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MINUTES

Meeting of the Investment Committee of the Board of Trustees of the

State Universities Retirement System Thursday, September 14, 2017, 10:15 a.m.

State Universities Retirement System 1901 Fox Drive

Main Conference Room Champaign, IL 61820

The following trustees were present: Mr. Craig McCrohon, Chair; Mr. Aaron Ammons, Mr. Mark Cozzi, Mr. Tom Cross, Mr. Dennis Cullen, Dr. John Engstrom, Dr. Fred Giertz, Mr. Paul R. T. Johnson Jr., Ms. Dorinda Miller, Dr. Steven Rock and Mr. Antonio Vasquez. Others present: Martin Noven, Executive Director; Ms. Phyllis Walker, Chief Financial Officer; Ms. Bianca Green, General Counsel; Mr. Douglas Wesley, Chief Investment Officer; Mr. Steve Hayward, Director of Internal Audit; Ms. Kimberly Pollitt, Mr. Joe Duncan, and Mr. Shane Willoughby, Senior Investment Officers; Mr. Brian Deloria and Mr. Alex Ramos, Investment Officers; Ms. Kelly Valle, Investment Analyst; Ms. Kristen Houch, Legislative Liaison; Ms. Kelly Carson and Ms. Annette Ackerman, Executive Assistants; Ms. Mary Pat Burns of Burke, Burns & Pinelli; Mr. Kevin Leonard, Mr. Mike Yang, Mr. Reino Eklord and Ms. Kristin Finney-Cooke of NEPC; Ms. Angela Myers of Loop Capital Management and Ms. Patricia Sommerville-Koulouris of Northern Trust. Investment Committee roll call attendance was taken. Trustee Cross, present; Trustee Cullen, present; Trustee Giertz, present; Trustee Johnson, present; Trustee McCrohon, present; and Trustee Rock, present

APPROVAL OF MINUTES

Trustee Craig McCrohon presented the minutes from the Investment Committee meetings of April 20, 2017, and June 8, 2017. Trustee Paul R. T. Johnson made the following motions:

• That the minutes from the April 20, 2017 Investment Committee meeting be approved as presented.

• That the minutes from the June 8-9, 2017 Investment Committee meeting be approved as presented.

Trustee Steven Rock seconded and the motions carried with all trustees present voting in favor.

APPROVAL OF CLOSED MINUTES

Trustee McCrohon presented the closed minutes from the Investment Committee meeting of June 8, 2017. Trustee McCrohon made the following motion:

• That the closed session minutes from the June 8, 2017 Investment Committee meeting be approved as presented and remain closed.

Trustee Johnson seconded and the motion carried with all trustees present voting in favor.

CHAIRPERSON’S REPORT Trustee McCrohon did not have a report.

CHIEF INVESTMENT OFFICER REPORT

Mr. Doug Wesley did not have a formal report but did provide the board with final dates for the Senate hearings; those dates have been set for October 16 -17, 2017. Mr. Wesley reached out to the board for input regarding interest in receiving an electronic subscription of the Financial Times publication.

CONSIDERATION OF NON-CORE REAL ESTATE – DUNE REAL ESTATE FUND IV

Mr. Shane Willoughby presented key characteristics for Dune Real Estate Partners Fund IV and performance metrics relating to the previous commitments to Dune Real Estate Partners Fund II and III. Included in the presentation were recommendations and insight from SURS staff relating to the firm’s background, as well as advantages and concerns. Mr. Mike Yang of NEPC discussed the process for their Focus Placement List (FPL) and addressed questions with SURS staff posed by trustees regarding the FPL and the SURS procurement process. After a lengthy discussion, Dune Real Estate Partners joined the group for further discussion. Mr. Dan Neidich and Ms. Cia Buckley Marakovits of Dune Real Estate Partners presented the board with the background of the firm and explained investment strategies, including that of Dune Real Estate Fund IV, the fund being recommended . After further discussion by the board, Trustee McCrohon made the following motion:

• The Investment Committee recommends to the board that based on the recommendation of staff and SURS investment consultant, a commitment of $20 million be authorized, contingent on successful contract negotiations, to Dune Real Estate Partners Fund IV LP.

Trustee Johnson seconded and the motion carried with all trustees present voting in favor.

A copy of staff’s memorandum titled “Executive Summary – Dune IV Fund Recommendation” is incorporated as part of these minutes as Exhibit 1. NEPC’s presentation titled “Dune Real Estate Fund Tear Sheet” is also incorporated as part of these minutes as Exhibit 2. Dune’s Diversity Disclosure is incorporated at part of these minutes as Exhibit 3.

RFP POLICY DISCUSSION

Trustee McCrohon discussed the RFP process and the need to have more flexibility in our policy. Trustee McCrohon suggested two options to streamline the procurement process. Discussion ensued with additional follow-up expected at a future meeting.

NEPC PERFORMANCE REPORT

Ms. Kristin Finney-Cooke and Mr. Kevin Leonard of NEPC presented an overview of financial markets, as of June 30, 2017. Total plan investment performance was also discussed. SURS achieved a total return of 12.2 percent, net of fees, for the year ending June 30, 2017. When compared to a universe of other large public funds, the SURS return ranked in the third quartile for the one- and three-year periods and the SURS return was at or above median for the five- and ten-year periods ending June 30, 2017. Discussion followed. A copy of NEPC’s presentation titled “Quarter Ending June 30, 2017 Investment Performance Analysis” is incorporated as a part of these minutes as Exhibit 4.

REAL ESTATE DEBT MANAGER FINALIST INTERVIEWS

Finalists were interviewed for non-core private commercial real estate debt commingled fund investment management services. Ms. Lisa Kenyon, Mr. John Brady and Mr. Bill Loskota of Oaktree Capital Management presented the board with the background of the firm and investment strategies, including that of Oaktree Real Estate Debt Fund II. Mr. Clay DeGiacinto, Mr. Brendan McCormick and Mr. Canem Arkan of Axonic Capital LLC presented the board with the background of the firm and investment strategies, including that of Axonic Income Debt Fund. Ms. Tammy Jones, Mr. Kunle Shoyombo and Mr. Rich Cadigan of Basis Investment Group LLC presented the board with background of the firm and investment strategies, including that of BIG Real Estate Fund I.

CLOSED SESSION

Trustee McCrohon moved that the Investment Committee go into closed session pursuant to §2(c)(7) of the Open Meetings Act to consider the sale or purchase of securities or investments or to consider an investment contract. Trustee Johnson seconded and the motion carried in a roll call vote:

Trustee Cross - aye Trustee Cullen - aye Trustee Giertz - aye Trustee Johnson - aye Trustee McCrohon - aye Trustee Rock - aye

RETURN TO OPEN SESSION

Upon motion by Trustee McCrohon that was seconded by Trustee Johnson and carried, the Investment Committee resumed the meeting in open session. Trustee McCrohon made the following motion: • The Investment Committee recommends to the board that based on the recommendation of

staff and the SURS investment consultant, that commitments be made as follows: a.) Axonic Income Fund (“Axonic”): $20 million, so long as Axonic consummates the

investment of $250 million in the fund no later than May 1, 2018;

b.) BIG Real Estate Fund I, GP (“Basis”): the lesser of $30 million or 10 percent of the assets under management of Basis as of May 1, 2018; and

c.) Oaktree Real Estate Debt Fund II, L.P.: $30 million; All of the above investments being subject to successful contract negotiations.

Trustee Cross seconded and the motions carried with the majority of trustees present voting in favor. Copies of the staff memorandum titled “Non-Core Private Real Estate Debt Search Update” and the staff matrix titled “Private Real Estate Debt Fund Finalist Comparison” are incorporated as part of these minutes as Exhibit 5 and Exhibit 6. NEPC’s presentation titled “Real Estate Debt Finals Summary” is also incorporated as part of these minutes as Exhibit 7. The Diversity Disclosures for each finalist are also incorporated at part of these minutes as Exhibit 8, Exhibit 9 and Exhibit 10.

PRESENTATION OF FISCAL YEAR 2018 INVESTMENT PLAN

(EDUCATIONAL TOPIC)

Mr. Wesley presented the SURS Fiscal Year 2018 Investment Plan noting that this was the seventh year for presenting such a plan to the board with the purpose of recapping the prior year’s performance and establishing the work plan for the upcoming year. Mr. Wesley highlighted some of the FY 17 accomplishments while also addressing the significant objectives set forth in FY 2018. A copy of the staff memorandums titled “SURS Fiscal Year 2018 Investment Plan Cover Memo” and “2018 Investment Plan” are incorporated as part of these minutes as Exhibit 11 and Exhibit 12. Mr. Leonard and Mr. Reino Eklord of NEPC presented the board with an educational topic regarding opportunistic credit. The educational topic lasted for 45 minutes ending at 3:25 p.m.

A copy of NEPC’s presentation titled “Credit Opportunities” is incorporated as part of these minutes as Exhibit 13.

SURS MANAGER DASHBOARDS

Mr. Wesley presented an overview of the manager dashboards. The dashboards presented highlight the performance of managers and also include assessments of risk and regression, efficiency measures and rolling return information. Discussion was held throughout Mr. Wesley’s presentation. Copies of the SURS presentations titled “Manager Status Review,” “Mondrian Reassessment,” “Performance Dashboards,” “Qualitative Dashboards” and “GlobeFlex Capital Manager Summary” are incorporated as part of these minutes as Exhibit 14, Exhibit 15, Exhibit 16, Exhibit 17 and Exhibit 18.

US EQUITY SEARCH UPDATE

Mr. Alex Ramos updated the board on the recently approved search for qualified U.S. equity managers owned by minorities, females, and persons with a disability (MFDB). Mr. Ramos stated that semi-finalist interviews with selected firms will be held later in September. Finalists will present to the SURS Board of Trustees during the October Investment Committee meeting. A copy of the SURS memorandum titled “MDP US Equity Search Update” is incorporated as part of these minutes as Exhibit 19.

CONSULTANT SEARCH UPDATE

CLOSED SESSION

Trustee McCrohon moved that the Investment Committee go into closed session pursuant to §2(c)(1) and §2(c)(7) of the Open Meetings Act to consider the sale or purchase of securities or investments or to consider an investment contract. Trustee Ammons seconded and the motion carried in a roll call vote:

Trustee Cross - aye Trustee Cullen - aye Trustee Giertz - aye Trustee Johnson - aye Trustee McCrohon - aye Trustee Rock - aye

RETURN TO OPEN SESSION

At the conclusion of discussion, Trustee McCrohon moved that the meeting resume in open session. The motion was seconded by Trustee Cross and carried with all trustees present voting in favor. Trustee Ammons made the following motion:

• That the Investment Committee recommends to the board that based on the recommendation of staff, the board rescind the motion to conduct a search to identify a qualified investment consultant made during the June 2017 Investment Committee meeting.

Trustee Vasquez seconded and the motion carried with all trustees present voting in favor.

INFORMATIONAL ITEMS NOT REQUIRING COMMITTEE ACTION

The following items were provided for reference and are incorporated as a part of these minutes:

1. Exhibit 20 - SURS Projected Funding Status 2018 Fiscal Year-to-Date Results 2. Exhibit 21 - SURS Executive Summary Risk Memo 3. Exhibit 22 - SURS Executive Summary Risk Report 4. Exhibit 23 - GFOR Conference Summary 5. Exhibit 24 - Deutsche Bank Review and Diversity Disclosure 6. Exhibit 25 - SURS FY 2017-18 Summary Work Plan Investment Committee Schedule 7. Exhibit 26 - SURS Schedule of 2017-2018 Meeting Dates

PUBLIC COMMENT

There were no public comments presented to the Investment Committee. There was no further business brought before the committee and Trustee McCrohon moved that the meeting be adjourned. The motion was seconded by Trustee Johnson and carried with all trustees present voting in favor.

Respectfully submitted,

Mr. Martin Noven

Secretary, Board of Trustees MMN/kc

EXECUTIVE SUMMARY

Topic SURS Staff and NEPC are recommending a $20 million commitment to Dune Real Estate Fund IV as a follow-on commitment to our $100 million commitment to Dune III, approved by the Board in June 2013. SURS committed $40 million to Dune II in November 2008.

Background The 2015-2017 Real Estate Funding Plan, approved by the Board in September 2014, called for a total of $300 million in new commitments. However, the pacing model is reviewed annually to confirm whether adjustments to the original funding plan are warranted. After reviewing the updated pacing model earlier in the year, NEPC recommended reducing 2017 commitments to $60 million, including commitments to private real estate debt.

The pacing model is designed to achieve, and then maintain, the real estate allocation at or near the strategic policy target of 6%. Consistent annual funding in accordance with the pacing model is important to provide vintage year diversification, as skipping commitments in some years can result in asset levels below the policy target and gaps in distributions in future years.

In order to maintain relationships with key existing real estate managers and achieve the desired vintage year diversification while not over-allocating to the portfolio, a $20 million commitment to Dune is warranted. As you will recall, in December 2016, the Board approved the same commitment amount to another key relationship, Crow Holdings Realty Partners Fund VIII.

Advantages & Concerns: The following table highlights the advantages and concerns of the recommended action:

Exhibit 1

Advantages Concerns • Continues implementation of real estate funding

plan with a successful, high quality investment firm; Assists in maintaining policy target

• Fund IV has no investment-level leverage limitation and may pursue both recourse and nonrecourse debt, consistent with the practice in prior funds; fund-level debt limited to 75% except during first year of Commitment Period and last year of the term, when the limit is 85%; previous funds have been in the 50-60% range

• Dune retains flexibility to evaluate a wide range of opportunities and may make single asset or portfolio acquisitions in debt or equity assets; Experience making a variety of investments and flexibility allows them to identify and pursue opportunities offering the best value

• Some Fund I investments made pre-crisis largely underperformed; Fund I made three structured, non-controlling, capital markets investments in real estate operating companies, a strategy that has been discontinued for subsequent funds; SURS is not a Fund I investor

• Dune is solely owned by its investment professionals and the entire focus of the team is on its series of investment funds

• Previous Dune funds have seen some protracted realizations, due largely to strategy (ability to invest in pre-development, other special situations)

• The distribution of investment returns in Fund II and III (both SURS funds) exhibit a pattern of consistency, reflecting a focus on capital preservation

Basis for Recommendation SURS has a successful history with Dune through previous commitments in Fund II and Fund III. SURS has benefited from consistent performance to date and staff has a high degree of confidence in the Dune team going forward. The Dune funds, with capital commitments around $1 billion are of a complementary size to other funds within the SURS real estate portfolio. Other funds in the portfolio tend to be either much larger or much smaller. This allows Dune to target a well-diversified portfolio of assets with limited competition from large and mega-funds. A commitment to Dune Real Estate Fund IV will continue SURS’ history of consistent direct real estate investing. A steady pattern of commitments to the asset class provides vintage year diversification and helps ensure that the real estate portfolio is close to its strategic policy target allocation. Some key characteristics for Fund IV are shown in the attached NEPC Fund Tear Sheet. Performance metrics relating to previous Dune funds are shown below.

Recommendation SURS staff and NEPC jointly recommend that based on the recommendation of staff and SURS investment consultant, a commitment of $20 million be authorized, contingent on successful contract negotiations, to Dune Real Estate Fund IV LP.

FundVintage

YearCapital

CommittedCapital Funded

Reported Value

Amount Distributed

Total Value, Net

of CarryTVPI

MultipleDPI

MultipleCurrent Net IRR Vintage Year

Top Quartile (Thomson

One) # of FundsFund I 2005 $727 $678 $250 $557 $807 1.2x 0.8x 2.5% 2005 2.9% 50Fund II 2008 $794 $763 $531 $774 $1,305 1.7x 1.0x 17.3% 2008 13.5% 34Fund III 2013 $960 $630 $793 $13 $806 1.3x 0.0x 13.2% 2013 17.6% 40

Exhibit 1

NEPC Fund Tear Sheet

Dune Real Estate Fund IV, L.P.

Written by NEPC Research as of August 2017.

General Fund Information

Fund Name Dune Real Estate Fund IV, L.P. (“Fund IV” or the “Fund”)

Fund Manager Dune Real Estate Partners, LP (“Dune”, the “Manager,” the “Firm,” or the “General Partner”)

General Partner Main Address 640 5th Ave, New York, NY 10019

Target Strategy Opportunistic Target Net Return 15-17% IRR / 1.7x TVPI

Classification Non-Core Real Estate Debt or Equity Fund Debt and Equity

Target Geography United States Target Asset Types Diversified

Target Fund Size / Cap $1.25 billion / TBD First Close Q3 2017

Capital Raised to Date

The Fund has not yet held a first close Expected Final Close Q1 2018

THIS MEMO PROVIDES A SUMMARY OF INFORMATION AND DOCUMENTATION RECEIVED BY NEPC FROM THE MANAGER THROUGH PHONE CALLS AND MEETINGS. THE PRODUCT HAS NOT BEEN RATED BY NEPC’s ALTERNATIVE ASSETS COMMITTEE.

Exhibit 2

Executive Summary Dune Real Estate Partners is targeting $1.25 billion of investor commitments for Dune Real Estate Fund IV, the Manager’s fourth diversified US opportunistic real estate fund. The strategy for the Fund will be consistent with the Manager’s prior funds and will focus on distressed, deep value-add and contrarian investments across the US. Dune will make debt and equity investments across multiple property sectors, including multifamily, retail, office, industrial, and hotel. Fund IV intends to source opportunities from the continued deleveraging of the real estate industry and the capital dislocation in specific dislocated markets and sectors. Dune will look for special situations requiring recapitalizations or assets that are undermanaged or underinvested. The Firm is privately owned and was founded in 2004 by Daniel Neidich, who was previously the Chairman of the Goldman Sachs Whitehall Investment Committee. Dune has raised $2.5 billion of equity through three prior funds: Fund I in 2005 with $727 million in commitments, Fund II in 2008 with $794 million in commitments, and Fund III in 2013 with $960 million in commitments. Dune has a team of 25 employees and is based in New York City with plans of opening an office on the west coast during the investment period of Fund IV. Fund IV anticipates holding a first close on August 15th and currently has $600 million in commitments soft-circled from investors. Dune will provide a six month fee waiver for investors who commit capital by the initial close date. The Fund anticipates holding a second close during Q4 2017. Dune expects to waive fees for three months investors who commit capital by the second close date. It should be noted that NEPC has not performed a full due diligence on the Fund, and the Fund has not been reviewed by NEPC’s alternative asset committee. NEPC does intend to continue with further diligence on the Firm.

Preliminary Advantages & Concerns

Preliminary Advantages

• Diversified Strategy: The Manager anticipates making 20 to 30 investments in the Fund, across a variety of property types including office, multifamily, retail, industrial, and hospitality. As such, the Fund should provide investors with a portfolio broadly diversified by property type as well as geography, mitigating risk exposure to any particular tenant, region, or property type. No more than 30% of the Fund may be invested outside of North America.

