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A Message From the Executive Director & Chief Investment Officer On behalf of our Board and staff, I am pleased to present you with this PopularAnnual Financial Report (PAFR) of the New York State Teachers’ Retirement System (NYSTRS) for the fiscal year ended June 30, 2021. This document summarizes the System’s financial position for the 2021 fiscal year. For additional details, see our Comprehensive Annual Financial Report at NYSTRS.org. The System is governed by a 10-member Board of…

7 Board of Trustees 77 Geographical Distribution of the 105 Schedule of Retired Members and 8 Organizational Structure Real Estate Equity Portfolio Beneficiaries Added to and 9 Executive Staff 78 Private Equity Net Asset Value by Removed from the Benefit Payroll 10 Letter of Transmittal Investment Type 106 Independent Actuarial Review 14 President’s Message Private Equity Net Asset Value 15 Summary of Benefits ... 26 – Statements of Changes in 82 Real Estate Debt by Property Type by…

New York State Teachers’ Retirement System October 30, 2025 Board Meeting Summary of Actions ... • Goldman Sachs Asset Management LP (effective Nov. 12, 2025) Renewed the agreement with Nomura Corporate Research and Asset Management Inc. to manage a portion of the System’s assets as an active U.S. high-yield manager in an account benchmarked to the ICE BofAML U.S. High Yield Constrained Index (HUC0), for one year, effective Nov. 28, 2025. Renewed the agreement with StepStone Group LP to serve…

800-348 ... 7298 ... New York State Teachers’ Retirement System October 31, 2024 Board Meeting Summary of Actions ... Renewed the agreement with Meketa Investment Group Inc. to serve as a secondary real estate consultant, for one year, effective Feb. 1, 2025. Authorized the Executive Director and Chief Investment Officer to implement an internally managed passive international public equities strategy. Accepted the report of Plante Moran on the financial statements of the Retirement System as…

8 ... New York State Teachers’ Retirement System July 30, 2025 Board Meeting Summary of Actions ... Elected Nicholas Smirensky vice president of the Board. Renewed the agreements with the following firms to manage a portion of the System’s assets as global real estate public securities managers benchmarked to the FTSE EPRA/NAREIT Developed Unhedged Index, for one year each: • Heitman LLC (effective Aug. 7, 2025) • Dimensional Fund Advisors LP (effective Sept. 22, 2025) Renewed the agreement…

ano and R ... 6-17 ... Sector Concentration By Asset Class ... Government Real Estate Equity ... Real Estate Debt ... Domestic Equity International Equity Global Equity Private Equity Real Estate Equity High Yield Bonds Global Bonds Real Estate Debt Private Debt Cash Equivalents Domestic Fixed Income %CR to Total Risk ... Observations: Sector contribution to risk is in line with expectations. Information Technology continues to drive an outsized contribution to total risk relative to its…

Chief Investment Officer On behalf of the Retirement System’s Board and staff, it is my pleasure to issue this Popular Annual Financial Report (PAFR) for the fiscal year ended June 30, 2024. This report summarizes NYSTRS’ financial position for the 2024 fiscal year and corresponds to the Annual Comprehensive Financial Report available at nystrs.org. NYSTRS is governed by a 10-member Board of Trustees, which sets policy and oversees operations consistent with its fiduciary obligations under…

This report summarizes NYSTRS' financial position for the 2025 fiscal year and corresponds to the Annual. Comprehensive Financial Report available at…

Risk - Key Risk Indicators ... | | Domestic Equity International Equity Private Equity Real Estate Equity Global Equity Private Debt Real Estate Debt High Yield Bonds Global Bonds Cash Equivalents Domestic Fixed Income | $ 44,781 $ 19,251 $ 13,610 $ 17,008 $ 4,550 $ 1,577 $ 7,975 $ 1,176 $ 2,706 $ 2,996 $ 16,769 | 33.82% 45.56% 14.54% 16.86% 10.28% 20.96% 12.85% 9.50% 3.44% 4.39% 1.19% 0.92% 6.02% 0.58% 0.89% 0.28% 2.04% 0.21% 2.26% 0.00% 12.67% 0.75% | | 6.62 2.45 3.04 1.38 0.64 0.13 0.08 0.04

The target allocation for real estate equity is 11.0% with a range of 6.0% to 16.0%. The equity real estate portfolio returned negative 3.6%

and the Investment Committee’s charter approved by the ... The assets of the WRS constitute a large majority of the total funds invested by SWIB. These funds are invested globally in both long-term and short-term investments, across a wide range of asset types and classes. Pursuant to the Wisconsin Statutes, WRS assets are divided into two funds: a Core Retirement Investment Trust (the “Core Fund”) and a Variable Retirement Investment Trust (the “Variable Fund”). The Core Fund is a broadly…

Management Discussion and Analysis The Retirement Funds’ management discussion and analysis of the financial activities for the calendar year ended December 31, 2023 is presented as an introduction to the financial statements. It is meant to assistthe reader in understanding the financial statements by providing an overall review of the financial activities during the year while also comparing several of the current year’s activities and results against the prior year.Overview of Basic…

Real estate investments owned by SWIB in limited liability companies are valued by independent appraisers every three years.

