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B
Sure
on
the
next
page,
if,
if
we
look
at
the
labor
market,
we're
all
dealing
with
this
in
one
fashion
or
another,
the
fact
of
the
matter
is
is
that
unemployment
is
very
low.
Job
openings
unfilled
jobs
are
very
high.
That
tends
to
bode
well
for
for
the
for
the
economy,
however,
it's
it's
it's
challenging
to
be
an
employer
in
that
in
that
environment,
and
you
know,
and
usually
in
a
recession,
it's
the
opposite
that
occurs,
that
job
openings
decline
and
unemployment
rises.
So
from
that
standpoint,
economy
looks
to
be
in.
B
Inflation,
obviously
is
the
biggest
worry
of
the
fed.
It's
obviously
in
all
of
our
thoughts
as
we
as
we
buy
and
fill.
A
B
A
B
Gas
or
go
to
the
grocery
store,
but
what
I
think
is
interesting
about
this
chart.
Is
it
breaks
down
the
trend,
the
potentially
transitory
component?
You
know
the
fed,
for
so
long
has
said
all
of
our
inflation
was
transitory
and
finally,
backtracked
later
last
year,
saying
well,
maybe
there's
some
stickiness
to
some
of
our
inflation,
but.
A
B
What
this
chart
looks
at
is
okay.
Well,
what
is
the
potential
transitory
part
relative
to
the
the
stickier
part?
So
you
know
if
you,
if
you
just
focus
on
the
stickier
part,
it's
kind
of
in
that
three
to
four
percent
range,
which
is
you
know,
an
inflation
number
that
we
could
probably
live
with
a
little
bit.
Unfortunately,
when
you
track
tack
on
those
energy
and
new
and
used
vehicles
and
food
at
food
that
increases
that
number
pretty
dramatically
and
again
that's
what
the
fed
is
trying
to
fight
by
raising
rates.
C
Add
wendy
that
will
actually
they're
going
to
release
the
april
number
tomorrow.
So
a
lot
of
new
data
coming
in
and
hopefully
we'll
we'll
see,
and
you
know
if
we
hit
a
plateau.
Obviously
I
think
that'll
be
good.
I
think
that's
really
one
of
the
biggest
concerns
for
for
both
the
the
equity
and
bond
markets.
B
Yeah,
that's
a
great
point
so
tomorrow,
interesting
day,
the
the
highlight
the
headline
for
this
slide
is
fixed
income,
historic
returns
and,
unfortunately,
they're
historically
negative.
If
you
look
at
the
the
highlighted
line
there
march
2022,
so
this
is
as
of
the
end
of
march,
the
two-year
return
for
us
bonds
is
minus
1.8
percent.
B
That
is
the
third
worst
since
1926.
So
again,
it's
all
relative.
You
know
a
bad
year
in
stocks,
you
lose
50
percent
a
bad
year
in
bonds.
You
lose.
You
know
two
well
now
we're
we're
closer
to
minus
nine
or
ten
in
the
bond
market.
So
again
it's
been
just
a
very,
very
challenging
environment
for
bonds.
But
you
know,
if
you
look
at
the
chart.
Also,
the
subsequent
next
two
years
have
looked
pretty
positive.
B
So
again,
this
this
this
chart
helps
push
put
into
your
minds
that
you
know
we
need
to
be
patient
and
it
also
shows,
on
the
right
hand,
side
as
to
why
it's
important
to
still
invest
in
bonds,
because
bonds
are
still
one
of
the
best
investments.
If
we
were
to
go
into
a
recession
on
the
next
page,
if
we
look
at
equities,
I
think
this
is
a
great
chart.
B
The
red
dots,
though,
represent
the
inter-year
decline
that
we've
had
in
that
one
year
period
and
if
you
go
back
and
average
all
those
red
dots,
it's
about
minus
14
and
that's
about
where
we
are
today.
So
it's
it's
pretty.
It
doesn't
feel
normal
every
time
you
go
through
markets
like
this.
