►
From YouTube: OKC MAPS Investment and Operating Trust - 2/28/2023
Description
No description was provided for this meeting.
If this is YOUR meeting, an easy way to fix this is to add a description to your video, wherever mtngs.io found it (probably YouTube).
A
Good
morning
we
will
go
ahead
and
call
our
Maps
investment
and
operating
trust
meeting
for
February
20th
2023
to
order
item
two
approval
of
the
minutes.
They
were
included
in
your
packet.
So
if
you
have
any
changes
or
Corrections,
please
say
so.
If
not
I'll,
take
a
motion
in
a
second
all,
those
in
favor.
Please
vote
all
those
everybody
votes.
Sorry.
A
The
last
few
trust
our
Maps
meetings
we've
had
to
do
verbal
voting.
So,
yes,
all
right
motion
passes.
Thank
you.
Okay.
Moving
on
to
three
items
for
individual
consideration,
a
presentation
of
the
quarterly
investment
report
for
the
period
ending
December,
30th
31st
2022
Doug
Anderson
from
andco,
is
here
to
present
good
morning
Doug.
How
are
you.
B
B
I've
done
this,
but
hopefully
it'll
all
work
out
so
we'll
be
looking
at,
is
the
1231
report
and
then
we'll
look
at
a
131
update
and
then
a
few
pieces
of
Market
information
they'll
give
us
some
more
context
on
what's
been
going
on
and
what
might
what
we
might
see
going
forward,
we're
still
short
of
one
year
of
performance
history,
if
we
remember
back,
we
started
about
April
1
of
last
year
is
where
we
target
it,
and
last
year
was
not
the
best
year
to
start
an
investment
program
like
this
and
I'll
talk
a
bit
more
about
that
see,
am
I
doing
this
Dead
Roll
there.
B
We
are
the
first
slide
here
and
I'm
obliged
to
to
to
introduce
this.
Is
our
firm
update
from
our
CEO
Mike
Welker
a
lot
of
history
about
our
firm?
We
continue
to
grow.
We
continue
to
prosper
by
doing
what
our
clients
need
us
to
do
for
them.
A
few
highlights
is
that
it's
not
listed
extensively
on
this
page,
but
as
a
result
of
everything
that
we
do
of
all
the
people
of
all
the
resources
that
we
invest
for
our
clients
is
that
we
were
named
one
of
the
top
three
mid-sized
investment
consultants
in
the
world.
B
We
like
to
be
mid-sized
because
to
be
large,
you're,
usually
owned
by
a
very
large
bank
or
more
often
a
large
insurance
company,
and
that's
not
the
business
model
we
have.
Our
business
model
is
to
be
more
in
line
with
our
clients
and
and
just
to
remind
everyone
we're
paid
only
by
our
clients.
We
have
no
conflicts
of
interest
because
no
one
else
is
paying
us
to
do
what
we
do
or
say
what
we
say.
B
So
our
interest
is
your
interest
in
that
case,
and
it's
something
that
we're
committed
to
so
here's
a
little
nightstand
reading.
Hopefully
you
don't
need
that,
but
if
you
do
here,
it
is
next
slide
here
now,
that's
our
organizational
chart
you'll
see
here.
This
is
who
we
are
it's
a
very
siled
organization,
meaning
I
have
one
job:
I,
don't
run
the
company
like
I,
used
to
at
the
old
place
and
do
the
Consulting
I
just
do
Consulting.
B
You
can
see
our
performance
reporting
section
our
partnership,
our
leadership
and
management,
and
then
our
research
staff
research
is
something
that
affirms
our
size
sometimes
skimp
on.
But
it's
not
something
that
we
do.
We
have
a
lot
of
folks
here
who
are
dedicated
to
individual
asset
categories,
which
we
think
is
the
right
way
to
do
it
Consulting.
You
can
see
my
name
up
here.
There's
one
change
this
year
on
my
name:
let's
see
where
am
I
anyway,
it
shows
that
I
am
now
a
cpfa
I
have
some
new
letters
behind
my
name.
B
It's
a
certified
plan,
fiduciary
advisors.
That
means
that
I
I
have
the
credentials
that
I
know
what
I'm
talking
about
now,
whereas
I've
only
been
doing
this
since
the
early
1990s.
So
there
is
that,
but
you
see
our
operations,
staff
Human,
Resources
compliance,
Solutions
and
growth.
