TEACHERS’ RETIREMENT SYSTEM OF OKLAHOMA Investment ... · Update. November 30, 2015. ... Global Industrials Agg ... Founded: January of 2003 AUM 10.31.2015: $3.6 billio n MLP AUM

TEACHERS’ RETIREMENT SYSTEM OF OKLAHOMA

Investment Committee Meeting

Tuesday, December 15, 2015 – 3:00 PM

TRS Administration Board Room

2500 N. Lincoln Blvd., 5th

Floor, Oklahoma City, OK

AGENDA

1. CALL TO ORDER

2. DISCUSSION AND POSSIBLE ACTION ON INVESTMENT CONSULTANT

MONTHLY REPORT

3. DISCUSSION AND POSSIBLE ACTION ON INVESTMENT CONSULTANT

QUARTERLY 403(B) REPORT

4. DISCUSSION AND POSSIBLE ACTION ON MANAGER STATUS REPORT

INCLUDING ADVISORY RESEARCH, INC.

5. PRESENTATION BY FRANKLIN PARK

6. DISCUSSION AND POSSIBLE ACTION ON COMMITMENT TO FRANKLIN PARK

7. DISCUSSION AND POSSIBLE ACTION ON INTERNATIONAL EQUITY DUE

DILIGENCE MEETINGS INCLUDING POSSIBLE SELECTION OF FINALISTS

8. DISCUSSION ON CHIEF INVESTMENT OFFICER REPORT

9. QUESTIONS AND COMMENTS FROM TRUSTEES

10. ADJOURNMENT

ALL BOARD MEMBERS ARE ENCOURAGED TO ATTEND INVESTMENT

COMMITTEE MEETINGS

INVESTMENT COMMITTEE:

Chair: Vernon Florence

Members: Bill Peacher, Roger Gaddis, Jill Geiger, Gary Trennepohl

1

Market U

pdateNovem

ber 30, 2015

Market O

verview (D

omestic Equity vs. D

omestic Fixed)

2015 Market D

aily Index Total Return Performance

‐‐

Broad Equity Market O

verview‐‐‐‐‐‐

Broad Fixed Market O

verview‐‐

2015 Market M

onthly Index Total Return Performance

1/31/152/28/15

3/31/154/30/15

5/31/156/30/15

7/31/158/31/15

9/30/1510/31/15

11/30/1512/31/15

YTD‐

Russell 1000‐2.75%

5.78%‐1.25%

0.71%1.31%

‐1.88%1.93%

‐6.02%‐2.74%

8.09%0.33%

2.77%Russell 2000

‐3.22%5.94%

1.74%‐2.55%

2.28%0.75%

‐1.16%‐6.28%

‐4.91%5.63%

3.25%0.64%

‐MSCI AC W

orld Index EX USA

‐0.15%5.35%

‐1.62%5.05%

‐1.56%‐2.79%

‐0.28%‐7.64%

‐4.64%7.44%

‐2.06%‐3.85%

BC Agg2.10%

‐0.94%0.46%

‐0.36%‐0.24%

‐1.09%0.70%

‐0.14%0.68%

0.02%‐0.26%

0.88%BC G

lobal Agg ex USD

‐1.84%‐0.78%

‐2.08%2.17%

‐3.02%0.09%

‐0.14%0.35%

0.43%0.32%

‐2.78%

‐7.17%Equity Sector Perform

ance For The Month

‐The top three perform

ing sectors for large cap domestic equities w

ere:Equity Sector Perform

anceMonth‐To‐D

ateYear‐To‐Date

Russell 1000Russell 2000

ACWI ex U

SARussell 1000

Russell 2000ACW

I ex USA

‐The bottom

three performing sectors for large cap dom

estic equities were:

Energy‐0.27%

‐0.270.20%

0.20‐2.84%

‐2.84‐13.16%

‐13.16‐27.08%

‐27.08‐15.77%

‐15.77

Materials

0.69%0.69

1.42%1.42

‐4.45%‐4.45

‐4.90%‐4.90

‐14.65%‐14.65

‐17.01%‐17.01

Industrials0.86%

0.863.57%

3.57‐0.69%

‐0.69‐0.59%

‐0.59‐5.57%

‐5.57‐0.68%

‐0.68


ing sectors for small cap dom

estic equities were:

Consumer Discretionary

‐0.39%‐0.39

‐1.52%‐1.52

‐2.00%‐2.00

10.54%10.54

‐6.72%‐6.72

0.92%0.92

Consumer Staples

‐1.22%‐1.22

2.19%2.19

‐1.27%‐1.27

2.97%2.97

1.94%1.94

6.54%6.54

Health Care

‐0.01%‐0.01

8.68%8.68

‐1.64%‐1.64

5.47%5.47

10.90%10.90

4.55%4.55

‐The bottom

three performing sectors for sm

all cap domestic equities w

ere:Financials

1.83%1.83

3.52%3.52

‐2.49%‐2.49

1.59%1.59

5.16%5.16

‐6.98%‐6.98

Information Technology

0.92%0.92

4.19%4.19

0.06%0.06

8.29%8.29

8.18%8.18

‐0.39%‐0.39

Telecommunication Services

‐1.90%‐1.90

2.18%2.18

‐2.18%‐2.18

1.72%1.72

2.86%2.86

‐2.21%‐2.21


ing sectors for international equities were:

Utilities

‐2.12%‐2.12

‐2.40%‐2.40

‐5.25%‐5.25

‐7.42%‐7.42

3.57%3.57

‐9.92%‐9.92

‐The bottom

three performing sectors for international equities w

ere:Fixed Sector &

Quality Perform

ance M

onth‐To‐Date

Year‐To‐DateBC Agg.

Global ex U

SDBC Agg.

Global ex U

SDTreasury

‐0.40%‐0.40

‐2.70%‐2.70

1.03%1.03

‐6.50%‐6.50

MBS

‐0.14%‐0.14

‐3.64%‐3.64

1.56%1.56

‐10.12%‐10.12

Fixed Income Sector Perform

ance For The Month

Corporate‐0.22%

‐0.22‐2.87%

‐2.87‐0.01%

‐0.01‐9.45%

‐9.45

‐The sector perform

ance for domestic fixed incom

e in order of best performing to w

orst was:

Aaa‐0.28%

‐0.28‐3.18%

‐3.181.25%

1.25‐10.35%

‐10.35

MBS (return ‐0.14%

), Corporate (return ‐0.22%) and Treasury (return ‐0.40%

)Aa

‐0.01%‐0.01

‐2.92%‐2.92

1.34%1.34

‐7.42%‐7.42

‐The sector perform

ance for Global ex U

S fixed income in order of best perform

ing to worst w

as:A

‐0.01%‐0.01

‐2.20%‐2.20

0.95%0.95

‐4.15%‐4.15

Treasury (return ‐2.70%), Corporate (return ‐2.87%

) and MBS (return ‐3.64%

)Baa

‐0.48%‐0.48

‐3.37%‐3.37

‐1.38%‐1.38

‐9.38%‐9.38

For the year, domestic fixed securities are outperform

ing global fixed ex US securities w

ith the BC Agg returning 0.88%

.