• Shared Team Economics: The Firm is 100% owned by its partners, and 15 of the 25 employees are allocated a share of promote. The shared economics among the team should provide strong alignment of interest with Fund investors.

• Experienced Team: The six senior partners of Dune have an average of 22 years

of real estate investing experience and are further supported by four additional senior members with diverse backgrounds. Prior to joining Dune, the nine senior members of the Firm have held experienced positions at institutional quality real estate investment firms, including Goldman Sachs,JER, JP Morgan, andBlackstone.

Exhibit 2

Preliminary Concerns

• Limited Realizations: Across Funds I-III, Dune has invested in 52 transactions

since 2005 but has fully realized only 16 investments to date. As of March 31, 2017, the Manager has generated a weighted average net DPI multiple of 0.60x across investments in the three prior funds, which have generally lagged in the third or fourth quartile relative to their respective vintage year peers. In aggregate, Dune anticipates to generate 1.4x TVPI multiple across all investments to date.

• Flexible Leverage Limits: The Manager is prohibited from utilizing leverage levels above 75% across the Fund (85% during the first and last year of the Fund life); however, there is no limit on leverage at the individual asset level. Furthermore, the Fund is permitted to cross-collateralize debt.

• Predevelopment Risk: Fund IV has the ability to invest up to 20% of committed capital in pre-development assets including unentitled and undeveloped land. Investing in non-cash flowing assets with long potential lead times prior to development can be highly speculative and risky.

• Team turnover: The Firm has experienced some turnover of investment professionals over the past several years. Eight employees have departed the Firm over the past five years. While a majority of these departures have been more junior members of the investment team, it is worth noting that Jonah Sonnenborn and Gregory Rush who were Managing Directors and members of the Investment Committee left the firm in 2013 and 2015, respectively, to pursue other opportunities.

Exhibit 2

Key Biographies

Name / Position Yrs. with

Firm / Industry

Experience

Daniel Neidich Chief Executive Officer, Partner, Founder

13 / 25 Prior to founding Dune in 2004, Mr. Neidich spent 25 years at Goldman Sachs where he was a member of the firm's Management Committee, Vice Chairman's Council, co-head of the Merchant Banking Division and Chairman of the Whitehall Investment Committee. Mr. Neidich joined Goldman Sachs in 1978 in the Real Estate Banking Department. In 1984, Mr. Neidich became a partner of Goldman Sachs and, in 1990, he became head of Goldman Sachs' Real Estate Department. In 1992, Mr. Neidich formed the Real Estate Principal Investment Area, in 1998 he became co-head of the Merchant Banking Division, in 1999 he joined the firm's Management Committee and in 2000 he joined the firm's Vice Chairman's Council. In 1991, under Mr. Neidich's direction, Goldman Sachs raised the first Whitehall fund to invest in real estate opportunities. The Whitehall Funds raised over $12 billion of total equity and purchased over $50 billion of real estate globally. Mr. Neidich received an M.B.A. from Stanford University Graduate School of Business and a B.A. from Yale University.

Cia Buckley Marakovits Chief Financial Officer, Partner, Managing Director

10 / 30 Prior to joining Dune in 2007, Ms. Buckley Marakovits was the President of the U.S. Fund Business for JER Partners, an affiliate of the J.E. Robert Companies. Ms. Buckley Marakovits joined JER in 1997 and held a variety of positions there, including Chief Financial Officer, Head of Asset Management, Head of Acquisitions and President of the U.S. Fund Business. Before joining JER, Ms. Buckley Marakovits spent nine years in the Real Estate Investment Banking Group at Bankers Trust, where she sourced and managed a variety of assets, including distressed mortgage portfolios, operating company investments and structured debt investments. Ms. Buckley Marakovits received an M.B.A. from Columbia University and a B.A. from Lafayette College.

Russel Gimelstob Head of Acquisitions, Partner, Managing Director and Member of the Investment Committee

12 / 14 Mr. Gimelstob joined Dune as an Associate in 2005 and, in recognition of his contributions to the firm, became a Partner in 2013 and Head of Acquisitions in 2017. Prior to joining Dune in 2005, Mr. Gimelstob was an Analyst in Goldman Sachs’ Real Estate Investment Banking Division from 2003 to 2005, where he focused on commercial real estate lending. Prior to that, Mr. Gimelstob traded commercial mortgage-backed securities in Goldman Sachs’ Fixed Income, Currencies, and Commodities Division from 2002 to 2003. Mr. Gimelstob’s experience includes commercial mortgage-backed securities trading as well as first mortgage and mezzanine debt origination. Mr. Gimelstob received an M.P.A. and a B.A. from Cornell University.

Nitin Karnani Partner, Managing Director

2 / 20 Prior to joining Dune in 2015, Mr. Karnani was a Managing Director in Blackstone's Real Estate Group from 2009 to 2013 where he focused on equity and distressed debt investment opportunities on behalf of Blackstone's real estate private equity funds. Previously, Mr. Karnani served as a Senior Managing Director and Head of Commercial Real Estate for GSO Capital Partners (acquired by Blackstone in 2008) from 2006 through 2009 and a member of the firm's Real Estate Investment Committee. From 1996 to 2006, Mr. Karnani was a Partner at Apollo Real Estate Advisors, where he focused on the investment activities of Apollo's opportunistic real estate funds in North America and Central Europe. Mr. Karnani started his career in real estate as a member of the real estate consulting practice of E&Y Kenneth Leventhal. Mr. Karnani received a B.S. from New York University's Stern School of Business.

Exhibit 2

Julie Brenton Head of Investor Relations, Partner, Managing Director

3 / 25 Ms. Brenton is responsible for investor relations, business development and communications with current and prospective investors and consultants. Prior to joining Dune in 2014, Ms. Brenton was a Managing Director at Ranieri Real Estate Partners overseeing the firm's capital raising and investor services functions since the firm's inception in 2010. Prior to joining RREP, Ms. Brenton held positions within the real estate investment industry including business development and investor relations roles at Olympus Real Estate Partners, Guggenheim Partners and O'Connor Group/JP Morgan Investment Management and investment positions at AT&T Investment Management. Ms. Brenton received her M.B.A. from Columbia University Business School and a B.A. in Economics from Carleton College.

Eric Calder Partner, Managing Director

7 / 15 Mr. Calder is responsible for originating and evaluating new investment opportunities and executing value creation strategies at Dune. Prior to joining Dune in 2010, Mr. Calder was a member of Goldman Sachs' Real Estate Investment Banking Group from 2008 to 2010 where he focused on underwriting and originating commercial real estate loans. From 2002 to 2006, Mr. Calder was a Principal of Sigma Capital Partners where he was responsible for franchise sales, site selection and lease negotiations. Mr. Calder received an M.B.A. from Columbia University and a B.S. from Cornell University.

Darren Berk Chief Financial Officer

13 / 13 Prior to joining Dune in 2004, Mr. Berk was Controller at SFM Capital Management LP, an affiliate of Soros Fund Management LLC. Prior to joining SFM, Mr. Berk was the co-manager of the Fund Accounting Group at Ivy Asset Management Corp. Before joining Ivy, Mr. Berk worked for Goldman Sachs from 1996 to 2003, where he was manager of the Principal Investment Area Fund Accounting Department. Mr. Berk started his career at Goldman Sachs providing fund accounting support for this business before he transitioned into the role as the initial member of the Investment Accounting department responsible for supporting the Asia Special Situations Group distressed fixed income funds. Prior to his employment at Goldman Sachs, Mr. Berk was an auditor with KPMG LLP from 1994 to 1996. Mr. Berk received a B.B.A. from the University of Michigan and is a Certified Public Accountant in the State of New York.

Michael Sherman General Counsel, Chief Compliance Officer

7 / 7 Prior to joining Dune in 2010, Mr. Sherman was an Associate at Willkie Farr & Gallagher LLP in the Real Estate Department from 2005 to 2010 and in the Corporate Department from 2003 to 2005, where he advised various clients on joint ventures, restructurings, acquisitions, dispositions, financings and development transactions worldwide across all property sectors. From 1999 to 2000, Mr. Sherman was a Paralegal at Simpson Thacher & Bartlett LLP in the Corporate Department. Mr. Sherman received a J.D. from the University of Pennsylvania Law School and a B.S. from Cornell University.

David Beznos Managing Director

6 / 12 Mr. Beznos is responsible for originating and evaluating new investment opportunities and executing value creation strategies at Dune. Prior to joining Dune in 2011, Mr. Beznos assisted with the founding of the American Land Fund, where he served as an Associate focused on acquisitions and project management from 2005 to 2009. From 2004 to 2005, Mr. Beznos was an Analyst with Lehman Brothers' Investment Banking Division in the Global Power M&A Group. Mr. Beznos received a B.S. and M.B.A. from the Wharton Business School at the University of Pennsylvania.

Exhibit 2

Recent Fund Turnover

Eight employees have departed the Firm over the past five years. Notably, Jonah Sonnenborn, who was a Managing Director and a member of the Investment Committee, left the firm in 2013 after eight years with Dune. Gregory Rush, was a Managing Director and a member of the Investment Committee left the firm in 2015 after ten years with Dune. Russel Gimelstob, a Managing Director and a member of the Investment Committee left the firm in June 2017, but has rejoined the Firm and will become Head of Acquisitions and part owner in the management company.

Exhibit 2

Preliminary Firm & Strategy Evaluation

Firm History

Dune Real Estate was founded in 2004 by Dan Neidich and has been investing in opportunistic real estate transactions throughout the US since inception. The Firm’s first institutional fund was raised in 2005, with approximately $727 million in committed capital, the second fund in 2008 with $793 million of commitments, and the third fund was raised in 2013 with $960 million of commmitments. Across these three commingled funds, Dune has made investments 52 investments totaling $12.8 billion in total capitalization. The Senior Investment Team is lead by Dan Neidich and Cia Buckley Marakovits and currently consists of nine investment professionals. The Senior Investment Team is supported by 16 additional team members. The real estate team is based in New York City and intends to open a west coast office in the near future.

Investment Strategy

The strategy for Fund IV will be consistent with Dune’s focus since inception, targeting opportunistic investments in the United States, diversified by both property type and geography. Dune will focus on deep value-add and distressed investments. The Manager has experience investing across the major asset types (office, multifamily, retail, industrial, and hotel) as well as some other, non-core property types. The Manager is particularly focused on acquiring assets that are illiquid due to distressed capital structure, mismanaged operations, ownership disputes and a variety of other reasons. Similar to its predessecor funds, Fund IV will focus on three primary investment strategies:

• Distressed: Acquiring and/or restructuring of sub-performing and non-performing commercial mortgages and other real estate loans in order to acquire real estate assets and recapitalizing transactions.

• Deep Value-Add: Recapitalizing of capital structures or ownership to reposition

real estate assets that have been mismanaged

• Contrarian: Investing to take advantage of oversold markets or property types where investor sentiment has created mispricing opportunities.

The Fund has a target net return to investors of a 15% to 17% IRR (internal rate of return) and a 1.7x net equity multiple.

Portfolio Construction

Projected Number of Investments • 20-30 investments

Target Deal Size • Approximately $25 million or greater

Portfolio Constraints

• No more than 20% in a single investment • No more than 30% in a single portfolio • No more than 20% in unentitled, undeveloped land • The Fund will not invest outside of North America and

Europe (30% max in Europe) • The Fund will not invest in blind-pool funds

Expected / Maximum Use of Leverage

• Stated maximum of 75% LTV across the portfolio; 85% maximum during the first and last year of the Fund life

Current Fund Investments The Fund has not yet made any investments.

Market Opportunity

Dune believes that the real estate markets within the U.S. remain healthy, with sound property fundamentals and strong capital markets benefiting from low interest rates and investor demand. The Manager expects U.S. growth to continue, there are considerable risks to further economic expansion that may impact the broader financial markets. The Manager believes that there are opportunities for this strategy as result of a shifting

Exhibit 2

economic landscape caused by increasing uncertainty in the property markets. Dune has also observed deleveraging winthin the real estate industry which has created opportunity for investment. Fund IV will seek to pursue opportinuties caused by following trends: potential overbuilding in specific sectors and locations, constrained CMBS lending coupled with significant upcoming maturities, and moderating rents/increasing cap rates in certain markets.

Past Firm / Fund Issues & Litigation

The Manager has disclosed that it is not (and has not been) involved in any major litigation.

Exhibit 2

Fund Characteristics & Administration

Investment Vehicle Dune Real Estate Fund IV LP

Fund Structure Delaware Limited Partnership

General Partner Dune Real Estate Fund IV LLC

Investment Period Four years from first close

Fund Term Eight years from the final close (subject to two one-year extensions)

Expected Fund Investor Base

The Manager anticipates the Fund investor base comprising primarily of public and private pensions, endowments, family offices, foundations, and sovereign wealth funds

Minimum Investment Size $5 million (the Manager may accept lower)

Sponsor’s Investment At least $20 million

Annual Management Fee Annual 1.50% management fee on committed capital during the investment period; annual 1.50% management fee on invested unreturned capital thereafter

Other Fees None

Organizational Costs The Fund will bear all organizational expenses; however, 20% of all organizational expenses paid by the Fund will be credited against and deducted from the Management fee

Preferred Return 9%

Carried Interest 20% with 60% catch-up

Distribution Waterfall

1. 100% to all Limited Partners until they have received a cumulative return of all capital contributions (including management fees)

2. 100% to all LPs until the cumulative amount distributed equals an 9% compounded annual internal rate of return

3. 60% to GP and 40% to LP until GP has received 20% of cumulative distributions

4. Thereafter 80% to LPs and 20% to GP

Key Person Provision

A key person event will be triggered if Mr. Neidich or Ms. Buckley Marakovits cease to be actively involved in the operation of Fund IV, to devote to Fund IV substantially all of their business time and attention or to control and be a principal of the General Partner

ERISA Provisions The Firm is not an ERISA fiduciary

UBTI Considerations The Fund may make investments that will generate UBTI; the Manager intends to structure investments, in such a way to minimize or block UBTI

Labor Policy None

Fund Auditor PricewaterhouseCoopers, LLP

Fund Legal Counsel Kirkland & Ellis, LLP

Placement Agent(s) Hodes Weill, LLC

Website www.drep.com

Exhibit 2

Past Fund Track Record

Vintage Year Benchmarking Analysis

Fund-Level Returns

Fund Vintage YearCapital

CommittedCapital Funded

Reported Value

Amount Distributed

Total Value, Net of Carry

TVPI Multiple

DPI Multiple Current Net IRR

Dune RE Fund 2005 $727 $678 $250 $557 $807 1.2x 0.8x 2.5%Dune RE Fund II 2008 $794 $763 $531 $774 $1,305 1.7x 1.0x 17.3%Dune RE Fund III 2013 $960 $630 $793 $13 $806 1.3x 0.0x 13.2%

Vintage Year Benchmarking Analysis

Net IRR Dune Real Estate Partners Vintage Year Benchmark Net IRR Comparison

Vintage Year Fund Current Net IRR Quartile # FundsUpper

QuartileMedian Lower

Quartile2005 Dune RE Fund 2.5% 2 50 2.9% (0.4%) (5.2%)2008 Dune RE Fund II 17.3% 1 34 13.5% 10.2% 5.8%2013 Dune RE Fund III 13.2% 3 40 17.6% 14.8% 10.7%

DPI Multiple Dune Real Estate Partners Vintage Year Benchmark DPI Multiple Comparison

Vintage Year FundDPI

Multiple Quartile # FundsUpper


Quartile2005 Dune RE Fund 0.8x 2 50 1.1x 0.8x 0.5x2008 Dune RE Fund II 1.0x 3 34 1.5x 1.3x 0.7x2013 Dune RE Fund III 0.0x 4 40 0.6x 0.4x 0.1x

TVPI Multiple Dune Real Estate Partners Vintage Year Benchmark TVPI Multiple Comparison

Vintage Year FundTVPI

Multiple Quartile # FundsUpper


Quartile2005 Dune RE Fund 1.2x 2 50 1.2x 1.0x 0.7x2008 Dune RE Fund II 1.7x 1 34 1.7x 1.5x 1.4x2013 Dune RE Fund III 1.3x 3 40 1.4x 1.3x 1.2x

Note: Benchmark data as of 03/31/2017. Benchmark is the Cambridge Associates Thomson One North American Value-Add & Opportunistic Closed-End Real Estate fund benchmark.

Notes: 1. $ in millions; data as of March 31, 2017 and provided by the Manager. 2. Note: For benchmarking purposes, we compared performance to the Cambridge Associates Thomson One North American Value-Add & Opportunistic universe with data as of March 31, 2017 (the most recent available). 3. IRRs are net and are calculated after the deduction of carried interest and expenses charged directly to the respective Fund. TVPI multiples are calculated using Fund-level contributions and Fund-level distributions to date as well as the respective Fund's equity balance, net of promote. 4. GREEN shaded cells indicate that the Fund outperformed the benchmark. RED shaded cells indicate that the Fund underperformed the benchmark.

Exhibit 2

Disclaimers and Disclosures

• Past performance is no guarantee of future results. • The opinions presented herein represent the good faith views of NEPC as of the date of

this report and are subject to change at any time. • Information on market indices was provided by sources external to NEPC, and other

data used to prepare this report was obtained directly from the investment manager(s). While NEPC has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within.

• This report may contain confidential or proprietary information and may not be copied or redistributed to any party not legally entitled to receive it.

In addition, it is important that investors understand the following characteristics of non-traditional investment strategies including hedge funds, real estate and private equity:

1. Performance can be volatile and investors could lose all or a substantial portion of their investment

2. Leverage and other speculative practices may increase the risk of loss 3. Past performance may be revised due to the revaluation of investments 4. These investments can be illiquid, and investors may be subject to lock-ups or lengthy

redemption terms 5. A secondary market may not be available for all funds, and any sales that occur may

take place at a discount to value 6. These funds are not subject to the same regulatory requirements as registered

investment vehicles 7. Managers may not be required to provide periodic pricing or valuation information to

investors 8. These funds may have complex tax structures and delays in distributing important tax

information 9. These funds often charge high fees 10. Investment agreements often give the manager authority to trade in securities,

markets or currencies that are not within the manager’s realm of expertise or contemplated investment strategy

Exhibit 2

Exhibit 3

Q2 2017 Investment Performance Analysis

September 2017

Kevin Leonard, PartnerKristin Finney-Cooke, Senior Consultant DeAnna I. Jones, Sr. Analyst

State Universities Retirement System of Illinois

Exhibit 4

NEPC Update

1

Exhibit 4

NEPC Insights• 2017 First Quarter Market Thoughts (April 2017)• The French Election – A Sigh of Relief (May 2017)• An Insight into a Goals-Based Asset Allocation Framework

(May 2017)• The Essential Guide to Third-Party Valuations for Hedge Fund

Investors (May 2017)• Market Chatter: What’s Next for Puerto Rico Bondholders?