So
we
are
a
fully
where
we
have
a
lot
of
resources
that
firms
our
size
traditionally
do
not
have.
We
are
built
for
for
the
future.
In
that
way,
you
can
see
Market
environment
here.
B
I
think
we
all
know
we're
going
to
go
through
the
painful
part
of
reminding
ourselves
how
tough
last
year
was
remember.
We
started
at
4-1
of
last
year,
so
we
had
three
quarters
of
the
year.
We
didn't
have
the
first
quarter
of
last
year,
but
the
nice
thing
is
the
fourth
quarter
of
last
year
saw
the
clouds
sort
of
part
a
little
bit.
B
The
worst
of
inflation
tended
to
look
like
it
was
rolling
over
and
it
looked
like.
There
were
some
issues
with
Worldwide
growth
that
we're
going
to
start
favoring
Econo
economies
rather
than
just
pushing
them
down.
So
in
the
top
chart
there
you
can
see
the
quarterly
performance
for
S
P
500,
which
is
the
U.S
Equity
market
up
7.6
percent.
You
can
see
that
next
segment,
there
msci
acqui,
that's
the
all
country
world
x-us.
B
So
that's
all
the
countries
outside
of
the
United
States
their
Equity
markets
up
14
for
the
quarter,
and
hopefully
you
will
recall
that
when
we're
looking
at
Market
Cycles
when
markets
go
from
being
very
bad
to
not
so
bad,
they
tend
to
perform
very
well
in
the
short
term
right.
So
when
the
markets
are
the
most
depressing,
when
you're
looking
at
the
last
year
return-
and
it
looks
the
most
challenging
you're-
probably
this
close
to
seeing
the
best
days
of
the
equity
Market
start
again.
So
that's
why
we
stay
fully
invested.
We're
not
Market
timers.
B
We
try
to
spend
time
in
the
market
to
generate
the
returns
and
if
you
do,
I'll
show
one
chart
in
a
minute
that
if
you
missed
the
five
best
days
of
a
market
cycle,
it's
incredibly
damaging
to
your
long-term
returns.
So,
looking
at
this
list
here,
you
can
see
that
U.S
equities
positive
during
the
quarter
non-us
equities,
very
strong
in
the
in
the
fourth
quarter
of
last
year
and
Bonds
were
positive.
However,
when
we
look
at
the
calendar
year,
it
was
a
tough
tough
year.
The
only
thing
that
really
made
money
was
three
month.
B
T-Bills
so
risk-free
assets.
If
you
look
at
U.S
equities
down
18
non-us
equities
down
comparable,
but
really
the
standout
unusual
period
period
or
unusual
asset
class
returns
from
bonds
bonds
started
the
year
with
low
yields,
inflation
was
the
worry,
bond
yields
went
up,
inflation
is
Kryptonite
for
bond
prices
and
we
see
the
worst
year
bond
performance
on
record
in
modern
American
history.
B
We
had
two
years
that
were
comparable,
but
one
of
those
was
at
the
end
of
the
Revolutionary
War
and
the
other
one
was
during
the
Civil
War,
and
it
was
an
idea
that
the
U.S
government
might
not
be
around
to
pay
those
bonds.
That's
the
only
thing
that
was
comparable
to
this
I
think
we're
not
dealing
with
that.
Maybe
the
market
overreacted
a
little
bit:
seven
percent
inflation,
not
exactly
apocalyptic,
but
markets
do
what
they
do
and
they
tend
to
overreact,
both
on
the
on
the
downside
and
on
the
upside.
B
So
moving
forward
from
here
bonmar,
our
Equity
markets
did
change
value
stocks
did
better
than
growth
stocks,
Back
to
Basics
energy
stocks
of
all
kinds.
Banks
insurance
companies
did
much
better
than
say
your
Facebooks
and
your
Netflix
and
your
your
Amazons
just
because
people
were
retrenching
last
year
and
we
went
from
spending
a
lot
of
money
on
consumer
discretionary
to
consumer
staples
and
if
you
look
at
the
individual
sectors
of
the
marketplace,
it's
very
much
shown
here
last
year
was
a
tumultuous
year
in
the
Commodities
markets.
B
It
was
tumultuous
year
in
the
energy
markets
and
the
big
thing
there
is
the
war
in
Ukraine
right
Russia
is
a
large
producer
of
oil
and
natural
gas,
and
we
all
saw
the
disruption
caused
by
that.
