Ohio Police and Fire , Investment Portfolio, 1st Qtr 2019 Net Market Value Contributions/ Market Value Market Value as of 2/28/19 Distributions Change as of 3/31/19 % of Total

GROWTH ASSETS DOMESTIC EQUITY Macquarie (formerly Delaware Investments) (SC) 235,894,677 (3,039,080) 232,855,597 1.49% State Street Russell 1000 Index 624,697,419 10,874,375 635,571,794 4.07% Russell R2000 Derivatives 99,187,412 (2,087,627) 97,099,785 0.62% Investcorp-Cardinal IAM LLC (Market Neutral) 856,856 (28,189) 828,667 0.01% In-kind Distributions 572,580 43,790 616,370 0.00% Portable Alpha Strategies Bridgewater (Global Macro) 648,736,580 10,295,612 659,032,192 4.22% Flight Fund I (Multi Strategy) 756,480,631 4,052,198 (1,911,032) 758,621,797 4.86% Russell Portable Alpha Overlay 354,791,335 (15,931,864) 19,442,793 358,302,264 2.29% Total Domestic Equity 2,721,217,490 (11,879,666) 33,590,641 2,742,928,465 17.56%

INTERNATIONAL EQUITY Core Int'l Equity Russell/Transition Account 3,358,144 (26,757) 3,331,387 0.02% Arrowstreet 770,125,063 4,728,519 774,853,582 4.96% Causeway Capital Mgt (ACWI ex US) 774,053,403 (6,611,201) 767,442,202 4.91% Fidelity Asset Mgt (formerly Pyramis) (ACWI ex US) 1,296,868 (1,294,445) (2,421) 1 0.00% Harding Loevner 505,672,442 1,294,445 7,391,565 514,358,453 3.29% Sub-Total 2,054,505,920 - 5,479,705 2,059,985,625 13.19% Int'l Small Cap Dimensional Fund Advisors 383,248,489 (1,071,998) 382,176,491 2.45% Franklin Templeton 344,060,904 (76,176) 343,984,727 2.20% Sub-Total 727,309,393 - (1,148,175) 726,161,219 4.65% Total International Equity 2,781,815,313 - 4,331,530 2,786,146,843 17.83%