(June 2017)• Are US Equities Falling out of Favor? (June 2017)

Highlights of Second Quarter Happenings at NEPCJune 30, 2017

Conference Recap• NEPC hosted its 22nd Annual Investment Conference in Boston

in May. This year’s agenda focused on the uncertainty andchallenges facing investors today. Over 200 NEPC clientsattended the panel discussions, keynote presentations andbreakout sessions. Thank you to everyone who took time outof their schedules to make this conference our biggest and,according to our attendees, our best one yet! Check out somepictures from the event here: http://info.nepc.com/nepc-22nd-annual-investment-conference

Webinar Replays• NEPC’s 7th Annual Investment Manager Webinar (May 2017)

Recent Updates• Healthcare Financial Management

Association (HFMA) has awarded NEPC’sHealthcare practice with the “PeerReviewed by HFMA ®” designation.*

NEPC Gives Back • NEPC's Stacey Flier, CFA, Private Wealth

Senior Consultant, hosted an educational dayto discuss the importance of education andpreparing for future careers to a group of 7thgrade girls that attend St. Andrew NativitySchool, a college-prep middle school inPortland, OR, that provides education for low-income, primarily minority, students of allreligious backgrounds.

• NEPC participated in the J.P. MorganCorporate Challenge Series, a world-wideseries of 3.5-mile running events open togroups from organizations within the businessand public sectors in Boston. The CorporateChallenge is set up to be the world's greenestroad race, and this year the race made adonation to the Boston Children's HospitalTrust.

To download NEPC’s recent insights and webinar replays, visit: www.NEPC.com/insights

*HFMA staff and volunteers determined that this business solution has met specific criteria developed underthe HFMA Peer Review Process. HFMA does not endorse or guarantee the use of this business solution.

2

Exhibit 4

Market Environment

3

Exhibit 4

• The US economy is experiencing an extended economic growth cycle– US consumers and a tightening labor market are driving the US economy– Growth recovery in Europe and the emerging markets reinforces US economic conditions– Stable economic growth is a positive backdrop but expected risk asset returns are subdued

• Federal Reserve monetary policy remains on a gradual normalization path– Despite the June increase, markets continue to price in a slow pace for Fed rate hikes– Market impact of the Fed’s planned reduction of the $4.5T balance sheet is untested– Chair Yellen’s uncertain tenure may stoke market unease has her term expires in Feb. 2018

• China is modestly tightening financial conditions to slow credit growthand manage an orderly transition to a consumer led economy

– Markets have responded positively to the PBOC’s management of a more stable yuan– Capital outflow pressure persists and large scale currency devaluation remains a tail risk– Continued credit expansion and real estate development risk inflating asset price bubbles

• Globalization backlash is disrupting the political and economic orthodoxy– Outcomes of the French and UK elections have eased market fears but conditions driving

anti-establishment political sentiment have not subsided– Capital market fundamentals may not be materially altered but risks stemming from

globalization backlash likely lead to higher levels of currency volatility– Potential changes to US trade policy under the current administration remain uncertain

Key Market Themes

4

Exhibit 4

• Trim US equity gains as US equity markets continue to rally– Expanding valuations have driven recent gains and profit margins sit near all-time highs

• Maintain overweight exposure to non-US developed market equities– We believe a multi-year earnings recovery offers the potential for an elevated return

• Emerging market equities remain attractive and offer robust total returns– Fundamentals support an overweight relative to index weights (e.g. 15% to 20%)

• Allocate to TIPS as inflation expectations are priced attractively– Preserve US duration exposure with a bias to TIPS over core bonds

• Reduce high yield bonds with credit spreads below long-term medians– Credit markets continue to benefit from high demand in a low rate environment but current

credit spread levels do not provide adequate compensation for the risks

• For tactical investors, look to fund emerging local debt from risk assets– Valuations for many emerging market currencies remain attractive despite the recent rally

• Add macro hedge fund strategies for portfolio diversification benefits– Systematic strategies tend to exhibit low correlation to equity markets

Current Opportunities

5

Exhibit 4

Year to Date Performance: All Assets Have Moved Higher

Source: S&P, Russell, MSCI, Barclays, JPM, BloombergAs of 06/30/2017

6

Exhibit 4

Index Performance Summary as of 06/30/2017

Source: Bloomberg, Barclays, Alerian, Nareit, MSCI, JP Morgan, Credit Suisse

2009 2010 2011 2012 2013 2014 2015 2016 Q1 April May June Q2 YTDMSCI EM 78.5% 18.9% -18.4% 18.2% -2.6% -2.2% -14.9% 11.2% 11.4% 2.2% 3.0% 1.0% 6.3% 18.4%

MSCI EAFE 31.8% 7.8% -12.1% 17.3% 22.8% -4.9% -0.8% 1.0% 7.2% 2.5% 3.7% -0.2% 6.1% 13.8%

MSCI ACWI 34.6% 12.7% -7.3% 16.1% 22.8% 4.2% -2.4% 7.9% 6.9% 1.6% 2.2% 0.5% 4.3% 11.5%

JPM GBI-EM Global Div 22.0% 15.7% -1.8% 16.8% -9.0% -5.7% -14.9% 9.9% 6.5% 1.2% 2.0% 0.5% 3.6% 10.4%

S&P 500 26.5% 15.1% 2.1% 16.0% 32.4% 13.7% 1.4% 12.0% 6.1% 1.0% 1.4% 0.6% 3.1% 9.3%

Russell 1000 28.4% 16.1% 1.5% 16.4% 33.1% 13.2% 0.9% 12.1% 6.0% 1.1% 1.3% 0.7% 3.1% 9.3%

BC US STRIPS 20+ Yr -36.0% 10.9% 58.5% 3.0% -21.0% 46.4% -3.7% 1.4% 1.8% 1.8% 3.1% 1.1% 6.1% 8.0%

BC US Long Credit 16.8% 10.7% 17.1% 12.7% -6.6% 16.4% -4.6% 10.2% 1.7% 1.6% 2.1% 1.0% 4.7% 6.4%

JPM EMBI Glob Div 29.8% 12.2% 7.3% 17.4% -5.3% 7.4% 1.2% 10.2% 3.9% 1.6% 0.9% -0.1% 2.2% 6.2%

BC US Govt/Cred Long 1.9% 10.2% 22.5% 8.8% -8.8% 19.3% -3.3% 6.7% 1.6% 1.6% 2.0% 0.8% 4.4% 6.0%

Russell 2500 34.4% 26.7% -2.5% 17.9% 36.8% 7.1% -2.9% 17.6% 3.8% 0.8% -1.1% 2.5% 2.1% 6.0%

Russell 2000 27.2% 26.9% -4.2% 16.3% 38.8% 4.9% -4.4% 21.3% 2.5% 1.1% -2.0% 3.5% 2.5% 5.0%

BC US Corporate HY 58.2% 15.1% 5.0% 15.8% 7.4% 2.5% -4.5% 17.1% 2.7% 1.2% 0.9% 0.1% 2.2% 4.9%

BC Global Agg -6.5% -5.3% -5.3% -4.1% 2.7% -0.6% 3.3% 2.1% 1.8% 1.1% 1.5% -0.1% 2.6% 4.4%

BC Municipal 12.9% 2.4% 10.7% 6.8% -2.6% 9.1% 3.3% 0.2% 1.6% 0.7% 1.6% -0.4% 2.0% 3.6%

CS Hedge Fund 18.6% 10.9% -2.5% 7.7% 9.7% 4.1% -0.7% 1.2% 2.1% 0.4% 0.8% - 1.3% 3.4%

FTSE NAREIT Eqy REITs 28.0% 28.0% 8.3% 18.1% 2.5% 30.1% 3.2% 8.5% 1.2% 0.1% -0.8% 2.2% 1.5% 2.7%

BC US Agg Bond 5.9% 6.5% 7.8% 4.2% -2.0% 6.0% 0.5% 2.6% 0.8% 0.8% 0.8% -0.1% 1.4% 2.3%

CS Leveraged Loan 44.9% 10.0% 1.8% 9.4% 6.2% 2.1% -0.4% 9.9% 1.2% 0.4% 0.4% -0.1% 0.8% 2.0%

BC US Agg Interm 6.5% 6.1% 6.0% 3.6% -1.0% 4.1% 1.2% 2.0% 0.7% 0.6% 0.5% -0.3% 0.9% 1.6%

BC TIPS 11.4% 6.3% 13.6% 7.0% -8.6% 3.6% -1.4% 4.7% 1.3% 0.6% 0.0% -0.9% -0.4% 0.9%

BC US Govt/Cred 1-3 Yr 3.8% 2.8% 1.6% 1.3% 0.6% 0.8% 0.7% 1.3% 0.4% 0.2% 0.2% 0.0% 0.3% 0.7%

Alerian MLP 76.4% 35.9% 13.9% 4.8% 27.6% 4.8% -32.6% 18.3% 3.9% -1.3% -4.5% -0.6% -6.4% -2.7%

BBG Commodity 18.9% 16.8% -13.3% -1.1% -9.5% -17.0% -24.7% 11.8% -2.3% -1.5% -1.4% -0.3% -3.2% -5.6%

7

Exhibit 4

Total Fund Performance

8

Exhibit 4

5 Years Ending June 30, 2017

Anlzd Ret Rank Anlzd StdDev Rank Sharpe

Ratio Rank Info Ratio Rank_

Total Fund w/ Overlay 8.98% 53 6.39% 78 1.38 76 -0.01 82 Policy Index 8.98% 52 6.15% 69 1.43 63 -- --

XXXXX


Anlzd Ret Rank Anlzd StdDev Rank Sharpe

Ratio Rank Info Ratio Rank_

Total Fund w/ Overlay 4.96% 68 6.71% 78 0.70 79 -0.11 73 Policy Index 5.07% 63 6.51% 73 0.74 73 -- --

XXXXX

Market Value 3 Mo Rank YTD Rank 1 Yr Rank 3 Yrs Rank 5 Yrs Rank 7 Yrs Rank 10 Yrs Rank_

Total Fund w/ Overlay $18,117,323,748 3.30% 39 7.96% 36 12.18% 73 4.96% 68 8.98% 53 9.70% 45 5.37% 42Policy Index 3.11% 54 7.60% 55 11.73% 79 5.07% 63 8.98% 52 9.81% 38 5.42% 37

InvestorForce Public DB > $1B Gross Median 3.13% 7.65% 12.85% 5.37% 9.06% 9.51% 5.25% XXXXX

State Universities Retirement System of Illinois DB PlanTotal Fund Performance Summary - Net of Fee

June 30, 2017

9

Exhibit 4

Statistics Summary5 Years Ending June 30, 2017

AnlzdReturn

AnlzdReturnRank

AnlzdStandardDeviation


Rank

SharpeRatio

SharpeRatio Rank

InformationRatio

InformationRatio Rank

_

Total Fund w/ Overlay 8.98% 53 6.39% 78 1.38 76 -0.01 82

Policy Index 8.98% 52 6.15% 69 1.43 63 -- --

InvestorForce Public DB > $1BGross Median 9.06% -- 5.77% -- 1.48 -- 0.41 --

XXXXX

State Universities Retirement System of Illinois DB PlanTotal Fund Risk/Return - Net of Fee

June 30, 201710

Exhibit 4

State Universities Retirement System of Illinois DB PlanTotal Fund Risk/Return - Net of Fee

June 30, 2017

Statistics Summary10 Years Ending June 30, 2017

AnlzdReturn

AnlzdReturnRank



Rank

SharpeRatio

SharpeRatio Rank

InformationRatio

InformationRatio Rank

_

Total Fund w/ Overlay 5.37% 42 10.77% 83 0.46 66 -0.04 62

Policy Index 5.42% 37 11.08% 87 0.45 69 -- --

InvestorForce Public DB > $1BGross Median 5.25% -- 9.79% -- 0.49 -- 0.06 --

XXXXX

11

Exhibit 4

State Universities Retirement System of Illinois DB PlanTotal Fund Asset Allocation vs. Policy Targets

* Reflects Overlay Strategy Positioning

Asset Allocation vs. Target

Policy Current LookThrough * Current

_

Domestic Equity 23.00% 23.07% 23.94% $4,180,207,228International Equity 19.00% 20.18% 19.95% $3,656,448,709Global Equity 8.00% 8.60% 8.31% $1,557,823,464Fixed Income 19.00% 17.92% 18.50% $3,247,274,395TIPS 4.00% 3.76% 3.77% $681,899,841Emerging Market Debt 3.00% 3.16% 3.16% $571,648,051Opportunistic 1.00% 0.58% 0.58% $104,495,448Private Equity 6.00% 5.24% 5.24% $950,107,277Hedge Funds 5.00% 4.97% 4.97% $901,075,620Real Estate 6.00% 5.74% 5.74% $1,040,526,985REITs 4.00% 3.87% 3.87% $701,920,953Commodities 2.00% 1.82% 1.79% $329,837,403Overlay 0.00% 0.41% 0.00% $73,488,910Cash 0.00% 0.67% 0.18% $120,569,464Total 100.00% 100.00% 100.00% $18,117,323,748

XXXXX

June 30, 2017

12

Exhibit 4

State Universities Retirement System of Illinois DB PlanTotal Fund Asset Allocation History

June 30, 2017

13

Exhibit 4

Last ThreeMonths Year-To-Date One Year Three Years Five Years

_

Beginning Market Value $17,561,115,140 $17,015,392,184 $16,865,859,514 $17,365,565,693 $13,506,880,231Contributions $1,335,448,974 $1,857,261,686 $2,969,723,297 $8,365,765,033 $15,091,973,988Withdrawals -$1,370,565,772 -$2,122,955,010 -$3,758,273,315 -$10,246,300,212 -$17,157,227,616Net Cash Flow -$35,116,798 -$265,693,325 -$788,550,018 -$1,880,535,178 -$2,065,253,628Net Investment Change $591,325,406 $1,367,624,888 $2,040,014,252 $2,632,293,233 $6,675,697,145Ending Market Value $18,117,323,748 $18,117,323,748 $18,117,323,748 $18,117,323,748 $18,117,323,748

_

State Universities Retirement System of Illinois DB PlanTotal Fund Asset Growth Summary

June 30, 2017

14

Exhibit 4

Quarter Ending June 30, 2017

BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment

ChangeEnding

Market Value_

Adams Street 2007 $47,522,386 $85,000 -$4,757,968 -$4,672,968 $1,298,355 $44,147,773Adams Street 2008 $75,100,443 $0 -$3,327,221 -$3,327,221 $2,827,701 $74,600,923Adams Street 2009 $79,191,463 $0 -$1,175,157 -$1,175,157 $2,675,533 $80,691,839Adams Street 2012 $55,331,359 $0 $0 $0 $2,133,878 $57,465,237Adams Street 2013 $61,552,953 $2,971,709 $0 $2,971,709 $2,430,530 $66,955,192Adams Street 2014 $49,074,979 $2,250,000 $0 $2,250,000 $1,792,292 $53,117,271Adams Street 2015 Global Fund $26,994,458 $5,826,682 $0 $5,826,682 $934,134 $33,755,274Adams Street 2016 Global Fund $5,471,955 $5,100,000 $0 $5,100,000 $248,785 $10,820,740Adams Street Global Op $5,337,424 $0 $0 $0 -$80,064 $5,257,360Adams Street Non-US $13,200,049 $0 -$1,815,144 -$1,815,144 $493,120 $11,878,025Adams Street Partners $80,068,848 $119,308 -$4,763,356 -$4,644,048 $1,099,882 $76,524,682Adams Street Secondary Fund 5 $11,307,723 $0 -$390,093 -$390,093 $298,781 $11,216,411Alinda Capital Partners $41,842,055 $0 -$7,429,334 -$7,429,334 -$1,879,808 $32,532,913Ativo $249,999,878 $177,204 -$177,596 -$392 $16,222,338 $266,221,824BlackRock Emerging Markets $206,566,619 $67,859 -$64,939 $2,920 $13,000,572 $219,570,111BlackRock Global REIT $681,727,693 $164,496 -$164,496 $0 $20,161,853 $701,889,546BlackRock Intl Alpha Tilts $457,919,560 $191,836 -$189,908 $1,928 $38,024,832 $495,946,320BlackRock Intl Equity Fund $1,239,647,588 $191,964 -$174,212 $17,752 $74,355,080 $1,314,020,420BlackRock Transition $12,905 $0 $0 $0 $4,455 $17,360Blue Vista RE Partners IV $14,882,873 $2,730,000 $0 $2,730,000 $403,268 $18,016,141Bluebay EMD Select $179,352,289 $0 $0 $0 $4,881,716 $184,234,005Brookfield Strategy RE Partners II $16,098,325 $4,054,511 $0 $4,054,511 $272,306 $20,425,142Calamos $72,825 $0 -$98,422 -$98,422 $25,583 -$14Cash $126,722,756 $176,614,582 -$184,726,100 -$8,111,518 $1,882,581 $120,493,819CastleArk Management $162,397,931 $261,763 -$261,650 $113 $9,182,538 $171,580,582CBRE Clarion Global REIT $29,279 $0 $0 $0 $1,912 $31,191

State Universities Retirement System of Illinois DB PlanTotal Fund Asset Growth Summary by Manager

June 30, 2017

15

Exhibit 4



ChangeEnding

Market Value_

Channing Capital Management $180,739,952 $100,993 -$101,093 -$100 $1,301,161 $182,041,013Clifton Overlay $66,597,399 $0 $0 $0 $6,891,511 $73,488,910Colchester $106,643,498 $0 -$146,472 -$146,472 $4,206,876 $110,703,902Crow Holdings Realty Partners VII $21,464,472 $3,668,115 $0 $3,668,115 $1,016,852 $26,149,439Dune Fund II $27,475,679 $0 -$4,961,955 -$4,961,955 $51,072 $22,564,796Dune Fund III $84,252,832 $0 -$395,543 -$395,543 $1,856,905 $85,714,194EARNEST Partners $132,415,685 $270,910 -$270,910 $0 $5,469,975 $137,885,660Fairview Capital $26,290,367 $4,674,268 -$18 $4,674,250 $1,655,637 $32,620,254Fidelity Investments $512,620,136 $347,694 -$350,769 -$3,075 $32,525,223 $545,142,284Franklin Templeton EMREFF $38,025,790 $0 -$3,299,357 -$3,299,357 -$1,874,763 $32,851,670Franklin Templeton FTPREF $15,412,167 $0 -$5,362,222 -$5,362,222 $1,109,428 $11,159,373Franklin Templeton MDP RE 2015 $10,194,425 $788,968 $0 $788,968 -$610,723 $10,372,670Garcia Hamilton $306,901,354 $690,660 -$690,660 $0 $4,372,872 $311,274,226Gladius $72,147,281 $0 $0 $0 $2,695,330 $74,842,611Gladius $293,905,782 $611,290 -$611,290 $0 $8,560,254 $302,466,036GlobeFlex Capital $276,413,242 $202,182 -$203,253 -$1,071 $18,895,160 $295,307,331Heitman Hart Fund $195,985,308 $0 -$362,041 -$362,041 $2,738,668 $198,361,935Herndon Capital Management $3,352 $0 $0 $0 $223 $3,575Holland Capital $114,422,581 $77,526 -$117,077,526 -$117,000,000 $2,646,826 $69,407Invesco Balanced Risk $248,009,379 $0 -$357,626 -$357,626 -$15,125,016 $232,526,737JP Morgan Strategic $199,057,476 $0 -$432,397 -$432,397 $3,127,470 $201,752,549KKR Prisma Codlin Fund $281,645,095 $165,000,000 $0 $165,000,000 $3,001,393 $449,646,488LM Capital $160,503,281 $69,361 -$69,361 $0 $2,518,111 $163,021,392Longfellow Management $171,219,044 $20,639 -$169,987,386 -$169,966,747 -$1,251,943 $354M2-EM PE Fund $3,923,149 $3,066,141 $0 $3,066,141 $1,094,822 $8,084,112Macquarie Capital $32,142,286 $0 $0 $0 $1,081,078 $33,223,364Macquarie Inf Partners Fnd III $37,219,967 $0 -$399,680 -$399,680 $1,918,884 $38,739,171


