibl
eon
atim
ese
ries
basi
sby
revi
ewin
gth
elin
egr
aphs
toth
erig
ht.
The
‘1-Y
earT
railin
gM
arke
tRat
es’c
hart
illust
rate
sth
atov
erth
ela
stye
ar,t
he10
-yea
rTr
easu
ryyi
eld
(gre
enlin
e)fe
llfro
mhi
ghs
near
2.8%
,to
yiel
dsbe
low
1.5%
befo
reen
ding
the
quar
ter
at1.
92%
.The
blue
line
illust
rate
sch
ange
sin
the
BAA
OAS
(Opt
ion
Adju
sted
Spre
ad).
This
mea
sure
quan
tifie
sth
ead
ditio
nal
yiel
dpr
emiu
mth
atin
vest
ors
requ
ireto
purc
hase
and
hold
non-
Trea
sury
issu
es.T
his
line
illust
rate
sth
eco
ntin
ued
decl
ine
from
near
ly2.
5%in
the
1stq
uarte
rof2
019
tole
ssth
an1.
6%in
4th
quar
tera
sin
vest
ors
soug
htou
thi
gher
yiel
ding
asse
tsan
dco
ncer
nsre
gard
ing
trade
and
the
pote
ntia
lfo
ra
rece
ssio
nin
the
US
decl
ined
.Sp
read
stig
hten
edby
abou
t24
basi
spo
ints
durin
gth
equ
arte
r.Sp
read
tight
enin
gis
equi
vale
ntto
anin
tere
stra
tede
crea
seon
corp
orat
ebo
nds,
whi
chpr
oduc
esan
addi
tiona
ltai
lwin
dfo
rco
rpor
ate
bond
inde
xre
turn
s.Th
egr
een
band
acro
ssth
egr
aph
illust
rate
sth
ede
crea
sein
the
Fede
ralF
unds
Rat
edu
eto
the
rece
ntea
sing
inU
Sm
onet
ary
polic
y.Th
eFe
dcu
tth
eFe
dFu
nds
Rat
eth
ree
times
durin
gth
eye
aron
fear
sth
atec
onom
icgr
owth
was
dece
lera
ting.
Th
elo
wer
grap
hpr
ovid
esa
snap
shot
ofth
eU
STr
easu
ryYi
eld
Cur
veat
the
end
ofea
chof
the
last
four
cale
ndar
quar
ters
.In
tere
stra
tes
wer
ebr
oadl
ylo
wer
over
the
full
year
asth
eFe
dcu
tint
eres
trat
esan
dex
pect
atio
nsof
futu
reec
onom
icgr
owth
decl
ined
.D
urin
gth
eye
ar,
the
US
Trea
sury
curv
ew
asin
verte
dbe
twee
n2-
year
and
10-y
ear
rate
s.Af
ter
mul
tiple
rate
cuts
,the
curv
efin
ishe
dth
eye
arw
itha
mor
eno
rmal
ized
shap
ew
ithth
elo
ngen
dof
the
curv
ehi
gher
than
the
shor
tend
.
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
1 m
o3
mo
6 m
o1
yr2
yr3
yr5
yr7
yr10
yr
20 y
r30
yr
Trea
sury
Yie
ld C
urve
3/31
/201
96/
30/2
019
9/30
/201
912
/31/
2019
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00 D
ec-1
8Ja
n-19
Feb-
19M
ar-1
9Ap
r-19
May
-19
Jun-
19Ju
l-19
Aug-
19Se
p-19
Oct
-19
Nov
-19
Dec
-19
1-Ye
ar T
raili
ng M
arke
t Rat
es
Fed
Fund
s R
ate
TED
Spr
ead
3-M
onth
Lib
orBA
A O
AS10
yr T
reas
ury
10yr
TIP
S
Page
97
of 3
72
TO
TA
L F
UN
D
Page
98
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
Tra
ilin
g O
ne
-Ye
ar
To
tal
Fu
nd
Re
turn
19
.5
Co
mp
ara
tiv
e P
erf
orm
an
ce
To
tal F
un
d N
et
of
Fe
es
As
of
De
ce
mb
er
31
, 2
01
9
Re
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e r
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Page
99
of 3
72
As
se
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Page
100
of 3
72
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Page
101
of 3
72
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Page
102
of 3
72
An
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Gro
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f fe
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etu
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Page
103
of 3
72
Fin
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Page
104
of 3
72
Fin
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To
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Page
105
of 3
72
Fin
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l R
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tio
n
To
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Page
106
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72
Fin
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71
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cia
l R
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on
cilia
tio
n
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tal A
lte
rna
tiv
es
Qu
art
er
To
Da
te E
nd
ing
De
ce
mb
er
31
, 2
01
9
Page
107
of 3
72
EXEC
UTI
VE S
UM
MAR
YAS
OF
DECE
MBE
R 31
, 201
9
COM
MEN
TARY
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arke
tva
lue
for
the
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lFun
din
crea
sed
to$1
7.8
billi
onby
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ter-
end
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llion
the
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ious
quar
ter.
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lFu
ndre
turn
ed5.
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for
the
quar
ter,
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rper
form
ing
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the
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ling
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,the
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folio
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rned
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%,w
hich
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led
the
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rthe
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e To
tal
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e re
turn
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rter
end
ed 9
/30/
2019
. Fo
r th
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nded
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19, t
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rned
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al
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r, un
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dex
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. Fo
r th
e ye
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nded
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19,
the
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turn
ed 4
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, und
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.
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e Pr
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e Eq
uity
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mpo
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gene
rate
d an
IR
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5.
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for
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ter
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019
and
18.8
% o
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. Si
nce
ince
ptio
n th
roug
h 9/
30/2
019,
the
cu
rren
t pr
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m e
arne
d an
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of 1
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and
a 1
.7x
mul
tiple
.
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urns
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laye
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tmen
tman
agem
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arke
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ell2
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he re
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allC
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tern
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tern
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s–
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inue
effo
rts
todi
vers
ifyan
dst
ream
line
Fund
stru
ctur
e–
2020
Real
Esta
teSe
arch
Page
108
of 3
72
Pla
n S
po
ns
or
TF
As
se
t A
llo
ca
tio
n v
s.
All
Pu
bli
c P
lan
s-T
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l F
un
d
-12-44
12
20
28
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52
60
68
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44
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1
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tio
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tl.
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co
me
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ve
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v.
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tate
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sh
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un
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th P
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Pla
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se
t A
llo
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tio
n
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tal F
un
d
As
of
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ce
mb
er
31
, 2
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9
Ca
lcu
latio
n b
ase
d o
n m
on
thly
pe
rio
dic
ity.
Ne
t o
f fe
e r
etu
rns.
Page
109
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
S
um
ma
ry a
s o
f D
ec
em
be
r 3
1,
20
19
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tal F
un
d C
om
po
site
0.0
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, 2
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9
Ne
t o
f fe
e r
etu
rns.
Page
110
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
C
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po
sit
e S
um
ma
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l Fu
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te N
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9.7
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9
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t o
f fe
e r
etu
rns.
Page
111
of 3
72
Co
mp
ara
tiv
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erf
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an
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Tra
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g R
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rns
10
YR
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95
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l Fu
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2
T
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stic
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3.5
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31
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93
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39
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99
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1.9
59
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52
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To
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nd
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mp
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13
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92
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R
uss
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21
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To
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gt
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91
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uss
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Hig
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/AN
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7
Co
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an
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- N
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To
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As
of
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mb
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01
9
Re
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s fo
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s g
rea
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ne
ye
ar
are
an
nu
aliz
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etu
rns
are
exp
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ed
as
pe
rce
nta
ge
s.
Ne
t o
f fe
e r
etu
rns.
Page
112
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
et
To
tal F
un
d
As
of
De
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mb
er
31
, 2
01
9
10
YR
5 Y
R3
YR
1 Y
RF
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TD
QT
R
To
tal In
tern
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0.0
92
1.3
87
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7
T
ota
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tern
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licy
5.6
86
.20
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.36
22
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49
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To
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tern
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ity
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6.1
41
1.0
82
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07
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8
T
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tern
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22
0.3
61
0.0
5
T
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l In
tern
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na
l Sm
all
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41
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39
.86
22
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11
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To
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3.1
11
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40
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T
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In
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5.3
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1
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.87
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6
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42
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9
Re
turn
s fo
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are
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ed
as
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rce
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ge
s.
Ne
t o
f fe
e r
etu
rns.
Page
113
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
et
To
tal F
un
d
As
of
De
ce
mb
er
31
, 2
01
9
10
YR
5 Y
R3
YR
1 Y
RF
YT
DY
TD
QT
R
To
tal A
lte
rna
tiv
es
Co
mp
os
ite
N/A
N/A
6.8
71
0.5
32
.12
10
.53
0.0
5
To
tal O
pp
ort
un
isti
c F
ixe
d I
nc
om
e C
om
po
sit
eN
/AN
/A7
.23
10
.14
3.1
81
0.1
41
.24
T
ota
l Op
po
rtu
nis
tic F
ixe
d I
nco
me
Po
licy
3.8
73
.29
4.3
09
.29
2.5
89
.29
0.4
5
To
tal R
ea
l E
sta
te C
om
po
sit
eN
/AN
/A5
.60
2.9
40
.44
2.9
4-0
.15
T
ota
l Re
al E
sta
te P
olic
y1
0.1
88
.25
6.7
06
.42
2.9
86
.42
1.5
5
To
tal C
ore
Re
al
Es
tate
Co
mp
os
ite
N/A
N/A
4.2
9-0
.31
-0.1
2-0
.31
-0.6
5
T
ota
l Co
re R
ea
l Est
ate
Po
licy
10
.39
7.9
86
.13
4.3
92
.36
4.3
91
.27
To
tal N
on
-Co
re R
ea
l E
sta
te C
om
po
sit
eN
/AN
/A8
.75
10
.64
1.4
61
0.6
40
.73
T
ota
l No
n-C
ore
Re
al E
sta
te P
olic
y1
5.0
01
1.5
18
.32
6.4
22
.98
6.4
21
.55
To
tal P
riv
ate
Eq
uit
y C
om
po
sit
eN
/AN
/A1
6.6
61
6.9
75
.44
16
.97
0.0
0
T
ota
l Pri
vate
Eq
uity
Po
licy
16
.60
13
.05
12
.94
30
.55
9.4
33
0.5
51
1.0
2
Re
turn
s fo
r p
eri
od
s g
rea
ter
tha
n o
ne
ye
ar
are
an
nu
aliz
ed
.R
etu
rns
are
exp
ress
ed
as
pe
rce
nta
ge
s.
Ne
t o
f fe
e r
etu
rns.
Page
114
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
Tra
ilin
g R
etu
rns
10
YR
5 Y
R3
YR
1 Y
RF
YT
DY
TD
QT
R
To
tal F
un
d C
om
po
sit
e N
T9
.50
(7)
7.0
7(5
0)
9.4
5(4
8)
19
.49
(36
)5
.69
(66
)1
9.4
9(3
6)
5.1
4(5
4)
T
ota
l Fu
nd
Po
licy
9.7
1(4
)7
.46
(31
)1
0.0
7(2
6)
21
.55
(9)
7.1
5(8
)2
1.5
5(9
)6
.67
(7)
O
TR
S A
ctu
ari
al A
ssu
mp
tion
(7
.5%
Cu
rre
nt)
7.7
7(6
8)
7.5
5(2
7)
7.5
0(8
7)
7.5
0(9
7)
3.6
8(9
5)
7.5
0(9
7)
1.8
2(9
6)
A
ll P
ub
lic P
lan
s-T
ota
l Fu
nd
Me
dia
n8
.26
7.0
59
.37
18
.52
6.0
51
8.5
25
.19
To
tal E
qu
ity
Co
mp
os
ite
11
.13
8.4
41
1.4
22
5.5
26
.97
25
.52
7.9
9
T
ota
l Eq
uity
Po
licy
10
.88
9.6
21
3.2
22
8.0
99
.44
28
.09
9.1
7
To
tal D
om
es
tic
Eq
uit
y A
cti
ve
Co
mp
os
ite
N/A
9.3
1(5
9)
11
.94
(52
)2
8.1
4(5
3)
6.9
4(7
1)
28
.14
(53
)7
.82
(59
)
T
ota
l Do
me
stic
Eq
uity
Po
licy
13
.39
(45
)1
1.3
7(3
3)
14
.57
(37
)3
1.0
2(3
5)
10
.37
(25
)3
1.0
2(3
5)
9.1
0(3
3)
I
M U
.S. E
qu
ity (
SA
+C
F)
Me
dia
n1
3.1
81
0.0
21
2.3
22
8.5
38
.55
28
.53
8.2
6
To
tal D
om
es
tic
Eq
uit
y A
cti
ve
Mid
Ca
p C
om
po
sit
e1
2.6
7(7
1)
8.2
0(7
4)
11
.86
(51
)2
8.0
8(6
4)
6.0
0(7
8)
28
.08
(64
)7
.80
(38
)
T
ota
l Do
me
stic
Mid
Ca
p E
qu
ity P
olic
y1
3.1
9(5
7)
9.3
3(5
7)
12
.06
(50
)3
0.5
4(4
6)
7.5
8(4
9)
30
.54
(46
)7
.06
(57
)
I
M U
.S. M
id C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.46
9.7
61
1.9
62
9.9
77
.52
29
.97
7.2
5
AJO
Mid
Ca
p E
qu
ity1
2.5
1(7
4)
6.7
8(8
8)
8.5
5(7
8)
22
.58
(92
)4
.31
(91
)2
2.5
8(9
2)
5.1
6(9
3)
R
uss
ell
Mid
cap
In
de
x1
3.1
9(5
7)
9.3
3(5
7)
12
.06
(50
)3
0.5
4(4
6)
7.5
8(4
9)
30
.54
(46
)7
.06
(57
)
I
M U
.S. M
id C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.46
9.7
61
1.9
62
9.9
77
.52
29
.97
7.2
5
Fro
ntie
r M
id C
ap
Gro
wth
13
.20
(57
)1
1.0
6(3
7)
16
.01
(32
)3
3.2
5(3
4)
7.1
9(5
7)
33
.25
(34
)8
.09
(33
)
R
uss
ell
Mid
cap
Gro
wth
In
de
x1
4.2
4(2
9)
11
.60
(27
)1
7.3
6(2
2)
35
.47
(25
)7
.45
(52
)3
5.4
7(2
5)
8.1
7(3
0)
I
M U
.S. M
id C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.46
9.7
61
1.9
62
9.9
77
.52
29
.97
7.2
5
Ho
tch
kis
& W
iley
Mid
Ca
p V
alu
e1
0.9
8(9
6)
1.5
7(1
00
)0
.22
(10
0)
13
.58
(10
0)
1.2
8(9
8)
13
.58
(10
0)
8.8
9(1
7)
R
uss
ell
Mid
cap
Va
lue
In
de
x1
2.4
1(7
6)
7.6
2(8
2)
8.1
0(8
3)
27
.06
(70
)7
.66
(46
)2
7.0
6(7
0)
6.3
6(7
5)
I
M U
.S. M
id C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.46
9.7
61
1.9
62
9.9
77
.52
29
.97
7.2
5
We
llin
gto
n M
id C
ap
Gro
wth
13
.37
(52
)1
2.7
3(1
9)
22
.81
(5)
40
.67
(9)
9.8
8(1
6)
40
.67
(9)
9.0
1(1
5)
R
uss
ell
Mid
cap
Gro
wth
In
de
x1
4.2
4(2
9)
11
.60
(27
)1
7.3
6(2
2)
35
.47
(25
)7
.45
(52
)3
5.4
7(2
5)
8.1
7(3
0)
I
M U
.S. M
id C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.46
9.7
61
1.9
62
9.9
77
.52
29
.97
7.2
5
To
tal D
om
es
tic
Eq
uit
y A
cti
ve
Sm
all
Ca
p C
om
po
sit
e1
1.9
5(7
6)
9.9
1(3
9)
10
.48
(39
)2
6.8
7(4
2)
6.2
5(6
1)
26
.87
(42
)7
.91
(64
)
T
ota
l Do
me
stic
Sm
all
Ca
p P
olic
y1
1.8
3(7
9)
8.2
3(6
2)
8.5
9(5
3)
25
.53
(54
)7
.30
(44
)2
5.5
3(5
4)
9.9
4(2
6)
I
M U
.S. S
ma
ll C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
12
.96
8.9
88
.79
25
.82
6.9
92
5.8
28
.52
Ge
ne
va U
S S
ma
ll C
ap
Gro
wth
N/A
14
.27
(15
)1
6.4
5(4
4)
28
.83
(48
)4
.73
(53
)2
8.8
3(4
8)
7.3
3(7
9)
R
uss
ell
20
00
Gro
wth
In
de
x1
3.0
1(8
0)
9.3
4(7
9)
12
.49
(71
)2
8.4
8(5
0)
6.7
5(2
9)
28
.48
(50
)1
1.3
9(2
7)
I
M U
.S. S
ma
ll C
ap
Gro
wth
Eq
uity
(S
A+
CF
) M
ed
ian
14
.43
11
.48
15
.80
28
.42
4.8
92
8.4
29
.36
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
et
To
tal F
un
d
As
of
De
ce
mb
er
31
, 2
01
9
Re
turn
s fo
r p
eri
od
s g
rea
ter
tha
n o
ne
ye
ar
are
an
nu
aliz
ed
.R
etu
rns
are
exp
ress
ed
as
pe
rce
nta
ge
s.
Ne
t o
f fe
e r
etu
rns.
Page
115
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
et
To
tal F
un
d
As
of
De
ce
mb
er
31
, 2
01
9
10
YR
5 Y
R3
YR
1 Y
RF
YT
DY
TD
QT
R
Fro
ntie
r S
ma
ll C
ap
Va
lue
N/A
7.9
0(4
2)
4.4
1(7
5)
25
.66
(44
)5
.99
(76
)2
5.6
6(4
4)
6.5
8(7
5)
R
uss
ell
20
00
Va
lue
In
de
x1
0.5
6(8
5)
6.9
9(6
1)
4.7
7(6
7)
22
.39
(74
)7
.87
(48
)2
2.3
9(7
4)
8.4
9(3
8)
I
M U
.S. S
ma
ll C
ap
Va
lue
Eq
uity
(S
A+
CF
) M
ed
ian
12
.08
7.6
65
.48
25
.07
7.5
92
5.0
77
.96
Ne
um
eie
r P
om
a S
ma
ll C
ap
Va
lue
N/A
11
.60
(6)
10
.83
(10
)2
3.6
4(6
4)
7.0
0(6
4)
23
.64
(64
)7
.94
(52
)
N
eu
me
ier
Po
ma
Po
licy
10
.64
(84
)7
.14
(57
)5
.02
(63
)2
5.5
3(4
5)
7.3
0(5
7)
25
.53
(45
)9
.94
(14
)
I
M U
.S. S
ma
ll C
ap
Va
lue
Eq
uity
(S
A+
CF
) M
ed
ian
12
.08
7.6
65
.48
25
.07
7.5
92
5.0
77
.96
Sh
ap
iro
En
ha
nce
d S
ma
ll C
ap
Va
lue
12
.28
(68
)7
.94
(67
)8
.39
(55
)2
5.3
0(5
6)
5.8
5(6
6)
25
.30
(56
)8
.20
(58
)
R
uss
ell
20
00
In
de
x1
1.8
3(7
9)
8.2
3(6
2)
8.5
9(5
3)
25
.53
(54
)7
.30
(44
)2
5.5
3(5
4)
9.9
4(2
6)
I
M U
.S. S
ma
ll C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
12
.96
8.9
88
.79
25
.82
6.9
92
5.8
28
.52
Wa
satc
h S
ma
ll C
ap
Co
re G
row
thN
/A1
4.1
4(1
6)
18
.64
(30
)3
5.8
3(2
5)
8.4
9(1
4)
35
.83
(25
)8
.73
(61
)
R
uss
ell
20
00
Gro
wth
In
de
x1
3.0
1(8
0)
9.3
4(7
9)
12
.49
(71
)2
8.4
8(5
0)
6.7
5(2
9)
28
.48
(50
)1
1.3
9(2
7)
I
M U
.S. S
ma
ll C
ap
Gro
wth
Eq
uity
(S
A+
CF
) M
ed
ian
14
.43
11
.48
15
.80
28
.42
4.8
92
8.4
29
.36
To
tal D
om
es
tic
Eq
uit
y I
nd
ex
ed
Co
mp
os
ite
N/A
N/A
13
.96
(41
)2
9.2
8(4
6)
9.4
9(3
7)
29
.28
(46
)6
.80
(76
)
R
uss
ell
30
00
In
de
x1
3.4
2(4
5)
11
.24
(36
)1
4.5
7(3
7)
31
.02
(35
)1
0.3
7(2
5)
31
.02
(35
)9
.10
(33
)
I
M U
.S. E
qu
ity (
SA
+C
F)
Me
dia
n1
3.1
81
0.0
21
2.3
22
8.5
38
.55
28
.53
8.2
6
To
tal D
om
es
tic
Eq
uit
y I
nd
ex
Ca
p W
gt
Co
mp
os
ite
N/A
11
.23
(48
)1
4.5
4(5
2)
31
.39
(40
)1
0.5
7(3
9)
31
.39
(40
)9
.02
(43
)
R
uss
ell
10
00
In
de
x1
3.5
4(4
4)
11
.48
(42
)1
5.0
5(4
4)
31
.43
(40
)1
0.5
9(3
8)
31
.43
(40
)9
.04
(42
)
I
M U
.S. L
arg
e C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.43
11
.10
14
.59
30
.22
10
.12
30
.22
8.7
3
No
rth
ern
Tru
st R
uss
ell
10
00
N/A
N/A
N/A
31
.39
(51
)1
0.5
7(5
4)
31
.39
(51
)9
.02
(59
)
R
uss
ell
10
00
In
de
x1
3.5
4(4
3)
11
.48
(48
)1
5.0
5(4
8)
31
.43
(45
)1
0.5
9(5
1)
31
.43
(45
)9
.04
(52
)
I
M U
.S. L
arg
e C
ap
In
de
x E
qu
ity (
SA
+C
F)
Me
dia
n1
3.5
11
1.4
71
5.0
33
1.4
11
0.5
93
1.4
19
.04
To
tal D
om
es
tic
Eq
uit
y I
nd
ex
ed
No
nC
ap
Co
mp
os
ite
N/A
10
.60
(57
)1
3.9
6(5
6)
27
.90
(68
)8
.78
(75
)2
7.9
0(6
8)
5.3
7(9
5)
S
ciB
eta
US
Hig
h F
act
orE
xpo
sure
In
de
xN
/AN
/AN
/A2
7.9
7(6
7)
8.8
2(7
5)
27
.97
(67
)5
.37
(95
)
I
M U
.S. L
arg
e C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.43
11
.10
14
.59
30
.22
10
.12
30
.22
8.7
3
Sci
Be
ta U
S H
FE
MB
MS
N/A
N/A
N/A
27
.90
(55
)8
.78
(48
)2
7.9
0(5
5)
5.3
7(9
0)
S
ciB
eta
US
Hig
h F
act
orE
xpo
sure
In
de
xN
/AN
/AN
/A2
7.9
7(5
5)
8.8
2(4
7)
27
.97
(55
)5
.37
(90
)
I
M U
.S. E
qu
ity (
SA
+C
F)
Me
dia
n1
3.1
81
0.0
21
2.3
22
8.5
38
.55
28
.53
8.2
6
Re
turn
s fo
r p
eri
od
s g
rea
ter
tha
n o
ne
ye
ar
are
an
nu
aliz
ed
.R
etu
rns
are
exp
ress
ed
as
pe
rce
nta
ge
s.
Ne
t o
f fe
e r
etu
rns.
Page
116
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
et
To
tal F
un
d
As
of
De
ce
mb
er
31
, 2
01
9
10
YR
5 Y
R3
YR
1 Y
RF
YT
DY
TD
QT
R
To
tal In
tern
ati
on
al
Eq
uit
y C
om
po
sit
e5
.92
(69
)6
.06
(60
)1
0.0
9(5
8)
21
.38
(60
)7
.29
(60
)2
1.3
8(6
0)
9.7
7(5
5)
T
ota
l In
tern
atio
na
l Eq
uity
Po
licy
5.6
8(7
3)
6.2
0(5
8)
10
.36
(53
)2
2.2
4(5
3)
7.5
0(5
7)
22
.24
(53
)9
.26
(62
)
I
M In
tern
atio
na
l Eq
uity
(S
A+
CF
) M
ed
ian
6.8
46
.60
10
.64
22
.54
7.8
42
2.5
49
.98
To
tal In
tern
ati
on
al
La
rge
Ca
p E
qu
ity
Co
mp
os
ite
N/A
6.1
4(5
8)
11
.08
(43
)2
2.0
0(6
2)
7.7
3(5
3)
22
.00
(62
)9
.58
(45
)
T
ota
l In
tern
atio
na
l La
rge
Ca
p E
qu
ity P
olic
y5
.68
(81
)6
.20
(57
)1
0.3
6(4
9)
22
.24
(60
)7
.50
(59
)2
2.2
4(6
0)
9.2
6(5
3)
I
M In
tern
atio
na
l La
rge
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n7
.00
6.5
11
0.2
32
3.8
77
.79
23
.87
9.3
2
Alli
an
z B
est
Sty
les
AC
In
tl E
qu
ityN
/AN
/A9
.21
(93
)1
8.0
3(9
7)
6.6
4(8
4)
18
.03
(97
)8
.70
(44
)
M
SC
I A
C W
orl
d e
x U
SA
5.4
5(1
00
)6
.01
(97
)1
0.4
0(8
3)
22
.13
(81
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.14
(80
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2.1
3(8
1)
8.9
9(3
6)
I
M G
lob
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arg
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ap
Co
re E
qu
ity (
SA
+C
F)
Me
dia
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0.3
78
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12
.68
26
.64
8.5
12
6.6
48
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Ca
use
wa
y In
tl O
pp
ort
un
itie
s6
.47
(69
)5
.11
(91
)9
.90
(55
)2
3.2
2(5
6)
9.4
7(2
6)
23
.22
(56
)1
1.9
0(1
7)
C
au
sew
ay
Intl
Po
licy
5.0
9(9
5)
5.2
9(8
6)
7.5
3(9
5)
16
.45
(98
)5
.41
(93
)1
6.4
5(9
8)
8.2
9(8
0)
I
M In
tern
atio
na
l Co
re E
qu
ity (
SA
+C
F)
Me
dia
n7
.06
6.7
51
0.1
62
3.9
77
.73
23
.97
9.3
7
We
llin
gto
n In
tern
atio
na
l Qu
alit
y G
row
thN
/AN
/A1
6.2
7(2
0)
28
.66
(46
)8
.29
(51
)2
8.6
6(4
6)
9.2
2(6
2)
W
elli
ng
ton
In
tl Q
ua
lity
Gro
wth
Po
licy
7.1
2(7
0)
7.8
9(4
7)
13
.30
(49
)2
7.8
4(5
8)
8.7
7(4
3)
27
.84
(58
)9
.63
(52
)
I
M In
tern
atio
na
l La
rge
Ca
p G
row
th E
qu
ity (
SA
+C
F)
Me
dia
n7
.74
7.7
51
3.2
02
8.2
98
.29
28
.29
9.9
0
To
tal In
tern
ati
on
al
Sm
all
Ca
p E
qu
ity
Co
mp
os
ite
N/A
6.0
0(8
9)
8.3
9(8
3)
20
.36
(82
)6
.42
(93
)2
0.3
6(8
2)
10
.05
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)
T
ota
l In
tern
atio
na
l Sm
all
Ca
p E
qu
ity P
olic
y7
.31
(98
)7
.44
(77
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0.0
7(6
2)
22
.93
(67
)9
.86
(50
)2
2.9
3(6
7)
11
.07
(67
)
I
M In
tern
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na
l Sm
all
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n9
.90
8.7
71
1.3
92
4.8
69
.83
24
.86
12
.11
SS
GA
Em
erg
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Ma
rke
ts S
ma
ll C
ap
N/A
N/A
8.0
5(8
6)
12
.12
(97
)4
.11
(99
)1
2.1
2(9
7)
9.3
7(9
4)
M
SC
I E
me
rgin
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ark
ets
Sm
all
Ca
p I
nd
ex
3.2
6(1
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.30
(10
0)
7.0
7(9
1)
11
.93
(97
)4
.77
(97
)1
1.9
3(9
7)
9.6
1(9
2)
I
M In
tern
atio
na
l Sm
all
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n9
.90
8.7
71
1.3
92
4.8
69
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24
.86
12
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Wa
satc
h In
tern
atio
na
l Sm
all
Ca
p G
row
thN
/A9
.81
(31
)1
4.3
3(2
4)
31
.59
(16
)8
.40
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1.5
9(1
6)
12
.35
(43
)
M
SC
I A
C W
orl
d e
x U
SA
Sm
all
Ca
p7
.31
(98
)7
.44
(77
)1
0.0
7(6
2)
22
.93
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)9
.86
(50
)2
2.9
3(6
7)
11
.07
(67
)
I
M In
tern
atio
na
l Sm
all
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n9
.90
8.7
71
1.3
92
4.8
69
.83
24
.86
12
.11
We
llin
gto
n In
tern
atio
na
l Sm
all
Ca
p E
qu
ityN
/A5
.07
(96
)7
.20
(90
)2
2.9
0(6
7)
9.6
1(5
6)
22
.90
(67
)1
1.6
3(5
6)
W
elli
ng
ton
In
tl S
ma
ll C
ap
Po
licy
9.1
2(6
8)
9.2
5(4
1)
11
.35
(52
)2
5.4
7(4
4)
11
.15
(32
)2
5.4
7(4
4)
11
.56
(57
)
I
M In
tern
atio
na
l Sm
all
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n9
.90
8.7
71
1.3
92
4.8
69
.83
24
.86
12
.11
Re
turn
s fo
r p
eri
od
s g
rea
ter
tha
n o
ne
ye
ar
are
an
nu
aliz
ed
.R
etu
rns
are
exp
ress
ed
as
pe
rce
nta
ge
s.
Ne
t o
f fe
e r
etu
rns.
Page
117
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
et
To
tal F
un
d
As
of
De
ce
mb
er
31
, 2
01
9
10
YR
5 Y
R3
YR
1 Y
RF
YT
DY
TD
QT
R
To
tal F
ixe
d I
nc
om
e C
om
po
sit
e5
.91
(3)
4.3
1(6
)5
.49
(3)
11
.84
(2)
3.1
1(6
)1
1.8
4(2
)0
.11
(69
)
T
ota
l Fix
ed
In
com
e P
olic
y3
.87
(84
)3
.29
(63
)4
.30
(58
)9
.29
(46
)2
.58
(45
)9
.29
(46
)0
.45
(16
)
I
M U
.S. B
roa
d M
ark
et
Co
re F
ixe
d I
nco
me
(S
A+
CF
) M
ed
ian
4.2
73
.46
4.4
09
.20
2.5
69
.20
0.2
2
To
tal F
ixe
d I
nc
om
e C
ore
Co
mp
os
ite
5.3
5(6
)3
.54
(41
)4
.95
(9)
11
.84
(2)
3.1
1(6
)1
1.8
4(2
)0
.11
(69
)
T
ota
l Fix
ed
In
com
e C
ore
Po
licy
3.8
7(8
4)
3.2
9(6
3)
4.3
0(5
8)
9.2
9(4
6)
2.5
8(4
5)
9.2
9(4
6)
0.4
5(1
6)
I
M U
.S. B
roa
d M
ark
et
Co
re F
ixe
d I
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me
(S
A+
CF
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ed
ian
4.2
73
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4.4
09
.20
2.5
69
.20
0.2
2
To
tal F
ixe
d I
nc
om
e C
ore
Plu
s C
om
po
sit
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.03
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3.4
2(5
4)
4.5
1(3
9)
10
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(6)
2.8
9(1
2)
10
.83
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1.2
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)
T
ota
l Fix
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In
com
e C
ore
Plu
s P
olic
y3
.87
(83
)3
.30
(63
)4
.31
(58
)1
0.5
5(8
)2
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(29
)1
0.5
5(8
)0
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(6)
I
M U
.S. B
roa
d M
ark
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Co
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d I
nco
me
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A+
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ed
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4.2
73
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09
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69
.20
0.2
2
Lo
om
is M
ulti
sect
or
Fu
ll D
iscr
etio
n5
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1(4
2)
4.5
0(4
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9.8
7(1
6)
2.6
4(3
8)
9.8
7(1
6)
1.4
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T
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l Fix
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In
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ore
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s P
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y3
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I
M U
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Lo
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In
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Ma
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12
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T
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In
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To
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Du
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Co
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7.3
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In
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3.4
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I
M U
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69
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Ho
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T
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In
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3.3
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6.8
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1.5
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6.8
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9(6
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I
M U
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ove
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+C
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Me
dia
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2.4
93
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5.8
31
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5.8
3-0
.05
Re
turn
s fo
r p
eri
od
s g
rea
ter
tha
n o
ne
ye
ar
are
an
nu
aliz
ed
.R
etu
rns
are
exp
ress
ed
as
pe
rce
nta
ge
s.
Ne
t o
f fe
e r
etu
rns.
Page
118
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
et
To
tal F
un
d
As
of
De
ce
mb
er
31
, 2
01
9
10
YR
5 Y
R3
YR
1 Y
RF
YT
DY
TD
QT
R
To
tal A
lte
rna
tiv
es
Co
mp
os
ite
N/A
N/A
6.8
71
0.5
32
.12
10
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0.0
5
To
tal O
pp
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un
isti
c F
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d I
nc
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po
sit
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10
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3.1
81
0.1
41
.24
T
ota
l Op
po
rtu
nis
tic F
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d I
nco
me
Po
licy
3.8
73
.29
4.3
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.29
2.5
89
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5
PIM
CO
Bra
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.18
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8.1
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6.7
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9
T
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po
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d I
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Po
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3.8
73
.29
4.3
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.29
2.5
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.29
0.4
5
PIM
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Bra
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IN
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5.8
41
2.4
13
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12
.41
3.9
1
T
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po
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tic F
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d I
nco
me
Po
licy
3.8
73
.29
4.3
09
.29
2.5
89
.29
0.4
5
PIM
CO
Bra
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IIN
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0.1
23
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10
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0.9
1
T
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po
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d I
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Po
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3.8
73
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4.3
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89
.29
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5
PIM
CO
Co
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rate
Op
po
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Fu
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II
N/A
N/A
9.5
91
0.3
21
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10
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0.0
0
T
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l Op
po
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nis
tic F
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d I
nco
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Po
licy
3.8
73
.29
4.3
09
.29
2.5
89
.29
0.4
5
To
tal R
ea
l E
sta
te C
om
po
sit
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/A5
.60
2.9
40
.44
2.9
4-0
.15
T
ota
l Re
al E
sta
te P
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0.1
88
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6.7
06
.42
2.9
86
.42
1.5
5
AE
W C
ore
Pro
pe
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Tru
stN
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6.4
85
.42
2.5
25
.42
0.9
6
N
CR
EIF
Fu
nd
In
de
x-O
DC
E (
VW
) (N
et)
10
.39
7.9
86
.13
4.3
92
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t o
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Page
119
of 3
72
Ris
k a
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of
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31
, 2
01
9
Page
120
of 3
72
Ac
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31
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01
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Du
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Page
121
of 3
72
To
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1 Q
ua
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r E
nd
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De
ce
mb
er
31
, 2
01
9
Be
nch
ma
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Page
122
of 3
72
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72
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Clo
se
d
84
.1%
4.7
%1
0.5
%
0.3
%
Page
129
of 3
72
To
tal F
un
d P
oli
cy
Allo
ca
tio
n M
an
da
teW
eig
ht
(%)
Oc
t-2
01
9
Ru
sse
ll 3
00
0 I
nd
ex
43
.50
MS
CI A
C W
orl
d e
x U
SA
IM
I In
de
x1
9.0
0
Blm
bg
. B
arc
. U
.S.
Un
ive
rsa
l In
de
x2
2.0
0
Ru
sse
ll 2
00
0 +
4%
6.5
0
NC
RE
IF P
rop
ert
y In
de
x9
.00
Ac
tua
ria
l A
ss
um
pti
on
All
oc
ati
on
Ma
nd
ate
We
igh
t (%
)
De
c-1
99
1
8.0
0%
An
nu
aliz
ed
Re
turn
s1
00
.00
Ju
l-2
01
5
7.5
0%
An
nu
aliz
ed
Re
turn
10
0.0
0
Be
nc
hm
ark
His
tory
Inv
es
tme
nt
Po
lic
y B
en
ch
ma
rks
As
of
De
ce
mb
er
31
, 2
01
9
Page
130
of 3
72
Fir
mS
trat
egy
Nam
eC
om
pQ
uar
ter
Ret
urn
*
Co
mp
S
trat
egy
Ran
ge
Min
Co
mp
S
trat
egy
Ran
ge
Max
AJO
AJO
Mid
Cap
5.20
%
OT
RS
only
acco
unt.
OT
RS
only
acco
unt.
Fro
nti
er C
apit
al
Man
agem
ent
Mid
Cap
Gro
wth
8.21
%7.
67%
8.86
%
Ho
tch
kis
and
Wile
y C
apit
al M
anag
emen
tM
id-C
ap V
alue
8.94
%8.
68%
9.28
%
Wel
ling
ton
Man
agem
ent
Co
mp
any
Mid
Cap
Gro
wth
9.08
%9.
06%
9.11
%
Fro
nti
er C
apit
al
Man
agem
ent
Sm
all C
ap V
alue
6.76
%6.
69%
6.82
%
Do
mes
tic
Eq
uit
y M
anag
er(S
mal
l Cap
)1.
U.S
. sto
cks
rose
sha
rply
dur
ing
the
quar
ter
as th
e U
.S. a
nd C
hina
dec
lare
d a
prel
imin
ary
trad
e de
al w
hile
the
Fed
eral
Res
erve
red
uced
its
fede
ral f
unds
rat
e ta
rget
by
25 b
asis
poi
nts,
the
third
such
red
uctio
n du
ring
2019
.2.
The
por
tfolio
's te
n be
st c
ontr
ibut
ing
stoc
ks a
dded
on
aver
age
appr
oxim
atel
y 40
bas
is p
oint
s to
abso
lute
per
form
ance
. The
hol
ding
s in
clud
ed s
tock
s ac
ross
five
sec
tors
.
3.T
he to
p co
ntrib
utor
was
Ban
corp
(T
BB
K),
a n
on-t
radi
tiona
l ban
k th
at g
ener
ates
sig
nific
ant f
ee
inco
me
on a
ccou
nts
tied
to d
ebit
and
prep
aid
card
s. T
he s
tock
add
ed a
ppro
xim
atel
y 50
bas
is p
oint
s
to p
erfo
rman
ce.
1.F
or th
e qu
arte
r, o
ur u
nder
perf
orm
ance
was
due
to s
tock
sel
ectio
n w
hile
sec
tor
allo
catio
n w
as a
mod
est c
ontr
ibut
or.
2.T
he p
ortfo
lio’s
ten
wor
st c
ontr
ibut
ing
stoc
ks tr
imm
ed a
ppro
xim
atel
y 30
bas
is p
oint
s ea
ch o
n av
erag
e fr
om p
erfo
rman
ce.
The
se s
tock
s w
ere
spre
ad o
ver
six
sect
ors.
3.T
he la
rges
t det
ract
or w
as J
ames
Riv
er G
roup
Hol
ding
(JR
VR
), a
pro
pert
y &
cas
ualty
insu
ranc
e
com
pany
, whi
ch d
etra
cted
50
basi
s po
ints
from
per
form
ance
. W
hile
the
stoc
k ap
prec
iate
d ov
er th
e
full
year
, it d
eclin
ed d
urin
g th
e fo
urth
qua
rter
afte
r ta
king
a $
50 m
illio
n ch
arge
rel
ated
to it
s bu
sine
ss
with
rid
e-ha
iling
com
pany
Ube
r an
d te
rmin
atin
g its
rel
atio
nshi
p w
ith th
at c
lient
.
Do
mes
tic
Eq
uit
y M
anag
er(M
id C
ap)
1. V
alue
2. M
anag
emen
t and
sen
timen
t
1. M
omen
tum
2. B
otto
m-u
p dr
iven
indu
stry
bet
s
1. S
ecur
ity s
elec
tion
in in
form
atio
n te
chno
logy
, hea
lth c
are,
and
fina
ncia
ls c
ontr
ibut
ed to
res
ults
.
2. T
he to
p 5
indi
vidu
al c
ontr
ibut
ors
wer
e C
erid
ian,
SS
&C
Tec
hnol
ogie
s, T
witt
er (
did
not h
old)
,
Cen
tene
, and
Doc
uSig
n.
3. N
ot h
oldi
ng th
e co
nsum
er s
tapl
es a
nd m
ater
ials
sec
tors
aid
ed r
elat
ive
perf
orm
ance
.
1.S
ecur
ity s
elec
tion
in c
onsu
mer
dis
cret
iona
ry a
nd in
dust
rials
det
ract
ed fr
om r
elat
ive
perf
orm
ance
.
2.T
he b
otto
m 5
indi
vidu
al d
etra
ctor
s w
ere
Exp
edia
, Hex
cel,
Bla
ckba
ud, B
right
Hor
izon
s, a
nd
Ara
mar
k.
3.T
he o
verw
eigh
t to
cons
umer
dis
cret
iona
ry a
nd u
nder
wei
ght t
o he
alth
car
e de
trac
ted
from
rel
ativ
e
resu
lts.
1.T
he o
verw
eigh
t pos
ition
and
sto
ck s
elec
tion
in e
nerg
y de
trac
ted
from
per
form
ance
.
2.T
he s
tock
sel
ectio
n in
indu
stria
ls a
nd te
chno
logy
det
ract
ed fr
om p
erfo
rman
ce.
3.T
he la
rges
t det
ract
ors
to r
elat
ive
perf
orm
ance
wer
e W
hitin
g P
etro
leum
, Mal
linck
rodt
,
Sup
erio
r E
nerg
y S
ervi
ces,
McD
erm
ott,
and
C&
J E
nerg
y S
ervi
ces.
1. T
he la
rges
t det
ract
or to
sto
ck s
elec
tion
occu
rred
in th
e he
alth
car
e se
ctor
.
2. O
n a
sect
or a
lloca
tion
basi
s, b
eing
ove
rwei
ght i
n m
ater
ials
& p
roce
ssin
g hi
nder
ed p
erfo
rman
ce
by 2
0bps
.
3. T
he tw
o la
rges
t det
ract
ors
in th
e qu
arte
r hu
rt p
erfo
rman
ce b
y 90
bps.
The
se s
tock
s w
ere
soci
al
med
ia c
ompa
ny T
witt
er In
c. a
nd a
lum
inum
can
pro
duce
r B
all C
orpo
ratio
n.
1. R
elat
ive
perf
orm
ance
was
driv
en b
y fa
vora
ble
stoc
k se
lect
ion
with
con
trib
utio
ns fr
om c
onsu
mer
disc
retio
nary
, tec
hnol
ogy,
fina
ncia
l ser
vice
s an
d en
ergy
.
2. U
nder
wei
ght p
ositi
ons
in c
onsu
mer
sta
ples
add
ed r
ough
ly 2
0bps
to o
ur p
erfo
rman
ce a
s th
e
sect
or u
nder
perf
orm
ed th
e be
nchm
ark
over
all.
3. P
ositi
ve s
tock
sel
ectio
n in
con
sum
er d
iscr
etio
nary
led
buy
gam
ing
com
pany
Eld
orad
o R
esor
ts
whi
ch r
ose
50%
dur
ing
the
quar
ter
as th
e co
mpa
ny o
utpa
ced
expe
ctat
ions
. A
dditi
onal
ly, h
ad
posi
tive
stoc
k se
lect
ion
in te
chno
logy
led
by s
emic
ondu
ctor
hol
ding
s.
1.T
he o
verw
eigh
t and
pos
itive
sto
ck s
elec
tion
in fi
nanc
ials
hel
ped
rela
tive
perf
orm
ance
.
2.T
he la
rges
t pos
itive
con
trib
utor
s in
the
Ene
rgy
sect
or w
ere
Oph
ir E
nerg
y, C
airn
Ene
rgy
and
Nex
Tie
r O
ilfie
ld S
olut
ions
.
3.T
he la
rges
t pos
itive
con
trib
utor
s al
so in
clud
ed B
ed B
ath
& B
eyon
d an
d C
itize
ns F
inan
cial
.
Exe
cuti
ve S
um
mar
y
To
tal F
un
dA
s o
f D
ecem
ber
31,
201
9
OT
RS
Man
ager
Su
mm
ary
Wh
at H
elp
edW
hat
Hu
rt
Page
131
of 3
72
Exe
cuti
ve S
um
mar
y
To
tal F
un
dA
s o
f D
ecem
ber
31,
201
9
Gen
eva
Cap
ital
M
anag
emen
tU
S S
mal
l Cap
Gro
wth
7.48
%7.
17%
7.58
%
Neu
mei
er P
om
aS
mal
l-Cap
Val
ue7.
21%
6.45
%8.
09%
Sh
apir
o C
apit
al
Man
agem
ent
Sm
all C
ap8.
35%
7.39
%8.
41%
Was
atch
Ad
viso
rsS
mal
l Cap
Cor
e
Gro
wth
8.79
%8.
59%
8.99
%
1.T
actil
e S
yste
ms
repo
rted
ear
ning
s ea
rlier
this
mon
th a
nd r
epor
ted
very
str
ong
resu
lts; r
even
ue
was
up
37%
and
the
com
pany
bea
t on
EB
ITD
A/E
PS
as
wel
l. M
anag
emen
t rai
sed
FY
gui
danc
e an
d
they
con
tinue
to g
row
in 3
0% r
ange
but
ther
e w
ere
ques
tions
on
and
impl
ied
Q4
dece
lera
tion
(don
’t
guid
e qu
arte
rly).
Man
agem
ent d
oesn
’t ex
pect
the
busi
ness
to d
ecel
erat
e an
d th
ey a
re p
repa
ring
for
mor
e he
ad a
nd n
eck
grow
th a
nd a
n A
ir W
ear
com
mer
cial
laun
ch n
ext y
ear.
2.F
air
Isaa
c C
orp
repo
rted
a v
ery
stro
ng q
uart
er a
nd b
eat a
cros
s th
e bo
ard;
the
appl
icat
ions
segm
ent g
rew
8%
and
boo
king
s w
ere
up 2
0%, S
core
s gr
ew 3
0% w
ith B
2B u
p 40
% (
a lo
t due
to
tact
ical
pric
ing)
and
B2C
7%
. The
202
0 gu
idan
ce w
as b
asic
ally
in li
ne w
ith c
onse
nsus
but
not
baki
ng in
any
sco
res
pric
e in
crea
ses
whi
ch s
houl
d pr
ovid
e up
side
as
man
agem
ent h
as a
lread
y
talk
ed a
bout
thei
r ab
ility
to c
ontin
ue r
aisi
ng p
ricin
g.
3.B
otto
mlin
e T
echn
olog
ies
repo
rted
a s
tron
g qu
arte
r w
ith r
even
ues
and
earn
ings
sur
pris
ing
to th
e up
side
. M
anag
emen
t pro
vide
d fo
rwar
d qu
arte
rly g
uida
nce
abov
e es
timat
es a
nd r
eite
rate
d F
Y
guid
ance
. Sub
s an
d tr
ansa
ctio
n gr
owth
was
abo
ve e
xpec
tatio
ns a
nd th
ey s
aw a
n ac
cele
ratio
n in
num
ber
of P
aym
ode-
X d
eals
.
1.V
ocer
a re
port
ed a
n in
-line
qua
rter
, Q4
guid
ance
was
take
n do
wn
and
early
indi
catio
ns fo
r 20
20
wer
e be
low
exp
ecta
tions
. Inv
esto
rs e
xpec
ted
reve
nue
grow
th to
acc
eler
ate
to m
id-t
eens
but
the
com
pany
gui
ded
for
flat g
row
th in
201
9 an
d M
SD
ove
r th
e ne
xt c
oupl
e of
qua
rter
s. T
he i
ssue
appe
ars
to b
e th
e el
onga
ting
sale
s cy
cle;
thes
e en
terp
rise
deal
s ar
e go
od fo
r th
e bu
sine
ss b
ut
mak
es th
e pr
oces
s lo
nger
. Mar
ket c
omm
enta
ry in
dica
ted
the
larg
est p
ipel
ine
ever
and
goo
d w
in
rate
s.
2.B
lack
baud
rep
orte
d a
quar
terly
rev
enue
and
ear
ning
s be
at a
nd th
ey r
eaffi
rmed
full
year
gui
danc
e.
Rec
urrin
g re
venu
e gr
ew 8
.6%
and
org
anic
rec
urrin
g gr
ew 5
.6%
whi
ch w
as a
slig
ht a
ccel
erat
ion
but
mar
gins
com
pres
sed
give
n in
vest
men
ts in
the
busi
ness
.
3.S
uper
nus
Pha
rmac
eutic
als
repo
rted
qua
rter
ly e
arni
ngs
whi
ch m
isse
d ex
pect
atio
ns b
ut th
e m
ore
sign
ifica
nt n
ews
was
the
failu
re o
f th
e ph
ase
III tr
ial o
f SP
N-8
10. T
he s
tudy
rev
eale
d pa
tient
s
rece
ivin
g S
PN
-810
did
now
sho
w a
sta
tistic
ally
sig
nific
ant i
mpr
ovem
ent v
ersu
s th
ose
rece
ivin
g th
e
plac
ebo.
The
com
pany
is a
lso
halti
ng e
nrol
lmen
t of t
he P
302
stud
and
P50
3 st
udie
s.
1.9
out o
f 10
stoc
ks o
f our
top
ten
hold
ings
wer
e up
dou
ble
digi
ts in
the
quar
ter.
2.S
uper
ior
stoc
k se
lect
ion
perf
orm
ance
in te
ch n
ames
.
3.H
AS
I whi
ch is
list
ed a
s a
RE
IT, c
onsi
dera
bly
outp
erfo
rmed
the
inde
x's
RE
IT s
ecto
r.
1.In
dust
rial s
tock
s un
derp
erfo
rmed
the
inde
x.
2.S
mal
ler
allo
catio
n an
d st
ock
sele
ctio
n in
hea
lth c
are.
3.C
ash
allo
catio
n cr
eate
d a
drag
vs.
the
inde
x.
1. F
or th
e fir
st ti
me
in r
ecen
t mem
ory
ener
gy e
xpos
ure
help
ed th
e po
rtfo
lio w
ith th
e se
ctor
rec
ordi
ng
a po
sitiv
e (t
houg
h be
low
mar
ket)
ret
urn
for
the
quar
ter.
Sto
ck s
elec
tion
adde
d va
lue
with
Tul
sa
base
d W
PX
Ene
rgy
prov
ing
the
top
cont
ribut
or to
the
port
folio
’s g
ains
in th
e qu
arte
r.
2. S
tock
sel
ectio
n w
ithin
the
info
rmat
ion
tech
nolo
gy g
roup
con
trib
uted
exc
ess
perf
orm
ance
led
by
long
term
hol
ding
Fire
Eye
and
opp
ortu
nist
ical
ly p
urch
ased
App
le a
s an
“en
hanc
ed”
inve
stm
ent.
3. A
n ov
er a
lloca
tion
to th
e m
ater
ials
sec
tor
also
ben
efitt
ed p
erfo
rman
ce w
ith h
eavi
ly w
eigh
ted
Gra
phic
Pac
king
bei
ng th
e fo
urth
larg
est c
ontr
ibut
or to
the
port
folio
. In
addi
tion
salt/
fert
ilize
r
com
pany
Com
pass
Min
eral
s pe
rfor
med
wel
l as
did
rece
nt a
dditi
on L
iven
t.
1. B
oth
unde
rexp
osur
e an
d st
ock
sele
ctio
n w
ithin
the
heal
thca
re s
ecto
r pe
naliz
ed p
erfo
rman
ce.
Hea
lthca
re s
econ
d be
st s
ecto
r re
turn
was
led
by th
e bi
otec
h su
bsec
tor
gain
of 3
0%. B
iote
chno
logy
com
pani
es in
the
smal
l cap
uni
vers
e ar
e un
ique
ly r
isky
bei
ng a
lmos
t exc
lusi
vely
in th
e cl
inic
al tr
ial
stag
e of
bus
ines
s de
velo
pmen
t, m
ost o
ften
with
out r
even
ues
whi
ch a
re a
min
imal
req
uire
men
t for
our
inve
stm
ent.
Avo
idin
g sm
all c
ap b
iote
chs
may
cau
se p
erio
ds o
f sho
rt te
rm u
nder
perf
orm
ance
in
spec
ulat
ive
mar
kets
suc
h as
the
four
th q
uart
er b
ut h
asn’
t det
ract
ed fr
om o
ur lo
ng te
rm r
esul
ts. T
he
one
com
pany
in o
ur p
ortfo
lio th
at is
cat
egor
ized
as
heal
thca
re is
Alls
crip
ts a
dig
ital h
ealth
care
prov
ider
we
belie
ve is
bet
ter
desc
ribed
as
a so
ftwar
e co
mpa
ny.
Alls
crip
ts d
id n
ot p
artic
ipat
e in
the
heal
thca
re/b
iote
ch r
ally
.
2. T
he p
ortfo
lio’s
sto
ck s
elec
tion
with
in th
e In
form
atio
n te
chno
logy
sec
tor
adde
d va
lue
how
ever
the
port
folio
was
und
erex
pose
d to
this
gro
up w
hich
out
perf
orm
ed th
e m
arke
t.
3. T
he s
tock
sel
ectio
n de
trac
ted
perf
orm
ance
in th
e co
nsum
er d
iscr
etio
nary
sec
tor
as tw
o pr
oduc
t
com
pani
es H
anes
bran
ds a
nd U
rban
Out
fitte
rs d
eclin
ed d
ue to
inve
stor
con
cern
rel
atin
g to
ret
ail
appa
rel.
Do
mes
tic
Eq
uit
y M
anag
er(S
mal
l Cap
)
1. In
form
atio
n te
chno
logy
was
a s
ourc
e of
str
engt
h. P
aylo
city
Hol
ding
Cor
p. (
PC
TY
), th
e st
rate
gy’s
third
-bes
t ove
rall
cont
ribut
or. P
aylo
city
’s s
tock
pric
e ro
se d
urin
g N
ovem
ber
afte
r qu
arte
rly e
arni
ngs
and
reve
nues
exc
eede
d W
all S
tree
t for
ecas
ts a
nd m
anag
emen
t rai
sed
its fu
ll-ye
ar g
uida
nce.
With
abou
t 20,
000
curr
ent c
lient
s an
d a
pote
ntia
l mar
ket o
f aro
und
600,
000
busi
ness
es, t
he c
ompa
ny s
till
has
sign
ifica
nt h
eadr
oom
for
grow
th in
our
vie
w.
2.T
he s
trat
egy’
s to
p co
ntrib
utor
was
hea
lth-c
are
hold
ing
Pen
nant
Gro
up, I
nc. (
PN
TG
). P
enna
nt is
the
seco
nd s
ucce
ssfu
l spi
n-of
f of E
nsig
n G
roup
, Inc
. (E
NS
G)
in th
e pa
st fi
ve y
ears
. (In
cide
ntal
ly,
Ens
ign
is a
noth
er o
f the
str
ateg
y’s
curr
ent h
oldi
ngs.
)
3.In
dust
rial h
oldi
ngs
addi
ng to
the
stra
tegy
’s r
etur
n. B
arne
s G
roup
, Inc
. (B
) pe
rfor
man
ce w
as a
case
of “
bette
r-th
an-f
eare
d” r
esul
ts in
the
com
pany
’s m
ost-
rece
nt e
arni
ngs
rele
ase.
Bar
nes
has
two
prim
ary
divi
sion
s: a
eros
pace
, whi
ch h
as b
een
a st
rong
and
con
sist
ent s
ourc
e of
rev
enue
for
the
com
pany
, and
indu
stria
ls, t
he p
erfo
rman
ce o
f whi
ch te
mpo
raril
y st
utte
red
due
to tr
ade
conf
licts
.
Goi
ng fo
rwar
d, a
ny fu
rthe
r im
prov
emen
ts r
egar
ding
trad
e sh
ould
ben
efit
Bar
nes.
1.H
ealth
-car
e ho
ldin
gs, w
hile
add
ing
to th
e st
rate
gy’s
four
th-q
uart
er r
etur
n, d
etra
cted
from
perf
orm
ance
rel
ativ
e to
the
Inde
x. T
his
was
prim
arily
due
to le
sser
focu
s on
bio
tech
nolo
gy a
nd
phar
mac
eutic
als,
whi
ch w
ere
the
best
-per
form
ing
indu
strie
s in
the
benc
hmar
k.
2.T
he la
rges
t ove
rall
detr
acto
r fr
om s
trat
egy
perf
orm
ance
for
the
four
th q
uart
er w
as P
roof
poin
t,
Inc.
(P
FP
T),
a c
yber
secu
rity
firm
. Prio
r to
the
corr
ectio
n in
the
stoc
k pr
ice,
had
a s
igni
fican
t gai
n in
Pro
ofpo
int a
nd tr
imm
ed p
ositi
on o
n va
luat
ion
conc
erns
. Mor
e re
cent
ly, h
owev
er, a
dded
to p
ositi
on
at lo
wer
pric
es—
as o
ur lo
ng-t
erm
out
look
s fo
r P
roof
poin
t tre
nd r
emai
n po
sitiv
e.
3.T
he 2
nd la
rges
t det
ract
or w
as R
BC
Bea
rings
. Whi
le R
BC
’s in
dust
rial b
earin
gs b
usin
ess
has
post
ed s
atis
fact
ory,
the
aero
spac
e bu
sine
ss h
as p
rope
lled
the
com
pan'
s va
luat
ion
forw
ard.
RB
C’s
stoc
k de
clin
ed in
late
201
8. T
he s
tock
’s r
esur
genc
e in
the
first
hal
f of 2
019
show
ed h
ow q
uick
ly
mar
ket s
entim
ent c
an c
hang
e. F
or th
e fo
urth
qua
rter
, how
ever
, the
sto
ck w
as d
own
agai
n bu
t onl
y
by a
sm
all a
mou
nt. B
elie
ve th
e ch
alle
nges
rel
ated
to th
e M
AX
are
tem
pora
ry a
nd th
e br
oade
r
fund
amen
tals
of t
he a
eros
pace
indu
stry
—an
d R
BC
’s lo
ng-t
erm
com
petit
ive
posi
tion
with
in th
e
indu
stry
—ar
e st
rong
.
Page
132
of 3
72
Exe
cuti
ve S
um
mar
y
To
tal F
un
dA
s o
f D
ecem
ber
31,
201
9
Alli
anz
Bes
t Sty
les
Inte
rnat
iona
l
Equ
ity M
SC
I
AC
WI e
x-U
S (
Net
)
8.75
%
OT
RS
only
acco
unt.
OT
RS
only
acco
unt.
Cau
sew
ay C
apit
al
Man
agem
ent
Inte
rnat
iona
l
Opp
ortu
nitie
s12
.00%
11.3
2%12
.16%
Wel
ling
ton
Man
agem
ent
Co
mp
any
Inte
rnat
iona
l
Qua
lity
Gro
wth
9.26
%3.
88%
9.45
%
Was
atch
Ad
viso
rsIn
tern
atio
nal
Gro
wth
12.7
4%11
.95%
13.0
6%
Wel
ling
ton
Man
agem
ent
Co
mp
any
Inte
rnat
iona
l
Sm
all C
ap E
quity
11.7
9%11
.62%
11.8
3%
1.H
ong
Kon
g w
as th
e la
rges
t det
ract
or fr
om s
trat
egyd
ue p
rimar
ily to
Vita
soy
Inte
rnat
iona
l Hol
ding
s
Ltd.
, the
larg
est o
vera
ll de
trac
tor
durin
g th
e pe
riod.
A m
ultin
atio
nal b
ased
in H
ong
Kon
g, th
e
com
pany
offe
rs s
oy m
ilk, t
ofu,
ric
e m
ilk, t
ea, j
uice
s an
d re
late
d fo
od-a
nd-b
ever
age
prod
ucts
in C
hina
an
d ot
her
coun
trie
s. In
vest
ors
reac
ted
nega
tivel
y to
Vita
soy’
s pl
ans
to in
vest
mor
e he
avily
in it
s so
y-
milk
bus
ines
s to
sta
ve o
ff co
mpe
titiv
e pr
essu
res
and
pave
the
way
for
futu
re g
row
th. B
elie
ve
com
pany
’s s
trat
egy
mak
es s
ense
, how
ever
—es
peci
ally
in v
iew
of t
he la
rge
unta
pped
pot
entia
l for
pack
aged
soy
milk
and
Vita
soy’
s st
rong
bra
nd p
rese
nce
in th
e m
arke
ts it
ser
ves.
2.R
ayS
earc
h La
bora
torie
s A
B w
as th
e se
cond
-larg
est d
etra
ctor
. The
com
pany
dev
elop
s in
nova
tive
softw
are
solu
tions
for
canc
er tr
eatm
ent p
lann
ing
syst
ems,
incl
udin
g ne
w s
olut
ions
that
inco
rpor
ate
mac
hine
lear
ning
. The
com
pany
’s o
rder
s te
nd to
be
larg
e an
d un
even
from
qua
rter
to q
uart
er. T
he
third
qua
rter
of 2
019
saw
a d
ecre
ase
in s
oftw
are
licen
sing
sal
es. C
ontin
ue to
like
com
pany
fund
amen
tals
, and
they
hav
e se
en a
pro
mis
ing
incr
ease
in to
tal o
rder
inta
ke.
3.D
urin
g th
e qu
arte
r, s
old
posi
tion
in A
fterp
ay L
td, w
as th
e st
rate
gy’s
third
-larg
est d
etra
ctor
.
Inte
rnat
ion
al E
qu
ity
Man
ager
(Lar
ge
Cap
)1.
Val
ue fi
nish
ed th
e ye
ar o
n a
stro
ng n
ote,
alth
ough
out
perf
orm
ance
was
not
as
bene
ficia
l as
in th
e U
.S.
In a
dditi
on, V
alue
per
form
ance
in J
apan
and
em
ergi
ng m
arke
ts w
as r
ough
y fla
t.
2.S
mal
ler
cap
stoc
ks a
nd o
ff be
nchm
ark
nam
es o
utpe
rfor
med
the
broa
der
mar
ket.
3.S
tock
sel
ectio
n in
Fin
anci
als
wer
e th
e be
st r
elat
ive
perf
orm
ers,
but
ove
rall
attr
ibut
ion
from
a
sect
or/in
dust
ry a
nd c
ount
ry p
ersp
ectiv
e w
as b
enig
n.
1.S
ecur
ity s
elec
tion
in fi
nanc
ials
, com
mun
icat
ion
serv
ices
, and
mat
eria
ls a
ided
rel
ativ
e
perf
orm
ance
.
2.T
he to
p 5
indi
vidu
al c
ontr
ibut
ors
wer
e V
olut
ion
Gro
up, N
RW
, Con
sort
, oO
h!m
edia
, and
Hill
&
Sm
ith.
3.S
tock
sel
ectio
n in
Dev
elop
ed A
sia
Pac
ific
ex J
apan
and
Em
ergi
ng M
arke
ts c
ontr
ibut
ed to
rela
tive
resu
lts.
1.S
tock
sel
ectio
n, b
oth
on a
cou
ntry
and
sec
tor
basi
s, c
ontr
ibut
ed to
the
stra
tegy
’s o
utpe
rfor
man
ce.
Top
-con
trib
utin
g co
untr
ies
incl
uded
the
Uni
ted
Kin
gdom
, Jap
an, G
erm
any
and
Tai
wan
. The
bes
t
cont
ribut
ors
to p
erfo
rman
ce r
elat
ive
to th
e be
nchm
ark
on a
sec
tor
basi
s w
ere
info
rmat
ion
tech
nolo
gy
and
indu
stria
ls.
2.S
ilerg
y C
orp.
was
the
stro
nges
t con
trib
utor
.Sile
rgy’
s st
ock
pric
e ha
d la
ngui
shed
dur
ing
the
latte
r
half
of 2
018
and
early
201
9 as
slu
ggis
h de
man
d ca
used
a b
uild
up o
f inv
ento
ry in
sem
icon
duct
or
supp
ly c
hann
els.
An
uptic
k in
sal
es d
urin
g M
ay s
park
ed a
turn
arou
nd in
the
stoc
k th
at a
ccel
erat
ed
durin
g th
e fo
urth
qua
rter
. In
Dec
embe
r, S
ilerg
y an
noun
ced
that
con
solid
ated
rev
enue
s fo
r N
ovem
ber
had
risen
38.
0% in
loca
l cur
renc
y an
d 39
.7%
in U
.S. d
olla
rs v
ersu
s N
ovem
ber
2018
. Sile
rgy
was
also
the
top-
cont
ribut
ing
com
pany
in th
e in
form
atio
n-te
chno
logy
sec
tor.
3.T
he s
trat
egy’
s se
cond
-larg
est i
ndiv
idua
l con
trib
utor
Hyp
opor
t AG
. Hyp
opor
t ope
rate
s a
larg
e
elec
tron
ic m
arke
tpla
ce, E
urop
ace,
a b
usin
ess-
to-b
usin
ess
plat
form
for
finan
cial
pro
duct
s. H
ypop
ort
has
been
inve
stin
g to
rep
licat
e its
pla
tform
in o
ther
are
as in
clud
ing
real
est
ate
and
insu
ranc
e. F
or th
e
year
end
ed D
ecem
ber
31, 2
019,
Hyp
opor
t’s s
hare
pric
e m
ore
than
dou
bled
.
1.S
ecur
ity s
elec
tion
with
in c
onsu
mer
dis
cret
iona
ry, c
onsu
mer
sta
ples
, and
indu
stria
ls d
etra
cted
fr
om r
elat
ive
retu
rns.
2.T
he b
otto
m 5
indi
vidu
al d
etra
ctor
s w
ere
ST
RA
TE
C, K
yund
enko
, Mai
sons
du
Mon
de, P
igeo
n, a
nd
Hic
kma
Pha
rmac
eutic
als.
3.S
tock
sel
ectio
n in
Dev
elop
ed E
urop
e &
Mid
dle
Eas
t ex
UK
det
ract
ed fr
om r
elat
ive
retu
rns.
Inte
rnat
ion
al E
qu
ity
Man
ager
(Sm
all C
ap)
1.T
rend
follo
win
g st
yles
of M
omen
tum
and
Rev
ison
s un
derp
erfo
rmed
dur
ing
the
quar
ter,
esp
ecia
lly
in J
apan
.
2.T
he Q
ualit
y st
yle
unde
rper
form
ed d
urin
g th
e qu
arte
r, w
hich
is n
ot s
urpr
isin
g gi
ven
it w
as m
ore
of
a "r
isk
on"
mar
ket e
nviro
nmen
t.