On a year‐to‐date basis, large cap dom

estic equities are the best performing equity asset

class with the Russell 1000 returning 2.77%

.Sm

all cap domestic equities are trailing large cap dom

estic equities for the ye ar (by ‐2.13%)

with the Russell 2000 Index returning 0.64%

.For the year, international equities are trailing both large cap dom

estic equities (by ‐6.62%)

and small cap dom

estic equities (by ‐4.49%) w

ith the ACWI ex U

SA Index returning ‐3.85%.

For the month, dom

estic fixed securities outperformed global fixed ex U

S securities, wi th the

BC Agg returning ‐0.26%.

Global fixed ex U

S trailed domestic fixed (by ‐2.51%

) for the month w

ith the Global Agg ex U

S returning ‐2.78%

.

For the month, large cap dom

estic equities outperformed dom

estic fixed income w

ith the Russell 1000 Index returning 0.33%

versus ‐0.26% for the Barclays Aggregate Index.

Fo r the year, the Russell 1000 Index is outperforming the Barclays Aggregate Index w

ith a return of 2.77%

vs. 0.88%, respectively.

Small cap dom

estic equities were the best equity perform

ers for the month w

ith the Russell 2000 Index returning 3.25%

.Large cap dom

estic equities underperformed sm

all cap domestic equities for the m

onth (by ‐2.92%

) with the Russell 1000 Index returning 0.33%

.For the m

onth, international equities underperformed both sm

all cap domestic equities (by ‐

5.32%) and large cap dom

estic equities (by ‐2.39%) w

ith the ACWI ex U

SA Index returning ‐2.06%

.Utilities (return ‐5.25%

), Materials (return ‐4.45%

) and Energy (return ‐2.84%)

Year‐to‐date, global fixed ex US sec urities are trailing dom

estic fixed securities by ‐8.04%

with the G

lobal Agg ex US returning ‐7.17%

.

Financials (return 1.83%), Inform

ation Technology (return 0.92%) and Industrials

(return 0.86%)

Utilities (return ‐2.12%

), Telecommunication Services (return ‐1.90%

) and Consumer

Staples (return ‐1.22%)

Health Care (return 8.68%

), Information Technology (return 4.19%

) and Industrials (return 3.57%

)

Utilities (return ‐2.40%

), Consumer Discretionary (return ‐1.52%

) and Energy (return 0.20%

)

Information Technology (return 0.06%

), Industrials (return ‐0.69%) and Consum

er Staples (return ‐1.27%

)

‐15.00%

‐10.00%

‐5.00%

0.00%

5.00%

10.00%

15.00%1/1/20152/1/2015

3/1/20154/1/2015

5/1/20156/1/2015

7/1/20158/1/2015

9/1/201510/1/2015

11/1/201512/1/2015

Russell 1000Russell 2000

MSCI ACW

I Ex USA N

R USD

BC US Agg

BC Gbl Agg Ex U

SD

See page 2 for disclosures1 | Page

© 2015 The Bogdahn G

roup

2

Manager Profile - C

hickasaw C

apital Managem

entN

otes:A

sset Class:

Status:Portfolio Size:Inception D

ate:Initial Fund

ing:Subsequent Fund

ing:A

nnual Managem

ent Fee:Fees Paid

12 Month Trailing:

Location:Structure:Portfolio M

anagement Team

:

Founded

: October of 1993

AUM

10.31.2015: $3.2 billio nM

LP AUM

10.31.2015: $2.8 billionRepresented

by:

Return ProfileLast 10 Years

Last 5 YearsLast 3 Years

Last YearLast Q

uarterLast M

onthC

hickasaw M

LP-

-10.4

-28.1-17.0

-7.0A

lerian MLP

--

-3.3-34.0

-14.6-8.1

Risk Characteristics

Num

ber of Holdin gs

Average M

kt Cap

Divid

end Yield

Chickasaw

MLP

25$8.6 billion

5.4%A

lerian MLP

50$16.4 billion

8.4%

Contact Inform

ation:

Principal

901-537-1866

Principal

901-537-1866

David

Fleischer

David

Fleischer, Principal

Geoffrey M

avar, Principal

Geoffrey M

avar, PrincipalM

atthew M

ead, Principal

david

.fleischer@chickasaw

cap.com

Geoffrey M

avar

gmavar@

chickasawcap.com

Robert Walker, Principal

David

Fleischer, Principal

Master Lim

ited Partnership

In Com

pliance$287,581,172

2/28/2011$122,500,000

0.65%

100% Em

ployee Ow

ned by 5 em

ployeesM

emphis, Tennessee

$59,800,000

Chickasaw

attempts to use their team

’s significant knowled

ge base and ind

ustry relationships to develop

superior portfolios. The group begins with an energy point of view

which guid

es their outlook for valuation of M

LP market sectors. Business prospects are assessed

for each MLP in the universe. Portfolio m

anagers then d

etermine position size and

individ

ual price targets.

$2,518,193

As of N

ovember 30, 2015

3

Manager Profile - C

ushing MLP

Notes:

Asset C

lass:Status:Portfolio Size:Inception D

ate:Initial Fund

ing:Subsequent Fund

ing:A

nnual Managem

ent Fee:Fees Paid

12 Month Trailing:

Location:Structure:Portfolio M

anagement Team

:

Founded

: January of 2003A

UM 10.31.2015: $3.6 billio n

MLP A

UM 10.31.2015: $2.5 billion

Represented by:

Return ProfileLast 10 Years

Last 5 YearsLast 3 Years

Last YearLast Q

uarterLast M

onthC

ushin g MLP

--

7.3-30.0

-18.1-7.4

Alerian M

LP-

--3.3

-34.0-14.6

-8.1

Risk Characteristics

Num

ber of Holdin gs

Average M

kt Cap

Divid

end Yield

Cushing M

LP28

$11.3 billion5.5%

Alerian M

LP50

$16.4 billion8.4%

Contact Inform

ation:

Portfolio Manager

214-635-1665

Portfolio Manager

214-635-1688

Relationship Manager

214-635-1675

Ad

am Evans

Libby Toudouze, Portfolio M

anagerJohn M

us grave, Portfolio Manager

Master Lim

ited Partnership

In Com

pliance

0.47%

Privately Held

$268,308,5232/28/2011

Dallas, Texas

$122,500,000$104,287,144

Cushing attem

pts to build d

iversified M

LP portfolios with the objective of provid

ing investors low to m

id teen

total returns through yield and

capital appreciation. They offer long-only clients three portfolio structures accord

ing to their risk tolerance. The process incorporates the following research approaches: fund

amental

analysis, qualitative analysis portfolio mana

gement and

a risk managem

ent overlay. Found

ed in 2002, C

ushing began managing M

LP portfolios in 2003. The firm initially focused

on MLP and

energy related

hedge fund

s before shifting to more separately m

anaged accounts.