The
only
other
sector
to
have
a
positive
return
for
the
last
year
were
utilities,
and
that
is
the
most
defense
of
sector
out
here
now.
Do
you
recall
the
energy
was
the
most
overlooked
and
disliked
sector
in
the
market
before
last
year
for
the
previous
10
years
or
so,
and
when
the
going
went
very
tough.
B
Last
year
again
we
went
back
to
basics.
We
got
to
keep
the
heat
on,
we've
got
to
be
able
to
drive
to
work,
we've
got
to
keep
electricity
flowing,
and
so
that's
why
the
market
favored
those
areas
looking
into
International
Equity.
There
are
a
lot
of
changes
going
on
right
now.
Obviously,
Eastern
Europe,
the
conflict
there
China
emerging
from
covid
lockdowns,
is
a
huge
issue.
B
Will
that
be
inflationary
because
there's
more
Chinese
demand
for
raw
materials
or
will
it
be
deflationary
because
we're
now
able
to
buy
goods
from
China
that
have
been
effectively
off
the
market?
If
you
remember
the
last
year
very
early
before
the
war
started,
the
biggest
Market
inflation
argument
was
supply
chain
issues
right.
Nothing
was
coming
out
of
China,
nothing
was
being
offloaded
on
our
our
ports,
and
so
that
is
a
big
change.
B
Going
on
right
now,
now
you'll
see
that
the
U.S
dollar
performance
versus
local
performance
is
in
that
top
chart
for
the
quarter
and
notice
that
they
are
significantly
different
and
notice.
It
is
significantly
different
and
better
if
you
held
shares
in
foreign
countries
with
US
dollars
right
if
you're,
a
dollar
based
investor
owning
shares
overseas
during
fourth
quarter.
Your
returns
were
much
better
because
the
dollar
weakened
during
the
fourth
quarter,
the
rest
of
the
year.
The
dollar
was
appreciating
versus
other
currencies
and
It
produced
exactly
the
opposite
pattern
below
so
US
dollar.
B
If
you
hold
European
and
Middle
Eastern
shares
during
the
fourth
quarter
in
local
currencies,
10.3
percent
in
U.S
dollar
terms
19,
so
significant
diversification
benefit.
Finally,
from
non-us
equities,
which
we
haven't
seen
in
again
a
decade
I'm
not
going
to
talk
about
much
here,
except
for
on
the
Emerging
Markets
Russian
no
longer
there
Russia
was
deleted
from
that
Benchmark
a
few
days
after
the
invasion.
It
was
about
a
four
percent
position
in
the
Emerging
Markets.
B
You
cannot,
if
you
own,
shares
in
Russia
as
a
us-based
investor.
You
can't
trade
them.
They've
been
written
down
to
zero
and
we
will
see
if
that
ever
resolves
itself.
Also
now
in
the
Emerging
Markets
Benchmark
right
down
here,
China
and
Japan
make
up
about
13
percent
of
that
Benchmark,
which
is
28
of
the
overall,
so
that
is
the
biggest
concentration
of
assets
as
China
and
Taiwan.
So
if
something
untoward
happens
there,
then
that
will
be
a
dangerous
part
of
the
benchmark.
B
So
looking
at
bonds
again,
Bonds
were
awful
last
year,
there's
no
way
to
sugarcoat.
It
bonds
are
not
supposed
to
go
down
12
percent,
but
they
were
down
significantly
worse
than
that
tips
which
are
treasury
inflation,
protected
securities,
remember
bonds,
the
Kryptonite
bond
prices
is
inflation.
Tips
are
supposed
to
guard
against
inflation.
They
were
down
12
last
year
because
the
inflation
expectations
kept
rising
and
rising
and
Rising.
B
If
you
look
at
treasury,
bonds
are
down
12
and
a
half
percent
corporate
investment
grade
for
the
whole
year,
we're
down
15.8
percent
and,
as
you
might
expect,
bond
prices
or
Bond
performance
was
worse.
The
lower
quality
bonds
you
held
so
tough
tough
year
short
duration
was
the
place
to
be
the
only
part
of
the
bond
market
that
made
money
last
year.