3.C
olle
ctiv
ely,
our
20
bigg
est o
verw
eigh
ts a
nd u
nder
wei
ghts
con
trib
uted
abo
ut -
40 b
ps o
f
unde
rper
form
ance
, alth
ough
with
the
exce
ptio
n of
an
unde
rwei
ght t
o T
awia
n S
emic
ondu
ctor
, no
indi
vidu
al h
oldi
ngs
cont
ribut
ed m
ore
than
6 b
ps in
rel
ativ
e un
derp
erfo
rman
ce.
1.S
ecur
ity s
elec
tion
with
in in
dust
rials
and
com
mun
icat
ion
serv
ices
con
trib
uted
to r
elat
ive
perf
orm
ance
.
2.T
he to
p 5
indi
vidu
al c
ontr
ibut
ors
wer
e T
AL
Edu
catio
n, T
aiw
an S
emic
ondu
ctor
, Alib
aba,
ICIC
I Ban
k, a
nd M
edia
Tek
.
3.S
tock
sel
ectio
n in
Em
ergi
ng M
arke
ts a
nd J
apan
con
trib
uted
to r
elat
ive
retu
rns.
1.S
ecur
ity s
elec
tion
with
in h
ealth
car
e, in
form
atio
n te
chno
logy
, and
indu
stria
ls d
etra
cted
from
rel
ativ
e re
turn
s.
2.T
he b
otto
m 5
indi
vidu
al d
etra
ctor
s w
ere
Uni
leve
r, P
agse
guro
Dig
ital,
Qia
gen,
Saf
ran,
and
Dol
lara
ma.
3.S
tock
sel
ectio
n in
Dev
elop
ed E
urop
e &
Mid
dle
Eas
t ex
UK
det
ract
ed fr
om r
elat
ive
retu
rns.
1.H
oldi
ngs
in G
erm
any,
the
Uni
ted
Kin
gdom
, Ita
ly, S
witz
erla
nd, a
nd Ir
elan
d
2.H
oldi
ngs
in b
anks
, foo
d be
vera
ge &
toba
cco,
util
ities
, aut
omob
iles
& c
ompo
nent
s, a
nd in
sura
nce
indu
stry
gro
ups
3.T
op c
ontr
ibut
ors:
ban
king
& fi
nanc
ial s
ervi
ces
com
pany
, Uni
Cre
dit S
.p.A
. (Ita
ly),
ban
king
&
finan
cial
ser
vice
s co
mpa
ny, B
arcl
ays
Plc
(U
nite
d K
ingd
om),
aut
omob
ile m
anuf
actu
rer,
Vol
ksw
agen
A
G (
Ger
man
y), l
ife in
sure
r, P
rude
ntia
l Plc
(U
nite
d K
ingd
om),
and
Tak
eda
Pha
rmac
eutic
al C
o., L
td.
(Jap
an)
1. H
oldi
ngs
in C
anad
a an
d S
outh
Kor
ea, a
long
with
an
unde
rwei
ght p
ositi
ons
in S
wed
en, D
enm
ark,
and
Sou
th A
fric
a
2. H
oldi
ngs
in c
onsu
mer
dur
able
s &
app
arel
, ene
rgy,
cap
ital g
oods
, and
food
& s
tapl
es r
etai
ling
indu
stry
gro
ups,
alo
ng w
ith a
n un
derw
eigh
t pos
ition
in th
e di
vers
ified
fina
ncia
ls in
dust
ry g
roup
3. T
op d
etra
ctor
s: a
ppar
el m
anuf
actu
rer,
Gild
an A
ctiv
ewea
r (C
anad
a), j
et e
ngin
e m
anuf
actu
rer,
Rol
ls-R
oyce
Hol
ding
s P
lc (
Uni
ted
Kin
gdom
), m
ajor
pas
seng
er r
ailw
ay o
pera
tor,
Eas
t Jap
an R
ailw
ay
Co.
(Ja
pan)
, pro
pert
y &
cas
ualty
insu
rer,
Som
po H
oldi
ngs,
Inc.
(Ja
pan)
, and
mul
tinat
iona
l foo
d
proc
essi
ng c
ompa
ny, J
BS
SA
(B
razi
l)
Page
133
of 3
72
Exe
cuti
ve S
um
mar
y
To
tal F
un
dA
s o
f D
ecem
ber
31,
201
9
Lo
om
is, S
ayle
s &
C
om
pan
yC
ore
Plu
s F
ixed
Inco
me
1.44
%0.
74%
1.96
%
Lo
rd A
bb
ett
Cor
e P
lus
0.66
%0.
66%
0.67
%
Mac
kay
Sh
ield
sC
ore
Plu
s
Ext
ende
d
Dis
cret
ion
1.30
%
OT
RS
only
acco
unt.
OT
RS
only
acco
unt.
Ho
isin
gto
n In
vest
men
t M
anag
emen
tM
acro
econ
omic
Fix
ed In
com
e-5
.31%
-5.2
0%-5
.49%
* M
anag
er p
rovi
ded
data
1.T
he la
rges
t con
trib
utor
to r
elat
ive
perf
orm
ance
ove
r th
e qu
arte
r w
as s
ecur
ity s
elec
tion
with
in
mor
tgag
e-ba
cked
sec
uriti
es (
MB
S).
Spe
cific
ally
, a d
own-
in-c
oupo
n bi
as le
d to
out
perf
orm
ance
as
low
er c
oupo
n M
BS
out
perf
orm
ed h
ighe
r co
upon
MB
S fr
om b
oth
a ca
rry
and
spre
ad p
ersp
ectiv
e.
2.A
lso
cont
ribut
ing
to th
e po
rtfo
lio o
ver
the
quar
ter
was
an
unde
rwei
ght t
o U
.S. T
reas
ury
bond
s.
The
ass
et c
lass
und
erpe
rfor
med
ove
r th
e qu
arte
r as
the
yiel
d cu
rve
stee
pene
d, w
ith r
ates
ris
ing
on
the
long
-end
of t
he c
urve
.
1.T
he la
rges
t det
ract
or fr
om r
elat
ive
perf
orm
ance
ove
r th
e qu
arte
r ca
me
from
an
over
wei
ght
allo
catio
n to
ass
et –
back
ed s
ecur
ities
(A
BS
). T
he a
sset
cla
ss u
nder
perf
orm
ed th
e be
nchm
ark
durin
g th
e pe
riod,
as
corp
orat
e de
bt o
utpe
rfor
med
con
sum
er-b
acke
d A
BS
.
2.A
n re
lativ
e un
derw
eigh
t to
high
yie
ld c
orpo
rate
deb
t als
o de
trac
ted
durin
g th
e qu
arte
r. H
igh
yiel
d co
rpor
ate
cred
it ex
perie
nced
spr
ead
tight
enin
g am
id c
ontin
ued
posi
tive
econ
omic
gro
wth
.
1.In
vest
men
t gra
de c
orpo
rate
s co
ntrib
uted
pos
itive
ly to
per
form
ance
dur
ing
the
quar
ter,
led
by
bank
ing,
tele
com
mun
icat
ions
and
sel
ect c
onsu
mer
cyc
lical
s.
2.T
he p
ortfo
lio's
ove
rwei
ght t
o hi
gh y
ield
deb
t als
o co
ntrib
uted
. P
ositi
onin
g in
bas
ic in
dust
ry,
cons
umer
cyc
lical
s an
d ca
pita
l goo
ds o
utpe
rfor
med
. W
e al
so m
aint
aine
d an
up-
in-q
ualit
y, s
hort
er
spre
ad d
urat
ion
post
ure.
3.S
elec
t opp
ortu
nitie
s in
em
ergi
ng m
arke
t deb
t, in
clud
ing
sove
reig
ns a
nd h
ard-
curr
ency
(U
SD
)
corp
orat
es b
enef
itted
per
form
ance
dur
ing
the
quar
ter.
In
part
icul
ar, s
tate
cha
mpi
on n
ames
suc
h
as P
emex
and
Gaz
prom
wer
e am
ong
the
top
perf
orm
ers
in th
e po
rtfo
lio.
1.T
he p
ortfo
lio's
yie
ld c
urve
pos
ture
det
ract
ed s
light
ly a
s th
e cu
rve
stee
pene
d.
2.T
he u
nder
wei
ght t
o U
S T
reas
urie
s cr
eate
d a
slig
ht y
ield
dra
g re
lativ
e to
the
benc
hmar
k.
3.Is
sue
sele
ctio
n fr
om s
elec
t hig
her
qual
ity C
MO
s m
odes
tly u
nder
perf
orm
ed d
urin
g th
e qu
arte
r
as r
ate
vola
tility
pic
ked-
up.
1.T
he u
nder
wei
ght t
o hi
gh y
ield
cre
dit w
eake
ned
outp
erfo
rman
ce.
2.Li
quid
inve
stm
ents
hin
dere
d re
lativ
e pe
rfor
man
ce a
s hi
gher
-yie
ldin
g as
sets
out
pace
d th
e sp
ace.
3.S
ecur
itize
d ho
ldin
gs, s
peci
fical
ly R
MB
S, w
eigh
ed o
n ex
cess
ret
urns
.
Fix
ed In
com
e (C
ore
)
1.The
long
er d
urat
ion
secu
ritie
s re
turn
ed a
neg
atvi
e nu
mbe
r fo
r th
is q
uart
er o
f 201
9, b
ut a
posi
tive
retu
rn o
vera
ll fo
r th
e ye
ar. *
*Com
posi
te Q
uart
er R
etur
n is
GR
OS
S o
f fee
s.
2.The
sig
nific
ant d
epth
of t
he tr
easu
ry m
arke
t allo
ws
for
all a
ccou
nts
to h
old
the
sam
e se
curit
ies
help
ing
to r
educ
e re
turn
var
ianc
e.
1.A
sig
nific
ant o
verw
eigh
t allo
catio
n to
inve
stm
ent g
rade
cre
dit w
as th
e pr
imar
y so
urce
of e
xces
s
retu
rns
for
the
quar
ter.
2.A
not
able
und
erw
eigh
t allo
catio
n in
US
Tre
asur
ys a
lso
gene
rate
d st
rong
rel
ativ
e pe
rfor
man
ce.
3.S
ecur
ity s
elec
tion
in e
mer
ging
mar
ket c
redi
t, es
peci
ally
in T
eva
Pha
ram
aceu
tical
s, b
olst
ered
pe
rfor
man
ce.
Page
134
of 3
72
TO
TA
L D
OM
ES
TIC
EQ
UIT
Y
Page
135
of 3
72
De
ce
mb
er
31
, 2
01
9 :
$7
,87
2,5
78
,35
0
AJO
Mid
Ca
p E
qu
ity5
.8%
Fro
ntie
r M
id C
ap
Gro
wth
6.7
%
Ho
tch
kis
& W
iley
Mid
Ca
p V
alu
e5
.0%
We
llin
gto
n M
id C
ap
Gro
wth
7.2
%
Ge
ne
va U
S S
ma
ll C
ap
Gro
wth
2.9
%
Fro
ntie
r S
ma
ll C
ap
Va
lue
2.9
%
Ne
um
eie
r P
om
a S
ma
ll C
ap
Va
lue
3.4
%
Sh
ap
iro
En
ha
nce
d S
ma
ll C
ap
Va
lue
10
.0%
Wa
satc
h S
ma
ll C
ap
Co
re G
row
th3
.0%
Sci
Be
ta U
S H
FE
MB
MS
32
.0%
No
rth
ern
Tru
st R
uss
ell
10
00
21
.4%
As
se
t A
llo
ca
tio
n B
y M
an
ag
er
To
tal D
om
es
tic
Eq
uit
y
As
of
De
ce
mb
er
31
, 2
01
9
Gre
en
: M
C. Y
ello
w:
SC
.
Re
d:I
nd
exe
d
Page
136
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
D
om
es
tic
Eq
uit
y S
um
ma
ry a
s o
f D
ec
em
be
r 3
1,
20
19
Mid
Ca
pS
ma
ll C
ap
Eq
uity
Ca
p W
gt
Eq
uity
No
nC
ap
To
tal D
om
est
ic E
qu
ity C
om
po
site
To
tal D
om
est
ic E
qu
ity P
olic
y
0.0
6.0
12
.0
18
.0
24
.0
30
.0
36
.0
Return (%)
10
YR
5 Y
R3
YR
1 Y
RQ
TD
13
.4
11
.4
14
.6
31
.0
9.1
12
.8
9.4
12
.2
27
.7
7.3
10
.6
14
.0
27
.9
5.4
11
.2
14
.5
31
.4
9.0
11
.9
9.9
10
.5
26
.9
7.9
12
.7
8.2
11
.9
28
.1
7.8
10
YR
5 Y
R3
YR
1 Y
RQ
TD
Mid
Ca
p1
2.7
8.2
11
.92
8.1
7.8
Sm
all
Ca
p1
1.9
9.9
10
.52
6.9
7.9
Eq
uity
Ca
p W
gt
N/A
11
.21
4.5
31
.49
.0
Eq
uity
No
nC
ap
N/A
10
.61
4.0
27
.95
.4
To
tal D
om
est
ic E
qu
ity C
om
po
site
12
.89
.41
2.2
27
.77
.3
To
tal D
om
est
ic E
qu
ity P
olic
y1
3.4
11
.41
4.6
31
.09
.1
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
ET
To
tal D
om
es
tic
Eq
uit
y
As
of
De
ce
mb
er
31
, 2
01
9
Re
turn
s a
re e
xpre
sse
d a
s p
erc
en
tag
es.
Page
137
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
Tra
ilin
g R
etu
rns
10
YR
5 Y
R3
YR
1 Y
RQ
TD
To
tal D
om
es
tic
Eq
uit
y C
om
po
sit
e1
2.7
5(5
9)
9.4
1(5
8)
12
.23
(51
)2
7.6
6(5
7)
7.3
0(6
9)
T
ota
l Do
me
stic
Eq
uity
Po
licy
13
.39
(45
)1
1.3
7(3
3)
14
.57
(37
)3
1.0
2(3
5)
9.1
0(3
3)
D
iffe
ren
ce-0
.64
-1.9
6-2
.34
-3.3
6-1
.80
IM
U.S
. E
qu
ity (
SA
+C
F)
Me
dia
n1
3.1
81
0.0
21
2.3
22
8.5
38
.26
To
tal D
om
es
tic
Eq
uit
y A
cti
ve
Co
mp
os
ite
N/A
9.3
1(5
9)
11
.94
(52
)2
8.1
4(5
3)
7.8
2(6
0)
T
ota
l Do
me
stic
Eq
uity
Po
licy
13
.39
(45
)1
1.3
7(3
3)
14
.57
(37
)3
1.0
2(3
5)
9.1
0(3
3)
D
iffe
ren
ceN
/A-2
.06
-2.6
3-2
.88
-1.2
8
IM
U.S
. E
qu
ity (
SA
+C
F)
Me
dia
n1
3.1
81
0.0
21
2.3
22
8.5
38
.26
To
tal D
om
est
ic E
qu
ity A
ctiv
e M
id C
ap
Co
mp
osi
te1
2.6
7(7
1)
8.2
0(7
4)
11
.86
(51
)2
8.0
8(6
4)
7.8
0(3
8)
T
ota
l Do
me
stic
Mid
Ca
p E
qu
ity P
olic
y1
3.1
9(5
7)
9.3
3(5
7)
12
.06
(50
)3
0.5
4(4
6)
7.0
6(5
7)
D
iffe
ren
ce-0
.52
-1.1
3-0
.20
-2.4
60
.74
IM
U.S
. M
id C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.46
9.7
61
1.9
62
9.9
77
.25
To
tal D
om
est
ic E
qu
ity A
ctiv
e S
ma
ll C
ap
Co
mp
osi
te1
1.9
5(7
6)
9.9
1(3
9)
10
.48
(39
)2
6.8
7(4
2)
7.9
1(6
4)
T
ota
l Do
me
stic
Sm
all
Ca
p P
olic
y1
1.8
3(7
9)
8.2
3(6
2)
8.5
9(5
3)
25
.53
(54
)9
.94
(26
)
D
iffe
ren
ce0
.12
1.6
81
.89
1.3
4-2
.03
IM
U.S
. S
ma
ll C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
12
.96
8.9
88
.79
25
.82
8.5
2
To
tal D
om
es
tic
Eq
uit
y I
nd
ex
ed
Co
mp
os
ite
N/A
N/A
13
.96
(41
)2
9.2
8(4
6)
6.8
0(7
6)
R
uss
ell
30
00
In
de
x1
3.4
2(4
5)
11
.24
(36
)1
4.5
7(3
7)
31
.02
(35
)9
.10
(33
)
D
iffe
ren
ceN
/AN
/A-0
.61
-1.7
4-2
.30
IM
U.S
. E
qu
ity (
SA
+C
F)
Me
dia
n1
3.1
81
0.0
21
2.3
22
8.5
38
.26
To
tal D
om
est
ic E
qu
ity I
nd
ex
Ca
p W
gt
Co
mp
osi
teN
/A1
1.2
3(4
8)
14
.54
(52
)3
1.3
9(4
0)
9.0
2(4
3)
R
uss
ell
10
00
In
de
x1
3.5
4(4
4)
11
.48
(42
)1
5.0
5(4
4)
31
.43
(40
)9
.04
(42
)
D
iffe
ren
ceN
/A-0
.25
-0.5
1-0
.04
-0.0
2
IM
U.S
. L
arg
e C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.43
11
.10
14
.59
30
.22
8.7
3
To
tal D
om
est
ic E
qu
ity I
nd
exe
d N
on
Ca
p C
om
po
site
N/A
10
.60
(57
)1
3.9
6(5
6)
27
.90
(68
)5
.37
(95
)
S
ciB
eta
US
Hig
h F
act
orE
xpo
sure
In
de
xN
/AN
/AN
/A2
7.9
7(6
7)
5.3
7(9
5)
D
iffe
ren
ceN
/AN
/AN
/A-0
.07
0.0
0
IM
U.S
. L
arg
e C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.43
11
.10
14
.59
30
.22
8.7
3
Co
mp
ara
tiv
e P
erf
orm
an
ce
To
tal D
om
es
tic
Eq
uit
y C
om
po
sit
es
As
of
De
ce
mb
er
31
, 2
01
9
Re
turn
s fo
r p
eri
od
s g
rea
ter
tha
n o
ne
ye
ar
are
an
nu
aliz
ed
.R
etu
rns
are
exp
ress
ed
as
pe
rce
nta
ge
s.
Page
138
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
Tra
ilin
g R
etu
rns
10
YR
5 Y
R3
YR
1 Y
RQ
TD
To
tal D
om
es
tic
Eq
uit
y A
cti
ve
Mid
Ca
p C
om
po
sit
e1
2.6
7(7
1)
8.2
0(7
4)
11
.86
(51
)2
8.0
8(6
4)
7.8
0(3
8)
T
ota
l Do
me
stic
Mid
Ca
p E
qu
ity P
olic
y1
3.1
9(5
7)
9.3
3(5
7)
12
.06
(50
)3
0.5
4(4
6)
7.0
6(5
7)
D
iffe
ren
ce-0
.52
-1.1
3-0
.20
-2.4
60
.74
IM
U.S
. M
id C
ap
Eq
uity
(S
A+
CF
) M
ed
ian
13
.46
9.7
61
1.9
62
9.9
77
.25
AJO
Mid
Ca
p E
qu
ity1
2.5
1(7
4)
6.7
8(8
8)
8.5
5(7
8)
22
.58
(92
)5
.16
(93
)
R
uss
ell
Mid
cap
In
de
x1
3.1
9(5
7)
9.3
3(5
7)
12
.06
(50
)3
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ian
12
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6
To
tal D
om
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tic
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Sm
all
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om
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ma
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ap
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ma
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ma
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ma
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ma
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14
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6
Co
mp
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- N
ET
To
tal D
om
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tic
Eq
uit
y
As
of
De
ce
mb
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31
, 2
01
9
Re
turn
s fo
r p
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s g
rea
ter
tha
n o
ne
ye
ar
are
an
nu
aliz
ed
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are
exp
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ed
as
pe
rce
nta
ge
s.
Page
139
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
ET
To
tal D
om
es
tic
Eq
uit
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As
of
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mb
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01
9
10
YR
5 Y
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YR
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ma
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/A1
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6
IM
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ma
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Gro
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14
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Fro
ntie
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ma
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arg
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Sci
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are
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aliz
ed
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etu
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exp
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ed
as
pe
rce
nta
ge
s.
Page
140
of 3
72
Ac
tiv
e D
om
es
tic
Eq
uit
y S
tati
sti
cs
- T
rail
ing
Fiv
e Y
ea
rs
Up
Ma
rke
tC
ap
ture
Do
wn
Ma
rke
tC
ap
ture
Re
turn
Ac
tua
lC
orr
ela
tio
n
Mid
Ca
p M
an
ag
ers
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Mid
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p E
qu
ity9
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21
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00
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M U
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Eq
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Sm
all C
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ma
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7
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ma
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4
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5
Mu
lti-
Sta
tis
tic
s
To
tal A
cti
ve
Do
me
sti
c E
qu
ity
As
of
De
ce
mb
er
31
, 2
01
9
Page
141
of 3
72
Ac
tua
l C
orr
ela
tio
n M
atr
ix
AJ
O M
CF
ron
tie
r M
CG
Fro
nti
er
SC
VG
en
ev
a S
CG
Ho
tch
kis
MC
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eu
me
ier
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ma
SC
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ha
pir
o S
CC
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sa
tch
SC
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ell
ing
ton
MC
G
AJO
MC
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0
Fro
ntie
r M
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0.9
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.00
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r S
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0.9
00
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1.0
0
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ne
va S
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0.8
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.00
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um
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om
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Ac
tua
l C
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atr
ix
To
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om
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Eq
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y
5 Y
ea
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ing
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ce
mb
er
31
, 2
01
9
Du
e t
o la
ck o
f h
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ry in
act
ua
l clie
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po
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lio,
ma
na
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r co
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te d
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ha
s b
ee
n u
sed
fo
r C
ove
Str
ee
t S
CV
, F
ron
tier
SC
V, G
en
eva
SC
G, N
eu
me
ier
Po
ma
SC
V, a
nd
Wa
satc
h S
CG
.
Page
142
of 3
72
Ris
k a
nd
Re
turn
5 Y
ea
rs
AJO
Mid
Ca
p E
qu
ityF
ron
tier
Mid
Ca
p G
row
thH
otc
hki
s &
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id C
ap
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lue
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gto
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wth
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ma
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Ge
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all
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Sm
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ap
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uss
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00
In
de
xS
ciB
eta
US
HF
E M
BM
ST
ota
l Do
me
stic
Eq
Co
mp
osi
te
To
tal D
om
est
ic E
qu
ity P
olic
y
-2.0
0.0
2.0
4.0
6.0
8.0
10
.0
12
.0
14
.0
16
.0
18
.0
Return (%)
10
.41
1.2
12
.01
2.8
13
.61
4.4
15
.21
6.0
16
.81
7.6
18
.41
9.2
20
.02
0.8
21
.6R
isk
(S
tan
da
rd D
ev
iati
on
%)
To
tal D
om
est
ic E
qu
ity P
olic
y
To
tal D
om
est
ic E
q C
om
po
site
Ru
sse
ll 1
00
0 I
nd
ex
Wa
satc
h S
ma
ll C
ap
Co
re G
row
th
Sh
ap
iro
En
ha
nce
d S
ma
ll C
ap
Va
lue
Ne
um
eie
r P
om
a S
ma
ll C
ap
Va
lue
Ge
ne
va U
S S
ma
ll C
ap
Gro
wth
Fro
ntie
r S
ma
ll C
ap
Va
lue
We
llin
gto
n M
id C
ap
Gro
wth
Ho
tch
kis
& W
iley
Mid
Ca
p V
alu
e
Fro
ntie
r M
id C
ap
Gro
wth
AJO
Mid
Ca
p E
qu
ity
Ris
k a
nd
Re
turn
To
tal F
un
d
5 Y
ea
rs E
nd
ing
De
ce
mb
er
31
, 2
01
9
Ca
lcu
latio
n b
ase
d o
n m
on
thly
pe
rio
dic
ity.
Page
143
of 3
72
To
tal E
qu
ity
Po
lic
y
Allo
ca
tio
n M
an
da
teW
eig
ht
(%)
Ju
n-1
99
4
Ru
sse
ll 3
00
0 I
nd
ex
67
.00
MS
CI A
C W
orl
d e
x U
SA
IM
I In
de
x3
3.0
0
To
tal
Do
me
sti
c L
arg
e C
ap
Eq
uit
y P
as
siv
e P
oli
cy
All
oc
ati
on
Ma
nd
ate
We
igh
t (%
)
Ja
n-1
99
0
S&
P 5
00
In
de
x5
0.0
0
S&
P 5
00
Eq
ua
l We
igh
ted
50
.00
To
tal D
om
es
tic
Eq
uit
y P
oli
cy
Allo
ca
tio
n M
an
da
teW
eig
ht
(%)
Oc
t-2
01
6
Ru
sse
ll 3
00
0 I
nd
ex
10
0.0
0
To
tal
Do
me
sti
c A
ll C
ap
Eq
uit
y P
oli
cy
All
oc
ati
on
Ma
nd
ate
We
igh
t (%
)
Ja
n-1
97
9
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sse
ll 3
00
0 I
nd
ex
10
0.0
0
To
tal D
om
es
tic
La
rge
Ca
p E
qu
ity
Po
lic
y
Allo
ca
tio
n M
an
da
teW
eig
ht
(%)
Ja
n-1
97
9
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sse
ll 1
00
0 I
nd
ex
10
0.0
0
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tal
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me
sti
c M
id C
ap
Eq
uit
y P
oli
cy
All
oc
ati
on
Ma
nd
ate
We
igh
t (%
)
Ja
n-1
97
9
Ru
sse
ll M
idca
p I
nd
ex
10
0.0
0
To
tal D
om
es
tic
La
rge
Ca
p E
qu
ity
Ac
tiv
e P
oli
cy
Allo
ca
tio
n M
an
da
teW
eig
ht
(%)
Ja
n-1
97
9
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sse
ll 1
00
0 I
nd
ex
10
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0
To
tal
Do
me
sti
c S
ma
ll C
ap
Eq
uit
y P
oli
cy
All
oc
ati
on
Ma
nd
ate
We
igh
t (%
)
Ja
n-1
97
9
Ru
sse
ll 2
00
0 I
nd
ex
10
0.0
0
Be
nc
hm
ark
His
tory
Inv
es
tme
nt
Po
lic
y B
en
ch
ma
rks
As
of
De
ce
mb
er
31
, 2
01
9
Page
144
of 3
72
TO
TA
L I
NT
ER
NA
TIO
NA
L E
QU
ITY
Page
145
of 3
72
De
ce
mb
er
31
, 2
01
9 :
$3
,01
3,2
05
,51
4
Ca
use
wa
y In
tl O
pp
ort
un
itie
s1
6.6
%
We
llin
gto
n I
nte
rna
tion
al S
ma
ll C
ap
Eq
uity
9.3
%
Wa
satc
h I
nte
rna
tion
al S
ma
ll C
ap
Gro
wth
11
.2%
SS
GA
Em
erg
ing
Ma
rke
ts S
ma
ll C
ap
9.4
%
Ep
och
Sm
all
Ca
p I
nte
rna
tion
al
0.2
%
AR
I S
ma
ll C
ap
In
tern
atio
na
l0
.0%
We
llin
gto
n I
nte
rna
tion
al Q
ua
lity
Gro
wth
18
.4%
Alli
an
z B
est
Sty
les
AC
In
tl E
qu
ity3
5.0
%
As
se
t A
llo
ca
tio
n B
y M
an
ag
er
To
tal In
tern
ati
on
al E
qu
ity
As
of
De
ce
mb
er
31
, 2
01
9
Blu
e: L
C. G
ree
n:
SC
Page
146
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
In
tern
ati
on
al
Eq
uit
y S
um
ma
ry a
s o
f D
ec
em
be
r 3
1,
20
19
Inte
rna
tion
al L
arg
e C
ap
Eq
uity
Inte
rna
tion
al S
ma
ll C
ap
Eq
uity
To
tal I
nte
rna
tion
al E
qu
ity C
om
po
site
To
tal I
nte
rna
tion
al E
qu
ity P
olic
y
0.0
4.0
8.0
12
.0
16
.0
20
.0
24
.0
28
.0
Return (%)
10
YR
5 Y
R3
YR
1 Y
RQ
TD
5.7
6.2
10
.4
22
.2
9.3
5.9
6.1
10
.1
21
.4
9.8
6.0
8.4
20
.4
10
.0
6.1
11
.1
22
.0
9.6
10
YR
5 Y
R3
YR
1 Y
RQ
TD
Inte
rna
tion
al L
arg
e C
ap
Eq
uity
N/A
6.1
11
.12
2.0
9.6
Inte
rna
tion
al S
ma
ll C
ap
Eq
uity
N/A
6.0
8.4
20
.41
0.0
Inte
rna
tion
al E
qu
ity C
om
po
site
5.9
6.1
10
.12
1.4
9.8
To
tal I
nte
rna
tion
al E
qu
ity P
olic
y5
.76
.21
0.4
22
.29
.3
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
ET
To
tal In
tern
ati
on
al E
qu
ity
As
of
De
ce
mb
er
31
, 2
01
9
Re
turn
s a
re e
xpre
sse
d a
s p
erc
en
tag
es.
Page
147
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
Tra
ilin
g R
etu
rns
10
YR
5 Y
R3
YR
1 Y
RQ
TD
To
tal In
tern
ati
on
al
Eq
uit
y C
om
po
sit
e5
.92
(69
)6
.06
(60
)1
0.0
9(5
8)
21
.38
(60
)9
.77
(55
)
T
ota
l In
tern
atio
na
l Eq
uity
Po
licy
5.6
8(7
3)
6.2
0(5
8)
10
.36
(53
)2
2.2
4(5
3)
9.2
6(6
2)
D
iffe
ren
ce0
.24
-0.1
4-0
.27
-0.8
60
.51
IM
In
tern
atio
na
l Eq
uity
(S
A+
CF
) M
ed
ian
6.8
46
.60
10
.64
22
.54
9.9
9
To
tal In
tern
ati
on
al
La
rge
Ca
p E
qu
ity
Co
mp
os
ite
N/A
6.1
4(5
8)
11
.08
(43
)2
2.0
0(6
2)
9.5
8(4
5)
T
ota
l In
tern
atio
na
l La
rge
Ca
p E
qu
ity P
olic
y5
.68
(81
)6
.20
(57
)1
0.3
6(4
9)
22
.24
(60
)9
.26
(53
)
D
iffe
ren
ceN
/A-0
.06
0.7
2-0
.24
0.3
2
IM
In
tern
atio
na
l La
rge
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n7
.00
6.5
11
0.2
32
3.8
79
.32
To
tal In
tern
ati
on
al
Sm
all
Ca
p E
qu
ity
Co
mp
os
ite
N/A
6.0
0(8
9)
8.3
9(8
3)
20
.36
(82
)1
0.0
5(8
4)
T
ota
l In
tern
atio
na
l Sm
all
Ca
p E
qu
ity P
olic
y7
.31
(98
)7
.44
(77
)1
0.0
7(6
2)
22
.93
(67
)1
1.0
7(6
7)
D
iffe
ren
ceN
/A-1
.44
-1.6
8-2
.57
-1.0
2
IM
In
tern
atio
na
l Sm
all
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n9
.90
8.7
71
1.3
92
4.8
61
2.1
1
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
ET
To
tal In
tern
ati
on
al E
qu
ity
Co
mp
os
ite
s
As
of
De
ce
mb
er
31
, 2
01
9
Re
turn
s fo
r p
eri
od
s g
rea
ter
tha
n o
ne
ye
ar
are
an
nu
aliz
ed
.R
etu
rns
are
exp
ress
ed
as
pe
rce
nta
ge
s.
Page
148
of 3
72
Co
mp
ara
tiv
e P
erf
orm
an
ce
Tra
ilin
g R
etu
rns
10
YR
5 Y
R3
YR
1 Y
RQ
TD
To
tal In
tern
ati
on
al
La
rge
Ca
p E
qu
ity
Co
mp
os
ite
N/A
6.1
4(5
8)
11
.08
(43
)2
2.0
0(6
2)
9.5
8(4
5)
T
ota
l In
tern
atio
na
l La
rge
Ca
p E
qu
ity P
olic
y5
.68
(81
)6
.20
(57
)1
0.3
6(4
9)
22
.24
(60
)9
.26
(53
)
D
iffe
ren
ceN
/A-0
.06
0.7
2-0
.24
0.3
2
IM
In
tern
atio
na
l La
rge
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n7
.00
6.5
11
0.2
32
3.8
79
.32
Ca
use
wa
y In
tl O
pp
ort
un
itie
s6
.47
(69
)5
.11
(91
)9
.90
(55
)2
3.2
2(5
6)
11
.90
(17
)
C
au
sew
ay
Intl
Po
licy
5.0
9(9
5)
5.2
9(8
6)
7.5
3(9
5)
16
.45
(98
)8
.29
(80
)
D
iffe
ren
ce1
.38
-0.1
82
.37
6.7
73
.61
IM
In
tern
atio
na
l Co
re E
qu
ity (
SA
+C
F)
Me
dia
n7
.06
6.7
51
0.1
62
3.9
79
.37
Alli
an
z B
est
Sty
les
AC
In
tl E
qu
ityN
/AN
/A9
.21
(75
)1
8.0
3(9
5)
8.7
0(7
1)
M
SC
I A
C W
orl
d e
x U
SA
5.4
5(9
2)
6.0
1(6
4)
10
.40
(46
)2
2.1
3(6
7)
8.9
9(6
4)
D
iffe
ren
ceN
/AN
/A-1
.19
-4.1
0-0
.29
IM
In
tern
atio
na
l Co
re E
qu
ity (
SA
+C
F)
Me
dia
n7
.06
6.7
51
0.1
62
3.9
79
.37
We
llin
gto
n In
tern
atio
na
l Qu
alit
y G
row
thN
/AN
/A1
6.2
7(2
0)
28
.66
(46
)9
.22
(62
)
W
elli
ng
ton
In
tl Q
ua
lity
Gro
wth
Po
licy
7.1
2(7
0)
7.8
9(4
7)
13
.30
(49
)2
7.8
4(5
8)
9.6
3(5
2)
D
iffe
ren
ceN
/AN
/A2
.97
0.8
2-0
.41
IM
In
tern
atio
na
l La
rge
Ca
p G
row
th E
qu
ity (
SA
+C
F)
Me
dia
n7
.74
7.7
51
3.2
02
8.2
99
.90
To
tal In
tern
ati
on
al
Sm
all
Ca
p E
qu
ity
Co
mp
os
ite
N/A
6.0
0(8
9)
8.3
9(8
3)
20
.36
(82
)1
0.0
5(8
4)
T
ota
l In
tern
atio
na
l Sm
all
Ca
p E
qu
ity P
olic
y7
.31
(98
)7
.44
(77
)1
0.0
7(6
2)
22
.93
(67
)1
1.0
7(6
7)
D
iffe
ren
ceN
/A-1
.44
-1.6
8-2
.57
-1.0
2
IM
In
tern
atio
na
l Sm
all
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n9
.90
8.7
71
1.3
92
4.8
61
2.1
1
SS
GA
Em
erg
ing
Ma
rke
ts S
ma
ll C
ap
N/A
N/A
8.0
5(8
6)
12
.12
(97
)9
.37
(94
)
M
SC
I E
me
rgin
g M
ark
ets
Sm
all
Ca
p I
nd
ex
3.2
6(1
00
)3
.30
(10
0)
7.0
7(9
1)
11
.93
(97
)9
.61
(92
)
D
iffe
ren
ceN
/AN
/A0
.98
0.1
9-0
.24
IM
In
tern
atio
na
l Sm
all
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n9
.90
8.7
71
1.3
92
4.8
61
2.1
1
Wa
satc
h In
tern
atio
na
l Sm
all
Ca
p G
row
thN
/A9
.81
(31
)1
4.3
3(2
4)
31
.59
(16
)1
2.3
5(4
3)
M
SC
I A
C W
orl
d e
x U
SA
Sm
all
Ca
p7
.31
(98
)7
.44
(77
)1
0.0
7(6
2)
22
.93
(67
)1
1.0
7(6
7)
D
iffe
ren
ceN
/A2
.37
4.2
68
.66
1.2
8
IM
In
tern
atio
na
l Sm
all
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n9
.90
8.7
71
1.3
92
4.8
61
2.1
1
We
llin
gto
n In
tern
atio
na
l Sm
all
Ca
p E
qu
ityN
/A5
.07
(96
)7
.20
(90
)2
2.9
0(6
7)
11
.63
(56
)
W
elli
ng
ton
In
tl S
ma
ll C
ap
Po
licy
9.1
2(6
8)
9.2
5(4
1)
11
.35
(52
)2
5.4
7(4
4)
11
.56
(57
)
D
iffe
ren
ceN
/A-4
.18
-4.1
5-2
.57
0.0
7
IM
In
tern
atio
na
l Sm
all
Ca
p E
qu
ity (
SA
+C
F)
Me
dia
n9
.90
8.7
71
1.3
92
4.8
61
2.1
1
Co
mp
ara
tiv
e P
erf
orm
an
ce
- N
ET
To
tal In
tern
ati
on
al E
qu
ity
As
of
De
ce
mb
er
31
, 2
01
9
Re
turn
s fo
r p
eri
od
s g
rea
ter
tha
n o
ne
ye
ar
are
an
nu
aliz
ed
.R
etu
rns
are
exp
ress
ed
as
pe
rce
nta
ge
s.
Page
149
of 3
72
Ac
tiv
e In
tern
ati
on
al
Eq
uit
y S
tati
sti
cs
- T
rail
ing
Fiv
e Y
ea
rs
1 Y
RU
pM
ark
et
Ca
ptu
re
1 Y
RD
ow
nM
ark
et
Ca
ptu
re
1 Y
RR
etu
rn
1 Y
RA
ctu
al
Co
rre
lati
on
5 Y
RU
pM
ark
et
Ca
ptu
re
5 Y
RD
ow
nM
ark
et
Ca
ptu
re
5 Y
RR
etu
rn
5 Y
RA
ctu
al
Co
rre
lati
on
Inte
rna
tio
na
l L
arg
e C
ap
Eq
uit
y M
an
ag
ers
Ca
use
wa
y In
tl O
pp
ort
un
itie
s1
24
.02
10
7.9
72
3.2
20
.97
10
2.9
11
04
.84
5.1
10
.97
C
au
sew
ay
Intl
Po
licy
10
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31
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9
Page
150
of 3
72
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31
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01
9
Du
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Page
151
of 3
72
Ris
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01
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Tota
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Page
152
of 3
72
To
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Page
153
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72
TO
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Page
154
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72
De
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Page
155
of 3
72
Co
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Page
156
of 3
72
Co
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Page
157
of 3
72
Co
mp
ara
tiv
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ilin
g R
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YR
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Re
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Page
158
of 3
72
Fix
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01
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Page
159
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72
Ac
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31
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01
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Page
160
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72
Ris
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01
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Page
161
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72
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Page
162
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72
To
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31
, 2
01
9
Page
163
of 3
72
Rep
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tatis
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Def
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- The
ratio
of m
oney
dis
tribu
ted
to L
imite
d Pa
rtner
s by
the
fund
, rel
ativ
e to
con
tribu
tions
. It
is c
alcu
late
d by
div
idin
g cu
mul
ativ
e di
strib
utio
ns b
y pa
id in
cap
ital.
Thi
s m
ultip
le
show
s th
e in
vest
or h
ow m
uch
mon
ey th
ey g
ot b
ack.
It i
s a
good
mea
sure
for e
valu
atin
g a
fund
late
r in
its li
fe b
ecau
se th
ere
are
mor
e di
strib
utio
ns to
mea
sure
aga
inst
.
Dow
n M
arke
t Cap
ture
- T
he ra
tio o
f ave
rage
por
tfolio
per
form
ance
ove
r the
des
igna
ted
benc
hmar
k du
ring
perio
ds o
f neg
ativ
e re
turn
s. A
low
er v
alue
indi
cate
s be
tter p
rodu
ct p
erfo
rman
ce
D
owns
ide
Ris
k - A
mea
sure
sim
ilar t
o st
anda
rd d
evia
tion
that
util
izes
onl
y th
e ne
gativ
e m
ovem
ents
of t
he re
turn
ser
ies.
It is
cal
cula
ted
by ta
king
the
stan
dard
dev
iatio
n of
the
nega
tive
quar
terly
set
of r
etur
ns. A
hig
her f
acto
r is
indi
cativ
e of
a ri
skie
r pro
duct
.
Exce
ss R
etur
n - A
rithm
etic
diff
eren
ce b
etw
een
the
man
ager
’s p
erfo
rman
ce a
nd th
e ris
k-fre
e re
turn
ove
r a s
peci
fied
time
perio
d.
Ex
cess
Ris
k - A
mea
sure
of t
he s
tand
ard
devi
atio
n of
a p
ortfo
lio's
per
form
ance
rela
tive
to th
e ris
k fre
e re
turn
.
Info
rmat
ion
Rat
io
- Thi
s ca
lcul
ates
the
valu
e-ad
ded
cont
ribut
ion
of th
e m
anag
er a
nd is
der
ived
by
divi
ding
the
activ
e ra
te o
f ret
urn
of th
e po
rtfol
io b
y th
e tra
ckin
g er
ror.
The
high
er th
e In
form
atio
n R
atio
, the
mor
e th
e m
anag
er h
as a
dded
val
ue to
the
portf
olio
.
Publ
ic M
arke
t Equ
ival
ent (
PME)
- D
esig
ns a
set
of a
naly
ses
used
in th
e Pr
ivat
e Eq
uity
Indu
stry
to e
valu
ate
the
perfo
rman
ce o
f a P
rivat
e Eq
uity
Fun
d ag
ains
t a p
ublic
ben
chm
ark
or in
dex.
R-S
quar
ed
- The
per
cent
age
of a
por
tfolio
's p
erfo
rman
ce th
at c
an b
e ex
plai
ned
by th
e be
havi
or o
f the
app
ropr
iate
ben
chm
ark.
A h
igh
R-S
quar
ed m
eans
the
portf
olio
's p
erfo
rman
ce h
as
hist
oric
ally
mov
ed in
the
sam
e di
rect
ion
as th
e ap
prop
riate
ben
chm
ark.
Ret
urn
- Com
poun
ded
rate
of r
etur
n fo
r the
per
iod.
Shar
pe R
atio
- R
epre
sent
s th
e ex
cess
rate
of r
etur
n ov
er th
e ris
k fre
e re
turn
div
ided
by
the
stan
dard
dev
iatio
n of
the
exce
ss re
turn
. The
resu
lt is
an
abso
lute
rate
of r
etur
n pe
r uni
t of r
isk.
A
high
er v
alue
dem
onst
rate
s be
tter h
isto
rical
risk
-adj
uste
d pe
rform
ance
.
Stan
dard
Dev
iatio
n - A
sta
tistic
al m
easu
re o
f the
rang
e of
a p
ortfo
lio's
per
form
ance
. It r
epre
sent
s th
e va
riabi
lity
of re
turn
s ar
ound
the
aver
age
retu
rn o
ver a
spe
cifie
d tim
e pe
riod.
Tota
l Val
ue to
Pai
d In
(TVP
I) - T
he ra
tio o
f the
cur
rent
val
ue o
f rem
aini
ng in
vest
men
ts w
ithin
a fu
nd, p
lus
the
tota
l val
ue o
f all
dist
ribut
ions
to d
ate,
rela
tive
to th
e to
tal a
mou
nt o
f cap
ital p
aid
into
the
fund
to
dat
e. I
t is
a go
od m
easu
re o
f per
form
ance
bef
ore
the
end
of a
fund
’s li
fe
Tr
acki
ng E
rror
- T
his
is a
mea
sure
of t
he s
tand
ard
devi
atio
n of
a p
ortfo
lio's
retu
rns
in re
latio
n to
the
perfo
rman
ce o
f its
des
igna
ted
mar
ket b
ench
mar
k.
Tr
eyno
r Rat
io
- Sim
ilar t
o Sh
arpe
ratio
but
util
izes
bet
a ra
ther
than
exc
ess
risk
as d
eter
min
ed b
y st
anda
rd d
evia
tion.
It is
cal
cula
ted
by ta
king
the
exce
ss ra
te o
f ret
urn
abov
e th
e ris
k fre
e ra
te d
ivid
ed b
y be
ta to
der
ive
the
abso
lute
rate
of r
etur
n pe
r uni
t of r
isk.
A h
ighe
r val
ue in
dica
tes
a pr
oduc
t has
ach
ieve
d be
tter h
isto
rical
risk
-adj
uste
d pe
rform
ance
.
Up
Mar
ket C
aptu
re
- The
ratio
of a
vera
ge p
ortfo
lio p
erfo
rman
ce o
ver t
he d
esig
nate
d be
nchm
ark
durin
g pe
riods
of p
ositi
ve re
turn
s. A
hig
her v
alue
indi
cate
s be
tter p
rodu
ct p
erfo
rman
ce.
Page
164
of 3
72
D
iscl
osur
es
AndC
o co
mpi
led
this
repo
rt fo
r the
sol
e us
e of
the
clie
nt fo
r whi
ch it
was
pre
pare
d. A
ndC
o is
resp
onsi
ble
for e
valu
atin
g th
e pe
rform
ance
resu
lts o
f the
Tot
al F
und
alon
g w
ith th
e in
vest
men
t adv
isor
s by
com
parin
g th
eir p
erfo
rman
ce w
ith in
dice
s an
d ot
her r
elat
ed p
eer u
nive
rse
data
that
is d
eem
ed a
ppro
pria
te.
AndC
o us
es th
e re
sults
from
this
eva
luat
ion
to m
ake
obse
rvat
ions
and
reco
mm
enda
tions
to th
e cl
ient
. An
dCo
uses
tim
e-w
eigh
ted
calc
ulat
ions
whi
ch a
re fo
unde
d on
sta
ndar
ds re
com
men
ded
by th
e C
FA In
stitu
te.
The
calc
ulat
ions
and
val
ues
show
n ar
e ba
sed
on in
form
atio
n th
at is
rece
ived
from
cus
todi
ans.
And
Co
anal
yzes
tran
sact
ions
as
indi
cate
d on
the
cust
odia
n st
atem
ents
and
revi
ews
the
cust
odia
l mar
ket v
alue
s of
the
portf
olio
. As
a re
sult,
this
pro
vide
s An
dCo
with
a re
ason
able
bas
is th
at th
e in
vest
men
t inf
orm
atio
n pr
esen
ted
is fr
ee fr
om m
ater
ial m
isst
atem
ent.
Thi
s m
etho
dolo
gy o
f eva
luat
ing
and
mea
surin
g pe
rform
ance
pro
vide
s An
dCo
with
a p
ract
ical
foun
datio
n fo
r our
obs
erva
tions
and
reco
mm
enda
tions
. N
othi
ng c
ame
to
our a
ttent
ion
that
wou
ld c
ause
And
Co
to b
elie
ve th
at th
e in
form
atio
n pr
esen
ted
is s
igni
fican
tly m
isst
ated
. Th
is p
erfo
rman
ce re
port
is b
ased
on
data
obt
aine
d by
the
clie
nt’s
cus
todi
an(s
), in
vest
men
t fun
d ad
min
istra
tor,
or o
ther
sou
rces
bel
ieve
d to
be
relia
ble.
Whi
le th
ese
sour
ces
are
belie
ved
to b
e re
liabl
e, th
e da
ta
prov
ider
s ar
e re
spon
sibl
e fo
r the
acc
urac
y an
d co
mpl
eten
ess
of th
eir s
tate
men
ts. C
lient
s ar
e en
cour
aged
to c
ompa
re th
e re
cord
s of
thei
r cus
todi
an(s
) to
ensu
re th
is re
port
fairl
y an
d ac
cura
tely
refle
cts
thei
r var
ious
as
set p
ositi
ons.
Th
e st
rate
gies
list
ed m
ay n
ot b
e su
itabl
e fo
r all
inve
stor
s. W
e be
lieve
the
info
rmat
ion
prov
ided
her
e is
relia
ble,
but
do
not w
arra
nt it
s ac
cura
cy o
r com
plet
enes
s. P
ast p
erfo
rman
ce is
not
an
indi
catio
n of
futu
re
perfo
rman
ce.
Any
info
rmat
ion
cont
aine
d in
this
repo
rt is
for i
nfor
mat
iona
l pur
pose
s on
ly a
nd s
houl
d no
t be
cons
trued
to b
e an
offe
r to
buy
or s
ell a
ny s
ecur
ities
, inv
estm
ent c
onsu
lting
, or i
nves
tmen
t man
agem
ent
serv
ices
. Ad
ditio
nal i
nfor
mat
ion
incl
uded
in th
is d
ocum
ent m
ay c
onta
in d
ata
prov
ided
by
from
inde
x da
taba
ses,
pub
lic e
cono
mic
sou
rces
and
the
man
ager
s th
emse
lves
.
This
doc
umen
t may
con
tain
dat
a pr
ovid
ed b
y Bl
oom
berg
Bar
clay
s.
Bloo
mbe
rg B
arcl
ays
Inde
x da
ta p
rovi
ded
by w
ay o
f Bar
clay
s Li
ve.
Th
is d
ocum
ent m
ay c
onta
in d
ata
prov
ided
by
Stan
dard
and
Poo
r’s.
Not
hing
con
tain
ed w
ithin
any
doc
umen
t, ad
verti
sem
ent o
r pre
sent
atio
n fro
m S
&P In
dice
s co
nstit
utes
an
offe
r of s
ervi
ces
in ju
risdi
ctio
ns w
here
S&
P In
dice
s do
es n
ot h
ave
the
nece
ssar
y lic
ense
s. A
ll in
form
atio
n pr
ovid
ed b
y S&
P In
dice
s is
impe
rson
al a
nd is
not
tailo
red
to th
e ne
eds
of a
ny p
erso
n, e
ntity
or g
roup
of p
erso
ns. A
ny re
turn
s or
per
form
ance
pr
ovid
ed w
ithin
any
doc
umen
t is
prov
ided
for i
llust
rativ
e pu
rpos
es o
nly
and
does
not
dem
onst
rate
act
ual p
erfo
rman
ce. P
ast p
erfo
rman
ce is
not
a g
uara
ntee
of f
utur
e in
vest
men
t res
ults
.
This
doc
umen
t may
con
tain
dat
a pr
ovid
ed b
y M
SCI,
Inc.
Cop
yrig
ht M
SCI,
2017
. U
npub
lishe
d. A
ll R
ight
s R
eser
ved.
Thi
s in
form
atio
n m
ay o
nly
be u
sed
for y
our i
nter
nal u
se, m
ay n
ot b
e re
prod
uced
or
redi
ssem
inat
ed in
any
form
and
may
not
be
used
to c
reat
e an
y fin
anci
al in
stru
men
ts o
r pro
duct
s or
any
indi
ces.
Thi
s in
form
atio
n is
pro
vide
d on
an
“as
is” b
asis
and
the
user
of t
his
info
rmat
ion
assu
mes
the
entir
e ris
k of
any
use
it m
ay m
ake
or p
erm
it to
be
mad
e of
this
info
rmat
ion.
Nei
ther
MSC
I, an
y of
its
affil
iate
s or
any
oth
er p
erso
n in
volv
ed in
or r
elat
ed to
com
pilin
g, c
ompu
ting
or c
reat
ing
this
info
rmat
ion
mak
es a
ny
expr
ess
or im
plie
d w
arra
ntie
s or
repr
esen
tatio
ns w
ith re
spec
t to
such
info
rmat
ion
or th
e re
sults
to b
e ob
tain
ed b
y th
e us
e th
ereo
f, an
d M
SCI,
its a
ffilia
tes
and
each
suc
h ot
her p
erso
n he
reby
exp
ress
ly d
iscl
aim
all
war
rant
ies
(incl
udin
g, w
ithou
t lim
itatio
n, a
ll w
arra
ntie
s of
orig
inal
ity, a
ccur
acy,
com
plet
enes
s, ti
mel
ines
s, n
on-in
fring
emen
t, m
erch
anta
bilit
y an
d fit
ness
for a
par
ticul
ar p
urpo
se) w
ith re
spec
t to
this
info
rmat
ion.
W
ithou
t lim
iting
any
of t
he fo
rego
ing,
in n
o ev
ent s
hall
MSC
I, an
y of
its
affil
iate
s or
any
oth
er p
erso
n in
volv
ed in
or r
elat
ed to
com
pilin
g, c
ompu
ting
or c
reat
ing
this
info
rmat
ion
have
any
liab
ility
for a
ny d
irect
, ind
irect
, sp
ecia
l, in
cide
ntal
, pun
itive
, con
sequ
entia
l or a
ny o
ther
dam
ages
(inc
ludi
ng, w
ithou
t lim
itatio
n, lo
st p
rofit
s) e
ven
if no
tifie
d of
, or i
f it m
ight
oth
erw
ise
have
ant
icip
ated
, the
pos
sibi
lity
of s
uch
dam
ages
.
This
doc
umen
t may
con
tain
dat
a pr
ovid
ed b
y R
usse
ll In
vest
men
t Gro
up.
Rus
sell
Inve
stm
ent G
roup
is th
e so
urce
ow
ner o
f the
dat
a co
ntai
ned
or re
flect
ed in
this
mat
eria
l and
all
trade
mar
ks a
nd c
opyr
ight
s re
late
d th
eret
o. T
he m
ater
ial m
ay c
onta
in c
onfid
entia
l inf
orm
atio
n an
d un
auth
oriz
ed u
se, d
iscl
osur
e, c
opyi
ng, d
isse
min
atio
n or
redi
strib
utio
n is
stri
ctly
pro
hibi
ted.
Thi
s is
a u
ser p
rese
ntat
ion
of th
e da
ta.
Rus
sell
Inve
stm
ent
Gro
up is
not
resp
onsi
ble
for t
he fo
rmat
ting
or c
onfig
urat
ion
of th
is m
ater
ial o
r for
any
inac
cura
cy in
pre
sent
atio
n th
ereo
f. Th
is d
ocum
ent m
ay c
onta
in d
ata
prov
ided
by
Mor
ning
star
. Al
l rig
hts
rese
rved
. U
se o
f thi
s co
nten
t req
uire
s ex
pert
know
ledg
e. I
t is
to b
e us
ed b
y sp
ecia
list i
nstit
utio
ns o
nly.
The
info
rmat
ion
cont
aine
d he
rein
: (1)
is
prop
rieta
ry to
Mor
ning
star
and
/or i
ts c
onte
nt p
rovi
ders
; (2)
may
not
be
copi
ed, a
dapt
ed o
r dis
tribu
ted;
and
(3) i
s no
t war
rant
ed to
be
accu
rate
, com
plet
e or
tim
ely.
Nei
ther
Mor
ning
star
nor
its
cont
ent p
rovi
ders
are
re
spon
sibl
e fo
r any
dam
ages
or l
osse
s ar
isin
g fro
m a
ny u
se o
f thi
s in
form
atio
n, e
xcep
t whe
re s
uch
dam
ages
or l
osse
s ca
nnot
be
limite
d or
exc
lude
d by
law
in y
our j
uris
dict
ion.
Pas
t fin
anci
al p
erfo
rman
ce is
not
gu
aran
tee
of fu
ture
resu
lts.
Page
165
of 3
72
CH
ICA
GO
|
CLE
VE
LAN
D
| D
ALL
AS
|
DE
TRO
IT
| O
RLA
ND
O
| P
ITTS
BU
RG
H
| R
EN
O
Page
166
of 3
72
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Page
167
of 3
72
TO
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NA
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Page
168
of 3
72
As
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72
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72
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Page
172
of 3
72
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s.
Page
173
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72
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72
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Page
175
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72
Pu
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Page
176
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72
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Page
177
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72
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irst
$1
0 M
1.0
0 %
of
Ne
xt $
15
M0
.90
% o
f N
ext
$2
5 M
0.8
0 %
of
Ne
xt $
50
M0
.70
% T
he
rea
fte
r
L&
B C
ore
In
com
e P
art
ne
rs0
.45
17
9,7
67
,32
78
08
,95
30
.45
% o
f A
sse
ts
AG
Re
alty
Va
lue
Fu
nd
X1
.00
3,6
96
,12
03
6,9
61
1.0
0 %
of
Ass
ets
Lyr
ica
l - O
TR
S R
ea
lty P
art
ne
rs I
V1
.50
64
,73
2,2
00
97
0,9
83
1.5
0 %
of
Ass
ets
Art
em
is R
ea
l Est
ate
Pa
rtn
ers
Fu
nd
III
1.5
06
,10
7,8
61
91
,61
81
.50
% o
f A
sse
ts
Du
ne
Re
al E
sta
te F
un
d I
II1
.50
54
,57
7,4
57
81
8,6
62
1.5
0 %
of
Ass
ets
FC
P R
ea
lty F
un
d I
V1
.50
5,3
82
,35
88
0,7
35
1.5
0 %
of
Ass
ets
Gre
en
Oa
k U
S I
I1
.75
37
,83
1,4
89
66
2,0
51
1.7
5 %
of
Ass
ets
Gre
en
Oa
k U
S I
II1
.75
13
,75
3,2
66
24
0,6
82
1.7
5 %
of
Ass
ets
Ha
rbe
rt E
uro
Re
al E
sta
te F
un
d V
1.5
04
,77
8,8
35
71
,68
31
.50
% o
f A
sse
ts
L&
B G
old
en
Dri
ller
0.2
58
4,3
87
,30
62
10
,96
80
.25
% o
f A
sse
tsFe
e A
na
lys
is
To
tal F
un
d
As
of
Se
pte
mb
er
30
, 2
01
9
Page
178
of 3
72
Fe
e A
na
lys
is
To
tal F
un
d
As
of
Se
pte
mb
er
30
, 2
01
9
Es
tim
ate
dA
nn
ua
l F
ee
(%)
Ma
rke
t V
alu
e($
)
Es
tim
ate
dA
nn
ua
l F
ee
($)
Fe
e S
ch
ed
ule
La
nd
ma
rk R
ea
l Est
ate
Pa
rtn
ers
VII
1.0
01
6,6
65
,56
21
66
,65
61
.00
% o
f A
sse
ts
Am
eri
can
Str
ate
gic
Va
lue
Re
alty
Fu
nd
1.1
26
6,2
47
,59
67
42
,47
61
.25
% o
f F
irst
$1
0 M
1.2
0 %
of
Ne
xt $
15
M1
.10
% o
f N
ext
$2
5 M
1.0
0 %
Th
ere
aft
er
Sta
rwo
od
Op
po
rtu
nity
Fu
nd
X1
.25
26
,85
8,3
67
33
5,7
30
1.2
5 %
of
Ass
ets
Sta
rwo
od
Op
po
rtu
nity
Fu
nd
XI
1.2
58
,98
6,5
86
11
2,3
32
1.2
5 %
of
Ass
ets
To
tal P
riv
ate
Eq
uit
y C
om
po
sit
e0
.25
1,3
42
,98
5,2
16
3,3
57
,46
3
OT
RS
Le
ga
cy P
-E A
sse
ts F
un
d L
P0
.25
14
,57
6,5
68
36
,44
10
.25
% o
f A
sse
ts
Fra
nkl
in P
ark
Pri
vate
Eq
uity
0.2
51
,32
8,4
08
,64
83
,32
1,0
22
0.2
5 %
of
Ass
ets
To
tal M
as
ter
Lim
ite
d P
art
ne
rsh
ips
Co
mp
os
ite
0.6
05
77
,05
73
,45
2
Ch
icka
saw
ML
P0
.65
27
8,0
58
1,8
07
0.6
5 %
of
Ass
ets
Cu
shin
g M
LP
0.5
52
98
,99
91
,64
40
.55
% o
f F
irst
$5
1 M
0.5
0 %
of
Ne
xt $
50
M0
.45
% o
f N
ext
$5
0 M
0.4
0 %
Th
ere
aft
er
Page
179
of 3
72
To
tal F
un
d P
oli
cy
Allo
ca
tio
n M
an
da
teW
eig
ht
(%)
Ap
r-2
01
7
Ru
sse
ll 3
00
0 I
nd
ex
38
.50
MS
CI A
C W
orl
d e
x U
SA
IM
I In
de
x1
9.0
0
Blm
bg
. B
arc
. U
.S.