adam

.evans@sw

ankcapital.com

$1,293,457

John Musgrave, Portfolio M

anagerA

dam

Evans, Relationship Mana ger

Libby Toudouze

libby@sw

ankcapital.com

John Musgrave

jmusgrave@

swankcapital.com

Libby Toudouze, Portfolio M

anager

As of N

ovember 30, 2015

4

Monthly A

sset Allocation Review

Asset C

lass Total M

arket Value

Current Percentage

New

Target Percentage

Difference

Notes

All C

ap/Large Cap

2,660,855,777

19.4%17.0%

2.4%M

id C

ap2,072,625,055

15.1%

13.0%2.1%

Small C

ap1,467,280,382

10.7%

10.0%0.7%

Total Domestic Equity

6,200,761,214

45.2%40.0%

5.2%

Large Cap International Equity

1,331,138,373

9.7%11.5%

-1.8%Sm

all Cap International Equity

841,394,208

6.1%6.0%

0.1%Total International Equity

2,172,532,580

15.8%17.5%

-1.7%

Core Fixed Incom

e2,146,712,369

15.6%

17.5%-1.9%

High Yield Fixed

Income

768,128,945

5.6%6.0%

-0.4%M

LPs792,193,341

5.8%

7.0%-1.2%

Private Equity606,146,402

4.4%

5.0%-0.6%

Capital calls progressing.

Real Estate836,789,041

6.1%

7.0%-0.9%

New

portfolio structure underw

ay.O

pportunistic Assets

162,042,339

1.2%0.0%

1.2%Total N

on-Core A

ssets3,165,300,068

23.1%

25.0%-1.9%

Cash

35,369,282

0.3%0.0%

0.3%

Com

posite13,720,675,513

100.0%

100.0%0.0%

Excess allocation bound for Private Equity and

Real Estate.

International equity allocation currently under

review.

As of N

ovember 30, 2015

5

Total Fund + Class C

omposite Sum

mary

As of N

ovember 30, 2015

Market Value

Inception Date Tim

e Since Inception (Years)

Since Inception10 Years

5 Years3 Years

1 YearC

alendar YTDLast Q

uarterLast M

onth

Total Fund (Gross of Fees)

13,720,675,513

12/1/199124.0

9.47.4

10.010.6

-0.7-0.5

0.5-0.3

Total Fund (Net of Fees)