PRIVATE MARKETS Limited Partnerships (USD denominated) Advent International GPE VII () 27,117,891 (775,000) (4,331,033) 22,011,858 0.14% Advent International GPE VIII (Buyout) 26,874,264 4,760,000 (1,089,669) 30,544,595 0.20% Altaris Health Partners IV (Buyout) 6,647,658 555,213 7,202,871 0.05% Altaris Constellation Partners IV (Buyout) 1,987,390 210,701 2,198,091 0.01% Apollo Investment Fund IX (Buyout) 0 2,392,830 - 2,392,830 0.02% Athenian Venture Partners II (Venture) 128,797 - 128,797 0.00% Blackstone Capital Partners VII (Buyout) 24,220,228 4,837,144 - 29,057,372 0.19% Blue Chip IV (Venture) 570,656 - 570,656 0.00% Blue Point (Buyout) 7,392 19 7,411 0.00% Blue Point II (Buyout) 1,010,133 91,522 1,101,655 0.01% Emerald Partners IV LP (Buyout) 67,267 - 67,267 0.00% Francisco Partners III (Buyout) 12,008,954 (235,629) 11,773,325 0.08% Francisco Partners IV (Buyout) 38,045,490 (3,131,400) 2,771,677 37,685,767 0.24% Glendon Opportunity Fund LP (Distressed Debt) 23,017,750 - 23,017,750 0.15% Glendon Opportunity Fund II LP (Distressed Debt) * 0 - 0 0.00% Green Equity Fund VI (Buyout) 26,582,987 (176,328) - 26,406,659 0.17% GTCR X (Buyout) 6,642,924 - 6,642,924 0.04% GTCR XI (Buyout) 31,480,179 - 31,480,179 0.20% GTCR XII (Buyout) 5,571,972 - 5,571,972 0.04% Harvest Partners VI (Buyout) 11,625,813 89,996 11,715,809 0.07% Harvest Partners VII (Buyout) 17,597,272 8,280 17,605,552 0.11% Harvest Partners VIII (Buyout) * 0 - 0 0.00% Kirtland Capital Partners IV (Buyout) 2,541,176 (778,299) (1,574,412) 188,465 0.00% KKR Asia Fund III (Buyout) 6,933,828 - 6,933,828 0.04% Linsalata Capital Partners V (Buyout) 294,225 (100,737) 193,488 0.00% Linsalata Capital Partners VI (Buyout) 20,859,098 (6,513,489) 2,244,536 16,590,145 0.11% LittleJohn VI (Buyout) * 0 - 0 0.00% Marlin Equity V (Buyout) 4,146,446 672,954 4,819,400 0.03% Marlin Heritage II (Buyout) 2,235,181 355,576 (21,107) 2,569,650 0.02% MBK Partners Fund IV (Buyout) 16,514,061 1,641,507 (1,927,189) 16,228,379 0.10% Morgenthaler VII (Venture) 18,239 - 18,239 0.00% NGP Natural Resources XI (Buyout) 38,111,640 - 38,111,640 0.24% Primus V (Venture) 971,342 88,340 1,059,682 0.01% Primus VI (Venture) 1,101,173 20,359 1,121,532 0.01% Primus VII (Buyout) 20,331,151 (324,748) 20,006,403 0.13% Primus VIII (Buyout) 8,581,042 919,575 (306,818) 9,193,799 0.06% Resolute Fund III (Buyout) 49,558,490 2,770,238 52,328,728 0.33% Resolute Fund IV (Buyout) 2,855,786 686,400 3,542,186 0.02% Riverside Capital Appreciation Fund V (Buyout) 1,914,907 (104,714) 1,810,193 0.01% Riverside Capital Appreciation Fund VI (Buyout) 29,448,623 (966,225) 28,482,398 0.18% Riverstone Global Energy & Power Fund VI (Buyout) 18,898,345 2,026,862 - 20,925,207 0.13% RRJ Capital Master Fund III (Buyout) 33,157,533 109,546 209,631 33,476,710 0.21% Page 1 Ohio Police and Fire Pension Fund, Investment Portfolio, 1st Qtr 2019 Net Market Value Contributions/ Market Value Market Value as of 2/28/19 Distributions Change as of 3/31/19 % of Total PRIVATE MARKETS Limited Partnerships (USD denominated con't)) Summit Growth Equity Fund VIII (Venture) 14,153,918 2,939,959 17,093,877 0.11% TA XI LP (Growth Equity) 16,028,551 (1,562,500) 2,208,384 16,674,435 0.11% TA XII LP (Growth Equity) 34,473,121 475,000 872,053 35,820,174 0.23% Tenex II (Buyout) 17,481,751 137,565 855,114 18,474,430 0.12% Trident VII (Buyout) 24,393,475 717,431 25,110,906 0.16% Veritas Capital Fund VI (Buyout) 13,878,299 1,965,269 15,843,568 0.10% Vista Equity Partners Fund VI (Buyout) 52,786,566 (334,465) 898,886 53,350,987 0.34% Vista Equity Partners Fund VII (Buyout) 1,208,380 1,260,052 - 2,468,432 0.02% Vista Foundation Fund III (Buyout) 31,726,190 2,051,974 (245,793) 33,532,371 0.21% Warburg Pincus Fund