June 30, 2017

16

Exhibit 4



ChangeEnding

Market Value_

Martin Currie $17,547 $0 $0 $0 $1,165 $18,712Mesirow Financial $165,704,366 $231,771 -$231,917 -$146 $4,080,690 $169,784,910Mesirow MFIRE II $39,153,807 $0 -$2,410,729 -$2,410,729 $1,145,719 $37,888,797Mondrian $485,955,681 $309,270 -$205,612 $103,658 $19,422,478 $505,481,817Muller and Monroe ILPEFF $2,913,771 $0 $0 $0 -$2,411,257 $502,514Muller and Monroe MPEFF $9,436,695 $0 -$873,679 -$873,679 $156,265 $8,719,281Neuberger Berman $340,071,434 $161,200 -$161,200 $0 $5,534,374 $345,605,808New Century Advisors $170,207,588 $56,507 -$169,181,010 -$169,124,503 -$1,276,467 -$193,382Newport Monarch $207,882,284 $240,000,000 $0 $240,000,000 $3,546,848 $451,429,132Northern Trust Stock Market Index $1,544,070,598 $37,713 -$180,038,186 -$180,000,473 $43,582,748 $1,407,652,873Pantheon 2014 Global Fund $29,597,738 $4,375,000 $0 $4,375,000 $552,134 $34,524,872Pantheon Europe III $8,977,420 $53 $0 $53 $1,369,593 $10,347,067Pantheon Europe VI $22,193,863 $194 -$1,601,471 -$1,601,276 $4,154,101 $24,746,688Pantheon Europe VII $25,362,812 $152 -$1,806,735 -$1,806,584 $3,865,309 $27,421,538Pantheon Global II $4,399,185 $0 -$250,000 -$250,000 -$291,842 $3,857,343Pantheon Global $74,235 $0 $0 $0 $4,090 $78,325Pantheon One Line Asset $2,901,501 $0 -$75,335 -$75,335 $245,869 $3,072,035Pantheon USA IX $70,078,125 $0 -$3,910,000 -$3,910,000 $5,788,351 $71,956,476Pantheon USA VIII $82,948,730 $0 -$7,850,194 -$7,850,194 $8,990,909 $84,089,445Pantheon Ventures $123,990,811 $210,000 -$14,715,785 -$14,505,785 $3,814,587 $113,299,613Parametric Clifton Transition $1 $0 $0 $0 $0 $1Piedmont Advisors $531,045,765 $211,642 -$211,683 -$41 $18,671,536 $549,717,260Pimco Commodity Alpha Fund $95,171,974 $0 $0 $0 $2,138,692 $97,310,666PIMCO TIPS $343,001,318 $193,113 -$344,734,255 -$344,541,142 $3,496,156 $1,956,332PIMCO Total Return $386,456,679 $217,508 -$217,508 $0 $4,877,369 $391,334,048PIMCO Unconstrained $464,329,808 $480,767 -$480,767 $0 $6,180,448 $470,510,256Progress - Affinity $46,289,718 $53,094 -$53,137 -$43 $3,231,497 $49,521,172


June 30, 2017

17

Exhibit 4



ChangeEnding

Market Value_

Progress - Arga $18,879,288 $21,710 -$21,977 -$267 $1,240,007 $20,119,028Progress - Brown Capital $30,717,403 $35,149 -$35,196 -$47 $2,207,110 $32,924,466Progress - Cheswold Lane $31,210 $0 -$30,026 -$30,026 -$107 $1,077Progress - Denali $0 $22,336,028 -$187 $22,335,841 $1,658,668 $23,994,509Progress - Garcia Hamilton $14,829,775 $17,388 -$17,388 $0 $205,864 $15,035,639Progress - GIA Partners, LLC $31,893,138 $37,336 -$37,336 $0 $543,020 $32,436,158Progress - Glovista Investments $19,413,815 $22,303 -$22,303 $0 $1,247,899 $20,661,714Progress - LM Capital Management $31,147,630 $36,473 -$36,473 $0 $487,498 $31,635,128Progress - Lombardia $23,139,519 $26,685 -$22,457,552 -$22,430,867 -$619,763 $88,889Progress - New Century Advisors $31,091,800 $36,413 -$36,413 $0 $565,642 $31,657,442Progress - Piedmont Advisors $17,870,806 $20,944 -$20,944 $0 $243,503 $18,114,309Progress - Ramirez $16,704,489 $19,606 -$19,606 $0 $311,282 $17,015,771Progress - Strategic Advisors $54,032,132 $61,895 -$62,004 -$109 $3,984,034 $58,016,057Progress - Transitions $0 $124,790 -$420 $124,370 -$56,506 $67,864Progress Cash $377 $0 $0 $0 $2 $379Progress Transition $248 $0 $0 $0 $2 $249Progress Venture Capital $356,988 $0 $0 $0 $0 $356,988Progress-GIA Partners LLC $34,764,408 $40,494 -$40,494 $0 $791,670 $35,556,078Progress-LM Capital Group $40,601,886 $47,179 -$47,179 $0 $939,209 $41,541,095Prudential EMD $193,996,240 $0 -$216,763 -$216,763 $5,833,493 $199,612,970Pugh Capital $159,735,095 $61,120 -$61,120 $0 $2,678,755 $162,413,850Rhumbline $857,250,662 $26,799 -$100,027,148 -$100,000,349 $23,493,009 $780,743,322Rhumbline TIPS -- $683,612,966 $0 $683,612,966 -$3,476,430 $680,136,536RREEF America III Fund $276,421 $0 $0 $0 -$2,684 $273,738RREEF Funds $136,379 $0 $0 $0 -$21 $136,358RREEF Global REIT $203 $0 $0 $0 $14 $217


June 30, 2017

18

Exhibit 4



ChangeEnding

Market Value_

Smith Graham $103,022,086 $42,802 -$42,802 $0 $1,626,087 $104,648,173SSgA-BC Aggregate Index $600,930,400 $17,141 -$17,141 $0 $8,725,826 $609,656,226Strategic Global Advisors $293,012,348 $251,009 -$251,514 -$505 $21,811,513 $314,823,356T. Rowe Price $386,810,075 $237,885 -$238,083 -$198 $16,499,173 $403,309,050T. Rowe Price Global $500,302,980 $523,838 -$525,386 -$1,548 $39,873,798 $540,175,230TCW / Met West $534,756,096 $208,679 -$209,182 -$503 $8,160,375 $542,915,968Transition $108,940 $0 -$113 -$113 $5,676 $114,503Transition $15,651 $0 -$623 -$623 $42,628 $57,656UBS Trumbull Property Fund $371,188,919 $0 -$773,017 -$773,017 $4,444,281 $374,860,183Wellington $487,744,300 $648,697 -$650,641 -$1,944 $24,424,075 $512,166,431Z TERMINATED - Chicago Equity Partners $711,722 $0 -$711,722 -$711,722 $0 --Z TERMINATED - Lombardia $350,472 $0 -$350,472 -$350,472 $0 --Z TERMINATED - PIMCO Stocks Plus $186 $0 -$186 -$186 $0 --Z TERMINATED - Progress - Emerging Advisor $3 $0 -$3 -$3 $0 --Total $17,561,115,140 $1,335,448,974 -$1,370,565,772 -$35,116,798 $591,325,406 $18,117,323,748

XXXXX


June 30, 2017

19

Exhibit 4

June 30, 2017

State Universities Retirement System of Illinois DB PlanTotal Fund Performance Detail Net Of Fee

Market Value($)

% ofPortfolio Policy % 3 Mo

(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

15 Yrs(%)

_

Total Fund w/ Overlay 18,117,323,748 100.00 -- 3.30 7.96 12.18 4.96 8.98 9.70 5.37 7.51Policy Index 3.11 7.60 11.73 5.07 8.98 9.81 5.42 7.54

Domestic Equity 4,180,207,228 23.07 23.00 3.14 8.72 19.05 8.88 14.45 15.28 7.21 8.64Dow Jones U.S. Total Stock Market 3.01 8.97 18.52 9.04 14.51 15.31 7.32 8.85

Total Non US Equity 3,656,448,709 20.18 19.00 6.60 15.44 20.90 1.71 8.18 7.70 1.25 6.88International Equity Custom Benchmark 5.78 14.10 20.45 0.80 7.22 6.66 1.13 6.90

Global Equity 1,557,823,464 8.60 8.00 5.58 14.58 21.66 6.81 11.77 11.44 4.53 7.69Global Equity Custom Benchmark 4.27 11.48 18.78 4.82 10.54 10.48 3.55 7.10

Fixed Income 3,247,274,774 17.92 19.00 1.40 2.56 1.25 2.43 2.52 3.48 5.13 5.20Fixed Income Custom Benchmark 1.45 2.27 -0.31 2.48 2.21 3.19 4.48 4.68

Emerging Market Debt 571,648,051 3.16 3.00 2.92 8.87 7.40 -- -- -- -- --50% JPM GBI-EM GD/25% JPM EMBI GD/25% JPM Corp Broad 2.78 7.92 6.50 1.11 2.45 4.28 5.52 --

TIPS 681,899,841 3.76 4.00 -0.41 1.15 -0.13 0.38 0.28 2.95 4.76 5.03TIPS Custom Benchmark -0.40 0.85 -0.63 0.63 0.27 2.87 4.27 4.61

REITs 701,920,953 3.87 4.00 2.93 5.24 0.02 5.48 8.07 11.39 4.27 9.32REITs Custom Benchmark 2.71 4.84 0.21 5.61 8.01 11.35 3.70 8.76

Real Estate 1,040,526,985 5.74 6.00 1.17 2.91 7.19 10.45 11.52 12.21 4.22 6.11NCREIF ODCE Net Qtr Lag 1.54 3.45 7.35 10.77 10.94 12.44 4.62 7.24

Private Equity 950,107,277 5.24 6.00 4.93 6.87 12.86 7.11 9.55 10.76 8.21 8.79Dow Jones US Total Stock Market +3% (1 Quarter Lag) 6.56 11.78 21.56 12.95 16.47 16.26 10.85 10.87

Opportunity Fund 104,495,448 0.58 1.00 0.97 -1.53 0.21 4.71 9.52 10.21 8.71 9.77Opportunity Fund Custom Benchmark 0.98 0.98 2.38 4.46 5.34 6.07 1.83 5.14

Hedge Funds 901,075,620 4.97 5.00 1.09 3.49 6.13 -- -- -- -- --3 Month LIBOR + 5% 1.54 3.06 6.08 5.62 5.49 5.47 5.98 6.72HFRI Fund of Funds Composite Index 0.74 3.14 6.41 1.53 3.86 3.01 0.86 3.44

Commodities 329,837,403 1.82 2.00 -3.89 -3.42 -2.67 -- -- -- -- --Bloomberg Commodity Index -3.00 -5.26 -6.50 -14.81 -9.25 -5.68 -6.49 -0.01

Cash 120,493,819 0.67 -- 0.11 0.29 0.61 0.35 0.26 0.23 0.75 1.5491 Day T-Bills 0.22 0.36 0.54 0.24 0.16 0.14 0.44 1.20

XXXXX

20

Exhibit 4

June 30, 2017

1. Performance shown is net of investment management fees.2. Fiscal year starts on July 1st. 3. Policy Index and allocation Index inception returns are n/a due to Policy history going back to July 1980 and allocation history going back to January 2014.


Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Total Fund w/ Overlay 18,117,323,748 100.0 -- 3.3 8.0 12.2 5.0 9.0 9.7 5.4 9.2 Jan-75Policy Index 3.1 7.6 11.7 5.1 9.0 9.8 5.4 -- Jan-75

Over/Under 0.2 0.4 0.5 -0.1 0.0 -0.1 0.0 InvestorForce Public DB > $1B Gross Median 3.1 7.6 12.9 5.4 9.1 9.5 5.2 9.3 Jan-75

Total Fund 18,043,834,838 99.6 100.0 3.3 7.8 12.0 5.0 9.0 9.7 5.4 9.2 Jan-75Policy Index 3.1 7.6 11.7 5.1 9.0 9.8 5.4 -- Jan-75

Over/Under 0.2 0.2 0.3 -0.1 0.0 -0.1 0.0 InvestorForce Public DB > $1B Net Median 2.9 7.4 12.7 4.9 8.6 9.1 4.8 9.2 Jan-75

Total Public Equity 9,394,479,402 51.9 -- 4.8 12.1 20.2 6.1 11.9 -- -- 9.3 Jan-11MSCI ACWI 4.3 11.5 18.8 4.8 10.5 10.5 3.7 7.7 Jan-11

Over/Under 0.5 0.6 1.4 1.3 1.4 1.6 eA All Global Equity Net Median 4.8 11.2 17.6 5.0 11.0 11.3 4.1 8.7 Jan-11

Domestic Equity 4,180,207,228 23.1 23.0 3.1 8.7 19.1 8.9 14.5 15.3 7.2 11.0 Oct-80Dow Jones U.S. Total Stock Market 3.0 9.0 18.5 9.0 14.5 15.3 7.3 -- Oct-80

Over/Under 0.1 -0.3 0.6 -0.1 0.0 0.0 -0.1 eA All US Equity Net Median 2.8 7.6 19.1 7.6 13.8 14.4 7.1 12.4 Oct-80

Large Active 953,140,813 5.3 -- 3.8 10.0 19.4 9.1 -- -- -- 9.8 Jan-14S&P 500 3.1 9.3 17.9 9.6 14.6 15.4 7.2 10.3 Jan-14

Over/Under 0.7 0.7 1.5 -0.5 -0.5 eA US Large Cap Equity Net Median 3.0 8.7 17.8 7.8 13.7 14.4 7.0 8.7 Jan-14

Piedmont Advisors 549,717,260 3.0 3.5 9.0 19.1 10.3 15.4 16.0 -- 7.7 Jan-08S&P 500 3.1 9.3 17.9 9.6 14.6 15.4 7.2 7.7 Jan-08

Over/Under 0.4 -0.3 1.2 0.7 0.8 0.6 0.0 eA US Large Cap Equity Net Median 3.0 8.7 17.8 7.8 13.7 14.4 7.0 7.3 Jan-08

T. Rowe Price 403,309,050 2.2 4.2 11.3 19.9 10.3 15.1 15.6 -- 9.6 Apr-08S&P 500 3.1 9.3 17.9 9.6 14.6 15.4 7.2 9.1 Apr-08

Over/Under 1.1 2.0 2.0 0.7 0.5 0.2 0.5 eA US Large Cap Equity Net Median 3.0 8.7 17.8 7.8 13.7 14.4 7.0 8.6 Apr-08

21

Exhibit 4

Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Passive US Equity 2,188,396,195 12.1 -- 2.9 8.8 18.6 9.2 -- -- -- 9.9 Jan-14S&P 500 3.1 9.3 17.9 9.6 14.6 15.4 7.2 10.3 Jan-14

Over/Under -0.2 -0.5 0.7 -0.4 -0.4 Northern Trust Stock Market Index 1,407,652,873 7.8 3.0 8.9 18.7 9.1 14.5 15.3 7.4 6.4 Jan-99

Dow Jones U.S. Total Stock Market 3.0 9.0 18.5 9.0 14.5 15.3 7.3 6.3 Jan-99Over/Under 0.0 -0.1 0.2 0.1 0.0 0.0 0.1 0.1 eA US All Cap Equity Net Median 2.9 8.4 18.1 6.9 13.2 13.8 6.7 7.9 Jan-99

Rhumbline 780,743,322 4.3 2.9 8.6 18.4 9.4 14.6 15.3 7.4 8.3 Feb-05Rhumbline Custom Benchmark 2.9 8.7 18.5 9.3 14.6 15.3 7.3 8.3 Feb-05

Over/Under 0.0 -0.1 -0.1 0.1 0.0 0.0 0.1 0.0 eA US All Cap Equity Net Median 2.9 8.4 18.1 6.9 13.2 13.8 6.7 8.2 Feb-05

Mid Cap 319,996,080 1.8 -- 2.3 8.3 17.6 7.5 -- -- -- 8.3 Jan-14Russell MidCap 2.7 8.0 16.5 7.7 14.7 15.3 7.7 9.1 Jan-14

Over/Under -0.4 0.3 1.1 -0.2 -0.8 eA US Mid Cap Equity Net Median 2.5 8.1 17.2 7.2 14.0 14.5 7.6 8.1 Jan-14

EARNEST Partners 137,885,660 0.8 3.9 11.6 23.6 10.1 15.5 -- -- 12.6 Jul-11Russell MidCap 2.7 8.0 16.5 7.7 14.7 15.3 7.7 11.8 Jul-11

Over/Under 1.2 3.6 7.1 2.4 0.8 0.8 eA US Mid Cap Equity Net Median 2.5 8.1 17.2 7.2 14.0 14.5 7.6 11.0 Jul-11

Channing Capital Management 182,041,013 1.0 0.7 4.9 16.0 6.5 15.2 15.3 7.1 8.5 Apr-05Russell MidCap Value 1.4 5.2 15.9 7.5 15.1 15.3 7.2 9.2 Apr-05

Over/Under -0.7 -0.3 0.1 -1.0 0.1 0.0 -0.1 -0.7 eA US Mid Cap Value Equity Net Median 1.2 5.0 16.6 7.2 14.4 14.4 7.3 9.3 Apr-05


1. PIMCO Stocks Plus was liquidated on May 11, 2016.

June 30, 2017

22

Exhibit 4

Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Small Cap 341,365,492 1.9 -- 3.9 6.8 21.3 5.0 -- -- -- 5.0 Jan-14Russell 2000 2.5 5.0 24.6 7.4 13.7 14.4 6.9 7.2 Jan-14