9.07.0

9.610.2

-1.1-0.7

0.4-0.3

Allocation Ind

ex9.0

6.38.9

8.9-1.1

-0.61.6

-0.4A

ctuarial Assum

ption8.0

8.08.0

8.08.0

6.21.9

0.6

Total Dom

estic Equity6,200,761,214

4/1/1990

25.710.7

7.813.5

16.41.0

0.53.1

1.2S&

P 50045.2%

9.67.5

14.416.1

2.73.0

6.10.3

Total All C

ap Equity985,849,669

9/1/2006

9.37.2

-13.0

15.40.7

0.34.2

0.7Russell 3000

7.2%7.6

-14.1

16.02.6

2.65.3

0.6

Total Large Cap A

ctive Equity1,185,646,804

1/1/1995

20.910.3

7.014.9

17.30.4

0.23.5

0.4S&

P 5008.6%

9.67.5

14.416.1

2.73.0

6.10.3

Total Mid

Cap Equity

2,072,625,055

11/1/199817.1

10.19.4

14.117.5

1.10.4

2.00.5

Russell Mid

Cap

15.1%9.3

8.413.6

16.10.5

0.22.6

0.3

Total Small C

ap Equity 1,467,280,382

2/1/1998

17.89.1

7.911.3

15.91.5

0.52.8

3.3Russell 2000

10.7%7.3

7.312.0

14.93.5

0.63.7

3.3

Total International Equity2,172,532,580

2/1/1998

17.88.4

4.96.3

7.50.1

2.70.9

-1.2M

SCI A

CW

I ex-US15.8%

5.14.1

3.43.8

-6.9-3.5

0.4-2.1

Large Cap International Equity

1,331,138,373

2/1/199817.8

2.7-

6.86.4

-3.8-0.6

0.1-1.7

MSC

I AC

WI ex-US

9.7%0.6

-3.4

3.8-6.9

-3.50.4

-2.1

Small C

ap International Equity841,394,208

12/1/2011

16.913.8

--

11.27.4

8.62.2

-0.3M

SCI EA

FE Small C

ap6.1%

12.4-

-12.0

8.59.1

2.50.0

Core Fixed

Income (ex- High Yield

)2,146,712,369

4/1/1990

25.77.0

6.35.1

2.1-0.6

-0.9-0.1

-0.6Barclays A

ggregate15.6%

6.44.6

3.11.5

1.00.9

0.4-0.3

Active D

uration Fixed Incom

e319,444,001

11/1/2004

11.18.0

7.88.8

2.01.4

-2.4-0.2

-0.9Barclays A

ggregate2.3%

4.34.6

3.11.5

1.00.9

0.4-0.3

Master Lim

ited Partnerships

792,193,341

2/28/20114.8

8.2-

-5.7

-29.0-27.4

-16.9-7.1

Alerian M

LP Index

5.8%1.0

--

-3.3-34.0

-30.1-14.6

-8.1

High Yield Bond

s768,128,945

2/1/2009

6.812.1

-6.7

4.4-1.0

0.5-1.0

-1.5M

L High Yield II

5.6%12.5

-5.8

3.1-3.5

-2.1-2.1

-2.2

Core Real Estate

716,391,365

4/1/20114.7

--

--

--

-N

CREIF

5.2%-

--

--

--

-

Non-C

ore Real Estate120,397,676

7/1/2014

1.4-

--

--

--

NC

REIF0.9%

--

--

--

--

Cash

35,369,282

4/1/199025.7

--

--

--

--

91 Day T-bill

0.3%-

1.20.1

0.00.0

0.00.0

0.0

As of N

ovember 30, 2015

6

Equity Portfolios Summ

ary A

s of Novem

ber 30, 2015M

arket ValueInception Date

Time Since

Inception (Years) Since Inception

10 Years5 Years

3 Years1 Year

Calendar YTD

Last Quarter

Last Month

All C

ap / Large Cap Dom

esticHotchkis &

Wiley Large C

ap600,398,650

4/1/1990

25.710.8

5.714.8

17.9-1.7

-2.42.4

0.4Russell 1000 V

alue4.4%

9.96.5

13.514.7

-1.1-1.7

4.70.4

Sawgrass

585,248,153

7/1/20069.4

8.8-

15.616.7

2.83.1

4.80.5

Russell 1000 Grow

th4.3%

9.4-

15.117.4

6.17.2

6.20.3

ARI A

ll Cap

470,416,134

9/1/20069.3

6.0-

11.913.5

-1.0-1.1

2.80.5

Russell 30003.4%

7.6-

14.116.0

2.62.6

5.30.6

EPOC

H All C

ap515,433,535

9/1/2006

9.38.3

-14.1

17.22.4

1.55.5

0.8Russell 3000

3.8%7.6

-14.1

16.02.6

2.65.3

0.6Passive Dom

estic EquityN

T Cap W

eighted Passive

263,391,626

4/1/20123.7

14.0-

-16.2

3.43.7

6.20.4

S&P 500 C

ap Weighted

1.9%13.6

--

16.12.7

3.06.1

0.3SSG

A Eq W

eighted Passive

225,967,679

4/1/20123.7

14.5-

-16.6

0.0-0.3

3.70.3

S&P 500 Equal W

eighted1.6%

13.6-

-16.1

2.73.0

6.10.3

Mid C

ap Domestic Equity

Frontier Capital

532,850,225

6/1/200213.5

10.511.1

14.017.5

6.56.5

1.40.4

Russell Mid

Cap G

rowth

3.9%9.3

8.513.4

16.41.8

2.12.4

0.2W

ellington Managem

ent465,142,191

9/1/1998

17.310.0

7.710.5

16.4-1.1

-1.70.2

-0.5Russell M

id C

ap Grow

th3.4%

8.98.5

13.416.4

1.82.1

2.40.2

AJO

Partners568,728,249

8/1/1998

17.311.0

9.115.6

18.31.5

1.73.1

0.5Russell M

idC

ap4.1%

10.28.4

13.616.1

0.50.2

2.60.3

Hotchkis & W

iley Mid

Cap

505,904,391

8/1/200213.3

13.29.2

16.117.2

-3.0-5.2

3.01.8

Russell Mid

Cap V

alue3.7%

11.08.0

13.615.6

-1.0-1.7

2.90.3

Small C

ap Domestic Equity

Shapiro Capital M

anagement

619,562,440

2/1/199817.8

9.79.4

11.313.3

-9.3-9.6

-0.93.7

Russell 20004.5%

7.37.3

12.014.9

3.50.6

3.73.3

Geneva C

apital222,911,822

6/1/2013

2.514.9

--

-17.8

15.44.1

2.6Russell 2000 G

rowth

1.6%12.0

--

-6.6

3.62.6

3.7W

asatch Ad

visors210,502,647

6/1/2013

2.511.9

--

-9.0

8.94.1

3.4Russell 2000 G

rowth

1.5%12.0

--

-6.6

3.62.6

3.7C

ove Street Capital

109,842,970

6/1/20132.5

7.8-

--

6.45.2

5.40.2

Russell 2000 Value

0.8%7.3

--

-0.3

-2.34.8

2.8Frontier C

apital171,707,456

6/1/2002

13.59.8

10.212.1

14.38.9

5.68.6

4.1Russell 2000 V

alue1.3%

7.312.6

10.66.1

0.3-2.3

4.82.8

Neum

eier Poma

132,753,046

6/1/20132.5

15.6-

--

11.710.3

7.63.8

Russell 2000 Value

1.0%7.3

--

-0.3

-2.34.8

2.8International Large C

ap EquityC

auseway C

apital503,058,577

5/1/2003

12.69.0

4.96.2

5.5-6.2

-3.2-1.0

-2.1M

SCI A

CW

I Ex US3.7%

-4.1

3.43.8

-6.9-3.5

0.4-2.1

Northern Trust Passive

828,079,796

9/1/20132.2

1.6-

--

-2.51.0

0.8-1.5

MSC

I EAFE

6.0%3.7

3.65.5

6.6-2.9

0.50.8

-1.6International Sm

all Cap Equity

ARI Sm

all Cap International

205,347,316

12/1/20114.0

11.0-

-9.2

-0.30.8

0.8-1.6

MSC

I EAFE Sm

all Cap

1.5%12.4

--

12.08.5

9.12.5

0.0Epoch Sm


205,433,414

12/1/20114.0

10.6-

-10.2

9.29.9

1.4-0.5

MSC

I EAFE Sm

all Cap

1.5%12.4

--

12.08.5

9.12.5

0.0W

asatch Small C

ap International213,785,154

12/1/2011

4.016.2

--

12.211.4

13.54.8

1.4M

SCI EA

FE Small C

ap1.6%

12.4-

-12.0

8.59.1

2.50.0

Wellington Sm


216,828,323

12/1/20114.0

15.3-

-13.1

9.810.5

1.7-0.4

MSC

I EAFE Sm

all Cap

1.6%12.4

--

12.08.5

9.12.5

0.0

As of N

ovember 30, 2015

7

Fixed Income Portfolios Sum

mary

As of N

ovember 30, 2015

Market Value

Inception Date Tim

e Since Inception (Years)

Since Inception10 Years

5 Years3 Years

1 YearC

alendar YTDLast Q

uarterLast M

onth

Core Fixed Incom

eLoom

is Sayles607,946,859

8/1/1999

16.36.6

7.24.9

1.9-2.0

-1.3-0.2

-0.7Barclays A

ggregate4.4%

5.34.6

3.11.5

1.00.9

0.4-0.3

Lord A

bbett616,887,075

11/1/2004

11.15.6

6.04.5

2.30.4

0.70.4

-0.3Barclays A

ggregate4.5%

4.34.6

3.11.5

1.00.9

0.4-0.3

Mackay Shield

s602,434,434

11/1/2004

11.15.6

6.04.5

1.7-1.4

-1.2-0.3

-0.7Barclays A

ggregate4.4%

4.34.6

3.11.5

1.00.9

0.4-0.3

Active Duration Fixed Incom

eHoisington

319,444,001

11/1/200411.1

8.07.8

8.82.0

1.4-2.4

-0.2-0.9

Barclays Aggregate

2.3%4.3

4.63.1

1.51.0

0.90.4

-0.3

High Yield Fixed Income

Loomis Sayles High Yield

250,177,583

2/1/20096.8

11.8-

5.63.4

-3.3-2.0

-1.5-1.8

Merrill Lynch High Yield

II1.8%

12.5-

5.83.1

-3.5-2.1

-2.1-2.2

Lord A

bbett High Yield260,541,642

2/1/2009

6.813.0

-7.7

5.5-0.4

1.2-0.8

-1.3M

errill Lynch High Yield II

1.9%12.5

-5.8

3.1-3.5

-2.1-2.1

-2.2M

acKay Shields High Yield

257,409,721

2/1/20096.8

11.4-

6.64.0

0.01.4

-0.8-1.4

Merrill Lynch High Yield

II1.9%

12.5-

5.83.1

-3.5-2.1

-2.1-2.2

As of N

ovember 30, 2015

8

Non-Traditional Portfolios Sum

mary

As of N

ovember 30, 2015

(unless otherwise noted)