Investment earnings generated by SWIB comprise about 78% of the revenues needed to fund the WRS, reducing the burden on public employers and employees.

The WRS is a risk-sharing defined benefit plan. It is a hybrid model in that it contains elements of a defined benefit plan and a defined contribution plan, like a 401(k). Contributions made to the WRS by state and local government employees, and their employers, are invested by SWIB to finance retirement benefits. SWIB has helped fuel one of the only fully funded pension systems in the U.S. during a time when many public pension plans are struggling with underfunding. Investment earnings…

B. Board of Retirement Strategic Plan – Quarterly Update Luis A. Lugo, Deputy Chief Executive Officer (Presentation) ... &ZACERA Operations Briefing Report Fiscal Year 2024-2025 April 2, 2025 ... Operations Briefing Report April 2, 2025 ... The Operations Briefing Report includes a Project Status Dashboard presenting a quick at-a-glance view of each project’s status. The Dashboard is broken up into three color coded sections: New projects or projects with updates are reflected in purple and…

D. Monthly Trustee Travel & Education Reports – July 2024; Quarterly Trustee Travel & Education Reports - 4th Quarter Fiscal Year 2024; Quarterly Staff Travel & Education Reports - 4th Quarter Fiscal Year 2024 ... (For Information Only) ... This item was received and filed. C. LACERA Property and Liability Insurance Renewal Summary Update James C. Beasley, Jr., Supervising Administrative Assistant II (For Information Only) (Memo dated July 1, 2024) ... received and filed. ... (For Information ..

1937 ... submit the Comprehensive Annual Financial Report of the Los Angeles County Employees Retirement Association (LACERA) for the year ended June 30, 1989. The ... report contains financial statements that have been· prepared in accordance with generally accepted accounting standards and reporting guidelines prescribed for governmental entities and provides for a comprehensive overview of LACERA's ... financial position and operating result. These statements have been audited by Ernst &…

REPORTS ... B. 2023 Legal Transactions Year End Report Christine Roseland, Senior Staff Counsel John Harrington, Senior Staff Counsel ... (For Information Only) ... 024) ... Each Trustee, ... Board of Investments ... Officer SUBJECT: CHIEF EXECUTIVE OFFICER’S REPORT – JULY 2024 The following Chief Executive Officer’s Report highlights key operational and ... administrative activities that have taken place during ... Recruitment Updates LAC ... continues to prioritize ... hiring efforts and m

(For Information Only) ( ... dated May 2 ... , 202 ... ) G. Monthly Trustee Travel & Education Report – April 2025 Fiscal Year 2024-2025 3rd Quarter Trustee Travel & Education Expenditure Report Fiscal Year 2024-2025 3rd Quarter Staff Travel Expenditure Report ... F. 2025 Quarterly Reports of Paid Invoices – 3rd Quarter Tamara Caldwell, Division Manager, Disability Retirement Services (For Information Only) (Memo dated April 15, 2025 – Attachment is Non-Public and Exempt from Disclosure as…

REPORTS A. Presentation on FPPC Form 700 e-Filing for ... Mid-Year ... F. 2023 Quarterly Reports of Paid Invoices ... External Recruitments The Senior Investment Officer (Real Estate) and Finance Analyst III (Corporate Governance) recruitments have been posted with the assistance of EFL Associates. The recruitment brochures for the following positions in the Legal Office continue to be open, with interviews being held as qualified candidates are identified:  Senior Staff Counsel…

F. 2023 Quarterly Reports of Paid Invoices ... 4, ... 23) ... LACERA has contracted with EFL Associates (EFL) to assist with the Senior Investment Officer (Real Estate) and Finance Analyst III (Corporate Governance and Real Estate) recruitments. Candidates are still under review for the Finance Analyst III vacant position in the Credit and Risk Mitigation Section. July 25, 2023 Page 3 ... /30/ ... 8.6

Ted Granger, Chief Financial Officer (For Information Only) (Memo dated April 24, 2025) F. 2025 Quarterly Reports of Paid Invoices – 3rd Quarter Tamara Caldwell, Division Manager, Disability Retirement Services (For Information Only) (Memo dated April 15, 2025 – Attachment is Non-Public and Exempt from Disclosure as Private Information and Exempt from Disclosure under California Government Code Sections 7927.700, 54957.56(a)) ... ERA - Other Post Employment Benefits (OPEB) Pre-Funding Update…