Un
ive
rsa
l In
de
x2
3.5
0
Ru
sse
ll 2
00
0 +
4%
5.0
0
NC
RE
IF P
rop
ert
y In
de
x9
.00
Ale
ria
n M
LP
In
de
x5
.00
Ac
tua
ria
l A
ss
um
pti
on
All
oc
ati
on
Ma
nd
ate
We
igh
t (%
)
De
c-1
99
1
8.0
0%
An
nu
aliz
ed
Re
turn
s1
00
.00
Ju
l-2
01
5
7.5
0%
An
nu
aliz
ed
Re
turn
10
0.0
0
Be
nc
hm
ark
His
tory
Inv
es
tme
nt
Po
lic
y B
en
ch
ma
rks
As
of
Se
pte
mb
er
30
, 2
01
9
Page
180
of 3
72
To
tal A
lte
rna
tiv
es
Po
lic
y
Allo
ca
tio
n M
an
da
teW
eig
ht
(%)
Ja
n-1
92
6
8.0
0%
An
nu
aliz
ed
Re
turn
s1
00
.00
To
tal
Re
al
Es
tate
Po
lic
y
All
oc
ati
on
Ma
nd
ate
We
igh
t (%
)
Ja
n-1
97
8
NC
RE
IF P
rop
ert
y In
de
x1
00
.00
To
tal P
riv
ate
Eq
uit
y P
oli
cy
Allo
ca
tio
n M
an
da
teW
eig
ht
(%)
Oc
t-2
01
6
Ru
sse
ll 2
00
0 +
4%
10
0.0
0
To
tal
Co
re R
ea
l E
sta
te P
olic
y
All
oc
ati
on
Ma
nd
ate
We
igh
t (%
)
Ja
n-1
97
8
NC
RE
IF F
un
d I
nd
ex-
OD
CE
(V
W)
(Ne
t)1
00
.00
To
tal M
LP
Po
lic
y
Allo
ca
tio
n M
an
da
teW
eig
ht
(%)
Ja
n-1
99
6
Ale
ria
n M
LP
In
de
x1
00
.00
To
tal
No
n-C
ore
Re
al
Es
tate
Po
lic
y
All
oc
ati
on
Ma
nd
ate
We
igh
t (%
)
Se
p-2
01
8
NC
RE
IF P
rop
ert
y In
de
x1
00
.00
Be
nc
hm
ark
His
tory
Inv
es
tme
nt
Po
lic
y B
en
ch
ma
rks
As
of
Se
pte
mb
er
30
, 2
01
9
Page
181
of 3
72
ML
P F
UN
DS
Page
182
of 3
72
His
tori
ca
l S
tati
sti
cs
3 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t-6
.56
19
.15
-0.3
41
04
.26
51
20
.90
7
I
nd
ex
-2.4
61
6.7
5-0
.16
10
0.0
06
10
0.0
06
90
Da
y U
.S. T
rea
sury
Bill
1.5
40
.22
N/A
3.2
91
2-3
.52
N/A
His
tori
ca
l S
tati
sti
cs
5 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t-8
.76
21
.67
-0.3
61
07
.12
81
04
.01
12
In
de
x-8
.65
19
.11
-0.4
31
00
.00
81
00
.00
12
90
Da
y U
.S. T
rea
sury
Bill
0.9
60
.27
N/A
2.0
41
9-1
.67
1
Ris
k a
nd
Re
turn
3 Y
ea
rs
Inve
stm
en
tIn
de
x
-8.1
-7.2
-6.3
-5.4
-4.5
-3.6
-2.7
-1.8
Return (%)
16
.01
6.4
16
.81
7.2
17
.61
8.0
18
.41
8.8
19
.21
9.6
20
.0R
isk
(S
tan
da
rd D
ev
iati
on
%)
Ris
k a
nd
Re
turn
5 Y
ea
rs
Inve
stm
en
tIn
de
x
-8.9
-8.8
-8.7
-8.6
Return (%)
18
.41
8.8
19
.21
9.6
20
.02
0.4
20
.82
1.2
21
.62
2.0
22
.4R
isk
(S
tan
da
rd D
ev
iati
on
%)
3 Y
ea
r R
ollin
g P
erc
en
tile
Ra
nk
IM
En
erg
y M
LP
(M
F)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal
Pe
rio
d5
-25
Co
un
t2
5-M
ed
ian
Co
un
tM
ed
ian
-75
Co
un
t7
5-9
5C
ou
nt
Inve
stm
en
t2
01
0(5
0%
)5
(25
%)
3(1
5%
)2
(10
%)
¾
Ind
ex
20
0(0
%)
5(2
5%
)1
4(7
0%
)1
(5%
)¾
5 Y
ea
r R
oll
ing
Pe
rce
nti
le R
an
k I
M E
ne
rgy
ML
P (
MF
)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal P
eri
od
5-2
5C
ou
nt
25
-Me
dia
nC
ou
nt
Me
dia
n-7
5C
ou
nt
75
-95
Co
un
t
Inve
stm
en
t1
51
1(7
3%
)2
(13
%)
2(1
3%
)0
(0%
)¾
Ind
ex
18
1(6
%)
3(1
7%
)1
4(7
8%
)0
(0%
)¾
Str
ate
gy
Re
vie
w
Ch
ick
as
aw
ML
P |
Ale
ria
n M
LP
In
de
x
As
of
Se
pte
mb
er
30
, 2
01
9
Page
183
of 3
72
Pe
er
Gro
up
An
aly
sis
- I
M E
ne
rgy
ML
P (
MF
)
-35
.0
-30
.0
-25
.0
-20
.0
-15
.0
-10
.0
-5.0
0.0
5.0
10
.0
Return
QT
RF
YT
D1
YR
2 Y
R3
YR
4 Y
R5
YR
Inve
stm
en
t-8
.62
(96
)-8
.62
(96
)-1
4.1
9(9
1)
-8.2
1(9
2)
-6.5
6(8
6)
-1.0
5(7
5)
-8.7
6(6
6)
��
Ind
ex
-5.0
2(5
7)
-5.0
2(5
7)
-8.1
3(5
2)
-1.8
3(3
2)
-2.4
6(3
9)
1.1
4(3
5)
-8.6
5(6
5)
��
Me
dia
n-4
.38
-4.3
8-8
.06
-2.5
6-2
.91
0.4
7-7
.60
Pe
er
Gro
up
An
aly
sis
- I
M E
ne
rgy
ML
P (
MF
)
-85
.0
-70
.0
-55
.0
-40
.0
-25
.0
-10
.0
5.0
20
.0
35
.0
50
.0
65
.0
Return
20
19
20
18
20
17
20
16
20
15
20
14
20
13
Inve
stm
en
tN
/A-2
1.9
1(9
2)
-8.4
6(7
9)
26
.94
(43
)-3
0.4
7(2
4)
21
.54
(1)
48
.37
(1)
��
Ind
ex
6.5
6(8
2)
-12
.42
(16
)-6
.52
(50
)1
8.3
1(7
2)
-32
.59
(33
)4
.80
(69
)2
7.5
8(2
7)
��
Me
dia
n1
1.4
6-1
5.3
6-6
.56
25
.10
-35
.71
7.2
12
2.5
2
Co
mp
ara
tiv
e P
erf
orm
an
ce
1 Q
trE
nd
ing
Ju
n-2
01
9
1 Q
trE
nd
ing
Ma
r-2
01
9
1 Q
trE
nd
ing
De
c-2
01
8
1 Q
trE
nd
ing
Se
p-2
01
8
1 Q
trE
nd
ing
Ju
n-2
01
8
1 Q
trE
nd
ing
Ma
r-2
01
8
Inve
stm
en
t-1
.88
(68
)2
0.8
6(2
1)
-20
.82
(87
)2
.26
(62
)1
2.0
6(4
7)
-13
.93
(89
)
I
nd
ex
0.1
2(1
0)
16
.82
(74
)-1
7.3
0(3
7)
6.5
7(1
2)
11
.80
(55
)-1
1.1
2(5
0)
M
ed
ian
-1.2
61
9.5
7-1
7.5
82
.69
11
.90
-11
.15
Str
ate
gy
Re
vie
w
Ch
ick
as
aw
ML
P |
Ale
ria
n M
LP
In
de
x
As
of
Se
pte
mb
er
30
, 2
01
9
Page
184
of 3
72
His
tori
ca
l S
tati
sti
cs
3 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t-3
.13
17
.53
-0.1
81
02
.12
61
04
.48
6
I
nd
ex
-2.4
61
6.7
5-0
.16
10
0.0
06
10
0.0
06
90
Da
y U
.S. T
rea
sury
Bill
1.5
40
.22
N/A
3.2
91
2-3
.52
N/A
His
tori
ca
l S
tati
sti
cs
5 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t-7
.80
20
.44
-0.3
41
02
.10
89
7.5
21
2
In
de
x-8
.65
19
.11
-0.4
31
00
.00
81
00
.00
12
90
Da
y U
.S. T
rea
sury
Bill
0.9
60
.27
N/A
2.0
41
9-1
.67
1
Ris
k a
nd
Re
turn
3 Y
ea
rs
Inve
stm
en
tIn
de
x
-3.4
-3.2
-3.0
-2.8
-2.6
-2.4
-2.2
-2.0
Return (%)
16
.61
6.8
17
.01
7.2
17
.41
7.6
17
.8R
isk
(S
tan
da
rd D
ev
iati
on
%)
Ris
k a
nd
Re
turn
5 Y
ea
rs
Inve
stm
en
tIn
de
x
-9.0
-8.7
-8.4
-8.1
-7.8
-7.5
-7.2
Return (%)
18
.61
8.8
19
.01
9.2
19
.41
9.6
19
.82
0.0
20
.22
0.4
20
.62
0.8
Ris
k (
Sta
nd
ard
De
via
tio
n %
)
3 Y
ea
r R
ollin
g P
erc
en
tile
Ra
nk
IM
En
erg
y M
LP
(M
F)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal
Pe
rio
d5
-25
Co
un
t2
5-M
ed
ian
Co
un
tM
ed
ian
-75
Co
un
t7
5-9
5C
ou
nt
Inve
stm
en
t2
01
0(5
0%
)5
(25
%)
5(2
5%
)0
(0%
)¾
Ind
ex
20
0(0
%)
5(2
5%
)1
4(7
0%
)1
(5%
)¾
5 Y
ea
r R
oll
ing
Pe
rce
nti
le R
an
k I
M E
ne
rgy
ML
P (
MF
)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal P
eri
od
5-2
5C
ou
nt
25
-Me
dia
nC
ou
nt
Me
dia
n-7
5C
ou
nt
75
-95
Co
un
t
Inve
stm
en
t1
51
2(8
0%
)1
(7%
)2
(13
%)
0(0
%)
¾
Ind
ex
18
1(6
%)
3(1
7%
)1
4(7
8%
)0
(0%
)¾
Str
ate
gy
Re
vie
w
Cu
sh
ing
ML
P |
Ale
ria
n M
LP
In
de
x
As
of
Se
pte
mb
er
30
, 2
01
9
Page
185
of 3
72
Pe
er
Gro
up
An
aly
sis
- I
M E
ne
rgy
ML
P (
MF
)
-35
.0
-30
.0
-25
.0
-20
.0
-15
.0
-10
.0
-5.0
0.0
5.0
10
.0
Return
QT
RF
YT
D1
YR
2 Y
R3
YR
4 Y
R5
YR
Inve
stm
en
t-6
.07
(74
)-6
.07
(74
)-9
.75
(69
)-3
.55
(64
)-3
.13
(54
)0
.47
(50
)-7
.80
(52
)��
Ind
ex
-5.0
2(5
7)
-5.0
2(5
7)
-8.1
3(5
2)
-1.8
3(3
2)
-2.4
6(3
9)
1.1
4(3
5)
-8.6
5(6
5)
��
Me
dia
n-4
.38
-4.3
8-8
.06
-2.5
6-2
.91
0.4
7-7
.60
Pe
er
Gro
up
An
aly
sis
- I
M E
ne
rgy
ML
P (
MF
)
-85
.0
-70
.0
-55
.0
-40
.0
-25
.0
-10
.0
5.0
20
.0
35
.0
50
.0
65
.0
Return
20
19
20
18
20
17
20
16
20
15
20
14
20
13
Inve
stm
en
tN
/A-1
6.1
3(6
0)
-4.9
5(3
7)
27
.39
(41
)-3
4.6
4(4
8)
18
.82
(1)
44
.10
(1)
��
Ind
ex
6.5
6(8
2)
-12
.42
(16
)-6
.52
(50
)1
8.3
1(7
2)
-32
.59
(33
)4
.80
(69
)2
7.5
8(2
7)
��
Me
dia
n1
1.4
6-1
5.3
6-6
.56
25
.10
-35
.71
7.2
12
2.5
2
Co
mp
ara
tiv
e P
erf
orm
an
ce
1 Q
trE
nd
ing
Ju
n-2
01
9
1 Q
trE
nd
ing
Ma
r-2
01
9
1 Q
trE
nd
ing
De
c-2
01
8
1 Q
trE
nd
ing
Se
p-2
01
8
1 Q
trE
nd
ing
Ju
n-2
01
8
1 Q
trE
nd
ing
Ma
r-2
01
8
Inve
stm
en
t-1
.18
(50
)1
7.4
7(6
9)
-17
.23
(34
)0
.85
(86
)1
4.1
2(1
1)
-11
.95
(70
)
I
nd
ex
0.1
2(1
0)
16
.82
(74
)-1
7.3
0(3
7)
6.5
7(1
2)
11
.80
(55
)-1
1.1
2(5
0)
M
ed
ian
-1.2
61
9.5
7-1
7.5
82
.69
11
.90
-11
.15
Str
ate
gy
Re
vie
w
Cu
sh
ing
ML
P |
Ale
ria
n M
LP
In
de
x
As
of
Se
pte
mb
er
30
, 2
01
9
Page
186
of 3
72
OP
EN
EN
D R
EA
L E
ST
AT
E F
UN
DS
Page
187
of 3
72
His
tori
ca
l S
tati
sti
cs
3 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t9
.14
0.8
86
.29
13
4.0
31
2N
/AN
/A
I
nd
ex
6.7
60
.29
9.1
61
00
.00
12
N/A
N/A
90
Da
y U
.S. T
rea
sury
Bill
1.5
40
.38
N/A
23
.14
12
N/A
N/A
His
tori
ca
l S
tati
sti
cs
5 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
tN
/AN
/AN
/AN
/AN
/AN
/AN
/A
In
de
x8
.57
1.3
14
.43
10
0.0
02
0N
/AN
/A
90
Da
y U
.S. T
rea
sury
Bill
0.9
60
.46
N/A
11
.55
19
N/A
1
Ris
k a
nd
Re
turn
3 Y
ea
rs
Inve
stm
en
tIn
de
x
6.0
6.6
7.2
7.8
8.4
9.0
9.6
Return (%)
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
Ris
k (
Sta
nd
ard
De
via
tio
n %
)
Ris
k a
nd
Re
turn
5 Y
ea
rs
Inve
stm
en
tIn
de
x
8.5
8.6
Return (%)
1.3
1.4
1.5
Ris
k (
Sta
nd
ard
De
via
tio
n %
)
3 Y
ea
r R
ollin
g P
erc
en
tile
Ra
nk
IM
U.S
. O
pe
n E
nd
Pri
va
te R
ea
l E
sta
te (
SA
+C
F)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal
Pe
rio
d5
-25
Co
un
t2
5-M
ed
ian
Co
un
tM
ed
ian
-75
Co
un
t7
5-9
5C
ou
nt
Inve
stm
en
t8
3(3
8%
)5
(63
%)
0(0
%)
0(0
%)
¾
Ind
ex
20
0(0
%)
0(0
%)
0(0
%)
20
(10
0%
)¾
5 Y
ea
r R
oll
ing
Pe
rce
nti
le R
an
k I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal P
eri
od
5-2
5C
ou
nt
25
-Me
dia
nC
ou
nt
Me
dia
n-7
5C
ou
nt
75
-95
Co
un
t
Inve
stm
en
t0
00
00
¾
Ind
ex
20
0(0
%)
0(0
%)
0(0
%)
20
(10
0%
)¾
Str
ate
gy
Re
vie
w
Am
eri
ca
n S
tra
teg
ic V
alu
e R
ea
lty
Fu
nd
| N
CR
EIF
Pro
pe
rty
In
de
x
As
of
Se
pte
mb
er
30
, 2
01
9
Page
188
of 3
72
Pe
er
Gro
up
An
aly
sis
- I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
-2.0
0.0
2.0
4.0
6.0
8.0
10
.0
12
.0
14
.0
16
.0
18
.0
Return
QT
RF
YT
D1
YR
2 Y
R3
YR
4 Y
R5
YR
Inve
stm
en
t1
.86
(43
)1
.86
(43
)7
.60
(34
)8
.44
(41
)9
.14
(27
)9
.94
(26
)N
/A��
Ind
ex
1.4
1(7
6)
1.4
1(7
6)
6.2
4(7
5)
6.7
0(8
6)
6.7
6(8
2)
7.3
7(8
4)
8.5
7(8
6)
��
Me
dia
n1
.79
1.7
96
.97
7.9
58
.07
8.7
39
.93
Pe
er
Gro
up
An
aly
sis
- I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
-1.0
2.0
5.0
8.0
11
.0
14
.0
17
.0
20
.0
23
.0
26
.0
29
.0
Return
20
19
20
18
20
17
20
16
20
15
20
14
20
13
Inve
stm
en
t8
.43
(28
)8
.79
(41
)9
.58
(13
)1
0.9
5(2
9)
18
.65
(18
)N
/AN
/A��
Ind
ex
6.4
2(6
7)
6.7
2(8
1)
6.9
6(7
9)
7.9
7(8
5)
13
.33
(73
)1
1.8
2(8
0)
10
.98
(83
)��
Me
dia
n7
.02
8.3
58
.07
9.4
71
5.0
11
3.5
11
4.3
0
Co
mp
ara
tiv
e P
erf
orm
an
ce
1 Q
trE
nd
ing
Ju
n-2
01
9
1 Q
trE
nd
ing
Ma
r-2
01
9
1 Q
trE
nd
ing
De
c-2
01
8
1 Q
trE
nd
ing
Se
p-2
01
8
1 Q
trE
nd
ing
Ju
n-2
01
8
1 Q
trE
nd
ing
Ma
r-2
01
8
Inve
stm
en
t1
.68
(21
)2
.31
(26
)1
.54
(62
)1
.84
(70
)2
.91
(26
)2
.22
(46
)
I
nd
ex
1.5
1(3
1)
1.8
0(7
0)
1.3
7(7
4)
1.6
7(7
7)
1.8
1(8
7)
1.7
0(8
4)
M
ed
ian
1.4
31
.99
1.7
52
.09
2.2
02
.20
Str
ate
gy
Re
vie
w
Am
eri
ca
n S
tra
teg
ic V
alu
e R
ea
lty
Fu
nd
| N
CR
EIF
Pro
pe
rty
In
de
x
As
of
Se
pte
mb
er
30
, 2
01
9
Page
189
of 3
72
His
tori
ca
l S
tati
sti
cs
3 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t6
.77
0.4
57
.29
10
6.5
61
2N
/AN
/A
I
nd
ex
6.3
40
.71
4.8
01
00
.00
12
N/A
N/A
90
Da
y U
.S. T
rea
sury
Bill
1.5
40
.38
N/A
24
.63
12
N/A
N/A
His
tori
ca
l S
tati
sti
cs
5 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t8
.37
1.4
04
.17
10
0.1
12
0N
/AN
/A
In
de
x8
.36
1.5
63
.73
10
0.0
02
0N
/AN
/A
90
Da
y U
.S. T
rea
sury
Bill
0.9
60
.46
N/A
11
.82
19
N/A
1
Ris
k a
nd
Re
turn
3 Y
ea
rs
Inve
stm
en
tIn
de
x
6.2
6.4
6.6
6.8
7.0
Return (%)
0.4
0.5
0.6
0.7
0.8
Ris
k (
Sta
nd
ard
De
via
tio
n %
)
Ris
k a
nd
Re
turn
5 Y
ea
rs
Inve
stm
en
tIn
de
x
8.3
8.4
Return (%)
1.2
1.3
1.4
1.5
1.6
Ris
k (
Sta
nd
ard
De
via
tio
n %
)
3 Y
ea
r R
ollin
g P
erc
en
tile
Ra
nk
IM
U.S
. O
pe
n E
nd
Pri
va
te R
ea
l E
sta
te (
SA
+C
F)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal
Pe
rio
d5
-25
Co
un
t2
5-M
ed
ian
Co
un
tM
ed
ian
-75
Co
un
t7
5-9
5C
ou
nt
Inve
stm
en
t2
00
(0%
)0
(0%
)1
(5%
)1
9(9
5%
)¾
Ind
ex
20
0(0
%)
0(0
%)
2(1
0%
)1
8(9
0%
)¾
5 Y
ea
r R
oll
ing
Pe
rce
nti
le R
an
k I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal P
eri
od
5-2
5C
ou
nt
25
-Me
dia
nC
ou
nt
Me
dia
n-7
5C
ou
nt
75
-95
Co
un
t
Inve
stm
en
t1
30
(0%
)0
(0%
)0
(0%
)1
3(1
00
%)
¾
Ind
ex
20
0(0
%)
0(0
%)
4(2
0%
)1
6(8
0%
)¾
Str
ate
gy
Re
vie
w
AE
W C
ore
Pro
pe
rty
Tru
st
| N
CR
EIF
Fu
nd
In
de
x-O
DC
E (
VW
) (N
et)
As
of
Se
pte
mb
er
30
, 2
01
9
Page
190
of 3
72
Pe
er
Gro
up
An
aly
sis
- I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
-2.0
0.0
2.0
4.0
6.0
8.0
10
.0
12
.0
14
.0
16
.0
18
.0
Return
QT
RF
YT
D1
YR
2 Y
R3
YR
4 Y
R5
YR
Inve
stm
en
t1
.55
(69
)1
.55
(69
)6
.19
(75
)6
.69
(86
)6
.77
(82
)7
.38
(84
)8
.37
(88
)��
Ind
ex
1.0
8(8
9)
1.0
8(8
9)
4.6
4(8
7)
6.1
6(9
0)
6.3
4(8
9)
7.0
2(9
0)
8.3
6(8
8)
��
Me
dia
n1
.79
1.7
96
.97
7.9
58
.07
8.7
39
.93
Pe
er
Gro
up
An
aly
sis
- I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
-1.0
2.0
5.0
8.0
11
.0
14
.0
17
.0
20
.0
23
.0
26
.0
29
.0
Return
20
19
20
18
20
17
20
16
20
15
20
14
20
13
Inve
stm
en
t5
.42
(82
)6
.90
(79
)7
.12
(78
)7
.61
(88
)1
2.8
2(8
3)
10
.44
(93
)1
1.4
8(8
1)
��
Ind
ex
4.3
9(9
0)
7.3
6(7
5)
6.6
6(8
1)
7.7
9(8
7)
13
.95
(71
)1
1.4
6(8
6)
12
.90
(60
)��
Me
dia
n7
.02
8.3
58
.07
9.4
71
5.0
11
3.5
11
4.3
0
Co
mp
ara
tiv
e P
erf
orm
an
ce
1 Q
trE
nd
ing
Ju
n-2
01
9
1 Q
trE
nd
ing
Ma
r-2
01
9
1 Q
trE
nd
ing
De
c-2
01
8
1 Q
trE
nd
ing
Se
p-2
01
8
1 Q
trE
nd
ing
Ju
n-2
01
8
1 Q
trE
nd
ing
Ma
r-2
01
8
Inve
stm
en
t1
.30
(62
)1
.51
(80
)1
.70
(57
)1
.45
(96
)2
.11
(62
)1
.47
(87
)
I
nd
ex
0.7
7(9
4)
1.2
0(8
7)
1.5
2(6
3)
1.8
7(6
7)
1.8
1(8
8)
1.9
7(6
8)
M
ed
ian
1.4
31
.99
1.7
52
.09
2.2
02
.20
Str
ate
gy
Re
vie
w
AE
W C
ore
Pro
pe
rty
Tru
st
| N
CR
EIF
Fu
nd
In
de
x-O
DC
E (
VW
) (N
et)
As
of
Se
pte
mb
er
30
, 2
01
9
Page
191
of 3
72
His
tori
ca
l S
tati
sti
cs
3 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t5
.95
1.5
32
.49
94
.07
11
N/A
1
I
nd
ex
6.3
40
.71
4.8
01
00
.00
12
N/A
N/A
90
Da
y U
.S. T
rea
sury
Bill
1.5
40
.38
N/A
24
.63
12
N/A
N/A
His
tori
ca
l S
tati
sti
cs
5 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t8
.20
2.0
52
.95
98
.26
19
N/A
1
In
de
x8
.36
1.5
63
.73
10
0.0
02
0N
/AN
/A
90
Da
y U
.S. T
rea
sury
Bill
0.9
60
.46
N/A
11
.82
19
N/A
1
Ris
k a
nd
Re
turn
3 Y
ea
rs
Inve
stm
en
tIn
de
x
5.8
6.0
6.2
6.4
6.6
Return (%)
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
Ris
k (
Sta
nd
ard
De
via
tio
n %
)
Ris
k a
nd
Re
turn
5 Y
ea
rs
Inve
stm
en
tIn
de
x
8.1
8.2
8.3
8.4
Return (%)
1.4
1.5
1.6
1.7
1.8
1.9
2.0
2.1
2.2
Ris
k (
Sta
nd
ard
De
via
tio
n %
)
3 Y
ea
r R
ollin
g P
erc
en
tile
Ra
nk
IM
U.S
. O
pe
n E
nd
Pri
va
te R
ea
l E
sta
te (
SA
+C
F)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal
Pe
rio
d5
-25
Co
un
t2
5-M
ed
ian
Co
un
tM
ed
ian
-75
Co
un
t7
5-9
5C
ou
nt
Inve
stm
en
t2
00
(0%
)0
(0%
)7
(35
%)
13
(65
%)
¾
Ind
ex
20
0(0
%)
0(0
%)
2(1
0%
)1
8(9
0%
)¾
5 Y
ea
r R
oll
ing
Pe
rce
nti
le R
an
k I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal P
eri
od
5-2
5C
ou
nt
25
-Me
dia
nC
ou
nt
Me
dia
n-7
5C
ou
nt
75
-95
Co
un
t
Inve
stm
en
t1
40
(0%
)0
(0%
)5
(36
%)
9(6
4%
)¾
Ind
ex
20
0(0
%)
0(0
%)
4(2
0%
)1
6(8
0%
)¾
Str
ate
gy
Re
vie
w
He
itm
an
Am
eri
ca
Re
al E
sta
te T
rus
t |
NC
RE
IF F
un
d In
de
x-O
DC
E (
VW
) (N
et)
As
of
Se
pte
mb
er
30
, 2
01
9
Page
192
of 3
72
Pe
er
Gro
up
An
aly
sis
- I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
-2.0
0.0
2.0
4.0
6.0
8.0
10
.0
12
.0
14
.0
16
.0
18
.0
Return
QT
RF
YT
D1
YR
2 Y
R3
YR
4 Y
R5
YR
Inve
stm
en
t1
.61
(64
)1
.61
(64
)3
.10
(97
)5
.57
(94
)5
.95
(90
)7
.08
(90
)8
.20
(90
)��
Ind
ex
1.0
8(8
9)
1.0
8(8
9)
4.6
4(8
7)
6.1
6(9
0)
6.3
4(8
9)
7.0
2(9
0)
8.3
6(8
8)
��
Me
dia
n1
.79
1.7
96
.97
7.9
58
.07
8.7
39
.93
Pe
er
Gro
up
An
aly
sis
- I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
-4.0
-1.0
2.0
5.0
8.0
11
.0
14
.0
17
.0
20
.0
23
.0
26
.0
29
.0
Return
20
19
20
18
20
17
20
16
20
15
20
14
20
13
Inve
stm
en
t1
.50
(97
)6
.73
(81
)6
.21
(91
)9
.17
(56
)1
5.0
6(5
0)
10
.12
(94
)1
4.3
5(5
0)
��
Ind
ex
4.3
9(9
0)
7.3
6(7
5)
6.6
6(8
1)
7.7
9(8
7)
13
.95
(71
)1
1.4
6(8
6)
12
.90
(60
)��
Me
dia
n7
.02
8.3
58
.07
9.4
71
5.0
11
3.5
11
4.3
0
Co
mp
ara
tiv
e P
erf
orm
an
ce
1 Q
trE
nd
ing
Ju
n-2
01
9
1 Q
trE
nd
ing
Ma
r-2
01
9
1 Q
trE
nd
ing
De
c-2
01
8
1 Q
trE
nd
ing
Se
p-2
01
8
1 Q
trE
nd
ing
Ju
n-2
01
8
1 Q
trE
nd
ing
Ma
r-2
01
8
Inve
stm
en
t-0
.50
(97
)1
.37
(81
)0
.59
(84
)2
.05
(54
)1
.93
(73
)2
.01
(66
)
I
nd
ex
0.7
7(9
4)
1.2
0(8
7)
1.5
2(6
3)
1.8
7(6
7)
1.8
1(8
8)
1.9
7(6
8)
M
ed
ian
1.4
31
.99
1.7
52
.09
2.2
02
.20
Str
ate
gy
Re
vie
w
He
itm
an
Am
eri
ca
Re
al E
sta
te T
rus
t |
NC
RE
IF F
un
d In
de
x-O
DC
E (
VW
) (N
et)
As
of
Se
pte
mb
er
30
, 2
01
9
Page
193
of 3
72
His
tori
ca
l S
tati
sti
cs
3 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t2
.73
3.9
70
.30
44
.85
10
N/A
2
I
nd
ex
6.3
40
.71
4.8
01
00
.00
12
N/A
N/A
90
Da
y U
.S. T
rea
sury
Bill
1.5
40
.38
N/A
24
.63
12
N/A
N/A
His
tori
ca
l S
tati
sti
cs
5 Y
ea
rs
Re
turn
Sta
nd
ard
De
via
tio
nS
ha
rpe
Ra
tio
Up
Ma
rke
tC
ap
ture
Up
Qu
art
ers
Do
wn
Ma
rke
tC
ap
ture
Do
wn
Qu
art
ers
Inve
stm
en
t6
.82
4.1
31
.28
83
.05
18
N/A
2
In
de
x8
.36
1.5
63
.73
10
0.0
02
0N
/AN
/A
90
Da
y U
.S. T
rea
sury
Bill
0.9
60
.46
N/A
11
.82
19
N/A
1
Ris
k a
nd
Re
turn
3 Y
ea
rs
Inve
stm
en
tIn
de
x
1.8
2.7
3.6
4.5
5.4
6.3
7.2
Return (%)
0.0
0.4
0.8
1.2
1.6
2.0
2.4
2.8
3.2
3.6
4.0
4.4
4.8
Ris
k (
Sta
nd
ard
De
via
tio
n %
)
Ris
k a
nd
Re
turn
5 Y
ea
rs
Inve
stm
en
tIn
de
x
6.4
6.8
7.2
7.6
8.0
8.4
8.8
Return (%)
0.9
1.2
1.5
1.8
2.1
2.4
2.7
3.0
3.3
3.6
3.9
4.2
4.5
4.8
Ris
k (
Sta
nd
ard
De
via
tio
n %
)
3 Y
ea
r R
ollin
g P
erc
en
tile
Ra
nk
IM
U.S
. O
pe
n E
nd
Pri
va
te R
ea
l E
sta
te (
SA
+C
F)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal
Pe
rio
d5
-25
Co
un
t2
5-M
ed
ian
Co
un
tM
ed
ian
-75
Co
un
t7
5-9
5C
ou
nt
Inve
stm
en
t2
00
(0%
)3
(15
%)
9(4
5%
)8
(40
%)
¾
Ind
ex
20
0(0
%)
0(0
%)
2(1
0%
)1
8(9
0%
)¾
5 Y
ea
r R
oll
ing
Pe
rce
nti
le R
an
k I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
0.0
25
.0
50
.0
75
.0
10
0.0
Return Percentile Rank
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
To
tal P
eri
od
5-2
5C
ou
nt
25
-Me
dia
nC
ou
nt
Me
dia
n-7
5C
ou
nt
75
-95
Co
un
t
Inve
stm
en
t1
40
(0%
)0
(0%
)5
(36
%)
9(6
4%
)¾
Ind
ex
20
0(0
%)
0(0
%)
4(2
0%
)1
6(8
0%
)¾
Str
ate
gy
Re
vie
w
L&
B C
ore
In
co
me
Pa
rtn
ers
| N
CR
EIF
Fu
nd
In
de
x-O
DC
E (
VW
) (N
et)
As
of
Se
pte
mb
er
30
, 2
01
9
Page
194
of 3
72
Pe
er
Gro
up
An
aly
sis
- I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
-10
.0
-7.0
-4.0
-1.0
2.0
5.0
8.0
11
.0
14
.0
17
.0
20
.0
Return
QT
RF
YT
D1
YR
2 Y
R3
YR
4 Y
R5
YR
Inve
stm
en
t-2
.10
(10
0)
-2.1
0(1
00
)-5
.58
(10
0)
0.4
5(1
00
)2
.73
(10
0)
5.0
0(1
00
)6
.82
(96
)��
Ind
ex
1.0
8(8
9)
1.0
8(8
9)
4.6
4(8
7)
6.1
6(9
0)
6.3
4(8
9)
7.0
2(9
0)
8.3
6(8
8)
��
Me
dia
n1
.79
1.7
96
.97
7.9
58
.07
8.7
39
.93
Pe
er
Gro
up
An
aly
sis
- I
M U
.S.
Op
en
En
d P
riv
ate
Re
al
Es
tate
(S
A+
CF
)
-20
.0
-15
.0
-10
.0
-5.0
0.0
5.0
10
.0
15
.0
20
.0
25
.0
30
.0
Return
20
19
20
18
20
17
20
16
20
15
20
14
20
13
Inve
stm
en
t-1
0.3
6(1
00
)6
.00
(85
)7
.00
(79
)9
.17
(56
)1
6.2
3(3
5)
13
.01
(65
)1
0.1
7(9
2)
��
Ind
ex
4.3
9(9
0)
7.3
6(7
5)
6.6
6(8
1)
7.7
9(8
7)
13
.95
(71
)1
1.4
6(8
6)
12
.90
(60
)��
Me
dia
n7
.02
8.3
58
.07
9.4
71
5.0
11
3.5
11
4.3
0
Co
mp
ara
tiv
e P
erf
orm
an
ce
1 Q
trE
nd
ing
Ju
n-2
01
9
1 Q
trE
nd
ing
Ma
r-2
01
9
1 Q
trE
nd
ing
De
c-2
01
8
1 Q
trE
nd
ing
Se
p-2
01
8
1 Q
trE
nd
ing
Ju
n-2
01
8
1 Q
trE
nd
ing
Ma
r-2
01
8
Inve
stm
en
t-4
.70
(10
0)
0.0
3(1
00
)1
.18
(81
)1
.70
(76
)1
.37
(10
0)
1.6
3(8
5)
I
nd
ex
0.7
7(9
4)
1.2
0(8
7)
1.5
2(6
3)
1.8
7(6
7)
1.8
1(8
8)
1.9
7(6
8)
M
ed
ian
1.4
31
.99
1.7
52
.09
2.2
02
.20
Str
ate
gy
Re
vie
w
L&
B C
ore
In
co
me
Pa
rtn
ers
| N
CR
EIF
Fu
nd
In
de
x-O
DC
E (
VW
) (N
et)
As
of
Se
pte
mb
er
30
, 2
01
9
Page
195
of 3
72
CL
OS
ED
EN
D R
EA
L E
ST
AT
E F
UN
DS
Page
196
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
18
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
1.5
0%
Ca
rrie
d I
nte
rest
: 2
0%
, su
bje
ct t
o a
n 8
% p
refe
rre
d r
etu
rn a
nd
a 5
0%
ca
tch
-u
p
Ta
rge
t IR
R:
8.0
0%
Inc
ep
tio
n:
08
/02
/20
18
Ge
ne
ral P
art
ne
r:A
GR
X L
LC
Inv
es
tme
nt
Str
ate
gy
:A
ng
elo
Go
rdo
n h
as
stru
ctu
red
th
e f
un
d t
o p
rovi
de
inve
sto
rs w
ith a
cce
ss t
o a
bro
ad
sp
ect
rum
of
valu
e-a
dd
op
po
rtu
niti
es,
fro
m li
gh
t va
lue
-ad
d,
wh
ere
we
exe
cute
a s
tra
teg
y to
imp
rove
op
era
tion
s a
nd
ad
dre
ss e
xist
ing
va
can
cy,
to h
ea
vy-v
alu
e a
dd
, w
he
re w
e r
ep
osi
tion
a p
rop
ert
y o
r e
ven
ch
an
ge
its
use
, a
s w
ell
as
oth
er
valu
e-a
dd
act
ivity
be
twe
en
th
ese
tw
o e
nd
s o
f th
esp
ect
rum
. T
he
Fu
nd
ta
rge
ts 1
6-1
7%
gro
ss r
etu
rn,
an
d t
arg
ets
a 1
2-1
3%
ne
t re
turn
.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
60
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$4
,50
0,0
00
Ma
na
ge
me
nt
Fe
es
:-
Ex
pe
ns
es
:-
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$4
,50
0,0
00
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$5
5,5
00
,00
0
To
tal D
istr
ibu
tio
ns
:-
Ma
rke
t V
alu
e:
$3
,69
6,1
20
Inc
ep
tio
n D
ate
:0
6/1
0/2
01
9
Inc
ep
tio
n IR
R:
-17
.9
TV
PI:
0.8
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$1
,17
0,0
00
.0
$2
,34
0,0
00
.0
$3
,51
0,0
00
.0
$4
,68
0,0
00
.0
$5
,85
0,0
00
.0
($1
,17
0,0
00
.0)
6/1
99
/19
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
AG
Re
alt
y V
alu
e F
un
d X
As
of
Se
pte
mb
er
30
, 2
01
9
Page
197
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
06
/10
/20
19
-4
,50
0,0
00
--
-4
,50
0,0
00
--
--
--
06
/30
/20
19
3,7
58
,77
9-
--
--
--
--
--
07
/31
/20
19
3,7
58
,77
9-
--
--
--
--
--
08
/31
/20
19
3,7
58
,77
9-
--
--
--
--
--
09
/30
/20
19
3,6
96
,12
0-
--
--
--
--
--
To
tal
4,5
00
,00
0-
--
4,5
00
,00
0-
--
--
-
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
AG
Re
alt
y V
alu
e F
un
d X
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
198
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
14
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
15
0 b
ps
Ta
rge
t IR
R:
6.0
0%
Inc
ep
tio
n:
10
/21
/20
14
Ge
ne
ral P
art
ne
r:
Inv
es
tme
nt
Str
ate
gy
:E
xtre
me
ly h
an
ds
on
inve
stm
en
t p
roce
ss t
ha
t cu
rre
ntly
ma
na
ge
s a
div
ers
ifie
d p
ort
folio
of
mu
lti-f
am
ily in
vest
me
nts
in tw
o s
ub
-ma
rke
ts w
he
re t
he
y se
ek
de
ep
pro
pe
rty
by
pro
pe
rty
kno
wle
dg
ea
nd
a d
om
ina
nt
ma
rke
t sh
are
. C
urr
en
tly,
the
ir p
ort
folio
ow
ns
ove
r 6
,00
0 a
pa
rtm
en
t u
nits
in C
hic
ag
o,
Ka
nsa
s C
ity,
an
d S
t. L
ou
is in
are
as
tha
t e
xhib
it st
ron
g,
stru
ctu
ral s
up
ply
/de
ma
nd
con
diti
on
s th
at
can
no
t b
e e
asi
ly r
eve
rse
d a
nd
ulti
ma
tely
be
ne
fit a
pa
rtm
en
t o
wn
ers
. T
he
te
am
se
eks
are
as
wh
ere
su
pp
ly/d
em
an
d r
em
ain
s in
dis
eq
uili
bri
um
an
d f
avo
rab
le t
o lo
ng
-te
rm g
row
thra
tes
of
ren
tal i
nco
me
. O
pe
ratin
g e
xpe
nse
s fo
r th
eir
pro
pe
rtie
s te
nd
to
re
ma
in f
lat
aft
er
initi
al i
nve
stm
en
t, a
llow
ing
th
em
to
co
mp
ou
nd
a g
row
ing
leve
l of
ne
t o
pe
ratin
g e
xpe
nse
s. T
he
te
am
focu
ses
on
ye
ar
ove
r ye
ar
op
era
ting
su
cce
ss r
ath
er
tha
n “
tra
de
s”.
Th
e f
un
d e
xpe
cts
to d
ep
loy
eq
ua
lly b
etw
ee
n C
hic
ag
o,
Ka
nsa
s C
ity a
nd
St.
Lo
uis
. P
rop
ert
y a
cqu
isiti
on
s a
re m
ovi
ng
fo
rwa
rd a
t a
de
libe
rate
pa
ce.
Th
e lo
catio
n o
f th
e B
ara
ck O
ba
ma
pre
sid
en
tial l
ibra
ry w
as
an
no
un
ced
to
be
at th
e S
ou
th s
ide
of
Ch
ica
go
. T
his
sh
ou
ld b
e p
osi
tive
fo
r th
e p
ort
folio
’s h
old
ing
s in
th
e H
yde
Pa
rk n
eig
hb
orh
oo
d
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
53
,75
0,0
00
Ca
pit
al In
ve
ste
d:
$5
3,7
50
,00
0
Ma
na
ge
me
nt
Fe
es
:-
Ex
pe
ns
es
:-
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$5
3,7
50
,00
0
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
-
To
tal D
istr
ibu
tio
ns
:$
5,6
07
,63
7
Ma
rke
t V
alu
e:
$6
4,7
32
,20
0
Inc
ep
tio
n D
ate
:1
1/1
2/2
01
4
Inc
ep
tio
n IR
R:
7.6
TV
PI:
1.3
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$1
8,2
00
,00
0.0
$3
6,4
00
,00
0.0
$5
4,6
00
,00
0.0
$7
2,8
00
,00
0.0
$9
1,0
00
,00
0.0
($1
8,2
00
,00
0.0
)
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Ly
ric
al -
OT
RS
Re
alt
y P
art
ne
rs IV
As
of
Se
pte
mb
er
30
, 2
01
9
Page
199
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
11
/12
/20
14
-2
,68
7,5
00
--
-2
,68
7,5
00
--
--
--
11
/30
/20
14
2,6
87
,50
0-
--
--
--
--
--
12
/15
/20
14
-8
,06
2,5
00
--
-8
,06
2,5
00
--
--
--
12
/31
/20
14
10
,75
0,0
00
--
--
--
--
--
-
01
/31
/20
15
10
,75
0,0
00
--
--
--
--
--
-
02
/06
/20
15
-5
,37
5,0
00
--
-5
,37
5,0
00
--
--
--
02
/28
/20
15
16
,12
5,0
00
--
--
--
--
--
-
03
/27
/20
15
-2
,68
7,5
00
--
-2
,68
7,5
00
--
--
--
03
/31
/20
15
18
,81
2,5
00
--
--
--
--
--
-
04
/30
/20
15
18
,81
2,5
00
--
--
--
--
--
-
05
/31
/20
15
18
,81
2,5
00
--
--
--
--
--
-
06
/12
/20
15
-2
,68
7,5
00
--
-2
,68
7,5
00
--
--
--
06
/30
/20
15
21
,50
0,0
00
--
--
--
--
--
-
07
/31
/20
15
21
,50
0,0
00
--
--
--
--
--
-
08
/31
/20
15
21
,50
0,0
00
--
--
--
--
--
-
09
/30
/20
15
21
,50
0,0
00
--
--
--
--
--
-
10
/16
/20
15
-5
,37
5,0
00
--
-5
,37
5,0
00
--
--
--
10
/31
/20
15
26
,87
5,0
00
--
--
--
--
--
-
11
/30
/20
15
26
,87
5,0
00
--
--
--
--
--
-
12
/31
/20
15
26
,87
5,0
00
--
--
--
--
--
-
01
/31
/20
16
26
,87
5,0
00
--
--
--
--
--
-
02
/29
/20
16
26
,87
5,0
00
--
--
--
--
--
-
03
/31
/20
16
26
,87
5,0
00
--
--
--
--
--
-
04
/30
/20
16
26
,87
5,0
00
--
--
--
--
--
-
05
/31
/20
16
26
,87
5,0
00
--
--
--
--
--
-
06
/30
/20
16
26
,87
5,0
00
--
--
--
--
--
-
07
/08
/20
16
-1
0,7
50
,00
0-
--
10
,75
0,0
00
--
--
--
07
/31
/20
16
37
,62
5,0
00
--
--
--
--
--
-
08
/31
/20
16
37
,62
5,0
00
--
--
--
--
--
-
09
/02
/20
16
-5
,37
5,0
00
--
-5
,37
5,0
00
--
--
--
09
/30
/20
16
43
,00
0,0
00
--
--
--
--
--
-
10
/31
/20
16
43
,00
0,0
00
--
--
--
--
--
-
11
/29
/20
16
-8
,06
2,5
00
--
-8
,06
2,5
00
--
--
--
11
/30
/20
16
51
,06
2,5
00
--
--
--
--
--
-
12
/31
/20
16
52
,21
0,4
83
--
--
--
--
--
-
01
/31
/20
17
52
,21
0,4
83
--
--
--
--
--
-
02
/28
/20
17
52
,21
0,4
83
--
--
--
--
--
-
03
/31
/20
17
52
,21
0,4
83
--
--
--
--
--
-
04
/30
/20
17
52
,21
0,4
83
--
--
--
--
--
-
05
/31
/20
17
52
,21
0,4
83
--
--
--
--
--
-
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Ly
ric
al -
OT
RS
Re
alt
y P
art
ne
rs IV
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
200
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Ly
ric
al -
OT
RS
Re
alt
y P
art
ne
rs IV
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
06
/30
/20
17
52
,21
0,4
83
--
--
--
--
--
-
07
/31
/20
17
52
,21
0,4
83
--
--
--
--
--
-
08
/31
/20
17
52
,21
0,4
83
--
--
--
--
--
-
09
/18
/20
17
--
--
--
--
--
64
0,8
73
64
0,8
73
09
/30
/20
17
51
,56
9,6
10
--
--
--
--
--
-
10
/16
/20
17
-2
,68
7,5
00
--
-2
,68
7,5
00
--
--
--
10
/31
/20
17
54
,25
7,1
10
--
--
--
--
--
-
11
/30
/20
17
54
,25
7,1
10
--
--
--
--
--
-
12
/18
/20
17
--
--
--
--
--
64
0,8
73
64
0,8
73
12
/31
/20
17
61
,12
0,3
35
--
--
--
--
--
-
01
/31
/20
18
61
,12
0,3
35
--
--
--
--
--
-
02
/28
/20
18
61
,12
0,3
35
--
--
--
--
--
-
03
/15
/20
18
--
--
--
--
--
64
0,8
73
64
0,8
73
03
/31
/20
18
60
,49
9,5
40
--
--
--
--
--
-
04
/30
/20
18
60
,49
9,5
40
--
--
--
--
--
-
05
/31
/20
18
60
,49
9,5
40
--
--
--
--
--
-
06
/15
/20
18
--
--
--
--
--
73
7,0
04
73
7,0
04
06
/30
/20
18
61
,07
9,9
09
--
--
--
--
--
-
07
/31
/20
18
61
,07
9,9
09
--
--
--
--
--
-
08
/31
/20
18
61
,07
9,9
09
--
--
--
--
--
-
09
/30
/20
18
63
,06
3,3
19
--
--
--
--
-7
37
,00
47
37
,00
4
10
/31
/20
18
63
,06
3,3
19
--
--
--
--
--
-
11
/30
/20
18
63
,06
3,3
19
--
--
--
--
--
-
12
/31
/20
18
62
,75
8,7
34
--
--
--
--
-7
37
,00
47
37
,00
4
01
/31
/20
19
62
,75
8,7
34
--
--
--
--
--
-
02
/28
/20
19
62
,75
8,7
34
--
--
--
--
--
-
03
/15
/20
19
--
--
--
--
--
73
7,0
04
73
7,0
04
03
/31
/20
19
62
,73
1,8
00
--
--
--
--
--
-
04
/30
/20
19
62
,73
1,8
00
--
--
--
--
--
-
05
/31
/20
19
62
,73
1,8
00
--
--
--
--
--
-
06
/30
/20
19
64
,00
9,5
59
--
--
--
--
--
-
07
/31
/20
19
64
,00
9,5
59
--
--
--
--
--
-
08
/31
/20
19
64
,00
9,5
59
--
--
--
--
--
-
09
/16
/20
19
--
--
--
--
--
73
7,0
04
73
7,0
04
09
/30
/20
19
64
,73
2,2
00
--
--
--
--
--
-
To
tal
53
,75
0,0
00
--
-5
3,7
50
,00
0-
--
-5
,60
7,6
37
5,6
07
,63
7
Page
201
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:D
ire
ctV
inta
ge
Ye
ar:
20
18
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
1.5
0%
Ta
rge
t IR
R:
9%
Inc
ep
tio
n:
12
/05
/20
17
Ge
ne
ral P
art
ne
r:A
rte
mis
Re
al E
sta
te P
art
ne
rs F
un
d I
II G
P,
LL
C
Inv
es
tme
nt
Str
ate
gy
:V
alu
e-a
dd
ed
, co
mm
ing
led
re
al e
sta
te f
un
d to
inve
st in
eq
uity
an
d d
eb
t a
cro
ss p
rod
uct
typ
e a
nd
ge
og
rap
hy
in t
he
U.S
.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
50
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$6
,03
4,6
03
Ma
na
ge
me
nt
Fe
es
:$
1,1
83
,69
6
Ex
pe
ns
es
:-
Inte
res
t:$
19
,59
9
To
tal C
on
trib
uti
on
s:
$7
,23
7,8
98
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$4
2,9
01
,49
6
To
tal D
istr
ibu
tio
ns
:$
12
2,6
76
Ma
rke
t V
alu
e:
$6
,10
7,8
61
Inc
ep
tio
n D
ate
:0
1/0
8/2
01
9
Inc
ep
tio
n IR
R:
-22
.0
TV
PI:
0.9
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$1
,89
8,0
00
.0
$3
,79
6,0
00
.0
$5
,69
4,0
00
.0
$7
,59
2,0
00
.0
$9
,49
0,0
00
.0
($1
,89
8,0
00
.0)
1/1
94
/19
7/1
99
/19
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Art
em
is R
ea
l E
sta
te P
art
ne
rs F
un
d III
As
of
Se
pte
mb
er
30
, 2
01
9
Page
202
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
01
/08
/20
19
-9
81
,31
16
19
,80
0-
19
,59
91
,62
0,7
10
--
--
--
01
/31
/20
19
1,6
20
,71
0-
--
--
--
--
--
02
/05
/20
19
-4
95
,49
03
76
,91
0-
-8
72
,40
0-
--
--
-
02
/28
/20
19
2,1
16
,20
0-
--
--
--
--
--
03
/18
/20
19
-5
33
,05
8-
--
53
3,0
58
--
--
--
03
/31
/20
19
2,0
19
,34
4-
--
--
--
--
--
04
/05
/20
19
-1
,47
5,9
64
--
-1
,47
5,9
64
--
--
--
04
/10
/20
19
--
--
--
--
2,8
81
11
9,7
95
-1
22
,67
6
04
/30
/20
19
3,3
72
,63
2-
--
--
--
--
--
05
/31
/20
19
3,3
72
,63
2-
--
--
--
--
--
06
/05
/20
19
-9
90
,68
3-
--
99
0,6
83
--
--
--
06
/30
/20
19
4,6
11
,62
2-
--
--
--
--
--
07
/03
/20
19
-5
17
,02
01
86
,98
6-
-7
04
,00
6-
--
--
-
07
/31
/20
19
5,1
28
,64
2-
--
--
--
--
--
08
/31
/20
19
5,1
28
,64
2-
--
--
--
--
--
09
/09
/20
19
-1
,04
1,0
77
--
-1
,04
1,0
77
--
--
--
09
/30
/20
19
6,1
07
,86
1-
--
--
--
--
--
To
tal
6,0
34
,60
31
,18
3,6
96
-1
9,5
99
7,2
37
,89
8-
-2
,88
11
19
,79
5-
12
2,6
76
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Art
em
is R
ea
l E
sta
te P
art
ne
rs F
un
d III
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
203
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
13
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
1.5
0%
+ P
BF
Ta
rge
t IR
R:
Pre
-ta
x n
et
an
nu
al I
RR
on
inve
ste
d c
ap
ital o
f 1
5-1
7%
Inc
ep
tio
n:
02
/01
/20
13
Ge
ne
ral P
art
ne
r:D
un
e R
ea
l Est
ate
Pa
rtn
ers
III
LL
C
Inv
es
tme
nt
Str
ate
gy
:W
ith t
arg
ete
d e
qu
ity c
om
mitm
en
ts o
f $
96
0 m
illio
n,
Fu
nd
III
co
ntin
ue
s th
e e
xecu
tion
of
Du
ne
's o
pp
ort
un
istic
eq
uity
inve
stm
en
t p
rog
ram
with
a f
ocu
s o
n d
istr
ess
ed
, d
ee
p v
alu
e-a
dd
an
dco
ntr
ari
an
inve
stin
g,
pri
ma
rily
in t
he
U.S
. D
un
e in
ten
ds
for
Fu
nd
III
to
acq
uir
e r
ea
l est
ate
acr
oss
mu
ltip
le s
ect
ors
incl
ud
ing
mu
ltifa
mily
, re
tail,
off
ice
, in
du
stri
al &
ho
tel s
ect
ors
, a
mo
ng
oth
ers
.D
un
e s
ee
ks t
o a
sse
mb
le a
po
rtfo
lio o
f o
pp
ort
un
istic
inve
stm
en
ts f
or
Fu
nd
III
, w
ell-
ba
lan
ced
by
reg
ion
an
d s
ect
or,
th
at
Du
ne
be
lieve
s ca
n g
en
era
te a
fu
nd
-le
vel,
pre
-ta
x n
et
an
nu
al I
RR
on
inve
ste
d c
ap
ital o
f b
etw
ee
n 1
5%
an
d 1
7%
. In
vest
me
nts
are
ge
ne
rally
exp
ect
ed
to
be
he
ld b
y F
un
d I
II f
or
a p
eri
od
of a
pp
roxi
ma
tely
fiv
e y
ea
rs.
Du
ne
's s
tra
teg
y fo
r F
un
d I
II b
roa
dly
fo
cuse
s o
n t
he
op
po
rtu
niti
es
resu
ltin
g f
rom
un
pre
ced
en
ted
de
leve
rag
ing
of
the
ca
pita
l ma
rke
ts a
nd
co
rre
spo
nd
ing
dis
tre
ss a
nd
dis
loca
tion
in t
he
re
al
est
ate
ma
rke
ts.
Du
ne
exe
cute
s its
str
ate
gy
thro
ug
h t
hre
e p
rim
ary
inve
stm
en
t th
em
es
in F
un
d I
II:
1.
Dis
tre
sse
d:
Acq
uis
itio
n,
reca
pita
liza
tion
an
d/o
r re
stru
ctu
rin
g o
f su
b-p
erf
orm
ing
an
d n
on
-pe
rfo
rmin
g c
om
me
rcia
l mo
rtg
ag
es
an
d o
the
r re
al e
sta
te lo
an
s a
s a
n e
ffe
ctiv
e m
ea
ns
of
acq
uir
ing
rea
l est
ate
;2
. D
ee
p V
alu
e-A
dd
: R
ep
osi
tion
ing
of
rea
l est
ate
ass
ets
an
d/o
r ra
tion
aliz
atio
n o
f ca
pita
l str
uct
ure
s; a
nd
3.
Co
ntr
ari
an
: In
vest
ing
to
ta
ke a
dva
nta
ge
of
ove
rso
ld m
ark
ets
or
ass
et
cla
sse
swh
ere
th
e a
cqu
isiti
on
ba
sis
is c
om
pe
llin
g a
nd
wh
ere
inve
sto
r b
eh
avi
or
ha
s cr
ea
ted
exp
loita
ble
mis
pri
cin
g.
Inve
stm
en
t O
bje
ctiv
e:
Fu
nd
III
will
se
ek
to m
ake
inve
stm
en
ts in
a b
roa
d r
an
ge
of
rea
l est
ate
an
d r
ea
l est
ate
-re
late
d in
vest
me
nts
, su
ch in
vest
me
nts
to
incl
ud
e b
ut
no
t b
e li
mite
d t
oin
vest
me
nts
in s
ing
le a
sse
ts,
po
rtfo
lios,
join
t ve
ntu
res
an
d o
pe
ratin
g c
om
pa
nie
s, a
s w
ell
as
rea
l est
ate
-re
late
d lo
an
s a
nd
de
bt
secu
ritie
s.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
53
,75
0,0
00
Ca
pit
al In
ve
ste
d:
$5
0,4
70
,52
8
Ma
na
ge
me
nt
Fe
es
:-
Ex
pe
ns
es
:-
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$5
0,4
70
,52
8
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$3
,95
8,1
59
To
tal D
istr
ibu
tio
ns
:$
17
,34
3,2
99
Ma
rke
t V
alu
e:
$5
4,5
77
,45
7
Inc
ep
tio
n D
ate
:1
1/0
7/2
01
4
Inc
ep
tio
n IR
R:
11
.8
TV
PI:
1.4
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$1
5,6
00
,00
0.0
$3
1,2
00
,00
0.0
$4
6,8
00
,00
0.0
$6
2,4
00
,00
0.0
$7
8,0
00
,00
0.0
($1
5,6
00
,00
0.0
)
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Du
ne
Re
al E
sta
te F
un
d III
As
of
Se
pte
mb
er
30
, 2
01
9
Page
204
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
11
/07
/20
14
-1
0,6
85
,61
2-
--
10
,68
5,6
12
--
--
--
11
/30
/20
14
10
,68
5,6
12
--
--
--
--
--
-
12
/31
/20
14
11
,93
5,0
03
--
--
--
--
--
-
01
/31
/20
15
11
,93
5,0
03
--
--
--
--
--
-
02
/09
/20
15
-5
,37
5,0
00
--
-5
,37
5,0
00
--
--
--
02
/28
/20
15
17
,31
0,0
03
--
--
--
--
--
-
03
/31
/20
15
17
,91
7,2
78
--
--
--
--
--
-
04
/30
/20
15
17
,91
7,2
78
--
--
--
--
--
-
05
/31
/20
15
17
,91
7,2
78
--
--
--
--
--
-
06
/12
/20
15
-6
78
,68
7-
--
67
8,6
87
--
-6
78
,68
7-
67
8,6
87
06
/25
/20
15
-5
,37
5,0
00
--
-5
,37
5,0
00
--
--
--
06
/30
/20
15
24
,28
1,4
09
--
--
--
--
--
-
07
/31
/20
15
24
,28
1,4
09
--
--
--
--
--
-
08
/31
/20
15
24
,28
1,4
09
--
--
--
--
--
-
09
/30
/20
15
25
,03
4,7
73
--
--
--
--
--
-
10
/31
/20
15
25
,03
4,7
73
--
--
--
--
--
-
11
/30
/20
15
25
,03
4,7
73
--
--
--
--
--
-
12
/14
/20
15
-6
,05
7,5
13
--
-6
,05
7,5
13
--
--
--
12
/31
/20
15
31
,61
1,9
58
--
--
--
--
--
-
01
/31
/20
16
31
,61
1,9
58
--
--
--
--
--
-
02
/29
/20
16
31
,61
1,9
58
--
--
--
--
--
-
03
/31
/20
16
32
,13
8,3
53
--
--
--
--
--
-
04
/30
/20
16
32
,13
8,3
53
--
--
--
--
--
-
05
/02
/20
16
-2
,79
9,4
81
--
-2
,79
9,4
81
--
--
--
05
/31
/20
16
34
,93
7,8
34
--
--
--
--
--
-
06
/30
/20
16
36
,55
1,3
95
--
--
--
--
--
-
07
/31
/20
16
36
,55
1,3
95
--
--
--
--
--
-
08
/31
/20
16
36
,55
1,3
95
--
--
--
--
--
-
09
/27
/20
16
-3
,30
1,1
46
--
-3
,30
1,1
46
--
--
--
09
/30
/20
16
41
,14
5,9
07
--
--
--
--
--
-
10
/31
/20
16
41
,14
5,9
07
--
--
--
--
--
-
11
/30
/20
16
41
,14
5,9
07
--
--
--
--
--
-
12
/31
/20
16
42
,69
8,7
97
--
--
--
--
--
-
01
/31
/20
17
42
,69
8,7
97
--
--
--
--
--
-
02
/28
/20
17
42
,69
8,7
97
--
--
--
--
--
-
03
/20
/20
17
-2
,41
8,7
50
--
-2
,41
8,7
50
--
--
--
03
/31
/20
17
46
,02
0,3
84
--
--
--
--
--
-
04
/30
/20
17
46
,02
0,3
84
--
--
--
--
--
-
05
/31
/20
17
46
,02
0,3
84
--
--
--
--
--
-
06
/30
/20
17
47
,97
2,7
88
--
--
--
--
--
-
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Du
ne
Re
al E
sta
te F
un
d III
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
205
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Du
ne
Re
al E
sta
te F
un
d III
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
07
/31
/20
17
47
,97
2,7
88
--
--
--
--
--
-
08
/31
/20
17
47
,97
2,7
88
--
--
--
--
--
-
09
/30
/20
17
50
,14
8,4
89
--
--
--
--
--
-
10
/02
/20
17
-1
,07
5,0
00
--
-1
,07
5,0
00
--
--
--
10
/31
/20
17
51
,22
3,4
89
--
--
--
--
--
-
11
/30
/20
17
51
,22
3,4
89
--
--
--
--
--
-
12
/31
/20
17
53
,17
9,3
14
--
--
--
--
--
-
01
/31
/20
18
53
,17
9,3
14
--
--
--
--
--
-
02
/28
/20
18
56
,13
5,5
27
2,9
56
,21
3-
--
2,9
56
,21
3-
--
--
-
03
/26
/20
18
-3
,11
3,0
20
--
-3
,11
3,0
20
--
--
--
03
/31
/20
18
59
,28
3,2
27
--
--
--
--
--
-
04
/30
/20
18
55
,33
0,2
15
--
--
--
--
-3
,95
3,0
12
3,9
53
,01
2
05
/31
/20
18
55
,33
0,2
15
--
--
--
--
--
-
06
/27
/20
18
--
--
--
--
--
4,4
91
,11
94
,49
1,1
19
06
/30
/20
18
52
,79
4,8
64
--
--
--
--
--
-
07
/31
/20
18
52
,79
4,8
64
--
--
--
--
--
-
08
/24
/20
18
--
--
--
--
--
2,3
31
,98
82
,33
1,9
88
08
/31
/20
18
50
,46
2,8
76
--
--
--
--
--
-
09
/17
/20
18
-2
,91
5,9
38
--
-2
,91
5,9
38
--
--
--
09
/30
/20
18
56
,24
7,1
08
--
--
--
--
--
-
10
/31
/20
18
56
,24
7,1
08
--
--
--
--
--
-
11
/30
/20
18
56
,24
7,1
08
--
--
--
--
--
-
12
/14
/20
18
--
--
--
--
--
1,3
37
,91
11
,33
7,9
11
12
/31
/20
18
56
,43
8,5
43
--
--
--
--
--
-
01
/29
/20
19
-2
,35
7,1
61
--
-2
,35
7,1
61
--
--
--
01
/31
/20
19
58
,79
5,7
04
--
--
--
--
--
-
02
/28
/20
19
58
,79
5,7
04
--
--
--
--
--
-
03
/31
/20
19
59
,94
5,6
18
--
--
--
--
--
-
04
/30
/20
19
59
,94
5,6
18
--
--
--
--
--
-
05
/23
/20
19
--
--
--
--
--
2,8
73
,32
92
,87
3,3
29
05
/31
/20
19
57
,07
2,2
89
--
--
--
--
--
-
06
/17
/20
19
-6
75
,80
1-
--
67
5,8
01
--
--
--
06
/30
/20
19
58
,26
4,6
70
--
--
--
--
--
-
07
/31
/20
19
58
,26
4,6
70
--
--
--
--
--
-
08
/31
/20
19
58
,26
4,6
70
--
--
--
--
--
-
09
/27
/20
19
-6
86
,20
6-
--
68
6,2
06
--
--
1,6
77
,25
31
,67
7,2
53
09
/30
/20
19
54
,57
7,4
57
--
--
--
--
--
-
To
tal
50
,47
0,5
28
--
-5
0,4
70
,52
8-
--
67
8,6
87
16
,66
4,6
12
17
,34
3,2
99
Page
206
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
18
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
Co
mm
itme
nt
Pe
rio
d 1
.5%
pe
r a
nn
um
; In
cen
tive
Fe
e:
20
% P
rofit
s In
tere
st,
with
a4
0%
/ 6
0%
GP
ca
tch
-up
Ta
rge
t IR
R:
9%
Inc
ep
tio
n:
05
/01
/20
18
Ge
ne
ral P
art
ne
r:D
un
e R
ea
l Est
ate
Pa
rtn
ers
IV
LL
C
Inv
es
tme
nt
Str
ate
gy
:F
un
d I
V s
ee
ks t
o m
ake
inve
stm
en
ts in
a b
roa
d r
an
ge
of
rea
l est
ate
an
d r
ea
l est
ate
-re
late
d in
vest
me
nts
, in
clu
din
g in
vest
me
nts
in in
div
idu
al r
ea
l est
ate
pro
pe
rtie
s, p
ort
folio
s, o
pe
ratin
gco
mp
an
ies,
eq
uity
inte
rest
s a
nd
/or
secu
ritie
s, b
rid
ge
loa
ns,
fir
st o
r se
con
d m
ort
ga
ge
s, p
art
icip
atio
n in
tere
sts,
me
zza
nin
e d
eb
t, r
ea
l est
ate
-re
late
d lo
an
s a
nd
de
bt
secu
ritie
s, p
refe
rre
d e
qu
ity,
con
vert
ible
or
pa
rtic
ipa
ting
mo
rtg
ag
es,
op
tion
s to
pu
rch
ase
an
d w
arr
an
ts,
am
on
g s
eve
ral o
the
rs,
in e
ach
ca
se t
hro
ug
h a
va
rie
ty o
f in
vest
me
nt
stru
ctu
res.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
60
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$5
,25
1,3
16
Ma
na
ge
me
nt
Fe
es
:-
Ex
pe
ns
es
:-
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$5
,25
1,3
16
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$5
4,7
48
,68
4
To
tal D
istr
ibu
tio
ns
:-
Ma
rke
t V
alu
e:
$4
,12
6,9
39
Inc
ep
tio
n D
ate
:0
8/2
2/2
01
9
Inc
ep
tio
n IR
R:
-21
.4
TV
PI:
0.8
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$1
,37
8,0
00
.0
$2
,75
6,0
00
.0
$4
,13
4,0
00
.0
$5
,51
2,0
00
.0
$6
,89
0,0
00
.0
($1
,37
8,0
00
.0)
11
/19
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Du
ne
Re
al E
sta
te F
un
d IV
As
of
Se
pte
mb
er
30
, 2
01
9
Page
207
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
08
/22
/20
19
-5
,25
1,3
16
--
-5
,25
1,3
16
--
--
--
08
/31
/20
19
5,2
51
,31
6-
--
--
--
--
--
09
/30
/20
19
4,1
26
,93
9-
--
--
--
--
--
To
tal
5,2
51
,31
6-
--
5,2
51
,31
6-
--
--
-
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Du
ne
Re
al E
sta
te F
un
d IV
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
208
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
18
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
1.5
0%
Ta
rge
t IR
R:
8%
/10
%2
0%
ove
r a
8%
pre
f, o
nce
10
% p
ref
rea
che
d 6
0%
/40
%In
ce
pti
on
:1
2/1
5/2
01
7
Ge
ne
ral P
art
ne
r:F
CP
Re
alty
Fu
nd
IV
, L
.P.
Inv
es
tme
nt
Str
ate
gy
:F
CP
Re
alty
Fu
nd
IV
, L
.P.
(“F
CP
Fu
nd
IV
”) is
fo
rme
d b
y F
CP
(“F
CP
” o
r th
e “
Sp
on
sor”
) to
inve
st in
va
lue
-ad
d r
ea
l est
ate
op
po
rtu
niti
es
pri
ma
rily
in t
he
mo
de
rate
inco
me
mu
ltifa
mily
pro
pe
rtie
sin
su
pp
ly-c
on
stra
ine
d lo
catio
ns
to g
en
era
te d
ura
ble
ca
sh f
low
an
d p
urs
uin
g s
ele
ct c
lass
A m
ulti
fam
ily in
vest
me
nts
an
d c
om
me
rcia
l in
vest
me
nts
to
en
ha
nce
po
rtfo
lio r
etu
rns.
FC
P F
un
d I
V w
illta
rge
t a
15
.0%
to
18
.0%
Gro
ss I
RR
an
d a
2.0
x G
ross
Eq
uity
Mu
ltip
le w
ith m
axi
mu
m le
vera
ge
of
70
% o
n a
po
rtfo
lio-w
ide
ba
sis.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
35
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$6
,54
6,8
03
Ma
na
ge
me
nt
Fe
es
:-
Ex
pe
ns
es
:-
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$6
,54
6,8
03
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$2
8,5
74
,38
2
To
tal D
istr
ibu
tio
ns
:$
34
8,2
34
Ma
rke
t V
alu
e:
$5
,38
2,3
58
Inc
ep
tio
n D
ate
:1
2/0
3/2
01
8
Inc
ep
tio
n IR
R:
-27
.7
TV
PI:
0.9
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$1
,82
0,0
00
.0
$3
,64
0,0
00
.0
$5
,46
0,0
00
.0
$7
,28
0,0
00
.0
$9
,10
0,0
00
.0
($1
,82
0,0
00
.0)
12
/18
3/1
96
/19
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
FC
P R
ea
lty
Fu
nd
IV
As
of
Se
pte
mb
er
30
, 2
01
9
Page
209
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
12
/03
/20
18
-6
95
,36
4-
--
69
5,3
64
--
--
--
12
/31
/20
18
69
5,3
64
--
--
--
--
--
-
01
/31
/20
19
69
5,3
64
--
--
--
--
--
-
02
/28
/20
19
69
5,3
64
--
--
--
--
--
-
03
/25
/20
19
-1
,34
8,1
44
--
-1
,34
8,1
44
--
--
--
03
/31
/20
19
1,6
46
,53
5-
--
--
--
--
--
04
/29
/20
19
-1
,39
0,7
28
--
-1
,39
0,7
28
--
--
--
04
/30
/20
19
3,0
37
,26
3-
--
--
--
--
--
05
/31
/20
19
3,0
37
,26
3-
--
--
--
--
--
06
/30
/20
19
2,7
93
,53
9-
--
--
--
--
--
07
/16
/20
19
-4
84
,08
9-
--
48
4,0
89
--
--
--
07
/31
/20
19
3,2
77
,62
8-
--
--
--
--
--
08
/15
/20
19
-2
,62
8,4
77
--
-2
,62
8,4
77
--
--
--
08
/31
/20
19
5,9
06
,10
5-
--
--
--
--
--
09
/19
/20
19
--
--
--
22
7,0
49
--
12
1,1
86
-3
48
,23
4
09
/30
/20
19
5,3
82
,35
8-
--
--
--
--
--
To
tal
6,5
46
,80
3-
--
6,5
46
,80
32
27
,04
9-
-1
21
,18
6-
34
8,2
34
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
FC
P R
ea
lty
Fu
nd
IV
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
210
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
13
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
0.5
0%
on
co
mm
itte
d a
nd
1.7
5%
on
inve
ste
d c
ap
ital
Ta
rge
t IR
R:
Inc
ep
tio
n:
05
/13
/20
13
Ge
ne
ral P
art
ne
r:G
ree
nO
ak
US
GP
II,
LP
Inv
es
tme
nt
Str
ate
gy
:T
o a
cqu
ire
inst
itutio
na
l pro
pe
rtie
s a
t d
ee
p d
isco
un
ts t
o in
trin
sic
valu
e in
se
lect
ma
rke
ts a
cro
ss t
he
US
, w
hic
h a
re s
ub
ject
to
imp
rovi
ng
fu
nd
am
en
tals
an
d li
mite
d n
ew
su
pp
ly.