Master Lim

ited PartnershipsM


Time Since

Inception (Years) Since Inception

10 Years5 Years

3 Years1 Year

Calendar YTD

Last Quarter

Last Month

Chickasaw

Capital M

LP287,581,172

2/28/2011

4.813.1

--

10.4-28.1

-27.0-17.0

-7.0A

lerian MLP Ind

ex2.1%

1.0-

--3.3

-34.0-30.1

-14.6-8.1

Cushing M

LP Managem

ent268,308,523

2/28/2011

4.88.3

--

7.3-30.0

-28.3-18.1

-7.4A

lerian MLP Ind

ex2.0%

1.0-

--3.3

-34.0-30.1

-14.6-8.1

ARI M

LP236,303,646

2/28/2011

4.85.0

--

2.9-25.9

-23.7-15.6

-6.7A

lerian MLP Ind

ex1.7%

1.0-

--3.3

-34.0-30.1

-14.6-8.1

Private EquityM

arket Value Inception Date

Time Since

Inception (Years) $ C

omm

itted$ C

ontributed as of 11/30/2015

% C

alled$ Return as of 11/30/2015

IRR InceptionIRR 3 Year

IRR 1 Year

Legacy Private Equity Portfolio47,486,853

10/1/2008

7.2$97,500,000

$95,480,85097.9%

$84,797,05611.8%

12.6%4.5%

Russell 1000 + 4%0.3%

15.6%21.7%

11.4%

Franklin Park Private Equity558,659,549

4/1/2010

5.7$1,200,000,000

$543,037,50045.3%

$95,792,97114.1%

17.0%18.0%

Russell 1000 + 4%4.1%

18.0%21.7%

11.4%

Real EstateM


Time Since


omm

itted$ C


% C

alled$ Return as of 11/30/2015

Performance as

of

AEW

Real Estate246,873,848

5/1/2011

4.6$165,500,000

$165,500,000100%

$2,468,0589/30/2015

NFI-O

DC

E1.8%

Heitman Real Estate

248,436,294

5/1/20114.6

$157,400,000$157,400,000

100%N

/A9/30/2015

NFI-O

DC

E1.8%

L&B Real Estate

221,081,223

4/1/20114.7

$150,000,000$150,000,000

100%$0

9/30/2015N

FI-OD

CE

1.6%A

ntheus Capital

26,875,000

10/1/20141.2

$53,750,000$26,875,000

50%$0

-N

FI-OD

CE

0.2%D

une25,904,660

10/1/2014

1.2$53,750,000

$21,435,61240%

$0-

NFI-O

DC

E0.2%

GreenO

ak Real Estate20,537,053

10/1/2014

1.2$50,000,000

$20,146,30840%

$0-

NFI-O

DC

E0.1%

L&B G

olden D

riller26,742,549

7/1/2014

1.4$60,000,000

$26,790,00045%

$0-

NFI-O

DC

E0.2%

Landm

ark Realty4,970,914

12/1/2014

1.0$35,000,000

$4,138,27312%

$0-

NFI-O

DC

E0.0%

Am

erican Realty15,367,500

12/1/2014

1.0$53,750,000

$13,745,10026%

$0-

NFI-O

DC

E0.1%

Starwood

-

--

$53,750,000$0

0%$0

-N

FI-OD

CE

0.0% 1Perform

ance shown N

et of Fees.Prelim

inary data displayed where final audited figures are unavailable.

Opportunistic Fixed Incom

eM


Time Since


omm

itted$ C


% C

alled3

$ Return as of 11/30/2015

Time W

eighted One

Year Return

PIMC

O BRA

VO

54,170,245

3/31/20114.7

$100,000,000$100,000,000

100%$148,822,068

4.5%Barclays A

ggregate0.4%

1.9%PIM

CO

BRAV

O II

107,872,094

3/31/20132.7

$150,000,000$93,750,000

63%$0

8.8%Barclays A

ggregate0.8%

1.9%

-

Time W

eighted Trailing Two Year

Return (Annualized) 1

11.6%12.4%

12.8%12.4%

12.5%12.4%

--

--

--

-

--

--

-

13.5%14.5%

13.5%-

-

Time W

eighted Trailing One Year Return

1

12.3%13.5%

12.9%

Performance as of

6/30/2015

6/30/2015

9/30/2015

9/30/2015

Performance as of

--

--

--

18.8%

--

--

--

1.7%

19.7%3.6%

Time W

eighted Return Since Inception (A

nnualized)

-

As of N

ovember 30, 2015

9

Three Year Risk/Return Review

- Equity Portfolios

3/31/2014M

anagerM

arket Value3 Year Return

3 Year Standard

Deviation

Sharpe Ra-

Hotchkis LC

V600,398,650.42

$ 18

12.11.481061

21.63Saw

grass LCG

585,248,153.39$

179.9

1.69071313.05

ARI A

C470,416,134.07

$ 13

10.261,021,777.78

1.319446

16.49EPO

CH A

C515,433,534.55

$ 17

12.2361,999,113.00

1.413127

18.03W

ellington MC

G465,142,191.24

$ 16

13.31.23177

26.66Frontier M

CG

532,850,224.62$

1711.4

1.53910918.05

AJO

MC

V568,728,248.60

$ 18

11.21.629622

19.49Hotchkis M

CV

568,728,248.60$

1712.9

1.33590627.84

Shap

iro SC619,562,440.23

$ 13

14.10.94748

22.98G

eneva SCG

222,911,822.24$

1613.3

1.22874326.53

Wasatch SC

G210,502,647.26

$ 16

12.01.299081

25.72C

ove Street SCV

109,842,970.43$

1013.6

0.74098620.68

Frontier SCV

171,707,455.59$

1713.3

1.30382625.83

Neum

eier Poma SC

V132,753,046.17

$ 19

12.31.564792

24.05C

auseway Intl Eq

503,058,576.94$

812.2

0.61791323.72

ARI SC

I205,347,316.00

$ 8

10.0Epoch SC

I205,433,413.98

$ 10

12.2N

T Intl Passive828,079,795.59

$ 3

11.6W

asatch SCI

213,785,154.09$

1410.1

Wellington SC

I216,828,323.43

$ 9

11.1N

T Cap W

eighted Passive263,391,625.60

$ 12

9.7SSG

A Eq W

eighted Passive225,967,678.69

$ 17

10.8

1Actual O

TRS results used w

hen available, composite w

hen necessary.

Hotchkis LCVSaw

grass LCG

ARI AC

EPOCH AC

Wellington M

CGFrontier M

CG

AJO M

CVHotchkis M

CV

Shapiro SC

Geneva SCG

Wasatch SCG

Cove Street SCV

Frontier SCV

Neum

eier Poma SCV

Causeway Intl Eq

ARI SCIEpoch SCI

NT Intl Passive

Wasatch SCI

Wellington SCI

NT Cap W

eighted Passive

SSGA Eq W

eighted Passive

‐2.5

2.5

7.5

12.5

17.5

22.5

27.5

7.58.5

9.510.5

11.512.5

13.514.5

3 Year Annualized Return

Annualized Standard Deviation of Returns

As of N

ovember 30, 2015

10

Three Year Risk/Return Review - Fixed

Income Portfolios

2/29/2012M

anagerM

arket Value

3 Year Return3 Year Stand

ard D

eviationSharpe Ratio-

Founded

: 1938

Please Note - Prelim

inary report using unaudited

data from

JP Morgan.