Over/Under 1.4 1.8 -3.3 -2.4 -2.2 eA US Small Cap Equity Net Median 2.3 4.7 22.5 7.2 14.0 14.6 7.1 7.2 Jan-14

Mesirow Financial 169,784,910 0.9 2.3 5.0 19.6 7.0 12.9 -- -- 9.5 Jun-11Russell 2000 2.5 5.0 24.6 7.4 13.7 14.4 6.9 10.3 Jun-11

Over/Under -0.2 0.0 -5.0 -0.4 -0.8 -0.8 eA US Small Cap Equity Net Median 2.3 4.7 22.5 7.2 14.0 14.6 7.1 10.5 Jun-11

CastleArk Management 171,580,582 0.9 5.5 11.2 22.2 4.7 -- -- -- 13.9 Sep-12Russell 2000 Growth 4.4 10.0 24.4 7.6 14.0 15.2 7.8 14.1 Sep-12

Over/Under 1.1 1.2 -2.2 -2.9 -0.2 eA US Small Cap Growth Equity Net Median 4.9 11.0 23.7 7.7 13.7 15.3 7.6 13.8 Sep-12

Gladius Composite 377,308,647 2.1 -- 2.9 8.1 -- -- -- -- -- 8.1 Jan-17Russell 3000 3.0 8.9 18.5 9.1 14.6 15.3 7.3 8.9 Jan-17

Over/Under -0.1 -0.8 -0.8 Gladius 74,842,611 0.4 3.7 7.2 -- -- -- -- -- 7.2 Jan-17Gladius 302,466,036 1.7 2.7 8.3 -- -- -- -- -- 8.3 Jan-17

Total Non US Equity 3,656,448,709 20.2 19.0 6.6 15.4 20.9 1.7 8.2 7.7 1.3 6.3 May-86International Equity Custom Benchmark 5.8 14.1 20.5 0.8 7.2 6.7 1.1 -- May-86

Over/Under 0.8 1.3 0.4 0.9 1.0 1.0 0.2 eA All ACWI ex-US Equity Net Median 7.0 16.2 19.5 2.4 9.0 8.7 2.6 8.5 May-86

BlackRock Intl Equity Fund 1,314,020,420 7.3 6.0 14.5 21.0 1.4 7.7 7.0 1.6 6.6 May-86MSCI ACWI ex USA 5.8 14.1 20.5 0.8 7.2 6.7 1.1 -- May-86

Over/Under 0.2 0.4 0.5 0.6 0.5 0.3 0.5 eA All ACWI ex-US Equity Net Median 7.0 16.2 19.5 2.4 9.0 8.7 2.6 8.5 May-86

BlackRock Emerging Markets 219,570,111 1.2 6.3 18.4 23.5 0.9 3.8 3.6 -- 3.5 Nov-09MSCI Emerging Markets 6.3 18.4 23.7 1.1 4.0 3.9 1.9 3.8 Nov-09

Over/Under 0.0 0.0 -0.2 -0.2 -0.2 -0.3 -0.3 eA Emg Mkts Equity Net Median 6.4 19.3 22.9 1.7 5.2 5.1 2.5 5.0 Nov-09


1.MSCI ACWI ex USA and International Equity Custom Banchmark inception returns are n/a due to no return history going back to May 1986.2.International Custom Benchmark is the MSCI ACW ex USA net. 3. MSCI EAFE/ACWI Ex USA Custom Benchmark is MSCI EAFE through 11/30/2011 and MSCI ACWI Ex USA thereafter.

June 30, 2017

23

Exhibit 4

Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Progress Emerging Non-US Equity 205,394,776 1.1 6.7 15.0 21.8 1.6 -- -- -- 8.4 Sep-12MSCI EAFE 6.1 13.8 20.3 1.1 8.7 7.9 1.0 8.2 Sep-12

Over/Under 0.6 1.2 1.5 0.5 0.2 eA All ACWI ex-US Equity Net Median 7.0 16.2 19.5 2.4 9.0 8.7 2.6 8.5 Sep-12

BlackRock Intl Alpha Tilts 495,946,320 2.7 8.3 16.1 23.9 3.0 11.3 9.9 2.0 7.4 Nov-03MSCI EAFE 6.1 13.8 20.3 1.1 8.7 7.9 1.0 6.4 Nov-03

Over/Under 2.2 2.3 3.6 1.9 2.6 2.0 1.0 1.0 eA All EAFE Equity Net Median 6.6 14.6 20.1 2.3 9.6 9.1 2.3 7.4 Nov-03

Strategic Global Advisors 314,823,356 1.7 7.4 15.1 20.1 4.0 12.1 11.8 -- 6.8 Sep-08MSCI EAFE 6.1 13.8 20.3 1.1 8.7 7.9 1.0 3.3 Sep-08

Over/Under 1.3 1.3 -0.2 2.9 3.4 3.9 3.5 eA All EAFE Equity Net Median 6.6 14.6 20.1 2.3 9.6 9.1 2.3 4.6 Sep-08

Ativo 266,221,824 1.5 6.4 15.1 13.0 1.8 8.8 7.4 -- 3.9 Aug-08MSCI ACWI ex USA 5.8 14.1 20.5 0.8 7.2 6.7 1.1 2.5 Aug-08

Over/Under 0.6 1.0 -7.5 1.0 1.6 0.7 1.4 eA All ACWI ex-US Equity Net Median 7.0 16.2 19.5 2.4 9.0 8.7 2.6 4.3 Aug-08

GlobeFlex Capital 295,307,331 1.6 6.8 17.7 24.4 2.9 10.3 10.2 0.7 6.7 Mar-04MSCI EAFE/ACWI Ex USA Custom Benchmark 5.8 14.1 20.5 0.8 7.2 6.8 0.3 4.9 Mar-04

Over/Under 1.0 3.6 3.9 2.1 3.1 3.4 0.4 1.8 eA All ACWI ex-US Equity Net Median 7.0 16.2 19.5 2.4 9.0 8.7 2.6 7.1 Mar-04

Fidelity Investments 545,142,284 3.0 6.3 15.3 19.3 1.3 7.7 7.6 0.7 5.5 Jan-04MSCI EAFE/ACWI Ex USA Custom Benchmark 5.8 14.1 20.5 0.8 7.2 6.8 0.3 5.1 Jan-04

Over/Under 0.5 1.2 -1.2 0.5 0.5 0.8 0.4 0.4 eA All ACWI ex-US Equity Net Median 7.0 16.2 19.5 2.4 9.0 8.7 2.6 7.4 Jan-04


June 30, 2017

24

Exhibit 4

June 30, 2017


Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Global Equity 1,557,823,464 8.6 8.0 5.6 14.6 21.7 6.8 11.8 11.4 4.5 7.1 Jun-02Global Equity Custom Benchmark 4.3 11.5 18.8 4.8 10.5 10.5 3.6 6.6 Jun-02

Over/Under 1.3 3.1 2.9 2.0 1.3 0.9 0.9 0.5 eA All Global Equity Net Median 4.8 11.2 17.6 5.0 11.0 11.3 4.1 7.7 Jun-02

Wellington 512,166,431 2.8 4.9 13.2 20.7 6.5 12.8 12.5 5.1 7.5 May-02MSCI ACWI 4.3 11.5 18.8 4.8 10.5 10.5 3.7 6.8 May-02

Over/Under 0.6 1.7 1.9 1.7 2.3 2.0 1.4 0.7 eA All Global Equity Net Median 4.8 11.2 17.6 5.0 11.0 11.3 4.1 7.7 May-02

Mondrian 505,481,817 2.8 3.9 11.5 16.7 4.0 9.5 -- -- 9.3 Dec-11MSCI ACWI 4.3 11.5 18.8 4.8 10.5 10.5 3.7 10.4 Dec-11

Over/Under -0.4 0.0 -2.1 -0.8 -1.0 -1.1 eA All Global Equity Net Median 4.8 11.2 17.6 5.0 11.0 11.3 4.1 11.0 Dec-11

T. Rowe Price Global 540,175,230 3.0 7.9 19.1 28.6 11.4 16.6 14.5 -- 13.7 Nov-08MSCI ACWI 4.3 11.5 18.8 4.8 10.5 10.5 3.7 10.5 Nov-08

Over/Under 3.6 7.6 9.8 6.6 6.1 4.0 3.2 eA All Global Equity Net Median 4.8 11.2 17.6 5.0 11.0 11.3 4.1 11.1 Nov-08

Fixed Income 3,247,274,774 17.9 19.0 1.4 2.6 1.2 2.4 2.5 3.5 5.1 8.7 Sep-81Fixed Income Custom Benchmark 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 -- Sep-81

Over/Under 0.0 0.3 1.5 -0.1 0.3 0.3 0.6 eA All US Fixed Inc Net Median 1.4 2.5 0.9 2.5 2.8 3.7 4.5 8.8 Sep-81

TCW / Met West 542,915,968 3.0 1.5 2.4 0.7 2.6 3.3 4.5 6.2 5.8 Oct-01BBgBarc US Aggregate TR 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 4.5 Oct-01

Over/Under 0.1 0.1 1.0 0.1 1.1 1.3 1.7 1.3 eA US Core Plus Fixed Inc Net Median 1.8 3.1 2.1 2.7 3.3 4.5 5.3 5.4 Oct-01

PIMCO Total Return 391,334,048 2.2 1.2 2.5 1.0 2.3 2.6 3.6 5.9 5.6 Aug-04BBgBarc US Aggregate TR 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 4.3 Aug-04

Over/Under -0.2 0.2 1.3 -0.2 0.4 0.4 1.4 1.3 eA US Core Plus Fixed Inc Net Median 1.8 3.1 2.1 2.7 3.3 4.5 5.3 5.1 Aug-04

Pugh Capital 162,413,850 0.9 1.6 2.4 -0.2 2.5 2.4 3.5 5.0 5.0 Apr-06BBgBarc US Aggregate TR 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 4.5 Apr-06

Over/Under 0.2 0.1 0.1 0.0 0.2 0.3 0.5 0.5 eA US Core Fixed Inc Net Median 1.5 2.4 0.2 2.6 2.5 3.5 4.7 4.8 Apr-06

25

Exhibit 4

Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Smith Graham 104,648,173 0.6 1.5 2.2 -0.1 2.5 2.4 3.5 4.6 4.6 Apr-06BBgBarc US Aggregate TR 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 4.5 Apr-06

Over/Under 0.1 -0.1 0.2 0.0 0.2 0.3 0.1 0.1 eA US Core Fixed Inc Net Median 1.5 2.4 0.2 2.6 2.5 3.5 4.7 4.8 Apr-06

Garcia Hamilton 311,274,226 1.7 1.2 2.1 -0.2 3.1 3.7 4.6 -- 5.8 Mar-09BBgBarc US Aggregate TR 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 4.2 Mar-09

Over/Under -0.2 -0.2 0.1 0.6 1.5 1.4 1.6 eA US Core Fixed Inc Net Median 1.5 2.4 0.2 2.6 2.5 3.5 4.7 4.9 Mar-09

SSgA-BC Aggregate Index 609,656,226 3.4 1.4 2.3 -0.3 2.5 2.2 -- -- 2.9 Oct-10BBgBarc US Aggregate TR 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 2.9 Oct-10

Over/Under 0.0 0.0 0.0 0.0 0.0 0.0 eA US Core Fixed Inc Net Median 1.5 2.4 0.2 2.6 2.5 3.5 4.7 3.2 Oct-10

LM Capital 163,021,392 0.9 1.5 2.6 0.7 2.8 2.6 -- -- 3.7 Jan-11BBgBarc US Aggregate TR 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 3.3 Jan-11

Over/Under 0.1 0.3 1.0 0.3 0.4 0.4 eA US Core Plus Fixed Inc Net Median 1.8 3.1 2.1 2.7 3.3 4.5 5.3 4.3 Jan-11

Neuberger Berman 345,605,808 1.9 1.6 3.0 2.3 2.9 3.2 -- -- 4.1 Jan-11BBgBarc US Aggregate TR 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 3.3 Jan-11

Over/Under 0.2 0.7 2.6 0.4 1.0 0.8 eA US Core Plus Fixed Inc Net Median 1.8 3.1 2.1 2.7 3.3 4.5 5.3 4.3 Jan-11

PIMCO Unconstrained 470,510,256 2.6 1.2 3.3 7.0 2.4 -- -- -- 1.9 Jun-13BBgBarc US Aggregate TR 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 2.5 Jun-13

Over/Under -0.2 1.0 7.3 -0.1 -0.6 eA US Core Plus Fixed Inc Net Median 1.8 3.1 2.1 2.7 3.3 4.5 5.3 3.0 Jun-13

Progress Emerging Fixed Income 145,894,827 0.8 1.5 2.6 0.9 2.6 -- -- -- 2.3 Sep-12BBgBarc US Aggregate TR 1.4 2.3 -0.3 2.5 2.2 3.2 4.5 2.0 Sep-12

Over/Under 0.1 0.3 1.2 0.1 0.3 eA US Core Fixed Inc Net Median 1.5 2.4 0.2 2.6 2.5 3.5 4.7 2.2 Sep-12


June 30, 2017

26

Exhibit 4

Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Emerging Market Debt 571,648,051 3.2 3.0 2.9 8.9 7.4 -- -- -- -- 3.7 Apr-1550% JPM GBI-EM GD/25% JPM EMBI GD/25% JPM CorpBroad 2.8 7.9 6.5 1.1 2.5 4.3 5.5 5.0 Apr-15

Over/Under 0.1 1.0 0.9 -1.3 eA All Emg Mkts Fixed Inc Net Median 2.4 7.8 7.3 2.4 3.7 5.7 6.3 5.2 Apr-15

Progress Emerging EMD 77,097,173 0.4 2.2 5.9 8.4 -- -- -- -- 5.4 May-15JP Morgan Corporate EMBI Broad 1.7 4.9 7.0 4.6 5.3 6.1 6.4 5.6 May-15

Over/Under 0.5 1.0 1.4 -0.2 eA All Emg Mkts Fixed Inc Net Median 2.4 7.8 7.3 2.4 3.7 5.7 6.3 4.3 May-15

Colchester 110,703,902 0.6 3.8 11.9 8.4 -- -- -- -- 2.5 May-15JP Morgan GBI - EM Global Diversified Index 3.6 10.4 6.4 -2.8 -0.7 1.9 4.0 2.0 May-15

Over/Under 0.2 1.5 2.0 0.5 eA All Emg Mkts Fixed Inc Net Median 2.4 7.8 7.3 2.4 3.7 5.7 6.3 4.3 May-15

Prudential EMD 199,612,970 1.1 2.9 9.7 8.3 -- -- -- -- 7.7 Jul-1550% JPM EMBI Global Diversified/ 50% JPM GBI-EMGlobal Diversified 2.9 8.3 6.3 1.3 2.5 4.5 5.7 6.1 Jul-15

Over/Under 0.0 1.4 2.0 1.6 eA All Emg Mkts Fixed Inc Net Median 2.4 7.8 7.3 2.4 3.7 5.7 6.3 5.8 Jul-15

Bluebay EMD Select 184,234,005 1.0 2.7 7.5 5.5 -- -- -- -- 2.3 Apr-1550% JPM EMBI Global Diversified/ 50% JPM GBI-EMGlobal Diversified 2.9 8.3 6.3 1.3 2.5 4.5 5.7 5.1 Apr-15

Over/Under -0.2 -0.8 -0.8 -2.8 eA All Emg Mkts Fixed Inc Net Median 2.4 7.8 7.3 2.4 3.7 5.7 6.3 5.2 Apr-15

TIPS 681,899,841 3.8 4.0 -0.4 1.1 -0.1 0.4 0.3 2.9 4.8 5.8 Apr-99TIPS Custom Benchmark -0.4 0.9 -0.6 0.6 0.3 2.9 4.3 5.3 Apr-99

Over/Under 0.0 0.2 0.5 -0.2 0.0 0.0 0.5 0.5 eA TIPS / Infl Indexed Fixed Inc Net Median -0.4 0.8 -0.6 0.4 0.2 2.7 4.3 6.0 Apr-99

Rhumbline TIPS 680,136,536 3.8 -- -- -- -- -- -- -- -1.0 Jun-17BBgBarc US TIPS TR -0.4 0.9 -0.6 0.6 0.3 2.9 4.3 -0.9 Jun-17

Over/Under -0.1 eA TIPS / Infl Indexed Fixed Inc Net Median -0.4 0.8 -0.6 0.4 0.2 2.7 4.3 -0.9 Jun-17


1. TIPS Custom Benchmark is the Barclays US Tips Index.

June 30, 2017

27

Exhibit 4

Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

REITs 701,920,953 3.9 4.0 2.9 5.2 0.0 5.5 8.1 11.4 4.3 11.4 Mar-00REITs Custom Benchmark 2.7 4.8 0.2 5.6 8.0 11.4 3.7 10.7 Mar-00

Over/Under 0.2 0.4 -0.2 -0.1 0.1 0.0 0.6 0.7 eA Global REIT Net Median 3.4 5.4 1.5 4.7 8.6 11.1 3.2 10.9 Mar-00

BlackRock Global REIT 701,889,546 3.9 2.9 5.3 1.0 4.4 -- -- -- 5.8 Mar-13FTSE EPRA/NAREIT Developed 2.7 4.8 0.2 3.7 7.5 9.9 2.0 5.1 Mar-13

Over/Under 0.2 0.5 0.8 0.7 0.7 eA Global REIT Net Median 3.4 5.4 1.5 4.7 8.6 11.1 3.2 6.3 Mar-13

Real Estate 1,040,526,985 5.7 6.0 1.2 2.9 7.2 10.4 11.5 12.2 4.2 5.2 Jan-85NCREIF ODCE Net Qtr Lag 1.5 3.4 7.4 10.8 10.9 12.4 4.6 -- Jan-85

Over/Under -0.3 -0.5 -0.2 -0.4 0.6 -0.2 -0.4 Dune Fund II 22,564,796 0.1 0.2 -0.8 7.4 13.8 17.7 16.2 -- 7.9 Apr-09

NCREIF ODCE Net Qtr Lag +1.5% 1.9 4.2 9.0 12.4 12.6 14.1 6.2 7.4 Apr-09Over/Under -1.7 -5.0 -1.6 1.4 5.1 2.1 0.5

Dune Fund III 85,714,194 0.5 2.2 7.6 13.0 9.1 -- -- -- 8.6 Jul-13NCREIF ODCE Net Qtr Lag +1.5% 1.9 4.2 9.0 12.4 12.6 14.1 6.2 12.9 Jul-13

Over/Under 0.3 3.4 4.0 -3.3 -4.3 Franklin Templeton EMREFF 32,851,670 0.2 -5.0 4.4 23.1 18.3 16.5 -- -- 12.4 Sep-11