Inve
stm
en
to
pp
ort
un
itie
s fo
r th
e F
un
d w
ill b
e s
ou
rce
d t
hro
ug
h G
ree
nO
ak‘
s e
xte
nsi
ve a
nd
lon
gst
an
din
g r
ela
tion
ship
s w
ith s
op
his
tica
ted
pa
rtn
ers
an
d o
wn
ers
, in
clu
din
g p
rom
ine
nt
rea
l est
ate
inve
sto
rs,
len
de
rs a
nd
op
era
tors
. T
he
In
vest
me
nt
Ma
na
ge
r a
nd
its
aff
ilia
tes
will
ide
ntif
y a
nd
eva
lua
te p
ote
ntia
l in
vest
me
nts
, p
art
icip
ate
in t
he
ma
na
ge
me
nt
of
Fu
nd
inve
stm
en
ts a
nd
pro
vid
e c
ert
ain
ad
min
istr
ativ
e s
erv
ice
s fo
r th
e b
en
efit
of
the
Fu
nd
. C
om
ple
xity
an
d d
istr
ess
with
in c
ap
ital s
tru
ctu
res
an
d o
wn
ers
hip
of
ma
ny
rea
l est
ate
pro
pe
rtie
s h
ave
lim
ited
th
e o
ptio
ns
of
ma
ny
ow
ne
rsa
nd
len
de
rs,
cre
atin
g o
pp
ort
un
ity f
or
exp
eri
en
ced
inve
sto
rs w
ho
ca
n m
an
ag
e t
hro
ug
h t
he
se is
sue
s. T
he
Ge
ne
ral P
art
ne
r b
elie
ves
its r
ea
l est
ate
, st
ruct
uri
ng
, w
ork
ou
t a
nd
ca
pita
l ma
rke
tse
xpe
rtis
e w
ill b
e a
co
mp
etit
ive
ad
van
tag
e in
su
cce
ssfu
lly a
cqu
irin
g,
ma
na
gin
g a
nd
ulti
ma
tely
re
po
sitio
nin
g s
uch
ass
ets
to
ap
pe
al t
o in
stitu
tion
al b
uye
rs u
po
n e
xit
into
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eco
veri
ng
ma
rke
t.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
50
,00
0,0
00
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pit
al In
ve
ste
d:
$4
5,7
56
,97
9
Ma
na
ge
me
nt
Fe
es
:$
53
3,2
84
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pe
ns
es
:$
27
3,6
00
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res
t:$
67
,85
3
To
tal C
on
trib
uti
on
s:
$4
6,6
31
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6
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ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$4
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06
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tal D
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ibu
tio
ns
:$
17
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5,0
89
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rke
t V
alu
e:
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7,8
31
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9
Inc
ep
tio
n D
ate
:1
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01
4
Inc
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R:
5.9
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PI:
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Ca
sh
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w A
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lys
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Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Gre
en
Oa
k U
S II
As
of
Se
pte
mb
er
30
, 2
01
9
Page
211
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
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tme
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Fe
es
Ex
pe
ns
es
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tch
-Up
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sh
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res
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al
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turn
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sh
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tal
10
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--
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/31
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--
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11
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/29
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-3
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/31
/20
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11
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01
/31
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11
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02
/28
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03
/31
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11
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--
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04
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11
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05
/31
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--
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06
/15
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07
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12
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32
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07
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/30
/20
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32
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11
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10
/31
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34
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--
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12
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--
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Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Gre
en
Oa
k U
S II
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
212
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Gre
en
Oa
k U
S II
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
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h-U
pIn
tere
st
Re
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ive
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ca
lla
ble
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pit
al
Re
turn
of
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pit
al
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sh
To
tal
05
/31
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17
35
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07
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/31
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05
/31
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06
/28
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18
40
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07
/31
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18
40
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08
/31
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40
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09
/27
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01
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89
Page
213
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
17
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
1.5
0%
Ta
rge
t IR
R:
9%
Inc
ep
tio
n:
01
/15
/20
17
Ge
ne
ral P
art
ne
r:G
ree
nO
ak
US
GP
III
, L
P
Inv
es
tme
nt
Str
ate
gy
:T
o a
cqu
ire
inst
itutio
na
l pro
pe
rtie
s a
t m
ea
nin
gfu
l dis
cou
nts
to
intr
insi
c va
lue
in s
ele
ct m
ark
ets
acr
oss
th
e U
S t
ha
t b
en
efit
fro
m s
tro
ng
job
gro
wth
, su
pp
ly c
on
stra
ints
an
d f
avo
rab
led
em
og
rap
hic
tre
nd
s. I
nve
stm
en
t o
pp
ort
un
itie
s fo
r th
e F
un
d w
ill b
e s
ou
rce
d t
hro
ug
h G
ree
nO
ak’
s e
xte
nsi
ve a
nd
lon
gst
an
din
g r
ela
tion
ship
s in
th
e F
un
d’s
ta
rge
t m
ark
ets
incl
ud
ing
re
al e
sta
teo
wn
ers
, in
term
ed
iari
es
an
d o
pe
ratin
g p
art
ne
rs.
Th
e I
nve
stm
en
t M
an
ag
er
an
d it
s a
ffili
ate
s w
ill id
en
tify
an
d e
valu
ate
po
ten
tial i
nve
stm
en
ts,
pa
rtic
ipa
te in
th
e m
an
ag
em
en
t o
f F
un
d in
vest
me
nts
an
d p
rovi
de
ce
rta
in a
dm
inis
tra
tive
se
rvic
es
for
the
be
ne
fit o
f th
e F
un
d.
Th
e G
en
era
l Pa
rtn
er
be
lieve
s th
at
the
US
co
mm
erc
ial r
ea
l est
ate
ma
rke
t h
as
like
ly r
ea
che
d a
cyc
lica
l pe
ak
inva
lua
tion
leve
ls a
nd
th
ere
will
be
mo
re f
avo
rab
le,
con
tra
ria
n in
vest
me
nt
op
po
rtu
niti
es
ove
r th
e n
ext
se
vera
l ye
ars
as
this
eco
no
mic
cyc
le e
nd
s, c
red
it m
ark
ets
we
ake
n a
nd
ove
r su
pp
lyim
pa
cts
ass
et
valu
es
in s
ele
ct m
ark
ets
. T
he
Ge
ne
ral P
art
ne
r a
ntic
ipa
tes
coa
sta
l ga
tew
ay
ma
rke
ts w
ill s
ign
ifica
ntly
ou
tpe
rfo
rm o
the
r p
rim
ary
an
d s
eco
nd
ary
ma
rke
ts a
nd
off
er
bo
th b
ett
er
do
wn
sid
e p
rote
ctio
n a
nd
gre
ate
r u
psi
de
th
rou
gh
ou
t th
e c
ycle
. W
ithin
th
ese
ma
rke
ts,
the
Ge
ne
ral P
art
ne
r b
elie
ves
tha
t in
eff
icie
nci
es
rem
ain
on
a s
ele
ctiv
e b
asi
s d
esp
ite a
sse
t va
lue
ap
pre
cia
tion
. T
he
Ge
ne
ral P
art
ne
r w
ill c
on
tinu
e t
o s
ee
k o
pp
ort
un
itie
s to
acq
uir
e a
sse
ts s
ele
ctiv
ely
in s
ub
ma
rke
ts w
ith s
tro
ng
fu
nd
am
en
tals
, th
at
ma
y h
ave
be
en
ne
gle
cte
d f
rom
a c
ap
ital
pe
rsp
ect
ive
an
d a
re d
efe
nsi
ve in
bu
sin
ess
pla
n a
nd
ca
pita
l str
uct
ure
. T
he
Ge
ne
ral P
art
ne
be
lieve
s G
ree
nO
ak’
s re
al e
sta
te,
stru
ctu
rin
g,
wo
rko
ut
an
d c
ap
ital m
ark
ets
exp
ert
ise
will
be
aco
mp
etit
ive
ad
van
tag
e in
su
cce
ssfu
lly a
cqu
irin
g,
ma
na
gin
g a
nd
ulti
ma
tely
re
po
sitio
nin
g s
uch
ass
ets
to
ap
pe
al t
o in
stitu
tion
al b
uye
rs u
po
n e
xit
into
a r
eco
veri
ng
ma
rke
t.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
60
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$1
4,4
36
,09
3
Ma
na
ge
me
nt
Fe
es
:$
1,3
99
,47
9
Ex
pe
ns
es
:$
63
7,2
85
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$1
6,4
72
,85
7
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$4
3,5
27
,14
3
To
tal D
istr
ibu
tio
ns
:-
Ma
rke
t V
alu
e:
$1
3,7
53
,26
6
Inc
ep
tio
n D
ate
:0
6/2
5/2
01
8
Inc
ep
tio
n IR
R:
-20
.4
TV
PI:
0.8
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$4
,42
0,0
00
.0
$8
,84
0,0
00
.0
$1
3,2
60
,00
0.0
$1
7,6
80
,00
0.0
$2
2,1
00
,00
0.0
($4
,42
0,0
00
.0)
6/1
89
/18
12
/18
3/1
96
/19
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Gre
en
Oa
k U
S III
As
of
Se
pte
mb
er
30
, 2
01
9
Page
214
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
06
/25
/20
18
-6
,14
0,0
92
45
2,5
90
45
7,3
25
-7
,05
0,0
07
--
--
--
06
/30
/20
18
5,3
93
,91
4-
--
--
--
--
--
07
/31
/20
18
5,3
93
,91
4-
--
--
--
--
--
08
/31
/20
18
5,3
93
,91
4-
--
--
--
--
--
09
/28
/20
18
-6
33
,87
91
88
,80
83
8,0
41
-8
60
,72
8-
--
--
-
09
/30
/20
18
5,9
66
,58
6-
--
--
--
--
--
10
/31
/20
18
5,9
66
,58
6-
--
--
--
--
--
11
/30
/20
18
5,9
66
,58
6-
--
--
--
--
--
12
/27
/20
18
-6
29
,78
51
95
,34
12
6,5
77
-8
51
,70
3-
--
--
-
12
/31
/20
18
6,8
73
,30
1-
--
--
--
--
--
01
/31
/20
19
6,8
73
,30
1-
--
--
--
--
--
02
/28
/20
19
6,8
73
,30
1-
--
--
--
--
--
03
/28
/20
19
-4
,34
9,7
10
19
6,1
44
28
,24
0-
4,5
74
,09
4-
--
--
-
03
/31
/20
19
11
,19
6,4
05
--
--
--
--
--
-
04
/30
/20
19
11
,19
6,4
05
--
--
--
--
--
-
05
/31
/20
19
11
,19
6,4
05
--
--
--
--
--
-
06
/30
/20
19
10
,90
4,5
60
--
--
--
--
--
-
07
/23
/20
19
-2
,68
2,6
27
36
6,5
96
87
,10
2-
3,1
36
,32
5-
--
--
-
07
/31
/20
19
13
,58
7,1
87
--
--
--
--
--
-
08
/31
/20
19
13
,58
7,1
87
--
--
--
--
--
-
09
/30
/20
19
13
,75
3,2
66
--
--
--
--
--
-
To
tal
14
,43
6,0
93
1,3
99
,47
96
37
,28
5-
16
,47
2,8
57
--
--
--
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Gre
en
Oa
k U
S III
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
215
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:D
ire
ctV
inta
ge
Ye
ar:
20
18
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
1.3
5%
an
d 1
.5%
of
the
ag
gre
ga
te S
ub
scri
ptio
ns
of
Fir
st C
losi
ng
Pa
rtn
ers
an
dL
ate
r A
dm
itte
d P
art
ne
rs,
resp
ect
ive
ly,
en
din
g u
po
n t
he
Fe
e B
rea
k E
xpir
atio
n D
ate
Ta
rge
t IR
R:
Inc
ep
tio
n:
07
/15
/20
18
Ge
ne
ral P
art
ne
r:H
ER
EF
V G
P,
LL
P
Inv
es
tme
nt
Str
ate
gy
:E
uro
pe
an
Re
al E
sta
te
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
50
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$5
,33
4,0
42
Ma
na
ge
me
nt
Fe
es
:-
Ex
pe
ns
es
:-
Inte
res
t:$
27
,62
6
To
tal C
on
trib
uti
on
s:
$5
,36
1,6
68
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$4
4,8
82
,07
2
To
tal D
istr
ibu
tio
ns
:$
22
1,2
02
Ma
rke
t V
alu
e:
$4
,77
8,8
35
Inc
ep
tio
n D
ate
:1
2/1
0/2
01
8
Inc
ep
tio
n IR
R:
-14
.4
TV
PI:
0.9
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$1
,40
4,0
00
.0
$2
,80
8,0
00
.0
$4
,21
2,0
00
.0
$5
,61
6,0
00
.0
$7
,02
0,0
00
.0
($1
,40
4,0
00
.0)
12
/18
3/1
96
/19
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Ha
rbe
rt E
uro
Re
al E
sta
te F
un
d V
As
of
Se
pte
mb
er
30
, 2
01
9
Page
216
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
12
/10
/20
18
-2
,10
9,5
04
--
27
,62
62
,13
7,1
30
--
--
--
12
/31
/20
18
1,6
28
,46
4-
--
--
--
--
--
01
/31
/20
19
1,6
28
,46
4-
--
--
--
--
--
02
/26
/20
19
--
--
--
--
3,9
95
19
2,3
87
-1
96
,38
2
02
/28
/20
19
1,4
36
,07
6-
--
--
--
--
--
03
/31
/20
19
1,3
25
,13
7-
--
--
--
--
--
04
/30
/20
19
1,3
25
,13
7-
--
--
--
--
--
05
/28
/20
19
--
--
--
--
1,0
93
23
,72
7-
24
,82
0
05
/31
/20
19
1,3
01
,41
0-
--
--
--
--
--
06
/30
/20
19
1,2
96
,39
3-
--
--
--
--
--
07
/31
/20
19
1,2
96
,39
3-
--
--
--
--
--
08
/16
/20
19
-3
,22
4,5
38
--
-3
,22
4,5
38
--
--
--
08
/31
/20
19
4,5
20
,93
1-
--
--
--
--
--
09
/30
/20
19
4,7
78
,83
5-
--
--
--
--
--
To
tal
5,3
34
,04
2-
-2
7,6
26
5,3
61
,66
8-
-5
,08
82
16
,11
4-
22
1,2
02
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Ha
rbe
rt E
uro
Re
al E
sta
te F
un
d V
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
217
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
18
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
1.5
0%
, 2
0%
ince
ntiv
e f
ee
; 5
0%
ca
tch
-up
Ta
rge
t IR
R:
9%
Inc
ep
tio
n:
05
/18
/20
18
Ge
ne
ral P
art
ne
r:
Inv
es
tme
nt
Str
ate
gy
:T
he
Fu
nd
se
eks
to
ach
ieve
att
ract
ive
re
turn
s b
y lo
catin
g,
an
aly
zin
g a
nd
inve
stin
g,
dir
ect
ly o
r in
dir
ect
ly,
in o
pp
ort
un
istic
an
d d
istr
ess
ed
tra
nsa
ctio
ns
in r
ea
l est
ate
, re
al e
sta
te f
ina
nce
an
dre
late
d in
vest
me
nts
in b
oth
th
e U
.S.
an
d n
on
-U.S
. re
al e
sta
te m
ark
ets
, in
clu
din
g,
bu
t n
ot
limite
d t
o,
com
me
rcia
l re
al e
sta
te,
com
me
rcia
l mo
rtg
ag
e lo
an
s, r
esc
ue
ca
pita
l, d
istr
ess
ed
an
dn
on
pe
rfo
rmin
g lo
an
s, s
tre
sse
d a
nd
su
b-p
erf
orm
ing
loa
ns
an
d o
the
r m
ort
ga
ge
-re
late
d a
sse
ts a
nd
str
uct
ure
d r
ea
l est
ate
fin
an
ce p
rod
uct
s.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
60
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$1
4,4
33
,25
6
Ma
na
ge
me
nt
Fe
es
:-
Ex
pe
ns
es
:-
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$1
4,4
33
,25
6
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$4
5,5
66
,74
4
To
tal D
istr
ibu
tio
ns
:-
Ma
rke
t V
alu
e:
$1
7,4
36
,41
2
Inc
ep
tio
n D
ate
:0
9/1
7/2
01
9
Inc
ep
tio
n IR
R:
20
.8
TV
PI:
1.2
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$3
,90
0,0
00
.0
$7
,80
0,0
00
.0
$1
1,7
00
,00
0.0
$1
5,6
00
,00
0.0
$1
9,5
00
,00
0.0
($3
,90
0,0
00
.0)
11
/19
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Inv
es
co
Str
ate
gic
Op
po
rtu
nit
ies
III
As
of
Se
pte
mb
er
30
, 2
01
9
Page
218
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
09
/17
/20
19
-1
4,4
33
,25
6-
--
14
,43
3,2
56
--
--
--
09
/30
/20
19
17
,43
6,4
12
--
--
--
--
--
-
To
tal
14
,43
3,2
56
--
-1
4,4
33
,25
6-
--
--
-
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Inv
es
co
Str
ate
gic
Op
po
rtu
nit
ies
III
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
219
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
14
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
25
bp
s
Ta
rge
t IR
R:
Inc
ep
tio
n:
04
/24
/20
14
Ge
ne
ral P
art
ne
r:L
&B
Re
alty
Acq
uis
itio
ns,
LL
C
Inv
es
tme
nt
Str
ate
gy
:T
he
fu
nd
will
inve
st in
a f
ocu
sed
po
rtfo
lio c
om
po
sed
of
up
to
th
ree
pro
pe
rty
typ
es:
Re
tire
me
nt
Ho
me
s/M
em
ory
Ca
re fa
cilit
ies,
Bu
ild t
o C
ore
Off
ice
, a
nd
Sp
eci
al O
pp
ort
un
itie
s. T
he
pri
ma
ryo
bje
ctiv
e is
pro
tect
ion
of
cap
ital a
nd
ap
pre
cia
tion
. A
sse
ts w
ill b
e c
on
serv
ativ
ely
un
de
rwri
tte
n a
nd
util
ize
re
aso
na
ble
leve
rag
e (
up
to
65
%).
Th
e p
ort
folio
will
inve
st a
ge
og
rap
hic
ally
div
ers
ifie
dp
ort
folio
of
no
n-c
ore
de
velo
pm
en
t p
rop
ert
ies.
Th
e R
etir
em
en
t H
om
es/
Me
mo
ry C
are
will
fo
cus
on
de
mo
gra
ph
ica
lly a
dva
nta
ge
d a
rea
s a
nd
co
nst
ruct
ne
w f
aci
litie
s. B
uild
to
Co
re w
ill c
on
stru
cth
igh
qu
alit
y o
ffic
e b
uild
ing
s in
att
ract
ive
infil
l are
as.
Sp
eci
al o
pp
ort
un
itie
s w
ill t
arg
et
un
iqu
e p
rop
ert
ies
with
a f
ocu
s o
n lo
ng
-te
rm in
com
e p
rod
uct
ion
.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
75
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$7
3,4
69
,57
1
Ma
na
ge
me
nt
Fe
es
:$
1,1
96
,24
8
Ex
pe
ns
es
:-
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$7
4,6
65
,81
9
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$3
34
,18
1
To
tal D
istr
ibu
tio
ns
:$
19
,50
0,0
00
Ma
rke
t V
alu
e:
$8
4,3
87
,30
6
Inc
ep
tio
n D
ate
:0
7/3
1/2
01
4
Inc
ep
tio
n IR
R:
11
.0
TV
PI:
1.4
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$2
8,6
00
,00
0.0
$5
7,2
00
,00
0.0
$8
5,8
00
,00
0.0
$1
14
,40
0,0
00
.0
$1
43
,00
0,0
00
.0
($2
8,6
00
,00
0.0
)
7/1
41
/15
7/1
51
/16
7/1
61
/17
7/1
71
/18
7/1
81
/19
9/1
9
Pri
va
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As
of
Se
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30
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01
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220
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Pri
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Pri
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Fin
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L&
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Dri
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Sin
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In
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En
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be
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0, 2
01
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221
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Pri
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Fin
an
cia
l R
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on
cilia
tio
n
L&
B G
old
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Dri
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Sin
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Pri
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te E
qu
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Fin
an
cia
l R
ec
on
cilia
tio
n
L&
B G
old
en
Dri
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Sin
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In
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En
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72
Pri
va
te E
qu
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Fin
an
cia
l R
ec
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cilia
tio
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L&
B G
old
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Dri
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Sin
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In
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Page
224
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72
Fu
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In
form
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Ty
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of
Fu
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art
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rsh
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Ye
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rs (
LR
EP
) V
II,
LP
Inv
es
tme
nt
Str
ate
gy
:L
an
dm
ark
's in
vest
me
nt
ap
pro
ach
fo
cuse
s o
n:
- C
ap
italiz
ing
on
th
e in
eff
icie
ncy
an
d il
liqu
idity
of
the
se
con
da
ry r
ea
l est
ate
ma
rke
t b
y a
cqu
irin
g li
mite
d p
art
ne
rsh
ip in
tere
sts
in in
stitu
tion
al p
rop
ert
ies
at
a d
isco
un
t to
ma
rke
t va
lue
;-
So
urc
ing
exc
lusi
ve t
ran
sact
ion
op
po
rtu
niti
es
by
inte
ract
ing
dir
ect
ly w
ith li
mite
d p
art
ne
rs a
nd
ad
viso
rs,
un
de
rsta
nd
ing
ob
ject
ive
s, a
nd
pro
vid
ing
cu
sto
miz
ed
tra
nsa
ctio
n s
olu
tion
s;-
An
aly
zin
g a
nd
eva
lua
ting
tra
nsa
ctio
n o
pp
ort
un
itie
s th
rou
gh
th
e c
on
stru
ctio
n o
f p
rop
ert
y le
vel i
nve
stm
en
t ca
sh f
low
s d
eri
ved
fro
m r
ese
arc
h,
fun
d d
ata
, a
nd
inp
ut
fro
m L
an
dm
ark
's n
etw
ork
of
thir
d p
art
y re
sou
rce
s; a
nd
- A
ctiv
e m
on
itori
ng
of
po
rtfo
lio in
vest
me
nts
to
tra
ck p
erf
orm
an
ce,
acc
um
ula
te in
vest
me
nt
da
ta,
an
d m
axi
miz
e v
alu
e fo
r in
vest
ors
.P
ort
folio
co
nst
ruct
ion
go
als
:-
Ass
em
ble
a d
ive
rse
, g
lob
al p
ort
folio
of
ass
ets
th
at
spa
n t
he
re
al e
sta
te r
isk
spe
ctru
m;
- F
ocu
s o
n f
un
ds
tha
t a
re s
ub
sta
ntia
lly c
om
mitt
ed
an
d s
ea
son
ed
;-
Cre
ate
a h
igh
ly d
ive
rsifi
ed
po
rtfo
lio a
cro
ss a
ll m
etr
ics;
- T
arg
et
att
ract
ive
re
turn
s th
at
de
live
r a
'se
con
da
ry r
etu
rn p
rem
ium
;' a
nd
- P
rem
ium
qu
an
tifia
ble
th
rou
gh
fu
nd
am
en
tals
th
rou
gh
fu
nd
am
en
tals
su
ch a
s ca
p r
ate
, u
nle
vere
d I
RR
, a
nd
inve
stm
en
t b
asi
s.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
35
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$3
2,6
36
,92
4
Ma
na
ge
me
nt
Fe
es
:-
Ex
pe
ns
es
:$
10
,34
5
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$3
2,6
47
,26
9
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$3
,43
1,0
14
To
tal D
istr
ibu
tio
ns
:$
22
,87
1,8
68
Ma
rke
t V
alu
e:
$1
6,6
65
,56
2
Inc
ep
tio
n D
ate
:1
2/2
2/2
01
4
Inc
ep
tio
n IR
R:
10
.7
TV
PI:
1.2
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$8
,58
0,0
00
.0
$1
7,1
60
,00
0.0
$2
5,7
40
,00
0.0
$3
4,3
20
,00
0.0
$4
2,9
00
,00
0.0
($8
,58
0,0
00
.0)
12
/14
6/1
51
2/1
56
/16
12
/16
6/1
71
2/1
76
/18
12
/18
6/1
99
/19
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
La
nd
ma
rk R
ea
l E
sta
te P
art
ne
rs V
II
As
of
Se
pte
mb
er
30
, 2
01
9
Page
225
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
12
/22
/20
14
-3
,32
3,5
61
--
-3
,32
3,5
61
--
--
--
12
/31
/20
14
4,0
05
,44
9-
--
--
--
--
--
01
/31
/20
15
4,0
55
,44
9-
--
--
--
--
--
02
/24
/20
15
--
--
--
--
-1
,06
7,9
38
-1
,06
7,9
38
02
/28
/20
15
2,9
87
,51
1-
--
--
--
--
--
03
/31
/20
15
2,8
75
,73
7-
--
--
--
--
--
04
/30
/20
15
2,8
75
,73
7-
--
--
--
--
--
05
/31
/20
15
2,8
75
,73
7-
--
--
--
--
--
06
/30
/20
15
2,7
04
,49
2-
--
--
--
--
--
07
/31
/20
15
2,7
04
,49
2-
--
--
--
--
--
08
/06
/20
15
--
--
--
--
--
34
6,5
00
34
6,5
00
08
/31
/20
15
2,3
57
,99
2-
--
--
--
--
--
09
/30
/20
15
3,4
34
,76
4-
--
--
--
--
--
10
/13
/20
15
-1
,30
5,1
50
--
-1
,30
5,1
50
--
--
--
10
/31
/20
15
4,7
39
,91
4-
--
--
--
--
--
11
/13
/20
15
--
--
--
--
--
34
6,5
00
34
6,5
00
11
/23
/20
15
-5
77
,50
0-
--
57
7,5
00
--
--
--
11
/30
/20
15
4,9
70
,91
4-
--
--
--
--
--
12
/17
/20
15
-8
,18
4,3
30
--
-8
,18
4,3
30
--
--
--
12
/31
/20
15
14
,76
4,8
39
--
--
--
--
--
-
01
/31
/20
16
14
,76
4,8
39
--
--
--
--
--
-
02
/04
/20
16
--
--
--
--
--
27
7,2
00
27
7,2
00
02
/29
/20
16
14
,48
7,6
39
--
--
--
--
--
-
03
/24
/20
16
--
--
--
--
--
27
7,2
00
27
7,2
00
03
/31
/20
16
15
,01
8,3
13
--
--
--
--
--
-
04
/29
/20
16
--
--
--
--
--
23
1,0
00
23
1,0
00
04
/30
/20
16
14
,78
7,3
13
--
--
--
--
--
-
05
/31
/20
16
14
,78
7,3
13
--
--
--
--
--
-
06
/03
/20
16
--
--
--
--
--
23
1,0
00
23
1,0
00
06
/24
/20
16
-2
,31
0,0
00
--
-2
,31
0,0
00
--
--
--
06
/30
/20
16
16
,99
5,2
74
--
--
--
--
--
-
07
/15
/20
16
--
--
--
--
--
57
7,5
00
57
7,5
00
07
/31
/20
16
16
,41
7,7
74
--
--
--
--
--
-
08
/31
/20
16
16
,41
7,7
74
--
--
--
--
--
-
09
/08
/20
16
--
--
--
--
--
62
3,7
00
62
3,7
00
09
/27
/20
16
-4
,62
0,0
00
--
-4
,62
0,0
00
--
--
--
09
/30
/20
16
19
,93
7,3
00
--
--
--
--
-7
23
,35
17
23
,35
1
10
/31
/20
16
19
,65
0,7
21
--
--
--
--
-2
86
,57
92
86
,57
9
11
/30
/20
16
19
,65
0,7
21
--
--
--
--
--
-
12
/01
/20
16
--
--
--
--
--
24
7,5
00
24
7,5
00
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
La
nd
ma
rk R
ea
l E
sta
te P
art
ne
rs V
II
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
226
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
La
nd
ma
rk R
ea
l E
sta
te P
art
ne
rs V
II
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
12
/21
/20
16
-1
,19
5,8
16
--
-1
,19
5,8
16
--
--
--
12
/22
/20
16
--
--
--
--
--
1,1
98
,42
11
,19
8,4
21
12
/31
/20
16
19
,82
5,1
52
--
--
--
--
--
-
01
/31
/20
17
18
,62
6,7
31
--
--
--
--
-1
,19
8,4
21
1,1
98
,42
1
02
/23
/20
17
--
--
--
--
--
39
0,7
89
39
0,7
89
02
/28
/20
17
18
,23
5,9
42
--
--
--
--
--
-
03
/29
/20
17
-2
11
,02
6-
--
21
1,0
26
--
--
--
03
/31
/20
17
18
,52
3,3
44
--
--
--
--
-3
77
,76
33
77
,76
3
04
/27
/20
17
--
--
--
--
--
45
5,9
21
45
5,9
21
04
/30
/20
17
18
,06
7,4
23
--
--
--
--
--
-
05
/31
/20
17
17
,68
9,6
60
--
--
--
--
-3
77
,76
33
77
,76
3
06
/29
/20
17
--
--
--
--
--
29
9,6
05
29
9,6
05
06
/30
/20
17
17
,44
9,3
90
--
--
--
--
--
-
07
/11
/20
17
-1
,99
5,1
04
--
-1
,99
5,1
04
--
--
--
07
/31
/20
17
19
,44
4,4
94
--
--
--
--
--
-
08
/31
/20
17
19
,10
5,8
10
--
--
--
--
-3
38
,68
43
38
,68
4
09
/05
/20
17
-4
,60
8,7
11
--
-4
,60
8,7
11
--
--
--
09
/29
/20
17
--
--
--
--
--
46
8,9
47
46
8,9
47
09
/30
/20
17
24
,26
0,4
43
--
--
--
--
--
-
10
/20
/20
17
--
--
--
--
--
75
5,5
26
75
5,5
26
10
/31
/20
17
23
,50
4,9
17
--
--
--
--
--
-
11
/30
/20
17
22
,74
9,3
91
--
--
--
--
-7
55
,52
67
55
,52
6
12
/18
/20
17
-2
,75
6,2
92
--
-2
,75
6,2
92
--
--
--
12
/22
/20
17
--
--
--
--
--
71
6,4
47
71
6,4
47
12
/31
/20
17
25
,31
7,1
09
--
--
--
--
--
-
01
/17
/20
18
--
--
--
--
--
71
6,4
47
71
6,4
47
01
/31
/20
18
24
,60
0,6
62
--
--
--
--
--
-
02
/05
/20
18
--
--
--
--
--
50
8,0
26
50
8,0
26
02
/28
/20
18
24
,09
2,6
36
--
--
--
--
--
-
03
/05
/20
18
--
--
--
--
--
31
2,6
32
31
2,6
32
03
/28
/20
18
-4
53
,49
2-
--
45
3,4
92
--
--
--
03
/29
/20
18
--
--
--
--
--
46
8,9
47
46
8,9
47
03
/31
/20
18
23
,68
5,3
88
--
--
--
--
--
-
04
/30
/20
18
23
,26
8,5
46
--
--
--
--
-4
16
,84
24
16
,84
2
05
/31
/20
18
23
,26
8,5
46
--
--
--
--
--
-
06
/29
/20
18
--
--
--
--
--
54
7,1
05
54
7,1
05
06
/30
/20
18
22
,94
5,3
96
--
--
--
--
--
-
07
/31
/20
18
22
,94
5,3
96
--
--
--
--
--
-
08
/06
/20
18
--
--
--
--
--
1,0
94
,21
11
,09
4,2
11
08
/30
/20
18
--
--
--
--
--
63
8,2
89
63
8,2
89
08
/31
/20
18
21
,21
2,8
96
--
--
--
--
--
-
Page
227
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
La
nd
ma
rk R
ea
l E
sta
te P
art
ne
rs V
II
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
09
/06
/20
18
--
--
--
--
--
62
5,2
63
62
5,2
63
09
/24
/20
18
-1
,09
5,9
42
--
-1
,09
5,9
42
--
--
--
09
/30
/20
18
21
,87
8,5
40
--
--
--
--
--
-
10
/24
/20
18
--
--
--
--
--
61
2,2
37
61
2,2
37
10
/31
/20
18
21
,26
6,3
03
--
--
--
--
--
-
11
/30
/20
18
21
,26
6,3
03
--
--
--
--
--
-
12
/20
/20
18
--
--
--
--
--
92
4,8
68
92
4,8
68
12
/31
/20
18
20
,27
8,9
74
--
--
--
--
--
-
01
/31
/20
19
20
,27
8,9
74
--
--
--
--
--
-
02
/01
/20
19
--
--
--
--
--
57
3,1
58
57
3,1
58
02
/13
/20
19
--
--
--
--
--
70
3,4
21
70
3,4
21
02
/28
/20
19
19
,00
2,3
95
--
--
--
--
--
-
03
/31
/20
19
18
,92
5,0
76
--
--
--
--
--
-
04
/24
/20
19
--
--
-1
1,9
66
--
--
58
4,4
57
58
4,4
57
04
/30
/20
19
18
,34
0,6
19
--
--
--
--
--
-
05
/02
/20
19
--
--
--
--
--
44
2,8
95
44
2,8
95
05
/31
/20
19
17
,89
7,7
24
--
--
--
--
--
-
06
/30
/20
19
17
,83
7,2
13
--
--
--
--
--
-
07
/17
/20
19
--
--
--1
,62
1-
--
-6
25
,26
36
25
,26
3
07
/31
/20
19
17
,21
1,9
50
--
--
--
--
--
-
08
/31
/20
19
17
,21
1,9
50
--
--
--
--
--
-
09
/27
/20
19
--
--
--
--
--
50
8,0
26
50
8,0
26
09
/30
/20
19
16
,66
5,5
62
--
--
--
--
--
-
To
tal
32
,63
6,9
24
--
-3
2,6
47
,26
9-
--
1,0
67
,93
82
1,8
03
,93
02
2,8
71
,86
8
Page
228
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
14
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
1.2
5%
of co
mm
itte
d c
ap
ital d
uri
ng
co
mm
itme
nt
pe
rio
d,
an
d 1
.25
% o
f in
vest
ed
cap
ital t
he
rea
fte
r.
Ta
rge
t IR
R:
15
.00
%In
ce
pti
on
:0
6/1
7/2
01
4
Ge
ne
ral P
art
ne
r:S
tarw
oo
d X
Mg
mt.
, L
.P.
Inv
es
tme
nt
Str
ate
gy
:T
he
ea
rly-
cycl
e d
istr
ess
ed
re
al e
sta
te m
ark
et
in E
uro
pe
, co
mb
ine
d w
ith t
he
re
cove
rin
g U
.S.
ma
rke
t, o
ffe
r co
mp
elli
ng
op
po
rtu
niti
es
to a
cqu
ire
ass
ets
at
att
ract
ive
pri
cin
g w
ith s
ign
ifica
nt
valu
e-a
dd
po
ten
tial f
rom
ba
nks
, in
sura
nce
co
mp
an
ies,
len
din
g in
stitu
tion
s, b
an
kru
ptc
y co
urt
s a
nd
oth
er
dis
tre
sse
d s
elle
rs.
SO
F X
’s s
tra
teg
y is
de
sig
ne
d t
o a
llow
th
e F
un
d t
o g
en
era
te a
targ
et
gro
ss I
RR
of
18
-20
% (
14
-16
% n
et)
, a
nd
a 2
.0x
mu
ltip
le w
ith m
od
est
leve
rag
e,
by
acq
uir
ing
re
al e
sta
te w
ith s
tro
ng
po
ten
tial f
un
da
me
nta
ls a
t a
sig
nifi
can
t d
isco
un
t to
re
pla
cem
en
t co
st,
with
str
on
g r
esi
du
al v
alu
e g
row
th a
nd
po
ten
tial d
ou
ble
-dig
it cu
rre
nt
op
era
ting
yie
lds.
Sta
rwo
od
Ca
pita
l ha
s a
n a
ctiv
e p
ipe
line
of
op
po
rtu
niti
es
acr
oss
th
e s
pe
ctru
m o
f a
sse
t cl
ass
es
an
dca
pita
l sta
ck.
On
an
ab
solu
te b
asi
s, w
e b
elie
ve o
pp
ort
un
istic
re
al e
sta
te is
a c
om
pe
llin
g in
vest
me
nt.
Th
ere
are
stil
l op
po
rtu
niti
es
in b
oth
th
e U
.S.
an
d E
uro
pe
to
bu
y a
sse
ts a
t la
rge
dis
cou
nts
to
rep
lace
me
nt
cost
an
d g
en
era
te s
tro
ng
cu
rre
nt
cash
re
turn
s o
f 1
0+
%.
We
exp
ect
ad
diti
on
al u
psi
de
th
rou
gh
ap
pre
cia
tion
fro
m (
1)
the
imp
lem
en
tatio
n o
f S
tarw
oo
d C
ap
ital’s
va
lue
ad
dst
rate
gie
s to
imp
rove
th
e c
ash
flo
ws
of
un
de
rlyi
ng
pro
pe
rtie
s, (
2)
the
an
ticip
atio
n o
f n
ew
ca
pita
l flo
ws
into
a m
ark
et
pu
shin
g d
ow
n c
ap
ra
tes,
(3
) e
con
om
ic g
row
th w
ithin
th
e t
arg
ete
d m
ark
ets
dri
vin
g r
en
tal r
eve
nu
e g
row
th,
an
d/o
r (4
) th
e c
are
ful c
ulti
vatio
n a
nd
se
lect
ion
of
the
ap
pro
pri
ate
exi
t st
rate
gy
to m
axi
miz
e p
ort
folio
or
pla
tfo
rm v
alu
es.
Sim
ilar
to S
OF
VII
I a
nd
SO
F I
X,
Sta
rwo
od
Ca
pita
l be
lieve
s th
at
SO
F X
ca
n g
en
era
te s
tro
ng
ris
k-a
dju
ste
d r
etu
rns
by
leve
rag
ing
th
e f
ollo
win
g m
acr
o-
an
d m
icro
-eco
no
mic
fa
cto
rs:
• G
en
era
ting
yie
ld in
a y
ield
-le
ss w
orl
d•
Fo
cusi
ng
on
str
on
g e
con
om
ic g
row
th a
rea
s a
nd
pro
fitin
g f
rom
imp
rovi
ng
fu
nd
am
en
tals
fo
r re
al e
sta
te in
vest
me
nts
• In
vest
ing
in d
istr
ess
ed
op
po
rtu
niti
es
in t
he
U.S
. a
nd
Eu
rop
e a
s th
ey
con
tinu
e t
o e
me
rge
• C
ap
italiz
ing
on
op
po
rtu
niti
es
to p
urc
ha
se a
sse
ts a
t d
isco
un
ts t
o r
ep
lace
me
nt
cost
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
53
,75
0,0
00
Ca
pit
al In
ve
ste
d:
$4
8,3
75
,00
0
Ma
na
ge
me
nt
Fe
es
:$
1,5
27
,80
3
Ex
pe
ns
es
:-
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$4
8,3
75
,00
0
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$5
,37
5,0
00
To
tal D
istr
ibu
tio
ns
:$
39
,16
9,1
93
Ma
rke
t V
alu
e:
$2
6,8
58
,36
7
Inc
ep
tio
n D
ate
:1
0/2
9/2
01
5
Inc
ep
tio
n IR
R:
18
.2
TV
PI:
1.4
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$1
3,0
00
,00
0.0
$2
6,0
00
,00
0.0
$3
9,0
00
,00
0.0
$5
2,0
00
,00
0.0
$6
5,0
00
,00
0.0
($1
3,0
00
,00
0.0
)
10
/15
4/1
61
0/1
64
/17
10
/17
4/1
81
0/1
84
/19
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Sta
rwo
od
Op
po
rtu
nit
y F
un
d X
As
of
Se
pte
mb
er
30
, 2
01
9
Page
229
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
11
/30
/20
15
6,4
52
,06
0-
--
--
--
--
--
12
/01
/20
15
--
--
--
--
--
--
12
/22
/20
15
--
--
--
--
--
11
6,3
44
11
6,3
44
12
/31
/20
15
7,9
98
,05
5-
18
,38
4-
-1
8,3
84
--
--
--
01
/22
/20
16
-2
3,1
12
,50
0-
--
23
,11
2,5
00
--
--
--
01
/31
/20
16
31
,11
0,5
55
--
--
--
--
--
-
02
/29
/20
16
31
,11
0,5
55
--
--
--
--
--
-
03
/31
/20
16
32
,21
5,1
73
-1
67
,05
1-
-1
67
,05
1-
--
--
-
04
/18
/20
16
--
--
--
--
--
50
7,1
90
50
7,1
90
04
/30
/20
16
31
,70
7,9
83
--
--
--
--
--
-
05
/31
/20
16
31
,70
7,9
83
--
--
--
--
--
-
06
/23
/20
16
--
--
--
--
--
95
3,6
01
95
3,6
01
06
/30
/20
16
31
,56
3,8
65
-1
67
,05
1-
-1
67
,05
1-
--
--
-
07
/31
/20
16
31
,56
3,8
65
--
--
--
--
--
-
08
/31
/20
16
31
,56
3,8
65
--
--
--
--
--
-
09
/30
/20
16
33
,12
7,6
97
-1
68
,88
7-
-1
68
,88
7-
--
--
-
10
/03
/20
16
-5
,37
5,0
00
--
-5
,37
5,0
00
--
--
--
10
/06
/20
16
--
--
--
--
--
5,7
39
,57
25
,73
9,5
72
10
/31
/20
16
32
,76
3,1
25
--
--
--
--
--
-
11
/30
/20
16
32
,76
3,1
25
--
--
--
--
--
-
12
/31
/20
16
33
,86
2,8
74
-1
68
,88
7-
-1
68
,88
7-
--
--
-
01
/31
/20
17
33
,86
2,8
74
--
--
--
--
--
-
02
/28
/20
17
33
,86
2,8
74
--
--
--
--
--
-
03
/10
/20
17
--
--
--
--
--
1,6
64
,11
11
,66
4,1
11
03
/31
/20
17
33
,19
5,0
98
-1
65
,66
8-
-1
65
,66
8-
--
--
-
04
/24
/20
17
-5
,37
5,0
00
--
-5
,37
5,0
00
--
--
--
04
/30
/20
17
38
,57
0,0
98
--
--
--
--
--
-
05
/31
/20
17
38
,57
0,0
98
--
--
--
--
--
-
06
/29
/20
17
--
--
--
--
--
1,4
18
,55
31
,41
8,5
53
06
/30
/20
17
38
,31
7,0
36
-1
67
,50
9-
-1
67
,50
9-
--
--
-
07
/31
/20
17
38
,31
7,0
36
--
--
--
--
--
-
08
/02
/20
17
--
--
--
--
--
4,6
86
,35
54
,68
6,3
55
08
/31
/20
17
33
,63
0,6
81
--
--
--
--
--
-
09
/30
/20
17
35
,11
7,0
26
-1
69
,34
9-
-1
69
,34
9-
--
--
-
10
/10
/20
17
--
--
--
--
--
3,5
29
,89
93
,52
9,8
99
10
/31
/20
17
31
,58
7,1
27
--
--
--
--
--
-
11
/30
/20
17
31
,58
7,1
27
--
--
--
--
--
-
12
/21
/20
17
--
--
--
--
--
95
9,8
29
95
9,8
29
12
/31
/20
17
31
,86
3,9
68
-1
69
,34
9-
-1
69
,34
9-
--
--
-
01
/31
/20
18
31
,86
3,9
68
--
--
--
--
--
-
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Sta
rwo
od
Op
po
rtu
nit
y F
un
d X
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
230
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Sta
rwo
od
Op
po
rtu
nit
y F
un
d X
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
02
/28
/20
18
31
,86
3,9
68
--
--
--
--
--
-
03
/05
/20
18
-5
,37
5,0
00
--
-5
,37
5,0
00
--
--
--
03
/29
/20
18
--
--
--
--
--
3,3
38
,35
13
,33
8,3
51
03
/30
/20
18
--
16
5,6
68
--
16
5,6
68
--
--
--
03
/31
/20
18
34
,60
3,8
68
--
--
--
--
--
-
04
/23
/20
18
--
--
--
--
--
4,7
77
,85
74
,77
7,8
57
04
/30
/20
18
29
,82
6,0
11
--
--
--
--
--
-
05
/31
/20
18
29
,82
6,0
11
--
--
--
--
--
-
06
/28
/20
18
--
--
--
--
--
2,8
79
,47
92
,87
9,4
79
06
/30
/20
18
28
,64
4,1
89
--
--
--
--
--
-
07
/31
/20
18
28
,64
4,1
89
--
--
--
--
--
-
08
/31
/20
18
28
,64
4,1
89
--
--
--
--
--
-
09
/10
/20
18
--
--
--
--
--
1,6
65
,14
31
,66
5,1
43
09
/28
/20
18
--
--
--
--
--
3,5
99
,34
83
,59
9,3
48
09
/30
/20
18
24
,42
4,2
12
--
--
--
--
--
-
10
/31
/20
18
24
,42
4,2
12
--
--
--
--
--
-
11
/30
/20
18
24
,42
4,2
12
--
--
--
--
--
-
12
/13
/20
18
--
--
--
--
--
1,4
32
,89
91
,43
2,8
99
12
/27
/20
18
--
--
--
--
--
95
9,8
26
95
9,8
26
12
/31
/20
18
22
,21
1,9
16
--
--
--
--
--
-
01
/31
/20
19
22
,21
1,9
16
--
--
--
--
--
-
02
/28
/20
19
22
,21
1,9
16
--
--
--
--
--
-
03
/31
/20
19
22
,37
6,6
60
--
--
--
--
--
-
04
/30
/20
19
22
,37
6,6
60
--
--
--
--
--
-
05
/31
/20
19
22
,37
6,6
60
--
--
--
--
--
-
06
/30
/20
19
22
,75
7,0
42
--
--
--
--
--
-
07
/22
/20
19
-4
,30
0,0
00
--
-4
,30
0,0
00
--
--
--
07
/31
/20
19
27
,05
7,0
42
--
--
--
--
--
-
08
/06
/20
19
--
--
--
--
--
94
0,8
36
94
0,8
36
08
/31
/20
19
26
,11
6,2
06
--
--
--
--
--
-
09
/30
/20
19
26
,85
8,3
67
--
--
--
--
--
-
To
tal
43
,53
7,5
00
1,5
27
,80
3-
-4
5,0
65
,30
3-
--
-3
9,1
69
,19
33
9,1
69
,19
3
Page
231
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:P
art
ne
rsh
ipV
inta
ge
Ye
ar:
20
16
Str
ate
gy
Ty
pe
:R
ea
l Est
ate
Ma
na
ge
me
nt
Fe
e:
1.2
5%
Ta
rge
t IR
R:
8.0
0%
Inc
ep
tio
n:
01
/01
/20
16
Ge
ne
ral P
art
ne
r:
Inv
es
tme
nt
Str
ate
gy
:S
OF
XI
con
tinu
es
the
su
cce
ssfu
l ap
pro
ach
of
its p
red
ece
sso
r fu
nd
s, w
ith a
fo
cus
on
acq
uir
ing
, d
eve
lop
ing
an
d r
ep
osi
tion
ing
hig
h-q
ua
lity
ass
ets
in n
ea
rly
eve
ry m
ajo
r re
al e
sta
te a
sse
t cl
ass
with
str
on
g f
un
da
me
nta
ls.
At
the
sa
me
tim
e,
the
Fu
nd
se
eks
inve
stm
en
ts t
ha
t ca
n g
en
era
te c
on
sist
en
t a
nd
gro
win
g c
ash
-on
-ca
sh r
etu
rns
eith
er
sou
rce
d d
ire
ctly
, in
pa
rtn
ers
hip
s, o
r jo
int
ven
ture
s.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
60
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$9
,00
0,0
00
Ma
na
ge
me
nt
Fe
es
:-
Ex
pe
ns
es
:-
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$9
,00
0,0
00
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$5
2,1
41
,15
5
To
tal D
istr
ibu
tio
ns
:$
2,4
23
,14
7
Ma
rke
t V
alu
e:
$8
,98
6,5
86
Inc
ep
tio
n D
ate
:0
7/0
9/2
01
8
Inc
ep
tio
n IR
R:
50
.8
TV
PI:
1.3
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$2
,34
0,0
00
.0
$4
,68
0,0
00
.0
$7
,02
0,0
00
.0
$9
,36
0,0
00
.0
$1
1,7
00
,00
0.0
($2
,34
0,0
00
.0)
7/1
81
0/1
81
/19
4/1
97
/19
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Sta
rwo
od
Op
po
rtu
nit
y F
un
d X
I
As
of
Se
pte
mb
er
30
, 2
01
9
Page
232
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
07
/09
/20
18
-1
,80
0,0
00
--
-1
,80
0,0
00
--
--
--
07
/31
/20
18
1,8
00
,00
0-
--
--
--
--
--
08
/31
/20
18
1,8
00
,00
0-
--
--
--
--
--
09
/30
/20
18
2,2
33
,30
7-
--
--
--
--
--
10
/31
/20
18
2,2
33
,30
7-
--
--
--
--
--
11
/30
/20
18
2,2
33
,30
7-
--
--
--
--
--
12
/31
/20
18
2,4
76
,50
1-
--
--
--
--
--
01
/22
/20
19
-4
,20
0,0
00
--
-4
,20
0,0
00
--
--
--
01
/31
/20
19
6,6
76
,50
1-
--
--
--
--
--
02
/15
/20
19
--
--
--
--
-6
11
,47
17
35
,64
91
,34
7,1
20
02
/28
/20
19
5,3
29
,38
1-
--
--
--
--
--
03
/31
/20
19
6,0
07
,57
5-
--
--
--
--
--
04
/30
/20
19
6,0
07
,57
5-
--
--
--
--
--
05
/31
/20
19
6,0
07
,57
5-
--
--
--
--
--
06
/13
/20
19
--
--
--
--
-9
8,4
71
24
3,5
56
34
2,0
27
06
/30
/20
19
5,7
90
,98
2-
--
--
--
--
--
07
/08
/20
19
-3
,00
0,0
00
--
-3
,00
0,0
00
--
--
--
07
/31
/20
19
8,7
90
,98
2-
--
--
--
--
--
08
/31
/20
19
8,7
90
,98
2-
--
--
--
--
--
09
/25
/20
19
--
--
--
--
-4
31
,21
33
02
,78
77
34
,00
0
09
/30
/20
19
8,9
86
,58
6-
--
--
--
--
--
To
tal
9,0
00
,00
0-
--
9,0
00
,00
0-
--
1,1
41
,15
51
,28
1,9
92
2,4
23
,14
7
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Sta
rwo
od
Op
po
rtu
nit
y F
un
d X
I
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
233
of 3
72
PR
IVA
TE
EQ
UIT
Y F
UN
DS
Page
234
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:F
un
d O
f F
un
ds
Vin
tag
e Y
ea
r:2
01
0
Str
ate
gy
Ty
pe
:B
uyo
uts
Ma
na
ge
me
nt
Fe
e:
Fla
t F
ee
$2
,50
0,0
00
Ta
rge
t IR
R:
11
.00
%In
ce
pti
on
:0
1/1
0/2
01
0
Ge
ne
ral P
art
ne
r:F
P O
TR
S I
, L
LC
Inv
es
tme
nt
Str
ate
gy
:T
he
Fu
nd
inve
sts
in b
uyo
ut
an
d v
en
ture
ca
pita
l lim
ited
pa
rtn
ers
hip
s o
n b
eh
alf
of
Okl
ah
om
a T
ea
che
rs' R
etir
em
en
t S
yste
m.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
1,4
90
,00
0,0
00
Ca
pit
al In
ve
ste
d:
$1
,16
4,3
12
,82
5
Ma
na
ge
me
nt
Fe
es
:$
26
,92
6,0
89
Ex
pe
ns
es
:$
1,7
61
,08
5
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$1
,19
3,0
00
,00
0
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$3
25
,68
7,1
75
To
tal D
istr
ibu
tio
ns
:$
64
5,5
47
,65
0
Ma
rke
t V
alu
e:
$1
,32
8,4
08
,64
8
Inc
ep
tio
n D
ate
:0
4/0
8/2
01
0
Inc
ep
tio
n IR
R:
16
.7
TV
PI:
1.7
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$3
64
,00
0,0
00
.0
$7
28
,00
0,0
00
.0
$1
,09
2,0
00
,00
0.0
$1
,45
6,0
00
,00
0.0
$1
,82
0,0
00
,00
0.0
($3
64
,00
0,0
00
.0)
4/1
01
/11
10
/11
7/1
24
/13
1/1
41
0/1
47
/15
4/1
61
/17
10
/17
7/1
84
/19
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
Fra
nk
lin
Pa
rk P
riv
ate
Eq
uit
y
As
of
Se
pte
mb
er
30
, 2
01
9
Page
235
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
04
/08
/20
10
-2
5,0
00
--
-4
00
,00
0-
--
--
-
04
/30
/20
10
25
,00
0-
--
--
--
--
--
05
/31
/20
10
25
,00
0-
--
--
--
--
--
06
/30
/20
10
15
,56
2-
--
--
--
--
--
07
/01
/20
10
-6
2,5
00
--
-6
2,5
00
--
--
--
07
/27
/20
10
-1
23
,14
2-
--
50
0,0
30
--
--
--
07
/31
/20
10
20
1,1
74
--
--
--
--
--
-
08
/31
/20
10
20
1,1
74
--
--
--
--
--
-
09
/30
/20
10
18
9,8
91
--
--
--
--
--
-
10
/12
/20
10
-4
25
,00
0-
--
80
0,0
00
--
--
--
10
/31
/20
10
61
4,8
91
--
--
--
--
--
-
11
/30
/20
10
61
4,8
91
--
--
--
--
--
-
12
/23
/20
10
-4
,34
0,5
71
--
-4
,35
0,0
00
--
--
--
12
/31
/20
10
4,2
89
,62
8-
--
--
--
--
--
01
/11
/20
11
-1
25
,00
0-
--
50
0,0
00
--
--
--
01
/31
/20
11
4,4
14
,62
8-
--
--
--
--
--
02
/09
/20
11
-3
00
,00
0-
--
30
0,0
00
--
--
--
02
/28
/20
11
4,7
14
,62
8-
--
--
--
--
--
03
/29
/20
11
-3
90
,00
0-
--
40
0,0
00
--
--
--
03
/31
/20
11
4,9
14
,17
4-
--
--
--
--
--
04
/21
/20
11
-1
25
,00
0-
--
50
0,0
00
--
--
--
04
/30
/20
11
5,0
39
,17
4-
--
--
--
--
--
05
/24
/20
11
-1
,30
0,0
00
--
-1
,30
0,0
00
--
--
--
05
/31
/20
11
6,9
64
,17
46
25
,00
0-
--
62
5,0
00
--
--
--
06
/21
/20
11
-4
,20
0,0
00
--
-4
,20
0,0
00
--
--
--
06
/28
/20
11
-6
40
,62
0-
--
65
0,0
00
--
--
--
06
/30
/20
11
10
,03
9,3
24
--
--
--
--
--
-
07
/14
/20
11
-7
69
,60
0-
--
1,2
00
,00
0-
--
--
-
07
/31
/20
11
10
,80
8,9
24
--
--
--
--
--
-
08
/09
/20
11
-4
50
,00
0-
--
45
0,0
00
--
--
--
08
/31
/20
11
11
,25
8,9
24
--
--
--
--
--
-
09
/26
/20
11
-4
25
,00
0-
--
80
0,0
00
--
--
--
09
/30
/20
11
11
,04
5,6
50
--
--
--
--
--
-
10
/20
/20
11
-3
,60
0,0
00
--
-3
,60
0,0
00
--
--
--
10
/31
/20
11
14
,64
5,6
49
--
--
--
--
--
-
11
/28
/20
11
-3
,49
8,4
67
--
-3
,50
0,0
00
--
--
--
11
/30
/20
11
17
,14
4,1
17
--
--
--
--
--
-
12
/08
/20
11
-4
50
,00
0-
--
45
0,0
00
--
--
--
12
/14
/20
11
-3
,25
0,0
00
--
-3
,25
0,0
00
--
--
--
12
/30
/20
11
-5
00
,00
0-
--
50
0,0
00
--
--
--
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Fra
nk
lin
Pa
rk P
riv
ate
Eq
uit
y
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
236
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Fra
nk
lin
Pa
rk P
riv
ate
Eq
uit
y
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
12
/31
/20
11
19
,83
9,2
93
--
--
--
--
--
-
01
/17
/20
12
-6
9,6
30
--
-5
00
,00
0-
--
--
-
01
/30
/20
12
-5
50
,00
0-
--
55
0,0
00
--
--
--
01
/31
/20
12
20
,45
8,9
23
--
--
--
--
--
-
02
/09
/20
12
-1
,20
0,0
00
--
-1
,20
0,0
00
--
--
--
02
/29
/20
12
26
,15
8,9
23
4,5
00
,00
0-
--
4,5
00
,00
0-
--
--
-
03
/16
/20
12
-5
,00
0,0
00
--
-5
,00
0,0
00
--
--
--
03
/27
/20
12
-5
15
,00
0-
--
90
0,0
00
--
--
--
03
/31
/20
12
31
,42
9,5
51
--
--
--
--
--
-
04
/05
/20
12
-2
,30
0,0
00
--
-2
,30
0,0
00
--
--
--
04
/24
/20
12
-3
,49
0,0
00
--
-3
,50
0,0
00
--
--
--
04
/30
/20
12
37
,21
9,5
51
--
--
--
--
--
-
05
/07
/20
12
-2
,70
0,0
00
--
-2
,70
0,0
00
--
--
--
05
/23
/20
12
-3
,50
0,0
00
--
-3
,50
0,0
00
--
--
--
05
/31
/20
12
43
,41
9,5
51
--
--
--
--
--
-
06
/08
/20
12
-9
00
,00
0-
--
90
0,0
00
--
--
--
06
/25
/20
12
-8
31
,21
0-
--
1,5
00
,00
0-
--
--
-
06
/30
/20
12
44
,83
1,1
06
--
--
--
--
--
-
07
/05
/20
12
-1
4,7
97
,24
1-
--
14
,80
0,0
00
--
--
--
07
/20
/20
12
-8
00
,00
0-
--
80
0,0
00
--
--
--
07
/30
/20
12
-1
7,0
00
,00
0-
--
17
,00
0,0
00
--
--
--
07
/31
/20
12
77
,42
8,3
47
--
--
--
--
--
-
08
/02
/20
12
-1
,90
0,0
00
--
-1
,90
0,0
00
--
--
--
08
/16
/20
12
-6
00
,00
0-
--
60
0,0
00
--
--
--
08
/31
/20
12
79
,92
8,3
47
--
--
--
--
--
-
09
/24
/20
12
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--
--
04
/24
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17
-1
9,7
47
,50
0-
--
20
,00
0,0
00
--
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5,3
05
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05
,30
5,1
70
04
/30
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17
83
6,9
59
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3-
--
--
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05
/18
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17
-1
2,9
99
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5-
--
13
,00
0,0
00
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1,5
55
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11
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5,6
41
05
/31
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17
84
8,4
03
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--
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06
/14
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17
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2,0
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8,8
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06
/27
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1,3
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20
06
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89
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12
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07
/31
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17
89
8,3
81
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/22
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12
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28
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41
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64
08
/31
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17
90
8,5
53
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--
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09
/01
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17
-1
8,0
00
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18
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/30
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17
96
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04
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/30
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21
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/31
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17
96
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63
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11
/30
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96
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63
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17
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16
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14
12
/29
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17
--
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--
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2,8
52
,76
62
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2,7
66
12
/31
/20
17
1,0
35
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66
--
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01
/31
/20
18
1,0
35
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02
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-1
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00
--
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2,5
03
,91
82
,50
3,9
18
Page
240
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
Fra
nk
lin
Pa
rk P
riv
ate
Eq
uit
y
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
02
/28
/20
18
1,0
47
,14
1,3
13
--
--
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-
03
/01
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18
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8,0
00
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/31
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11
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9,3
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--
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/27
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05
/31
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1,1
17
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/18
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99
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--
--
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/24
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-5
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26
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07
/31
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18
1,1
63
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45
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08
/31
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1,1
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/27
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21
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2,8
29
21
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29
09
/30
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18
1,2
08
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4,8
75
--
--
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10
/31
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18
1,1
97
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8,5
46
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86
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9
11
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18
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00
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00
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31
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4,1
67
31
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11
/30
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1,1
72
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12
/10
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18
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99
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--
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00
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61
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12
/28
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18
-9
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0,0
00
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19
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0,1
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19
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12
/31
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18
1,2
01
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9,5
58
--
--
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01
/23
/20
19
-1
3,6
53
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29
5,0
52
29
5,0
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01
/31
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15
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12
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4,4
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12
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4,4
92
02
/28
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19
1,2
07
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3,4
11
--
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03
/29
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00
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10
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0,5
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10
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0,5
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03
/31
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19
1,2
68
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7,4
80
--
--
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-
04
/25
/20
19
--
--
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22
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9,5
59
22
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04
/30
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1,2
46
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21
--
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05
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25
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05
/30
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6,0
86
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76
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6,4
27
05
/31
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1,2
15
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3,7
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06
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1,2
84
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2,7
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07
/16
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19
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2,8
59
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30
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07
/31
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19
1,2
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08
/31
/20
19
1,2
77
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--
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09
/13
/20
19
-1
2,5
00
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12
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3,9
32
17
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3,9
32
09
/25
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--
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67
0,4
37
67
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09
/27
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17
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0,1
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17
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0,1
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09
/30
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28
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--
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To
tal
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45
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50
64
5,5
47
,65
0
Page
241
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:F
un
d O
f F
un
ds
Vin
tag
e Y
ea
r:2
00
8
Str
ate
gy
Ty
pe
:B
uyo
uts
Ma
na
ge
me
nt
Fe
e:
25
bp
s
Ta
rge
t IR
R:
14
.00
%In
ce
pti
on
:0
8/2
8/2
00
8
Ge
ne
ral P
art
ne
r:F
P O
TR
S I
, L
LC
Inv
es
tme
nt
Str
ate
gy
:E
ffe
ctiv
e J
uly
1,
20
10
, th
e u
nd
erl
yin
g in
vest
me
nt
pa
rtn
ers
hip
inte
rest
s o
f A
ldu
s/O
KT
RS
Fu
nd
, L
.P.
we
re t
ran
sfe
rre
d to
th
e F
un
d a
t fa
ir v
alu
e,
as
rep
ort
ed
by
un
de
rlyi
ng
fu
nd
ma
na
ge
rs,
as
of
Jun
e 3
0,
20
10
.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
11
3,0
28
,01
0
Ca
pit
al In
ve
ste
d:
$9
8,7
13
,94
0
Ma
na
ge
me
nt
Fe
es
:$
1,5
45
,87
9
Ex
pe
ns
es
:$
25
1,6
50
Inte
res
t:-
To
tal C
on
trib
uti
on
s:
$1
00
,51
1,4
70
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$1
4,2
69
,66
9
To
tal D
istr
ibu
tio
ns
:$
12
7,3
39
,22
5
Ma
rke
t V
alu
e:
$1
4,5
76
,56
8
Inc
ep
tio
n D
ate
:1
0/1
0/2
00
8
Inc
ep
tio
n IR
R:
9.9
TV
PI:
1.4
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$3
3,8
00
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0.0
$6
7,6
00
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0.0
$1
01
,40
0,0
00
.0
$1
35
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00
.0
$1
69
,00
0,0
00
.0
($3
3,8
00
,00
0.0
)
10
/08
7/0
94
/10
1/1
11
0/1
17
/12
4/1
31
/14
10
/14
7/1
54
/16
1/1
71
0/1
77
/18
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
OT
RS
Le
ga
cy
P-E
As
se
ts F
un
d L
P
As
of
Se
pte
mb
er
30
, 2
01
9
FP
co
mm
itme
nt $
97
.5M
. T
ota
l act
ivity
fig
ure
s sh
ow
n o
n t
his
re
po
rt in
clu
de
s a
ctiv
itie
s fo
r A
ldu
s/O
KT
RS
Fu
nd
, p
rio
r to
10
/20
10
tra
nsf
ers
to
FP
.
Page
242
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
10
/10
/20
08
-3
55
,10
2-
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35
5,1
02
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10
/24
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08
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In
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As
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P
Sin
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In
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Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
OT
RS
Le
ga
cy
P-E
As
se
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un
d L
P
Sin
ce
In
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En
din
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tem
be
r 3
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01
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Da
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2,4
14
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247
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72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
OT
RS
Le
ga
cy
P-E
As
se
ts F
un
d L
P
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
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tme
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Fe
es
Ex
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tch
-Up
Inte
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47
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73
,24
7,4
27
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248
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72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
OT
RS
Le
ga
cy
P-E
As
se
ts F
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d L
P
Sin
ce
In
ce
pti
on
En
din
g S
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tem
be
r 3
0, 2
01
9
Da
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Va
lue
Inv
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tme
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Fe
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Ex
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Inte
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5
Page
249
of 3
72
OP
PO
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UN
IST
IC F
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D I
NC
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Page
250
of 3
72
Fu
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In
form
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Ty
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of
Fu
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cte
d e
mp
ha
sis
on
ma
rke
ts in
flue
nce
d b
y b
an
k re
gu
lato
ry r
efo
rm c
ove
rin
g m
ort
ga
ge
s, r
ea
l est
ate
an
d c
on
sum
er
ma
rke
ts,
pri
ma
rily
in t
he
U.S
. b
ut
with
so
me
exp
osu
re t
o E
uro
pe
. E
mp
loys
a m
ulti
dis
cip
lina
ry in
vest
me
nt
ap
pro
ach
acr
oss
pu
blic
an
d p
riva
te m
ark
ets
to
un
cove
r a
ttra
ctiv
e r
isk-
ad
just
ed
re
turn
s.
Th
is r
eq
uir
es
afle
xib
le in
vest
me
nt
ap
pro
ach
, d
ue
to
th
e c
om
ple
x in
tera
ctio
n o
f m
on
eta
ry p
olic
ies,
re
gu
latio
n a
nd
ca
pita
l ma
rke
ts.
Ta
rge
t IR
R a
nd
mu
ltip
le o
f 1
5%
an
d 1
.8x,
ne
t o
f fe
es
an
d c
arr
ied
inte
rest
.
BR
AV
O t
ea
m in
clu
de
s o
ver
80
po
rtfo
lio m
an
ag
em
en
t p
ers
on
ne
l with
a w
ide
ra
ng
e o
f b
ack
gro
un
ds,
incl
ud
ing
ori
gin
atio
ns,
ca
pita
l ma
rke
ts,
rea
l est
ate
acq
uis
itio
ns
an
d a
sse
t m
an
ag
em
en
t.T
he
te
am
ha
s a
his
tory
of
ide
ntif
yin
g in
vest
me
nt
op
po
rtu
niti
es,
an
d c
on
stru
ctin
g t
ea
ms
to c
ap
italiz
e o
n t
he
se o
pp
ort
un
itie
s.