It
doesn't
feel
like
it's
normal,
but
in
actuality
it
is,
and
it's
a
good
reminder
that
volatility
exists
and
being
a
long-term
investor
pays
off
because
the
you
know,
32
of
these
42
years,
were
positive
returns.
Even
though
intra-year
they
were,
they
were
negative.
B
And
then
on
the
next
page,
I
think
it's
again
just
a
look
at
the
this
is
the
heat
map,
so
the
brighter
the
red,
the
worse,
the
performance,
the
brighter
the
green,
the
better
the
performance.
It's
also
a
nice
reminder
that,
even
though
this
current
quarter
and
year-to-date
period
have
been
really
poor
and
negative,
still
even
with
those
numbers
added
in,
we
still
have
really
strong
three
five
and
ten
year
performance.
Again,
I
think
it's
sometimes
you
you
forget
that
we've
just
been
having
three
years
of
incredible
investment
performance.
B
If
we
look
on
the
last
page
before
I
turn
it
over
to
stephen,
the
the
best
place
to
be
invested
for
the
first
quarter
was
energy
up
39.
So
that's
just
incredible
performance.
Over
the
last
one
year
period,
energy's
up
64
percent.
C
Great,
thank
you
wendy
and
I'm
gonna
skip
forward
a
couple
of
pages.
You
know
quickly
just
to
highlight
this
is
the
investment
policy
summary
for
the
defined
benefit
plan.
If
you
recall,
we
did
make
some
changes
in
recent
quarters
and
we
added
some
of
the
asset
classes
that
wendy
mentioned
earlier.
So
looking
on
the
left-hand
side,
we
added
low-correlated
hedging
strategies,
private
equity
and
diversified
other
real
assets.
C
So
we'll
talk
a
little
bit
more
about
that
when
we
get
to
individual
performance,
but
those
have
been
nice
additions
to
the
portfolio
and
have
provided
some
downside
protection
during
the
first
quarter,
where
we
saw
you
know
quite
a
bit
of
volatility.
Of
course,.
C
The
next
couple
pages
just
kind
of
highlight
you
know
where,
where
the
the
portfolio
stands
from
a
market
value
standpoint,
so
kind
of
looking
at
the
bottom
right
here.
As
of
331,
you
can
see
the
dollar
amounts
for
each
asset
class
directly
right
of
that
the
current
allocation
as
a
percentage
and
then
to
the
right
of
that
our
target
or
long-term
target
allocations
for
each
of
those
asset
classes.
Again
it
be
consistent
with
the
investment
policy
statement
and
that
long-term
target,
so
you
can
see
kind
of
across
the
board.
C
You
know
well
within
line
of
the
long-term
targets.
The
couple
of
areas
where
we're
overweight
would
be
real
estate
and
that's
really
a
driver
of
just
really
strong
performance
in
real
estate
over
the
course
of
the
last
kind
of
12
months,
and
then
we
still
have
a
little
bit
of
exposure
in
reinsurance,
which,
for
those
of
you
that
have
been
around,
we
have
again
kind
of
gone
through
the
process
of
getting
out
of
that
strategy
completely
and
there's
probably
a
couple
more
quarters
worth
of
distributions
until
we're
we're
fully
out
of
that.
C
But
everything
you
know
again
in
line
with
kind
of
the
long-term
targets
plus
or
minus
a
couple
of
percent.
C
And
so
I'm
going
to
spend
a
couple
minutes
going
through
the
manager
scorecard
here
again.
This,
I
think,
is
a
really
important
piece
of
information
for
you
all
as
committee
members.
This
highlights
any
concerns
or
any
changes
that
we're
seeing
across
the
investment
managers
that
that
we're
allocating
to
for
the
defined
benefit
plan
again
kind
of
looking
at
the
top
there.
You
see
the
seven
key
criteria,
we're
focusing
on
ranging
from
the
organization
on
the
far
left,
all
the
way
to
expenses
and
fees
there
on
the
right.
C
We
also
like
to
just
from
a
transparency
standpoint,
show
the
expense
ratio
or
fee
being
paid
for
each
of
these
investments.
