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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
‐The top three perform
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
‐The top three perform
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
all Cap International
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
all Cap International
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
arket ValueInception Date
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
arket ValueInception Date
Time Since
Inception (Years) $ C
omm
itted$ C
ontributed as of 11/30/2015
% 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
arket ValueInception Date
Time Since
Inception (Years) $ C
omm
itted$ C
ontributed as of 11/30/2015
% 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
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om
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ea
ch
ers
’ Re
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en
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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
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lah
om
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ea
ch
ers
’ Re
tirem
en
t Sy
ste
m
E
xe
cu
tive
Su
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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
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lah
om
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ea
ch
ers
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en
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ste
m
E
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cu
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Su
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ary
Re
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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
oya Index Solution 20
35-7
.3%
54-3.4%
557.8%
328.1%
35$
7,649,4
41S&
P Target Date 2035 Index
-6.2%-2.0%
8.0%8.4%
4.6%V
oya Index Solution 20
45-8
.1%
51-3.9%
578.3%
268.5%
34$
1,001,6
75S&
P Target Date 2045 Index
-6.9%-2.4%
8.5%8.8%
0.6%V
oya Index Solution 20
55-8
.2%
63-4.0%
668.3%
418.5%
37$16
3,665S&
P Target Date 2055 Index
-7.3%-3.2%
7.8%8.4%
0.1%
Total Market V
alue$
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
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ers
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Su
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ary
Re
po
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
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ers
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ste
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ary
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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
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ers
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ste
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ary
Re
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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
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ers
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ary
Re
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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
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om
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ea
ch
ers
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en
t Sy
ste
m
E
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cu
tive
Su
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ary
Re
po
rt
third quarter, 2015
9
Voya In
dex Solution
2035ISESX
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 2035 Portfolio is designed for people w
ho plan to begin living their retirement goals in the years 2031 to 2040. It is a m
oderately aggressive ING
Index Solution Portfolio.
Target Date
V
oya Index Solution 2045ISJSX
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 2045 Portfolio is designed for people w
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
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 2055 Portfolio is designed for people w
ho plan to begin living their retirement goals during or after the year 2051. It is the m
ost aggressive ING
Index Solution Portfolio.
Target Date
20
Ok
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en
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ste
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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
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