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<p class="MsoNormal"><b><span style="font-size:23.0pt;font-family:"Arial",sans-serif;color:#003C61">Staff Update<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif">As Chief Investment Officer, John Skjervem has led profound changes over the past eight years in how we invest more than $110 billion—including the Oregon Short Term Fund (OSTF).
Under his leadership, we have strategically repositioned our asset classes and thoughtfully de-risked our portfolio; reduced operating expenses by increasing the proportion of assets managed internally; and delivered continuously strong fund performance, especially
compared to our public fund peers.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif">John will soon leave Treasury to become CEO of an asset management firm in California. While we will miss John’s experience and wise counsel, we couldn’t be happier for him that
he’s been offered such a spectacular professional opportunity and we wish him well as he returns to his home state to take on this new and exciting challenge.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif">Management of the OSTF remains piloted by the experienced, capable hands of the Fixed Income team’s other members, which include Angela Schaffers, Perrin Lim, and Geoff Nolan. Thank
you for your continued investment in and support of the OSTF, and please do not hesitate to contact members of the team at 503.431.7900 with any questions.</span><span style="font-size:12.0pt"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#003C61">350 Winter Street NE, Suite 100<br>
Salem, OR 97301-3896<br>
<br>
<a href="http://listsmart.osl.state.or.us/mailman/listinfo/local-gov-news">Manage Your Subscription or Unsubscribe</a><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#003C61">503.378.4000<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#003C61"><a href="http://www.oregon.gov/treasury/"><span style="text-decoration:none">oregon.gov/treasury</span></a><o:p></o:p></span></p>
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