B
Was
money,
market
funds,
so
very,
very
short,
duration,
because
as
the
yield
curve
Rose
and
got
us
into
an
interesting
environment
where
we
are
now,
which
is
an
inverted
yield
curve
right
here,
shows
you
the
yield
of
various
duration
or
maturity
of
Treasury
issues
and
notice
that,
from
the
blue
line,
which
is
331
of
last
year,
everything
shifted
up
dramatically.
This
is
what
happens
when
the
Federal
Reserve
raises
short-term
interest
rates
by
more
than
four
percent
in
a
one-year
period
of
time.
B
Everything
shifts
higher,
but
the
bond
market
is
also
predicting
an
economic
slowdown,
if
not
outright
recession,
and
that's
why
you
see
this
inverted
yield
curve,
meaning
you
are
paid
more
in
interest,
owning
a
one-year
Bond
than
a
30-year
bond,
which
is
typically
the
case,
longer
duration,
more
maturity
risk.
You
take
the
more
you're
going
to
demand
in
return,
but
what
this
is
saying
is
now
the
next
two
years
might
be
a
Slowdown
after
that.
We're
expecting
things
to
come
back,
but
again
this
is
a
little
conjecture.
It's
all
forecasts.
B
It's
all
the
market,
the
the
Democratic
markets,
voting
people
voting
with
their
dollar
saying
this,
and
the
other
thing
is
that
the
this,
the
the
the
Wags
will
say
the
yield
curve.
Inversions
have
Crea,
have
forecasted
seven
out
of
the
last
five
recessions,
meaning
sometimes
it
does
invert
and
we
don't
have
a
recession,
but
almost
all
recessions
are
preceded
by
an
inverted
yield
curve.
B
So
that's
Market
environment
stay
with
me
here,
a
little
bit
longer.
Here
again,
we
started
investing
at
the
end
of
March
of
last
year.
That's
why
you
see
the
huge
increase,
the
Corpus
or
the
principal.
If
you
will
is
the
gray
area
which
there
were
no
further
allocations
after
the
first
one
last
year,
you
can
see
that
at
the
end
of
the
year
that
was
79
905
there
were
some
expenses
paid
out
of
that.
B
You
will
see
that
the
market
value
of
the
Investments
was
72.6
million
dollars,
so
we're
below
this
Aggregates
all
of
the
is
it
the
all
five
of
the
underlying
portfolios
into
one
big
one
for
reporting
cases.
You
can
see
contributions
were
80
million
dollars,
withdrawals
of
ninety
five
thousand
dollars,
so
the
loss
for
that
year-to-date
period
was
7.3
million
dollars,
and
that
was
a
return
of
10
point
negative
10.27
so
again,
tough
year.
B
It
is
good
to
see
that
we
had
income,
almost
a
million
and
a
half
dollars
which
stabilized
it
even
in
a
tough
year.
Asset
allocation
is
stable
and
very
close
to
targets
and
again
to
remind
ourselves.
We
are
not
hyper
risk
oriented
here,
we're
starting
at
lower
risk
and
over
time
building
into
the
return
potential
of
the
portfolio.
So
we've
got
about
60
percent
equity
and
then
40
percent
in
fixed
income
and
you'll
notice
that
we
also
are
carrying
some
cash
here.
Cash
is
an
investment
alternative.
B
It's
considered
part
of
the
bond
portfolio,
but
remember
the
inverted
yield
curve.
You
can
get
paid
a
little
bit
more
than
four
percent
interest,
with
no
risk
on
the
cash
part
of
the
portfolio,
so
we
think
that's
a
an
adequate
place
to
have
part
of
the
portfolio
again
very
simple.
This
is
early
days
in
the
portfolio,
but
it's
a
very
simple
structure.
Our
largest
portfolio
is
fixed
income.
Then
we
have
an
index
fund.
B
We
have
actually
Four
index
funds,
there
are
the
next
largest
and
then
we
have
a
high
yield
bond
fund
and
then
the
cash
portfolio.
So
a
lot
of
exposures
to
different
markets
passively
Although,
our
fixed
income
exposure
is
actively
managed.
Here
is
the
during
the
quarter,
the
last
quarter
of
that
the
fourth
quarter
of
last
year,
income
and
capital
appreciation
there
at
the
top
level
showing
where
the
money
came
from.
B
C
B
Going
to
do
anything
drastic
to
try
to
make
it
up
in
a
short
period
of
time.
That's
not
how
long-term
investors
act.