Th
e f
un
ds
ha
ve a
dis
cip
line
d u
nd
erw
ritin
g p
roce
ss t
ha
t co
mb
ine
s m
acr
oe
con
om
ic p
ers
pe
ctiv
es
an
d a
sse
t-le
vel f
un
ctio
na
l exp
ert
ise
. T
he
am
ou
nt
of
info
rma
tion
ava
ilab
le t
hro
ug
h t
he
pla
tfo
rm a
nd
pro
pri
eta
ry a
na
lytic
s w
ill b
e u
sed
to
fo
rm a
un
iqu
e u
nd
ers
tan
din
g a
nd
ab
ility
to
ide
ntif
y a
nd
so
urc
e r
ela
tive
va
lue
inve
stm
en
t a
cro
ss t
he
ca
pita
l str
uct
ure
. F
urt
he
r, t
he
fu
nd
will
leve
rag
e P
IMC
O’s
fin
an
cin
g p
latf
orm
an
d c
ap
ital m
ark
ets
an
d s
tru
ctu
re e
xpe
rtis
e t
o u
nd
ers
tan
d c
om
ple
x se
curi
ties
to o
ptim
ize
re
turn
s.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
10
0,0
00
,00
0
Ca
pit
al In
ve
ste
d:
$1
12
,33
2,6
82
Ma
na
ge
me
nt
Fe
es
:-
Ex
pe
ns
es
:-
Inte
res
t:$
36
,88
6
To
tal C
on
trib
uti
on
s:
$1
12
,36
9,5
68
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
-
To
tal D
istr
ibu
tio
ns
:$
19
4,3
28
,47
8
Ma
rke
t V
alu
e:
$1
,53
9,9
92
Inc
ep
tio
n D
ate
:0
3/3
1/2
01
1
Inc
ep
tio
n IR
R:
22
.0
TV
PI:
1.7
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$5
2,0
00
,00
0.0
$1
04
,00
0,0
00
.0
$1
56
,00
0,0
00
.0
$2
08
,00
0,0
00
.0
$2
60
,00
0,0
00
.0
($5
2,0
00
,00
0.0
)
3/1
11
2/1
19
/12
6/1
33
/14
12
/14
9/1
56
/16
3/1
71
2/1
79
/18
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
PIM
CO
Bra
vo
Fu
nd
As
of
Se
pte
mb
er
30
, 2
01
9
Page
251
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
03
/21
/20
11
-1
0,6
68
,49
3-
-3
6,8
86
10
,70
5,3
79
--
--
--
03
/31
/20
11
10
,86
8,4
73
--
--
--
--
--
-
04
/29
/20
11
-1
,76
3,8
22
--
-1
,76
3,8
22
--
12
,44
11
,76
3,8
22
-1
,77
6,2
63
04
/30
/20
11
10
,86
8,4
73
--
--
--
--
--
-
05
/10
/20
11
-2
0,0
00
,00
0-
--
20
,00
0,0
00
--
--
--
05
/31
/20
11
30
,86
8,4
73
--
--
--
--
--
-
06
/27
/20
11
--
--
--
--
71
,23
98
,40
3,9
09
-8
,47
5,1
49
06
/30
/20
11
22
,94
6,7
70
--
--
--
--
--
-
07
/22
/20
11
-2
,16
4,9
51
--
-2
,16
4,9
51
--
27
,07
12
,16
4,9
51
-2
,19
2,0
22
07
/31
/20
11
22
,94
6,7
70
--
--
--
--
--
-
08
/23
/20
11
-8
,50
0,0
00
--
-8
,50
0,0
00
--
--
--
08
/31
/20
11
31
,44
6,7
70
--
--
--
--
--
-
09
/30
/20
11
31
,67
9,6
92
--
--
--
--
--
-
10
/31
/20
11
31
,67
9,6
92
--
--
--
--
--
-
11
/25
/20
11
-1
0,0
00
,00
0-
--
10
,00
0,0
00
--
--
--
11
/30
/20
11
41
,67
9,6
92
--
--
--
--
--
-
12
/31
/20
11
41
,75
2,7
91
--
--
--
--
--
-
01
/31
/20
12
41
,75
2,7
91
--
--
--
--
--
-
02
/29
/20
12
51
,75
2,7
91
10
,00
0,0
00
--
-1
0,0
00
,00
0-
--
--
-
03
/31
/20
12
56
,31
0,0
33
--
--
--
--
--
-
04
/17
/20
12
-1
0,0
00
,00
0-
--
10
,00
0,0
00
--
--
--
04
/30
/20
12
66
,31
0,0
33
--
--
--
--
--
-
05
/31
/20
12
66
,31
0,0
33
--
--
--
--
--
-
06
/30
/20
12
70
,22
1,1
73
--
--
--
--
--
-
07
/16
/20
12
-1
0,0
00
,00
0-
--
10
,00
0,0
00
--
--
--
07
/31
/20
12
80
,22
1,1
73
--
--
--
--
--
-
08
/27
/20
12
-1
0,0
00
,00
0-
--
10
,00
0,0
00
--
--
--
08
/31
/20
12
90
,22
1,1
73
--
--
--
--
--
-
09
/30
/20
12
10
1,3
01
,34
9-
--
--
--
--
--
10
/31
/20
12
10
1,3
01
,34
9-
--
--
--
--
--
11
/30
/20
12
10
1,3
04
,34
9-
--
--
--
--
--
12
/31
/20
12
11
0,3
48
,71
1-
--
--
--
--
--
01
/11
/20
13
-1
0,0
00
,00
0-
--
10
,00
0,0
00
--
--
--
01
/31
/20
13
12
0,3
48
,71
1-
--
--
--
--
--
02
/28
/20
13
12
0,3
48
,71
1-
--
--
--
--
--
03
/31
/20
13
13
0,2
97
,60
3-
--
--
--
--
--
04
/30
/20
13
13
0,2
97
,60
3-
--
--
--
--
--
05
/21
/20
13
-5
,00
0,0
00
--
-5
,00
0,0
00
--
--
--
05
/31
/20
13
13
5,2
97
,60
3-
--
--
--
--
--
06
/30
/20
13
13
8,4
22
,40
5-
--
--
--
--
--
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Bra
vo
Fu
nd
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
252
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Bra
vo
Fu
nd
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
07
/31
/20
13
13
8,4
22
,40
5-
--
--
--
--
--
08
/31
/20
13
13
8,4
22
,40
5-
--
--
--
--
--
09
/30
/20
13
14
4,7
63
,26
3-
--
--
--
--
--
10
/31
/20
13
14
4,7
63
,26
3-
--
--
--
--
--
11
/30
/20
13
14
4,7
63
,26
3-
--
--
--
--
--
12
/06
/20
13
-4
,23
5,4
16
--
-4
,23
5,4
16
--
--
--
12
/31
/20
13
15
8,2
36
,31
4-
--
--
--
--
--
01
/31
/20
14
15
8,2
36
,31
4-
--
--
--
--
--
02
/28
/20
14
15
8,2
36
,31
4-
--
--
--
--
--
03
/31
/20
14
16
5,1
80
,18
8-
--
--
--
--
--
04
/04
/20
14
--
--
--
--
--
17
,90
8,2
33
17
,90
8,2
33
04
/30
/20
14
14
7,2
71
,95
5-
--
--
--
--
--
05
/28
/20
14
--
--
--
--
--
14
,92
3,5
28
14
,92
3,5
28
05
/31
/20
14
13
2,3
48
,42
7-
--
--
--
--
--
06
/30
/20
14
14
1,3
64
,08
6-
--
--
--
--
--
07
/30
/20
14
--
--
--
--
--
19
,18
7,3
93
19
,18
7,3
93
07
/31
/20
14
12
2,1
76
,69
3-
--
--
--
--
--
08
/25
/20
14
--
--
--
--
--
19
,18
7,3
93
19
,18
7,3
93
08
/31
/20
14
10
2,9
89
,30
1-
--
--
--
--
--
09
/26
/20
14
--
--
--
--
--
8,5
27
,73
08
,52
7,7
30
09
/30
/20
14
98
,02
4,3
38
--
--
--
--
--
-
10
/31
/20
14
98
,02
4,3
38
--
--
--
--
--
-
11
/30
/20
14
98
,02
4,3
38
--
--
--
--
--
-
12
/31
/20
14
10
1,2
07
,57
7-
--
--
--
--
--
01
/28
/20
15
--
--
--
1,0
53
,60
1-
--
20
,26
5,7
24
21
,31
9,3
25
01
/31
/20
15
79
,88
8,2
52
--
--
--
--
--
-
02
/28
/20
15
79
,88
8,2
52
--
--
--
--
--
-
03
/31
/20
15
64
,50
5,3
84
--
--
-1
7,0
55
,46
0-
--
-1
7,0
55
,46
0
04
/30
/20
15
64
,50
5,3
84
--
--
--
--
--
-
05
/31
/20
15
64
,50
5,3
84
--
--
--
--
--
-
06
/15
/20
15
--
--
--
10
,16
7,8
48
--
--
10
,16
7,8
48
06
/30
/20
15
56
,37
6,6
90
--
--
--
--
--
-
07
/31
/20
15
56
,37
6,6
90
--
--
--
--
--
-
08
/31
/20
15
56
,37
6,6
90
--
--
--
--
--
-
09
/30
/20
15
54
,16
7,3
23
--
--
--
--
--
-
10
/08
/20
15
--
--
--
12
,14
1,2
49
--
--
12
,14
1,2
49
10
/31
/20
15
42
,02
6,0
74
--
--
--
--
--
-
11
/30
/20
15
42
,02
6,0
74
--
--
--
--
--
-
12
/18
/20
15
--
--
--
11
,46
4,3
28
--
--
11
,46
4,3
28
12
/31
/20
15
30
,34
5,5
66
--
--
--
--
--
-
01
/15
/20
16
--
--
--
4,3
42
,54
8-
--
-4
,34
2,5
48
Page
253
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Bra
vo
Fu
nd
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
01
/31
/20
16
26
,00
3,0
18
--
--
--
--
--
-
02
/29
/20
16
26
,00
3,0
18
--
--
--
--
--
-
03
/31
/20
16
24
,26
2,2
42
--
--
--
--
--
-
04
/30
/20
16
24
,26
2,2
42
--
--
--
--
--
-
05
/31
/20
16
24
,26
2,2
42
--
--
--
--
--
-
06
/01
/20
16
--
--
--
5,8
32
,73
9-
--
-5
,83
2,7
39
06
/30
/20
16
20
,67
9,4
06
--
--
--
--
--
-
07
/18
/20
16
--
--
--
5,0
62
,63
5-
--
-5
,06
2,6
35
07
/31
/20
16
15
,61
6,7
71
--
--
--
--
--
-
08
/31
/20
16
15
,61
6,7
71
--
--
--
--
--
-
09
/06
/20
16
--
--
--
5,0
71
,62
4-
--
-5
,07
1,6
24
09
/30
/20
16
10
,95
9,7
34
--
--
--
--
--
-
10
/31
/20
16
10
,95
9,7
34
--
--
--
--
--
-
11
/30
/20
16
10
,95
9,7
34
--
--
--
--
--
-
12
/06
/20
16
--
--
--
3,7
12
,45
6-
--
-3
,71
2,4
56
12
/31
/20
16
7,3
95
,58
0-
--
--
--
--
--
01
/31
/20
17
7,3
95
,58
0-
--
--
--
--
--
02
/28
/20
17
7,3
95
,58
0-
--
--
--
--
--
03
/31
/20
17
6,7
43
,80
6-
--
--
--
--
--
04
/30
/20
17
6,7
43
,80
6-
--
--
--
--
--
05
/31
/20
17
6,7
43
,80
6-
--
--
--
--
--
06
/28
/20
17
--
--
--
1,1
76
,27
8-
--
-1
,17
6,2
78
06
/30
/20
17
5,4
74
,80
9-
--
--
--
--
--
07
/31
/20
17
5,4
74
,80
9-
--
--
--
--
--
08
/31
/20
17
5,4
74
,80
9-
--
--
--
--
--
09
/30
/20
17
5,2
08
,16
6-
--
--
--
--
--
10
/06
/20
17
--
--
--
66
8,5
13
--
--
66
8,5
13
10
/31
/20
17
4,5
39
,65
3-
--
--
--
--
--
11
/30
/20
17
4,5
39
,65
3-
--
--
--
--
--
12
/31
/20
17
4,6
01
,86
0-
--
--
--
--
--
01
/31
/20
18
4,6
01
,86
0-
--
--
--
--
--
02
/27
/20
18
--
--
--
1,3
74
,94
9-
--
-1
,37
4,9
49
02
/28
/20
18
3,2
26
,91
1-
--
--
--
--
--
03
/31
/20
18
6,6
70
,81
5-
--
--
--
--
--
04
/30
/20
18
6,6
70
,81
5-
--
--
--
--
--
05
/31
/20
18
6,6
70
,81
5-
--
--
--
--
--
06
/13
/20
18
--
--
--
1,9
69
,04
3-
--
-1
,96
9,0
43
06
/30
/20
18
4,4
51
,64
5-
--
--
--
--
--
07
/31
/20
18
4,4
51
,64
5-
--
--
--
--
--
08
/31
/20
18
4,4
51
,64
5-
--
--
--
--
--
09
/30
/20
18
4,3
23
,17
1-
--
--
--
--
--
Page
254
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Bra
vo
Fu
nd
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
10
/31
/20
18
4,3
23
,17
1-
--
--
--
--
--
11
/30
/20
18
4,3
23
,17
1-
--
--
--
--
--
12
/31
/20
18
3,1
91
,26
2-
--
--
--
--
--
01
/31
/20
19
3,1
91
,26
2-
--
--
--
--
--
02
/28
/20
19
3,1
91
,26
2-
--
--
--
--
--
03
/29
/20
19
--
--
--
79
1,7
74
--
--
79
1,7
74
03
/31
/20
19
2,0
19
,10
0-
--
--
--
--
--
04
/30
/20
19
2,0
19
,10
0-
--
--
--
--
--
05
/31
/20
19
2,0
19
,10
0-
--
--
--
--
--
06
/30
/20
19
1,1
31
,15
0-
--
--
--
--
--
07
/31
/20
19
1,1
31
,15
0-
--
--
--
--
--
08
/31
/20
19
1,1
31
,15
0-
--
--
--
--
--
09
/30
/20
19
1,5
39
,99
2-
--
--
--
--
--
To
tal
11
2,3
32
,68
2-
-3
6,8
86
11
2,3
69
,56
88
1,8
85
,04
4-
11
0,7
51
12
,33
2,6
82
10
0,0
00
,00
01
94
,32
8,4
78
Page
255
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:D
ire
ctV
inta
ge
Ye
ar:
20
13
Str
ate
gy
Ty
pe
:D
istr
ess
ed
Ma
na
ge
me
nt
Fe
e:
1.3
6%
(2
0%
ca
rrie
d in
tere
st o
ver
8%
hu
rdle
ra
te)
Ta
rge
t IR
R:
15
.00
%In
ce
pti
on
:0
3/1
9/2
01
1
Ge
ne
ral P
art
ne
r:P
IMC
O
Inv
es
tme
nt
Str
ate
gy
:P
riva
te e
qu
ity-s
tyle
op
po
rtu
nis
tic f
un
d w
ith a
n e
xpe
cte
d e
mp
ha
sis
on
ma
rke
ts in
flue
nce
d b
y b
an
k re
gu
lato
ry r
efo
rm c
ove
rin
g m
ort
ga
ge
s, r
ea
l est
ate
an
d c
on
sum
er
ma
rke
ts,
pri
ma
rily
in t
he
U.S
. b
ut
with
so
me
exp
osu
re t
o E
uro
pe
. E
mp
loys
a m
ulti
dis
cip
lina
ry in
vest
me
nt
ap
pro
ach
acr
oss
pu
blic
an
d p
riva
te m
ark
ets
to
un
cove
r a
ttra
ctiv
e r
isk-
ad
just
ed
re
turn
s.
Th
is r
eq
uir
es
afle
xib
le in
vest
me
nt
ap
pro
ach
, d
ue
to
th
e c
om
ple
x in
tera
ctio
n o
f m
on
eta
ry p
olic
ies,
re
gu
latio
n a
nd
ca
pita
l ma
rke
ts.
Ta
rge
t IR
R a
nd
mu
ltip
le o
f 1
5%
an
d 1
.8x,
ne
t o
f fe
es
an
d c
arr
ied
inte
rest
.B
RA
VO
te
am
incl
ud
es
ove
r 8
0 p
ort
folio
ma
na
ge
me
nt
pe
rso
nn
el w
ith a
wid
e r
an
ge
of
ba
ckg
rou
nd
s, in
clu
din
g o
rig
ina
tion
s, c
ap
ital m
ark
ets
, re
al e
sta
te a
cqu
isiti
on
s a
nd
ass
et
ma
na
ge
me
nt.
Th
e t
ea
m h
as
a h
isto
ry o
f id
en
tifyi
ng
inve
stm
en
t o
pp
ort
un
itie
s, a
nd
co
nst
ruct
ing
te
am
s to
ca
pita
lize
on
th
ese
op
po
rtu
niti
es.
Th
e f
un
ds
ha
ve a
dis
cip
line
d u
nd
erw
ritin
g p
roce
ss t
ha
t co
mb
ine
s m
acr
oe
con
om
ic p
ers
pe
ctiv
es
an
d a
sse
t-le
vel f
un
ctio
na
l exp
ert
ise
. T
he
am
ou
nt
of
info
rma
tion
ava
ilab
le t
hro
ug
h t
he
pla
tfo
rm a
nd
pro
pri
eta
ry a
na
lytic
s w
ill b
e u
sed
to
fo
rm a
un
iqu
e u
nd
ers
tan
din
g a
nd
ab
ility
to
ide
ntif
y a
nd
so
urc
e r
ela
tive
va
lue
inve
stm
en
t a
cro
ss t
he
ca
pita
l str
uct
ure
. F
urt
he
r, t
he
fu
nd
will
leve
rag
e P
IMC
O’s
fin
an
cin
g p
latf
orm
an
d c
ap
ital m
ark
ets
an
d s
tru
ctu
re e
xpe
rtis
e t
o u
nd
ers
tan
d c
om
ple
x se
curi
ties
to o
ptim
ize
re
turn
s.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
15
0,0
00
,00
0
Ca
pit
al In
ve
ste
d:
$1
39
,57
3,2
82
Ma
na
ge
me
nt
Fe
es
:$
39
3,2
44
Ex
pe
ns
es
:-
Inte
res
t:$
17
4,0
40
To
tal C
on
trib
uti
on
s:
$1
39
,74
7,3
22
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$1
25
,12
3,7
12
To
tal D
istr
ibu
tio
ns
:$
11
4,9
31
,93
5
Ma
rke
t V
alu
e:
$7
6,0
81
,06
3
Inc
ep
tio
n D
ate
:0
3/3
1/2
01
3
Inc
ep
tio
n IR
R:
8.7
TV
PI:
1.4
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$4
6,8
00
,00
0.0
$9
3,6
00
,00
0.0
$1
40
,40
0,0
00
.0
$1
87
,20
0,0
00
.0
$2
34
,00
0,0
00
.0
($4
6,8
00
,00
0.0
)
3/1
39
/13
3/1
49
/14
3/1
59
/15
3/1
69
/16
3/1
79
/17
3/1
89
/18
3/1
99
/19
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
PIM
CO
Bra
vo
Fu
nd
II
As
of
Se
pte
mb
er
30
, 2
01
9
Page
256
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
03
/19
/20
13
-7
,50
0,0
00
--
-7
,50
0,0
00
--
--
--
03
/31
/20
13
7,4
96
,32
7-
--
--
--
--
--
04
/30
/20
13
7,4
96
,32
7-
--
--
--
--
--
05
/31
/20
13
7,4
96
,32
7-
--
--
--
--
--
06
/30
/20
13
7,4
58
,24
4-
18
,21
0-
-1
8,2
10
--
--
--
07
/31
/20
13
7,4
58
,24
4-
--
--
--
--
--
08
/31
/20
13
7,4
58
,24
4-
--
--
--
--
--
09
/30
/20
13
7,7
82
,53
8-
7,3
66
--
7,3
66
--
--
--
10
/31
/20
13
7,7
82
,53
8-
--
--
--
--
--
11
/22
/20
13
-2
,06
2,9
22
--
-2
,06
2,9
22
--
45
,83
92
,06
2,9
22
-2
,10
8,7
62
11
/30
/20
13
7,7
82
,53
8-
--
--
--
--
--
12
/16
/20
13
-7
,50
0,0
00
--
17
4,0
40
7,6
74
,04
0-
--
--
-
12
/31
/20
13
17
,02
7,4
73
--
--
--
--
--
-
01
/03
/20
14
-1
,83
4,6
47
--
-1
,83
4,6
47
--
24
,25
31
,83
4,6
47
-1
,85
8,9
00
01
/31
/20
14
17
,02
7,4
73
--
--
--
--
--
-
02
/06
/20
14
-2
56
,70
3-
--
25
6,7
03
--
7,3
20
25
6,7
03
-2
64
,02
3
02
/28
/20
14
17
,02
7,4
73
--
--
--
--
--
-
03
/31
/20
14
28
,74
7,2
68
11
,25
0,0
00
--
-1
1,2
50
,00
0-
--
--
-
04
/15
/20
14
-4
,16
9,0
10
--
-4
,16
9,0
10
--
15
7,5
30
4,1
69
,01
0-
4,3
26
,53
9
04
/30
/20
14
28
,74
7,2
68
--
--
--
--
--
-
05
/31
/20
14
28
,74
7,2
68
--
--
--
--
--
-
06
/30
/20
14
38
,16
2,3
58
7,5
00
,00
0-
--
7,5
00
,00
0-
--
--
-
07
/31
/20
14
38
,16
2,3
58
--
--
--
--
--
-
08
/31
/20
14
38
,16
2,3
58
--
--
--
--
--
-
09
/29
/20
14
-1
5,0
00
,00
0-
--
15
,00
0,0
00
--
--
--
09
/30
/20
14
55
,31
8,0
71
--
--
--
--
--
-
10
/14
/20
14
-1
5,0
00
,00
0-
--
15
,00
0,0
00
--
--
--
10
/31
/20
14
70
,31
8,0
71
--
--
--
--
--
-
11
/30
/20
14
70
,31
8,0
71
--
--
--
--
--
-
12
/31
/20
14
71
,36
1,9
65
--
--
--
--
--
-
01
/26
/20
15
-1
5,0
00
,00
0-
--
15
,00
0,0
00
--
--
--
01
/31
/20
15
86
,36
1,9
65
--
--
--
--
--
-
02
/28
/20
15
86
,36
1,9
65
--
--
--
--
--
-
03
/31
/20
15
88
,71
3,9
16
--
--
--
--
--
-
04
/30
/20
15
88
,71
3,9
16
--
--
--
--
--
-
05
/12
/20
15
-1
5,0
00
,00
0-
--
15
,00
0,0
00
--
--
--
05
/31
/20
15
10
3,7
13
,91
6-
--
--
--
--
--
06
/30
/20
15
10
6,1
53
,78
1-
--
--
--
--
--
07
/31
/20
15
10
6,1
53
,78
1-
--
--
--
--
--
08
/31
/20
15
10
6,1
53
,78
1-
--
--
--
--
--
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Bra
vo
Fu
nd
II
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
257
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Bra
vo
Fu
nd
II
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
09
/30
/20
15
10
7,8
72
,08
3-
36
7,6
68
--
36
7,6
68
--
--
--
10
/31
/20
15
10
7,8
72
,08
3-
--
--
--
--
--
11
/30
/20
15
10
7,8
72
,08
3-
--
--
--
--
--
12
/04
/20
15
-2
6,2
50
,00
0-
--
26
,25
0,0
00
--
--
--
12
/31
/20
15
13
8,3
67
,80
9-
--
--
--
--
--
01
/31
/20
16
13
8,3
67
,80
9-
--
--
--
--
--
02
/29
/20
16
13
8,3
67
,80
9-
--
--
--
--
--
03
/31
/20
16
13
5,9
67
,88
3-
--
--
--
--
--
04
/30
/20
16
13
5,9
67
,88
3-
--
--
--
--
--
05
/31
/20
16
13
5,9
67
,88
3-
--
--
--
--
--
06
/30
/20
16
14
1,2
46
,90
0-
--
--
--
--
--
07
/31
/20
16
14
1,2
46
,90
0-
--
--
--
--
--
08
/31
/20
16
14
1,2
46
,90
0-
--
--
--
--
--
09
/30
/20
16
14
6,6
12
,97
3-
--
--
--
--
--
10
/31
/20
16
14
6,6
12
,97
3-
--
--
--
--
--
11
/30
/20
16
14
6,6
12
,97
3-
--
--
--
--
--
12
/31
/20
16
15
3,0
57
,95
5-
--
--
--
--
--
01
/31
/20
17
15
3,0
57
,95
5-
--
--
--
--
--
02
/28
/20
17
15
3,0
57
,95
5-
--
--
--
--
--
03
/13
/20
17
-1
1,2
50
,00
0-
--
11
,25
0,0
00
--
--
--
03
/31
/20
17
16
6,9
35
,24
2-
--
--
--
--
--
04
/30
/20
17
16
6,9
35
,24
2-
--
--
--
--
--
05
/31
/20
17
16
6,9
35
,24
2-
--
--
--
--
--
06
/30
/20
17
17
1,9
12
,71
7-
--
--
--
--
--
07
/31
/20
17
17
1,9
12
,71
7-
--
--
--
--
--
08
/25
/20
17
--
--
--
--
-6
,82
4,6
19
-6
,82
4,6
19
08
/31
/20
17
16
5,0
88
,09
8-
--
--
--
--
--
09
/30
/20
17
16
6,7
92
,37
4-
--
--
--
--
--
10
/06
/20
17
--
--
--
--
-7
,69
3,8
55
-7
,69
3,8
55
10
/31
/20
17
15
9,0
98
,51
9-
--
--
--
--
--
11
/30
/20
17
15
9,0
98
,51
9-
--
--
--
--
--
12
/01
/20
17
--
--
--
--
-6
,82
4,6
19
-6
,82
4,6
19
12
/31
/20
17
15
3,4
80
,22
3-
--
--
--
--
--
01
/31
/20
18
15
3,4
80
,22
3-
--
--
--
--
--
02
/28
/20
18
14
6,6
55
,60
4-
--
--
--
-6
,82
4,6
19
-6
,82
4,6
19
03
/23
/20
18
--
--
--
--
-9
,24
8,7
41
-9
,24
8,7
41
03
/31
/20
18
13
9,7
88
,37
3-
--
--
--
--
--
04
/30
/20
18
13
9,7
88
,37
3-
--
--
--
--
--
05
/15
/20
18
--
--
--
--
-6
,27
8,6
50
-6
,27
8,6
50
05
/31
/20
18
13
3,5
09
,72
3-
--
--
--
--
--
06
/19
/20
18
--
--
--
--
-6
,51
1,4
71
-6
,51
1,4
71
Page
258
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Bra
vo
Fu
nd
II
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
06
/30
/20
18
12
9,9
79
,47
0-
--
--
--
--
--
07
/31
/20
18
12
9,9
79
,47
0-
--
--
--
--
--
08
/08
/20
18
--
--
--
--
-5
,45
9,6
95
-5
,45
9,6
95
08
/22
/20
18
--
--
--
--
-8
,25
8,6
07
-8
,25
8,6
07
08
/31
/20
18
11
6,2
61
,16
8-
--
--
--
--
--
09
/30
/20
18
11
8,5
10
,91
6-
--
--
--
--
--
10
/12
/20
18
--
--
--
--
-6
,21
5,7
98
-6
,21
5,7
98
10
/31
/20
18
11
2,2
95
,11
8-
--
--
--
--
--
11
/20
/20
18
--
--
--
--
-8
,95
1,2
49
-8
,95
1,2
49
11
/30
/20
18
10
3,3
43
,86
9-
--
--
--
--
--
12
/21
/20
18
--
--
--
--
-2
,72
9,8
48
-2
,72
9,8
48
12
/31
/20
18
93
,81
8,4
33
--
--
--
--
--
-
01
/31
/20
19
93
,81
8,4
33
--
--
--
--
--
-
02
/20
/20
19
--
--
--
--
-9
,14
4,9
90
-9
,14
4,9
90
02
/28
/20
19
84
,67
3,4
43
--
--
--
--
--
-
03
/31
/20
19
89
,73
5,7
15
--
--
--
--
--
-
04
/12
/20
19
--
--
--
--
-2
,24
9,2
75
-2
,24
9,2
75
04
/30
/20
19
87
,48
6,4
40
--
--
--
--
--
-
05
/16
/20
19
--
--
--
--
-3
,41
5,6
48
-3
,41
5,6
48
05
/31
/20
19
84
,07
0,7
91
--
--
--
--
--
-
06
/30
/20
19
85
,90
3,4
69
--
--
--
--
--
-
07
/31
/20
19
85
,90
3,4
69
--
--
--
--
--
-
08
/06
/20
19
--
--
--
--
-6
,43
9,4
91
-6
,43
9,4
91
08
/31
/20
19
79
,46
3,9
78
--
--
--
--
--
-
09
/25
/20
19
--
--
--
--
-3
,30
2,5
34
-3
,30
2,5
34
09
/30
/20
19
76
,08
1,0
63
--
--
--
--
--
-
To
tal
13
9,5
73
,28
23
93
,24
4-
17
4,0
40
14
0,1
40
,56
6-
-2
34
,94
11
14
,69
6,9
94
-1
14
,93
1,9
35
Page
259
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:D
ire
ctV
inta
ge
Ye
ar:
20
16
Str
ate
gy
Ty
pe
:D
istr
ess
ed
Ma
na
ge
me
nt
Fe
e:
1.3
0%
(2
0%
ca
rrie
d in
tere
st o
ver
8%
hu
rdle
ra
te)
Ta
rge
t IR
R:
8.0
0%
Inc
ep
tio
n:
11
/16
/20
16
Ge
ne
ral P
art
ne
r:P
IMC
O
Inv
es
tme
nt
Str
ate
gy
:D
istr
ess
ed
Re
sid
en
tial &
Co
mm
erc
ial R
ea
l Est
ate
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
17
5,0
00
,00
0
Ca
pit
al In
ve
ste
d:
$1
27
,05
0,2
20
Ma
na
ge
me
nt
Fe
es
:$
44
1,9
11
Ex
pe
ns
es
:-
Inte
res
t:$
27
8,2
99
To
tal C
on
trib
uti
on
s:
$1
27
,32
8,5
19
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$4
7,9
49
,78
0
To
tal D
istr
ibu
tio
ns
:$
63
2,8
62
Ma
rke
t V
alu
e:
$1
44
,94
2,4
65
Inc
ep
tio
n D
ate
:0
3/3
1/2
01
7
Inc
ep
tio
n IR
R:
12
.4
TV
PI:
1.1
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$3
9,0
00
,00
0.0
$7
8,0
00
,00
0.0
$1
17
,00
0,0
00
.0
$1
56
,00
0,0
00
.0
$1
95
,00
0,0
00
.0
($3
9,0
00
,00
0.0
)
3/1
76
/17
9/1
71
2/1
73
/18
6/1
89
/18
12
/18
3/1
96
/19
9/1
9
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
PIM
CO
Bra
vo
Fu
nd
III
As
of
Se
pte
mb
er
30
, 2
01
9
Page
260
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
03
/10
/20
17
-1
7,5
00
,00
0-
-2
78
,29
91
7,7
78
,29
9-
--
--
-
03
/31
/20
17
17
,45
2,5
89
--
--
--
--
--
-
04
/30
/20
17
17
,45
2,5
89
--
--
--
--
--
-
05
/26
/20
17
--
--
--
--
14
8,0
38
--
14
8,0
38
05
/31
/20
17
17
,30
4,5
51
--
--
--
--
--
-
06
/30
/20
17
18
,34
4,4
52
-5
5,7
23
--
55
,72
3-
--
--
-
07
/31
/20
17
18
,34
4,4
52
--
--
--
--
--
-
08
/31
/20
17
18
,15
9,9
86
--
--
--
-1
84
,46
6-
-1
84
,46
6
09
/30
/20
17
18
,52
8,0
35
-7
7,9
17
--
77
,91
7-
--
--
-
10
/31
/20
17
18
,52
8,0
35
--
--
--
--
--
-
11
/13
/20
17
--
--
--
--
57
,83
8-
-5
7,8
38
11
/30
/20
17
18
,47
0,1
97
--
--
--
--
--
-
12
/06
/20
17
--
--
--
--
23
9,2
66
--
23
9,2
66
12
/22
/20
17
-8
,75
0,0
00
--
-8
,75
0,0
00
--
--
--
12
/31
/20
17
28
,74
6,6
34
-1
1,6
64
--
11
,66
4-
--
--
-
01
/31
/20
18
28
,74
6,6
34
--
--
--
--
--
-
02
/28
/20
18
28
,74
6,6
34
--
--
--
--
--
-
03
/31
/20
18
29
,44
8,1
42
-1
29
,34
4-
-1
29
,34
4-
--
--
-
04
/30
/20
18
29
,44
8,1
42
--
--
--
--
--
-
05
/03
/20
18
--
--
--
--
3,2
53
--
3,2
53
05
/25
/20
18
-1
7,5
00
,00
0-
--
17
,50
0,0
00
--
--
--
05
/31
/20
18
46
,94
4,8
89
--
--
--
--
--
-
06
/30
/20
18
49
,85
3,9
37
-1
67
,26
3-
-1
67
,26
3-
--
--
-
07
/31
/20
18
49
,85
3,9
37
--
--
--
--
--
-
08
/31
/20
18
49
,85
3,9
37
--
--
--
--
--
-
09
/14
/20
18
-1
3,1
25
,00
0-
--
13
,12
5,0
00
--
--
--
09
/30
/20
18
64
,20
0,3
94
--
--
--
--
--
-
10
/11
/20
18
-8
,75
0,0
00
--
-8
,75
0,0
00
--
--
--
10
/31
/20
18
72
,95
0,3
94
--
--
--
--
--
-
11
/30
/20
18
72
,95
0,3
94
--
--
--
--
--
-
12
/12
/20
18
-1
3,1
25
,00
0-
--
13
,12
5,0
00
--
--
--
12
/20
/20
18
-1
3,3
00
,22
0-
--
13
,30
0,2
20
--
--
--
12
/31
/20
18
98
,84
0,2
74
--
--
--
--
--
-
01
/08
/20
19
-1
7,5
00
,00
0-
--
17
,50
0,0
00
--
--
--
01
/31
/20
19
11
6,3
40
,27
4-
--
--
--
--
--
02
/28
/20
19
11
6,3
40
,27
4-
--
--
--
--
--
03
/31
/20
19
11
9,0
55
,24
6-
--
--
--
--
--
04
/30
/20
19
11
9,0
55
,24
6-
--
--
--
--
--
05
/31
/20
19
11
9,0
55
,24
6-
--
--
--
--
--
06
/30
/20
19
12
3,4
85
,30
7-
--
--
--
--
--
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Bra
vo
Fu
nd
III
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
261
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Bra
vo
Fu
nd
III
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
07
/19
/20
19
-1
7,5
00
,00
0-
--
17
,50
0,0
00
--
--
--
07
/31
/20
19
14
0,9
85
,30
7-
--
--
--
--
--
08
/31
/20
19
14
0,9
85
,30
7-
--
--
--
--
--
09
/30
/20
19
14
4,9
42
,46
5-
--
--
--
--
--
To
tal
12
7,0
50
,22
04
41
,91
1-
27
8,2
99
12
7,7
70
,43
0-
-6
32
,86
2-
-6
32
,86
2
Page
262
of 3
72
Fu
nd
In
form
ati
on
Ty
pe
of
Fu
nd
:D
ire
ctV
inta
ge
Ye
ar:
20
16
Str
ate
gy
Ty
pe
:D
istr
ess
ed
Ma
na
ge
me
nt
Fe
e:
1.3
5%
In
cen
tive
Fe
e:
20
% c
arr
ied
inte
rest
ove
r 8
% h
urd
le r
ate
Ta
rge
t IR
R:
15
.00
%In
ce
pti
on
:0
1/0
6/2
01
6
Ge
ne
ral P
art
ne
r:P
IMC
O
Inv
es
tme
nt
Str
ate
gy
:T
he
fu
nd
will
ta
rge
t d
istr
ess
ed
an
d s
pe
cia
l situ
atio
n in
vest
me
nts
in p
ub
lic a
nd
pri
vate
co
mp
an
ies.
T
he
inve
stm
en
t st
rate
gy
will
be
ce
nte
red
on
ob
tain
ing
sig
nifi
can
t in
flue
nce
to
dri
vein
vest
me
nt
ou
tco
me
s.
Se
cula
r ch
an
ge
s in
te
chn
olo
gy,
re
gu
latio
n a
nd
ma
rke
t st
ruct
ure
s a
re e
xpe
cte
d t
o d
isru
pt
ind
ust
rie
s.
Th
e p
ath
to
po
licy
no
rma
liza
tion
is e
xpe
cte
d t
o b
e b
um
py,
exp
osi
ng
co
mp
an
ies
with
we
ak
fina
nci
als
. A
n e
con
om
ic r
ece
ssio
n is
ine
vita
ble
an
d li
kely
to
occ
ur
du
rin
g t
he
Fu
nd
’s in
vest
me
nt
pe
rio
d.
Th
e m
idd
le m
ark
et
is in
eff
icie
nt
an
d le
ss c
om
pe
titiv
ed
ue
to
eco
no
mic
vu
lne
rab
ility
. T
he
se f
act
ors
cre
ate
op
po
rtu
niti
es
for
we
ll-re
sou
rce
d t
ea
ms
of
exp
eri
en
ced
inve
sto
rs.
Th
e f
un
d h
as
a t
arg
et
an
nu
aliz
ed
IR
R o
f a
pp
roxi
ma
tely
15
% a
nd
mu
ltip
le o
f 1
.5-1
.7x,
ne
t o
f fe
es
an
d c
arr
ied
inte
rest.
T
he
fu
nd
ha
s a
fiv
e-y
ea
r te
rm,
with
tw
o p
oss
ible
1.5
ye
ar
ext
en
sio
ns
at
GP
’s d
iscr
etio
n.
Ca
sh
Flo
w S
um
ma
ry
Ca
pit
al C
om
mit
ted
:$
10
0,0
00
,00
0
Ca
pit
al In
ve
ste
d:
$7
7,5
00
,00
0
Ma
na
ge
me
nt
Fe
es
:$
46
2,3
20
Ex
pe
ns
es
:-
Inte
res
t:$
31
3,0
39
To
tal C
on
trib
uti
on
s:
$7
7,8
13
,03
9
Re
ma
inin
g C
ap
ita
l C
om
mit
me
nt:
$2
2,5
00
,00
0
To
tal D
istr
ibu
tio
ns
:$
22
2,9
20
Ma
rke
t V
alu
e:
$8
8,4
34
,83
5
Inc
ep
tio
n D
ate
:0
9/0
1/2
01
6
Inc
ep
tio
n IR
R:
10
.4
TV
PI:
1.1
Ca
sh
Flo
w A
na
lys
is
Ne
t A
sse
t V
alu
eD
istr
ibu
tio
nC
on
trib
utio
ns
$0
.0
$2
3,4
00
,00
0.0
$4
6,8
00
,00
0.0
$7
0,2
00
,00
0.0
$9
3,6
00
,00
0.0
$1
17
,00
0,0
00
.0
($2
3,4
00
,00
0.0
)
9/1
61
2/1
63
/17
6/1
79
/17
12
/17
3/1
86
/18
9/1
81
2/1
83
/19
6/1
99
/19
Pri
va
te E
qu
ity
Fu
nd
Ov
erv
iew
PIM
CO
Co
rp O
pp
II
As
of
Se
pte
mb
er
30
, 2
01
9
Page
263
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cil
iati
on
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
09
/01
/20
16
-1
2,0
00
,00
0-
-3
13
,03
91
2,3
13
,03
9-
--
--
-
09
/30
/20
16
12
,82
9,4
20
--
--
--
--
--
-
10
/20
/20
16
--
--
--
-9
3,0
23
--
-9
3,0
23
10
/31
/20
16
12
,73
6,3
97
--
--
--
--
--
-
11
/30
/20
16
12
,73
6,3
97
--
--
--
--
--
-
12
/30
/20
16
--
20
,38
3-
-2
0,3
83
--
--
--
12
/31
/20
16
13
,23
5,4
91
--
--
--
--
--
-
01
/31
/20
17
13
,23
5,4
91
--
--
--
--
--
-
02
/07
/20
17
--
--
--
-1
29
,89
6-
--
12
9,8
96
02
/28
/20
17
13
,10
5,5
95
--
--
--
--
--
-
03
/31
/20
17
13
,60
6,3
14
-4
2,9
69
--
42
,96
9-
--
--
-
04
/30
/20
17
13
,60
6,3
14
--
--
--
--
--
-
05
/31
/20
17
13
,60
6,3
14
--
--
--
--
--
-
06
/20
/20
17
-8
,00
0,0
00
--
-8
,00
0,0
00
--
--
--
06
/30
/20
17
22
,05
7,5
19
-5
7,8
99
--
57
,89
9-
--
--
-
07
/31
/20
17
22
,05
7,5
19
--
--
--
--
--
-
08
/31
/20
17
22
,05
7,5
19
--
--
--
--
--
-
09
/30
/20
17
23
,23
0,1
10
-7
2,4
41
--
72
,44
1-
--
--
-
10
/31
/20
17
23
,23
0,1
10
--
--
--
--
--
-
11
/30
/20
17
23
,23
0,1
10
--
--
--
--
--
-
12
/31
/20
17
23
,85
8,3
64
-7
4,8
21
--
74
,82
1-
--
--
-
01
/31
/20
18
23
,85
8,3
64
--
--
--
--
--
-
02
/28
/20
18
23
,85
8,3
64
--
--
--
--
--
-
03
/05
/20
18
-5
,00
0,0
00
--
-5
,00
0,0
00
--
--
--
03
/31
/20
18
28
,99
2,7
63
-8
5,1
01
--
85
,10
1-
--
--
-
04
/30
/20
18
28
,99
2,7
63
--
--
--
--
--
-
05
/31
/20
18
36
,49
2,7
63
7,5
00
,00
0-
--
7,5
00
,00
0-
--
--
-
06
/30
/20
18
39
,25
8,4
81
-1
08
,70
6-
-1
08
,70
6-
--
--
-
07
/25
/20
18
-6
,00
0,0
00
--
-6
,00
0,0
00
--
--
--
07
/31
/20
18
45
,25
8,4
81
--
--
--
--
--
-
08
/31
/20
18
45
,25
8,4
81
--
--
--
--
--
-
09
/27
/20
18
-5
,00
0,0
00
--
-5
,00
0,0
00
--
--
--
09
/30
/20
18
50
,71
4,5
93
--
--
--
--
--
-
10
/31
/20
18
50
,71
4,5
93
--
--
--
--
--
-
11
/30
/20
18
50
,71
4,5
93
--
--
--
--
--
-
12
/31
/20
18
48
,01
8,1
41
--
--
--
--
--
-
01
/25
/20
19
-6
,50
0,0
00
--
-6
,50
0,0
00
--
--
--
01
/31
/20
19
54
,51
8,1
41
--
--
--
--
--
-
02
/28
/20
19
54
,51
8,1
41
--
--
--
--
--
-
03
/25
/20
19
-5
,00
0,0
00
--
-5
,00
0,0
00
--
--
--
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Co
rp O
pp
II
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Page
264
of 3
72
Pri
va
te E
qu
ity
Fin
an
cia
l R
ec
on
cilia
tio
n
PIM
CO
Co
rp O
pp
II
Sin
ce
In
ce
pti
on
En
din
g S
ep
tem
be
r 3
0, 2
01
9
Da
teM
ark
et
Va
lue
Inv
es
tme
nt
Fe
es
Ex
pe
ns
es
Ca
tch
-Up
Inte
res
tT
ota
lG
ain
Ca
sh
Inte
res
tC
atc
h-U
pIn
tere
st
Re
ce
ive
d
Re
ca
lla
ble
Ca
pit
al
Re
turn
of
Ca
pit
al
Ca
sh
To
tal
03
/31
/20
19
62
,87
1,0
15
--
--
--
--
--
-
04
/23
/20
19
-5
,00
0,0
00
--
-5
,00
0,0
00
--
--
--
04
/30
/20
19
67
,87
1,0
15
--
--
--
--
--
-
05
/31
/20
19
67
,87
1,0
15
--
--
--
--
--
-
06
/30
/20
19
69
,31
4,4
80
--
--
--
--
--
-
07
/03
/20
19
-7
,50
0,0
00
--
-7
,50
0,0
00
--
--
--
07
/30
/20
19
-1
0,0
00
,00
0-
--
10
,00
0,0
00
--
--
--
07
/31
/20
19
86
,81
4,4
80
--
--
--
--
--
-
08
/31
/20
19
86
,81
4,4
80
--
--
--
--
--
-
09
/30
/20
19
88
,43
4,8
35
--
--
--
--
--
-
To
tal
77
,50
0,0
00
46
2,3
20
-3
13
,03
97
8,2
75
,35
9-
22
2,9
20
--
-2
22
,92
0
Page
265
of 3
72
Rep
ort S
tatis
tics
Def
initi
ons
and
Des
crip
tions
Activ
e R
etur
n-A
rithm
etic
diff
eren
ce b
etw
een
the
man
ager
’s p
erfo
rman
ce a
nd th
e de
sign
ated
ben
chm
ark
retu
rn o
ver a
spe
cifie
d tim
e pe
riod.
A lph
a-A
mea
sure
of t
he d
iffer
ence
bet
wee
n a
portf
olio
's a
ctua
l per
form
ance
and
its
expe
cted
retu
rn b
ased
on
its le
vel o
f ris
k as
det
erm
ined
by
beta
. It d
eter
min
es th
e po
rtfol
io's
non-
syst
emic
retu
rn, o
r its
his
toric
al p
erfo
rman
ce n
ot e
xpla
ined
by
mov
emen
ts o
f the
mar
ket.
Bet
a-A
mea
sure
of t
he s
ensi
tivity
of a
por
tfolio
to th
e m
ovem
ents
in th
e m
arke
t. It
is a
mea
sure
of t
he p
ortfo
lio's
sys
tem
atic
risk
.
Con
sist
ency
-T
he p
erce
ntag
e of
qua
rters
that
a p
rodu
ct a
chie
ved
a ra
te o
f ret
urn
high
er th
an th
at o
f its
ben
chm
ark.
Hig
her c
onsi
sten
cy in
dica
tes
the
man
ager
has
con
tribu
ted
mor
e to
the
prod
uct’s
per
form
ance
.
Dis
trib
uted
to P
aid
In (D
PI)
-The
ratio
of m
oney
dis
tribu
ted
to L
imite
d Pa
rtner
s by
the
fund
, rel
ativ
e to
con
tribu
tions
. It
is c
alcu
late
d by
div
idin
g cu
mul
ativ
e di
strib
utio
ns b
y pa
id in
cap
ital.
Thi
s m
ultip
lesh
ows
the
inve
stor
how
muc
h m
oney
they
got
bac
k. I
t is
a go
od m
easu
re fo
r eva
luat
ing
a fu
nd la
ter i
n its
life
bec
ause
ther
e ar
e m
ore
dist
ribut
ions
to m
easu
re a
gain
st.
Dow
n M
arke
t Cap
ture
-T
he ra
tio o
f ave
rage
por
tfolio
per
form
ance
ove
r the
des
igna
ted
benc
hmar
k du
ring
perio
ds o
f neg
ativ
e re
turn
s. A
low
er v
alue
indi
cate
s be
tter p
rodu
ct p
erfo
rman
ce
Dow
nsid
e R
isk
-A m
easu
re s
imila
r to
stan
dard
dev
iatio
n th
at u
tiliz
es o
nly
the
nega
tive
mov
emen
ts o
f the
retu
rn s
erie
s. It
is c
alcu
late
d by
taki
ng th
e st
anda
rd d
evia
tion
of th
e ne
gativ
equ
arte
rly s
et o
f ret
urns
. A h
ighe
r fac
tor i
s in
dica
tive
of a
risk
ier p
rodu
ct.
Exce
ss R
etur
n -A
rithm
etic
diff
eren
ce b
etw
een
the
man
ager
’s p
erfo
rman
ce a
nd th
e ris
k-fre
e re
turn
ove
r a s
peci
fied
time
perio
d.
Exce
ss R
isk
-A m
easu
re o
f the
sta
ndar
d de
viat
ion
of a
por
tfolio
's p
erfo
rman
ce re
lativ
e to
the
risk
free
retu
rn.
Info
rmat
ion
Rat
io
-Thi
s ca
lcul
ates
the
valu
e-ad
ded
cont
ribut
ion
of th
e m
anag
er a
nd is
der
ived
by
divi
ding
the
activ
e ra
te o
f ret
urn
of th
e po
rtfol
io b
y th
e tra
ckin
g er
ror.
The
high
er th
eIn
form
atio
n R
atio
, the
mor
e th
e m
anag
er h
as a
dded
val
ue to
the
portf
olio
.
Publ
ic M
arke
t Equ
ival
ent (
PME)
-D
esig
ns a
set
of a
naly
ses
used
in th
e Pr
ivat
e Eq
uity
Indu
stry
to e
valu
ate
the
perfo
rman
ce o
f a P
rivat
e Eq
uity
Fun
d ag
ains
t a p
ublic
ben
chm
ark
or in
dex.
R-S
quar
ed-T
he p
erce
ntag
e of
a p
ortfo
lio's
per
form
ance
that
can
be
expl
aine
d by
the
beha
vior
of t
he a
ppro
pria
te b
ench
mar
k. A
hig
h R
-Squ
ared
mea
ns th
e po
rtfol
io's
per
form
ance
has
hist
oric
ally
mov
ed in
the
sam
e di
rect
ion
as th
e ap
prop
riate
ben
chm
ark.
Ret
urn
-Com
poun
ded
rate
of r
etur
n fo
r the
per
iod.
Shar
pe R
atio
-R
epr e
sent
s th
e ex
cess
rate
of r
etur
n ov
er th
e ris
k fre
e re
turn
div
ided
by
the
stan
dard
dev
iatio
n of
the
exce
ss re
turn
. The
resu
lt is
an
abso
lute
rate
of r
etur
n pe
r uni
t of r
isk.
Ahi
gher
val
ue d
emon
stra
tes
bette
r his
toric
al ri
sk-a
djus
ted
perfo
rman
ce.
Stan
dard
Dev
iatio
n -A
st a
tistic
al m
easu
re o
f the
rang
e of
a p
ortfo
lio's
per
form
ance
. It r
epre
sent
s th
e va
riabi
lity
of re
turn
s ar
ound
the
aver
age
retu
rn o
ver a
spe
cifie
d tim
e pe
riod.
Tota
l Val
ue to
Pai
d In
(TVP
I) -T
he ra
tio o
f the
cur
rent
val
ue o
f rem
aini
ng in
vest
men
ts w
ithin
a fu
nd, p
lus
the
tota
l val
ue o
f all
dist
ribut
ions
to d
ate,
rela
tive
to th
e to
tal a
mou
nt o
f cap
ital p
aid
into
the
fund
to d
ate.
It i
s a
good
mea
sure
of p
erfo
rman
ce b
efor
e th
e en
d of
a fu
nd’s
life
Trac
king
Err
or
-Thi
s is
a m
easu
re o
f the
sta
ndar
d de
viat
ion
of a
por
tfolio
's re
turn
s in
rela
tion
to th
e pe
rform
ance
of i
ts d
esig
nate
d m
arke
t ben
chm
ark.
Trey
nor R
atio
-Sim
ilar t
o Sh
arpe
ratio
but
util
izes
bet
a ra
ther
than
exc
ess
risk
as d
eter
min
ed b
y st
anda
rd d
evia
tion.
It is
cal
cula
ted
by ta
king
the
exce
ss ra
te o
f ret
urn
abov
e th
e ris
k fre
era
te d
ivid
ed b
y be
ta to
der
ive
the
abso
lute
rate
of r
etur
n pe
r uni
t of r
isk.
A h
ighe
r val
ue in
dica
tes
a pr
oduc
t has
ach
ieve
d be
tter h
isto
rical
risk
-adj
uste
d pe
rform
ance
.
Up
Mar
ket C
aptu
re
-The
ratio
of a
vera
ge p
ortfo
lio p
erfo
rman
ce o
ver t
he d
esig
nate
d be
nchm
ark
durin
g pe
riods
of p
ositi
ve re
turn
s. A
hig
her v
alue
indi
cate
s be
tter p
rodu
ct p
erfo
rman
ce.
Page
266
of 3
72
Dis
clos
u res
AndC
o co
mpi
led
this
repo
rt fo
r the
sol
e us
e of
the
clie
nt fo
r whi
ch it
was
pre
pare
d. A
ndC
o is
resp
onsi
ble
for e
valu
atin
g th
e pe
rform
ance
resu
lts o
f the
Tot
al F
und
alon
g w
ith th
e in
vest
men
t adv
isor
s by
com
parin
g th
eir p
erfo
rman
ce w
ith in
dice
s an
d ot
her r
elat
ed p
eer u
nive
rse
data
that
is d
eem
ed a
ppro
pria
te.
AndC
o us
es th
e re
sults
from
this
eva
luat
ion
to m
ake
obse
rvat
ions
and
reco
mm
enda
tions
to th
e cl
ient
.
AndC
o us
es ti
me-
wei
ghte
d ca
lcul
atio
ns w
hich
are
foun
ded
on s
tand
ards
reco
mm
ende
d by
the
CFA
Inst
itute
. Th
e ca
lcul
atio
ns a
nd v
alue
s sh
own
are
base
d on
info
rmat
ion
that
is re
ceiv
ed fr
om c
usto
dian
s. A
ndC
o an
alyz
es tr
ansa
ctio
ns a
s in
dica
ted
on th
e cu
stod
ian
stat
emen
ts a
nd re
view
s th
e cu
stod
ial m
arke
t val
ues
of th
e po
rtfol
io.
As a
resu
lt, th
is p
rovi
des
AndC
o w
ith a
reas
onab
le b
asis
that
the
inve
stm
ent i
nfor
mat
ion
pres
ente
d is
free
from
mat
eria
l mis
stat
emen
t. T
his
met
hodo
logy
of e
valu
atin
g an
d m
easu
ring
perfo
rman
ce p
rovi
des
AndC
o w
ith a
pra
ctic
al fo
unda
tion
for o
ur o
bser
vatio
ns a
nd re
com
men
datio
ns.
Not
hing
cam
e to
ou
r atte
ntio
n th
at w
ould
cau
se A
ndC
o to
bel
ieve
that
the
info
rmat
ion
pres
ente
d is
sig
nific
antly
mis
stat
ed.
This
per
form
ance
repo
rt is
bas
ed o
n da
ta o
btai
ned
by th
e cl
ient
’s c
usto
dian
(s),
inve
stm
ent f
und
adm
inis
trato
r, or
oth
er s
ourc
es b
elie
ved
to b
e re
liabl
e. W
hile
thes
e so
urce
s ar
e be
lieve
d to
be
relia
ble,
the
data
pr
ovid
ers
are
resp
onsi
ble
for t
he a
ccur
acy
and
com
plet
enes
s of
thei
r sta
tem
ents
. Clie
nts
are
enco
urag
ed to
com
pare
the
reco
rds
of th
eir c
usto
dian
(s) t
o en
sure
this
repo
rt fa
irly
and
accu
rate
ly re
flect
s th
eir v
ario
us
asse
t pos
ition
s.
The
stra
tegi
es li
sted
may
not
be
suita
ble
for a
ll in
vest
ors.
We
belie
ve th
e in
form
atio
n pr
ovid
ed h
ere
is re
liabl
e, b
ut d
o no
t war
rant
its
accu
racy
or c
ompl
eten
ess.
Pas
t per
form
ance
is n
ot a
n in
dica
tion
of fu
ture
pe
rform
ance
. An
y in
form
atio
n co
ntai
ned
in th
is re
port
is fo
r inf
orm
atio
nal p
urpo
ses
only
and
sho
uld
not b
e co
nstru
ed to
be
an o
ffer t
o bu
y or
sel
l any
sec
uriti
es, i
nves
tmen
t con
sulti
ng, o
r inv
estm
ent m
anag
emen
t se
rvic
es.
Addi
tiona
l inf
orm
atio
n in
clud
ed in
this
doc
umen
t may
con
tain
dat
a pr
ovid
ed b
y fro
m in
dex
data
base
s, p
ublic
eco
nom
ic s
ourc
es a
nd th
e m
anag
ers
them
selv
es.
This
doc
umen
t may
con
tain
dat
a pr
ovid
ed b
y Bl
oom
berg
Bar
clay
s.
Bloo
mbe
rg B
arcl
ays
Inde
x da
ta p
rovi
ded
by w
ay o
f Bar
clay
s Li
ve.
This
doc
umen
t may
con
tain
dat
a pr
ovid
ed b
y St
anda
rd a
nd P
oor’s
. N
othi
ng c
onta
ined
with
in a
ny d
ocum
ent,
adve
rtise
men
t or p
rese
ntat
ion
from
S&P
Indi
ces
cons
titut
es a
n of
fer o
f ser
vice
s in
juris
dict
ions
whe
re
S&P
Indi
ces
does
not
hav
e th
e ne
cess
ary
licen
ses.
All
info
rmat
ion
prov
ided
by
S&P
Indi
ces
is im
pers
onal
and
is n
ot ta
ilore
d to
the
need
s of
any
per
son,
ent
ity o
r gro
up o
f per
sons
. Any
retu
rns
or p
erfo
rman
ce
prov
ided
with
in a
ny d
ocum
ent i
s pr
ovid
ed fo
r illu
stra
tive
purp
oses
onl
y an
d do
es n
ot d
emon
stra
te a
ctua
l per
form
ance
. Pas
t per
form
ance
is n
ot a
gua
rant
ee o
f fut
ure
inve
stm
ent r
esul
ts.
This
doc
umen
t may
con
tain
dat
a pr
ovid
ed b
y M
SCI,
Inc.
Cop
yrig
ht M
SCI,
2017
. U
npub
lishe
d. A
ll R
ight
s R
eser
ved.
Thi
s in
form
atio
n m
ay o
nly
be u
sed
for y
our i
nter
nal u
se, m
ay n
ot b
e re
prod
uced
or
redi
ssem
inat
ed in
any
form
and
may
not
be
used
to c
reat
e an
y fin
anci
al in
stru
men
ts o
r pro
duct
s or
any
indi
ces.
Thi
s in
form
atio
n is
pro
vide
d on
an
“as
is” b
asis
and
the
user
of t
his
info
rmat
ion
assu
mes
the
entir
e ris
k of
any
use
it m
ay m
ake
or p
erm
it to
be
mad
e of
this
info
rmat
ion.
Nei
ther
MSC
I, an
y of
its
affil
iate
s or
any
oth
er p
erso
n in
volv
ed in
or r
elat
ed to
com
pilin
g, c
ompu
ting
or c
reat
ing
this
info
rmat
ion
mak
es a
ny
expr
ess
or im
plie
d w
arra
ntie
s or
repr
esen
tatio
ns w
ith re
spec
t to
such
info
rmat
ion
or th
e re
sults
to b
e ob
tain
ed b
y th
e us
e th
ereo
f, an
d M
SCI,
its a
ffilia
tes
and
each
suc
h ot
her p
erso
n he
reby
exp
ress
ly d
iscl
aim
all
war
rant
ies
(incl
udin
g, w
ithou
t lim
itatio
n, a
ll w
arra
ntie
s of
orig
inal
ity, a
ccur
acy,
com
plet
enes
s, ti
mel
ines
s, n
on-in
fring
emen
t, m
erch
anta
bilit
y an
d fit
ness
for a
par
ticul
ar p
urpo
se) w
ith re
spec
t to
this
info
rmat
ion.
W
ithou
t lim
iting
any
of t
he fo
rego
ing,
in n
o ev
ent s
hall
MSC
I, an
y of
its
affil
iate
s or
any
oth
er p
erso
n in
volv
ed in
or r
elat
ed to
com
pilin
g, c
ompu
ting
or c
reat
ing
this
info
rmat
ion
have
any
liab
ility
for a
ny d
irect
, ind
irect
, sp
ecia
l, in
cide
ntal
, pun
itive
, con
sequ
entia
l or a
ny o
ther
dam
ages
(inc
ludi
ng, w
ithou
t lim
itatio
n, lo
st p
rofit
s) e
ven
if no
tifie
d of
, or i
f it m
ight
oth
erw
ise
have
ant
icip
ated
, the
pos
sibi
lity
of s
uch
dam
ages
.
This
doc
umen
t may
con
tain
dat
a pr
ovid
ed b
y R
usse
ll In
vest
men
t Gro
up.
Rus
sell
Inve
stm
ent G
roup
is th
e so
urce
ow
ner o
f the
dat
a co
ntai
ned
or re
flect
ed in
this
mat
eria
l and
all
trade
mar
ks a
nd c
opyr
ight
s re
late
d th
eret
o. T
he m
ater
ial m
ay c
onta
in c
onfid
entia
l inf
orm
atio
n an
d un
auth
oriz
ed u
se, d
iscl
osur
e, c
opyi
ng, d
isse
min
atio
n or
redi
strib
utio
n is
stri
ctly
pro
hibi
ted.
Thi
s is
a u
ser p
rese
ntat
ion
of th
e da
ta.
Rus
sell
Inve
stm
ent
Gro
up is
not
resp
onsi
ble
for t
he fo
rmat
ting
or c
onfig
urat
ion
of th
is m
ater
ial o
r for
any
inac
cura
cy in
pre
sent
atio
n th
ereo
f.
This
doc
umen
t may
con
tain
dat
a pr
ovid
ed b
y M
orni
ngst
ar.
All r
ight
s re
serv
ed.
Use
of t
his
cont
ent r
equi
res
expe
rt kn
owle
dge.
It i
s to
be
used
by
spec
ialis
t ins
titut
ions
onl
y. T
he in
form
atio
n co
ntai
ned
here
in: (
1) is
pr
oprie
tary
to M
orni
ngst
ar a
nd/o
r its
con
tent
pro
vide
rs; (
2) m
ay n
ot b
e co
pied
, ada
pted
or d
istri
bute
d; a
nd (3
) is
not w
arra
nted
to b
e ac
cura
te, c
ompl
ete
or ti
mel
y. N
eith
er M
orni
ngst
ar n
or it
s co
nten
t pro
vide
rs a
re
resp
onsi
ble
for a
ny d
amag
es o
r los
ses
aris
ing
from
any
use
of t
his
info
rmat
ion,
exc
ept w
here
suc
h da
mag
es o
r los
ses
cann
ot b
e lim
ited
or e
xclu
ded
by la
w in
you
r jur
isdi
ctio
n. P
ast f
inan
cial
per
form
ance
is n
ot
guar
ante
e of
futu
re re
sults
.
