Hilliard Lyons Trust Company has continuously served as Investment Manager for the Legislators Retirement Fund in excess of 20 years. During that time, it managed 100% of the fixed income portfolio; however, for 15 of the last 20 years ending 2019, it did not manage 100% of the equity portfolio. The average percentage of the equity portfolio managed by Hilliard Lyons from 1999 through 2015 was 75%. The Performance Reports posted below reflect performance for the funds under management by Hilliard Lyons. The difference in the performance of funds under management and total funds is less than one-half of one percent for the 3, 5 and 10-year time periods, and less than one percent for the 20-year time period – these returns are available upon request.
Performance is reported gross of fees; however, beginning with the quarter ending March 31, 2016, page two of the report also sets forth performance net of fees for post-January 2015 time periods.