A. Plante Moran’s Audit Results  Presentation of the Results of the Financial Audit by Michelle Watterworth, Partner, Jean Young, Partner, and Amanda Cronk, Senior Manager  LACERA’s 2020 Audited Financial Statements and Required Communications to those Charged with Governance for FYE June 30, 2020 ...  GASB 68 Disclosure Report, Schedule of Employer Allocations and Schedule of Pension Amounts by Employer for FYE June 30, 2019  GASB 75 Disclosure Report, Statement of Changes in Fiduciary…

Fund Performance Report ... (For Information ... B. LACERA Total Fund Asset Allocation Jonathan Grabel, Chief Investment Officer Leandro Festino, Managing Principal – Meketa Investment Group Timothy Filla, Managing Principal – Meketa Investment Group (Memo dated December 22, 2017) Mr. Grabel and Messrs. Festino and Filla of Meketa Investment Group provided a brief presentation and answered questions from the Board. C. Real Estate Performance Measurement Report – 2nd Quarter 2017 John…

B. Actuarial Risk Assessment Report Based on the 2024 Actuarial Valuation Luis A. Lugo, Deputy Chief Executive Officer Ted Granger, Chief Financial Officer Judy Tran, Assistant Chief Financial Officer Craig Glyde, Milliman (Presentation) (Memo dated May 28, 2025) C. LACERA Total Fund Quarterly Board Book Meketa Total Fund Quarterly Performance Book Esmeralda del Bosque, Principal Investment Officer (For Information Only) (Memo dated June 1, 2025) D. 1Q 2025 OPEB Trust Quarterly Board Book…

A. LACERA Total Fund Quarterly Board Book Meketa Total Fund Quarterly Performance Book Esmeralda del Bosque, Principal Investment Officer John Kim, Investment Officer Kathryn Ton, Senior Investment Analyst Soniah Ginoyan, Senior Investment Analyst (Presentation) (Memo dated February 25, 2025) B ... OPEB Trust Quarterly Board Book ... Meketa OPEB Trust Quarterly Performance Book Esmeralda del Bosque, Principal Investment Officer John Kim, Investment Officer ... Kathryn Ton, Senior Investment…

Real Estate – Portfolio Performance. 7. Sector/Geography Guidelines. 23 ... • Provide quarterly performance reports on the total portfolio as…

04 Portfolio & Structural Updates ... Real Assets & Inflation Hedges ... $12,057 ... 15% ... Performance Summary as of March 2025 ... Monthly Return (net) Growth of a Dollar (trailing 5Y)3 ... Historical Net Performance as of March 2025 ... Mar 2025 ... Returns (net) ... 04/2015 – 03/2025 ... of months: ... 120 ... Total Fund 81,485 10 ... .0% 100.0% -1.0% 0.7% 4.5% 0.7% 6.2% 4.5% 10.4% ... Real Assets & Inflation Hedges 12,057 14.8% 15.0% 1.0% 2.5% 4.0% 2.5% 3.4% 0.4% 7.1% ... Reduction &…

REPORTS A. LACERA Total Fund Quarterly Board Book Meketa Total Fund Quarterly Performance Book Esmeralda del Bosque, Principal Investment Officer John Kim, Investment Officer Kathryn Ton, Senior Investment Analyst Soniah Ginoyan, Senior Investment Analyst (Presentation) (Memo dated February 25, 2025) Mses. Del Bosque and Ton and Mr. Kim provided a presentation and answered questions from the Board. This item was received and filed. ... B. OPEB Trust Quarterly Board Book ... Meketa OPEB…

On a preliminary basis, the SFERS Total Plan returned -1.5% in the month of April. Private Credit (+0.0%) was flat in April, followed by Private Equity (-0.2%), Fixed Income (-1.3%), Real Assets (-1.4%) and Public equity (-4.1%). Absolute Return¹ was up +1.6% in March. ... • For the current fiscal year, Public Equity (+12.8%) has been the highest returning asset class. Absolute Return¹ (+8.7%), Private Credit (+7.3%), Fixed Income (+4.3%), and Private Equity (+1.5%) are positive for the…

Plan Value Report. ... Absolute Return performance is lagged ... one month. 2 • On a preliminary basis, the SFERS Total Plan returned +1.5% in the month of May. Public Equity (+3.6%) was the strongest performer followed by Fixed Income (+1.2%), Private Credit (+1.0%), Private Equity (+0.7%) and Real Assets (+0.3%). Absolute Return¹ was up +0.4% in April. ... • For the current fiscal year, Public Equity (+17.1%) has been the highest returning asset class. Private Credit (+9.1%), Fixed Income (+5.

Background: As of December 31, 2021, the Real Assets Portfolio had $4.9 billion in NAV (or 13.0% of total Plan.