Page
267
of 3
72
CH
ICA
GO
|
CLE
VE
LAN
D
| D
ALL
AS
|
DE
TRO
IT
| O
RLA
ND
O
| P
ITTS
BU
RG
H
| R
EN
O
Page
268
of 3
72
Compo
site
Market V
alue
Market A
llocatio
nTarget Allo
catio
nMin % Allo
catio
nMax % Allo
catio
nCash and
Equ
ivalen
ts$2
75,492
,433
1.5%
0.0%
0.0%
0.0%
Fixed Income
$4,071
,473
,712
22.9%
22.0%
17.0%
27.0%
U.S. Equ
ity$7
,810
,509
,004
43.9%
43.5%
36.5%
50.5%
International Equ
ity$2
,855
,322
,935
16.0%
19.0%
14.0%
24.0%
Real Estate
$1,183
,708
,659
6.6%
9.0%
5.0%
11.5%
Private Capital
$1,609
,481
,287
9.0%
6.5%
4.5%
8.5%
Grand
Total
17,805
,988
,030
100.00
%10
0.00
%
Compo
site
$ Va
riance to Target
% Variance to
Target
Target M
arket V
alue
$ Be
low M
inMin $ Allo
catio
nMax $ Allo
catio
n$ Ab
ove Max
Cash and
Equ
ivalen
ts$2
75,492
,433
1.55
%$0
$0$0
$275
,492
,433
Fixed Income
$154
,156
,346
0.87
%$3
,917
,000
,000
$3,027
,000
,000
$4,808
,000
,000
U.S. Equ
ity$6
4,90
4,21
10.36
%$7
,746
,000
,000
$6,499
,000
,000
$8,992
,000
,000
International Equ
ity‐$52
7,81
4,79
1‐2.96%
$3,383
,000
,000
$2,493
,000
,000
$4,273
,000
,000
Real Estate
‐$41
8,83
0,264
‐2.35%
$1,603
,000
,000
$890
,000
,000
$2,048
,000
,000
Private Equity
$452
,092
,065
2.54
%$1
,157
,000
,000
$801
,000
,000
$1,514
,000
,000
$95,48
1,28
7
Compo
site*
MTD
QTD
YTD
FYTD
Oklah
oma Teache
rs Total Fun
d0.22
%‐0.21%
‐0.21%
5.46
%
Domestic
Equ
ity0.39
%‐0.79%
‐0.79%
6.09
%International Equ
ity‐1.74%
‐5.08%
‐5.08%
1.84
%Fixed Income
1.40
%4.02
%4.02
%7.24
%* Net of Fee
Returns
as of Feb
ruary 24
, 202
0Asset A
llocatio
n vs Policy Targets & Recen
t Perform
ance
Composites & Accounts Market Value MTD QTD YTD FYTD
Oklahoma Teachers' Total Fund 17,805,988,031 0.22 ‐0.21 ‐0.21 5.46
Cash 275,492,433 0.28 0.42 0.42 1.46
Domestic Equity 7,810,395,746 0.39 ‐0.79 ‐0.79 6.09
Active Mid Cap 924,269,065 ‐0.57 ‐1.53 ‐1.53 4.38ARONSON, JOHNSON & ORTIZ 71,834 ‐‐ ‐‐ ‐‐ ‐‐FRONTIER MID CAP 15,280 ‐‐ ‐‐ ‐‐ ‐‐WELLINGTON MID CAP 567,514,132 0.81 0.69 0.69 10.64HOTCHKIS & WILEY MID CAP 356,667,819 ‐2.70 ‐9.36 ‐9.36 ‐8.20
Small Cap 1,692,256,599 0.71 ‐2.32 ‐2.32 3.78SHAPIRO CAP SMALL CAP 742,846,736 0.10 ‐5.23 ‐5.23 0.31GENEVA CAPITAL 232,232,367 2.32 3.45 3.45 8.35WASATCH ADV SMALL CAP 239,791,846 1.49 2.18 2.18 10.85FRONTIER CAP SMALL CAP 211,230,016 ‐0.45 ‐5.86 ‐5.86 ‐0.22NEUMEIER POMA SMALL CAP 266,155,634 1.29 0.42 0.42 7.45
Cap Weighted Index 2,677,316,452 0.47 0.60 0.60 11.22RUSSELL 1000 1,689,720,714 0.38 0.51 0.51 11.13RUSSELL MIDCAP 987,595,738 0.55 ‐‐ ‐‐ ‐‐
Non‐Cap Weighted Index 2,516,553,629 0.48 0.02 0.02 8.81SCI BETA US HFE MBMS 6F 2,516,553,629 0.48 0.02 0.02 8.81
International Equity 2,854,457,976 ‐1.74 ‐5.08 ‐5.08 1.84
Int'l Large Cap 2,004,650,831 ‐1.70 ‐4.94 ‐4.94 2.41ALLIANZ INTL 1,000,422,780 ‐1.69 ‐5.08 ‐5.08 1.21WELLINGTON INTL 542,166,365 ‐1.07 ‐2.43 ‐2.43 5.67CAUSEWAY CAPITAL 462,061,687 ‐2.45 ‐7.43 ‐7.43 1.34
Int'l Small Cap 849,807,144 ‐1.84 ‐5.42 ‐5.42 0.66EPOCH INTL 388,973 ‐‐ ‐‐ ‐‐ ‐‐WASATCH INTL 321,946,341 ‐2.49 ‐4.28 ‐4.28 3.75WELLINGTON INTL 257,357,932 ‐2.90 ‐7.79 ‐7.79 1.09SSGA EMSC 270,113,898 0.00 ‐4.47 ‐4.47 ‐0.55
Fixed Income 4,071,473,712 1.40 4.02 4.02 7.24
Active Duration 799,800,497 4.11 12.28 12.28 17.41HOISINGTON INVESTMENT 799,800,497 4.11 12.28 12.28 17.41
Core Plus Fixed Income 3,271,673,215 0.75 2.18 2.18 5.14LOOMIS SAYLES CORE PLUS FD 1,084,068,965 0.69 1.85 1.85 4.55LORD ABBETT CORE PLUS FD 1,092,795,707 0.76 2.74 2.74 5.29MACKAY SHIELDS CORE PLUS FD 1,094,808,543 0.82 1.95 1.95 5.56
Investment Portfolio ReturnsNet of Fee as of February 24, 2020
Cash 275,492,432.77 1.5% 0.0% ‐ 275,492,433 CashFixed Income 4,071,473,712 22.9% 22.0% 3,917,317,367 154,156,346 Fixed Income
HOISINGTON INVESTMENT 799,800,497 4.5% 4.1% 734,497,006 65,303,491 DurationLOOMIS SAYLES CORE PLUS 1,084,068,965 6.1% 6.0% 1,060,940,120 23,128,845 Core PlusLORD ABBETT CORE PLUS 1,092,795,707 6.1% 6.0% 1,060,940,120 31,855,586 Core PlusMACKAY SHIELDS CORE PLUS 1,094,808,543 6.1% 6.0% 1,060,940,120 33,868,423 Core Plus
Public Equity 10,665,831,939 59.9% 62.5% 11,128,742,519 (462,910,580) Public EquityDomestic Equity 7,810,509,004 43.9% 43.5% 7,745,604,793 64,904,211 Domestic EquityLarge Cap 4,206,387,602 23.6% 23.3% 4,146,569,463 59,818,139 Large CapSAWGRASS LG CAP 155 0.0% 0.0% ‐ 155 GrowthHOTCHKIS & WILEY LG CAP 113,103 0.0% 0.0% ‐ 113,103 ValueNT RUSSELL 1000 1,689,720,714 9.5% 9.3% 1,655,956,887 33,763,827 PassiveSCI BETA US HFE MBMS 2,516,553,629 14.1% 14.0% 2,492,838,324 23,715,305 Factor
Mid Cap 1,911,864,803 10.7% 10.6% 1,885,208,983 26,655,821 Mid CapARONSON, JOHNSON & ORTIZ 71,834 0.0% 0.0% ‐ 71,834 CoreFRONTIER MID CAP 15,280 0.0% 0.0% ‐ 15,280 GrowthWELLINGTON MID CAP 567,514,132 3.2% 2.6% 471,302,246 96,211,887 GrowthHOTCHKIS & WILEY MID CAP 356,667,819 2.0% 2.6% 471,302,246 (114,634,426) ValueRUSSEL MIDCAP 987,595,738 5.5% 5.3% 942,604,491 44,991,247 Core
Small Cap 1,692,256,599 9.5% 9.6% 1,713,826,348 (21,569,749) Small CapSHAPIRO CAP SMALL CAP 742,846,736 4.2% 4.7% 839,774,911 (96,928,174) CoreGENEVA CAPITAL 232,232,367 1.3% 1.2% 218,512,859 13,719,507 GrowthWASATCH ADV SMALL CAP 239,791,846 1.3% 1.2% 218,512,859 21,278,987 GrowthFRONTIER CAP SMALL CAP 211,230,016 1.2% 1.2% 218,512,859 (7,282,843) ValueNEUMEIER POMA SMALL CAP 266,155,634 1.5% 1.2% 218,512,859 47,642,774 Value
International Equity 2,855,322,935 16.0% 19.0% 3,383,137,726 (527,814,791) International EquityInt'l Large Cap 2,004,650,831 11.3% 11.9% 2,114,461,079 (109,810,247) Int'l Large CapALLIANZ INTL 1,000,422,780 5.6% 6.2% 1,099,519,761 (99,096,981) FactorWELLINGTON INTLGR EQ 542,166,365 3.0% 2.9% 507,470,659 34,695,706 GrowthCAUSEWAY CAPITAL 462,061,687 2.6% 2.9% 507,470,659 (45,408,972) Value
Int'l Small Cap 850,672,104 4.8% 7.1% 1,268,676,647 (418,004,544) Int'l Small CapEPOCH INTL 388,973 0.0% 1.8% 317,169,162 (316,780,188) CoreWASATCH INTL 321,946,341 1.8% 1.8% 317,169,162 4,777,179 CoreWELLINGTON INTL 257,357,932 1.4% 1.8% 317,169,162 (59,811,230) CoreSSGA EMSC 270,113,898 1.5% 1.8% 317,169,162 (47,055,264) Emerging Market
Real Estate 1,183,708,659 6.6% 9.0% 1,602,538,923 (418,830,264) Real EstateCore RE 745,249,832 4.2% 4.5% 801,269,461 (56,019,629) Core RE
AEW CORE PROPERTY TRUST 328,387,635 1.8% 1.5% 267,089,820 61,297,814 CoreL&B CORE INCOME 92,993,049 0.5% 1.5% 267,089,820 (174,096,772) CoreHEITMAN AMERICA REAL ESTATE 323,869,149 1.8% 1.5% 267,089,820 56,779,328 Core
Non Core RE 438,458,827 2.5% 4.5% 801,269,461 (362,810,634) Non Core RE 844,100,000 AMERICAN STRATEGIC VALUE 67,788,069 0.4% Value Add 93,750,000 ANGELO GORDON X 11,350,620 0.1% Value Add ‐ Global 60,000,000 ARTEMIS REAL ESTATE III 7,579,838 0.0% Value Add 50,000,000 DUNE REAL ESTATE III 53,556,119 0.3% Value Add 53,750,000 DUNE REAL ESTATE IV 10,375,467 0.1% Value Add 60,000,000 FCP REALTY 8,485,016 0.0% Value Add 35,000,000 GREENOAK US II 37,831,489 0.2% Value Add 50,000,000 GREENOAK US III 16,048,840 0.1% Value Add ‐ Constr. 60,000,000 HARBERT EUROPEAN REAL ESTATE V 13,852,561 0.1% Value Add ‐ Europe 44,100,000 HARVEY PARKWAY BUILDING 13,120,000 0.1% Value AddINVESCO STRATEGIC OPPS 8,232,112 0.0% Value Add ‐ Global 60,000,000 L&B GOLDEN DRILLER 77,955,053 0.4% Senior Housing 75,000,000 LANDMARK REAL ESTATE VII 15,688,588 0.1% Value Add 35,000,000 Lyrical‐OTRS Realty Partner IV 64,926,898 0.4% Value Add 53,750,000 STARWOOD OPPORTUNITY X 21,290,875 0.1% Value Add 53,750,000 STARWOOD OPPORTUNITY XI 10,377,283 0.1% Value Add 60,000,000
Private Capital 1,609,481,287 9.0% 6.5% 1,157,389,222 452,092,065 Private Capital 2,112,500,000 Private Equity 1,303,172,901 7.3% Private Equity 1,587,500,000 LEGACY LP 13,949,943 0.1% Legacy 97,500,000 FRANKLIN PARK 1,289,222,958 7.2% Fund of Funds 1,490,000,000
Private Debt 306,308,386 1.7% Private Debt 525,000,000 PIMCO BRAVO III 136,944,053 0.8% Debt ‐ Mtge 175,000,000 PIMCO BRAVO II 70,577,423 0.4% Debt ‐ Mtge 150,000,000 PIMCO BRAVO 1,222,833 0.0% Debt ‐ Mtge 100,000,000 PIMCO COF II 97,564,077 0.5% Debt ‐ Credit 100,000,000
Grand Total 17,805,988,031 100.0% 100.0%
Mandate Style
Proposed Portfolio vs Policy Targetsas of February 24, 2020
% of fund
Composites & Accounts Market Value Target % Target ($) Over (Under) Committed Capital
Cash 275,359,261.90 1.5%Fixed Income 4,040,233,488 22.2% 7,419,382 18
HOISINGTON INVESTMENT 776,526,147 4.3% 687,668 9
LOOMIS SAYLES CORE PLUS 1,081,744,510 6.0% 2,565,118 24
LORD ABBETT CORE PLUS 1,088,838,672 6.0% 1,849,655 17
MACKAY SHIELDS CORE PLUS 1,093,124,159 6.0% 2,316,942 21
Public Equity 11,073,275,497 60.9% 29,585,240 27 Domestic Equity 8,134,783,225 44.8% 16,134,097 20 Large Cap 4,368,917,752 24.0% 1,986,675 5 SAWGRASS LG CAP 155 0.0% 1 40
HOTCHKIS & WILEY LG CAP 113,103 0.0% 7 1
NT RUSSELL 1000 1,765,538,115 9.7% 147,243 1
SCI BETA US HFE MBMS 2,603,266,378 14.3% 1,839,425 7
Mid Cap 1,996,699,997 11.0% 2,232,105 11
ARONSON, JOHNSON & ORTIZ 71,821 0.0% 395 55
FRONTIER MID CAP 15,277 0.0% 115 75
WELLINGTON MID CAP 591,268,269 3.3% 1,477,655 25
HOTCHKIS & WILEY MID CAP 377,659,927 2.1% 753,941 20
NT RUSSELL MIDCAP 1,027,684,703 5.7% 102,768 1
Small Cap 1,769,165,477 9.7% 11,915,318 67 SHAPIRO CAP SMALL CAP 782,472,493 4.3% 4,689,601 60
GENEVA CAPITAL 242,038,039 1.3% 1,651,943 68
WASATCH ADV SMALL CAP 249,557,101 1.4% 2,135,728 86
FRONTIER CAP SMALL CAP 219,451,395 1.2% 1,735,269 79
NEUMEIER POMA SMALL CAP 275,646,450 1.5% 1,702,777 62
International Equity 2,938,492,272 16.2% 13,451,143 46 Int'l Large Cap 2,070,222,522 11.4% 7,481,601 36 ALLIANZ INTL 1,029,561,074 5.7% 2,758,356 27
WELLINGTON INTLGR EQ 559,883,664 3.1% 3,121,878 56
CAUSEWAY CAPITAL 480,765,457 2.6% 1,601,368 33
Int'l Small Cap 868,269,750 4.8% 5,969,542 69 EPOCH INTL 387,122 0.0% 12 ‐
WASATCH INTL 332,436,545 1.8% 2,794,884 84
WELLINGTON INTL 264,471,350 1.5% 1,318,905 50
SSGA EMSC 270,113,898 1.5% 1,855,740 69
Real Estate 1,183,641,033 6.5% 10,151,437 86 Core RE 745,249,832 4.1% 6,808,292 91 AEW CORE PROPERTY TRUST 328,387,635 1.8% 3,612,264 110
L&B CORE INCOME 92,993,049 0.5% 743,944 80
HEITMAN AMERICA REAL ESTATE 323,869,149 1.8% 2,452,084 76
Non Core RE 438,391,201 2.4% 3,343,145 76 AMERICAN STRATEGIC VALUE 67,788,069 0.4% 757,881 112
Lyrical‐OTRS Realty Partner IV 64,926,898 0.0% ‐ ‐
DUNE REAL ESTATE III 53,556,119 0.2% 662,051 124
L&B GOLDEN DRILLER 77,955,053 0.1% 280,855 36
GREENOAK US II 37,831,489 0.1% ‐ ‐
LANDMARK REAL ESTATE VII 15,688,588 0.4% 194,888 124
STARWOOD OPPORTUNITY X 21,290,875 0.1% 156,886 74
GREENOAK US III 16,048,840 0.4% 973,903 607
STARWOOD OPPORTUNITY XI 10,377,283 0.1% 212,909 205
HARVEY PARKWAY BUILDING 13,120,000 0.1% 103,773 79
ARTEMIS REAL ESTATE III 7,579,838
HARBERT EUROPEAN REAL ESTATE V 13,784,934
Private Equity 1,605,352,045 8.8% 2,500,000 16 LEGACY LP 13,949,943 0.1% ‐ ‐
FRANKLIN PARK 1,289,222,958 7.1% 2,500,000 19
Private Debt 302,179,144 1.7% 4,109,636 136 PIMCO BRAVO III 136,944,053 0.8% 1,862,439 136
PIMCO BRAVO II 70,577,423 0.4% 959,853 136
PIMCO BRAVO 1,222,833 0.0% 16,631 136
PIMCO COF II 93,434,835 0.5% 1,270,714 136
Grand Total 18,177,861,325 100% 49,656,060 27
Using Market Values as of February 20, 2020Allocation and Investment Manager Fee Estimates
Composites & Accounts Market Value % of fund Annual Est Fee Bps
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Investment Manager Total Market Value # of FirmsNORTHERN TRUST 5,671,848,459 WELLINGTON 1,415,623,283 FRANKLIN PARK 1,303,172,901 MACKAY SHIELDS 1,093,124,159 LORD ABBETT 1,088,838,672 LOOMIS SAYLES 1,081,744,510 ALLIANZ 1,029,561,074 SHAPIRO CAP 782,472,493 HOISINGTON INVESTMENT 776,526,147 WASATCH 581,993,645 CAUSEWAY CAPITAL 480,765,457 HOTCHKIS & WILEY 377,773,030 AEW REAL ESTATE 328,387,635 HEITMAN REAL ESTATE 323,869,149 PIMCO 302,179,144 NEUMEIER POMA 275,646,450 SSGA 270,113,898 GENEVA CAPITAL 242,038,039 FRONTIER 219,466,672 L&B REAL ESTATE 170,948,102 AMERICAN REALTY ADV 67,788,069 ANTHEUS CAPITAL 64,926,898 DUNE REAL ESTATE 63,931,586 GREENOAK REAL ESTATE 53,880,329 STARWOOD CAPITAL 31,668,158 LANDMARK REALTY ADV 15,688,588 HARBERT EUROPEAN REAL ESTATE V 13,784,934 TRS 13,120,000 ANGELO GORDON 11,350,620 FCP Realty 8,485,016 INVESCO 8,232,112 ARTEMIS REAL ESTATE III 7,579,838 ADVISORY RESEARCH 873,731 EPOCH INVESTMENTS 387,122 ARONSON, JOHNSON & ORTIZ 71,821 SAWGRASS 155 Grand Total 18,177,861,893 35
as of February 20, 2020Allocation by Investment Management Firm
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276
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72
M E M O R A N D U M
TO: TRS Board of Trustees
FROM: Tom Spencer, Executive Director
DATE: February 21, 2020
RE: Request for approval of replacing several heat pumps on the 5th floor location where TRS office will be located
--------------------------------------------------------------------------------------------------------------------- During the first year that TRS owned the Harvey Parkway Building, there was a significant flood in the building over a weekend. The culprit? One of the hoses in a heat pump on the 5th floor burst and caused water damage on five floors. We have also had a handful of these heat pumps on other floors fail and they have been replaced.
I asked Price Edwards to have a firm examine all of the heat pumps on the 5th floor and make a recommendation on those that need to be replaced or that have enough years on them to go ahead and get ahead of things and replace them right before we move in.
Price Edwards has received one bid for the cost of 12 heat pumps and their installation for a cost of $63,588.00. We are awaiting further bids and will go with the low bid. Only qualified bidders will be submitting.
Under Chapter One of the Board Policy which is entitled “Legal Authority”, the Board has delegated authority to me as the Executive Director to authorize expenditures on the Harvey Parkway Building for “repair, maintenance, and previously approved capital needs” not to exceed $50,000. I am asking the Board to approve the expenditure of not to exceed $65,000 for the purpose installing the new heat pumps on the 5th floor.
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M E M O R A N D U M
TO: TRS Board of Trustees
FROM: Tom Spencer, Executive Director
DATE: February 21, 2020
RE: Request for approval of budget expenditures for furniture, equipment and other expenses related to moving the TRS office
-------------------------------------------------------------------------------------------------------------------- When the Board approved of the TRS Budget Work Program for FY 2020 we had reason to believe that this would be the year TRS would be able to move to the Harvey Parkway Building. However, we were not certain of what might need to be acquired to facilitate the move.
The staff is not purchasing all new furniture for the new office. Most of the senior management will be using the same office desks and other furniture that is currently in their offices. One of the only bright spots from the White Star bankruptcy is that we ended up with several very nice office desks that will be re-purposed by the TRS staff. However, some of the furniture here at TRS is older “modular” furniture (sometimes known as cubicles). Much of it was specifically designed for specific work areas. Much of this furniture has cloth exteriors that are great to muffle sound but it also is a dust and potentially an insect magnet. We want to acquire reasonably priced substitutes for a great many of these modular work stations. We will also have the expense of moving our I.T. equipment including new computer cables at the new office and setting up Wi-Fi connections
The staff recommended, and the Board approved of several items in the FY 2020 Budget that could be used for the move and the acquisition of furniture, equipment and I.T. expenses. The first item was “Office Relocation Expense” of $100,000. We believe that this could be used for any of the above expenditures in addition to paying for a moving company to move furniture and equipment to the new office. In the total I.T. professional services budget of $1,054,000 is a total of $500,000 that we had set aside to employ an I.T. consultant to guide us through the process of acquiring new pension administration software. While we have since tentatively decided not to use an outside consultant in favor of issuing an RFP directly to software firms, we have been a bit stymied in securing permission to begin this acquisition. Even if we began that process today, we would not likely enter into a contract and pay a software firm any of these funds before June 30, 2020. We even had $45,000 budgeted for a contract lobbyist but we did not renew that contract.
The above budgeted items are possible sources to fund the acquisition of furniture, equipment and I.T. services related to the move. Here are some estimates of the costs we expect to incur due to the move and the acquisition of furniture and equipment of the new office:
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1. Hiring moving company to move furniture, equipment, files and other property to HarveyParkway, move furniture and equipment to Surplus Property, and move archive-ready files tothe Department of Libraries: $40,000
2. New furniture for Harvey Parkway (desks, modular, chairs, tables & workstations: $70,000
3. OMES cost to provide network cabling, telephone service transfer,servers/connections, and workstation services: $30,000
TOTAL: $140,000
The TRS staff respectfully requests approval to make these expenditures, and execute any necessary state budget documents if necessary.
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Committees
1. Committee assignments and chairs shall be appointed by the Board Chair annually at the
July Board meeting and at such other times as vacancies occur. The Chair’s appointments
shall be set forth on the agenda as a separate item. Alternate members may be appointed
on an as-needed basis by the Chair.
2. All Trustees are encouraged to attend Committee meetings, but only Committee members
may vote.
Charters
The following charters are attached:
1. Audit Committee
2. Investment Committee
3. Governance Committee
Audit Committee Charter
Purpose
The Audit and Risk Management Committee has been established to assist the Teachers’
Retirement System Board in fulfilling its fiduciary oversight responsibilities for the:
1. Internal Audit Process,
2. System of Internal Control,
3. Financial Reporting Process,
4. System of Risk Management,
5. External Audit of the Financial Statements, and
6. Engagements with Other External Firms.
Authority
The Audit Committee shall have the authority to recommend to the Board for action:
1. The appointment of and provision for the compensation of and oversee the work of the
independent certified public accounting firm employed by the Teachers’ Retirement
System to audit the financial statements.
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2. The retention of consultants, experts, independent counsel, and accountants to advise the
Committee on any of its responsibilities or to assist in the conduct of an investigation.
3. Requests to provide oversight of audit and investigation activities of financial, ethical,
and/or fraud matters.
4. All Committee actions must be ratified or adopted by the Board to be effective.
Composition
The Committee shall be composed of a minimum of three (3) members, appointed by the Chair of
the Board.
Meetings
The Committee will meet at least once a year, with authority to convene additional meetings as
determined by the Committee Chair in consultation with the Board Chair.
Responsibilities
The Audit Committee shall have responsibility for the following:
1. Designating at least one member as the “audit committee financial expert,” as defined by
the Securities and Exchange Commission. The member’s knowledge should include an
understanding of generally accepted accounting principles for public pension funds issued
by the Governmental Accounting Standards Board. Per the SEC, The designated person
should have characteristics that are particularly relevant to the functions of the audit
committee, such as: a thorough understanding of the audit committee's oversight role,
expertise in accounting matters as well as understanding of financial statements, and the
ability to ask the right questions to determine whether the agency's financial statements are
complete and accurate. If a financial expert is not available on the Committee, an
experienced professional will be selected to a non-voting position possessing the
aforementioned qualities listed in the Securities Exchange Commission (SEC)’s “Audit
Committee Financial Expert” definition. Candidates for this non-voting position will be
recommended by Oklahoma Teachers’ Retirement System TRS Executive Staff
Management and approved by the Board Chair.
2. Overseeing the reporting and integrity of all financial information reporting.
3. Providing the policy and framework for an effective system of enterprise-wide risk
management, and providing the mechanisms for periodic assessment of the system of risk
management.
4. Overseeing the assessment of internal administrative and accounting controls by both the
external independent financial statement auditor and internal auditors.
5. Ensuring management maintains an effective system of internal controls and provides the
mechanisms for periodic assessment of the system of internal controls.
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6. Overseeing the appointment and work of the Internal Auditor and the work of the Internal
Audit Division.
7. Serving as the primary liaison and providing the appropriate forum for handling all matters
related to audits, examinations, compliance, investigations or inquiries of the Oklahoma
State Auditor and other appropriate State or Federal agencies.
8. Ensuring the independence of the external auditor and approve all auditing, other
attestations services and pre-approve non-audit services performed by an external audit
firm.
9. Reporting to the Board on all activities, findings and recommendations of the Committee.
10. Provide an open avenue of communication between internal audit, the external auditors
and the Committee and Board.
Investment Committee Charter
Purpose
The Investment Committee has been established by the Teachers’ Retirement System Board to
administer all matters relating to the investment of the Fund’s assets and investment management.
The Committee is charged to administer the Fund’s assets for the exclusive purpose of providing
benefits to the participants and their beneficiaries within the system; and to maximize the financial
stability of the Funds in an efficient and cost effective cost-effective manner. The Committee
members will carry out their duties with the care, skill, prudence, and diligence of a prudent person
acting in a similar institutional investment Trustee capacity and strive to follow sound policies and
procedures that enhance good, fair, and open decision making. The Committee’s core objective is
to diversify the investments so as to minimize the risk of loss and to maximize the rate of return,
in accordance with the Board’s overall objective of promoting the best interests for the Teachers’
Retirement System, its Members, retirees, and beneficiaries.
Authority
Legal authority for the Investment Committee is found in Title 70 O.S. §17-106.1 (D) which
provides, in part, that the “committee shall make recommendations to the full Board of Trustees
on all matters related to the choice of custodians and managers of the assets of the System, on the
establishment of investment and fund management guidelines, and in planning future investment
policy. The committee shall have no authority to act on behalf of the Board of Trustees in any
circumstances whatsoever. No recommendation of the committee shall have effect as an action of
the Board of Trustees nor take effect without the approval of the Board of Trustees as provided by
law.”
The Investment Committee shall have the authority to recommend to the Board for action:
1. All matters relating to the investment portfolio including, but not limited to, strategic asset
allocation, any tactical changes to the strategic asset allocation; pursuing new asset
categories, and changes to investment policy.
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2. The engagement of investment advisors, consultants, managers and counsel as necessary;
to assist the Board in carrying out its responsibilities.
3. The Committee will not consider any proposed investment that has not gone through the
System’s due diligence process and been reviewed by the System’s professional staff.
4. All Committee actions must be ratified or adopted by the Board to be effective.
Composition
The Committee shall be composed of a maximum of five (5) members, appointed by the Chair of
the Board.
Meetings
The Committee will meet at least four times a year, with authority to convene additional meetings
as determined by the Committee Chair in consultation with the Board Chair.
Responsibilities
The Investment Committee shall have responsibility for the following:
1. Determining the Fund’s overall investment objectives, risk tolerance and performance
standards in accordance with the Oklahoma Constitution and the Teachers’ Retirement
System statutes and rules Law.
2. Determining the asset allocation of the Fund, including consideration of asset classes and
sub-classes not currently utilized in the Fund.
3. Determining the overall Fund Investment Policy as well as asset class and program
investment policies.
4. Monitoring the performance of the investment portfolio as a whole as well as the
performance of each asset class, including the performance of internal and external
investment managers, and reviewing periodic reports from investment staff as well as
external consultants, advisors, and investment managers
5. Determine Determining appropriate levels of staff delegation with respect to investment
transactions in the various asset classes of the Fund.
6. Determine and ensure Determining and ensuring compliance with the System’s corporate
governance policies in an effort to protect the Teachers’ Retirement System’s assets
through the pursuit of good governance and operational accountability.
7. Determining the relative amount of internal and external investment management.
8. Monitoring the direct and indirect costs of each asset category.
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9. Determining and ensuring compliance with the appropriate reporting standards and time
horizons.
10. Identifying and discussing potential legislation related to investments.
11. Ensuring the that Teachers’ Retirement System’s investments are made in conformance
with applicable investment policies and investment resolutions.
Governance Committee Charter
Purpose
The Governance Committee has been established to assist the Teachers’ Retirement System Board
in fulfilling its fiduciary oversight responsibilities for the administration and adoption of internal
governance principles and policies, and the monitoring thereof, including:
1. A comprehensive internal Ethics Policy
2. The Code of Conduct
3. Trustee Education Policy
4. Travel Expense Policy
5. The Board of Trustees Policy Manual
6. Succession Planning involving the position of Executive Director
Authority
The Governance Committee shall have the authority to recommend to the Board for action:
1. Amendments to, or updates of: the Ethics Policy, the Code of Conduct, the Trustee
Education Policy, the Trustee Travel Expense Policy, and the Board of Trustees Policy
Manual.
2. Requests to provide oversight of investigation activities involving a Board Member
or other person with a contractual relationship to the TRS Board.
3. All Committee actions must be ratified or adopted by the Board to be effective.
Composition
The Committee shall be composed of a minimum of three (3) members, appointed by the Chair of
the Board.
Meetings
The Committee will meet at least four times a year, with authority to convene additional meetings
as determined by the Committee Chair in consultation with the Board Chair.
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Responsibilities
The Governance Committee shall have responsibility for the following:
1. Ensuring and monitoring global compliance with the TRS Ethics Policy, the Code of
Conduct, and Board of Trustees Policy Manual.
2. Provide a yearly review of internal succession planning related to the position of
Executive Director.
3. Provide oversight of investigation activities involving a Board Member or other person
with a contractual relationship to the TRS Board, as delegated by the Board or Board
Chair Chairman.
4. Monitoring whether the Executive Director has sufficient internal organizational
processes and accountabilities.
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January 27, 2020
To the Board of Trustees Teachers’ Retirement System of Oklahoma Oklahoma City, Oklahoma
We have audited the schedule of employer allocations and totals for the columns titled net pension liability, total deferred outflow of resources, total deferred inflows of resources, and pension expense (specified column totals) included in the accompanying schedule of collective pension amounts (collectively the Schedules) of the Teachers’ Retirement System of Oklahoma (the System) as of June 30, 2019, and have issued our report thereon dated January 27, 2020. Professional standards require that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Schedules Audit
As communicated in our letter dated May 2, 2019, our responsibility, as described by professional standards, is to form and express an opinion about whether the Schedules that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the Schedules does not relieve you or management of its respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the Schedules are free of material misstatement. An audit of Schedules includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the System’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the System solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.
Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, our firm, and our network firms have complied with all relevant ethical requirements regarding independence.
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Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of the significant accounting policies adopted by the System is included in the notes to Schedule of Employer Allocations and Collective Pension Amounts. There have been no initial selection of accounting policies and no changes in significant accounting policies or their application during 2019. No matters have come to our attention that would require us, under professional standards, to inform you about (1) the methods used to account for significant unusual transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates
Accounting estimates are an integral part of the Schedules prepared by management and are based on management’s current judgments. Those judgments are normally based on knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the Schedules and because of the possibility that future events affecting them may differ markedly from management’s current judgments. The most sensitive accounting estimate affecting the Schedules is:
Management’s estimate of the total pension liability, deferred outflow of resources, and deferred inflows of resources are based on the actuary calculations. We evaluated the key factors and assumptions used to develop total pension liability, deferred outflow of resources, and deferred inflows of resources estimates and determined that they are reasonable in relation to the Schedules taken as a whole.
Financial Statement Disclosures
Certain Schedule disclosures involve significant judgment and are particularly sensitive because of their significance to the Schedule users.
Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that we believe are trivial, and communicate them to the appropriate level of management. Further, professional standards require us to also communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account balances or disclosures, and the Schedules as a whole. There were no uncorrected or corrected misstatements noted.
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Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the System’s Schedules or the auditor’s report. No such disagreements arose during the course of the audit.
Representations Requested from Management
We have requested certain written representations from management that are included in the management representation letter dated January 27, 2020.
Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the System, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, operating and regulatory conditions affecting the System, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the System’s auditors.
Our responsibility also includes communicating to you any information which we believe is a material misstatement of fact. Nothing came to our attention that caused us to believe that such information, or its manner of presentation, is materially inconsistent with the information, or manner of its presentation, appearing in the Schedules.
This report is intended solely for the use of the Board of Trustees and management of the Teachers’ Retirement System of Oklahoma and is not intended to be, and should not be, used by anyone other than these specified parties.
Very truly yours,
Boise, Idaho
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eidebailly.com
Schedule of Employer Allocations and Schedule of Collective Pension Amounts June 30, 2019
Teachers’ Retirement System of Oklahoma
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Teachers’ Retirement System of Oklahoma Table of Contents
June 30, 2019
Independent Auditor’s Report ................................................................................................................................... 1
Schedule of Employer Allocations ......................................................................................................................... 3 Schedule of Collective Pension Amounts ............................................................................................................. 19 Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts ................................ 20
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What inspires you, inspires us. | eidebailly.com877 W. Main St., Ste. 800 | Boise, ID 83702-5858 | T 208.344.7150 | F 208.344.7435 | EOE
Independent Auditor’s Report
To the Board of Trustees Teachers’ Retirement System of Oklahoma Oklahoma City, Oklahoma
Report on Schedule of Employer Allocations and Schedule of Net Pension Amounts by Employer We have audited the accompanying schedule of employer allocations of Teachers’ Retirement System of Oklahoma (the System) as of and for the year ended June 30, 2019 and related notes. We have also audited the totals for the columns titled net pension liability, total deferred outflow of resources, total deferred inflows of resources and plan pension expense (specified column totals) included in the accompanying schedule of collective pension amounts (collectively the Schedules) of the System as of and for the year ended June 30, 2019, and related notes.
Management’s Responsibility for the Schedules Management is responsible for the preparation and fair presentation of the Schedules in accordance with accounting principles generally accepted in the United States of America; this includes design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the Schedules that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility Our responsibility is to express opinions on the schedule of employer allocations and specified column totals included in the schedule of collective pension amounts based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the schedule of employer allocations and specified column totals included in the schedule of collective pension amounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the schedule of employer allocations and specified column totals included in the schedule of collective pension amounts. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the schedule of employer allocations and specified column totals included in the schedule of collective pension amounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the schedule of employer allocations and specified column totals included in the schedule of collective pension amounts in order to design audit procedures that are appropriate in the
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circumstances, but not for the purpose of expressing an opinion on the effectiveness of System’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the schedule of employer allocations and specified column totals included in the schedule of collective pension amounts.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions In our opinion, the Schedules referred to above present fairly, in all material respects, the employer allocations and net pension liability, total deferred outflow of resources, total deferred inflows of resources, and plan pension expense for the total of all participating entities for the System as of and for the year ended June 30, 2019, in accordance with accounting principles generally accepted in the United States of America.
Other Matters We have audited, in accordance with auditing standards generally accepted in the United States of America, the financial statements of the System as of and for the year ended June 30, 2019, and our report thereon, dated October 18, 2019, expressed an unmodified opinion on those financial statements.
Restriction on Use Our report is intended solely for the information and use of the System’s management, the System’s Board of Trustee, System employers and their auditors and is not intended to be and should not be used by anyone other than these specified parties.
Boise, Idaho January 27, 2020
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See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation14H760 UNIVERSITY OF OKLAHOMA 21,786,129$ * 4.67558550%55H770 OU HEALTH SCIENCES CENTER 17,799,845 * 3.82007736%60H010 OKLAHOMA STATE UNIVERSITY 25,832,420 * 5.54397192%
65,418,395 14.03963477%
01C019 PEAVINE PUBLIC SCHOOLS 74,267 0.01593868%01C022 MARYETTA PUBLIC SCHOOLS 391,867 0.08409971%01C024 ROCKY MOUNTAIN PUBLIC SCHOOLS 132,964 0.02853579%01C028 ZION PUBLIC SCHOOLS 187,215 0.04017881%01C029 DAHLONEGAH PUBLIC SCHOOLS 128,414 0.02755936%01C032 GREASY PUBLIC SCHOOLS 59,317 0.01273010%01I004 WATTS PUBLIC SCHOOLS 126,893 0.02723287%01I011 WESTVILLE PUBLIC SCHOOLS 614,236 0.13182291%01I025 STILWELL PUBLIC SCHOOLS 852,549 0.18296797%01I030 CAVE SPRINGS PUBLIC SCHOOLS 130,048 0.02790995%02I001 BURLINGTON PUBLIC SCHOOLS 146,579 0.03145765%02I046 CHEROKEE PUBLIC SCHOOLS 340,394 0.07305295%02I093 TIMBERLAKE INDEPENDENT SCHOOL 240,161 0.05154157%03C021 HARMONY PUBLIC SCHOOLS 113,579 0.02437553%03C022 LANE PUBLIC SCHOOLS 182,849 0.03924180%03I007 STRINGTOWN PUBLIC SCHOOLS 126,214 0.02708724%03I015 ATOKA PUBLIC SCHOOLS 456,391 0.09794734%03I019 TUSHKA PUBLIC SCHOOLS 226,459 0.04860102%03I026 CANEY PUBLIC SCHOOLS 150,576 0.03231556%04I022 BEAVER PUBLIC SCHOOLS 176,355 0.03784817%04I075 BALKO PUBLIC SCHOOLS 127,063 0.02726946%04I123 FORGAN PUBLIC SCHOOLS 105,197 0.02257656%04I128 TURPIN PUBLIC SCHOOLS 242,537 0.05205151%05I002 MERRITT PUBLIC SCHOOLS 343,325 0.07368207%05I006 ELK CITY PUBLIC SCHOOLS 941,679 0.20209656%05I031 SAYRE PUBLIC SCHOOLS 317,362 0.06810991%05I051 ERICK PUBLIC SCHOOLS 129,675 0.02782992%06I009 OKEENE PUBLIC SCHOOLS 182,171 0.03909628%06I042 WATONGA PUBLIC SCHOOLS 407,215 0.08739364%06I080 GEARY PUBLIC SCHOOLS 214,805 0.04609992%06I105 CANTON PUBLIC SCHOOLS 318,540 0.06836271%07H660 SOUTHEASTERN OKLA STATE UNIV 2,420,944 0.51956598%07I001 SILO PUBLIC SCHOOLS 397,966 0.08540867%07I002 ROCK CREEK PUBLIC SCHOOLS 245,431 0.05267271%07I003 ACHILLE PUBLIC SCHOOLS 178,498 0.03830801%* Excludes contributions for the alternate retirement plan.
Page 294 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation07I004 COLBERT PUBLIC SCHOOLS 363,896$ 0.07809687%07I005 CADDO PUBLIC SCHOOLS 275,270 0.05907652%07I040 BENNINGTON PUBLIC SCHOOLS 172,911 0.03710894%07I048 CALERA PUBLIC SCHOOLS 336,819 0.07228565%07I072 DURANT PUBLIC SCHOOLS 1,695,360 0.36384616%07K002 CHOCTAW NATION INTERLOCAL COOP 277,670 0.05959161%08I011 HYDRO‐EAKLY PUBLIC SCHOOLS 230,704 0.04951204%08I012 LOOKEBA‐SICKLES PUBLIC SCHOOLS 113,316 0.02431899%08I020 ANADARKO PUBLIC SCHOOLS 974,394 0.20911765%08I033 CARNEGIE PUBLIC SCHOOLS 274,714 0.05895722%08I056 BOONE‐APACHE SCHOOLS 244,256 0.05242040%08I064 CYRIL PUBLIC SCHOOLS 168,488 0.03615973%08I086 GRACEMONT PUBLIC SCHOOLS 88,169 0.01892231%08I160 CEMENT PUBLIC SCHOOLS 102,855 0.02207395%08I161 HINTON PUBLIC SCHOOLS 286,351 0.06145459%08I167 FORT COBB‐BROXTON SCHOOLS 187,730 0.04028922%08I168 BINGER‐ONEY PUBLIC SCHOOL 200,677 0.04306779%08V002 CADDO‐KIOWA AREA VO‐TECH 507,349 0.10888357%09C029 RIVERSIDE PUBLIC SCHOOLS 87,533 0.01878576%09C031 BANNER PUBLIC SCHOOLS 120,070 0.02576864%09C070 DARLINGTON PUBLIC SCHOOLS 145,648 0.03125794%09C162 MAPLE PUBLIC SCHOOLS 125,904 0.02702067%09H052 REDLANDS COMMUNITY COLLEGE 673,616 0.14456669%09I022 PIEDMONT PUBLIC SCHOOLS 1,440,079 0.30905966%09I027 YUKON PUBLIC SCHOOLS 3,951,378 0.84801691%09I034 EL RENO PUBLIC SCHOOLS 1,433,532 0.30765453%09I057 UNION CITY PUBLIC SCHOOLS 131,534 0.02822890%09I069 MUSTANG PUBLIC SCHOOLS 5,130,978 1.10117430%09I076 CALUMET PUBLIC SCHOOLS 159,831 0.03430189%09V006 CANADIAN VALLEY AREA VO‐TECH 1,598,921 0.34314917%10A606 UNIV CENTER OF SOUTHERN OKLAHOMA 49,628 0.01065088%10C072 ZANEIS PUBLIC SCHOOLS 122,652 0.02632273%10I019 ARDMORE PUBLIC SCHOOLS 1,731,116 0.37152002%10I021 SPRINGER PUBLIC SCHOOLS 156,301 0.03354412%10I027 PLAINVIEW PUBLIC SCHOOLS 724,591 0.15550669%10I032 LONE GROVE PUBLIC SCHOOLS 667,768 0.14331165%10I043 WILSON PUBLIC SCHOOLS 185,230 0.03975272%10I055 HEALDTON PUBLIC SCHOOL 209,148 0.04488577%10I074 FOX PUBLIC SCHOOLS 136,236 0.02923801%10I077 DICKSON PUBLIC SCHOOLS 601,306 0.12904802%
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See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation10K001 TRI‐COUNTY INTERLOCAL CO‐OP 97,614$ 0.02094930%10V020 SOUTHERN OKLAHOMA TECH CENTER 591,019 0.12684023%11C010 LOWREY PUBLIC SCHOOLS 88,018 0.01888985%11C014 NORWOOD PUBLIC SCHOOLS 108,670 0.02332200%11C021 WOODALL PUBLIC SCHOOLS 258,049 0.05538060%11C026 SHADY GROVE PUBLIC SCHOOLS 104,950 0.02252367%11C031 PEGGS PUBLIC SCHOOLS 143,356 0.03076600%11C034 GRAND VIEW PUBLIC SCHOOLS 428,229 0.09190357%11C044 BRIGGS PUBLIC SCHOOLS 261,385 0.05609667%11C066 TENKILLER PUBLIC SCHOOLS 228,318 0.04900005%11H485 NORTHEASTERN STATE UNIVERSITY 4,092,650 0.87833566%11I006 KEYS PUBLIC SCHOOLS 452,895 0.09719709%11I016 HULBERT PUBLIC SCHOOLS 319,805 0.06863422%11I035 TAHLEQUAH PUBLIC SCHOOLS 2,005,347 0.43037346%12C021 SWINK PUBLIC SCHOOLS 121,021 0.02597269%12I001 BOSWELL PUBLIC SCHOOLS 187,620 0.04026573%12I002 FORT TOWSON PUBLIC SCHOOLS 183,020 0.03927842%12I004 SOPER PUBLIC SCHOOLS 185,732 0.03986052%12I039 HUGO PUBLIC SCHOOLS 605,785 0.13000926%13I002 BOISE CITY PUBLIC SCHOOLS 155,153 0.03329785%13I010 FELT PUBLIC SCHOOLS 67,456 0.01447691%13I011 KEYES PUBLIC SCHOOLS 41,474 0.00890075%14C016 ROBIN HILL PUBLIC SCHOOLS 140,542 0.03016204%14I002 MOORE PUBLIC SCHOOLS 10,182,550 2.18530718%14I029 NORMAN PUBLIC SCHOOLS 6,757,468 1.45024017%14I040 NOBLE PUBLIC SCHOOLS 1,194,526 0.25636072%14I057 LEXINGTON PUBLIC SCHOOLS 476,386 0.10223861%14I070 LITTLE AXE PUBLIC SCHOOLS 506,268 0.10865177%14V017 MOORE‐NORMAN VO‐TECH SCH 1,733,929 0.37212358%15C004 COTTONWOOD PUBLIC SCHOOLS 114,674 0.02461059%15I001 COALGATE PUBLIC SCHOOLS 496,867 0.10663406%15I002 TUPELO PUBLIC SCHOOLS 155,444 0.03336025%16C048 FLOWER MOUND PUBLIC SCHOOLS 124,003 0.02661255%16C049 BISHOP PUBLIC SCHOOLS 195,675 0.04199433%16H100 CAMERON UNIVERSITY 1,930,752 0.41436446%16I001 CACHE PUBLIC SCHOOLS 981,019 0.21053933%16I002 INDIAHOMA PUBLIC SCHOOLS 100,760 0.02162434%16I003 STERLING PUBLIC SCHOOLS 203,356 0.04364285%16I004 GERONIMO PUBLIC SCHOOLS 143,769 0.03085464%
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See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation16I008 LAWTON PUBLIC SCHOOLS 6,807,237$ 1.46092114%16I009 FLETCHER PUBLIC SCHOOLS 197,022 0.04228353%16I016 ELGIN PUBLIC SCHOOLS 864,492 0.18553113%16I132 CHATTANOOGA PUB SCHOOLS 132,493 0.02843474%16V009 GREAT PLAINS TECHNOLOGY CENTER 1,002,382 0.21512411%17I001 WALTERS PUBLIC SCHOOLS 290,348 0.06231244%17I101 TEMPLE PUBLIC SCHOOLS 144,605 0.03103419%17I333 BIG PASTURE PUB SCHOOLS 95,025 0.02039358%18C001 WHITE OAK PUBLIC SCHOOLS 24,588 0.00527693%18I006 KETCHUM PUBLIC SCHOOLS 323,883 0.06950942%18I017 WELCH PUBLIC SCHOOLS 217,441 0.04666555%18I020 BLUEJACKET PUBLIC SCHOOLS 114,471 0.02456690%18I065 VINITA PUBLIC SCHOOLS 762,358 0.16361191%18V011 NORTHEAST AREA VO‐TECH 1,196,956 0.25688227%19C008 LONE STAR PUBLIC SCHOOLS 358,872 0.07701861%19C012 GYPSY PUBLIC SCHOOLS 40,636 0.00872110%19C034 PRETTY WATER PUBLIC SCHOOLS 111,721 0.02397678%19C035 ALLEN‐BOWDEN PUBLIC SCHOOLS 160,519 0.03444949%19I002 BRISTOW PUBLIC SCHOOLS 828,452 0.17779645%19I003 MANNFORD PUBLIC SCHOOLS 719,273 0.15436524%19I005 MOUNDS PUBLIC SCHOOLS 270,816 0.05812072%19I017 OLIVE PUBLIC SCHOOLS 181,903 0.03903868%19I018 KIEFER PUBLIC SCHOOLS 333,724 0.07162148%19I020 OILTON PUBLIC SCHOOLS 130,488 0.02800441%19I021 DEPEW PUBLIC SCHOOLS 163,888 0.03517258%19I031 KELLYVILLE PUBLIC SCHOOLS 362,631 0.07782522%19I033 SAPULPA PUBLIC SCHOOLS 1,790,119 0.38418278%19I039 DRUMRIGHT PUBLIC SCHOOLS 229,466 0.04924632%19V003 CENTRAL OKLAHOMA AREA VO‐TECH 951,547 0.20421424%20H665 SOUTHWESTERN OKLA STATE UNIV 3,008,713 0.64570873%20I005 ARAPAHO‐BUTLER PUBLIC SCHOOLS 232,246 0.04984292%20I007 THOMAS‐FAY‐CUSTER UNIFIED 247,307 0.05307528%20I026 WEATHERFORD PUBLIC SCHOOLS 920,889 0.19763464%20I099 CLINTON PUBLIC SCHOOLS 1,018,010 0.21847814%21C006 CLEORA PUBLIC SCHOOLS 118,958 0.02552998%21C014 LEACH PUBLIC SCHOOLS 64,498 0.01384209%21C030 KENWOOD PUBLIC SCHOOLS 48,986 0.01051308%21C034 MOSELEY PUBLIC SCHOOLS 96,483 0.02070647%21I001 JAY PUBLIC SCHOOLS 820,603 0.17611210%21I002 GROVE PUBLIC SCHOOLS 1,247,734 0.26777997%
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See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation21I003 KANSAS PUBLIC SCHOOLS 483,458$ 0.10375642%21I004 COLCORD PUBLIC SCHOOLS 360,643 0.07739865%21I005 OAKS MISSION PUB SCHOOLS 132,706 0.02848040%22I005 VICI PUBLIC SCHOOLS 201,537 0.04325241%22I008 SEILING PUBLIC SCHOOLS 277,303 0.05951272%22I010 TALOGA PUBLIC SCHOOLS 130,220 0.02794691%23I002 FARGO PUBLIC SCHOOLS 158,298 0.03397286%23I003 ARNETT PUBLIC SCHOOLS 140,963 0.03025252%23I042 SHATTUCK PUBLIC SCHOOLS 214,925 0.04612570%24I001 WAUKOMIS PUBLIC SCHOOLS 173,520 0.03723961%24I018 KREMLIN‐HILLSDALE PUB SCHOOLS 144,414 0.03099311%24I042 CHISHOLM PUBLIC SCHOOL 498,126 0.10690428%24I047 GARBER PUBLIC SCHOOLS 197,670 0.04242250%24I056 PIONEER‐PLEASANT VALE SCHOOLS 297,489 0.06384500%24I057 ENID PUBLIC SCHOOLS 3,576,863 0.76764119%24I085 DRUMMOND PUBLIC SCHOOLS 167,542 0.03595662%24I094 COVINGTON‐DOUG PUB SCHS 153,990 0.03304834%24V015 AUTRY TECHNOLOGY CENTER 665,400 0.14280339%25C016 WHITEBEAD PUBLIC SCHOOLS 172,366 0.03699187%25I002 STRATFORD PUBLIC SCHOOLS 337,922 0.07252251%25I005 PAOLI PUBLIC SCHOOLS 141,331 0.03033142%25I007 MAYSVILLE PUBLIC SCHOOLS 154,754 0.03321213%25I009 LINDSAY PUBLIC SCHOOLS 513,181 0.11013531%25I018 PAULS VALLEY PUBLIC SCHOOLS 615,180 0.13202555%25I038 WYNNEWOOD PUBLIC SCHOOLS 307,824 0.06606309%25I072 ELMORE CITY PUBLIC SCHOOLS 248,538 0.05333949%26C037 FRIEND PUBLIC SCHOOLS 94,076 0.02018996%26C096 MIDDLEBERG PUBLIC SCHOOLS 82,490 0.01770351%26C131 PIONEER PUBLIC SCHOOLS 177,370 0.03806598%26H150 UNIVERSITY OF SCIENCES & ARTS 674,498 0.14475597%26I001 CHICKASHA PUBLIC SCHOOLS 1,038,370 0.22284763%26I002 MINCO PUBLIC SCHOOLS 259,664 0.05572718%26I051 NINNEKAH PUBLIC SCHOOLS 246,324 0.05286439%26I056 ALEX PUBLIC SCHOOLS 213,611 0.04584362%26I068 RUSH SPRINGS PUBLIC SCHOOLS 259,792 0.05575478%26I095 BRIDGE CREEK PUBLIC SCHOOLS 608,336 0.13055675%26I097 TUTTLE PUBLIC SCHOOLS 714,070 0.15324856%26I099 VERDEN PUBLIC SCHOOLS 123,813 0.02657179%26I128 AMBER‐POCASSET PUB SCHS 251,092 0.05388770%27I054 MEDFORD PUBLIC SCHOOLS 297,452 0.06383695%
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See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation27I090 POND CREEK ‐ HUNTER PUBLIC SCHOOLS 266,788$ 0.05725620%27I095 DEER CREEK‐LAMONT PUB SCHOOLS 136,089 0.02920637%28I001 MANGUM PUBLIC SCHOOLS 396,619 0.08511961%28I003 GRANITE PUBLIC SCHOOLS 147,043 0.03155723%29I066 HOLLIS PUBLIC SCHOOLS 269,684 0.05787767%30I001 LAVERNE PUBLIC SCHOOLS 228,847 0.04911343%30I004 BUFFALO PUBLIC SCHOOLS 151,444 0.03250190%31C010 WHITEFIELD PUBLIC SCHOOLS 75,588 0.01622208%31I013 KINTA PUBLIC SCHOOLS 129,826 0.02786235%31I020 STIGLER PUBLIC SCHOOLS 669,959 0.14378179%31I037 MCCURTAIN PUBLIC SCHOOLS 140,475 0.03014768%31I043 KEOTA PUBLIC SCHOOLS 223,164 0.04789391%32I001 MOSS PUBLIC SCHOOLS 157,923 0.03389239%32I005 WETUMKA PUBLIC SCHOOLS 267,784 0.05746984%32I035 HOLDENVILLE PUBLIC SCHOOLS 526,899 0.11307929%32I048 CALVIN PUBLIC SCHOOLS 115,046 0.02469039%32I054 STUART PUBLIC SCHOOLS 146,719 0.03148780%32V025 WES WATKINS TECHNOLOGY CENTER 211,797 0.04545445%33H041 WESTERN OKLA STATE COLLEGE 483,157 0.10369183%33I001 NAVAJO PUBLIC SCHOOLS 227,877 0.04890544%33I014 DUKE PUBLIC SCHOOLS 82,080 0.01761547%33I018 ALTUS PUBLIC SCHOOLS 1,531,188 0.32861286%33I040 OLUSTEE‐ELDORADO PUBLIC SCHOOLS 136,069 0.02920221%33I054 BLAIR PUBLIC SCHOOLS 114,231 0.02451540%34C003 TERRAL PUBLIC SCHOOL 41,111 0.00882291%34I001 RYAN PUBLIC SCHOOLS 146,844 0.03151452%34I014 RINGLING PUBLIC SCHOOLS 224,000 0.04807339%34I023 WAURIKA PUBLIC SCHOOLS 221,652 0.04756932%35C007 MANNSVILLE PUBLIC SCHOOLS 69,034 0.01481559%35C010 RAVIA PUBLIC SCHOOLS 78,118 0.01676521%35H470 MURRAY STATE COLLEGE 841,819 0.18066534%35I002 MILL CREEK PUBLIC SCHOOLS 85,731 0.01839906%35I020 TISHOMINGO PUBLIC SCHOOLS 448,865 0.09633232%35I029 MILBURN PUBLIC SCHOOLS 103,569 0.02222720%35I035 COLEMAN PUBLIC SCHOOLS 102,677 0.02203586%35I037 WAPANUCKA PUBLIC SCHOOLS 119,231 0.02558849%36C027 PECKHAM PUBLIC SCHOOLS 92,880 0.01993335%36C050 KILDARE PUBLIC SCHOOLS 64,833 0.01391398%36H490 NORTHERN OKLAHOMA COLLEGE 1,382,715 0.29674853%
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See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation36H758 UNIVERSITY CENTER AT PONCA CITY 29,567$ 0.00634553%36I045 BLACKWELL PUBLIC SCHOOLS 559,303 0.12003363%36I071 PONCA CITY PUBLIC SCHOOLS 2,080,860 0.44657955%36I087 TONKAWA PUBLIC SCHOOLS 267,742 0.05746083%36I125 NEWKIRK PUBLIC SCHOOLS 377,315 0.08097678%36V013 PIONEER TECHNOLOGY CENTER 559,975 0.12017779%37I002 DOVER PUBLIC SCHOOLS 110,686 0.02375467%37I003 LOMEGA PUBLIC SCHOOLS 142,176 0.03051285%37I007 KINGFISHER PUBLIC SCHOOLS 673,687 0.14458187%37I016 HENNESSEY PUBLIC SCHOOLS 512,772 0.11004748%37I089 CASHION PUBLIC SCHOOLS 277,785 0.05961622%37I105 OKARCHE PUBLIC SCHOOLS 202,815 0.04352682%37V026 CHISHOLM TRAIL TECHNOLOGY CNTR 195,236 0.04190019%38A620 QUARTZ MOUNTAIN 70,839 0.01520297%38I001 HOBART PUBLIC SCHOOLS 378,378 0.08120476%38I002 LONE WOLF PUBLIC SCHOOLS 75,554 0.01621494%38I003 MOUNTAIN VIEW‐GOTEBO SCHOOLS 159,906 0.03431791%38I004 SNYDER PUBLIC SCHOOLS 224,137 0.04810278%39H240 EASTERN OKLAHOMA STATE COLLEGE 885,662 0.19007450%39I001 WILBURTON PUBLIC SCHOOLS 393,060 0.08435570%39I002 RED OAK PUBLIC SCHOOLS 134,637 0.02889491%39I003 BUFFALO VALLEY PUB SCHS 72,284 0.01551314%39I004 PANOLA PUBLIC SCHOOLS 53,444 0.01146974%39V007 KIAMICHI TECHNOLOGY CENTER 1,600,134 0.34340938%40C004 SHADY POINT PUBLIC SCHOOLS 76,745 0.01647047%40C011 MONROE PUBLIC SCHOOLS 57,132 0.01226130%40C014 HODGEN PUBLIC SCHOOLS 154,824 0.03322730%40C039 FANSHAWE PUBLIC SCHOOLS 47,553 0.01020558%40H053 CARL ALBERT STATE COLLEGE 1,045,787 0.22443936%40I002 SPIRO PUBLIC SCHOOLS 487,567 0.10463812%40I003 HEAVENER PUBLIC SCHOOLS 618,917 0.13282753%40I007 POCOLA PUBLIC SCHOOLS 345,526 0.07415428%40I016 LEFLORE PUBLIC SCHOOLS 131,649 0.02825354%40I017 CAMERON PUBLIC SCHOOLS 134,864 0.02894364%40I020 PANAMA PUBLIC SCHOOLS 350,703 0.07526549%40I026 BOKOSHE PUBLIC SCHOOLS 131,877 0.02830247%40I029 POTEAU PUBLIC SCHOOLS 1,125,611 0.24157066%40I049 WISTER PUBLIC SCHOOLS 216,480 0.04645949%40I052 TALIHINA PUBLIC SCHOOLS 355,327 0.07625773%40I062 WHITESBORO PUBLIC SCHOOLS 127,333 0.02732736%
Page 300 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation40I067 HOWE PUBLIC SCHOOLS 257,567$ 0.05527729%40I091 ARKOMA PUBLIC SCHOOLS 182,647 0.03919839%41C005 WHITE ROCK PUBLIC SCHOOLS 81,997 0.01759762%41I001 CHANDLER PUBLIC SCHOOLS 478,753 0.10274660%41I003 DAVENPORT PUBLIC SCHOOLS 173,727 0.03728396%41I004 WELLSTON PUBLIC SCHOOLS 263,745 0.05660309%41I054 STROUD PUBLIC SCHOOLS 461,401 0.09902261%41I095 MEEKER PUBLIC SCHOOLS 396,841 0.08516723%41I103 PRAGUE PUBLIC SCHOOLS 432,663 0.09285500%41I105 CARNEY PUBLIC SCHOOLS 108,796 0.02334902%41I134 AGRA PUBLIC SCHOOLS 156,032 0.03348641%42H420 LANGSTON UNIVERSITY 2,255,021 0.48395662%42I001 GUTHRIE PUBLIC SCHOOLS 1,563,320 0.33550873%42I002 CRESCENT PUBLIC SCHOOLS 270,013 0.05794829%42I003 MULHALL‐ORLANDO PUBLIC SCHOOLS 155,668 0.03340831%42I014 COYLE PUBLIC SCHOOLS 160,025 0.03434351%43C003 GREENVILLE PUBLIC SCHOOLS 61,773 0.01325721%43I004 THACKERVILLE PUB SCHOOLS 154,244 0.03310276%43I005 TURNER PUBLIC SCHOOLS 179,968 0.03862337%43I016 MARIETTA PUBLIC SCHOOLS 551,274 0.11831050%44I001 RINGWOOD PUBLIC SCHOOLS 162,761 0.03493067%44I004 ALINE CLEO PUBLIC SCHOOLS 98,999 0.02124653%44I084 FAIRVIEW PUBLIC SCHOOLS 396,943 0.08518910%44I092 CIMARRON PUBLIC SCHOOL 132,769 0.02849405%45I002 MADILL PUBLIC SCHOOLS 806,517 0.17308908%45I003 KINGSTON PUBLIC SCHOOLS 638,231 0.13697260%46C035 WICKLIFFE PUBLIC SCHOOLS 64,560 0.01385546%46C043 OSAGE PUBLIC SCHOOLS 60,583 0.01300186%46I001 PRYOR PUBLIC SCHOOLS 1,712,710 0.36756966%46I002 ADAIR PUBLIC SCHOOL 498,502 0.10698500%46I016 SALINA PUBLIC SCHOOLS 396,942 0.08518883%46I017 LOCUST GROVE PUB SCHOOLS 803,296 0.17239780%46I032 CHOUTEAU‐MAZIE PUBLIC SCHOOLS 496,387 0.10653115%47I001 NEWCASTLE PUBLIC SCHOOLS 820,590 0.17610917%47I002 DIBBLE PUBLIC SCHOOLS 250,588 0.05377943%47I005 WASHINGTON PUBLIC SCHOOLS 400,585 0.08597084%47I010 WAYNE PUBLIC SCHOOLS 264,423 0.05674868%47I015 PURCELL PUBLIC SCHOOLS 626,967 0.13455521%47I029 BLANCHARD PUBLIC SCHOOLS 862,105 0.18501883%
Page 301 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation47V008 MID‐AMERICA AREA VO‐TECH 572,281$ 0.12281888%48C001 FOREST GROVE PUBLIC SCHOOLS 143,911 0.03088506%48C009 LUKFATA PUBLIC SCHOOLS 180,471 0.03873139%48C023 GLOVER PUBLIC SCHOOLS 35,718 0.00766553%48C037 DENISON PUBLIC SCHOOLS 138,804 0.02978922%48C072 HOLLY CREEK PUB SCHOOLS 132,858 0.02851310%48I005 IDABEL PUBLIC SCHOOLS 641,268 0.13762445%48I006 HAWORTH PUBLIC SCHOOLS 282,337 0.06059327%48I011 VALLIANT PUBLIC SCHOOLS 399,453 0.08572789%48I013 EAGLETOWN PUBLIC SCHOOLS 118,798 0.02549551%48I014 SMITHVILLE PUBLIC SCHOOLS 203,287 0.04362811%48I039 WRIGHT CITY PUB SCHOOLS 269,799 0.05790236%48I071 BATTIEST PUBLIC SCHOOLS 169,971 0.03647796%48I074 BROKEN BOW PUBLIC SCHOOLS 815,030 0.17491597%49C003 RYAL PUBLIC SCHOOLS 54,866 0.01177489%49C016 STIDHAM PUBLIC SCHOOLS 63,695 0.01366972%49I001 EUFAULA PUBLIC SCHOOLS 650,465 0.13959818%49I019 CHECOTAH PUBLIC SCHOOLS 689,119 0.14789382%49I027 MIDWAY PUBLIC SCHOOLS 120,498 0.02586049%49I064 HANNA PUBLIC SCHOOLS 70,861 0.01520773%50I001 SULPHUR PUBLIC SCHOOLS 732,136 0.15712584%50I010 DAVIS PUBLIC SCHOOLS 472,758 0.10146006%51C009 WAINWRIGHT PUBLIC SCHOOLS 57,521 0.01234471%51H165 CONNORS STATE COLLEGE 631,048 0.13543097%51I002 HASKELL PUBLIC SCHOOLS 406,142 0.08716326%51I003 FORT GIBSON PUB SCHOOLS 915,754 0.19653260%51I006 WEBBERS FALLS PUBLIC SCHOOLS 151,978 0.03261641%51I008 OKTAHA PUBLIC SCHOOLS 372,693 0.07998482%51I020 MUSKOGEE PUBLIC SCHOOLS 2,936,371 0.63018316%51I029 HILLDALE PUBLIC SCHOOL 799,830 0.17165392%51I046 BRAGGS PUBLIC SCHOOLS 79,190 0.01699514%51I074 WARNER PUBLIC SCHOOLS 400,909 0.08604025%51I088 PORUM PUBLIC SCHOOLS 252,118 0.05410784%51V004 INDIAN CAPITOL AREA VO‐TECH 927,814 0.19912097%52I001 PERRY PUBLIC SCHOOLS 459,815 0.09868232%52I002 BILLINGS PUBLIC SCHOOLS 73,245 0.01571935%52I004 FRONTIER PUBLIC SCHOOL 368,637 0.07911428%52I006 MORRISON PUBLIC SCHOOLS 266,125 0.05711384%53I003 OKLAHOMA UNION SCHOOL 275,603 0.05914802%
Page 302 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of OklahomaSchedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation53I040 NOWATA PUBLIC SCHOOLS 420,805$ 0.09031029%53I051 SOUTH COFFEYVILLE SCHOOL 116,808 0.02506860%54C029 BEARDEN PUBLIC SCHOOLS 64,868 0.01392155%54I002 MASON PUBLIC SCHOOLS 166,782 0.03579350%54I014 PADEN PUBLIC SCHOOLS 123,311 0.02646417%54I026 OKEMAH PUBLIC SCHOOLS 466,730 0.10016634%54I031 WELEETKA PUBLIC SCHOOLS 279,287 0.05993855%54I054 GRAHAM‐DUSTIN PUBLIC SCHOOLS 118,242 0.02537616%55A090 OFFICE OF MGT. AND ENTERPRISE SERVICES 28,772 0.00617485%55A131 DEPARTMENT OF CORRECTIONS 184,632 0.03962432%55A265 DEPARTMENT OF EDUCATION 2,768,146 0.59408003%55A275 OFFICE OF EDUC QUALITY/ACCOUNTABILITY 50,959 0.01093651%55A563 BOARD OF PRIVATE VOC SCHOOLS 12,690 0.00272336%55A605 BOARD OF REGENTS FOR HIGHER ED 1,438,803 0.30878580%55A610 REGIONAL UNIVERSITY SYSTEM OF OK 53,725 0.01153012%55A618 OKLAHOMA STUDENT LOAN AUTH 473,872 0.10169906%55A629 OKLA SCHOOL OF SCIENCE & MATH 349,204 0.07494379%55A715 TEACHERS RETIREMENT SYSTEM 300,693 0.06453258%55A803 STATEWIDE VIRTUAL CHT SCHOOL BOARD 31,212 0.00669841%55A805 DEPT OF REHABILITATION SERVICE 414,012 0.08885239%55A901 INDEPENDENCE CHRTR MIDL SCHOOL 124,617 0.02674442%55A903 WESTERN VILLAGE CHARTER SCHOOL 130,599 0.02802833%55A907 HARDING CHARTR PREP HIGHSCHOOL 184,936 0.03968959%55A909 KIPP REACH COLLEGE PREP SCHOOL 255,837 0.05490583%55C029 OAKDALE PUBLIC SCHOOLS 331,011 0.07103928%55C074 CRUTCHO PUBLIC SCHOOLS 195,836 0.04202899%55C986 THA ACADEMY OF SEMINOLE 33,074 0.00709820%55E010 HARDING FINE ARTS CENTER 141,762 0.03042400%55G007 JOHN REX CHARTER ELEM SCHOOL 226,809 0.04867626%55H056 ROSE STATE COLLEGE 2,182,018 0.46828927%55H120 UNIVERSITY OF CENTRAL OKLAHOMA 8,461,068 1.81585487%55H633 OKLA CITY COMMUNITY COLLEGE 2,944,555 0.63193967%55I001 PUTNAM CITY PUBLIC SCHOOLS 8,860,105 1.90149330%55I003 LUTHER PUBLIC SCHOOLS 322,480 0.06920845%55I004 CHOCTAW/NICOMA PARK SCHOOLS 2,548,057 0.54684607%55I006 DEER CREEK PUBLIC SCHOOLS 2,305,657 0.49482375%55I007 HARRAH PUBLIC SCHOOLS 853,902 0.18325834%55I009 JONES PUBLIC SCHOOLS 372,205 0.07988006%55I012 EDMOND PUBLIC SCHOOLS 11,360,133 2.43803177%
Page 303 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation55I037 MILLWOOD PUBLIC SCHOOLS 351,427$ 0.07542087%55I041 WESTERN HEIGHTS PUBLIC SCHOOLS 1,826,403 0.39196969%55I052 MID‐DEL PUBLIC SCHOOLS 7,742,511 1.66164320%55I053 CROOKED OAK PUBLIC SCHOOLS 689,608 0.14799888%55I088 BETHANY PUBLIC SCHOOLS 744,346 0.15974633%55I089 OKLAHOMA CITY PUBLIC SCHOOLS 21,298,869 4.57101307%55J001 OKLAHOMA YOUTH ACADEMY CHT SCHOOL 221,580 0.04755389%55J003 LE MONDE INTERNATIONAL SCHOOL 52,995 0.01137343%55V021 FRANCIS TUTTLE TECHNOLOGY CNTR 2,503,398 0.53726165%55V022 METRO TECH 1,699,261 0.36468344%55V023 EASTERN OKLAHOMA CO TECH CENTR 428,821 0.09203046%55Z001 EPIC CHARTER 3,378,871 0.72514938%56C011 TWIN HILLS PUBLIC SCHOOLS 181,982 0.03905573%56I001 OKMULGEE PUBLIC SCHOOLS 791,519 0.16987032%56I002 HENRYETTA PUBLIC SCHOOLS 566,932 0.12167101%56I003 MORRIS PUBLIC SCHOOLS 420,069 0.09015217%56I004 BEGGS PUBLIC SCHOOLS 493,720 0.10595869%56I005 PRESTON PUBLIC SCHOOLS 227,606 0.04884727%56I006 SCHULTER PUBLIC SCHOOLS 88,546 0.01900316%56I007 WILSON PUBLIC SCHOOLS 137,281 0.02946223%56I008 DEWAR PUBLIC SCHOOLS 217,231 0.04662062%56V028 GREEN COUNTRY TECHNOLOGY CTR 203,561 0.04368675%57C003 OSAGE HILLS PUBLIC SCHOOLS 66,861 0.01434926%57C007 BOWRING PUBLIC SCHOOLS 50,016 0.01073417%57C035 AVANT PUBLIC SCHOOLS 56,411 0.01210647%57C052 ANDERSON PUBLIC SCHOOLS 153,893 0.03302753%57C077 MCCORD PUBLIC SCHOOLS 143,564 0.03081067%57I002 PAWHUSKA PUBLIC SCHOOLS 382,854 0.08216545%57I011 SHIDLER PUBLIC SCHOOLS 124,181 0.02665095%57I029 BARNSDALL PUBLIC SCHOOLS 178,365 0.03827948%57I030 WYNONA PUBLIC SCHOOLS 56,886 0.01220841%57I038 HOMINY PUBLIC SCHOOLS 304,777 0.06540914%57I050 PRUE PUBLIC SCHOOLS 107,509 0.02307290%57I090 WOODLAND PUBLIC SCHOOL 226,532 0.04861681%57K001 OSAGE COUNTY INTERLOCAL COOP 205,915 0.04419199%58C010 TURKEY FORD PUBLIC SCHOOLS 61,210 0.01313643%58H480 NORTHEASTERN OKLA A&M COLLEGE 833,655 0.17891316%58I001 WYANDOTTE PUBLIC SCHOOLS 387,842 0.08323588%58I014 QUAPAW PUBLIC SCHOOLS 322,496 0.06921186%58I018 COMMERCE PUBLIC SCHOOLS 473,920 0.10170935%
Page 304 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation58I023 MIAMI PUBLIC SCHOOLS 1,382,538$ 0.29671061%58I026 AFTON PUBLIC SCHOOLS 278,579 0.05978676%58I031 FAIRLAND PUBLIC SCHOOLS 286,241 0.06143107%59C002 JENNINGS PUBLIC SCHOOLS 95,047 0.02039827%59I001 PAWNEE PUBLIC SCHOOLS 356,840 0.07658256%59I006 CLEVELAND PUBLIC SCHOOLS 801,752 0.17206643%60A800 CAREER TECH 1,574,432 0.33789350%60C104 OAK GROVE PUBLIC SCHOOLS 66,866 0.01435025%60I003 RIPLEY PUBLIC SCHOOLS 219,986 0.04721177%60I016 STILLWATER PUBLIC SCHOOLS 2,693,318 0.57802095%60I056 PERKINS TRYON PUBLIC SCHOOLS 620,946 0.13326307%60I067 CUSHING PUBLIC SCHOOLS 810,874 0.17402400%60I101 GLENCOE PUBLIC SCHOOLS 151,241 0.03245838%60I103 YALE PUBLIC SCHOOLS 200,770 0.04308788%60K001 FIVE STAR INTERLOCAL COOP 291,001 0.06245264%60V016 MERIDIAN TECHNOLOGY CENTER 748,452 0.16062754%61C009 KREBS PUBLIC SCHOOLS 155,801 0.03343691%61C029 FRINK‐CHAMBERS PUBLIC SCHOOLS 201,821 0.04331332%61C056 TANNEHILL PUBLIC SCHOOLS 85,078 0.01825894%61C088 HAYWOOD PUBLIC SCHOOLS 104,900 0.02251299%61E020 CARLTON LANDING ACADEMY 35,506 0.00761997%61I001 HARTSHORNE PUBLIC SCHOOLS 481,943 0.10343114%61I002 CANADIAN PUBLIC SCHOOLS 211,611 0.04541455%61I011 HAILEYVILLE PUBLIC SCHOOLS 156,709 0.03363172%61I014 KIOWA PUBLIC SCHOOLS 248,165 0.05325939%61I017 QUINTON PUBLIC SCHOOLS 254,873 0.05469914%61I025 INDIANOLA PUBLIC SCHOOLS 132,541 0.02844493%61I028 CROWDER PUBLIC SCHOOLS 207,908 0.04461985%61I030 SAVANNA PUBLIC SCHOOLS 194,267 0.04169228%61I063 PITTSBURG PUBLIC SCHOOLS 81,358 0.01746058%61I080 MCALESTER PUBLIC SCHOOLS 1,658,015 0.35583145%62H230 EAST CENTRAL STATE UNIVERSITY 2,219,195 0.47626790%62I001 ALLEN PUBLIC SCHOOLS 259,521 0.05569667%62I009 VANOSS PUBLIC SCHOOLS 268,932 0.05771622%62I016 BYNG PUBLIC SCHOOLS 984,800 0.21135082%62I019 ADA PUBLIC SCHOOLS 1,482,899 0.31824925%62I024 LATTA PUBLIC SCHOOLS 401,341 0.08613294%62I030 STONEWALL PUBLIC SCHOOLS 260,063 0.05581298%62I037 ROFF PUBLIC SCHOOLS 183,171 0.03931086%62V014 PONTOTOC TECHNOLOGY CENTER 296,859 0.06370978%
Page 305 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation63C027 GROVE PUBLIC SCHOOLS 221,487$ 0.04753395%63C029 PLEASANT GROVE PUBLIC SCHOOLS 133,507 0.02865224%63C032 SOUTH ROCK CREEK PUBLIC SCHOOL 187,900 0.04032578%63I001 MCLOUD PUBLIC SCHOOLS 776,240 0.16659125%63I002 DALE PUBLIC SCHOOLS 330,060 0.07083510%63I003 BETHEL PUBLIC SCHOOLS 592,737 0.12720911%63I004 MACOMB PUBLIC SCHOOLS 170,600 0.03661297%63I005 EARLSBORO PUBLIC SCHOOLS 134,740 0.02891690%63I010 NORTH ROCK CREEK IND SCHOOL DIST 327,193 0.07021986%63I092 TECUMSEH PUBLIC SCHOOLS 920,607 0.19757410%63I093 SHAWNEE PUBLIC SCHOOLS 1,854,690 0.39804056%63I112 ASHER PUBLIC SCHOOL 126,920 0.02723872%63I115 WANETTE PUBLIC SCHOOLS 94,174 0.02021090%63I117 MAUD PUBLIC SCHOOLS 143,862 0.03087465%63V005 GORDON COOPER TECHNOLOGY CTR 690,638 0.14821993%64C002 ALBION PUBLIC SCHOOLS 35,726 0.00766728%64C004 TUSKAHOMA PUBLIC SCHOOLS 51,375 0.01102569%64C015 NASHOBA PUBLIC SCHOOLS 45,807 0.00983078%64I001 RATTAN PUBLIC SCHOOLS 248,964 0.05343096%64I010 CLAYTON PUBLIC SCHOOLS 206,645 0.04434862%64I013 ANTLERS PUBLIC SCHOOLS 441,787 0.09481322%64I022 MOYERS PUBLIC SCHOOLS 113,655 0.02439181%65I003 LEEDEY PUBLIC SCHOOLS 163,577 0.03510576%65I006 REYDON PUBLIC SCHOOLS 118,873 0.02551175%65I007 CHEYENNE PUBLIC SCHOOLS 253,198 0.05433958%65I015 SWEETWATER PUBLIC SCHOOL 155,661 0.03340692%65I066 HAMMON PUBLIC SCHOOLS 204,243 0.04383328%66C009 JUSTUS‐TIAWAH PUBLIC SCHOOLS 228,755 0.04909371%66H461 ROGERS STATE UNIVERSITY 1,343,082 0.28824270%66I001 CLAREMORE PUBLIC SCHOOLS 1,493,229 0.32046635%66I002 CATOOSA PUBLIC SCHOOLS 919,131 0.19725732%66I003 CHELSEA PUBLIC SCHOOLS 405,665 0.08706107%66I004 OOLOGAH TALALA PUBLIC SCHOOLS 825,973 0.17726448%66I005 INOLA PUBLIC SCHOOLS 578,832 0.12422479%66I006 SEQUOYAH PUBLIC SCHOOLS 543,134 0.11656350%66I007 FOYIL PUBLIC SCHOOLS 274,284 0.05886497%66I008 VERDIGRIS PUBLIC SCHOOL 576,257 0.12367216%67C054 JUSTICE PUBLIC SCHOOLS 127,100 0.02727725%67H055 SEMINOLE STATE COLLEGE 860,649 0.18470634%67I001 SEMINOLE PUBLIC SCHOOLS 863,378 0.18529220%67I002 WEWOKA PUBLIC SCHOOLS 482,810 0.10361738%
Page 306 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation67I003 BOWLEGS PUBLIC SCHOOLS 109,464$ 0.02349245%67I004 KONAWA PUBLIC SCHOOLS 357,188 0.07665709%67I006 NEW LIMA PUBLIC SCHOOLS 143,895 0.03088183%67I007 VARNUM PUBLIC SCHOOLS 117,328 0.02518009%67I010 SASAKWA PUBLIC SCHOOLS 115,510 0.02479004%67I014 STROTHER PUBLIC SCHOOLS 197,840 0.04245901%67I015 BUTNER PUBLIC SCHOOLS 121,474 0.02606999%68C001 LIBERTY PUBLIC SCHOOLS 169,919 0.03646692%68C035 MARBLE CITY PUBLIC SCHOOLS 65,220 0.01399700%68C036 BRUSHY PUBLIC SCHOOLS 133,134 0.02857226%68C050 BELFONTE PUBLIC SCHOOLS 120,962 0.02595993%68C068 MOFFETT PUBLIC SCHOOLS 195,628 0.04198427%68I001 SALLISAW PUBLIC SCHOOLS 871,518 0.18703905%68I002 VIAN PUBLIC SCHOOLS 480,042 0.10302329%68I003 MULDROW PUBLIC SCHOOLS 719,083 0.15432442%68I004 GANS PUBLIC SCHOOLS 203,553 0.04368508%68I005 ROLAND PUBLIC SCHOOLS 502,456 0.10783364%68I006 GORE PUBLIC SCHOOLS 266,193 0.05712846%68I007 CENTRAL PUBLIC SCHOOLS 241,998 0.05193584%69C082 GRANDVIEW PUBLIC SCHOOLS 51,792 0.01111514%69I001 DUNCAN PUBLIC SCHOOLS 1,405,182 0.30157028%69I002 COMANCHE PUBLIC SCHOOLS 405,572 0.08704095%69I003 MARLOW PUBLIC SCHOOLS 628,690 0.13492492%69I015 VELMA ALMA PUBLIC SCHOOLS 222,077 0.04766065%69I021 EMPIRE PUBLIC SCHOOLS 220,351 0.04729021%69I034 CENTRAL HIGH PUBLIC SCHOOLS 173,038 0.03713613%69I042 BRAY‐DOYLE PUBLIC SCHOOLS 211,173 0.04532051%69V019 RED RIVER AREA VOTECH SCHOOL 362,464 0.07778938%70C009 OPTIMA PUBLIC SCHOOLS 41,151 0.00883146%70C080 STRAIGHT PUBLIC SCHOOLS 33,453 0.00717945%70H530 OKLAHOMA PANHANDLE STATE UNIV 629,216 0.13503790%70I001 YARBROUGH PUBLIC SCHOOLS 56,309 0.01208466%70I008 GUYMON PUBLIC SCHOOLS 1,300,019 0.27900099%70I015 HARDESTY PUBLIC SCHOOLS 65,874 0.01413741%70I023 HOOKER PUBLIC SCHOOLS 300,889 0.06457476%70I053 TYRONE PUBLIC SCHOOLS 92,961 0.01995055%70I060 GOODWELL PUBLIC SCHOOLS 116,199 0.02493776%70I061 TEXHOMA PUBLIC SCHOOLS 135,706 0.02912432%71C009 DAVIDSON PUBLIC SCHOOLS 39,193 0.00841132%71I008 TIPTON PUBLIC SCHOOLS 153,211 0.03288113%
Page 307 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation71I158 FREDERICK PUBLIC SCHOOLS 431,683$ 0.09264482%71I249 GRANDFIELD PUBLIC SCHOOLS 121,046 0.02597812%72A801 STREET SCHOOL 130,781 0.02806730%72A902 DEBORAH BROWN COMMUNITY SCHOOL 22,514 0.00483177%72A904 TULSA SCHOOL OF ARTS AND SCIENCES 156,347 0.03355410%72C015 KEYSTONE PUBLIC SCHOOLS 151,455 0.03250431%72E005 KIPP TULSA COLLEGE PREP 183,252 0.03932819%72H750 TULSA COMMUNITY COLLEGE 5,547,605 1.19058780%72I001 TULSA PUBLIC SCHOOLS 17,009,964 3.65055858%72I002 SAND SPRINGS PUBLIC SCHOOLS 2,155,707 0.46264260%72I003 BROKEN ARROW PUBLIC SCHOOLS 7,831,480 1.68073704%72I004 BIXBY PUBLIC SCHOOLS 2,474,712 0.53110521%72I005 JENKS PUBLIC SCHOOLS 5,718,147 1.22718831%72I006 COLLINSVILLE PUBLIC SCHOOLS 1,115,753 0.23945501%72I007 SKIATOOK PUBLIC SCHOOLS 985,693 0.21154245%72I008 SPERRY PUBLIC SCHOOLS 453,905 0.09741390%72I009 UNION PUBLIC SCHOOLS 7,247,984 1.55551133%72I010 BERRYHILL PUBLIC SCHOOLS 500,491 0.10741193%72I011 OWASSO PUBLIC SCHOOLS 3,813,042 0.81832812%72I013 GLENPOOL PUBLIC SCHOOLS 1,184,387 0.25418469%72I014 LIBERTY PUBLIC SCHOOLS 237,416 0.05095261%72V018 TULSA TECHNOLOGY CENTER 4,175,632 0.89614472%73I001 OKAY PUBLIC SCHOOLS 205,438 0.04408960%73I017 COWETA PUBLIC SCHOOLS 1,273,783 0.27337037%73I019 WAGONER PUBLIC SCHOOLS 1,021,791 0.21928951%73I365 PORTER CONSOLIDATED SCHOOLS 273,779 0.05875657%74I004 COPAN PUBLIC SCHOOLS 117,537 0.02522489%74I007 DEWEY PUBLIC SCHOOLS 500,208 0.10735106%74I018 CANEY VALLEY PUBLIC SCHOOLS 362,720 0.07784442%74I030 BARTLESVILLE PUBLIC SCHOOLS 2,467,956 0.52965541%74V001 TRI COUNTY AREA VOTECH 561,429 0.12048987%75I001 SENTINEL PUBLIC SCHOOLS 187,363 0.04021056%75I010 BURNS FLAT‐DILL CITY SCHOOL 289,831 0.06220146%75I011 CANUTE PUBLIC SCHOOLS 185,274 0.03976230%75I078 CORDELL PUBLIC SCHOOLS 361,660 0.07761692%75V012 WESTERN TECHNOLOGY CENTER 598,262 0.12839472%75V027 SOUTHWEST TECHNOLOGY CENTER 232,472 0.04989146%76H505 NORTHWESTERN OKLA STATE UNIV 1,367,903 0.29356973%76I001 ALVA PUBLIC SCHOOLS 623,565 0.13382510%76I003 WAYNOKA PUBLIC SCHOOLS 171,604 0.03682850%
Page 308 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation76I006 FREEDOM PUBLIC SCHOOLS 90,821$ 0.01949143%76V010 NORTHWEST TECHNOLOGY CENTER 361,284 0.07753616%77I001 WOODWARD PUBLIC SCHOOLS 1,222,493 0.26236278%77I002 MOORELAND PUBLIC SCHOOLS 253,189 0.05433772%77I003 SHARON MUTUAL PUBLIC SCHOOLS 143,588 0.03081574%77I005 FORT SUPPLY PUBLIC SCHOOLS 89,231 0.01915023%77V024 HIGH PLAINS TECHNOLOGY CENTER 336,208 0.07215458%Total Remaining Employers 400,536,710 85.96036523%
Total Employer Contributions 465,955,105$ 100.00000000%
Page 309 of 372
See Notes to
Sched
ule of Employ
er Allo
catio
ns and
Sched
ule of Collective Pe
nsion Am
ounts
Teache
rs’ R
etire
men
t System of O
klah
oma
Sche
dule of C
ollective Pe
nsion Am
ounts
As of a
nd fo
r the
Yea
r End
ed Ju
ne 30, 201
9
June
30, 201
9 Ne
t Pe
nsion Lia
bility
Chan
ges o
f Assumptions
Diffe
rences
Betw
een
Expe
cted
and
Ac
tual
Expe
rience
Net D
ifferen
ce
Betw
een
Projected an
d Ac
tual
Investmen
t Earnings on
Pension Plan
Investmen
ts
Total D
eferred
Outflow
s of
Resources
Exclu
ding
Employ
er
Specific A
mou
nts*
Chan
ges o
f Assumptions
Diffe
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Betw
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cted
and
Ac
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rience
Total D
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ws of
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Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
June 30, 2019
Note 1 ‐ Nature of Entity
The following brief description of the Teachers’ Retirement System of Oklahoma (the System) is provided for general information purposes only. The plan’s benefits are established and amended by State Statute and participants should refer to Title 70 of the Oklahoma Statutes, 2011, Sections 17‐101 through 121, as amended.