That's
the
third
column
from
the
right,
and
then
we
compare
that
to
a
median
expense
ratio
of
similar
investments
that
are
really
kind
of
similar
universe
of
those
types
of
managers,
and
then
a
ratio
of
the
fees
that
you
all
are
paying
compared
to
the
media.
And
so
you
know
where
possible.
C
C
C
So
we
have
kept
that
on
the
scorecard
just
because
there
is
still
some
assets
in
the
strategy,
but
again,
ultimately,
once
that
position
is
fully
redeemed,
we
will
remove
that
from
the
scorecard.
We
did
have
a
couple
of
changes
throughout
the
quarter,
starting
on
the
far
left
hand
side
under
organization.
You
can
see
about
two-thirds
of
the
way
down,
imgp
alternative
strategies.
C
This
was
formerly
partner,
select.
This
is
one
of
the
newer
liquid
hedging
strategies
that
we've
added
to
the
portfolio
partner
select
had
been
acquired
by
what
is
now
imgp,
as
you
can
see
in
the
name.
This
was
done
about
15
months
ago.
It
was
previously
a
minor
concern.
We've
upgraded
that
to
no
concern.
C
We
do
have
a
downgrade
there
for
performance
that
is
harding
lovner,
that's
an
emerging
market
strategy,
so
investing
in
countries
like
china,
india,
south
american
countries,
russia,
in
this
case
that
has
been
downgraded
from
no
concern
to
minor
concern
for
performance
as
the
three
year
and
five
year.
Return
numbers
have
now
disappointed
a
little
bit
and
has
underperformed
both
the
the
benchmark
and
its
peer
group.
C
I
will
spend
a
little
bit
more
time
as
we
go
through
the
table
of
returns,
talking
about
why
it's
underperformed
and
why
we
still
think
that
harding
lovner
is
a
really
strong
manager,
particularly
in
the
emerging
market
space,
but
just
wanted
to
bring
that
to
to
the
committee's
attention
and
then,
lastly,
second,
to
the
right
there,
expenses
all
the
way
down
at
the
bottom
partners
group
private
equity.
This
is
an
upgrade
from
a
minor
concern
to
no
concern.
There
was
previously
a
minor
concern
for
expenses
under
for
partners,
group
private
equity
strategy.
C
Those
fees
have
actually
come
down
over
time
as
they've
garnered
assets,
and
now,
as
you
can
see,
the
expense
ratio
is
below
the
median,
so
that
has
now
been
upgraded
to
no
concern
at
this
time,
and
then
we
also
include
commentary
below
and
on
the
following
page
of
kind
of
some
of
the
previous
concerns
and
recent
changes.
So
just
want
to
see
if
there's
any
questions
as
it
relates
to
those
any
of
those
three
changes.
D
Stephen,
you
probably
answered
my
question
already:
let's
use
a
partners
group,
private
equity
as
an
example.
That's
a
new
investment
strategy.
I
think
we
added
last
quarter.
Could
you
explain
the
last
three
column?
The
expense
ratio
for
that
particular
strategy
seems
high
2.3,
but
compared
to
the
median
80
seems
low.
Could
you
explain
the
relationship
between
these
columns
yeah.
C
Yeah
great
question,
jackie
yeah,
so
the
expense
ratio
column
is
the
actual
fee
that
that's
being
paid
to
partners
group
in
this
particular
example.
So,
yes,
2.3
is
certainly
what
we'd
consider
a
high
fee,
but
this
is
private
equity
and
generally,
with
private
investments,
we're
paying
higher
fees
to
get
access
again
to
those
types
of
investments
and
hopefully,
obviously
providing
long-term
returns
that
are
above
and
beyond
what
you
could
get
in
in
the
public
markets.
So
that's
certainly
the
reason
for
the
higher
fee.
C
The
median
expense
ratio
of
2.87
is
all
similar
private
equity
strategy
fees,
and
so
you
can
see
you
know.
The
partners
group
comes
in
about
half
a
percent
below
kind
of
their
their
industry,
peers
or
competitors.
If
you
will
so,
we
still
think
that's
nice
to
see.