If
we
look
at
the
index
funds,
the
equity
domestic
Equity
index
funds,
all
of
them
since
Inception
track
their
Benchmark
very
closely
and
they
all
look
very
good
versus
their
peer
Universe.
If
we
look
at
our
International
Equity
Index
Fund
here
it
doubled
the
return
of
most
of
our
U.S
Equity
portfolios,
and
it
did
track
very
closely
across
the
board
and
it
is
positive
since
Inception
that's
Inception
of
the
fund.
B
That's
not
Inception
of
our
investment
in
it.
Here
is
the
since
Inception
down
10.7
percent.
Our
fixed
income
portfolios
also
suffered,
but
not
quite
as
badly
as
we
might
have
feared.
You
can
see
for
the
quarter.
Dodge
and
Cox's
up
2.76
PGM,
the
High
Yield
Fund
was
at
3.63
percent
and
for
the
fourth
quarter,
that
entire
portfolio
is
at
2.93
percent
so
and
in
our
money
market
fund
3.16.
So
that's
the
portfolio.
It
is
early
days.
We
had
a
downturn
at
the
very
beginning
drawdown
we
are
making
that
up.
B
As
of
last
Friday,
we
were
about
776
Point,
three
million
dollars,
so
we're
stabilizing
where
we
are,
but
it
will
take
some
time
looking
at
the
I
want
to
go.
A
couple
of
slides
here.
B
Here
are
the
fees
our
estimated
fee
is
or
manager.
Expenses
is
18
basis
points
that
is
very
inexpensive.
We
are
not
overpaying
from
Investment
Management
whatsoever.
Most
funds
about
this
side
would
be
probably
three
times
that
much
if
we
didn't
have
the
passive
exposure
and
our
fixed
income
exposure
is
very
inexpensive.
Also,
that's
our
Benchmark
and
as
far
as
the
that
is,
that
is
the
short
version
of
it
I'm
happy
to
answer
any
questions.
Doug.
D
B
It
depends
according
to
what
the
market
is
like
right
now.
We're
in
a
market,
environment
and
and
I
will
say
that
the
added
value
from
Dodge
and
Cox
primarily
they're
your
bigger
Bond
manager.
It
was
because
they
were
taking
less
risk
than
they
could
have
right.
They
were
short
duration,
oddly
enough,
their
corporate
bonds,
which
some
folks
think
are
riskier
than
treasury
bonds.
That
was
also
very,
very
helpful,
so
you're
paid
more
to
own
credit
risk
and
Dodge
and
Cox
will
always
have
more
credit
risk
than
their
Benchmark.
B
So
in
a
market
environment
where
spreads
are
very
narrow,
so
you're
not
getting
paid
more
to
own
longer
duration
bonds,
you're,
not
getting
paid
more
to
own
corporate
bonds,
I
would
say:
net
of
fees,
50
basis
points
per
year,
right,
which
is
Meaningful
and
especially
in
a
down
what
what
I'm
really
pleased
with
is
Dodge
and
Cox
are
somewhat
of
a
they
have
that
reputation
being
a
little
bit
aggressive
on
seeking
out
Alpha
and
sometimes
that's
difficult
in
a
down
Market
on
your
returns.
B
So
while
they
add
value
when
the
market
is
going
up,
they
did
really
well
when
the
market
went
down
and
I'm
very
pleased
with
that.
So
in
last
year's
Market
environment,
where
it
was
highly
volatile,
where
there
were
a
lot
of
things
going
on
where
corporate
spreads
were
widening
out,
you
can
expect
added
value
of
150
basis
points.
B
B
I
will
say
that
it's
it's
impossible
to
replicate
right,
so
I
would
say:
Keeping
Up,
With,
The
Benchmark,
there
is,
is
more
the
goal
and
in
an
unusual
environment,
I'd
love
to
see
a
one
percent
performance
per
year,
but
that's
not
something
now
on
the
equity
portfolios
again
we're
early
days
here
right,
we're
early
days,
and
we
might
see
some
addition
of
active
managers
in
there.
B
C
Doug
just
a
quick
question:
what
are
the
fees
higher
for
fixed
income
than
it
is
for
like
equities?
Well.
B
That's
normally
the
case.
Let
me
let
me
point
out
well
right
now
for
you:
it's
because
you
have
active
on
the
fixed
income
side
and
it's
all
indexed
on
the
equity
side.
Normally,
that's
not
the
case.