The System was established as of July 1, 1943 for the purpose of providing retirement allowances and other specified benefits for qualified persons employed by state‐supported educational institutions. The System is a part of the State of Oklahoma financial reporting entity, which is combined with other similar funds to comprise the fiduciary‐pension trust funds of the State of Oklahoma (the State). The System administers a cost‐sharing multiple‐employer pension plan which is a defined benefit pension plan (the Plan), as well as a tax‐deferred defined contribution plan.
The supervisory authority for the management and operation of the System is a 14‐member board of trustees, which acts as a fiduciary for investment of the funds and the application of plan interpretations. The board of trustees is comprised of six appointees from the Governor’s Office, two appointees by the Senate Pro Tempore, two appointees by the House Speaker and three Ex Officio positions. Out of the six appointees from the Governor’s Office, one must be a Higher Education representative, one is a nonclassified optional personnel, and the remaining four must work in the public or private funds management, banking, law or accounting field. Out of the two Senate Pro Tempore’s as well as the House Speaker’s appointees, one must be an active classroom teacher while the other be a retired member of Teachers’ Retirement System of Oklahoma. The Ex Officio trustees are the State Superintendent, the Office of Management and Enterprise Services Director and the Career‐Tech Director or their designee.
Defined Benefit Pension Plan
Oklahoma teachers and other certified employees of common schools, faculty and administrators in public colleges and universities, and administrative personnel of state educational boards and employees of agencies must join the Plan. Membership is optional for all other regular employees of public educational institutions who work at least 20 hours per week. Additional information regarding Plan provisions can be found in the System’s comprehensive annual financial report, which can be accessed as described in Note 7.
Note 2 ‐ Summary of Significant Accounting Policies
The Schedule of Employer Allocations and the Schedule of Collective Pension Amounts (the Schedules) for the Plan were prepared in accordance with the following significant accounting policies.
Nature of the Schedules
The purpose of these Schedules is to provide employers information for their financial statements. The Schedules provide each employer with the basis used to determine their proportionate share of the net pension liability, deferred outflows and inflows of resources, and pension expense as of and for the year ended June 30, 2019. Deferred outflows and inflows of resources, and pension expense include: each employer’s proportionate
Page 311 of 372
Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
June 30, 2019
share of plan level amounts such as differences between expected and actual experience, the net difference between projected and actual investment earnings on pension plan investments and changes in assumptions.
The Schedule of Collective Pension Amounts represents collective amounts for the Plan. This Schedule excludes employer‐specific deferral amounts that may need to be recognized to comply with governmental accounting standards. Specifically, this schedule excludes deferral amounts arising from the changes in employer proportion, differences between employer contributions and proportionate share of contributions and employer contributions subsequent to the measurement date.
Measurement Focus and Basis of Accounting
Financial transactions are recorded using the economic resources measurement focus and the accrual basis of accounting. Employer contributions are recognized as revenue when due pursuant to statutory or contractual requirements.
Use of Estimates
The preparation of the Schedules in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts for the net pension liability, deferred outflow of resources and deferred inflow of resources, and changes therein, and disclosures. Actual results could differ from those estimates and differences could be material.
Basis of the Allocation
In determining the proportionate share of the net pension liability and corresponding employer pension amounts for a cost‐sharing plan, the basis should be consistent with the manner in which contributions are made to the Plan, excluding those to separately finance specific liabilities of an individual employer.
The System has determined that each employer’s proportionate share will be determined based on the employer’s contribution to the Plan as a percentage of the total contribution to the Plan by all employers. However, an additional adjustment will be made to the allocation to account for the comprehensive universities’ short‐term obligation to pay a 2.5 percent funding surcharge associated with the Alternate Retirement Plan (ARP). Specifically, the allocation has been determined as follows:
The present value of the remaining initial funding surcharge contributions expected to be made by thecomprehensive universities is determined. The number of remaining payments is based on the mostrecent assessment of the initial funding surcharge as outlined in the “Agreement of UnderstandingEntered into Among OSU, OU and OTRS”.
The present value of the remaining initial funding surcharge contributions is subtracted from thecollective net pension liability.
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Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
June 30, 2019
The remaining net pension liability is then allocated to all employers, including the comprehensiveuniversities, in proportion to the employer’s contributions paid on participating employees (i.e., payrollcontributions).
Finally, the present value of the remaining initial funding surcharge contributions is added back to thenet pension liability allocated to each of the comprehensive universities in the prior step.
In addition to its proportionate share of the collective net pension liability and collective pension expense, each comprehensive university that participates in the ARP has been allocated the following liability and expense as of and for the year ended June 30, 2019:
ARP Pension ARP PensionER Code Employer Name (Comprehensive Universities) Liability Expense
14H760 University of Oklahoma ‐$ 82,660$ 55H770 OU Health Sciences Center ‐ 251,150 60H010 Oklahoma State University ‐ 284,773
‐$ 618,583$
During fiscal year 2019 the universities made payments to fully fund the ARP Pension Liability.
Contributions are reported using the accrual basis of accounting. The fiscal year 2019 employer contribution total used as the denominator for the allocation calculation in the schedule of employer allocations can be reconciled to the System’s CAFR for the fiscal year ended June 30, 2019, as follows:
Contributions from employers and matching funds per System's CAFR 474,131,518$ Less ARP contributions (8,107,838) Refunds and other adjustments (68,575)
Contributions per schedule of employer allocations 465,955,105$
Note 3 ‐ Net Pension Liability
The net pension liability (NPL) is the portion of the actuarial present value of projected benefit payments related to past periods. The NPL for the employers is based on the allocation percentages from the Schedule of Employer Allocations.
Page 313 of 372
Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
June 30, 2019
The net pension liability for fiscal year 2019 is calculated as set forth below in the following table:
Net pension liability ‐ Beginning July 1, 2018 6,051,383,202$ Total pension expense 893,494,142 Change in deferred outflow of resources 165,455,649 Change in deferred inflow of resources 325,499,684 Defined benefit plan employer contributions (includes ARP contributions) (446,161,917) State contributions (343,701,556) State matching funds (27,969,595)
Net pension liability ‐ per Schedule of Collective Pension Amounts 6,617,999,609$
The components of the net pension liability at June 30, 2019 were as follows:
Total pension liability 23,269,907,920$ Plan fiduciary net position (16,651,908,311)
Net pension liability per Schedule of Collective Pension Amounts 6,617,999,609$
Plan fiduciary net position as a percentage of total pension liability 71.56%
Sensitivity of the net pension liability to changes in the discount rate – The following presents the net pension liability of the Plan’s employers calculated using the discount rate of 7.50% as well as what the employers’ liability would be if it were calculated using a discount rate that is 1‐percentage point lower or 1‐percentage point higher than the current rate:
1% Decrease Current Discount 1% Decrease(6.50%) Rate (7.50%) (8.50%)
Employer's net pension liability 9,325,484,333$ 6,617,999,609$ 4,353,054,177$
The total pension liability as of June 30, 2019, was determined based on an actuarial valuation prepared as of June 30, 2019 using the following actuarial assumptions:
Actuarial Cost Method—Entry Age Normal Inflation—2.50 percent Future Ad Hoc Cost‐of‐living Increases‐None Salary Increases—Composed of 3.25 percent wage inflation, including 2.50 percent price inflation, plus a
service related component ranging from 0.00 percent to 8.00 percent based on the years of service. Investment Rate of Return – 7.50 percent Retirement Age— Experience‐based table of rates based on age, service, and gender. Adopted by the
Board in May 2015 in conjunction with the five‐year experience study for the period ending June 30,2014.
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Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
June 30, 2019
Mortality Rates after Retirement— Males: RP‐2000 Combined Healthy mortality table for males withWhite Collar Adjustments. Generational mortality improvements in accordance with Scale BB from thetable’s base year of 2000. Females: GRS Southwest Region Teacher Mortality Table, scaled at105%. Generational mortality improvements in accordance with Scale BB from the table’s base year of2012.
Mortality Rates for Active Members—RP‐2000 Employee Mortality tables, with male rates multiplied by60% and female rates multiplied by 50%.
Note 4 ‐ Average Expected Remaining Service Life
The average expected remaining service life of the Plan is determined by taking the calculated total future service years of the Plan divided by the number of people in the Plan including retirees. The total future service years of the Plan are determined using the mortality, termination, retirement and disability assumptions associated with the Plan. The average expected service life of the Plan equals 5.33 years as of the valuation date.
Note 5 ‐ Types of Deferred Outflows and Inflows of Resources
Deferred outflows of resources are the consumption of net position that is applicable to future reporting periods. Deferred inflows of resources are the acquisition of net position that is applicable to future reporting periods.
Difference Between Expected and Actual Experience
The actuary uses assumptions such as future salary increases and inflation to develop what they expect to be the experience of the Plan. Each year the difference between the expected experience and the actual experience is amortized over the average expected remaining service life of the Plan.
Net Difference Between Projected and Actual Investment Earnings
The actuary uses the Plan’s long‐ term rate of return to project investment earnings net of investment expenses. The difference between the expected and the actual investment earnings is deferred and amortized over five years.
Changes in Assumptions
The impact of changes in assumptions used by the actuary is amortized over the average expected remaining service life of the Plan.
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Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
June 30, 2019
Amortization
The amortization of deferred outflows and inflows at June 30, 2019 is as follows:
Total
2020 212,444,146$ 2021 (151,628,607) 2022 (15,984,970) 2023 154,402,536 2024 25,891,452
225,124,557$
Note 6 ‐ Pension Expense
Pension expense includes amounts for service cost (the Normal Cost under Entry Age Normal for the year), interest on the total pension liability, changes in the benefit structure, recognition of increases/decreases in liability due to actual versus expected experience, actuarial assumption changes, and investment gains/losses on the fair value of assets. The actual experience and assumption change impacts are recognized over the average expected remaining service life of the Plan membership as of the measurement date.
The collective pension expense for fiscal year 2019 is calculated as set forth below in the following table:
Service cost 444,005,366$ Interest on total pension liability 1,628,247,388 Member contributions (325,766,148) Projected earnings on plan investments (1,200,433,605) Administrative expense 5,194,983 Recognition of beginning deferred outflows (inflows) due to liabilities 77,179,893 Recognition of beginning deferred outflows (inflows) due to assets 265,066,265
893,494,142 Reconciling items:
ARP expense (618,583)
Allocated pension expense per schedule of pension amounts by employer 892,875,559$
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Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective Pension Amounts
June 30, 2019
Note 7 ‐ Access to the Teachers’ Retirement System of Oklahoma Comprehensive Annual Financial Report (CAFR) and Actuarial Valuations
The Teachers’ Retirement System of Oklahoma’s June 30, 2019 CAFR and actuarial valuation can be found at the website below.
https://www.ok.gov/TRS/Publications/index.html
Page 317 of 372
What inspires you, inspires us. | eidebailly.com877 W. Main St., Ste. 800 | Boise, ID 83702-5858 | T 208.344.7150 | F 208.344.7435 | EOE
January 27, 2020
To the Board of Trustees Teachers’ Retirement System of Oklahoma Oklahoma City, Oklahoma
We have audited the schedule of employer allocations and totals for the columns titled net other postemployment benefit (OPEB) liability (asset), total deferred outflows of resources, total deferred inflows of resources, and OPEB expense (expense offset) (specified column totals) included in the accompanying schedule of collective OPEB amounts (collectively the Schedules) of the Teachers’ Retirement System of Oklahoma (the System) as of and for the year ended June 30, 2019, and have issued our report thereon dated January 27, 2020. Professional standards require that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Schedules Audit
As communicated in our letter dated May 2, 2019, our responsibility, as described by professional standards, is to form and express opinions about whether the Schedules that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the Schedules does not relieve you or management of its respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the Schedules are free of material misstatement. An audit of Schedules includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing opinions on the effectiveness of the System’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the System solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures for the purpose of identifying other matters to communicate to you.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.
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Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, our firm, and our network firms have complied with all relevant ethical requirements regarding independence.
Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of the significant accounting policies adopted by the System is included in the notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts. There have been no initial selection of accounting policies and no changes in significant accounting policies or their application during 2019. No matters have come to our attention that would require us, under professional standards, to inform you about (1) the methods used to account for significant unusual transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates
Accounting estimates are an integral part of the Schedules prepared by management and are based on management’s current judgments. Those judgments are normally based on knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the Schedules and because of the possibility that future events affecting them may differ markedly from management’s current judgments. The most sensitive accounting estimate affecting the Schedules is:
Management’s estimate of the total OPEB liability (asset) and deferred inflows of resources are based on the actuary calculations. We evaluated the key factors and assumptions used to develop total OPEB liability (asset), deferred outflow of resources, and deferred inflows of resources estimates and determined that they are reasonable in relation to the Schedules taken as a whole.
Schedules Disclosures
Certain Schedule disclosures involve significant judgment and are particularly sensitive because of their significance to the Schedules’ users.
Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that we believe are trivial, and communicate them to the appropriate level of management. Further, professional standards require us to also communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account balances or disclosures, and the Schedules as a whole. There were no uncorrected or corrected misstatements noted.
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Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the System’s Schedules or the auditor’s report. No such disagreements arose during the course of the audit.
Representations Requested from Management
We have requested certain written representations from management that are included in the management representation letter dated January 27, 2020.
Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters.
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the System, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, operating and regulatory conditions affecting the System, and operational plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the System’s auditors.
Our responsibility also includes communicating to you any information which we believe is a material misstatement of fact. Nothing came to our attention that caused us to believe that such information, or its manner of presentation, is materially inconsistent with the information, or manner of its presentation, appearing in the Schedules.
This report is intended solely for the information and use of the Board of Trustees and management of the Teachers’ Retirement System of Oklahoma and is not intended to be and should not be used by anyone other than these specified parties.
Very truly yours,
Boise, Idaho
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eidebailly.com
Schedule of Employer Allocations and Collective Other Postemployment Benefit Amounts June 30, 2019
Teachers’ Retirement System of Oklahoma
Page 321 of 372
Teachers’ Retirement System of Oklahoma Table of Contents
June 30, 2019
Independent Auditor’s Report ................................................................................................................................... 1
Schedule of Employer Allocations ......................................................................................................................... 3 Schedule of Collective OPEB Amounts ................................................................................................................. 19 Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts .................................... 20
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What inspires you, inspires us. | eidebailly.com877 W. Main St., Ste. 800 | Boise, ID 83702-5858 | T 208.344.7150 | F 208.344.7435 | EOE
Independent Auditor’s Report
To the Board of Trustees Teachers’ Retirement System of Oklahoma Oklahoma City, Oklahoma
Report on Schedule of Allocations and Schedule of Net Other Postemployment Benefit (OPEB) Amounts by Employer We have audited the accompanying schedule of employer allocations of the Teachers’ Retirement System of Oklahoma (the System) as of and for the year ended June 30, 2019 and related notes. We have also audited the totals for the columns titled net OPEB liability (asset), total deferred outflows of resources, total deferred inflows of resources and plan OPEB expense (expense offset) (specified column totals) included in the accompanying schedule of collective OPEB amounts (collectively the Schedules) of the System as of and for the year ended June 30, 2019.
Management’s Responsibility for the Schedules Management is responsible for the preparation and fair presentation of the Schedules in accordance with accounting principles generally accepted in the United States of America; this includes design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the Schedules that is free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility Our responsibility is to express opinions on the schedule of employer allocations and specified column totals included in the schedule of collective OPEB amounts based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the schedule of employer allocations and specified column totals included in the schedule of collective OPEB amounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the schedule of employer allocations and specified column totals included in the schedule of collective OPEB amounts. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the schedule of employer allocations and specified column totals included in the schedule of collective OPEB amounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the System’s preparation and fair presentation of the schedule of employer allocations and specified column totals included in the schedule of collective OPEB amounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of System’s
Page 323 of 372
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the schedule of employer allocations and specified column totals included in the schedule of collective OPEB amounts.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions In our opinion, the Schedules referred to above present fairly, in all material respects, the employer allocations and net OPEB liability (asset), total deferred outflows of resources, total deferred inflows of resources, and plan OPEB expense (expense offset) for the total of all participating entities for the System as of and for the year ended June 30, 2019, in accordance with accounting principles generally accepted in the United States of America.
Other Matters We have audited, in accordance with auditing standards generally accepted in the United States of America, the financial statements of the System as of and for the year ended June 30, 2019, and our report thereon, dated October 18, 2019, expressed an unmodified opinion on those financial statements.
Restriction on Use Our report is intended solely for the information and use of the System’s management, the System Board of Trustees, System employers and their auditors and is not intended to be and should not be used by anyone other than these specified parties.
Boise, Idaho January 27, 2020
Page 324 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation14H760 UNIVERSITY OF OKLAHOMA 41,040$ * 4.67558550%55H770 OU HEALTH SCIENCES CENTER 33,531 * 3.82007736%60H010 OKLAHOMA STATE UNIVERSITY 48,663 * 5.54397192%
123,234 14.03963477%
01C019 PEAVINE PUBLIC SCHOOLS 140 0.01593868%01C022 MARYETTA PUBLIC SCHOOLS 738 0.08409971%01C024 ROCKY MOUNTAIN PUBLIC SCHOOLS 250 0.02853579%01C028 ZION PUBLIC SCHOOLS 353 0.04017881%01C029 DAHLONEGAH PUBLIC SCHOOLS 242 0.02755936%01C032 GREASY PUBLIC SCHOOLS 112 0.01273010%01I004 WATTS PUBLIC SCHOOLS 239 0.02723287%01I011 WESTVILLE PUBLIC SCHOOLS 1,157 0.13182291%01I025 STILWELL PUBLIC SCHOOLS 1,606 0.18296797%01I030 CAVE SPRINGS PUBLIC SCHOOLS 245 0.02790995%02I001 BURLINGTON PUBLIC SCHOOLS 276 0.03145765%02I046 CHEROKEE PUBLIC SCHOOLS 641 0.07305295%02I093 TIMBERLAKE INDEPENDENT SCHOOL 452 0.05154157%03C021 HARMONY PUBLIC SCHOOLS 214 0.02437553%03C022 LANE PUBLIC SCHOOLS 344 0.03924180%03I007 STRINGTOWN PUBLIC SCHOOLS 238 0.02708724%03I015 ATOKA PUBLIC SCHOOLS 860 0.09794734%03I019 TUSHKA PUBLIC SCHOOLS 427 0.04860102%03I026 CANEY PUBLIC SCHOOLS 284 0.03231556%04I022 BEAVER PUBLIC SCHOOLS 332 0.03784817%04I075 BALKO PUBLIC SCHOOLS 239 0.02726946%04I123 FORGAN PUBLIC SCHOOLS 198 0.02257656%04I128 TURPIN PUBLIC SCHOOLS 457 0.05205151%05I002 MERRITT PUBLIC SCHOOLS 647 0.07368207%05I006 ELK CITY PUBLIC SCHOOLS 1,774 0.20209656%05I031 SAYRE PUBLIC SCHOOLS 598 0.06810991%05I051 ERICK PUBLIC SCHOOLS 244 0.02782992%06I009 OKEENE PUBLIC SCHOOLS 343 0.03909628%06I042 WATONGA PUBLIC SCHOOLS 767 0.08739364%06I080 GEARY PUBLIC SCHOOLS 405 0.04609992%06I105 CANTON PUBLIC SCHOOLS 600 0.06836271%07H660 SOUTHEASTERN OKLA STATE UNIV 4,561 0.51956598%07I001 SILO PUBLIC SCHOOLS 750 0.08540867%07I002 ROCK CREEK PUBLIC SCHOOLS 462 0.05267271%07I003 ACHILLE PUBLIC SCHOOLS 336 0.03830801%* Excludes contributions from the alternate retirement plan
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See Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation07I004 COLBERT PUBLIC SCHOOLS 686$ 0.07809687%07I005 CADDO PUBLIC SCHOOLS 519 0.05907652%07I040 BENNINGTON PUBLIC SCHOOLS 326 0.03710894%07I048 CALERA PUBLIC SCHOOLS 634 0.07228565%07I072 DURANT PUBLIC SCHOOLS 3,194 0.36384616%07K002 CHOCTAW NATION INTERLOCAL COOP 523 0.05959161%08I011 HYDRO-EAKLY PUBLIC SCHOOLS 435 0.04951204%08I012 LOOKEBA-SICKLES PUBLIC SCHOOLS 213 0.02431899%08I020 ANADARKO PUBLIC SCHOOLS 1,836 0.20911765%08I033 CARNEGIE PUBLIC SCHOOLS 518 0.05895722%08I056 BOONE-APACHE SCHOOLS 460 0.05242040%08I064 CYRIL PUBLIC SCHOOLS 317 0.03615973%08I086 GRACEMONT PUBLIC SCHOOLS 166 0.01892231%08I160 CEMENT PUBLIC SCHOOLS 194 0.02207395%08I161 HINTON PUBLIC SCHOOLS 539 0.06145459%08I167 FORT COBB-BROXTON SCHOOLS 354 0.04028922%08I168 BINGER-ONEY PUBLIC SCHOOL 378 0.04306779%08V002 CADDO-KIOWA AREA VO-TECH 956 0.10888357%09C029 RIVERSIDE PUBLIC SCHOOLS 165 0.01878576%09C031 BANNER PUBLIC SCHOOLS 226 0.02576864%09C070 DARLINGTON PUBLIC SCHOOLS 274 0.03125794%09C162 MAPLE PUBLIC SCHOOLS 237 0.02702067%09H052 REDLANDS COMMUNITY COLLEGE 1,269 0.14456669%09I022 PIEDMONT PUBLIC SCHOOLS 2,713 0.30905966%09I027 YUKON PUBLIC SCHOOLS 7,444 0.84801691%09I034 EL RENO PUBLIC SCHOOLS 2,700 0.30765453%09I057 UNION CITY PUBLIC SCHOOLS 248 0.02822890%09I069 MUSTANG PUBLIC SCHOOLS 9,666 1.10117430%09I076 CALUMET PUBLIC SCHOOLS 301 0.03430189%09V006 CANADIAN VALLEY AREA VO-TECH 3,012 0.34314917%10A606 UNIV CENTER OF SOUTHERN OKLAHOMA 93 0.01065088%10C072 ZANEIS PUBLIC SCHOOLS 231 0.02632273%10I019 ARDMORE PUBLIC SCHOOLS 3,261 0.37152002%10I021 SPRINGER PUBLIC SCHOOLS 294 0.03354412%10I027 PLAINVIEW PUBLIC SCHOOLS 1,365 0.15550669%10I032 LONE GROVE PUBLIC SCHOOLS 1,258 0.14331165%10I043 WILSON PUBLIC SCHOOLS 349 0.03975272%10I055 HEALDTON PUBLIC SCHOOL 394 0.04488577%10I074 FOX PUBLIC SCHOOLS 257 0.02923801%10I077 DICKSON PUBLIC SCHOOLS 1,133 0.12904802%
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See Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation10K001 TRI-COUNTY INTERLOCAL CO-OP 184$ 0.02094930%10V020 SOUTHERN OKLAHOMA TECH CENTER 1,113 0.12684023%11C010 LOWREY PUBLIC SCHOOLS 166 0.01888985%11C014 NORWOOD PUBLIC SCHOOLS 205 0.02332200%11C021 WOODALL PUBLIC SCHOOLS 486 0.05538060%11C026 SHADY GROVE PUBLIC SCHOOLS 198 0.02252367%11C031 PEGGS PUBLIC SCHOOLS 270 0.03076600%11C034 GRAND VIEW PUBLIC SCHOOLS 807 0.09190357%11C044 BRIGGS PUBLIC SCHOOLS 492 0.05609667%11C066 TENKILLER PUBLIC SCHOOLS 430 0.04900005%11H485 NORTHEASTERN STATE UNIVERSITY 7,710 0.87833566%11I006 KEYS PUBLIC SCHOOLS 853 0.09719709%11I016 HULBERT PUBLIC SCHOOLS 602 0.06863422%11I035 TAHLEQUAH PUBLIC SCHOOLS 3,778 0.43037346%12C021 SWINK PUBLIC SCHOOLS 228 0.02597269%12I001 BOSWELL PUBLIC SCHOOLS 353 0.04026573%12I002 FORT TOWSON PUBLIC SCHOOLS 345 0.03927842%12I004 SOPER PUBLIC SCHOOLS 350 0.03986052%12I039 HUGO PUBLIC SCHOOLS 1,141 0.13000926%13I002 BOISE CITY PUBLIC SCHOOLS 292 0.03329785%13I010 FELT PUBLIC SCHOOLS 127 0.01447691%13I011 KEYES PUBLIC SCHOOLS 78 0.00890075%14C016 ROBIN HILL PUBLIC SCHOOLS 265 0.03016204%14I002 MOORE PUBLIC SCHOOLS 19,182 2.18530718%14I029 NORMAN PUBLIC SCHOOLS 12,730 1.45024017%14I040 NOBLE PUBLIC SCHOOLS 2,250 0.25636072%14I057 LEXINGTON PUBLIC SCHOOLS 897 0.10223861%14I070 LITTLE AXE PUBLIC SCHOOLS 954 0.10865177%14V017 MOORE-NORMAN VO-TECH SCH 3,266 0.37212358%15C004 COTTONWOOD PUBLIC SCHOOLS 216 0.02461059%15I001 COALGATE PUBLIC SCHOOLS 936 0.10663406%15I002 TUPELO PUBLIC SCHOOLS 293 0.03336025%16C048 FLOWER MOUND PUBLIC SCHOOLS 234 0.02661255%16C049 BISHOP PUBLIC SCHOOLS 369 0.04199433%16H100 CAMERON UNIVERSITY 3,637 0.41436446%16I001 CACHE PUBLIC SCHOOLS 1,848 0.21053933%16I002 INDIAHOMA PUBLIC SCHOOLS 190 0.02162434%16I003 STERLING PUBLIC SCHOOLS 383 0.04364285%16I004 GERONIMO PUBLIC SCHOOLS 271 0.03085464%
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Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation16I008 LAWTON PUBLIC SCHOOLS 12,823$ 1.46092114%16I009 FLETCHER PUBLIC SCHOOLS 371 0.04228353%16I016 ELGIN PUBLIC SCHOOLS 1,629 0.18553113%16I132 CHATTANOOGA PUB SCHOOLS 250 0.02843474%16V009 GREAT PLAINS TECHNOLOGY CENTER 1,888 0.21512411%17I001 WALTERS PUBLIC SCHOOLS 547 0.06231244%17I101 TEMPLE PUBLIC SCHOOLS 272 0.03103419%17I333 BIG PASTURE PUB SCHOOLS 179 0.02039358%18C001 WHITE OAK PUBLIC SCHOOLS 46 0.00527693%18I006 KETCHUM PUBLIC SCHOOLS 610 0.06950942%18I017 WELCH PUBLIC SCHOOLS 410 0.04666555%18I020 BLUEJACKET PUBLIC SCHOOLS 216 0.02456690%18I065 VINITA PUBLIC SCHOOLS 1,436 0.16361191%18V011 NORTHEAST AREA VO-TECH 2,255 0.25688227%19C008 LONE STAR PUBLIC SCHOOLS 676 0.07701861%19C012 GYPSY PUBLIC SCHOOLS 77 0.00872110%19C034 PRETTY WATER PUBLIC SCHOOLS 210 0.02397678%19C035 ALLEN-BOWDEN PUBLIC SCHOOLS 302 0.03444949%19I002 BRISTOW PUBLIC SCHOOLS 1,561 0.17779645%19I003 MANNFORD PUBLIC SCHOOLS 1,355 0.15436524%19I005 MOUNDS PUBLIC SCHOOLS 510 0.05812072%19I017 OLIVE PUBLIC SCHOOLS 343 0.03903868%19I018 KIEFER PUBLIC SCHOOLS 629 0.07162148%19I020 OILTON PUBLIC SCHOOLS 246 0.02800441%19I021 DEPEW PUBLIC SCHOOLS 309 0.03517258%19I031 KELLYVILLE PUBLIC SCHOOLS 683 0.07782522%19I033 SAPULPA PUBLIC SCHOOLS 3,372 0.38418278%19I039 DRUMRIGHT PUBLIC SCHOOLS 432 0.04924632%19V003 CENTRAL OKLAHOMA AREA VO-TECH 1,793 0.20421424%20H665 SOUTHWESTERN OKLA STATE UNIV 5,668 0.64570873%20I005 ARAPAHO-BUTLER PUBLIC SCHOOLS 438 0.04984292%20I007 THOMAS-FAY-CUSTER UNIFIED 466 0.05307528%20I026 WEATHERFORD PUBLIC SCHOOLS 1,735 0.19763464%20I099 CLINTON PUBLIC SCHOOLS 1,918 0.21847814%21C006 CLEORA PUBLIC SCHOOLS 224 0.02552998%21C014 LEACH PUBLIC SCHOOLS 122 0.01384209%21C030 KENWOOD PUBLIC SCHOOLS 92 0.01051308%21C034 MOSELEY PUBLIC SCHOOLS 182 0.02070647%21I001 JAY PUBLIC SCHOOLS 1,546 0.17611210%21I002 GROVE PUBLIC SCHOOLS 2,350 0.26777997%
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Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation21I003 KANSAS PUBLIC SCHOOLS 911$ 0.10375642%21I004 COLCORD PUBLIC SCHOOLS 679 0.07739865%21I005 OAKS MISSION PUB SCHOOLS 250 0.02848040%22I005 VICI PUBLIC SCHOOLS 380 0.04325241%22I008 SEILING PUBLIC SCHOOLS 522 0.05951272%22I010 TALOGA PUBLIC SCHOOLS 245 0.02794691%23I002 FARGO PUBLIC SCHOOLS 298 0.03397286%23I003 ARNETT PUBLIC SCHOOLS 266 0.03025252%23I042 SHATTUCK PUBLIC SCHOOLS 405 0.04612570%24I001 WAUKOMIS PUBLIC SCHOOLS 327 0.03723961%24I018 KREMLIN-HILLSDALE PUB SCHOOLS 272 0.03099311%24I042 CHISHOLM PUBLIC SCHOOL 938 0.10690428%24I047 GARBER PUBLIC SCHOOLS 372 0.04242250%24I056 PIONEER-PLEASANT VALE SCHOOLS 560 0.06384500%24I057 ENID PUBLIC SCHOOLS 6,738 0.76764119%24I085 DRUMMOND PUBLIC SCHOOLS 316 0.03595662%24I094 COVINGTON-DOUG PUB SCHS 290 0.03304834%24V015 AUTRY TECHNOLOGY CENTER 1,253 0.14280339%25C016 WHITEBEAD PUBLIC SCHOOLS 325 0.03699187%25I002 STRATFORD PUBLIC SCHOOLS 637 0.07252251%25I005 PAOLI PUBLIC SCHOOLS 266 0.03033142%25I007 MAYSVILLE PUBLIC SCHOOLS 292 0.03321213%25I009 LINDSAY PUBLIC SCHOOLS 967 0.11013531%25I018 PAULS VALLEY PUBLIC SCHOOLS 1,159 0.13202555%25I038 WYNNEWOOD PUBLIC SCHOOLS 580 0.06606309%25I072 ELMORE CITY PUBLIC SCHOOLS 468 0.05333949%26C037 FRIEND PUBLIC SCHOOLS 177 0.02018996%26C096 MIDDLEBERG PUBLIC SCHOOLS 155 0.01770351%26C131 PIONEER PUBLIC SCHOOLS 334 0.03806598%26H150 UNIVERSITY OF SCIENCES & ARTS 1,271 0.14475597%26I001 CHICKASHA PUBLIC SCHOOLS 1,956 0.22284763%26I002 MINCO PUBLIC SCHOOLS 489 0.05572718%26I051 NINNEKAH PUBLIC SCHOOLS 464 0.05286439%26I056 ALEX PUBLIC SCHOOLS 402 0.04584362%26I068 RUSH SPRINGS PUBLIC SCHOOLS 489 0.05575478%26I095 BRIDGE CREEK PUBLIC SCHOOLS 1,146 0.13055675%26I097 TUTTLE PUBLIC SCHOOLS 1,345 0.15324856%26I099 VERDEN PUBLIC SCHOOLS 233 0.02657179%26I128 AMBER-POCASSET PUB SCHS 473 0.05388770%27I054 MEDFORD PUBLIC SCHOOLS 560 0.06383695%
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Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation27I090 POND CREEK - HUNTER PUBLIC SCHOOLS 503$ 0.05725620%27I095 DEER CREEK-LAMONT PUB SCHOOLS 256 0.02920637%28I001 MANGUM PUBLIC SCHOOLS 747 0.08511961%28I003 GRANITE PUBLIC SCHOOLS 277 0.03155723%29I066 HOLLIS PUBLIC SCHOOLS 508 0.05787767%30I001 LAVERNE PUBLIC SCHOOLS 431 0.04911343%30I004 BUFFALO PUBLIC SCHOOLS 285 0.03250190%31C010 WHITEFIELD PUBLIC SCHOOLS 142 0.01622208%31I013 KINTA PUBLIC SCHOOLS 245 0.02786235%31I020 STIGLER PUBLIC SCHOOLS 1,262 0.14378179%31I037 MCCURTAIN PUBLIC SCHOOLS 265 0.03014768%31I043 KEOTA PUBLIC SCHOOLS 420 0.04789391%32I001 MOSS PUBLIC SCHOOLS 297 0.03389239%32I005 WETUMKA PUBLIC SCHOOLS 504 0.05746984%32I035 HOLDENVILLE PUBLIC SCHOOLS 993 0.11307929%32I048 CALVIN PUBLIC SCHOOLS 217 0.02469039%32I054 STUART PUBLIC SCHOOLS 276 0.03148780%32V025 WES WATKINS TECHNOLOGY CENTER 399 0.04545445%33H041 WESTERN OKLA STATE COLLEGE 910 0.10369183%33I001 NAVAJO PUBLIC SCHOOLS 429 0.04890544%33I014 DUKE PUBLIC SCHOOLS 155 0.01761547%33I018 ALTUS PUBLIC SCHOOLS 2,884 0.32861286%33I040 OLUSTEE-ELDORADO PUBLIC SCHOOLS 256 0.02920221%33I054 BLAIR PUBLIC SCHOOLS 215 0.02451540%34C003 TERRAL PUBLIC SCHOOL 77 0.00882291%34I001 RYAN PUBLIC SCHOOLS 277 0.03151452%34I014 RINGLING PUBLIC SCHOOLS 422 0.04807339%34I023 WAURIKA PUBLIC SCHOOLS 418 0.04756932%35C007 MANNSVILLE PUBLIC SCHOOLS 130 0.01481559%35C010 RAVIA PUBLIC SCHOOLS 147 0.01676521%35H470 MURRAY STATE COLLEGE 1,586 0.18066534%35I002 MILL CREEK PUBLIC SCHOOLS 161 0.01839906%35I020 TISHOMINGO PUBLIC SCHOOLS 846 0.09633232%35I029 MILBURN PUBLIC SCHOOLS 195 0.02222720%35I035 COLEMAN PUBLIC SCHOOLS 193 0.02203586%35I037 WAPANUCKA PUBLIC SCHOOLS 225 0.02558849%36C027 PECKHAM PUBLIC SCHOOLS 175 0.01993335%36C050 KILDARE PUBLIC SCHOOLS 122 0.01391398%36H490 NORTHERN OKLAHOMA COLLEGE 2,605 0.29674853%
Page 330 of 372
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Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation36H758 UNIVERSITY CENTER AT PONCA CITY 56$ 0.00634553%36I045 BLACKWELL PUBLIC SCHOOLS 1,054 0.12003363%36I071 PONCA CITY PUBLIC SCHOOLS 3,920 0.44657955%36I087 TONKAWA PUBLIC SCHOOLS 504 0.05746083%36I125 NEWKIRK PUBLIC SCHOOLS 711 0.08097678%36V013 PIONEER TECHNOLOGY CENTER 1,055 0.12017779%37I002 DOVER PUBLIC SCHOOLS 209 0.02375467%37I003 LOMEGA PUBLIC SCHOOLS 268 0.03051285%37I007 KINGFISHER PUBLIC SCHOOLS 1,269 0.14458187%37I016 HENNESSEY PUBLIC SCHOOLS 966 0.11004748%37I089 CASHION PUBLIC SCHOOLS 523 0.05961622%37I105 OKARCHE PUBLIC SCHOOLS 382 0.04352682%37V026 CHISHOLM TRAIL TECHNOLOGY CNTR 368 0.04190019%38A620 QUARTZ MOUNTAIN 133 0.01520297%38I001 HOBART PUBLIC SCHOOLS 713 0.08120476%38I002 LONE WOLF PUBLIC SCHOOLS 142 0.01621494%38I003 MOUNTAIN VIEW-GOTEBO SCHOOLS 301 0.03431791%38I004 SNYDER PUBLIC SCHOOLS 422 0.04810278%39H240 EASTERN OKLAHOMA STATE COLLEGE 1,668 0.19007450%39I001 WILBURTON PUBLIC SCHOOLS 740 0.08435570%39I002 RED OAK PUBLIC SCHOOLS 254 0.02889491%39I003 BUFFALO VALLEY PUB SCHS 136 0.01551314%39I004 PANOLA PUBLIC SCHOOLS 101 0.01146974%39V007 KIAMICHI TECHNOLOGY CENTER 3,014 0.34340938%40C004 SHADY POINT PUBLIC SCHOOLS 145 0.01647047%40C011 MONROE PUBLIC SCHOOLS 108 0.01226130%40C014 HODGEN PUBLIC SCHOOLS 292 0.03322730%40C039 FANSHAWE PUBLIC SCHOOLS 90 0.01020558%40H053 CARL ALBERT STATE COLLEGE 1,970 0.22443936%40I002 SPIRO PUBLIC SCHOOLS 918 0.10463812%40I003 HEAVENER PUBLIC SCHOOLS 1,166 0.13282753%40I007 POCOLA PUBLIC SCHOOLS 651 0.07415428%40I016 LEFLORE PUBLIC SCHOOLS 248 0.02825354%40I017 CAMERON PUBLIC SCHOOLS 254 0.02894364%40I020 PANAMA PUBLIC SCHOOLS 661 0.07526549%40I026 BOKOSHE PUBLIC SCHOOLS 248 0.02830247%40I029 POTEAU PUBLIC SCHOOLS 2,120 0.24157066%40I049 WISTER PUBLIC SCHOOLS 408 0.04645949%40I052 TALIHINA PUBLIC SCHOOLS 669 0.07625773%40I062 WHITESBORO PUBLIC SCHOOLS 240 0.02732736%
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Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation40I067 HOWE PUBLIC SCHOOLS 485$ 0.05527729%40I091 ARKOMA PUBLIC SCHOOLS 344 0.03919839%41C005 WHITE ROCK PUBLIC SCHOOLS 154 0.01759762%41I001 CHANDLER PUBLIC SCHOOLS 902 0.10274660%41I003 DAVENPORT PUBLIC SCHOOLS 327 0.03728396%41I004 WELLSTON PUBLIC SCHOOLS 497 0.05660309%41I054 STROUD PUBLIC SCHOOLS 869 0.09902261%41I095 MEEKER PUBLIC SCHOOLS 748 0.08516723%41I103 PRAGUE PUBLIC SCHOOLS 815 0.09285500%41I105 CARNEY PUBLIC SCHOOLS 205 0.02334902%41I134 AGRA PUBLIC SCHOOLS 294 0.03348641%42H420 LANGSTON UNIVERSITY 4,248 0.48395662%42I001 GUTHRIE PUBLIC SCHOOLS 2,945 0.33550873%42I002 CRESCENT PUBLIC SCHOOLS 509 0.05794829%42I003 MULHALL-ORLANDO PUBLIC SCHOOLS 293 0.03340831%42I014 COYLE PUBLIC SCHOOLS 301 0.03434351%43C003 GREENVILLE PUBLIC SCHOOLS 116 0.01325721%43I004 THACKERVILLE PUB SCHOOLS 291 0.03310276%43I005 TURNER PUBLIC SCHOOLS 339 0.03862337%43I016 MARIETTA PUBLIC SCHOOLS 1,038 0.11831050%44I001 RINGWOOD PUBLIC SCHOOLS 307 0.03493067%44I004 ALINE CLEO PUBLIC SCHOOLS 186 0.02124653%44I084 FAIRVIEW PUBLIC SCHOOLS 748 0.08518910%44I092 CIMARRON PUBLIC SCHOOL 250 0.02849405%45I002 MADILL PUBLIC SCHOOLS 1,519 0.17308908%45I003 KINGSTON PUBLIC SCHOOLS 1,202 0.13697260%46C035 WICKLIFFE PUBLIC SCHOOLS 122 0.01385546%46C043 OSAGE PUBLIC SCHOOLS 114 0.01300186%46I001 PRYOR PUBLIC SCHOOLS 3,226 0.36756966%46I002 ADAIR PUBLIC SCHOOL 939 0.10698500%46I016 SALINA PUBLIC SCHOOLS 748 0.08518883%46I017 LOCUST GROVE PUB SCHOOLS 1,513 0.17239780%46I032 CHOUTEAU-MAZIE PUBLIC SCHOOLS 935 0.10653115%47I001 NEWCASTLE PUBLIC SCHOOLS 1,546 0.17610917%47I002 DIBBLE PUBLIC SCHOOLS 472 0.05377943%47I005 WASHINGTON PUBLIC SCHOOLS 755 0.08597084%47I010 WAYNE PUBLIC SCHOOLS 498 0.05674868%47I015 PURCELL PUBLIC SCHOOLS 1,181 0.13455521%47I029 BLANCHARD PUBLIC SCHOOLS 1,624 0.18501883%
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Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation47V008 MID-AMERICA AREA VO-TECH 1,078$ 0.12281888%48C001 FOREST GROVE PUBLIC SCHOOLS 271 0.03088506%48C009 LUKFATA PUBLIC SCHOOLS 340 0.03873139%48C023 GLOVER PUBLIC SCHOOLS 67 0.00766553%48C037 DENISON PUBLIC SCHOOLS 261 0.02978922%48C072 HOLLY CREEK PUB SCHOOLS 250 0.02851310%48I005 IDABEL PUBLIC SCHOOLS 1,208 0.13762445%48I006 HAWORTH PUBLIC SCHOOLS 532 0.06059327%48I011 VALLIANT PUBLIC SCHOOLS 752 0.08572789%48I013 EAGLETOWN PUBLIC SCHOOLS 224 0.02549551%48I014 SMITHVILLE PUBLIC SCHOOLS 383 0.04362811%48I039 WRIGHT CITY PUB SCHOOLS 508 0.05790236%48I071 BATTIEST PUBLIC SCHOOLS 320 0.03647796%48I074 BROKEN BOW PUBLIC SCHOOLS 1,535 0.17491597%49C003 RYAL PUBLIC SCHOOLS 103 0.01177489%49C016 STIDHAM PUBLIC SCHOOLS 120 0.01366972%49I001 EUFAULA PUBLIC SCHOOLS 1,225 0.13959818%49I019 CHECOTAH PUBLIC SCHOOLS 1,298 0.14789382%49I027 MIDWAY PUBLIC SCHOOLS 227 0.02586049%49I064 HANNA PUBLIC SCHOOLS 133 0.01520773%50I001 SULPHUR PUBLIC SCHOOLS 1,379 0.15712584%50I010 DAVIS PUBLIC SCHOOLS 891 0.10146006%51C009 WAINWRIGHT PUBLIC SCHOOLS 108 0.01234471%51H165 CONNORS STATE COLLEGE 1,189 0.13543097%51I002 HASKELL PUBLIC SCHOOLS 765 0.08716326%51I003 FORT GIBSON PUB SCHOOLS 1,725 0.19653260%51I006 WEBBERS FALLS PUBLIC SCHOOLS 286 0.03261641%51I008 OKTAHA PUBLIC SCHOOLS 702 0.07998482%51I020 MUSKOGEE PUBLIC SCHOOLS 5,532 0.63018316%51I029 HILLDALE PUBLIC SCHOOL 1,507 0.17165392%51I046 BRAGGS PUBLIC SCHOOLS 149 0.01699514%51I074 WARNER PUBLIC SCHOOLS 755 0.08604025%51I088 PORUM PUBLIC SCHOOLS 475 0.05410784%51V004 INDIAN CAPITOL AREA VO-TECH 1,748 0.19912097%52I001 PERRY PUBLIC SCHOOLS 866 0.09868232%52I002 BILLINGS PUBLIC SCHOOLS 138 0.01571935%52I004 FRONTIER PUBLIC SCHOOL 694 0.07911428%52I006 MORRISON PUBLIC SCHOOLS 501 0.05711384%53I003 OKLAHOMA UNION SCHOOL 519 0.05914802%
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Teachers’ Retirement System of OklahomaSchedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation53I040 NOWATA PUBLIC SCHOOLS 793$ 0.09031029%53I051 SOUTH COFFEYVILLE SCHOOL 220 0.02506860%54C029 BEARDEN PUBLIC SCHOOLS 122 0.01392155%54I002 MASON PUBLIC SCHOOLS 314 0.03579350%54I014 PADEN PUBLIC SCHOOLS 232 0.02646417%54I026 OKEMAH PUBLIC SCHOOLS 879 0.10016634%54I031 WELEETKA PUBLIC SCHOOLS 526 0.05993855%54I054 GRAHAM-DUSTIN PUBLIC SCHOOLS 223 0.02537616%55A090 OFFICE OF MGT AND ENTERPRISE SERVICES 54 0.00617485%55A131 DEPARTMENT OF CORRECTIONS 348 0.03962432%55A265 DEPARTMENT OF EDUCATION 5,215 0.59408003%55A275 OFFICE OF EDUC QUALITY/ACCOUNTABILITY 96 0.01093651%55A563 BOARD OF PRIVATE VOC SCHOOLS 24 0.00272336%55A605 BOARD OF REGENTS FOR HIGHER ED 2,710 0.30878580%55A610 REGIONAL UNIVERSITY SYSTEM OF OK 101 0.01153012%55A618 OKLAHOMA STUDENT LOAN AUTH 893 0.10169906%55A629 OKLA SCHOOL OF SCIENCE & MATH 658 0.07494379%55A715 TEACHERS RETIREMENT SYSTEM 566 0.06453258%55A803 STATEWIDE VIRTUAL CHT SCHOOL BOARD 59 0.00669841%55A805 DEPT OF REHABILITATION SERVICE 780 0.08885239%55A901 INDEPENDENCE CHRTR MIDL SCHOOL 235 0.02674442%55A903 WESTERN VILLAGE CHARTER SCHOOL 246 0.02802833%55A907 HARDING CHARTR PREP HIGHSCHOOL 348 0.03968959%55A909 KIPP REACH COLLEGE PREP SCHOOL 482 0.05490583%55C029 OAKDALE PUBLIC SCHOOLS 624 0.07103928%55C074 CRUTCHO PUBLIC SCHOOLS 369 0.04202899%55C986 THA ACADEMY OF SEMINOLE 62 0.00709820%55E010 HARDING FINE ARTS CENTER 267 0.03042400%55G007 JOHN REX CHARTER ELEM SCHOOL 427 0.04867626%55H056 ROSE STATE COLLEGE 4,110 0.46828927%55H120 UNIVERSITY OF CENTRAL OKLAHOMA 15,939 1.81585487%55H633 OKLA CITY COMMUNITY COLLEGE 5,547 0.63193967%55I001 PUTNAM CITY PUBLIC SCHOOLS 16,691 1.90149330%55I003 LUTHER PUBLIC SCHOOLS 607 0.06920845%55I004 CHOCTAW/NICOMA PARK SCHOOLS 4,800 0.54684607%55I006 DEER CREEK PUBLIC SCHOOLS 4,343 0.49482375%55I007 HARRAH PUBLIC SCHOOLS 1,609 0.18325834%55I009 JONES PUBLIC SCHOOLS 701 0.07988006%55I012 EDMOND PUBLIC SCHOOLS 21,400 2.43803177%
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Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation55I037 MILLWOOD PUBLIC SCHOOLS 662$ 0.07542087%55I041 WESTERN HEIGHTS PUBLIC SCHOOLS 3,441 0.39196969%55I052 MID-DEL PUBLIC SCHOOLS 14,585 1.66164320%55I053 CROOKED OAK PUBLIC SCHOOLS 1,299 0.14799888%55I088 BETHANY PUBLIC SCHOOLS 1,402 0.15974633%55I089 OKLAHOMA CITY PUBLIC SCHOOLS 40,123 4.57101307%55J001 OKLAHOMA YOUTH ACADEMY CHT SCHOOL 417 0.04755389%55J003 LE MONDE INTERNATIONAL SCHOOL 100 0.01137343%55V021 FRANCIS TUTTLE TECHNOLOGY CNTR 4,716 0.53726165%55V022 METRO TECH 3,201 0.36468344%55V023 EASTERN OKLAHOMA CO TECH CENTR 808 0.09203046%55Z001 EPIC CHARTER 6,365 0.72514938%56C011 TWIN HILLS PUBLIC SCHOOLS 343 0.03905573%56I001 OKMULGEE PUBLIC SCHOOLS 1,491 0.16987032%56I002 HENRYETTA PUBLIC SCHOOLS 1,068 0.12167101%56I003 MORRIS PUBLIC SCHOOLS 791 0.09015217%56I004 BEGGS PUBLIC SCHOOLS 930 0.10595869%56I005 PRESTON PUBLIC SCHOOLS 429 0.04884727%56I006 SCHULTER PUBLIC SCHOOLS 167 0.01900316%56I007 WILSON PUBLIC SCHOOLS 259 0.02946223%56I008 DEWAR PUBLIC SCHOOLS 409 0.04662062%56V028 GREEN COUNTRY TECHNOLOGY CTR 383 0.04368675%57C003 OSAGE HILLS PUBLIC SCHOOLS 126 0.01434926%57C007 BOWRING PUBLIC SCHOOLS 94 0.01073417%57C035 AVANT PUBLIC SCHOOLS 106 0.01210647%57C052 ANDERSON PUBLIC SCHOOLS 290 0.03302753%57C077 MCCORD PUBLIC SCHOOLS 270 0.03081067%57I002 PAWHUSKA PUBLIC SCHOOLS 721 0.08216545%57I011 SHIDLER PUBLIC SCHOOLS 234 0.02665095%57I029 BARNSDALL PUBLIC SCHOOLS 336 0.03827948%57I030 WYNONA PUBLIC SCHOOLS 107 0.01220841%57I038 HOMINY PUBLIC SCHOOLS 574 0.06540914%57I050 PRUE PUBLIC SCHOOLS 203 0.02307290%57I090 WOODLAND PUBLIC SCHOOL 427 0.04861681%57K001 OSAGE COUNTY INTERLOCAL COOP 388 0.04419199%58C010 TURKEY FORD PUBLIC SCHOOLS 115 0.01313643%58H480 NORTHEASTERN OKLA A&M COLLEGE 1,570 0.17891316%58I001 WYANDOTTE PUBLIC SCHOOLS 731 0.08323588%58I014 QUAPAW PUBLIC SCHOOLS 608 0.06921186%58I018 COMMERCE PUBLIC SCHOOLS 893 0.10170935%
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Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation58I023 MIAMI PUBLIC SCHOOLS 2,604$ 0.29671061%58I026 AFTON PUBLIC SCHOOLS 525 0.05978676%58I031 FAIRLAND PUBLIC SCHOOLS 539 0.06143107%59C002 JENNINGS PUBLIC SCHOOLS 179 0.02039827%59I001 PAWNEE PUBLIC SCHOOLS 672 0.07658256%59I006 CLEVELAND PUBLIC SCHOOLS 1,510 0.17206643%60A800 CAREER TECH 2,966 0.33789350%60C104 OAK GROVE PUBLIC SCHOOLS 126 0.01435025%60I003 RIPLEY PUBLIC SCHOOLS 414 0.04721177%60I016 STILLWATER PUBLIC SCHOOLS 5,074 0.57802095%60I056 PERKINS TRYON PUBLIC SCHOOLS 1,170 0.13326307%60I067 CUSHING PUBLIC SCHOOLS 1,528 0.17402400%60I101 GLENCOE PUBLIC SCHOOLS 285 0.03245838%60I103 YALE PUBLIC SCHOOLS 378 0.04308788%60K001 FIVE STAR INTERLOCAL COOP 548 0.06245264%60V016 MERIDIAN TECHNOLOGY CENTER 1,410 0.16062754%61C009 KREBS PUBLIC SCHOOLS 293 0.03343691%61C029 FRINK-CHAMBERS PUBLIC SCHOOLS 380 0.04331332%61C056 TANNEHILL PUBLIC SCHOOLS 160 0.01825894%61C088 HAYWOOD PUBLIC SCHOOLS 198 0.02251299%61E020 CARLTON LANDING ACADEMY 67 0.00761997%61I001 HARTSHORNE PUBLIC SCHOOLS 908 0.10343114%61I002 CANADIAN PUBLIC SCHOOLS 399 0.04541455%61I011 HAILEYVILLE PUBLIC SCHOOLS 295 0.03363172%61I014 KIOWA PUBLIC SCHOOLS 467 0.05325939%61I017 QUINTON PUBLIC SCHOOLS 480 0.05469914%61I025 INDIANOLA PUBLIC SCHOOLS 250 0.02844493%61I028 CROWDER PUBLIC SCHOOLS 392 0.04461985%61I030 SAVANNA PUBLIC SCHOOLS 366 0.04169228%61I063 PITTSBURG PUBLIC SCHOOLS 153 0.01746058%61I080 MCALESTER PUBLIC SCHOOLS 3,123 0.35583145%62H230 EAST CENTRAL STATE UNIVERSITY 4,180 0.47626790%62I001 ALLEN PUBLIC SCHOOLS 489 0.05569667%62I009 VANOSS PUBLIC SCHOOLS 507 0.05771622%62I016 BYNG PUBLIC SCHOOLS 1,855 0.21135082%62I019 ADA PUBLIC SCHOOLS 2,793 0.31824925%62I024 LATTA PUBLIC SCHOOLS 756 0.08613294%62I030 STONEWALL PUBLIC SCHOOLS 490 0.05581298%62I037 ROFF PUBLIC SCHOOLS 345 0.03931086%62V014 PONTOTOC TECHNOLOGY CENTER 559 0.06370978%
Page 336 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation63C027 GROVE PUBLIC SCHOOLS 417$ 0.04753395%63C029 PLEASANT GROVE PUBLIC SCHOOLS 251 0.02865224%63C032 SOUTH ROCK CREEK PUBLIC SCHOOL 354 0.04032578%63I001 MCLOUD PUBLIC SCHOOLS 1,462 0.16659125%63I002 DALE PUBLIC SCHOOLS 622 0.07083510%63I003 BETHEL PUBLIC SCHOOLS 1,117 0.12720911%63I004 MACOMB PUBLIC SCHOOLS 321 0.03661297%63I005 EARLSBORO PUBLIC SCHOOLS 254 0.02891690%63I010 NORTH ROCK CREEK IND SCHOOL DIST 616 0.07021986%63I092 TECUMSEH PUBLIC SCHOOLS 1,734 0.19757410%63I093 SHAWNEE PUBLIC SCHOOLS 3,494 0.39804056%63I112 ASHER PUBLIC SCHOOL 239 0.02723872%63I115 WANETTE PUBLIC SCHOOLS 177 0.02021090%63I117 MAUD PUBLIC SCHOOLS 271 0.03087465%63V005 GORDON COOPER TECHNOLOGY CTR 1,301 0.14821993%64C002 ALBION PUBLIC SCHOOLS 67 0.00766728%64C004 TUSKAHOMA PUBLIC SCHOOLS 97 0.01102569%64C015 NASHOBA PUBLIC SCHOOLS 86 0.00983078%64I001 RATTAN PUBLIC SCHOOLS 469 0.05343096%64I010 CLAYTON PUBLIC SCHOOLS 389 0.04434862%64I013 ANTLERS PUBLIC SCHOOLS 832 0.09481322%64I022 MOYERS PUBLIC SCHOOLS 214 0.02439181%65I003 LEEDEY PUBLIC SCHOOLS 308 0.03510576%65I006 REYDON PUBLIC SCHOOLS 224 0.02551175%65I007 CHEYENNE PUBLIC SCHOOLS 477 0.05433958%65I015 SWEETWATER PUBLIC SCHOOL 293 0.03340692%65I066 HAMMON PUBLIC SCHOOLS 385 0.04383328%66C009 JUSTUS-TIAWAH PUBLIC SCHOOLS 431 0.04909371%66H461 ROGERS STATE UNIVERSITY 2,530 0.28824270%66I001 CLAREMORE PUBLIC SCHOOLS 2,813 0.32046635%66I002 CATOOSA PUBLIC SCHOOLS 1,731 0.19725732%66I003 CHELSEA PUBLIC SCHOOLS 764 0.08706107%66I004 OOLOGAH TALALA PUBLIC SCHOOLS 1,556 0.17726448%66I005 INOLA PUBLIC SCHOOLS 1,090 0.12422479%66I006 SEQUOYAH PUBLIC SCHOOLS 1,023 0.11656350%66I007 FOYIL PUBLIC SCHOOLS 517 0.05886497%66I008 VERDIGRIS PUBLIC SCHOOL 1,086 0.12367216%67C054 JUSTICE PUBLIC SCHOOLS 239 0.02727725%67H055 SEMINOLE STATE COLLEGE 1,621 0.18470634%67I001 SEMINOLE PUBLIC SCHOOLS 1,626 0.18529220%67I002 WEWOKA PUBLIC SCHOOLS 910 0.10361738%
Page 337 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation67I003 BOWLEGS PUBLIC SCHOOLS 206$ 0.02349245%67I004 KONAWA PUBLIC SCHOOLS 673 0.07665709%67I006 NEW LIMA PUBLIC SCHOOLS 271 0.03088183%67I007 VARNUM PUBLIC SCHOOLS 221 0.02518009%67I010 SASAKWA PUBLIC SCHOOLS 218 0.02479004%67I014 STROTHER PUBLIC SCHOOLS 373 0.04245901%67I015 BUTNER PUBLIC SCHOOLS 229 0.02606999%68C001 LIBERTY PUBLIC SCHOOLS 320 0.03646692%68C035 MARBLE CITY PUBLIC SCHOOLS 123 0.01399700%68C036 BRUSHY PUBLIC SCHOOLS 251 0.02857226%68C050 BELFONTE PUBLIC SCHOOLS 228 0.02595993%68C068 MOFFETT PUBLIC SCHOOLS 369 0.04198427%68I001 SALLISAW PUBLIC SCHOOLS 1,642 0.18703905%68I002 VIAN PUBLIC SCHOOLS 904 0.10302329%68I003 MULDROW PUBLIC SCHOOLS 1,355 0.15432442%68I004 GANS PUBLIC SCHOOLS 383 0.04368508%68I005 ROLAND PUBLIC SCHOOLS 947 0.10783364%68I006 GORE PUBLIC SCHOOLS 501 0.05712846%68I007 CENTRAL PUBLIC SCHOOLS 456 0.05193584%69C082 GRANDVIEW PUBLIC SCHOOLS 98 0.01111514%69I001 DUNCAN PUBLIC SCHOOLS 2,647 0.30157028%69I002 COMANCHE PUBLIC SCHOOLS 764 0.08704095%69I003 MARLOW PUBLIC SCHOOLS 1,184 0.13492492%69I015 VELMA ALMA PUBLIC SCHOOLS 418 0.04766065%69I021 EMPIRE PUBLIC SCHOOLS 415 0.04729021%69I034 CENTRAL HIGH PUBLIC SCHOOLS 326 0.03713613%69I042 BRAY-DOYLE PUBLIC SCHOOLS 398 0.04532051%69V019 RED RIVER AREA VOTECH SCHOOL 683 0.07778938%70C009 OPTIMA PUBLIC SCHOOLS 78 0.00883146%70C080 STRAIGHT PUBLIC SCHOOLS 63 0.00717945%70H530 OKLAHOMA PANHANDLE STATE UNIV 1,185 0.13503790%70I001 YARBROUGH PUBLIC SCHOOLS 106 0.01208466%70I008 GUYMON PUBLIC SCHOOLS 2,449 0.27900099%70I015 HARDESTY PUBLIC SCHOOLS 124 0.01413741%70I023 HOOKER PUBLIC SCHOOLS 567 0.06457476%70I053 TYRONE PUBLIC SCHOOLS 175 0.01995055%70I060 GOODWELL PUBLIC SCHOOLS 219 0.02493776%70I061 TEXHOMA PUBLIC SCHOOLS 256 0.02912432%71C009 DAVIDSON PUBLIC SCHOOLS 74 0.00841132%71I008 TIPTON PUBLIC SCHOOLS 289 0.03288113%
Page 338 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation71I158 FREDERICK PUBLIC SCHOOLS 813$ 0.09264482%71I249 GRANDFIELD PUBLIC SCHOOLS 228 0.02597812%72A801 STREET SCHOOL 246 0.02806730%72A902 DEBORAH BROWN COMMUNITY SCHOOL 42 0.00483177%72A904 TULSA SCHOOL OF ARTS AND SCIENCES 295 0.03355410%72C015 KEYSTONE PUBLIC SCHOOLS 285 0.03250431%72E005 KIPP TULSA COLLEGE PREP 345 0.03932819%72H750 TULSA COMMUNITY COLLEGE 10,451 1.19058780%72I001 TULSA PUBLIC SCHOOLS 32,043 3.65055858%72I002 SAND SPRINGS PUBLIC SCHOOLS 4,061 0.46264260%72I003 BROKEN ARROW PUBLIC SCHOOLS 14,753 1.68073704%72I004 BIXBY PUBLIC SCHOOLS 4,662 0.53110521%72I005 JENKS PUBLIC SCHOOLS 10,772 1.22718831%72I006 COLLINSVILLE PUBLIC SCHOOLS 2,102 0.23945501%72I007 SKIATOOK PUBLIC SCHOOLS 1,857 0.21154245%72I008 SPERRY PUBLIC SCHOOLS 855 0.09741390%72I009 UNION PUBLIC SCHOOLS 13,654 1.55551133%72I010 BERRYHILL PUBLIC SCHOOLS 943 0.10741193%72I011 OWASSO PUBLIC SCHOOLS 7,183 0.81832812%72I013 GLENPOOL PUBLIC SCHOOLS 2,231 0.25418469%72I014 LIBERTY PUBLIC SCHOOLS 447 0.05095261%72V018 TULSA TECHNOLOGY CENTER 7,866 0.89614472%73I001 OKAY PUBLIC SCHOOLS 387 0.04408960%73I017 COWETA PUBLIC SCHOOLS 2,400 0.27337037%73I019 WAGONER PUBLIC SCHOOLS 1,925 0.21928951%73I365 PORTER CONSOLIDATED SCHOOLS 516 0.05875657%74I004 COPAN PUBLIC SCHOOLS 221 0.02522489%74I007 DEWEY PUBLIC SCHOOLS 942 0.10735106%74I018 CANEY VALLEY PUBLIC SCHOOLS 683 0.07784442%74I030 BARTLESVILLE PUBLIC SCHOOLS 4,649 0.52965541%74V001 TRI COUNTY AREA VOTECH 1,058 0.12048987%75I001 SENTINEL PUBLIC SCHOOLS 353 0.04021056%75I010 BURNS FLAT‐DILL CITY SCHOOL 546 0.06220146%75I011 CANUTE PUBLIC SCHOOLS 349 0.03976230%75I078 CORDELL PUBLIC SCHOOLS 681 0.07761692%75V012 WESTERN TECHNOLOGY CENTER 1,127 0.12839472%75V027 SOUTHWEST TECHNOLOGY CENTER 438 0.04989146%76H505 NORTHWESTERN OKLA STATE UNIV 2,577 0.29356973%76I001 ALVA PUBLIC SCHOOLS 1,175 0.13382510%76I003 WAYNOKA PUBLIC SCHOOLS 323 0.03682850%
Page 339 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
Teachers’ Retirement System of Oklahoma Schedule of Employer Allocations
As of and for the Year Ended June 30, 2019
Total EmployerEmployer Proportionate
ER Code Employer Name Contributions Allocation76I006 FREEDOM PUBLIC SCHOOLS 171$ 0.01949143%76V010 NORTHWEST TECHNOLOGY CENTER 681 0.07753616%77I001 WOODWARD PUBLIC SCHOOLS 2,303 0.26236278%77I002 MOORELAND PUBLIC SCHOOLS 477 0.05433772%77I003 SHARON MUTUAL PUBLIC SCHOOLS 270 0.03081574%77I005 FORT SUPPLY PUBLIC SCHOOLS 168 0.01915023%77V024 HIGH PLAINS TECHNOLOGY CENTER 633 0.07215458%Total Remaining Employers 754,527 85.96036523%
Total Employer Contributions 877,761$ 100.00000000%
Page 340 of 372
See Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
Teachers’ Retirement System of Oklahoma Schedule of Collective OPEB Amounts
As of and for the Year Ended June 30, 2019
June 30, 2019 Net OPEB
Liability (Asset)
Net Difference Between Projected
and Actual Investments
Earnings on OPEB Plan Investments
Differences Between
Expected and Actual
Experience
Total Deferred Inflows of Resources Excluding Employer Specific
Amounts*
OPEB Expense (Expense Offset)
All Employers (61,832,557)$ 8,871,916$ 22,600,507$ 31,472,423$ (9,639,095)$
* Employer specific amounts that are excluded from this schedule are the changes in proportion, differences
between employer contributions and proportionate share of contributions, and employer contributions
subsequent to the measurement date.