XI (Diversified) 51,406,742 (1,210,000) - 50,196,742 0.32% Limited Partnerships (Euro denominated) - Cinven Sixth Fund (Buyout) 10,633,070 (148,006) 10,485,064 0.07% EQT VII LP (Buyout) 42,247,775 (588,064) 41,659,711 0.27% EQT VIII LP (Buyout) 3,392,183 (47,217) 3,344,966 0.02% Rhône Partners V (Buyout) 30,754,694 (2,208,140) 28,546,554 0.18% Secondary Partnerships (USD denominated) - Coller International Partners VI (Diversified) 10,822,006 (103,678) - 10,718,328 0.07% Landmark XI (Diversified) 37,613 - 37,613 0.00% Landmark XIII (Diversified) 4,575,803 - 4,575,803 0.03% Landmark XIV (Diversified) 10,817,158 (492,925) - 10,324,233 0.07% Landmark XV (Diversified) 23,146,108 320,814 - 23,466,922 0.15% Lexington V (Diversified) 139,666 (20,159) - 119,507 0.00% Lexington VI (Diversified) 2,113,819 (114,741) - 1,999,078 0.01% Lexington VII (Diversified) 16,668,354 (613,020) - 16,055,334 0.10% Montauk TriGuard III (Diversified) 173,222 - 173,222 0.00% Montauk TriGuard IV (Diversified) 4,212,309 (678,722) 1 3,533,588 0.02% Montauk TriGuard V (Diversified) 11,553,405 (1,604,418) - 9,948,987 0.06% Montauk TriGuard VI (Diversified) 21,621,705 (1,922,438) - 19,699,267 0.13% Montauk TriGuard VII (Diversified) 16,367,074 (813,329) - 15,553,745 0.10% Fund-of-Funds - Domestic (USD denominated) - Abbott Capital Fund III (Diversified) 419,984 - 419,984 0.00% Abbott Capital Fund IV (Diversified) 1,947,338 - 1,947,338 0.01% Abbott Capital Fund VI (Diversified) 10,127,479 (375,000) - 9,752,479 0.06% HVP VII - Venture Fund 583,962 (18,414) - 565,548 0.00% HVP VII - Buyout Fund 620,171 - 620,171 0.00% Horsley Bridge VII (Venture) 4,586,487 (193,000) - 4,393,487 0.03% Northgate Venture II (Venture) 1,362,105 - 1,362,105 0.01% Northgate Venture IV (Buyout) 2,994,133 - 2,994,133 0.02% Northgate Venture IV (Venture) 8,462,226 - 8,462,226 0.05% Northgate Venture V - VC Series (Venture) 13,854,096 - 13,854,096 0.09% Northgate Venture V - Middle Mkt Series (Buyout) 3,352,885 - 3,352,885 0.02% Northgate Venture V - Small Market PE Series (Buyout) 5,487,694 - 5,487,694 0.04% Northgate Venture VI - (Venture) 24,001,595 - 24,001,595 0.15% Park Street Capital III (Diversified) 206,647 - 206,647 0.00% Park Street Capital VII (Diversified) 4,140,403 (450,000) - 3,690,403 0.02% Park Street Capital VIII (Diversified) 18,303,980 (1,064,000) - 17,239,980 0.11% Park Street Capital X (Diversified) 9,960,098 (550,000) - 9,410,098 0.06% Wilshire Private Markets IV (Diversified) 995,891 - 995,891 0.01% Wilshire Private Markets V (Diversified) 303,256 - 303,256 0.00% Fund-of-Funds - International (Euro denominated) - HIPEP IV - Venture Fund 1,086,681 139,903 1,226,583 0.01% HIPEP V - Diversified 3,355,266 (545,980) (47,374) 2,761,912 0.02% HIPEP VI - Diversified 45,378,057 (631,636) 44,746,422 0.29% Fund-of-Funds - International (USD denominated) - Adams Street 2003 Non-US (Diversified) 2,820,283 (3,534) 2,816,749 0.02% Adams Street 2004 Non-US (Diversified) 2,309,075 4,377 2,313,452 0.01% Adams Street 2007 Non-US (Diversified) 9,533,617 (869,212) (603,147) 8,061,258 0.05% Adams Street 2008 Non-US (Diversified) 14,594,264 (225,078) 14,369,186 0.09% Adams Street 2009 Non-US Emg Mkts (Diversified) 9,624,512 8,663 9,633,175 0.06% Adams Street 2009 Non-US Dev Mkts (Diversified) 17,362,916 332,674 17,695,590 0.11% Adams Street 2011 Non-US Emg Mkts (Diversified) 7,233,339 163,957 7,397,296 0.05% Adams Street 2011 Non-US Dev Mkts (Diversified) 12,956,036 501,314 13,457,350 0.09% Adams Street 2012 Non-US Emg Mkts (Diversified) 13,915,743 478,707 14,394,450 0.09% Adams Street 2012 Non-US Dev Mkts (Diversified) 22,660,892 815,867 23,476,759 0.15% Total Private Equity 1,261,031,371 (3,622,072) 7,592,155 1,265,001,454 8.10%