On a preliminary basis¹, the SFERS Total Plan has returned +8.3% (annualized) over the trailing three years. Public Equity (+18.7%) and Absolute Return² (+9.2%) were the strongest performing asset classes, followed by Private Credit (+8.3%), Public Credit (+7.8%), Cash (+5.5%), Treasuries (+4.0%), Private Equity (+3.5%), and Real Assets (-0.7%). ... • On a preliminary basis¹, the SFERS Total Plan returned +7.4% in the fiscal year-to-date. Public equity (+14.8%) and Private Equity (+6.6%)…

For the fiscal year ended June 30, 2023, the Real Assets Portfolio returned 3.58%, outperforming the policy benchmark's return of 0.88%.

11, 2026 San Francisco Employees’ Retirement System 1145 Market Street, 5th Floor San Francisco, CA 94103 To our members, retirees, and other interested parties, We are pleased to present the 2025 Annual Report of the San Francisco Employees’ Retirement System, covering the fiscal year from July 1, 2024, to June 30, 2025. This report provides insights into the financial results and investment performance of our Defined Benefit Plan, as well as a review of the Deferred Compensation Plan. In 2025

On a preliminary basis, the SFERS Total Plan returned +0.3% in the month of January. Public Equity (+0.6%) was the strongest performing asset class, followed by Fixed Income (+0.2%). Real Assets (-0.3%), Private Credit (-0.1%), and Private Equity (-0.0%) were slightly down for the month. Absolute Return¹ was up +0.6% in December. ... • For the seven months of the current fiscal year, Public Equity has been the best performing asset class with a return of +7.7%. Private Credit (+5.1%), Fixed…

Wilshire's Quarterly Performance Summary report provides a detailed review of the market environment as well as return, risk and…

Real estate securities were up during the fourth quarter. Commodity results were negative for the quarter, with crude oil falling by -21.1%…

For the fiscal year ended June 30, 2024, the Real Assets portfolio returned -3.38%, underperforming the policy benchmark's return of 0.06%.

To: The Retirement Board Through: Alison Romano CEO & CIO From: Anna Langs, CFA, FRM Ba Do Managing Director, Asset Allocation Director, Investment Operations Date: March 12, 2025 Agenda Item: Report on Investment Performance of the Retirement Fund for the quarter ended December 31, 2024 _______________________________________________________________________________________ Recommendation: This is a discussion only item. Background: For the quarter ended December 31, 2024, the Retirement Fund…

To: The Retirement Board Through: Alison Romano CEO & CIO From: Anna Langs, CFA, FRM Ba Do Managing Director, Asset Allocation Director, Investment Operations Date: January 14, 2026 Agenda Item: Report on Investment Performance of the Retirement Fund for the quarter ended September 30, 2025 _______________________________________________________________________________________ Recommendation: This is a discussion only item. Background: For the quarter ended September 30, 2025, the Retirement…

Real Estate Pool 113,668,209 2,947,238,177 2,215 3,060,908,601 8.87% ... Real Estate: Real Estate Pool 2,069,902,633 8.61% Real Estate 2,069,902,633 8.61% 12.00% -3.39% ... Real Estate: Real Estate Pool 536,412,772 8.48% Real Estate 536,412,772 8.48% 12.00% -3.52% ... Real Estate: Real Estate Pool ... 684,104 18.73% 20.0 ... Real Estate: ... Real Estate: Real Estate 92,244,9 ... 9 5.4 ... % Real Estate 92,244,969 5.46% ... | Real Estate Pool | | | | | 3,092,195,220 | | | | (0) | - | (30,850,000)

Quarterly External Investment Manager Referral report. The Annual Financial Reports are now available and online under Publications at…

found in VRS ... 23 Annual Comprehensive ... Fiscal year 2023 was volatile across the globe as inflation, rising interest rates and geopolitics remained front and center in the financial markets. In the United States, inflation reached 9.1% in June 2022 – the highest rate of inflation since the 1980s. In response, central banks began to increase borrowing costs. The Federal Reserve raised interest rates 3.5% during the fiscal year. U.S. inflation declined to 3.2% as of July 2023 but is still…

9.9 % ... .9 % Three ... Year Return on Investments 8.6 % 5.5 % Five-Year Return on Investments ... 10.4 % 8.7 % ... FINANCIAL SECTION Portfolio Highlights: Figure 2.1: Summary of Fiduciary Net Position 37 Figure 3.3: Traditional Equity Custom Benchmark Sectors and Figure 2.2: Summary of Changes in Fiduciary Net Position 38 Regions 174 Figure 2.3: Distribution of Active Members 39 Figure 3.4: Public Equity – Top 10 Exposures 175 Figure 2.4: Distribution of Retirees and Beneficiaries 39 Figure 3.

This document is a summary of VRS' audited financial statements and other information contained in VRS' Annual.