Hoisington319,444,001

2

13.0

0.1547158Loom

is Core

607,946,859

2

4.00.4666668

Lord A

bbett616,887,075

2

2.8

0.826718M

ackay Core

602,434,434

5

2.91.5743122

Loomis Sayles HY

250,177,583

3

5.80.5848325

Lord A

bbett HY260,541,642

6

5.0

1.1030705M

ackay HY257,409,721

4

4.1

0.9666145

1Actual O

TRS results used w

hen available, composite w

hen necessary.Please note d

ifference in standard

deviation axis from

previous pa ge.

Hoisington

Loomis Core

Lord Abbett

Mackay Core

Loomis Sayles H

Y

Lord Abbett HY

Mackay H

Y

‐2.5

2.5

7.5

12.5

17.5

22.5

27.5

0.02.0

4.06.0

8.010.0

12.014.0

3 Year Annualized Return

Annualized Standard Deviation of Returns

As of N

ovember 30, 2015

11

403

(b) e

xe

cu

tive s

um

mary

rep

ort

third

qu

arte

r, 20

15

12

Ok

lah

om

a T

ea

ch

ers

’ Re

tirem

en

t Sy

ste

m

E

xe

cu

tive

Su

mm

ary

Re

po

rt

third quarter, 2015

2

403(B) PLA

N S

EP

TE

MB

ER

30, 2015 The O

klahoma Teachers’ Retirem

ent System 403(b) Plan ended the second quarter w

ith a total market value of

$185,611,760, down from

$194,599,922 as of June 30, 2015. The Plan w

as allocated1 89.5%

to target date funds, 4.8%

to an annuity fund, 1.4% to fixed incom

e, 2.5% in dom

estic equity funds, 0.6% to international equity, and

1.2% to a balanced fund. The Plan’s current allocation is depicted below

:

Dom

estic Equity

2.5%International E

quity0.6%

Balanced Fund

1.2%

Target Date

89.5%

Annuity4.8%

Fixed Income

1.4%

Source: Voya 1Plan’s allocation m

ay not equal 100.0% due to rounding.

13

Ok

lah

om

a T

ea

ch

ers

’ Re

tirem

en

t Sy

ste

m

E

xe

cu

tive

Su

mm

ary

Re

po

rt

third quarter, 2015

3

403(B) PLA

N R

EVIEW

P

ER

IOD

S E

ND

ED

SE

PT

EM

BE

R 30, 2015

Last

%Last

%Three

%Five

%M

arket Value

Quarter

Ran k

Year

Rank

Years

Rank

Years

Rank

% of P

lan

ING

Fixed Plu

s Accou

nt III

--

--

$8,907,1814.8%Loom

is Sayles Inv G

r Bon

d-2.8%

98-4.7%

990.8%

843.4%

36$2,530,550

Barclay's Cap Agg1.2%

2.9%1.7%

3.1%1.4%

Voya In

vesco Equity and In

come

-6.5%82

-3.5%74

8.8%10

9.1%13

$2,206,708S&

P 500/BC Agg (60/40)0.0%

0.0%0.0%

0.0%1.2%

Voya R

ussell Large C

ap Index

-6.3%20

-1.3%39

11.6%52

12.8%30

$599,677Russell 1000

-6.8%-0.6%

12.7%13.4%

0.3%A

merican Funds G

rowth Fund

-6.7%53

0.4%63

13.5%30

12.6%54

$2,033,628Russell 1000 G

rowth

-5.3%3.2%

13.6%14.5%

1.1%V

oya Large Cap V

alue

-9.7%74

-6.7%72

9.0%73

11.1%46

$222,192Russell 1000 Value

-8.4%-4.4%

11.6%12.3%

0.1%V

oya Invesco G

rowth &

Incom

e-9.3%

68-5.6%

6211.0%

4111.2%

40$701,885

Russell 1000 Value-8.4%

-4.4%11.6%

12.3%0.4%

Voya FM

R D

iversified-9.0%

46-0.3%

6212.1%

449.0%

88$522,176

Russell Mid Cap G

rowth

-8.0%1.5%

14.0%13.6%

0.3%V

oya JPM

organ Small C

ap Core

-10.4%46

2.8%27

12.9%18

13.7%12

$597,334Russell 2000

-11.9%1.3%

11.0%11.7%

0.3%A

merican

Fun

ds Euro P

acific-9.9%

60-5.3%

516.0%

414.2%

51$1,076,159

MSCI EAFE

0.0%0.0%

0.0%0.0%

0.6%

Voya Index Solution Funds

$166,214,27089.5%

Total Market V

alue excluding Voya Index Funds

$19,397,490

Total Market V

alue including V

oya Index Funds

$185

,611,760

All performance show

n net of fees. Sources: M

orningstar, Voya. D

ata believed to be accurate, but cannot be guaranteed.

14

Ok

lah

om

a T

ea

ch

ers

’ Re

tirem

en

t Sy

ste

m

E

xe

cu

tive

Su

mm

ary

Re

po

rt

third quarter, 2015

4

403(B) PLA

N R

EVIEW

P

ER

IOD

S E

ND

ED

SE

PT

EM

BE

R 30, 2015

Last

%Last

%Three

%Five

%M

arket Value

Quarter

Rank

Year

Rank

Years

Rank

Years

Rank

% of P

lan

Voya Index S

olution Income*

-2.7

%39

-0.6%31

4.1%12

4.9%14

$134,88

0,517S&

P Target Date Retirem

ent Income Index

-2.1%0.2%

3.6%4.8%

81.1%V

oya Index Solution 20

25-5

.7%

52-2.4%

506.5%

337.2%

38$

22,518,97

2S&

P Target Date 2025 Index

-5.1%-1.4%

6.9%7.6%

13.5%V


35-7

.3%

54-3.4%

557.8%

328.1%

35$

7,649,4

41S&


-6.2%-2.0%

8.0%8.4%

4.6%V


45-8

.1%

51-3.9%

578.3%

268.5%

34$

1,001,6

75S&


-6.9%-2.4%

8.5%8.8%

0.6%V


55-8

.2%

63-4.0%

668.3%

418.5%

37$16

3,665S&


-7.3%-3.2%

7.8%8.4%

0.1%

Total Market V

alue$

166

,21

4,2

70

*Voya Index Solution 2015 merged w

ith fund 1549-Voya Index Solution Income Portfolio-Service Class on 8/14/2015.

All perform

ance shown net of fees.

Sources: Morningstar, Voya.