C
Of
course,
you
know
we're
paying
a
higher
fee,
but
it
is
about
half
a
percent
lower
than
kind
of
the
the
industry
average,
and
so
that's
what
that
ratio
of
expense
to
median
is
it's
simply
that
the
2.31
percent
from
partners
group
divided
by
the
median
expense
ratio,
so
we're
basically
just
showing
that
partners
group
is
about
80
percent
of
the
cost
of
of
the
peer
group.
C
Nope
and
great
question-
and
that's
certainly
something
that
that
you
should
be
looking
at
and
concerned
about
and
keeping
top
of
mind
and
just
to
kind
of
reiterate
everything
that
we
look
at
when
we
look
at
returns
is
all
on
a
net
of
fees
basis.
So
that
includes
you
know
the
of
course,
the
fees
that
that
are
being
paid.
So
everything
we
show
from
a
performance
standpoint
is
none
of
those
fees.
A
Yes,
how
long
will
it
take
to
vacate
out
of
that
one
position
that
is
problematic.
The
reinsurer.
C
Bob
yeah
great
question.
Unfortunately,
we
don't
have
a
definitive
answer
at
this
time.
It's
kind
of
on
a
quarterly
basis.
We
get
notified
by
stoneridge.
Our
operations
team
then
sends
that
information
over
to
us
and
we'll
kind
of
take
it
quarter
by
quarter,
but
a
majority
of
those
assets
have
come
back
that
were
invested
in
the
strategy.
C
I
think
there's
about
a
quarter
of
a
million
dollars
left,
if
I,
if
I
recall,
and
so
again,
it'll
probably
be
over
the
course
of
the
next
two
to
three
quarters
would
be
my
hope,
hopefully,
by
the
end
of
the
calendar
year,
we
we
might
get
might
be
fully
redeemed.
There.
B
And
bob
just
so,
you
know
the
process
so
every
quarter
they
allow
for
liquidity.
So
we
go
in
and
say
we
want
to
sell
it
all,
and
then
they
they
have
all
their
shareholders
also
are
saying
they
want
to.
You
know
they
want
to
redeem
as
well,
and
so
then
they
allocate
okay
based
on
everybody.
That
wants
to
get
out
we'll
let
everybody
get
15
of
their
proceeds,
and
so
that's
what
we
do
every
single
quarter.
So
every
single
quarter
like
clockwork.
B
C
Yep
great
question,
though,
and
I
guess,
if
we're
going
to
say
on
the
bright
side,
at
least
when
we
look
at
performance,
it
is
actually
because
it
is
generally
completely
uncorrelated
to
the
market
was
actually
had
a
positive
return
in
the
first
quarter.
So
at
least
you
know,
since
it
is
still
being
held,
at
least
it
did
add
some
value
while
we're
trying
to
get
out.
C
C
So,
looking
at
the
table
of
returns
kind
of
going
through
some
of
the
underlying
investment
managers,
you
know,
as
we
normally
do-
I'm
not
going
to
kind
of
touch
on
on
each
of
these,
but
did
want
to
just
kind
of
touch
on
a
couple
of
the
strategies
that
might
have
had
you
know
better
or
worse
performance
than
the
benchmark
computer
group.
You
can
see
large
cap
equity,
we're
utilizing
a
large
cap
value,
active
manager-
that's
dodging
cox
there
at
the
top.
C
You
can
see
actually
one
of
the
actually
the
only
positive
performing
equity
manager
in
in
the
plan
in
the
first
quarter.
You
can
see
up
just
over
one
percent,
so
some
nice
nice
performance,
considering
you
know
how
tough
the
overall
market
was
from
dodge
and
cox
kind
of.
On
the
flip
side,
you
know
kind
of
the
high
quality
growth
manager
being
allocated
to
harbor
capital
appreciation,
which
is
the
third
line
down
there.
C
You
know
significantly
challenged
by
the
environment
as
wendy
went
through
some
of
those
sectors
and-
and
you
know
kind
of
talked
about
what
had
been
doing
well.