NCREIF ODCE Net Qtr Lag +1.5% 1.9 4.2 9.0 12.4 12.6 14.1 6.2 13.4 Sep-11Over/Under -6.9 0.2 14.1 5.9 3.9 -1.0

Franklin Templeton FTPREF 11,159,373 0.1 8.3 13.2 18.5 22.3 16.1 -- -- 16.1 Jul-12NCREIF ODCE Net Qtr Lag +1.5% 1.9 4.2 9.0 12.4 12.6 14.1 6.2 12.6 Jul-12

Over/Under 6.4 9.0 9.5 9.9 3.5 3.5 Mesirow MFIRE II 37,888,797 0.2 3.0 3.0 11.6 9.5 5.5 -- -- 5.3 Apr-12

NCREIF ODCE Net Qtr Lag +1.5% 1.9 4.2 9.0 12.4 12.6 14.1 6.2 12.6 Apr-12Over/Under 1.1 -1.2 2.6 -2.9 -7.1 -7.3

RREEF America III Fund 273,738 0.0 -1.0 -1.0 -13.2 1.8 8.6 15.8 -5.0 -3.5 May-06NCREIF ODCE 1.7 3.5 7.9 11.3 11.8 13.1 5.2 6.6 May-06

Over/Under -2.7 -4.5 -21.1 -9.5 -3.2 2.7 -10.2 -10.1 UBS Trumbull Property Fund 374,860,183 2.1 1.0 1.9 4.7 8.6 9.3 9.9 4.2 5.5 Jul-06

NCREIF ODCE 1 Qtr Lag 1.8 3.9 8.3 11.8 12.0 13.5 5.6 6.5 Jul-06Over/Under -0.8 -2.0 -3.6 -3.2 -2.7 -3.6 -1.4 -1.0


1. REITS Custom Benchmark is the FTSE EPRA/NAREIT Developed Index

June 30, 2017

28

Exhibit 4

Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

RREEF Funds 136,358 0.0 0.0 -2.5 -2.7 -2.4 -2.2 -2.1 -1.1 3.6 May-84NCREIF ODCE 1.7 3.5 7.9 11.3 11.8 13.1 5.2 7.5 May-84

Over/Under -1.7 -6.0 -10.6 -13.7 -14.0 -15.2 -6.3 -3.9 JP Morgan Strategic 201,752,549 1.1 1.4 3.1 7.0 10.0 -- -- -- 10.0 Jul-14

NCREIF ODCE 1 Qtr Lag 1.8 3.9 8.3 11.8 12.0 13.5 5.6 11.8 Jul-14Over/Under -0.4 -0.8 -1.3 -1.8 -1.8

Heitman Hart Fund 198,361,935 1.1 1.2 2.4 7.0 -- -- -- -- 10.6 Aug-14NCREIF ODCE 1 Qtr Lag 1.8 3.9 8.3 11.8 12.0 13.5 5.6 12.1 Aug-14

Over/Under -0.6 -1.5 -1.3 -1.5 Franklin Templeton MDP RE 2015 10,372,670 0.1 -5.9 -6.6 -10.3 -- -- -- -- -14.3 Oct-15

NCREIF ODCE Net Qtr Lag +1.5% 1.9 4.2 9.0 12.4 12.6 14.1 6.2 10.9 Oct-15Over/Under -7.8 -10.8 -19.3 -25.2

Crow Holdings Realty Partners VII 26,149,439 0.1 4.6 3.9 6.4 -- -- -- -- -0.3 Feb-16NCREIF ODCE Net Qtr Lag +1.5% 1.9 4.2 9.0 12.4 12.6 14.1 6.2 10.5 Feb-16

Over/Under 2.7 -0.3 -2.6 -10.8 Brookfield Strategy RE Partners II 20,425,142 0.1 2.0 6.9 9.6 -- -- -- -- 8.3 Mar-16

NCREIF ODCE Net Qtr Lag +1.5% 1.9 4.2 9.0 12.4 12.6 14.1 6.2 11.1 Mar-16Over/Under 0.1 2.7 0.6 -2.8

Blue Vista RE Partners IV 18,016,141 0.1 2.4 2.4 -12.8 -- -- -- -- -11.0 May-16NCREIF ODCE Net Qtr Lag +1.5% 1.9 4.2 9.0 12.4 12.6 14.1 6.2 9.7 May-16

Over/Under 0.5 -1.8 -21.8 -20.7 Private Equity 950,107,277 5.2 6.0 4.9 6.9 12.9 7.1 9.5 10.8 8.2 14.8 Jul-90

Dow Jones US Total Stock Market +3% (1 Quarter Lag) 6.6 11.8 21.6 12.9 16.5 16.3 10.8 13.1 Jul-90Over/Under -1.7 -4.9 -8.7 -5.8 -7.0 -5.5 -2.6 1.7

Opportunity Fund 104,495,448 0.6 1.0 1.0 -1.5 0.2 4.7 9.5 10.2 8.7 9.8 Apr-99Opportunity Fund Custom Benchmark 1.0 1.0 2.4 4.5 5.3 6.1 1.8 -- Apr-99

Over/Under 0.0 -2.5 -2.2 0.2 4.2 4.1 6.9 Alinda Capital Partners 32,532,913 0.2 -4.7 -8.5 -9.3 5.0 4.0 3.9 -- 6.2 Jan-10

CPI +5% (1 Quarter Lag) 2.2 3.5 7.5 6.1 6.3 6.7 6.8 6.7 Jan-10Over/Under -6.9 -12.0 -16.8 -1.1 -2.3 -2.8 -0.5

Macquarie Capital 33,223,364 0.2 3.4 -1.3 3.8 2.2 6.3 9.7 -- 9.5 May-10CPI +5% (1 Quarter Lag) 2.2 3.5 7.5 6.1 6.3 6.7 6.8 6.7 May-10

Over/Under 1.2 -4.8 -3.7 -3.9 0.0 3.0 2.8


June 30, 2017

29

Exhibit 4


June 30, 2017

Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Macquarie Inf Partners Fnd III 38,739,171 0.2 5.2 6.5 9.0 -- -- -- -- 0.0 Nov-14CPI + 5% 1 Qtr Lag (Seasonally Adjusted) 1.6 3.6 7.5 6.2 6.3 6.7 6.8 6.0 Nov-14

Over/Under 3.6 2.9 1.5 -6.0 Hedge Funds 901,075,620 5.0 5.0 1.1 3.5 6.1 -- -- -- -- 3.8 Mar-16

3 Month LIBOR + 5% 1.5 3.1 6.1 5.6 5.5 5.5 6.0 6.0 Mar-16Over/Under -0.4 0.4 0.0 -2.2

HFRI Fund of Funds Composite Index 0.7 3.1 6.4 1.5 3.9 3.0 0.9 5.8 Mar-16eV Alt Fund of Funds - Multi-Strategy Median 1.0 3.2 7.2 2.0 5.2 4.6 2.9 6.6 Mar-16

KKR Prisma Codlin Fund 449,646,488 2.5 1.1 3.0 5.4 -- -- -- -- 2.6 Mar-16HFRI Fund of Funds Composite Index 0.7 3.1 6.4 1.5 3.9 3.0 0.9 5.8 Mar-16

Over/Under 0.4 -0.1 -1.0 -3.2 eV Alt Fund of Funds - Multi-Strategy Median 1.0 3.2 7.2 2.0 5.2 4.6 2.9 6.6 Mar-16

Newport Monarch 451,429,132 2.5 1.0 4.0 7.1 -- -- -- -- 6.1 Apr-16HFRI Fund of Funds Composite Index 0.7 3.1 6.4 1.5 3.9 3.0 0.9 5.6 Apr-16

Over/Under 0.3 0.9 0.7 0.5 eV Alt Fund of Funds - Multi-Strategy Median 1.0 3.2 7.2 2.0 5.2 4.6 2.9 6.5 Apr-16

Commodities 329,837,403 1.8 2.0 -3.9 -3.4 -2.7 -- -- -- -- -0.4 Jun-16Bloomberg Commodity Index -3.0 -5.3 -6.5 -14.8 -9.2 -5.7 -6.5 -2.4 Jun-16

Over/Under -0.9 1.9 3.8 2.0 Invesco Balanced Risk 232,526,737 1.3 -6.2 -6.6 -9.1 -- -- -- -- -9.1 Jul-16

Bloomberg Commodity Index -3.0 -5.3 -6.5 -14.8 -9.2 -5.7 -6.5 -6.5 Jul-16Over/Under -3.2 -1.3 -2.6 -2.6

Pimco Commodity Alpha Fund 97,310,666 0.5 2.2 5.1 16.9 -- -- -- -- 16.5 Jun-16Bloomberg Commodity Index -3.0 -5.3 -6.5 -14.8 -9.2 -5.7 -6.5 -2.4 Jun-16

Over/Under 5.2 10.4 23.4 18.9

30

Exhibit 4

Market Value($)


(%)YTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

7 Yrs(%)

10 Yrs(%)

Return(%) Since

_

Cash 120,493,819 0.7 -- 0.1 0.3 0.6 0.4 0.3 0.2 0.8 5.1 Sep-8191 Day T-Bills 0.2 0.4 0.5 0.2 0.2 0.1 0.4 4.1 Sep-81

Over/Under -0.1 -0.1 0.1 0.2 0.1 0.1 0.3 1.0Cash 120,493,819 0.7 0.1 0.3 0.6 0.4 0.3 0.2 0.7 5.1 Sep-81

91 Day T-Bills 0.2 0.4 0.5 0.2 0.2 0.1 0.4 4.1 Sep-81Over/Under -0.1 -0.1 0.1 0.2 0.1 0.1 0.3 1.0

Dow Jones US Total Stock Market +3% (1 Quarter Lag) 6.6 11.8 21.6 12.9 16.5 16.3 10.8 -- Sep-81eA US Cash Management Net Median 0.3 0.5 0.8 0.4 0.3 0.3 0.8 -- Sep-81

Total Overlay 73,488,910 0.4 -- 10.3 27.9 57.2 -- -- -- -- --Clifton Overlay 73,488,910 0.4 10.3 27.9 57.2 -- -- -- -- -0.4 Oct-14

91 Day T-Bills 0.2 0.4 0.5 0.2 0.2 0.1 0.4 0.3 Oct-14Over/Under 10.1 27.5 56.7 -0.7

XXXXX


June 30, 2017

31

Exhibit 4

State Universities Retirement System of Illinois DB PlanTotal Fund Return Summary

June 30, 2017

32

Exhibit 4

State Universities Retirement System of Illinois DB PlanTotal Fund w/Overlay Return Summary vs. Peer Universe

June 30, 2017

33

Exhibit 4

State Universities Retirement System of Illinois DB PlanTotal Fund w/Overlay Return Summary vs. Peer Universe

June 30, 2017

34

Exhibit 4

Total Fund w/Overlay vs. InvestorForce Public DB > $1B Net3 Years

State Universities Retirement System of Illinois DB PlanTotal Fund w/Overlay Risk Statistics vs. Peer Universe

June 30, 2017

35

Exhibit 4

June 30, 2017


Total Fund w/Overlay vs. InvestorForce Public DB > $1B Gross5 Years

36

Exhibit 4



June 30, 2017

37

Exhibit 4



June 30, 2017

38

Exhibit 4

State Universities Retirement System of Illinois DB PlanTotal Fund Allocations vs. Peer Universe

June 30, 2017

39

Exhibit 4

State Universities Retirement System of Illinois DB PlanTotal Fund Allocations vs. Peer Universe

June 30, 2017

40

Exhibit 4

June 30, 2017

State Universities Retirement System of Illinois DB PlanTotal Fund Attribution Analysis

Attribution Summary3 Months Ending June 30, 2017

Wtd.ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Domestic Equity 3.14% 3.01% 0.13% 0.03% -0.01% 0.00% 0.02%Total Non US Equity 6.60% 5.78% 0.82% 0.15% 0.02% 0.01% 0.18%Global Equity 5.58% 4.27% 1.31% 0.10% 0.01% 0.01% 0.11%Fixed Income 1.40% 1.45% -0.04% -0.01% 0.02% 0.00% 0.01%Emerging Market Debt 2.92% 2.78% 0.13% 0.00% 0.00% 0.00% 0.00%TIPS -0.41% -0.40% 0.00% 0.00% 0.01% 0.00% 0.01%REITs 2.93% 2.71% 0.22% 0.01% 0.00% 0.00% 0.01%Real Estate 1.17% 1.54% -0.37% -0.02% 0.00% 0.00% -0.02%Private Equity 4.93% 6.56% -1.63% -0.10% -0.03% 0.01% -0.11%Opportunity Fund 0.97% 0.98% -0.01% 0.00% 0.01% 0.00% 0.01%Hedge Funds 1.09% 1.54% -0.45% -0.01% 0.01% 0.00% -0.01%Commodities -3.89% -3.00% -0.89% -0.02% 0.00% 0.00% -0.01%Cash 0.11% 0.22% -0.11% -- -- -- --Total 3.30% 3.11% 0.15% 0.14% 0.02% 0.02% 0.18%

41

Exhibit 4


June 30, 2017

Attribution Summary1 Year Ending June 30, 2017

Wtd.ActualReturn

Wtd. IndexReturn

ExcessReturn

SelectionEffect

AllocationEffect

InteractionEffects

TotalEffects

Domestic Equity 19.05% 18.52% 0.54% 0.13% 0.01% 0.00% 0.14%Total Non US Equity 20.90% 20.45% 0.45% 0.08% 0.00% 0.01% 0.09%Global Equity 21.66% 18.78% 2.88% 0.22% -0.01% 0.01% 0.22%Fixed Income 1.25% -0.31% 1.56% 0.33% 0.04% 0.00% 0.36%Emerging Market Debt 7.40% 6.50% 0.90% 0.03% -0.01% 0.00% 0.02%TIPS -0.13% -0.63% 0.50% 0.02% 0.01% 0.00% 0.03%REITs 0.02% 0.21% -0.19% -0.01% -0.01% 0.00% -0.02%Real Estate 7.19% 7.35% -0.16% -0.01% 0.00% 0.00% -0.01%Private Equity 12.86% 21.56% -8.70% -0.51% -0.08% 0.06% -0.53%Opportunity Fund 0.21% 2.38% -2.17% -0.02% 0.04% 0.01% 0.02%Hedge Funds 6.13% 6.08% 0.05% 0.00% 0.01% -0.01% 0.01%Commodities -2.67% -6.50% 3.83% 0.09% 0.00% 0.00% 0.09%Cash 0.61% 0.54% 0.08% -- -- -- --Total 12.18% 11.73% 0.26% 0.35% -0.01% 0.07% 0.41%

42

Exhibit 4

June 30, 2017


Performance AttributionLast 3 Mo. 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs

Wtd. Actual Return 3.3% 12.0% 5.9% 5.0% 8.1% 8.9%Wtd. Index Return * 3.1% 11.7% 6.5% 5.4% 8.4% 9.2%Excess Return 0.1% 0.3% -0.5% -0.4% -0.3% -0.3%Selection Effect 0.1% 0.3% -0.2% -0.1% -0.1% 0.0%Allocation Effect 0.0% 0.0% -0.2% -0.2% 0.0% 0.0%Interaction Effect 0.0% 0.1% 0.1% 0.0% 0.0% 0.0%

Asset Class ReturnsTotal Fund w/ Overlay 3.3% 12.2% 6.0% 5.0% 8.1% 9.0%Total Fund 3.3% 12.0% 5.9% 5.0% 8.1% 9.0%Total Public Equity 4.8% 20.2% 7.7% 6.1% 10.3% 11.9%Domestic Equity 3.1% 19.1% 9.5% 8.9% 12.7% 14.5%Large Active 3.8% 19.4% 10.1% 9.1% 12.8% 14.6%Progress Emerging: US Equity 5.1% -8.7% -1.5% 0.6% 5.8% 8.8%Large Structured Active 11,846.4% 318,520.7% 4,707.0% 1,261.9% 651.1% 422.1%Passive US Equity 2.9% 18.6% 10.2% 9.2% 12.9% 14.6%Mid Cap 2.3% 17.6% 7.3% 7.5% 11.9% 14.3%Small Cap 3.9% 21.3% 4.3% 5.0% 9.5% 12.5%Domestic Equity ex-Progress managers Gladius Composite 2.9% Total Non US Equity 6.6% 20.9% 4.5% 1.7% 6.5% 8.2%Passive Non-US Equity 6.0% 21.3% 4.5% 1.3% 6.0% 7.3%Progress Emerging Non-US Equity 6.7% 21.8% 4.4% 1.6% 7.0% 8.9%Global Equity 5.6% 21.7% 8.9% 6.8% 10.9% 11.8%Fixed Income 1.4% 1.2% 2.8% 2.4% 3.0% 2.5%Progress Emerging Fixed Income 1.5% 0.9% 3.2% 2.6% 3.2% 2.6%Emerging Market Debt 2.9% 7.4% 5.7% Progress Emerging EMD 2.2% 8.4% 6.2% TIPS -0.4% -0.1% 1.8% 0.4% 1.5% 0.3%REITs 2.9% 0.0% 7.4% 5.5% 7.6% 8.1%Real Estate 1.2% 7.2% 9.0% 10.4% 11.1% 11.5%Private Equity 4.9% 12.9% 7.8% 7.1% 10.1% 9.5%Opportunity Fund 1.0% 0.2% 4.4% 4.7% 5.5% 9.5%Hedge Funds 1.1% 6.1% Commodities -3.9% -2.7% Transition 161.3% Cash 0.1% 0.6% 0.5% 0.4% 0.3% 0.3%Terminated Managers Total Overlay 10.3% 57.2% 17.4%

*Calculated from benchmark returns and weightings of each component.