Data believed to be accurate, but cannot be guaranteed.to

15

Ok

lah

om

a T

ea

ch

ers

’ Re

tirem

en

t Sy

ste

m

E

xe

cu

tive

Su

mm

ary

Re

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rt

third quarter, 2015

5

ING

Fixed Plus A

ccount IIIStable V

alue Fund

Stability of principal is the primary objective of this investm

ent option. The ING

Fixed Plus A

ccount III guarantees minim

um rates of interest

and may credit interest that exceeds the m

inimum

guaranteed rate. The current rate is subject to change at any time, but w

ill never fall below

the guaranteed minim

um w

hich is 3%. D

aily credited interest becomes part of principal and the investm

ent increases through compound

interest. All funds invested in the ING

Fixed Plus Account III receive the same credited rate.

be accurate, but cannot be guaranteed.

The Loomis Sayles Investm

ent Grade B

ond Fund seeks high total investm

ent return through a combination of current incom

e and capital appreciation. The fund em

ploys a value driven, opportunistic approach that focuses on a long term investm

ent horizon. The fund uses out of benchm

ark securities to provide value and diversification. The fund will invest at least 80%

of its net assets in investment-grade fixed-incom

e securities. It m

ay invest up to 10% of assets in below

investment-grade fixed-incom

e securities, and may invest any portion of its assets in

securities of Canadian issuers, up to 20% of assets in securities of other foreign issuers, including em

erging markets securities.

Fixed Incom

eLoom

is Sayles Investm

ent Grade B

ondLIG

RX

V

oya Invesco Equity and Income

IUA

SXB

alanced Fund

The Voya Invesco Equity and Incom

e Fund seeks total return consisting of long-term

capital appreciation and current income. The fund

invests at least 80% of its net assets (plus borrow

ings for investment purposes) in equity and incom

e securities at the time of investm

ent. It seeks to achieve its investm

ent objective by investing primarily in incom

e-producing equity instruments (including com

mon stocks, preferred

stocks, and convertible securities) and investment-grade quality debt securities. The fund invests at least 65%

of its assets in income-producing

equity securities and up to 10% of its assets in illiquid securities and certain restricted securities.

16

Ok

lah

om

a T

ea

ch

ers

’ Re

tirem

en

t Sy

ste

m

E

xe

cu

tive

Su

mm

ary

Re

po

rt

third quarter, 2015

6

Voya R

ussell Large Cap Index

IRLC

X

The Voya R

ussell Large Cap Index Fund seeks investm

ent results that correspond to the total return of the Russell Top 200 Index. The fund norm

ally invests at least 80% of its net assets (plus borrow

ings for investment purposes) in equity securities of com

panies, which are at the tim

e of purchase, included in the index; convertible securities that are convertible into stocks included in the index; other derivatives w

hose economic

returns are, by design, closely equivalent to the returns of the index or its components; and exchange-traded funds. Large C

ap Blend

Am

erican Funds G

rowth

Fun

dR

GA

EXLarge C

ap Grow

th

The Am

erican Funds Grow

th Fund seeks capital growth. The fund’s m

ultiple manager structure allow

s ten portfolio managers to each

manage a portion of the aggregate portfolio. The portfolio m

anagers select stocks individually. The portfolio invests in companies that are

expected to produce long-term grow

th, but only when they are reasonably priced. The fund m

ay invest up to 25% of its assets in securities of

issuers domiciled outside the U

nited States.

V

oya Large Cap V

alueIP

ESXLarge C

ap Value

The Voya Large C

ap Value Fund seeks capital appreciation. The fund norm

ally invests at least 80% of total assets in equity securities of

large size companies. It m

ay invest up to 25% of its total assets in equity and debt securities of non-U

.S. issuers. The fund may invest in other

investment com

panies, including exchange-traded funds.

17

Ok

lah

om

a T

ea

ch

ers

’ Re

tirem

en

t Sy

ste

m

E

xe

cu

tive

Su

mm

ary

Re

po

rt

third quarter, 2015

7

Voya Invesco G

rowth

& Incom

eIV

GSX

Large Cap V

alueThe V

oya Invesco Fund seeks long-term

growth of capital and incom

e. The fund invests primarily in incom

e-producing equity securities, including com

mon stocks and convertible securities; although investm

ents are also made in non-convertible preferred stocks and debt securities

rated “investment grade”. It m

ay invest up to 25% of total assets in securities of foreign issuers. The fund m

ay purchase and sell certain derivative instrum

ents for various purposes.

V

oya FMR

Diversified

IFDSX

Mid C

ap Grow

th

The Voya FM

R D

iversified Fund

seeks long-term grow

th of capital. The fund invests up to 80% of assets in securities of

companies w

ith medium

market capitalization. The sub-adviser generally defines m

edium m

arket capitalization companies as those w

hose m

arket capitalization is similar to the m

arket capitalization of companies in the Russell M

idcap Index or the Standard and Poor’s MidCap

400 Index. The fund normally invests its assets in com

mon stocks and m

ay invest up to 25% of assets in securities of foreign issuers,

including emerging m

arkets securities, in addition to securities of domestic issuers.

Sm

all Cap B

lend

The Voya JP

Morgan

Sm

all Cap C

ore Equity Fu

nd

seeks capital growth over the long term

. The fund invests at least 80% of assets in

equity securities of small-capitalization com

panies. The sub-adviser defines small-capitalization com

panies as companies w

ith a market

capitalization equal to those within a universe of R

ussell 2000 Index stocks at the time of purchase. It m

ay also invest up to 20% of total assets

in foreign securities. The fund may also invest up to 20%

of total assets in convertible securities which generally pay interest or dividends and

which can be converted into com

mon or perferred stock.

Voya JP

Morgan

IJSS

X

18

Ok

lah

om

a T

ea

ch

ers

’ Re

tirem

en

t Sy

ste

m

E

xe

cu

tive

Su

mm

ary

Re

po

rt

third quarter, 2015

8

Am

erican Fu

nd

s EuroP

acific Grow

thR

EREX

Intern

ational

The Am

erican Fu

nds Eu

roPacific G

rowth

Fun

d's investm

ent objective is to provide long-term grow

th of capital. The fund invests in com

panies based chiefly in Europe and the Pacific Basin, ranging from sm

all firms to large corporations. The fund Invests prim

arily in comm

on stocks (m

ay also invest in preferred stocks), convertibles, American D

epositary Receipts, European D

epositary Receipts, bonds and cash. The

holdings are primarily outside the U

.S. except a nominal portion that m

ay be held in U.S. dollars. N

ormally, at least 80%

of assets must be

invested in securities of issuers domiciled in Europe or the Pacific Basin.

Voya Index Solution Incom

eISK

SX

The Voya Solution Incom

e Portfolio seeks to provide a com

bination of total return and stability of principal consistent with an asset

allocation targeted to retirement. The IN

G Solution Incom

e Portfolio is designed for people who plan to begin living their retirem

ent goals now.

It is a conservative ING

Solution Portfolio.

