European Economic Response to Suppression U.S. Economic Response to - PowerPoint PPT Presentation

• Chinese COVID-19 Cases • Chinese Economic Response to Suppression • European Economic Response to Suppression • U.S. Economic Response to Suppression (Initial Claims) • Barron’s U.S. Equity Sectors, Week Ending 3/13 • Barron’s U.S. Equity Sectors, Week Ending 3/20 • TCRS Portfolio Throughout First Quarter 2020 • TCRS Portfolio March 25, 2020 • U.K. Spanish Flu Daily Deaths 1918 - 1919 • Chinese Economic Recovery • Current Focus 1

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TCRS Allocation as of: 3/25/2020 12/31/2019 est Name Ending Market Value % of Port As-Allocated $ Over/(Under) 31.1% Total US Equity 13,692,642,701 28.5% (1,262,406,079) Canada Index Fund 780,708,968 1.6% 2.0% (184,132,889) International Developed Markets 5,779,709,181 12.0% 13.0% (491,762,888) International Emerging Markets 1,637,552,550 3.4% 4.0% (292,131,163) 6.8% Private Equity 4,051,079,374 8.4% 771,114,127 7.8% Real Estate 4,435,344,109 9.2% 677,204,244 6.3% Strategic Lending Aggregate 3,818,024,216 7.9% 781,255,173 Total US Fixed Income 13,113,339,871 27.3% 27.2% 46,297,134 Inflation Hedged Bond 169,860,343 0.4% 0.7% (158,407,134) Total Short Term 593,688,978 1.2% 1.0% 112,969,475 100.0% State of Tennessee - TCRS 48,071,950,291 100.0% Tennessee - Promise Rel$ wgt stocks (2,230,433,019) Treasury Managed Fund (6.59) Rel$ wgtg IE (968,026,940) 9

Spanish Flu – 1918 – 1919 U.K. Deaths per Thousand Clear Seasonal Pattern – Summer Lull Source: Wikipedia 10

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Source: WSJ 2020-03-26 12

Current Focus • Adjusting to the crisis and to our workforce working remotely • Teams focused and in crisis-fighting mode • Monitoring cash flow needs carefully • Evaluating re-balance strategies • Delaying Investment Policy Discussion • Aladdin implementation in the Fixed Income portfolio • Alternative Asset Consultant Selection and Engagement 13