43

Exhibit 4


% of Tot Anlzd Ret Anlzd RetRk

Anlzd StdDev

Anlzd StdDev Rk Anlzd AJ Anlzd AJ

RKSharpeRatio Sharpe Rk Sortino

Ratio RFSortino RF

RkTracking

ErrorTracking

Error Rank_

Total Fund 99.6% 5.0% 48 6.7% 78 -0.2% 56 0.7 66 1.1 62 1.0% 32 Policy Index -- 5.1% 47 6.5% 74 0.0% 37 0.7 52 1.2 39 0.0% 1Total Public Equity 51.9% 6.1% 35 10.7% 37 1.4% 38 0.5 34 0.9 34 1.2% 1 MSCI ACWI -- 4.8% 55 10.8% 39 0.0% 61 0.4 55 0.7 53 0.0% 1Domestic Equity 23.1% 8.9% 30 10.8% 28 -0.3% 34 0.8 23 1.3 31 0.7% 1 Dow Jones U.S. Total StockMarket -- 9.0% 28 10.6% 25 0.0% 30 0.8 20 1.4 24 0.0% 1

Large Active 5.3% 9.1% 31 10.6% 44 -0.6% 36 0.8 29 1.3 35 1.3% 1 S&P 500 -- 9.6% 22 10.4% 34 0.0% 24 0.9 18 1.5 21 0.0% 1Progress Emerging: US Equity 0.0% 0.6% 98 15.8% 93 -8.2% 97 0.0 98 0.0 98 12.1% 96 Russell 3000 -- 9.1% 38 10.6% 27 0.0% 40 0.8 30 1.4 35 0.0% 1Gladius Composite 2.1% -- -- -- -- -- -- -- -- -- -- -- -- Russell 3000 -- 9.1% -- 10.6% -- 0.0% -- 0.8 -- 1.4 -- 0.0% --Passive US Equity 12.1% 9.2% -- 10.6% -- -0.5% -- 0.9 -- 1.4 -- 1.2% -- S&P 500 -- 9.6% -- 10.4% -- 0.0% -- 0.9 -- 1.5 -- 0.0% --Mid Cap 1.8% 7.5% 44 11.6% 49 -0.3% 45 0.6 41 1.0 54 2.7% 3 Russell MidCap -- 7.7% 40 11.2% 32 0.0% 42 0.7 37 1.1 36 0.0% 1Small Cap 1.9% 5.0% 79 14.2% 42 -1.7% 80 0.3 77 0.5 80 2.8% 1 Russell 2000 -- 7.4% 49 15.4% 72 0.0% 60 0.5 56 0.8 61 0.0% 1Total Non US Equity 20.2% 1.7% 64 12.1% 53 0.9% 64 0.1 64 0.2 62 1.1% 1 International Equity CustomBenchmark -- 0.8% 76 12.4% 66 0.0% 77 0.0 76 0.1 76 0.0% 1

Progress Emerging Non-US Equity 1.1% 1.6% 66 12.5% 67 0.4% 66 0.1 66 0.2 67 2.1% 1 MSCI EAFE -- 1.1% 71 12.4% 66 0.0% 71 0.1 71 0.1 71 0.0% 1Global Equity 8.6% 6.8% 25 11.0% 45 2.0% 32 0.6 29 1.0 28 1.6% 1 Global Equity CustomBenchmark -- 4.8% 55 10.8% 39 0.0% 61 0.4 55 0.7 53 0.0% 1

Fixed Income 17.9% 2.4% 54 2.5% 43 0.4% 56 0.9 44 1.2 54 0.8% 12 Fixed Income CustomBenchmark -- 2.5% 52 2.9% 59 0.0% 76 0.8 61 1.1 66 0.0% 1

Progress Emerging Fixed Income 0.8% 2.6% 53 2.8% 51 0.2% 47 0.8 52 1.2 48 0.6% 47 BBgBarc US Aggregate TR -- 2.5% 59 2.9% 70 0.0% 69 0.8 70 1.1 73 0.0% 1Emerging Market Debt 3.2% -- -- -- -- -- -- -- -- -- -- -- --

State Universities Retirement System of Illinois DB PlanTotal Fund Risk Statistics

June 30, 2017

44

Exhibit 4

June 30, 2017

State Universities Retirement System of Illinois DB PlanTotal Fund Risk Statistics

% of Tot Anlzd Ret Anlzd RetRk

Anlzd StdDev

Anlzd StdDev Rk Anlzd AJ Anlzd AJ

RKSharpeRatio Sharpe Rk Sortino

Ratio RFSortino RF

RkTracking

ErrorTracking

Error Rank_

50% JPM GBI-EM GD/25%JPM EMBI GD/25% JPM CorpBroad

-- 1.1% 58 8.1% 59 0.0% 58 0.1 58 0.2 57 0.0% 1

TIPS 3.8% 0.4% 49 3.9% 70 -0.3% 50 0.0 50 0.1 49 0.5% 38 TIPS Custom Benchmark -- 0.6% 23 3.8% 59 0.0% 18 0.1 18 0.2 18 0.0% 1REITs 3.9% 5.5% 21 12.9% 99 -0.2% 33 0.4 29 0.7 23 0.5% 1 REITs Custom Benchmark -- 5.6% 20 12.8% 99 0.0% 31 0.4 27 0.8 22 0.0% 1Real Estate 5.7% 10.4% -- 2.3% -- 8.2% -- 4.4 -- 965.2 -- 4.2% -- NCREIF ODCE Net Qtr Lag -- 10.8% -- 4.5% -- 0.0% -- 2.3 -- 145.2 -- 0.0% --Private Equity 5.2% 7.1% -- 4.0% -- 7.5% -- 1.7 -- 9.3 -- 12.0% -- Dow Jones US Total StockMarket +3% (1 Quarter Lag) -- 12.9% -- 10.7% -- 0.0% -- 1.2 -- 2.2 -- 0.0% --

Opportunity Fund 0.6% 4.7% -- 5.1% -- 1.9% -- 0.9 -- 1.7 -- 5.0% -- Opportunity Fund CustomBenchmark -- 4.5% -- 1.1% -- 0.0% -- 3.8 -- 17.5 -- 0.0% --

Hedge Funds 5.0% -- -- -- -- -- -- -- -- -- -- -- -- 3 Month LIBOR + 5% -- 5.6% 13 0.1% 1 0.0% 22 52.3 1 -- -- 0.0% 1Commodities 1.8% -- -- -- -- -- -- -- -- -- -- -- -- Bloomberg Commodity Index -- -14.8% -- 13.4% -- 0.0% -- -1.1 -- -1.6 -- 0.0% --Cash 0.7% 0.4% -- 0.1% -- 0.1% -- 1.2 -- 0.4 -- 0.1% -- 91 Day T-Bills -- 0.2% -- 0.1% -- 0.0% -- 0.0 -- -- -- 0.0% --

XXXXX

45

Exhibit 4

Overlay Performance DetailState Universities Retirement System of Illinois DB Plan

*The inception date of the overlay program is October 2014**The above market values are all sourced from analysis provided by the Clifton Group

June 30, 2017

Index QTD YTD 1 Year

S&P 500 3.1% 9.3% 17.9%

MSCI EAFE 6.1% 13.8% 20.3%

BC Agg. 1.4% 2.3% 0.3%

Bloomberg Commodity Index -3.0% -5.3% -6.5%

Overlay Notional Exposure

Quarter Gain/Loss YTD Gain/Loss Since Inception

Gain/LossDomestic Equity Futures 158,881,020 5,983,509 14,898,108 66,362,543

Non U.S. Equity Index Futures (43,004,729) (742,252) (1,034,378) 14,658,849

Fixed Income Futures 103,851,581 1,429,365 3,572,599 10,359,291

Commodity Futures (5,489,950) 111,931 287,120 (82,399,783)

Currency & Currency Futures NA (60,950) (53,039) (266,332)

Cash & Cash Equivalent NA 44,113 255,073 838,406

Total 214,237,922 6,765,716 $17,925,483 $9,552,974

46

Exhibit 4

State Universities Retirement System of Illinois DB PlanTotal Public Equity

Regional AllocationTotal Public Equity MSCI ACWI

Region WeightingNorth America ex U.S. 2.1 3.2United States 51.1 52.6Europe Ex U.K. 15.3 15.5United Kingdom 5.5 5.6Pacific Basin Ex Japan 4.7 5.3Japan 7.6 7.8Emerging Markets 13.5 9.8Other 0.2 0.3

June 30, 2017

CharacteristicsPortfolio MSCI ACWI

Number of Holdings 5,394 2,501Weighted Avg. Market Cap. ($B) 92.1 104.7Median Market Cap. ($B) 4.7 9.4Price To Earnings 22.9 23.0Price To Book 4.1 3.5Price To Sales 3.0 2.9Return on Equity (%) 17.9 16.0Yield (%) 2.2 2.4Beta 1.0 1.0R-Squared 1.0 1.0

47

Exhibit 4

Regional Allocation

Domestic Equity Dow Jones U.S. Total StockMarket


Characteristics

PortfolioDow Jones U.S.

Total StockMarket

Number of Holdings 3,158 3,800Weighted Avg. Market Cap. ($B) 114.0 128.3Median Market Cap. ($B) 2.3 0.9Price To Earnings 25.1 25.3Price To Book 4.8 4.1Price To Sales 3.4 3.5Return on Equity (%) 19.1 16.8Yield (%) 1.8 1.9Beta 1.0 1.0

State Universities Retirement System of Illinois DB PlanDomestic Equity

June 30, 2017

48

Exhibit 4

Regional AllocationTotal Non US Equity MSCI ACWI ex USA


Characteristics

Portfolio MSCI ACWI exUSA

Number of Holdings 2,158 1,866Weighted Avg. Market Cap. ($B) 49.5 57.8Median Market Cap. ($B) 8.4 7.6Price To Earnings 21.1 21.0Price To Book 3.2 2.6Price To Sales 2.5 2.2Return on Equity (%) 17.4 14.0Yield (%) 2.8 2.9Beta 1.0 1.0

State Universities Retirement System of Illinois DB PlanInternational Equity

June 30, 2017

49

Exhibit 4

June 30, 2017

State Universities Retirement System of Illinois DB PlanGlobal Equity

Regional AllocationGlobal Equity MSCI ACWI


CharacteristicsPortfolio MSCI ACWI

Number of Holdings 451 2,501Weighted Avg. Market Cap. ($B) 134.1 104.7Median Market Cap. ($B) 19.3 9.4Price To Earnings 21.8 23.0Price To Book 4.2 3.5Price To Sales 3.1 2.9Return on Equity (%) 16.5 16.0Yield (%) 1.7 2.4Beta 1.0 1.0R-Squared 1.0 1.0

50

Exhibit 4

State Universities Retirement System of Illinois DB PlanFixed Income Composite

June 30, 2017

Other denotes derivatives contracts.

51

Exhibit 4

Private Equity Summary – Q1 2017

June 30, 2017

State Universities Retirement System of Illinois DB Plan

52

Exhibit 4

Private Equity Summary – Q1 2017

June 30, 2017


53

Exhibit 4

Real Estate Summary – Q1 2017

June 30, 2017


54

Exhibit 4

Infrastructure Summary –Q1 2017

June 30, 2017


55

Exhibit 4

Manager Updates

56

Exhibit 4

The items below summarize any changes or announcements from your Plan managers/funds. A “Yes” indicates there was an announcement and a summary is provided separately. NEPC’s Due Diligence Committee meets every two weeks to review events as they relate to investment managers and determines if any action should be taken by NEPC and/or by our clients. They rate events: No Action, Watch, Hold, Client Review or Terminate. NEPC considers ourselves to be a fiduciary, as ERISA defines the term in Section 3(21).

NEPC Due Diligence Committee Recommendation Key

No Action Informational items have surfaced; no action is recommended.

Watch Issues have surfaced to be concerned over; manager can participate in future searches, but current and prospectiveclients must be made aware of the issues.

Hold Serious issues have surfaced to be concerned over; manager cannot be in future searches unless a clientspecifically requests, but current and prospective clients must be made aware of the issues.

Client Review Very serious issues have surfaced with a manager; manager cannot be in future searches unless a client specificallyrequests. Current clients must be advised to review the manager.

Terminate We have lost all confidence in the product; manager would not be recommended for searches and clients would bediscouraged from using. The manager cannot be in future searches unless a client specifically requests. Currentclients must be advised to replace the manager.

A legend key to our recommendations is provided below.

Due Diligence Monitor

Manager/Fund Strategy

Manager Changes/Announcements (Recent Quarter)

NEPC Due Diligence Committee

Recommendations

Rhumbline AdvisorsWhilshire 5000 Index

RhumbLine has appointed Alex Ryer as co-CIO with Norman Meltz, effective April 3rd. This was part of the succession plan for Mr. Meltz’s retirement when Mr. Ryer was rehired by RhumbLine as Director of Investments. Mr. Meltz will be retiring at the end of 2017, after 12 years with the firm.

No Action

BlackRock International IndexEME Index

Amy Schioldager, Global Head of Beta Strategies at BlackRock, will be retiring at the end of the first quarter in 2017. She will remain a senior advisor at the firm. BlackRock is working on a succession plan for Ms. Schioldager.

No Action

PIMCO Commodity Alpha Fund

Gillian Rutherford, senior vice president and agriculture commodities portfolio manager has decided to leave the firm at the end of July. While PIMCO searches for a replacement, Andrew DeWitt, who has been a resource for the team since 2013 will be assuming some of Ms. Rutherfords coverage.

Watch

57

Exhibit 4

Information Disclaimer

• Past performance is no guarantee of future results.

• All investments carry some level of risk. Diversification and other asset allocation techniques are not guaranteed toensure profit or protect against losses.

• NEPC’s source for portfolio pricing, calculation of accruals, and transaction information is the plan’s custodian bank.Information on market indices and security characteristics is received from other sources external to NEPC. While NEPChas exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all sourceinformation contained within.

• Some index returns displayed in this report or used in calculation of a policy, allocation or custom benchmark may bepreliminary and subject to change.

• This report is provided as a management aid for the client’s internal use only. Information contained in this report doesnot constitute a recommendation by NEPC.

• This report may contain confidential or proprietary information and may not be copied or redistributed to any party notlegally entitled to receive it.

Reporting Methodology

• The client’s custodian bank is NEPC’s preferred data source unless otherwise directed. NEPC generally reconcilescustodian data to manager data. If the custodian cannot provide accurate data, manager data may be used.

• Trailing time period returns are determined by geometrically linking the holding period returns, from the first full monthafter inception to the report date. Rates of return are annualized when the time period is longer than a year. Performanceis presented gross and/or net of manager fees as indicated on each page.

• For managers funded in the middle of a month, the “since inception” return will start with the first full month, althoughactual inception dates and cash flows are taken into account in all Composite calculations.

• This report may contain forward-looking statements that are based on NEPC’s estimates, opinions and beliefs, but NEPCcannot guarantee that any plan will achieve its targeted return or meet other goals.

Information Disclaimer and Reporting Methodology

58

Exhibit 4

To: Investment Committee From: SURS Staff Date: August 31, 2017 Subject: Non-Core Private Real Estate Debt Search Update Background At the April 2017 Investment Committee meeting SURS Staff and NEPC recommended, and the Board approved, that a search be conducted to identify potential non-core private real estate debt managers for SURS. A total of $80 million over the upcoming three years was recommended, per the most recent real estate pacing plan. As a result, private debt would equate to 6% of the total private real estate portfolio.

Structure/Recommendation As previously stated, total commitments of $80 million to private debt funds over the upcoming three years are recommended, as contemplated in the most recent real estate pacing plan. The search is expected to be completed in two phases. The first phase is expected to begin now with the recommendation to hire two firms for a total of $60 million in commitments. In an attempt to diversify the portfolio by vintage year exposure, the remaining $20 million is expected to be committed in a second phase later over the next three years.

Staff and NEPC recommend commitments be made to two of the three finalists presenting at the September Investment Committee meeting, with $30 million recommended to each fund. Specifically, those two firms are:

Basis Investment Group Oaktree Capital Management

Both Basis and Oaktree will look to create diversified portfolios across the entire capital stack to optimize risk-adjusted returns while applying modest amounts of leverage. These investments will be made to generate high current income and real estate equity-like returns with debt protections. Oaktree is global in its pursuit of opportunities (up to 40% non-U.S., primarily in the U.K., Germany, South Korea, and Japan), whereas Basis is focused on the U.S.

Staff and NEPC prefer committing to diversified debt funds, which are expected to provide greater flexibility and opportunity to create a portfolio with favorable risk/return profiles over various points in the cycle. This flexibility in approach would lend itself more to strategic allocations to private debt investments over the longer-term.

While Axonic Capital, the third finalist, offers a strong strategy of investing in mezzanine loans and subordinate debt backed by stabilized, cash-flowing assets, staff and NEPC feel that the diversification of Basis and Oaktree are more compelling to SURS’ program desires.

Exhibit 5

Basis is an African American- and female-owned firm and Axonic is nationally certified as a Service Disabled Veteran Owned Business. Legal documents will be negotiated with the two funds upon their successful selection by the Board. Funding Source Similar to other private markets investments, capital will be drawn down periodically by the fund managers when an investment is identified, in the form of a capital call. Such funding will come from the SURS cash account at Northern Trust. Manager Profiles Profiles of the presenting firms are included in the materials provided, including advantages and concerns for each. We look forward to concluding this portion of the non-core private real estate debt search with manager presentations to the Investment Committee on September 14, 2017.

Exhibit 5

Appendix

Search Process Fund commitments are recommended to commingled real estate funds targeting diversified non-core private commercial debt investment opportunities. The search process was conducted consistent with legislative requirements and SURS’ normal practice as defined in the Investment Policy: Staff, with input from NEPC, developed a Request for Proposal (RFP) for the search process.

The minimum qualifications required to respond to the RFP included:

The responder’s key professionals and/or organization must not have material conflicts of interest with the SURS Board, its custodian, or its investment managers.

The responder must be willing to enter into a most favored nation clause certifying that the fees, costs, or pricing charged to SURS do not exceed the fees, costs, or pricing charged by the responder to any of its clients for the same or similar level of services.

Proposing firm must be SEC-registered or exempt from registration with the nature of the exemption provided. The firm must submit its full Form ADV (Parts I and II).

Proposing firm must agree to serve as a “fiduciary” to the Fund within the meaning of Illinois legislation and to act in accordance with all requirements and standards of conduct applicable to fiduciaries.

Responder and its proposed team have all authorizations, permits, licenses and certifications required by federal and state laws and regulations to perform the services specified in this RFP at the time responder submits a response to the RFP. Responder’s audited financial statements must be made available for review.

Responder will comply with all legislation regarding investment restrictions, applicable State fiduciary, ethics, and diversity laws, including any additional disclosure requirements as outlined above.

Responder’s fund must be open for commitment into 4Q2017. Responder must be able to demonstrate success in managing a similar

mandate. Responder or one or more principals of the firm must have five years or more experience managing private commercial real estate debt portfolios. Qualified Women, Minority, or Disabled Owned Businesses are exempt and will be evaluated for further consideration at SURS’ discretion.

Firm-level private commercial real estate debt investment AUM must be at least $1 billion as of December 31, 2016. Qualified Women, Minority, or Disabled Owned Businesses are exempt and will be evaluated for further consideration at SURS’ discretion.

Exhibit 5

Responding firms must have been in operation as an investment management organization for at least five years, as of December 31, 2016. Qualified Women, Minority, or Disabled Owned Businesses are exempt and will be evaluated for further consideration at SURS’ discretion.