Yeah
active
management
fees
on
Equity
are
roughly
twice
as
much
as
they
are
for
fixed
income,
but
that's
a
good
point
to
point
that
out.
That's
that
is
unusual
to
see,
though,.
C
I
had
one
other
comment
and
I
said:
I'm
actually
pretty
pleased
with
it.
The
structure
and
the
allocation
within
a
portfolio
I
think
the
longer
term
performance
of
five
ten
year
range
is
in
line
with
what
we
would
expect
and
the
funds
that
we're
invested
in,
like
I
said,
follow
very
closely
to
the
benchmarks,
which
is
again
something
that
we're
looking
for.
I
know
that
they're
index
funds
and
that
sort
of
thing,
but
still
I,
think
it's
a
I
think
it's
a
solid
place
to
be
at
this
point.
Thank.
B
You
one
two
more
things
very
quickly
and
I
want
to
address
at
one
point:
normally
when
Equity
markets
go
down,
Bond
markets
stabilize
and
our
asset
allocation
policy
that
we
have
pre-written
would
tell
us
when
equities
are
down.
We
would
take
some
of
our
bond
portfolio
and
put
it
into
equities
when
it
was
cheaper
and
that's
normally
very
good
for
risk
reduction,
and
it's
very
good
for
return
production.
Also.
Last
year
everything
went
down
so
that
did
not
trigger
any
of
our
rebalancing.
B
That
normally,
would
that's
unusual
I,
don't
recall
ever
seeing
that
you
usually
have
something
to
do
when
markets
go
down
because
you're
reallocating
from
expensive
to
cheap.
We
weren't
able
to
do
that.
Another
thing
about
the
cheap
index
funds-
and
this
is
a
recognition
of
political
issues.
Right
now,
state
of
Oklahoma
has
said
that
there
are
certain
investment
managers
out
there
that
are
not
doing
what's
in
the
best
interest
of
the
state
of
Oklahoma.
B
B
Producing
states
have
have
said
that
you
need
to
divest
from
those
anti-fossil
fuel
investment
managers,
and
so
that
is
a
case
that's
actually
having
it
is
going
on
with
some
of
the
Statewide
funds
right
now
and
in
other
states,
it's
pushing
from
Statewide
funds
down
to
Municipal
funds,
seeing
some
scrutiny
there.
That's
not
happened
here,
but
I
want
to
say
that
our
investment
managers
here
are
not
BlackRock.
That's
the
one.
That's
losing
lots
and
lots
of
money
as
as
big
funds
like
yourselves,
are
having
to
pull
back
from
that.
B
I
think
that
what
is
it
one
of
the
state
funds
has
80
percent
of
their
portfolio
invested
in
BlackRock
funds
and
they're
kind
of
scrambling
right
now,
they're
index
funds
so
they're
easy
to
replace.
But
it's
it's
a
hassle
is
this.
Is
this
political
motivated
100,
but
you
have
to
comply
if
you're
a
Statewide
fund,
but
we
don't
have
that
issue
here.
It
is
an
evolving
issue.
I
will
say
that.
A
A
A
Right
right
so,
first
off
remember:
we
can't
allocate
anything
until
we're
back
at
that
at
least
80
million
right
and
it
really
there's
not
a
timeline
of
who's
supposed
to
get
what
we
are
working
on.
What
that
kind
of
request
process
will
look
like,
but
yes,
it's
not
there's
not
a
timeline
of
when
it's.
We
are
expected
to
make
distributions
perfect,
so
we're
okay.
So
far,
okay,
other
questions,
comments,
great
okay.
A
B
Thank
you,
madam
chairperson
I'm,
still
making
that
mistake
when
I'm
writing
dates
right
now.
If
we
go
here,
the
line
tips
up
a
little
bit
during
January,
so
we
had
positive
returns.
Then
our
total
market
value
at
the
end
was
76.8
a
million
dollars
so
we're
getting
closer
and
that's
good
news.
B
The
asset
allocation
was
virtually
unchanged,
but
when
we
look
here
a
month
quarter
to
date,
Year
Day,
these
are
all
the
same.
Figures
it's
just
the
month
of
January
U.S
equities
were
up
nicely.
Our
small
cap
portfolio
was
up
the
most
at
10
percent.
Non-Us
equities
were
also
up
nicely
performance
versus
that
Benchmark
looks
great,
and
our
fixed
income
portfolios
were
also
up
during
the
month.