Deferred Inflows of Resources
Page 341 of 372
Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
June 30, 2019
Note 1 ‐ Nature of Entity
The following brief description of the Teachers’ Retirement System of Oklahoma (the System) is provided for general information purposes only. The System’s benefits are established and amended by State Statute and participants should refer to Title 70 of the Oklahoma Statutes, 2011, Sections 17‐101 through 121, as amended.
The System was established as of July 1, 1943 for the purpose of providing retirement allowances and other specified benefits for qualified persons employed by state‐supported educational institutions. The System is a part of the State of Oklahoma financial reporting entity, which is combined with other similar funds to comprise the fiduciary‐pension and other postemployment benefit (OPEB) trust funds of the State of Oklahoma (the State). The System administers this cost‐sharing multiple‐employer benefit plan other than pensions (the Plan).
The supervisory authority for the management and operation of the System is a 14‐member board of trustees, which acts as a fiduciary for investment of the funds and the application of plan interpretations. The board of trustees is comprised of six appointees from the Governor’s Office, two appointees by the Senate Pro Tempore, two appointees by the House Speaker and three Ex Officio positions. Out of the six appointees from the Governor’s Office, one must be a Higher Education representative, one is a nonclassified optional personnel, and the remaining four must work in the public or private funds management, banking, law or accounting field. Out of the two Senate Pro Tempore’s as well as the House Speaker’s appointees, one must be an active classroom teacher while the other be a retired member of Teachers’ Retirement System of Oklahoma. The Ex Officio trustees are the State Superintendent, the Office of Management and Enterprise Services Director and the Career‐Tech Director or their designee.
OPEB Plan
Oklahoma teachers and other certified employees of common schools, faculty and administrators in public colleges and universities, and administrative personnel of state educational boards and employees of agencies must join the Plan. Membership is optional for all other regular employees of public educational institutions who work at least 20 hours per week. Additional information regarding Plan provisions can be found in the System’s comprehensive annual financial report, which can be accessed as described in Note 7.
Note 2 ‐ Summary of Significant Accounting Policies
The Schedule of Employer Allocations and the Schedule of Collective OPEB Amounts (the Schedules) for the Plan were prepared in accordance with the following significant accounting policies.
Page 342 of 372
Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
June 30, 2019
Nature of the Schedules
The purpose of these Schedules is to provide employers information for their financial statements. The Schedules provide each employer with the basis used to determine their proportionate share of the net OPEB liability (asset), deferred outflows and inflows of resources, and OPEB expense (expense offset) as of and for the year ended June 30, 2019. Deferred outflows and inflows of resources, and OPEB expense (expense offset) include: each employer’s proportionate share of plan level amounts such as differences between expected and actual experience, the net difference between projected and actual investment earnings on OPEB plan investments and changes in assumptions.
The Schedule of Collective OPEB Amounts represents collective amounts for the Plan. This Schedule excludes employer‐specific deferral amounts that may need to be recognized to comply with governmental accounting standards. Specifically, this schedule excludes deferral amounts arising from the changes in employer proportion, differences between employer contributions and proportionate share of contributions, and employer contributions subsequent to the measurement date.
Measurement Focus and Basis of Accounting
Financial transactions are recorded using the economic resources measurement focus and the accrual basis of accounting. Employer contributions are recognized as revenue when due pursuant to statutory or contractual requirements.
Use of Estimates
The preparation of the Schedules in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts for the net OPEB liability (asset) and deferred inflows of resources, and changes therein, and disclosures. Actual results could differ from those estimates and differences could be material.
Basis of the Allocation
In determining the proportionate share of the net OPEB liability (asset) and corresponding employer OPEB amounts for a cost‐sharing plan, the basis should be consistent with the manner in which contributions are made to the Plan, excluding those to separately finance specific liabilities of an individual employer. Contributions on the schedule of employer allocations are presented under a cash basis of accounting.
The System has determined that each employer’s proportionate share will be determined based on the employer’s contribution to the Plan as a percentage of the total contribution to the Plan by all employers.
Page 343 of 372
Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
June 30, 2019
Note 3 ‐ OPEB Liability (Asset)
The OPEB liability (asset) is the portion of the actuarial present value of projected benefit payments related to past periods. The OPEB liability (asset) for the employers is based on the allocation percentages from the Schedule of Employer Allocations.
The net OPEB liability (asset) for fiscal year 2019 is calculated as set forth below in the following table:
Net OPEB liability (asset) ‐ Beginning July 1, 2018 (64,625,470)$ Total OPEB expense offset (9,639,095) Change in deferred inflow of resources 13,309,769 OPEB employer contributions (877,761)
Net OPEB liability (asset) ‐ Ending June 30, 2019 (61,832,557)$
The components of the net OPEB liability (asset) at June 30, 2019, were as follows:
Total OPEB liability (asset) 410,294,941$ Plan fiduciary net position (472,127,498)
Net OPEB liability (asset) per Schedule of Collective OPEB amounts (61,832,557)$
Plan fiduciary net position as a percentage of total OPEB liability (asset) 115.07%
Sensitivity of the OPEB liability (asset) to changes in the discount rate – The following presents the OPEB liability (asset) of the Plan’s employers calculated using the discount rate of 7.50% as well as what the employers’ liability (asset) would be if it were calculated using a discount rate that is 1‐percentage point lower or 1‐percentage point higher than the current rate:
1% Decrease Current Discount 1% Increase(6.50%) Rate (7.50%) (8.50%)
Employer's OPEB liability (asset) (20,719,727)$ (61,832,557)$ (96,960,750)$
The total OPEB liability (asset) as of June 30, 2019, was determined based on an actuarial valuation prepared as of June 30, 2019, using the following actuarial assumptions:
Actuarial Cost Method—Entry Age Normal. Inflation—2.50 percent. Future Ad Hoc Cost‐of‐living Increases‐None. Salary Increases—Composed of 3.25 percent wage inflation, including 2.50 percent price inflation, plus a
service‐related component ranging from 0.00 percent to 8.00 percent based on years of service.
Page 344 of 372
Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
June 30, 2019
Investment Rate of Return – 7.50 percent. Retirement Age— Experience‐based table of rates based on age, service, and gender. Adopted by the
Board in May 2015 in conjunction with the fiver year experience study for the period ending June 30,2014.
Mortality Rates after Retirement — Males: RP‐2000 Combined Healthy mortality table for males withWhite Collar Adjustments with fully generational projection by Scale BB from the tale’s base year of2000. Females: GRS Southwest Region Teacher Mortality Table scaled at 105%. Generational mortalityimprovements in accordance with Scale BB from the table’s base year of 2012.
Mortality Rates for Active Members‐RP ‐2000 Employee Mortality tables, with male rates multiplied by60% and female rates multiplied by 50%.
Note 4 ‐ Average Expected Remaining Service Life
The average expected remaining service life of the Plan is determined by taking the calculated total future service years of the Plan divided by the number of people in the Plan including retirees. The total future service years of the Plan are determined using the mortality, termination, retirement and disability assumptions associated with the Plan. The average expected service life of the Plan equals 6.3 years as of the valuation date.
Note 5 ‐ Types of Deferred Outflows and Inflows of Resources
Deferred outflows of resources are the consumption of net position that is applicable to future reporting periods. Deferred inflows of resources are the acquisition of net position that is applicable to future reporting periods.
Difference Between Expected and Actual Experience
The actuary uses assumptions such as future salary increases and inflation to develop what they expect to be the experience of the Plan. Each year the difference between the expected experience and the actual experience is amortized over the average expected remaining service life of the Plan.
Net Difference Between Projected and Actual Investment Earnings
The actuary uses the Plan’s long‐term rate of return to project investment earnings net of investment expenses. The difference between the expected and the actual investment earnings is deferred and amortized over five years.
Page 345 of 372
Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
June 30, 2019
Amortization
The amortization of deferred inflows at June 30, 2019, is as follows:
DeferredInflows
2020 (11,155,059)$ 2021 (11,155,057) 2022 (5,040,021) 2023 (1,602,888) 2024 (2,045,841) Thereafter (473,557)
(31,472,423)$
Note 6 ‐ OPEB Expense (Expense Offset)
OPEB expense (expense offset) includes amounts for service cost (the normal cost under entry age normal for the year), interest on the total OPEB liability (asset), changes in the benefit structure, recognition of increases/decreases in liability (asset) due to actual versus expected experience, actuarial assumption changes, and investment gains/losses on the fair value of assets. The actual experience and assumption change impacts are recognized over the average expected remaining service life of the Plan membership as of the measurement date.
The collective OPEB expense (expense offset) for fiscal year 2019 is calculated as set forth below in the following table:
Service cost 6,160,629$ Interest on total OPEB liability (asset) 30,349,537 Projected earnings on plan investments (34,998,191) Administrative expense 3,987 Recognition of deferred outflows (inflows) due to liabilities (5,352,765) Recognition of deferred outflows (inflows) due to assets (5,802,292)
Allocated OPEB expense (expense offset) per schedule of OPEB amounts by employer (9,639,095)$
Page 346 of 372
25
Teachers’ Retirement System of Oklahoma Notes to Schedule of Employer Allocations and Schedule of Collective OPEB Amounts
June 30, 2019
Note 7 ‐ Access to the Teachers’ Retirement System of Oklahoma Comprehensive Annual Financial Report (CAFR) and Actuarial Valuations
The Teachers’ Retirement System of Oklahoma’s June 30, 2019 CAFR and Actuarial Valuation can be located at the website below:
https://www.ok.gov/TRS/Publications/index.html
Page 347 of 372
M E M O R A N D U M
TO: TRS Board of Trustees
FROM: Tom Spencer, Executive Director and Sarah Green, General Counsel
DATE: February 21, 2020
RE: Federal & Grant Matching Contribution Rate for FY 2021 --------------------------------------------------------------------------------------------------------------------
Every year the Board of Trustees of the Teachers’ Retirement System must review and possibly adjust the “Federal and Grant Matching” contribution rate. Under title 70 Oklahoma Statutes § 17-108 the Board must establish the rate by April 1 and the rate is effective for the next fiscalyear beginning July 1. Each local school district, state college or any other state agency whoseemployees are members of the Teachers’ Retirement System must pay the contribution rate whensalaries are paid by federal funds or externally sponsored agreements such as grants, contracts,and cooperative agreements. Under federal guidelines, in order for pension contributions to beeligible for payment with federal funds, the rates established must be “actuarially” based. In theFY 2019 Actuarial Valuation prepared by the actuarial firm for the Board, and adopted by theBoard, the Actuarial Determined Employer Contribution (ADEC) is 17.0%. The averageemployer contribution rate is 9.3% leaving 7.7% to ensure that contributions received on federalcontracts or grants are equal to the ADEC. Therefore, the positions funded with federal moneyneed to equal this same contribution rate of 7.7%. For the year beginning July 1, 2020 werecommend that the Board of Trustees vote to establish the Federal and Grant Matching rate of7.7% of the employee’s compensation.
The employer’s contribution rate remains at 9.5% for common education, Career Tech, two-year colleges, and state agencies that have TRS members. The employer contribution rate for comprehensive universities and the state’s four-year regional universities also remains at 8.55%. Lastly, the employee contribution has also not changed and is 7% of total compensation.
Page 348 of 372
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.
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.
Policy
The Board may retain the following vendors through a competitive bid process 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.:
Page 349 of 372
▪ 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,
ii. Due diligence trips, if necessary,
iii. Any other due diligence deemed necessary prior to the selection of a vendor.
1 See the TRS Investment Policy Statement for the Request for Proposal Policy pertaining to the selection of
investment managers.
Page 350 of 372
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.
“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.
Title 70 O.S. Section 17-106 provides:
(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.
Page 351 of 372
(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.
Title 70 O.S. Section 17-112 provides:
It shall be the duty of the State Auditor and Inspector to audit annually the funds, accounts and
assets of the Teachers' Retirement System.
Policy
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 352 of 372
M E M O R A N D U M
TO: TRS Board of Trustees
FROM: Tom Spencer, Executive Director
DATE: February 22, 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.
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.
Holdover.
HB 1307 (Rep. Meredith) Holdover Bill. A 2% COLA bill for all state pension systems with
fiscal impact that never made it out of committee in 2019, and wasn’t forwarded to the
Legislative Actuary. Position/Staff comments: Monitor. Status: Assigned to House Banking,
Fin. Serv. & Pensions in 2019. After the committee deadline in 2019, there was a proposed
committee substitute filed that was sent to the Legislative Actuary. The bill had been
changed from a COLA bill to a bill that would potentially transfer police officers at every
institution of Higher Education from TRS to the Oklahoma Laws Enforcement Retirement
System. Under this bill TRS would transfer the employee and employer contributions plus
an unspecified amount of interest to OLERS. TRS was just provided a report on Friday,
February 21, 2020 from the Legislative Actuary that it would cost OLERS several million
dollars.
HB 2304 (Rep. Frix; Sen. Pemberton) This is one of two COLA bills that was referred to the
Legislative Actuary in 2019 to study the fiscal impact during the interim. It may be considered
Page 353 of 372
during the 2020 Legislative Session. Filed as an 8% COLA for the retirees of all State pension
systems, a committee substitute with a 2% COLA passed out of the Senate Retirement and
Insurance Committee for referral to the Legislative Actuary. The bill filed in 2019 purported to
have an exception to take the COLA granted out of the provisions of the Oklahoma Pension
Legislation Actuarial Analysis Act (“OPLAAA”). The current version of the bill has no such
exception. If passed retirees receiving benefits as of December 31, 2018, would presumably get a
2% COLA upon the effective date of the bill. Staff position & comments: Oppose if
unfunded. Support if funded. The price tag on a 2% COLA is $250 million. There is no
indication that the authors or others intend to fund the cost of the COLA but that could change.
Status: Referred to the Senate Retirement & Insurance Committee on 4/9/19. The bill was
then referred to the Legislative Actuary on 4/11/19. The Legislative Actuary informed the
Legislature in November of 2019 that the cost of a 2% COLA for TRS was $256,785,500.
The bill is technically still in the Senate for consideration.
HB 2485 (Rep. McCall) An amended version of this bill would grant 4% COLAs in all of the
state retirement systems. The Rules Committee voted to send the bill to the Legislative Actuary
for a determination of the fiscal impact of the bill. It was discussed in an interim study a few
months ago. The bill can be heard in the 2020 session. Staff position & comments: Oppose if
unfunded. Support if funded. The price tag on a 4% COLA is $500 million. There is no
indication that the authors or others intend to fund the cost of the COLA but that could change.
Status: Assigned to House Rules Committee on 2/5/19. The House Rules Committee
adopted a committee substitute on 5/2/2019 with the 4% COLA language. It was then
forwarded to the Legislative Actuary on the same day. The Legislative Actuary informed
the Legislature that the cost of a 4% COLA for TRS was $513,571,000. This bill has yet to
be heard in the full House.
HB 3006 (Rep. Meredith) A 4% COLA for all state pension systems. The bill language doesn’t
attempt to exempt itself from OPLAAA and has already been designated a “fiscal impact bill.”
As such it should not be heard. Staff position & comments: Opposed if unfunded. If passed
the price tag on a 4% COLA would be in excess of $500 million. Probably dead on arrival.
Status: Assigned to the House Banking, Fin. Serv. & Pensions committee 2/4/20.
HB 3497 (Rep. Albright) A 5% COLA for all state pension systems. The bill language doesn’t
attempt to exempt itself from OPLAAA and has already been designated a “fiscal impact bill.”
As such it should not be heard. Staff position & comments: Opposed if unfunded. If passed
the price tag on a 5% COLA would be in excess of $625 million. Probably dead on arrival.
Status: Assigned to the House Rules committee 2/4/20.
HB 3589 (Rep. Roberts, Dustin) This is currently a shell bill called the "Oklahoma Public
Pension Systems Service Crediting Policy Act of 2020." Staff position & comments: Monitor.
Just a shell bill now but worth keeping an eye on. Status: Assigned to the House Rules
committee 2/4/20.
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
Page 354 of 372
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%. Status: Assigned to the House Rules committee 2/4/20. It
is on the Rules Committee agenda for February 25, 2020 at 10:30.
HB 3720 (Rep. Davis) This bill would create a new and lower retirement age for those
becoming members on or after November 1, 2020 and under the age of 30, to a “30 year and out”
rule. All members in this class could retire after serving for 30 years. So a member who is 22 at
date of hire could retire at age 52. Currently the same 22 year old would come under the Rule of
90, minimum age 65. That person would need to work for 38 years before receiving a pension. A
29 year old joining under existing law needs to work for 31 years to be eligible for retirement.
The bill would also completely repeal 70 O.S. §17-116.10 which has several restrictions on TRS
retirees’ ability to return to work. Currently all retirees have to wait a minimum of 60 days to
come back to work in any capacity. The repeal would instantly make TRS out of compliance
under the IRS Code and regulations. It would further remove any income restrictions to what
retirees could earn in retirement. This would have significant cost to TRS as every member who
is eligible to retire could continue working at full pay and receive their full pension. The bill has
already been designated a “fiscal impact bill.” As such it should not be heard. Staff position &
comments: Opposed. In 2015 a similar bill that would have raised salary caps in the first 3 years
of retirement to around $66,000, would have cost to the System around $169 million. Having no
limit would certainly cost even more. Probably dead on arrival. Status: Assigned to the House
Banking, Fin. Serv. & Pensions committee 2/4/20.
HB 3940 (Rep. Lepak) This is currently a shell bill called the Oklahoma Teachers' Retirement
System Amendments Act of 2020." Staff position & comments: Monitor. Just a shell bill now
but worth keeping an eye on. Status: Assigned to the House Banking, Fin. Serv. & Pensions
committee 2/4/20.
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 for
retirees 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 work
at the higher salary maximum. The bill has been designated a “non-fiscal impact bill” because
the bill exempts itself from OPLAAA. Staff position & comments: Monitor & Possibly
Oppose. Our actuary wrote us a letter with an estimate of a $23 million fiscal impact. Status: It
was heard in the House Banking, Fin. Serv. & Pensions committee on 2/19/20. The fiscal impact
was discussed at the committee meeting. The author said it was a “work in progress” and would
likely “strike title” on the House floor. It passed unanimously. TRS staff will continue to discuss
this bill with Rep. Wright and see if he would support SB 1445 and let this die.
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 a
full year after retirements, but then repeals all salary limitations for those retirees who come back
to work. It also makes the minimum salary schedule applicable to retirees returning to work. An
Page 355 of 372
amendment to the bill was approved by the House Rules Committee that local school districts
could bargain on the salaries for these returning retirees. The cost to TRS is unknown. The bill
has 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 raised
salary caps in the first 3 years of retirement to around $66,000, would have cost to the System
around $169 million. The one-year prohibition from retirees returning to work could lower the
cost to TRS potentially. Status: Passed as amended in the House Rules Committee on
Tuesday, Feb. 11.
HB 4030 (Rep. McCall) This is currently a shell bill called the "Teachers' Retirement System
Service Crediting Policy Act of 2020." Staff position & comments: Monitor. Just a shell bill
now but worth keeping an eye on. Status: Assigned to the House Rules Committee on 2/4/20.
SENATE BILLS
SB 1396 (Sen. Stanley) The bill would also completely remove the income restrictions
applicable to retirees who return to work. This would have significant cost to TRS as every
member who was eligible to retire could continue working at full pay and receive their full
pension. The bill has already been designated a “fiscal impact bill.” As such it should not be
heard. Staff position & comments: Opposed. In 2015 a similar bill that would have raised
salary caps in the first 3 years of retirement to around $66,000, would have cost to the System
around $169 million. Having not limit would certainly cost even more. Status: Assigned to the
Senate Retirement & Insurance Committee on 2/6/20.
SB 1445 (Sen. Stanley) 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 will be heard in the Senate Retirement & Insurance Committee on
February 24, 2020.
SB 1513 (Sen. Sharp) This bill would apportion several state revenue sources into the
“Oklahoma Cost of Living Adjustment Revenue Revolving Fund” that is earmarked to pay the
cost for potential COLAs. It would include one-third of the alcoholic beverage excise tax, one-
third of the gross receipts tax levied on a variety of beverages served at certain places, additional
cigarette taxes over what TRS receives now, additional other tobacco taxes, and 50% of the
medical marijuana taxes currently going to common education. Position/Staff comments:
Generally supportive. The author is trying to find revenue to pay the cost of COLAs granted to
TRS retirees. Status: Assigned to Senate Finance Committee on 2/6/20.
SB 1817 (Sen. Sharp) This bill is similar to SB 1513 that apportions several state revenue
sources into the “Oklahoma Cost of Living Adjustment Revenue Revolving Fund.” However this
Page 356 of 372
bill would make the revenue raised be available for all of the state retirement systems.
Position/Staff comments: Generally supportive. The author is trying to find revenue to pay the
cost of COLAs granted to all retirees of the State pension systems. There would be wider support
for this bill. Status: Assigned to the House Rules Committee on 2/5/20.
HOLDOVER BILLS (Most Likely Dead)
HB 2398 (Rep. Canaday) An 8% COLA bill for all state pension systems with fiscal impact that
never made it out of committee in 2019, and wasn’t forwarded to the Legislative Actuary.
Position/Staff comments: Monitor. Status: Assigned to House Banking, Fin. Serv. & Pensions
in 2019.
HB 2486 (Rep. McCall) Identical shell bill to HB 2485 Staff position & comments: Monitor.
Just a shell bill that will probably disappear since HB 2485 is alive for this session. Status:
Assigned to House Rules Committee on 2/5/19.
HB 2488 (Rep. McCall) This bill would make the State minimum salary schedule applicable to
retirees who return to work. Staff position & comments: Monitor. Current law provides that
the minimum salary schedule for teachers doesn’t apply to TRS retirees who return to work for a
TRS employer. We assume the purpose of this language in the current statute is to consider the
fact that the teacher is receiving a retirement benefit in addition to the teacher’s salary. If this bill
passes, any teacher who returns subject to TRS post-retirement salary limits, the minimum salary
schedule will apply. The concern is whether this conflicts with TRS post-retirement salary
limits, and which language would control. Status: Assigned to the House Common Ed.
Committee on 2/5/19.
HB 2537 (Rep. Blancett) A shell bill that creates the “Retirement Savings Account Program
Act of 2019.” Staff position & comments: Monitor. Just a shell bill now but worth keeping an
eye on. Status: Assigned to House Rules Committee 2/5/19.
SB 352 (Sen. Pemberton) – Same as HB 2304 (Rep. Frix) This bill relates to the Oklahoma
Pension Legislation Actuarial Analysis Act & modifies it. It takes the COLA granted by this bill
outside of OPLAAA. It also authorizes an 8% COLA to TRS retirees who were receiving
benefits as of November 30, 2019, effective November 1, 2020. Staff position & comments:
Opposed if unfunded. The price tag on an 8% COLA last year was $850 million, and would
have lowered our funded ratio between 2%-3%. Status: Filed.
SB 488 (Sen. Standridge) – This bill would make a bill granting benefits of any kind, but which
won’t decrease the funded ratio of the affected system below 80%, and make it a “nonfiscal”
retirement bill under the Oklahoma Pension Legislation Actuarial Analysis Act. The bill also
provides for COLAs to be granted in 2020 and every 5 years thereafter, based on the CPI-W after
performing a Qualified Sensitivity Analysis with an actuary that shows the system will still be
100% funded within 40 years. Staff position & comments: Opposed if unfunded. There is no
additional funding provided to pay any cost. Status: Filed.
Page 357 of 372
SB 686 (Sen. Pugh) This bill would amend the Oklahoma Pension Legislation Actuarial
Analysis Act (“OPLAAA”) to permit pension stipends or COLAs without complying with
OPLAAA, if the actuarial effect of passing the bill would not reduce the pension system’s
funded ratio below 90%. Staff position & comments: Monitor. This bill would have no effect
on TRS . . . yet. Status: Assigned to the Senate Retirement & Insurance Committee 2/5/19
SB 697 (Sen. Smalley) This bill permits TRS retirees who go to work for the State Department
of Education on or after November 1, 2020, to remain members subject to Return to Work
restrictions, or join the Oklahoma Public Employees Retirement System. Staff position &
comments: Neutral. Much better than HB 1246 that would exempt TRS retirees completely
from salary restrictions. Status: Assigned to the Senate Retirement & Insurance Committee
2/5/19. HB 1246 from last session was identical to this bill and passed in 2019. No reason this
should be active in 2020.
SB 850 (Sen. Weaver) This bill would give a 7% COLA to TRS retirees who are retired as of
June 30, 2020 and still receiving benefits as of July 1, 2020, However it has an odd provision
that states that these retirees “shall receive a seven percent (7%) increase in the benefits
beginning in July 2008.” This is either a typo or a retroactive increase. Opposed if unfunded.
The price tag on an 8% COLA last year was $850 million so a 7% will still be costly. An 8%
COLA last year would have lowered our funded ratio between 2%-3% so this is in the same
range. Status: Assigned to the Senate Retirement & Insur. Comm. On 2/7/19.
SB 941 (Sen. Pemberton) – This bill would give a stipend to TRS retirees similar to the one
given in 2018 under HB 1340. Since TRS’ funded ratio is between 60% and 80%, it will be 2%
of the gross benefit or $1,000 whichever is less. It would only go to those who have been retired
at least 5 years as of October 1, 2019. Staff position & comments: Monitor. This stipend would
have less impact on TRS than many of the COLA bills that have been introduced. Status: Filed.
Bills Impacting Other Retirement Systems
HB 3291 (Rep. Taylor) This bill affects the Police Pension System. It would change ability of
some municipalities to employ members of a certain age. It is a non-fiscal bill under OPLAAA.
Staff position & comments: Monitor. We would not oppose bills that are only applicable to
another pension system unless our funding sources were jeopardized. Status: Assigned to the
Banking, Fin. Serv. & Pensions committee 2/4/20. Re-assigned to the House Rules
Committee on 2/17/20.
HB 3330 (Rep. Perryman) This bill affects the Police Pension System. It would provide for a
100% disability if the injury was from a violent act against the member of the System. It is
attempting to exempt itself from OPLAAA. Staff position & comments: Monitor. We would
not oppose bills that are only applicable to another pension system unless our funding sources
were jeopardized. Status: Passed out of the Banking, Fin. Serv. & Pensions committee on
2/19/20.
HB 3938 (Rep. Lepak) This is currently a shell bill called the “Oklahoma Uniform Retirement
System for Justices and Judges Amendments Act of 2020." Staff position & comments:
Page 358 of 372
Monitor. This will be used as a vehicle to amend the URSJJ law due to a federal tax
change. Status: Re-assigned to the Bnking, Fin.Serv. Comm. On 2/20/20.
HB 3939 (Rep. Lepak) This is currently a shell bill called the “Oklahoma Public Employees
Retirement System Amendments Act of 2020." Staff position & comments: Monitor. This will
be used as a vehicle to amend the URSJJ law due to a federal tax change. Status: Status: Re-
assigned to the Bnking, Fin.Serv. Comm. On 2/20/20.
HB 4128 (Rep. Roberts, Sean) This bill would amend the general felony forfeiture bill to be
triggered by getting a deferred sentence in a felony case. It would also provide that the person
losing their office and pension pay for the election to elect his or her successor. Staff position &
comments: Monitor. This bill may or may not apply to TRS but staff would have no objection
to its passage. Status: Assigned to the Rules committee 2/4/20.
HB 4129 (Rep. Roberts, Sean) This bill would give COLAs to members of the Firefighters
System. It is a series of 1.1% annual increases from 2021 to 2030. It doesn’t attempt to exempt
itself from OPLAAA and has been deemed a bill with fiscal impact by the Legislative Actuary.
Staff position & comments: Monitor. We would not oppose bills that are only applicable to
another pension system unless our funding sources were jeopardized. Status: Assigned to the
Rules committee 2/4/20.
HB 4137 (Rep. Moore) This bill would raise the health insurance monthly subsidy for OPERS
retirees from $105 to $350 per month. It doesn’t attempt to exempt itself from OPLAAA and has
been deemed a bill with fiscal impact by the Legislative Actuary. Staff position & comments:
Monitor. We would not oppose bills that are only applicable to another pension system unless
our funding sources were jeopardized. In this case the bill could easily be amended to affect the
TRS monthly health insurance subsidy. Status: Laid over in the Banking, Fin. Serv. &
Pensions committee on 2/19/20.
Bills Impacting TRS and Other State Agencies
House Bills
HB 3637 (Rep. O’Donnell) – This bill is a shell bill entitled the “Attorney General Act of
2020.” Staff position & comments: Monitor. Waiting to see what this really is about. Status:
Assigned to the Rules Committee 2/4/20.
HB 3638 (Rep. O’Donnell) – This bill is a shell bill entitled the “Attorney General Legal
Reform Act of 2020.” Staff position & comments: Monitor. Waiting to see what this really is
about. Status: Assigned to the Rules Committee 2/4/20.
HB 3802 (Rep. Frix) – This bill is a shell bill entitled the “Government Efficiency Act." Staff
position & comments: Monitor. Waiting to see what this really is about. Status: Assigned to
the Rules Committee 2/4/20.
Page 359 of 372
HB 4025 (Rep. McCall) – 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 out of the Rules committee 2/4/20.
HB 4128 (Rep. Roberts, Sean) – This bill amends the felony forfeiture statute applying to state
and county officers and employees found at 51 O.S. §24.1. TRS has its own forfeiture statute,
but the general statute “may” have application to TRS members who are state officers or
employees as opposed to local school districts. The bill appears to provide for a forfeited pension
even for deferred sentences received. Staff position & comments: Monitor. Not 100% clear
how this will apply to TRS, if at all. However, TRS has several state officers and state employees
as members. Status: Filed.
Senate Bills
SB 1422 (Sen. Thompson) 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: Filed.
Page 360 of 372
CLIENT SERVICES PERFORMANCE METRICS THROUGH JANUARY 2020
0
200
400
600
800
1000
1200
1400
1600
Num
ber o
f Req
uest
sESTIMATE REQUESTS THROUGH JANUARY 2020
New Requests Completed Outstanding Avg. time to complete = 20.77 Hrs.
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Num
ber o
f Cal
ls
INCOMING CALLS SERVED THROUGH TRS MAIN NUMBER
Total Incoming Answered Routed Abandoned
82%
17%
1%
INFORMATION CENTER PERFORMANCE JANUARY 2020
TOTAL CALLS QUEUED THROUGH THE OTRS
MAIN LINE : 7574
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
1276 Calls Routed Through Menu Options.
6199 Calls Answered. Average Speed of Answer: 14 seconds.Target Speed: 20 Seconds
99 Callers Abandoned in Queue. Average Abandon Time: 6 seconds.
CONFIRMED PORTAL PINs12/31/2019: 31,725January 2020 + 549 Total Confirmed: 32,274
INCOMINGE-MAILS: 375
Page 361 of 372
Count Benefit Total
Average
Benefit
Average Years
of Service
Average
Age
Disability 2 $2,790.47 $1,395.24 20.75 56.50
Normal 94 $158,128.55 $1,682.22 19.58 64.32
Total 96 $160,919.02 $1,676.24 19.60 64.16
195 ($261,781.49) $1,342.47 23.00 81.30
Monthly Retirement Status Report
From 2/1/2020 to 2/29/2020
New Retirements
Terminated Annuities
Page 362 of 372
HR STATUS REPORT 2/26/2020
HR STATUS REPORT
New Hires (January 2020):
n/a
Resignations/Terminations/Retirements (January 2020):
n/a
Promotions/Transfers/Salary Adjustments/Changes (January 2020):
n/a
EMPLOYEE RECOGNITION LUNCHEON
An Employee Recognition Luncheon was held 1/29/2020.
MISCELLANEOUS PAYMENTS
Severance Payments:
n/a
NEW HIRES, RESIGNATIONS, RETIREMENTS OR OTHER CHANGES PENDING
Recruiting for Client Services Manager – Information Center
Resignation of a Retirement Planning Consultant – Information Center (Mar 2020 report)
Page 363 of 372
Employer ReportingAnalysis of Employee and Employer Contributions Received
0 0 01
24
7
0
5
10
15
July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June TOTAL
Number of Delinquent Reports FY20
$0.0
0
$0.0
0
$0.0
0
$19,
654.
02 $272
,681
.22
$436
,775
.21 $7
29,1
10.4
5
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June TOTAL
Estimated Delinquent Funds FY20
$56,
958,
732.
55
$45,
855,
983.
88
$55,
179,
306.
98
$67,
184,
000.
42
$71,
776,
342.
78
$73,
927,
982.
84
$370
,882
,349
.45
$73,
502,
636.
71
$44,
353,
794.
21
$58,
242,
609.
53
$72,
420,
868.
63
$70,
184,
017.
85
$76,
404,
948.
80
$395
,108
,875
.73
$0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June TOTAL
Comparison of Contributions ReceivedFor Five Months Ended December 31, 2018 and December 30, 2019
2019 2020
Page 364 of 372
CURRENT ASSETS:
Cash Not Available For Investment ($3,023,650.50)
Equities (At Market Value) 13,284,272,362.18
Fixed Income (At Market Value) 4,030,290,387.75
Short-Term Investment Account 548,151,249.98
Due From/(To) Broker (228,411,541.45)
Accounts Receivable Installment Payments 1,065,676.61
Prepaid Retirement Benefits 96,373,914.34
Accrued Income 62,246,018.32
Total Current Assets 17,790,964,417.23
CAPITAL ASSETS:
Office Furniture and Equipment 5,265,742.65
Accumulated Depreciation (846,219.00)
TOTAL ASSETS $17,795,383,940.88
CURRENT LIABILITIES:
Teachers' Savings Fund $5,649,240,720.27
Retirement Benefit Fund 11,181,983,493.96
Interest Fund 885,292,118.66
Expense Fund 17,731,851.49
Suspense Fund 55,679,720.53
Total Current Liabilities 17,789,927,904.91
TRS Capital Investment 5,456,035.97
TOTAL LIABILITIES AND CAPITAL INVESTMENT $17,795,383,940.88
BALANCE SHEET
JANUARY 31, 2020
Page 365 of 372
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 168,731,373.36 159,441,653.81 5.83%
Employer Contributions 253,904,227.89 243,265,819.92 4.37%
State Credits 18,665,490.66 14,856,164.50 25.64%
Reimbursed Administrative 2,233.00 3,605.09 -38.06%
Matching Funds from Schools 16,049,693.30 15,286,041.08 5.00%
Lottery Revenue 2,567,726.99 2,996,514.00 -14.31%
Cigarette Sales Tax Revenue 840,991.26 780,116.60 7.80%
Dedicated Revenue 203,514,445.63 191,597,909.31 6.22%
Total Retirement Receipts 664,276,182.09 628,227,824.31 5.74%
Interest Income (Fixed Income and Short-Term) 110,916,343.48 108,855,107.41 1.89%
Dividend Income 103,189,973.13 116,028,925.18 -11.07%
Net Realized Gain/(Loss) 470,210,489.62 150,168,747.97 213.12%
Net Unrealized Gain/(Loss) 218,198,441.34 (547,144,782.56) 139.88%
Investment Operations Income:
Class Action Lawsuit Proceeds 58,587.44 189,233.57 -69.04%
Other Income 17,980.15 (4,151,272.44) 100.43%
Securities Lending Income 3,654,633.40 3,848,304.75 -5.03%
Total Investment Income 906,246,448.56 (172,205,736.12) 626.26%
TOTAL RECEIPTS 1,570,522,630.65 456,022,088.19 244.40%
DISBURSEMENTS:
Retirement Benefits 801,813,384.98 802,477,841.94 -0.08%
Insurance Premiums Paid for Retirees 21,401,074.87 21,176,190.24 1.06%
Death Benefits 12,671,153.19 11,831,972.41 7.09%
Withdrawals of Accounts 23,988,053.72 25,713,626.88 -6.71%
Total Benefit Payments 859,873,666.76 861,199,631.47 -0.15%
Administrative Expense:
General Operations 3,137,306.53 3,215,344.15 -2.43%
Investment Expense 21,767,457.59 24,399,700.63 -10.79%
Total Administrative Expenses 24,904,764.12 27,615,044.78 -9.81%
TOTAL DISBURSEMENTS 884,778,430.88 888,814,676.25 -0.45%
NET INCREASE/(NET DECREASE) 685,744,199.77 (432,792,588.06) 258.45%
Balance of Cash and Investments, January 31 $17,790,964,417.23 $16,151,779,211.85
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
FOR THE SEVEN MONTHS ENDED JANUARY 31
Page 366 of 372
FY-2019 YTD FY-2020 YTDActual Actual Increase Increase
Expenditures Expenditures (Decrease) (Decrease)Object of Expenditure 1/31/2019 1/31/2020 Amount Percentage
Personnel ServicesSalary and Longevity Pay Expenses 1,460,246 1,513,366 53,120 3.6%Taxes, Benefits, and Other Expenses 702,795 726,665 23,870 3.4%
Subtotal Personnel Services 2,163,041 2,240,031 76,990 3.6%Professional Services
Investment Consultant Expenses 469,448 580,238 110,790 23.6%Investment Manager Alternatives Expense 0 125,000 125,000 0.0%Investment Custodian Expenses 7,000 0 (7,000) 0.0%Pension Commission Expenses 12,856 13,115 259 2.0%
Subtotal Investment Expenses 489,304 718,353 229,049 46.8%Legal Services - Special Projects 24,708 17,628 (7,080) -28.7%Legal Services - Attorney General 0 0 0 0.0%Administrative Hearings 0 0 0 0.0%Auditing Services 143,504 98,977 (44,527) -31.0%Actuarial Services 37,557 42,300 4,743 12.6%Medical Hearings 4,500 4,500 0 0.0%Communications Firm 0 0 0 0.0%Contract Lobbyist 22,500 0 (22,500) 0.0%Disability Retirement Management 0 0 0 0.0%Miscellaneous Services 19,025 11,125 (7,900) -41.5%
Subtotal Professional Services 251,794 174,530 (77,264) -30.7%Total Professional Services 741,098 892,883 151,785 20.5%
Travel and Per Diem ExpensesNon-Employee Travel Expenses 7,621 6,712 (909) -11.9%Employee Training 9,556 8,238 (1,318) -13.8%Employee Travel Expenses 14,099 10,733 (3,366) -23.9%
Subtotal Travel and Per Diem Expenses 31,276 25,683 (5,593) -17.9%Administrative Expenses
Postage 122,295 96,749 (25,546) -20.9%Printing and Binding Contracts 11,950 14,072 2,122 17.8%Informational Services 9,194 12,136 2,942 32.0%Rent and Maintenance 81,732 102,188 20,456 25.0%Office Supplies 11,725 12,089 364 3.1%Equipment 0 0 0 0.0%Office Relocation 0 0 0 0.0%Miscellaneous Administrative Expenses 22,781 16,554 (6,227) -27.3%
Subtotal Administrative Expenses 259,677 253,788 (5,890) -2.3%Data Processing Expenses
Professional Services 260,821 255,476 (5,345) -2.0%Telecommunication Services 3,315 4,134 819 24.7%Rent and Maintenance 2,064 3,856 1,792 86.8%Office Supplies 461 119 (342) -74.2%Equipment - Telecommunications 38,755 26,228 (12,527) -32.3%Informational Services 0 0 0 0.0%
Subtotal Data Processing Expenses 305,416 289,813 (15,603) -5.1%
Total Expenses 3,500,508 3,702,198 201,689 5.8%Total Investment Expenses Only 489,304 718,353 229,049 46.8%Total Data Processing Expenses Only 305,416 289,813 (15,603) -5.1%Total except Investment & Data Processing Expenses 2,705,788 2,694,032 (11,757) -0.4%
Wednesday, February 26, 2020
SCHEDULE IComparison of Actual Expenditures Fiscal Year 2019 and Fiscal Year 2020
7 Months Ended January 31, 2020
Page 367 of 372
7 Months 7 Months Over OverFY-2020 YTD FY-2020 YTD (Under) (Under)
Object of Expenditure Budget Actual Amount PercentagePersonnel Services
Salary and Longevity Pay Expenses 1,613,487 1,513,366 (100,121) -6.2%Taxes, Benefits, and Other Expenses 825,037 726,665 (98,372) -11.9%
Subtotal Personnel Services 2,438,524 2,240,031 (198,493) -8.1%Professional Services
Investment Consultant Expenses 691,942 676,944 (14,998) -2.2%Investment Manager Alternatives Expense 291,669 125,000 (166,669) -57.1%Investment Custodian Expenses 21,000 0 (21,000) 0.0%Pension Commission Expenses 35,000 13,115 (21,885) -62.5%
Subtotal Investment Expenses 1,039,611 815,059 (224,552) -21.6%Legal Services - Special Projects 58,335 17,628 (40,707) -69.8%Legal Services - Attorney General 4,375 0 (4,375) 0.0%Administrative Hearings 3,750 0 (3,750) 0.0%Auditing Services 268,204 98,977 (169,227) -63.1%Actuarial Services 68,600 42,300 (26,300) -38.3%Medical Hearings 8,750 4,500 (4,250) -48.6%Communications Firm 29,169 0 (29,169) 0.0%Contract Lobbyist 26,250 0 (26,250) 0.0%Disability Retirement Management 29,169 0 (29,169) 0.0%Miscellaneous Services 16,790 11,125 (5,665) -33.7%
Subtotal Professional Services 513,392 174,530 (338,862) -66.0%Total Professional Services 1,553,003 989,589 (563,414) -36.3%
Travel and Per Diem ExpensesNon-Employee Travel Expenses 25,300 6,712 (18,588) -73.5%Employee Training 15,809 8,238 (7,571) -47.9%Employee Travel Expenses 17,660 10,733 (6,927) -39.2%
Subtotal Travel and Per Diem Expenses 58,769 25,683 (33,086) -56.3%Administrative Expenses
Postage 114,000 96,749 (17,251) -15.1%Printing and Binding Contracts 51,166 14,072 (37,095) -72.5%Informational Services 9,791 12,136 2,345 24.0%Rent and Maintenance 97,766 102,188 4,422 4.5%Office Supplies 18,135 12,089 (6,046) -33.3%Equipment 7,000 0 (7,000) 0.0%Office Relocation 100,000 0 (100,000) 0.0%Miscellaneous Administrative Expenses 39,135 16,554 (22,581) -57.7%
Subtotal Administrative Expenses 436,993 253,788 (183,206) -41.9%Data Processing Expenses
Professional Services 614,839 255,476 (359,363) -58.4%Telecommunication Services 17,886 4,134 (13,752) -76.9%Rent and Maintenance 18,900 3,856 (15,044) -79.6%Office Supplies 3,956 119 (3,837) -97.0%Equipment - Telecommunications 30,925 26,228 (4,697) -15.2%Informational Services 2,460 0 (2,460) 0.0%
Subtotal Data Processing Expenses 688,966 289,813 (396,693) -57.6%
Total Expenses 5,176,255 3,798,904 (1,374,891) -26.6%Total Investment Expenses Only 1,039,611 815,059 (224,552) -21.6%Total Data Processing Expenses Only 688,966 289,813 (396,693) -57.6%Total except Investment and Data Processing Expenses 3,447,678 2,694,032 (753,647) -21.9%
Wednesday, February 26, 2020
SCHEDULE IIComparison of FY2020 Budget to Actual Expenses
7 Months Ended January 31, 2020 Year to Date Comparison
Page 368 of 372
Travel of Employees
Director of Client Services Retirement presentation - Elk City, OK 116.00$ 116.00
Communications
AT&T Wireless, OneNet phone service charges 1,696.71 Bancfirst Remote deposit scanner service charges - December 18.68 Cox Communications Cable charges - December 49.58 eCapitol Subscription 2,800.00 JP Morgan Chase Bank, NA Account analysis bank fees 696.00Office of Management and Enterprise Services Server, disk storage, scanning & network support 15,822.88Thomson West Legal information services subscription 287.24
21,371.09
Contingency, Maintenance, Insurance, Rent, Etc.
Amazon Marketplace Office/kitchen supplies 91.83 Department of Libraries Records storage: November 478.50 Ethics Commission TRS lobbyist registration 300.00 Imagenet Consulting LLC Desktop printer maintenance and usage: November 511.19 NASRA - (Nat'l. Assoc. of State Retirement Admin.) Annual membership renewal - Executive Director 4,110.00 Office of Management and Enterprise Services Office rent - January 2020 13,195.27 Oklahoma Assoc. of Procurement Professionals Membership dues - Business Manager 40.00 Oklahoma Bar Association Annual dues - General Counsel 290.00 Public Pension Financial Forum (P2F2) Membership Renewal: Assistant CFO 200.00 Oklahoma State Treasurer Unclaimed Property services 10/1 - 12/31/2019 750.00 SHI International Corp. Adobe Pro licenses 1,921.00 Standley Systems, LLC Copier Leases - October - December 4,656.28 Tulsa Technology Center Retirement seminar refreshments and venue 1,409.00
27,953.07
CLAIMS FOR AUTHORIZED EXPENDITURESJANUARY 31, 2020
Page 369 of 372
Professional Services, Workers Comp Insurance
Gabriel, Roeder, Smith, & Co. Actuarial services - December 5,716.67$ ICE Miller Legal fees -November 935.85 J. P. Livingston, MD Medical Board - January 300.00 MY Consulting Inc. ALICE/Client server development - December 24,382.50 Office of Management and Enterprise Services Interagency mail/postage/printing 8,153.32 Peyton Osborne, MD Medical Board - January 300.00 Phillips Murrah, PC Services rendered - AEW Core Property Trust, AG Realty Value Fund 5,325.00 Stinnett & Associates LLC Internal Audit services: December 1,667.50 The Meadows Document destruction 320.62
47,101.46
Investment Expenditures
Andco Investment Consulting svcs. - December 96,706.34 Meketa Investment Group Private market admin. svcs. - November - December 50,000.00
146,706.34
Salaries and Fringe Benefits
Salaries Administrative department 43,846.63 Salaries Finance/Accounting department 36,658.15Salaries Client Services department 98,504.19Salaries Investment department 22,073.41Salaries IT department 6,940.51Longevity Payroll 250.00Excess Benefit Allowance 1,594.01FICA/MQFE Social Security and Medicare 16,070.25Oklahoma State Deferred Savings Incentive Plan Savings incentive plan and administrative fee 1,023.84Oklahoma Group Insurance Employee health, dental, and life 42,772.06Teachers' Retirement System of Oklahoma Employees' retirement contributions 44,556.64
314,289.69
Grand Total 557,537.65$
JANUARY 31, 2020CLAIMS FOR AUTHORIZED EXPENDITURES
Page 370 of 372
Deputy Executive Director of Operations Report
February 2020 Board Meeting
1. Progress is being made with the upgrade project of the 8 servers for the Pension Administration
System. OMES has completed their part and now My Consulting Group is configuring the
pension administration software.
2. TRS provided the first file to the Treasurer for unclaimed property which will be made available
to the public in March. We have received one claim from an internal match made by the
Treasurer.
3. ALICE enhancements last month were mostly for correcting defects. Some new features are
added as deemed necessary, especially in areas of automation. We are now generating letters
automatically each month and able to process 170 letters within a day, to notify members when
their account has become Closed 5-year status so they have the opportunity to withdraw or roll-
over their funds. Previously this was a manual process with multiple steps done over a long
period of time.
4. OMES performed their first scheduled site visit in January for network connectivity to the new
building and provided a preliminary statement of work for cabling, network configuration,
telephony and workstation moves. There will be another site visit once the floor plans are
finalized.
5. OMES and My Consulting Group have outstanding items in progress regarding the cybersecurity
audit. We continue to monitor the progress and request updates. Some of the tasks for My
Consulting Group are dependent on OMES. We have asked OMES for an update.
Page 371 of 372
GENERAL COUNSEL REPORT FEBRUARY 2020 SARAH GREEN
1. Securities Litigation
a. Action in Motion to Dismiss phase. Briefing cycle completed 11.8.19.
b. Still awaiting scheduling of oral arguments.
2. 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).
3. Harvey Parkway Building
c. Arcadia Capital – currently occupying 9,075 sq. ft. of space on the 4th floor – would
now like to move to the 6th floor and occupy 12,044 sq. ft. of space as of 4.1.20.
We are currently in lease negotiations but nearing finalization.
d. Our property manager responded to an RFP from the Dept. of Tourism for 25,000
sq. ft. of space.
4. Misc.
a. American Realty Advisors
b. Ghost – We have officially retained a communications firm. We are under
contract with Ghost for communications services beginning March 1, 2020, thru June
30, 2020. Negotiated 4 additional renewals costing approximately $50,000 annually.
c. Eide Bailly – We negotiated a final contract with Eide Bailly as our External
Auditor beginning July 1, 2020, subject to 4 additional annual renewals. We
have negotiated a slight fee reduction from the proposal of $502,100 to $494,800
(savings of $7,300) over the 5-year period.
d. AG Opinion – Federal/External Grant Matching – AG Opinion expected anytime
between late March to May.
Page 372 of 372
M E M O R A N D U M
TO: The Board of Trustees of TRS
FROM: Tom Spencer, Executive Director
DATE: February 25, 2020
RE: Monthly Report for January 22, 2020 through February 24, 2020 -------------------------------------------------------------------------------------------------------------------- Here are a few of the highlights of my activities since my last report at the January Board meeting.
1. Investments (Office Building)a. Tenants - Contango (the purchaser of White Star’s assets) and Intensity Midstream are newtenants that came to us last month. Contango is considering expanding in the building. We’vehad interest from other tenants in the remaining space. We are closer to a lease with ArcadiaCapital on the 6th floor for more space than they had on the 4th floor. They might want toremainder of the 6th floor.b. TRS space – We have a presumptive final space plan on 5th floor with demolition of some ofthe older parts of that floor. We need to get our space plan and lease (with ourselves) approvedby OMES.c. Fitness Center – There is a high likelihood that we could keep the fitness center open for ourtenants. Apparently several of the tenant staff have indicated that they really want to have accessto it and will pay. We are negotiating a possible acquisition of the equipment that is there whichappears to be of very good quality.d. What’s Left? A lot – Bids to do the construction work, paint and carpet are in the near future.Possible acquisition of some new furniture and equipment. OMES I.T. will be installing cabling,ports and WiFi equipment. We will be building out the conference room on the first floor thatwill be a shared space for all tenants. And finally a moving company will be selected to bring thefurniture, equipment and files from our current office.
2. Legislation – I won’t repeat my Legislative Report. I have attended many committee meetingsalong with many legislator meetings. I met with a group of three (3) Tulsa legislators who are allformer educators. I went over my legislation list and they want to be helpful. I have had toconsult with our actuary on a few of the pending pieces of legislation.
3. Communications – We have entered into a contract with a communications firm calledGhost. It is up to a 5 year contract. We interviewed many good firms but we think this firm willbe the best fit. The highest priority is our online presence on our website, Facebook and othersocial media. But they will also improve our publications like the newsletter, PAFR & CAFR, aswell as online educational material. A kickoff meeting with the firm is scheduled next week.
4. HR/Personnel – Kim has already reported on this but I did my mid-year reviews with my fourdirect reports. We also will need to replace two long-time staffers who are retiring. We intend to“double fill” these positions so that the incumbents can train their successors if necessary. We
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2
have had a slow drip (thankfully) of the Baby Boomers leaving, but it may start to pick up over the next year or three.
5. Internal Audit (Stinnett)a. Cyber Security - The new head of the I.T. section of OMES was promoted to be the head ofall of OMES. Unfortunately the progress on audit responses has slowed to a crawl.b. Outstanding Items on Past – Stinnett sent a relatively short list of items that were stilloutstanding from prior audits. We have responded to all of those and I’m sure there will be areport on this in April.c. Governance Audit – Stinnett started a “Governance” Audit a week or so ago. The idea is toreview how staff make decisions and the necessary review that takes place. It will also includeBoard governance as well.
6. Miscellaneous – We entered into a contract several months ago with the State Treasurer’soffice so that we could give that office the names of members and past members with whomwe’ve lost contact and are holding contribution balances or who are eligible for a pension. Wegot our first claim earlier this month and are in contact with the claimant.
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