The
growth
parts
of
the
market
certainly
have
seen
the
biggest
headwinds
with
with
the
growing
rising
interest
rates,
with
inflation
fears
with
the
economic
slowdown
fears.
C
So
that's,
certainly,
you
know,
hurt
harbor
capital
appreciation,
more
so
than
say
dodge
and
cox.
For
example,
harbor
capital
appreciation
has
significant
exposure
to
again
information
technology
and
communication
services,
companies
which
were
two
of
the
worst
performing
sectors
across
the
first
quarter.
But
again,
as
we
always
do,
if
you
look
at
the
the
longer
term
numbers
kind
of
going
out,
you
know
three
and
five
years
really
strong
returns.
C
You
know
averaging
20
percent
per
year
over
the
last
five
years,
so
you
know,
we
know
that
the
long
term
they're
a
really
strong
manager,
but
based
on
on
the
type
of
mandate
and
the
type
of
portfolio
they're
managing,
had
some
some
headwinds
and
challenges
in
the
first
quarter.
C
Moving
down
to
international
managers,
I
just
wanted
to
quickly
touch
on
again
thornburg
international
value,
that
is
an
international
value
manager
and
again
just
wanted
to
point
out
kind
of
why
we
believe
in
looking
at
long-term
returns,
but
thornburg
international
value.
You
can
see
in
the
first
quarter
down
about
10.8
percent,
whereas
the
benchmark
was
basically
flat,
so
underperform
the
benchmark
quite
significantly
in
the
quarter
but
longer
term.
Looking
at
kind
of
those
three
and
five-year
numbers
you'll
see
one
of
the
best
performers
in
this
part
of
the
market.
C
So
on
the
three-year
number
you
know
returning
about
nine
and
a
half
percent
per
year,
whereas
the
benchmark
only
returned.
You
know
just
over
five
percent,
so
even
with
a
really
poor.
First
quarter,
thornberger
still
added
significant
value
to
the
plan
over
over
its
inception.
So
again
we
understand
that
there
could
be,
especially
during
volatile
markets
like
we
saw
in
the
first
quarter.
C
We
like
to
again,
of
course,
stick
with
those
managers
in
focus
longer
term,
so
I
think
that's
a
good
good
example
there
and
then
really.
The
last
one
I
want
to
touch
on
on
the
equity
side
is
harding
lovner
emerging
markets.
You
can
see.
I
mentioned
that
we
downgraded
that
performance
to
a
minor
concern,
really
tough
quarter
down
over
17
and
a
half
percent
in
the
first
quarter.
I
just
want
to
talk
a
little
bit
about
why
it
performed
so
poorly
really.
C
The
primary
driver
was
some
of
the
the
allocation
from
not
only
a
country
standpoint,
but
also
the
types
of
stocks
is
invested
in
this
particular
strategy
did
have
quite
a
bit
of
exposure
to
russia
and
russian
equities,
going
into
2022
and
so
about.
Five
percent
of
the
underperformance
was
directly
related
to
the
russian
stock
exposure
that
they
had,
and
so
what
they've
done,
because
the
the
russian
equity
markets
have
basically
froze
or
there's
no
liquidity,
there's
no
way
to
sell
those
stocks.
C
C
They
also
invested
in
a
couple
of
companies
that
weren't
domiciled
in
russia,
but
generated
significant
portions
of
their
revenue
from
russia,
and
one
of
those
is
actually
a
subsidiary
of
coca-cola,
and
those
two
names
alone
also
accounted
for
about
two
percent
of
the
the
under
performance
and
then
on
top
of
that
just
some
kind
of
exposure
in
china
to
those
kind
of
higher
growth
names
that
I
that
I
mentioned
that
had
some
challenges
that
hurt
their
performance
as
well.
So
you
know,
we
think
it's
explainable.
C
We
think
you
know,
we
understand
why
they
underperformed,
and
we
still
do
believe
that
they
are
a
strong
manager,
long
term,
but
you
know
really
that
this
quarter
and
the
most
recent
12
month
period
now
has
really
hurt
some
of
their
a
longer
term
performance.