Page 2 Ohio Police and Fire Pension Fund, Investment Portfolio, 1st Qtr 2019 Net Market Value Contributions/ Market Value Market Value as of 2/28/19 Distributions Change as of 3/31/19 % of Total

HIGH YIELD Neuberger Berman (Opportunistic) 345,919,274 2,449,969 348,369,243 2.23% MacKay Shields (Opportunistic) 358,255,254 7,334,951 365,590,206 2.34% Loomis Sayles (Conservative/Defensive) 455,969,633 5,933,640 461,903,273 2.96% MacKay Shields (Active Core) 448,096,779 (889,959) 447,206,820 2.86% Total High Yield 1,608,240,941 - 14,828,600 1,623,069,542 10.39%

PRIVATE CREDIT ArrowMark * 0 - 0 0.00% CapitalSpring Investment Partners V (Direct Lending) 31,493,352 5,263,998 - 36,757,350 0.24% GSO European Senior Debt Fund (Direct Lending) 52,137,600 (14,139,318) (267,028) 37,731,254 0.24% KKR Lending Partners II (Direct Lending) 30,371,395 (3,784,971) - 26,586,424 0.17% MC Credit Partners (Direct Lending) 61,906,121 10,124,137 407,083 72,437,341 0.46% Owl Rock Capital Corporation 47,542,434 4,113,055 - 51,655,490 0.33% Tennenbaum Enhanced Yield Fund (Direct Lending) 63,564,882 (1,939,990) 854,072 62,478,964 0.40% Tennenbaum Direct Lending Fund VIII 27,074,841 1,825,927 325,451 29,226,218 0.19% Total Private Credit 314,090,625 1,462,839 1,319,577 316,873,041 2.03%

TOTAL GROWTH ASSETS 8,686,395,741 (14,038,900) 61,662,504 8,734,019,346 55.91%

INFLATION HEDGING ASSETS INFLATION PROTECTED SECURITIES Bridgewater Associates (TIPS) 1,333,934,878 44,810,360 1,378,745,238 8.83% Sub-Total 1,333,934,878 - 44,810,360 1,378,745,238 8.83%

REAL ESTATE Stable - Core Commingled Funds Heitman Core Property Fund 144,662,985 - 144,662,985 0.93% Jamestown Premier Property Fund 88,655,928 (860,854) - 87,795,074 0.56% JP Morgan Strategic Property Fund 216,842,957 - 216,842,957 1.39% LaSalle US Property Fund 84,007,398 - 84,007,398 0.54% Morgan Stanley Prime Property Fund 99,126,926 (978,009) 1 98,148,918 0.63% Prudential PRISA 216,700,519 (1,816,677) - 214,883,842 1.38% UBS Trumbull Property Fund 94,860,028 - 94,860,028 0.61% Enhanced - Commingled Funds Almanac Realty Securities VIII 540,877 301,885 - 842,762 0.01% Asana Fund I 44,482,779 2,029,381 46,512,160 0.30% Brookfield Premier 57,816,136 - 57,816,136 0.37% Cortland Partners Growth & Income Fund 53,386,027 - 53,386,027 0.34% DivcoWest Fund III 719,985 131,576 851,561 0.01% Exeter Industrial Value Fund II 903,473 139,473 1,042,946 0.01% Exeter Industrial Value Fund III 23,138,578 1,518,723 24,657,301 0.16% Exeter Industrial Value Fund IV 28,929,796 739,489 29,669,285 0.19% Gerrity Retail Fund 2 43,785,897 (224,748) (323,567) 43,237,582 0.28% Greystar Equity Partners VIII 43,562,919 (287,066) 2,432,572 45,708,425 0.29% Greystar Equity Partners IX 40,883,110 (703,884) 2,083,885 42,263,111 0.27% Heitman Asia-Pacific Property Investors Fund 19,550,068 (197,957) 19,352,111 0.12% Hunt Commercial Realty Partners II 0 - 0 0.00% John Hancock US Real Estate Fund 59,474,587 - 59,474,587 0.38% JP Morgan Alternative Property Fund 215,390 (200,162) 454 15,682 0.00% Lion Industrial Trust 73,836,646 - 73,836,646 0.47% TA Realty Associates Fund VIII 75,928 (11,077) 64,851 0.00% USAA Eagle Real Estate Fund 57,651,313 - 57,651,313 0.37% High Return - Commingled Funds AEW IV 71,506 - 71,506 0.00% AEW VII 24,544,889 (3,540,728) 2,116,580 23,120,741 0.15% Blackstone Real Estate Partners V 2,159,456 - 2,159,456 0.01% Blackstone Real Estate Partners VI 1,794,565 (1,279) 1,793,286 0.01% Blackstone Real Estate Partners VII 41,633,351 (3,302,035) (1) 38,331,315 0.25% Blackstone Real Estate Partners VIII 51,587,228 912,850 (290) 52,499,788 0.34% Colony Capital VIII 546,001 (42,010) 503,991 0.00% Fortress Japan Opportunity Fund I 1,837,188 (48,149) 10,369 1,799,408 0.01% Fortress Japan Opportunity Fund II 8,117,641 942,267 9,059,908 0.06% Lone Star Fund V 1,125,796 - 1,125,796 0.01% Lone Star Fund VI 2,866,049 - 2,866,049 0.02% Lone Star Real Estate Fund 681,954 - 681,954 0.00% Lubert Adler III 79,696 (12,621) 67,075 0.00% PW Real Estate Fund III 40,463,097 - 40,463,097 0.26% Savanna Real Estate Fund III 38,731,266 515,157 39,246,423 0.25% Starwood Hospitality Fund I 2,619,277 13,305 2,632,582 0.02% Stockbridge II 8,625,275 (12,852) 8,612,423 0.06% Page 3 Ohio Police and Fire Pension Fund, Investment Portfolio, 1st Qtr 2019 Net Market Value Contributions/ Market Value Market Value as of 2/28/19 Distributions Change as of 3/31/19 % of Total REAL ESTATE High Return - Commingled Funds (con't) Tri Con Fund VII 817,906 - 817,906 0.01% TriGate Property Partners II 21,245,865 (1,463,940) 1,414,825 21,196,750 0.14% VBI Brazil Real Estate Opportunity Fund II 12,229,616 - 12,229,616 0.08% Westbrook VI 4,563,703 2,346 (3,046) 4,563,003 0.03% Westbrook VII 5,547,370 15,938 (8,742) 5,554,566 0.04% Westbrook VIII 5,051,523 11,466 12,212 5,075,201 0.03% Walton Street III 185,365 (69,301) 116,064 0.00% Walton Street V 4,257,998 (427,335) 3,830,663 0.02% Total Real Estate 1,775,193,831 (12,181,767) 12,990,191 1,776,002,255 11.37%

