TRS Fiscal Year 2015 Summary

“The accounting team sent me what I believe will be the final performance returns for fiscal year 2015.  I am passing these along as there was some meaningful uplift in numbers since the preliminary discussion at the August meeting.  Relative to peers, the final data has pushed TRS into the top quartile over all time periods (the consultant notes that it is a pretty small peer group for the 30 year observation with only 18 funds reporting data for that long of a time period).

“Returns for the fiscal year ended June 30, 2015 are as follows:

	TRS (gross)	TRS (net)		Ranking (Percentile)
FY2015	4.6%	4.0%		22nd
3 Year	11.9%	11.2%		19th
5 Year	12.0%	11.4%		12th
10 Year	7.2%	6.6%		21st
20 Year	8.6%	8.0%		18th
30 Year	9.4%	9.1%		23rd

“The long term numbers are especially significant when you consider those legislators that try to attribute our unfunded status to poor investment returns.”

—Bob Lyons, TRS Trustee