So
we're
not
recommending
a
change
at
this
time,
but
we
did
downgrade
that
to
a
minor
concern
and
will
continue
to
monitor.
You
know
their
performance
much
more
closely
kind
of
on
a
going
forward
basis.
C
And
then
want
to
just
quickly
talk
about
other
parts
of
the
portfolio,
so
fixed
income,
again
very
diversified
in
terms
of
the
fixed
income
exposure
in
the
portfolio.
Dodging
cox,
income
is
the
largest
holding
just
over
11
percent,
the
worst
performer
out
of
the
fixed
income
managers
down
about
just
over
five
percent
in
the
quarter.
C
Now,
what
we've
done
is
we've
complemented
that
which
is
more
of
a
kind
of
traditional
manager
with
two
opportunistic
managers,
both
pimco
dynamic
bond
and
j.p
morgan
strategic
income,
which
we
would
again
expect
to
kind
of
be
a
little
bit
more
active
and
to
position
the
portfolio
and
make
changes
based
on
kind
of
the
market
environment.
You
can
see
both
of
those
both
while
both
still
negative
held
up
well
compared
to
the
benchmark,
which
is
down
almost
six
percent
in
the
quarter.
C
So
pimco
is
down
just
over
three
percent
and
jp
morgan
down
about
half
a
percent,
so
you
can
see
the
total
fixed
income
when
you,
when
you
consider
all
three
managers
was
down
about
four
and
a
half
percent,
which
is
much
better
than
the
benchmark
being
down.
Six,
so
still
negative
doesn't
feel
great,
but
it
you
know
these
managers
did
protect
a
little
bit
on
the
downside.
C
We
also
have
an
allocation
to
floating
rate
loans
which
are
below
investment
grade
loans,
but
the
the
unique
aspect
is
that
the
loans
are
what
we
call
floating
rate,
meaning
as
interest
rates
rise,
so
does
the
coupon
or
the
yield
or
the
payment
being
paid
out
to
investors,
so
these
generally
hold
up
better
during
a
rising
and
rising
interest
rate
environment,
as
indicated
by
you
know
the
performance
only
being
down
just
under
half
a
percent.
C
And
then
really,
some
of
the
better
performers
throughout
the
quarter
were
in
what
we
call
the
alternative
asset
classes,
so
real
estate,
in
particular
the
principal
us
property
fund,
was
up
seven
and
a
half
percent
in
the
quarter,
so
significant
performance
up
almost
30
percent
in
the
last
12
months.
So
again
kind
of
you
know
real
estate
having
kind
of
a
natural
inflation
protection
element
to
it
has
done
really
well.
C
We
also
saw,
of
course,
that
real
estate
got
hit
very
hard
in
2020,
so
it's
bounced
back
really
nicely
and
then
the
two
liquid,
the
two
low
correlated
hedging
strategies
you
can
see
here,
imgp,
which
is
more
liquid
and
then
ironwood
below
that
which
is
more
of
a
traditional
hedging
strategy.
C
C
1St
of
2021
is
down
about
three
and
a
half
percent
since
then,
but
you
know
much
better
than
than
a
lot
of
the
the
parts
of
the
equity
market
and
then
ironwood
directly
below
that,
since
we
added
that
at
the
beginning
of
december
last
year,
actually
slightly
positive
so
providing
you
know
some
pretty
strong
diversification
and
protection
for
the
portfolio
relative
to
again
kind
of
equities
and
fixed
income.
During
that
same
time,
frame.
C
And
then
the
other
real
kind
of
strong
performers
so
far
this
year,
tortoise
mlp
and
pipeline.
That's
midstream,
energy.
By
far
the
best
performer
year
to
date,
you
can
see
in
the
first
quarter
up
over
22
percent.
As
one
you
mentioned,
energy
was
the
best
sector
and
so
midstream
energy
was
also
a
really
nice
performer
in
the
quarter
versus
capital
real
assets.
This
is
that
diversified,
timberland
farmland
and
infrastructure
fund.