Net Market Value Contributions/ Market Value Market Value as of 2/28/19 Distributions Change as of 3/31/19 % of Total

REAL ASSETS Timber Brookfield Brazil Timber Fund II (Tactical) 7,115,678 (638,550) 6,477,127 0.04% Brookfield Timberlands Fund V (Tactical) 12,124,516 (1,076,120) 11,048,397 0.07% Forest Investment Associates LRT I (Strategic) 100,866,333 (450,000) - 100,416,333 0.64% Global Forest Partners GTI 10 56,706,740 - 56,706,740 0.36% Hancock Timber Resource Group (Strategic) 101,278,797 (1,214,476.00) - 100,064,321 0.64% Infrastructure AxInfra U.S. LP Fund * 0 - 0 0.00% IFM Global Infrastructure Fund 161,793,735 4,264,622 166,058,357 1.06% Meridiam Infrastucture North America III 558,909 - 558,909 0.00% Agriculture ACM Fund II 21,954,943 449,173 22,404,116 0.14% Total Real Assets 462,399,652 (1,664,476) 2,999,124 463,734,300 2.97%

MASTER LIMITED PARTNERSHIPS (MLP's) Harvest Fund Advisors 505,244,650 19,967,258 525,211,908 3.36% Salient Capital Advisors 260,155,545 10,161,318 270,316,863 1.73% Tortoise Capital Advisors 498,792,202 23,273,457 522,065,659 3.34% Total MLP's 1,264,192,397 - 53,402,033 1,317,594,430 8.43%

TOTAL INFLATION HEDGING ASSETS 4,835,720,758 (13,846,243) 114,201,708 4,936,076,223 31.60%

SAFETY ORIENTED ASSETS FIXED INCOME Core Fixed Income PIMCO 626,375,785 5,068,905 631,444,690 4.04% Loomis Sayles (Levered Core) 223,199,289 4,728,248 227,927,537 1.46% Prudential (Levered Core) 221,338,919 4,811,185 226,150,104 1.45% Sub-Total 1,070,913,993 - 14,608,338 1,085,522,331 6.95%

Western U.S. Enhanced Cash Strategy 570,691,772 1,958,816 572,650,588 3.67%

Commercial Mortgages Prima Capital Advisors 36,137,055 (149,905) 0 35,987,150 0.23% Sub-Total 36,137,055 (149,905) 0 35,987,150 0.23% Total Fixed Income 1,677,742,820 (149,905) 16,567,154 1,694,160,069 10.84%

CASH Internal 131,229,261 (23,913,839) - 107,315,422 0.69% Russell Policy Implementation Overlay - Cash 143,226,642 7,592,709 150,819,351 0.97% Total Cash 274,455,903 (23,913,839) 7,592,709 258,134,773 1.65%

TOTAL SAFETY ORIENTED ASSETS 1,952,198,723 (24,063,744) 24,159,863 1,952,294,842 12.50%

TOTAL FUND 15,474,315,223 (51,948,887) 200,024,075 15,622,390,411 100.0%

* To be funded All valuations are preliminary and unaudited/unreconciled

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