Income

V

oya Index Solu

tion 2025

ISDSX

Target Date

These portfolios invest in passively managed investm

ent options that track different market indices around the w

orld. The underlying investment

portfolios are applied to each ING

Index Solution Portfolio based on each target date allocation. The ING

Index Solution 2025 Portfolio is designed for people w

ho plan to begin living their retirement goals in the years 2021 to 2030. It is a m

oderate ING

Index Solution Portfolio.

19

Ok

lah

om

a T

ea

ch

ers

’ Re

tirem

en

t Sy

ste

m

E

xe

cu

tive

Su

mm

ary

Re

po

rt

third quarter, 2015

9

Voya In

dex Solution

2035ISESX







ho plan to begin living their retirement goals in the years 2031 to 2040. It is a m

oderately aggressive ING


Target Date

V

oya Index Solution 2045ISJSX







ho plan to begin living their retirement goals in the years 2041 to 2050. It is an aggressive IN

G Index Solution Portfolio.

Target Date

V

oya Index Solution 2055IISSX







ho plan to begin living their retirement goals during or after the year 2051. It is the m

ost aggressive ING


Target Date

20

Ok

lah

om

a T

ea

ch

ers

’ Re

tirem

en

t Sy

ste

m

E

xe

cu

tive

Su

mm

ary

Re

po

rt

third quarter, 2015

10

401(K) AN

D P

RO

FIT S

HA

RIN

G P

LAN

– M

AN

AG

ER E

XPEN

SE REV

IEW

PE

RIO

D E

ND

ED

SE

PT

EM

BE

R 30, 2015

M

an

ag

er

Ma

nd

ate

Ex

pe

nse

Ra

tioC

ate

go

ry A

ve

rag

e

Fix

ed

Inco

me

Voya Fixed

Plu

s Accou

nt III

Annuity

n/a

n/a

Loom

is Sayles In

vestmen

t Grad

e Bond

Fixed In

com

e0.8

3%

0.8

9%

Ba

lan

ced

Voya In

vesco E

quity an

d In

com

eBalan

ced0.8

6%

1.3

0%

Do

me

stic Eq

uity

Voya R

ussell Lar g

e Cap

Index

Large C

ap B

lend

0.6

2%

0.5

5%

Am

erican Fu

nd G

row

th Fu

nd

Large C

ap G

rowth

0.6

8%

1.2

4%

Voya Lar g

e Cap

Valu

eLarg

e Cap

Valu

e0.8

9%

1.1

8%

Voya In

vesco G

row

th &

Inco

me

Large C

ap V

alue

0.8

9%

1.1

8%

Voya FM

R D

iversified M

id C

apM

id C

ap G

row

th0.8

9%

1.3

5%

Voya JP

Morg

an S

mall C

ap C

ore E

quity

Sm

all Cap

Blen

d1.1

0%

1.4

2%

Inte

rna

tion

al E

qu

ityAm

erican Fu

nds E

uro

Pacific G

rowth

Intern

ational E

quity

0.8

4%

1.4

1%

Asse

t Allo

catio

nVoya In

dex S

olu

tion In

com

eAsset A

llocatio

n0.3

7%

-

Voya In

dex S

olu

tion 2

025

Targ

et Date

0.3

7%

-

Voya In

dex S

olu

tion 2

035

Targ

et Date

0.3

8%

-

Voya In

dex S

olu

tion 2

045

Targ

et Date

0.3

8%

-

Voya In

dex S

olu

tion 2

055

Targ

et Date

0.3

8%

-

Source: Morningstar

21

Decem

ber M

anager Statu

s Rep

ort

Man

agerM

and

ateStrategy

AU

M%

of

Po

rtfolio

Cu

rrent Statu

sR

eason

for Statu

s

Ch

ange

Status C

han

ge

Effective Date

Date o

f Last

Review

Date o

f Next

Review

Expectatio

ns

Ad

visory R

esearchD

om

estic

Equ

ityA

ll Cap

47

0,4

16

,13

43

.43

%O

n A

lert

Perfo

rman

ceJu

ly 20

15

July 2

01

5D

ecemb

er 20

15

Imp

rovem

ent in

perfo

rman

ce com

pared

to p

eers and

ben

chm

ark.

All o

ther m

anagers cu

rrently rated

In C

om

plian

ce

22

Investm

en

t Po

licy Excep

tion

Revie

w

De

cem

ber 2

01

5

Man

ager

Expiratio

nIP

S Sectio

nExcep

tion

Re

po

rting R

equ

ired

Ho

isingto

n1

2/3

1/2

01

6V

II:E:1

Increase m

aximu

m p

ortfo

lio co

ncen

tration

in cash

and

cash

equ

ivalents fro

m 5

% to

10

0%

Qu

arterly repo

rting illu

strating th

e con

tribu

tion

to to

tal

return

Wellin

gton

12

/31

/20

16

VII:D

.5

Increase th

e maxim

um

po

rtfolio

expo

sure in

Japan

from

35

% to

40

%

Wh

en th

e po

rtfolio

expo

sure in

Japan

exceeds 3

5%

,

pro

vide q

uarterly rep

ortin

g illustratin

g the co

ntrib

utio

n

to to

tal return

Lord

Ab

bett

8/3

1/2

01

7V

II: G.6

Increase th

e maxim

um

con

centratio

n in

develo

pin

g or em

erging

markets issu

ers as determ

ined

by M

SCI to

15

%

Attrib

utio

n fro

m th

e EM allo

cation

repo

rted m

on

thly

as a com

po

nen

t of p

ortfo

lio to

tal return

Shap

iro1

2/3

1/2

01

7V

II:A

Selectively ho

ld u

p to

15

% o

f the p

ortfo

lio in

larger capitalizatio

n

com

pan

ies

Qu

arterly repo

rting w

ith an

d w

itho

ut large cap

ho

ldin

gs

Loo

mis Sayles

(Hig

h Yield

)1

2/3

1/2

01

7V

II: G.5

,6

Increase th

e maxim

um

po

rtfolio

con

centratio

n in

emergin

g

markets fro

m 1

0%

to 3

0%

; increase th

e maxim

um

po

rtfolio

con

centratio

n in

no

n-U

SD fro

m 2

0%

to 4

0%

; establish

a 10

%

allocatio

n to

preferred

stock in

the H

igh Yield

Po

rtfolio

Attrib

utio

n fro

m th

e allocatio

n rep

orted

qu

arterly as a

com

po

nen

t of p

ortfo

lio to

tal return

Loo

mis Sayles

(Co

re Plu

s)4

/30

/20

18

VII: G

.5In

crease the m

aximu

m p

ortfo

lio co

ncen

tration

in em

erging

markets fro

m 1

0%

to 1

5%

Attrib

utio

n fro

m th

e allocatio

n rep

orted

qu

arterly as a

com

po

nen

t of p

ortfo

lio to

tal return

23

Documents

TEACHERS’ RETIREMENT SYSTEM OF OKLAHOMA Investment ... · Update. November 30, 2015. ... Global Industrials Agg ... Founded: January of 2003 AUM 10.31.2015: $3.6 billio n MLP AUM