C
We
added
that
you
can
see
on
the
far
right-hand
side
mid-year
last
year
and
that's
up
about
eight
and
a
half
percent,
since
we
added
so
again
really
strong
performance
and
adding
a
lot
of
diversification
since
we
added
that
to
the
portfolio
middle
of
last
year,
so
you
know
we
think
again
in
really
good
position
there
and
then
partners
group
the
private
equity
strategy
on
the
far
right
hand
side.
Here
again,
you
can
see
since
inception
since
that
was
funded
at
the
end
of
last
year.
C
That
strategy
is
actually
up
over
two
percent
through
the
end
of
the
first
quarter.
So
we
really
do
think
you
know
adding
some
of
these
diversifiers
middle
and
late
last
year
really
helped
protect
on
on
the
downside
so
far
in
2022.
C
So
you
know
year
to
date,
as
one
you
mentioned
down
just
over
three
and
a
half
percent.
We
never
like
to
see
negative
numbers,
but
we
think
the
addition
of
some
of
these
strategies
certainly
helped
protect
a
little
bit
more
on
the
downside.
C
And
so
that
was
a
lot
of
information.
Hopefully
you
all
found
that
that
useful
but
happy
to
just
answer
any
questions
that
any
of
you
all
might
have.
A
C
Of
course,
bob-
and
the
one
thing
I
failed
to
actually
mention
was
that,
of
course,
you
know
with
interest
rates
rising,
you
know
being
that
this
is
a
defined
benefit
plan
that
actually
doesn't
isn't,
isn't
the
worst
thing,
because
that
actually
decreases
future.
You
know
plan
liability,
so
I'm
not
an
expert
on
that,
but
once
we
get,
of
course
those
updated
numbers
and
we'll
let
the
professionals
talk
more
about
that.
But
that's
just
one
thing
that
I
did
want
to
mention
from
a
fixed
income
and
interest
rate
standpoint.
D
B
Yeah,
so
there
might
be
some
realized
losses,
because
you
know
whenever
we
raise
the
money
for
the
distributions,
we
have
to
sell
investments
to
do
that.
We
whenever
we
do
that,
though
we
rebalance
the
portfolio
so,
for
example,
if
you
know
so,
let's
say
that
our
equity
target
is
five
percent,
and
you
know
it's
it's
actually
six,
so
we
would
take.
You
know
some
of
those
equities.
B
You
know
off
the
table
to
to
raise
funds
for
the
distribution,
so
I
would
say
that
there's
probably
a
combination
most
likely
it's
unrealized,
because
we
would
be
selling
things
that
had
done
well.
A
B
I
think
the
last
thing
on
the
agenda
was
just
the
investment
policy
statement,
because
I
think
at
the
last
meeting
we
had
gone
through
it
and
then
I
think
I
don't
know
if
jackie
jackie
mckinnon,
if
you
think
we
need
some
kind
of
motion
on
that
or
or
is
just
having
the
signed
version
in
the
packet.
All
we
need
to
do.
E
A
E
A
E
E
You
can
hear
me:
yes,
okay,
yes,
you
made
a
meeting
and
you
wanted
to
be
able
to
see
at
this
meeting
for
the
signatures.
E
A
Great
great,
I
have
one
more
question:
maybe
we're
moving
on
to
board
member
choices.
A
We
did
get
a
response
from
the
attorney
who
had
done
some
work,
and
I
would
I
think
that
was
forwarded
to
the
city
attorney
and
the
indication
I
got
was.
That
was
all
that
needed
to
happen.
A
A
E
I
can
follow
up
with
her
tomorrow
on
the
app.
E
B
A
B
E
A
A
E
E
A
A
And
getting
back
to
shelley's
question,
I
did
not
hear
of
any
retirements
being
set
before
us,
but
could
we
make
sure
of
that.
A
A
A
A
Great,
thank
you
if
you,
if
it's
not,
and
I
will
go
back
and
review
it,
a
little
closer,
let's
get
together
on
that,
okay,.
A
A
So,
let's
batten
down
the
hatches
and
proceed
okay.
Thank
you
much.
I
will
entertain
a
motion
to
adjourn.