When
we
look
at
our
since
Inception
rate
of
return,
remember
at
the
end
of
December
it
was
negative
10.97
thereabouts
since
Inception.
B
B
At
one
point
near
the
end
of
last
year,
the
high
yield
Bond
portfolio
had
a
yield
of
around
nine
percent.
It's
been
a
long
time
since
we've
been
able
to
invest
in
bonds
that
yielded
nine
percent,
and
given
our
return
assumption,
we
will
continue
to
have
allocations
to
fixed
income,
because
that's
the
shorter
range
portion
of
our
returns
equities
are
building
the
longer
term
returns
in
the
portfolio.
A
A
Okay,
moving
on
to
item
3C,
ratify
claims
for
November,
2nd
2022
through
February
7th
2023.
Thank
you,
Doug
appreciate
you.
We
have
three
claims:
totaling,
twenty
five
thousand,
eight
hundred
and
twenty
one
dollars.
The
claims
are
for
investment,
Consulting
custody,
Bank
services
and
our
external
auditors.
F
Good
morning,
chair,
Board
of
Trustees
attendees
I'm,
here
to
present
your
first
audited
set
of
financial
statements,
so
we
run
on
a
fiscal
year
close
the
city
does
so
these
are
as
of
June
30
2022.
So
we're
going
to
be
looking
back
about
seven
months
for
these
financial
statements
and
the
accounting
services.
Division's
goal
is
to
close
the
books
between
June
30
and
we
usually
try
to
finish
those
up
about
the
week
before
Thanksgiving,
depending
on
how
hard
gasby
hits
us
with
new
implementations,
and
so
we're
normally
finishing
up
the
audit
right
about
the
time.
F
You
guys
have
your
last
meeting
for
the
calendar
year.
So
normally
it's
delayed
a
little
bit
longer
and
the
Auditors
can
completed
their
audit
on
November
23rd
2022
and
our
goal
is
always
to
have
an
unmodified
opinion.
That's
the
best
opinion
you
can
have
and
that's
what
was
issued
to
Acme
on
this
previous
year.
F
The
report
was
not
comparative
because
we
did
not
have
a
prior
year
to
compare
to
so
it's
just
a
one
year.
Look
at
the
numbers.
If
you'd
like
to
read
the
opinion
letter
in
its
entirety,
you
can
find
that
on
page
five
of
the
financial
that
was
I
think
each
of
you
got
one
at
your
seat.
F
Just
a
brief
look
at
the
numbers
since
we're
just
getting
started
and
there's
not
a
lot
to
look
at.
If
you
look
on
page
12,
which
is
the
statement
of
net
position,
you
will
see
that
as
of
June
30,
we
had
71.34
million
in
net
position.
Of
course
we
would
have
liked
to
have
seen
it
go
the
other
way
which
it
did
not.
But
hopefully,
when
we
present
this
next
year,
we
will
be
back
where
we
want
it
to
be
so
I
believe,
that's
really
all
I
had
to
present.
A
A
F
So
this
is
your
December
31st
one,
and
it's
just
going
to
look
exactly
like
what
doug
presented
to
you
guys.
It's
just
going
to
be
in
financial
statement
form,
so
the
Investments
are
going
the
right
direction
and
if
you
look
on
page
five
of
that
report,
we
have
increased
net
position
to
72.56
million,
so
we're
definitely
headed
the
direction
we
want
to
go
in
it.
It
got
even
better
if
we
could
present
financials
through
January
31st.
So,
yes,
that's
all
I
have
for
December
we're
on
the
right
trajectory.
A
That's
right,
that's
right!
Okay,
so
we
need
a
motion
and
any
questions
of
Amy.
Okay.
Take
a
motion
in
a
second!
Please
cast
your
votes.
A
G
A
A
H
Yes,
good
morning
just
wanted
to
give
an
update,
so
the
City
of
Oklahoma
City
is
switching
banks.
The
the
selected
vendor
was
Bank
of
Oklahoma,
so
they
were
are
going
to
be
the
new
banking
services
provider
that
will
also
roll
down
to
this
trust,
and
as
part
of
that,
there
will
be
a
change
in
the
money
market
instrument
that
we
utilize
Doug
mentioned
that
in
his
presentation,
we'll
be
going
to
a
Goldman
Sachs
government
fund.
With
that
we
will
have
more
information
of
that
in
the
future.