SURS posted the RFP on its website and the state newspaper, as well as advertised

nationally, including the May 1, 2017 edition, and on the website, of Pensions & Investments RFP responses were due no later than May 19, 2017. Staff and NEPC received 21 total RFP responses by the deadline, each from a direct fund manager (i.e., no fund-of-funds). The initial list of respondents was narrowed to six firms using the following criteria:

Investment process/strategy Organizational strength and stability of firm Qualifications and stability of investment professionals Performance track record

SURS and NEPC conducted meetings with key personnel from the six semi-finalists July 10-11, 2017 in SURS’ Champaign offices. Matt Ritter and Kristin Finney-Cooke of NEPC, and Doug Wesley, Shane Willoughby, Kelly Valle, and Jamari Omene-Smith (SURS summer intern) of SURS staff attended the interviews.

Upon reflection after the conclusion of the semi-finalists interviews, staff and NEPC further narrowed the list of semi-finalists to the following three finalist firms, which have been invited to present to the Board at the September 14, 2017, Investment Committee meeting:

Axonic Capital Basis Investment Group Oaktree Capital Management

The following three firms were eliminated from further consideration:

DRC Capital PCCP Torchlight

Reasons for elimination included strategy fit in current market environment and primary market focus. NEPC has provided the Board of Trustees with additional information evaluating each

finalist candidate.

Exhibit 5

Axonic Income Debt Fund BIG Real Estate Fund I Oaktree Real Estate Debt Fund II

Location - Headquarters / Other Offices

New York /Fayetteville, AR New York Los Angeles / 20 other offices globally

Year Founded 2010 2009 1995

Ownership Structure Clayton DeGiacinto and his interests own 100% of the firm

Owned 51% by Tammy Jones and 49% by JEMB Realty Corporation

Indirectly controlled by Oaktree Capital Group, a publicly-traded company listed on the NYSE

MFDB (Yes/No) Yes Yes No

Recent / Pending Litigation None NoneAs a leading global investment manager, routinely involved in litigation in ordinary course of business

and investing activities

Firm and Fund Employee Breakdown

37 total firm employees6 dedicated fund employees



Average Fund Professional Experience 10 years 12 years 15 years

Firmwide AUM $2.3B $1.4B $100.3B

Total Real Estate AUM $955M $1.4B $8.8B

Total Real Estate Debt AUM $955M $1.4B $1.7B

Number of Existing Real Estate Funds 4 funds 6 Basis-sponsored strategic JVs that are focused on

strategies similar to Fund I 13 funds

Fund Target / Closed To Date

$350M / $40M $400M / $55M with additional $75 anticipated in subsequent close $1.75B / $765M in two closes to date

Expected Final Close May 2018 July 2018 4Q17

Phase Focus Stabilized, cash-flowing assets >50% transitional, >30% stabilized, <10% development (primarily multifamily)

Performing debt, but mix of transitional and stabilized assets; perhaps senior construction lending

Capital Stack Focus Shorter-duration, floating rate mezzanine loans and subordinate debt ~50% Mezz/Pref; ~33% senior bridge; ~15% B-piece

Mezz (30-40%), CMBS (30-40%), first mort. (10-20%), RE corp. debt securities (10-20%), residential

first mort. (0-5%), B-pieces (0-5%)

Capital Position 50-75% LTVStabilized mezz, pref eq., B-notes: 65%-85% LTV

Transitional bridge loans: up to 85% LTVDevelopment mezz and pref eq.: 65%-85% LTV

Average LTV for private loans: 72%Average LTV for debt securities: 56%

Underlying Collateral Geographic Focus Diversified U.S. (no non-U.S.) Diversified U.S. (potentially Puerto Rico)

Diversified U.S. and can be up to 40% non-U.S. (~15% anticipated)

Non-U.S.: UK, Germany, South Korea, Japan

SURS Non-Core Private Real Estate Debt SearchSummary of Direct Fund Finalist Candidates

September 2017

Org

aniz

atio

n / T

eam

Ass

ets

Stra

tegy

/ Pr

oces

s

Exhibit 6

Axonic Income Debt Fund BIG Real Estate Fund I Oaktree Real Estate Debt Fund II

SURS Non-Core Private Real Estate Debt SearchSummary of Direct Fund Finalist Candidates

September 2017

Underlying Collateral Property Type Focus Diversified (no land or construction loans)

Diversified (<5% to healthcare, senior housing, student housing, self storage, for-sale

residential/condos

No property type focus; for reference, Fund I was more concentrated in mixed-use, hotel, and for-sale

residential/condos

Target Deal Size $15-$30M $5-50M $20-75M

Return Target (Net) / Equity Multiple 10% / 1.3-1.4x 10-11% / 1.4-1.5x 10% / 1.2x

Primary Sources of Deal Flow Primarily banks, but also brokers and direct sources

Relationships with national and regional loan brokers, direct borrower relationships, loan and special

servicers, banks, insurance companies

Global network of trading partners, banks, brokers, lenders/special servicers, borrowers, consultants,

lawyers, operating partners, etc.

Value Creation Process

Established market presence ("first call" relationships); sourcing ability and structuring

expertise; real estate knowledge from broader firm's investments across structured credit markets

Pick optimal positions in capital stack; finance sponsors that create value through repositioning, capital improvements, etc.; structure investments

with a margin of safety

Structural protections and meaningful margin of safety based on conservative valuation

assessments; integration/collaboration across firm's credit platform

Expected Leverage None at investment levelSubscription facility at fund level (cash mgmt)

Only investment-level on bridge lending strategy (will not exceed 50% of aggregate cost

Subscription facility at fund level (cash mgmt)

None at investment levelSubscription facility at fund level

Sponsor Commitment (%) / ($) 3% of target fund size / $10.5M 0.63% of target fund size / $2.5M 2.5% of total commitments / at least $20M

Management Fee % 1.5% on committed capital during investment period, thereafter, 1.5% on invested capital

1.5% on committed capital during investment period, thereafter, 1.5% on invested capital 1% on invested capital

Carried Interest 20% of profits after 7% preferred return; 50/50 catch-up

20% of profits after 8% preferred return; 50/50 catch-up

15% of profits after 6% preferred return; 50/50 catch-up

Advantages

Pure-play, defensive alternative (no land / construction lending) Lender to leading owners/operators like Blackstone, Starwood, and Lone Star No investment-level leverage used

Optimize returns by investing up and down capital stack Senior team has invested together for 16 years Quality roster of existing JV partners/Fund I investors

Categories of investment focus allow maximum flexibility Synergies from broader Oaktree credit platform More LP-friendly fee terms (no fee on committed capital, lower carry level)

Concerns

First real estate-only fund Limited fundraising traction to date Singular strategy may make it difficult to form strategic relationship Amount of team resources should a workout(s) become necessary

First commingled fund Amount of team resources should a workout(s) become necessary Can take on modest property-level leverage

Lack of formal Investment Committee process Potential for headline risk as publicly-traded, large private markets firm Ability to lever assets through fund-level leverage

* Terms and fees are based on a $30 million commitment

Oth

erTe

rms

/ Fee

s *

Stra

tegy

/ Pr

oces

s, C

ont.

Exhibit 6

Real Estate Debt Search Strategy Overview & Finalist Summary

September 2017

Kevin Leonard, PartnerKristin Finney-Cooke, CAIA, Sr. ConsultantDeAnna I. Jones, Senior AnalystMatt Ritter, Research Consultant, Real Assets

Exhibit 7

• NEPC and IL SURS Staff presented a real estate pacing plan to the Board in December 2016

• Currently, the Fund has a target allocation of 6% to private real estate and 4% to REITs

• In order to achieve this 6% target, NEPC recommended the following private real estate allocations:

– ~60% private core real estate (current exposure 75%) – ~17% private value-add real estate (current exposure 15%)– ~17% private opportunistic real estate (current exposure 10%)– ~6% private debt real estate (no current exposure)

• Targets are reached over time in a risk aware manner through vintage year diversification. As such, NEPC suggested the following implementation plan:

– 2017: Commit $40M to non-core (value-add and opportunistic) and $60M to private debt• Redeem $100M from core (UBS TPF) to diversify towards 60% core /40% non-core target allocation

– 2018: Reduce non-core commitment pace and diversify portfolio defensively• Commit $20M to non-core (value-add and opportunistic) real estate

– 2019: Commit $20M to private debt and $40M to private non-core (value-add and opportunistic)

• In line with objectives, staff and NEPC issued an RFP for Real Estate Debt Funds 2Q2017 – The expected size of the allocation for this mandate is ~$60 million utilizing up to 2 firms

• In total, 21 firms (representing 22 fund products) responded to the Real Estate Debt search– 1 firm is headquartered in Illinois– 7 firms are minority, women or disabled owned– 1 firm is currently on NEPC’s FPL

*Annual targeted investment amounts are subject to change due to capital market conditions

Executive SummaryState Universities Retirement System of Illinois

2

Exhibit 7

• On July 10th and 11th, Staff and NEPC conducted semi- final interviews where six firms presented:

– Axonic Capital– Basis Investment Group– Oaktree Capital– PCCP– DRC Capital– Torchlight Investors

• Through the due diligence process, three firms were selected as finalists for consideration by the Board (Axonic Capital, Basis Investment Group, Oaktree Capital)

Please see summary advantages and considerations for each finalist below:• Axonic Capital

– Advantages: Focus on high quality assets, emphasis on strong cash flow– Considerations: First real estate only fund, focused mandate, small dedicated team

• Basis– Advantages: Strong track record, multi-strategy approach, seeded portfolio, large dedicated team– Considerations: First commingled fund, may take more property-level risk

• Oaktree– Advantages: Multi-strategy approach, global mandate, large platform/team, no fee on committed capital– Considerations: Lack of formal investment committee approval process, use of fund-level leverage

Executive SummaryState Universities Retirement System of Illinois

3

Exhibit 7

Finalists ComparisonState Universities Retirement System of Illinois

4

Overview Information

Firm Name Fund Name Year Founded Headquarters MWDBE Qualification

Axonic Capital Axonic Income Debt Fund 2010 New York, NY Yes

Basis Investment Group BIG Real Estate Fund I 2009 New York, NY Yes1

Oaktree Capital Management Oaktree Real Estate Debt Fund II 1995 Los Angeles, CA No

Fundraise Information & Fund Terms

Target Size

Target Net Return

Expected Final Close

Investment Period

Fund Term

Mgmt. Fee (Cmtd.)

Mgmt. Fee (Invstd.)

Preferred Return

Carried Interest Catch-Up

Axonic $350.0 10.0% Q2 2018 2 Years 5 Years 1.50% 1.50% 7.0% 20.0% 50.0% Basis $400.0 10.5% Q3 2018 3 Years 8 Years 1.50% 1.50% 8.0% 20.0% 50.0% Oaktree $1,750.0 10.0% Q4 2017 3 Years 7 Years 0.00% 1.00% 6.0% 15.0% 50.0%

Primary Investment Strategy Focus Geographic Focus

Whole Loan

Whole Loan

w/Credit Fac.

Whole Loan,

Syndicate Sr.

Mezzanine Preferred Equity

Construct-ion

FinancingCMBS

RE Corporate

Debt

United States Europe Other

Axonic No No Yes Yes No No No No Yes No No

Basis Yes Yes Yes Yes Yes No Yes No Yes No No

Oaktree Yes Yes Yes Yes No No Yes Yes Yes Yes No

Note: 1: Note that Basis is minority-owned but is not certified (currently in process).

Exhibit 7

Axonic Income Debt Fund

Exhibit 7

General Firm and Fund Information

Fund Name Axonic Income Debt Fund

General Partner Axonic Income Debt GP LLC

Investment Style CRE Mezzanine Debt

Firm Overview

Axonic Capital is a New York-based asset management firm that focuses primarily on real estate and structured credit strategies. The Firm was founded in 2010 by Clayton DeGiacinto. AxonicCapital LLC is nationally certified as a Service Disabled Veteran Owned Business (SVDOB). Axonic currently manages approximately $2.3 billion, with over 35 employees.

Office Locations New York, Arkansas

Target Fund Size $350 million Expected Final Close May 2018

Capital Raised $40 million Closes to Date 0

Investment Period / Term of Entity 2 Years Minimum

Investment $1 million

Assets Under Management $2,273 million

Number ofExisting Real Estate Funds

0*

Key Persons

• Clayton DeGiacinto

• Brendan McCormick

• Matthew Weinstein

• JamshedEngineer

• Arnaud de Bevy

Number of Employees 37

Fund Strategy

Investment Strategy

• The Fund’s principal investment objective is to seek to achieve a positive return on capital through origination and/or acquisition of a portfolio of attractive, commercial real estate debt investments. The Fund will also seek to provide consistent income to Limited Partners and is structured to make quarterly distributions after the Commitment Period has concluded.

• The Fund’s targeted assets primarily will be short-dated, floating rate commercial real estate debt on cash-flowing assets for the purpose of distributing consistent income. The Fund will primarily target mezzanine loans that are $15-$30 million in size and be positioned in the 50% to 75% LTV range of the capital stack with coupons of between L+ 800 and L+ 1,100 bps (plus fees) and two-year terms. Please note that on a portfolio basis, Axonic would strive to keep the Weighted Average LTV to be similar to its current portfolio, which has a WA LTV that is approximately 66%.

Target Net Returns 10% Direct or fund

of funds Direct

Hold Period 3 Years Target Fund Leverage None

Target Asset Types

• Primary focus on commercial real estate mezzanineloans or first mortgage

• May acquire B-pieces or tranches of CMBS securities

Target Geographies North America

Target Deal Size

$15 - $30 million

GP Fees, Promote and Commitment

Preferred Return • 7%

GP Fees • 1.5% on committed / 1.5% on invested

Carried Interest • 20%

Catch Up • 50%

Fund Sourcing and Value Add

Sourcing Capabilities

The Manager has an established market presence and extensive “first call” relationships with lenders, brokers, and borrowers. The Manager believes that the brand and presence that it has established in the commercial real estate lending marketplace as well as its ability to underwrite and structure complex transactions position it well to continue to source attractive Investments.

Value Add

• Structuring: Axonic has invested across credit markets in a variety of structures, which should provide the Manager a unique perspective in structuring complex transactions and risk controls.

• Relationships: The Manager has relationships (with existing inter-creditor agreements in place) with key senior lenders who provide access to deal flow.

Axonic Income Debt Fund – Fund Summary State Universities Retirement System of Illinois

MWDBE Certified

* Note that while the Manager has no existing real estate funds, Axonic has invested in separate accounts and within its flagship hedge fund vehicle. Information provided by Manager.

6

Exhibit 7

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

2009 2010 2011 2012 2013 2014 2015

Axonic Median Benchmark

0.75x

1.00x

1.25x

1.50x

1.75x

2.00x

2009 2010 2011 2012 2013 2014 2015Axonic Median Benchmark

Axonic Income Debt Fund – Fund Level Returns State Universities Retirement System of Illinois

7

Track record data through August 2017 and provided by the Manager. All dollars in millions. The benchmark used is the Thomson One Cambridge Associates US Value-Add and Opportunistic Real Estate benchmark with data as of 12/31/2016. Note that performance for investments in Axonic’s flagship hedge fund (“Axonic Capital Master Fund”) is reported gross of fees; while the Axonic Capital Separate Account performance is net of fees.

Net TVPI Multiples by Vintage Year Net IRRs by Vintage Year

Fund Track Record ($ in Millions)

Fund Name Fund Style Vintage Year

Capital Committed

Capital Funded Reported Value Amount

DistributedTotal Value

TVPI Multiple

DPI Multiple

Investor IRR

Axonic Capital Master Fund –Realized CRE Loan Investments Debt 2013 N/A $313.0 $0.0 $333.6 $333.6 1.1x 1.1x 10.5%

Axonic Capital Master Fund –Unrealized CRE Loan Investments Debt 2014 N/A $348.0 $135.2 $273.6 $408.8 1.2x 0.8x 9.2%

Axonic Capital Separate Account Debt 2013 $53.1 $46.6 $44.6 $14.9 $60.4 1.3x 0.3x 8.6%

Exhibit 7

Axonic Income Debt Fund – Key Employee BiosState Universities Retirement System of Illinois

8

Name Bio

Clayton DeGiacinto

Clay founded Axonic in 2011 and is the Chief Investment Officer. He is responsible for investment direction and risk management of Axonic’s portfolios. He was previously responsible for building out the mortgage investment platform at Tower Research Capital and was Senior Portfolio Manager for Split Level LLC, the predecessor fund to the Axonic Credit Opportunities Fund, LP. Prior experience includes:

2002 – 2008: Vice President, Goldman Sachs

1995 – 2000: US Army, Captain, Artillery

Education• Wharton School, University of Pennsylvania:

MBA• United States Military Academy, West Point: BS

Brendan McCormick, CAIA

Brendan oversees CRE loan sourcing, underwriting and portfolio management. Prior experience includes:

2004-2014: Senior Vice President, Talmage LLC

2003-2004: Analyst, Related Capital Company

2001-2003: Analyst, Rockwood Realty Associates

Education • Hamilton College: BA

Matthew Weinstein

Matthew manages the trading, analytics and portfolio management of the CMBS and CRE portfolio. Prior experience includes:

2010-2012: Senior Vice President, Macquarie Capital

2009-2010: Managing Director, SRE Capital Group LLC

2003-2008: Associate Director, Bear Stearns Co.

Education• Cornell University: BS

• New York University: MBA

Jamshed Engineer

Jamshed’s responsibilities include trading, analytics and portfolio management. Prior experience includes:

2009 – 2010: MBS Trader, Portfolio Manager, Tower Research Capital LLC

2006 – 2009: Senior Structurer in Structured Credit Group, Goldman Sachs

2004 – 2006: Sr Associate, Structured Finance, KPMG

Education• University of Southern California: MBA

• University of Mumbai: B Com

Arnaud de Bevy

Arnaud is responsible for portfolio management and trading quantitative strategies with a focus on Agency MBS (TBAs), swaps, rates, and volatility.

2007 – 2011: Portfolio Manager Global Alpha Group, Goldman Sachs

2006: Credit Agricole, Quantitative Analyst

Education• Columbia University: MS

• Ecole Polytechnique: BS

Exhibit 7

BIG Real Estate Fund I, LP

Exhibit 7


Fund Name BIG Real Estate Fund I, LP

General Partner BIG Real Estate Fund I GP, LLC

Investment Style Non-Core Private Commercial Real Estate Debt

Firm Overview

Basis Management Group, LLC, a subsidiary of Basis Investment Group, LLC (“Basis”) was founded in 2009 by Tammy K. Jones in partnership with JEMB Realty Corp., creating a team that combines more than 60 years of debt and equity experience. Basis is a Minority and Women Owned Business (“MWOB”) that originates and acquires Commercial Real Estate (“CRE”) debt and preferred equity across the capital stack of stabilized, transitional, and development assets throughout the United States. The key principal of the Fund is Ms. Jones, who is also the majority owner, a managing member and Chief Executive Officer of Basis Investment Group, LLC, the Manager.

Office Locations New York

Target Fund Size $400 million Expected Final Close July 2018






6 sep. accts.

Key Persons

• Tammy Jones• Kunle Shoyombo• Rich Cadigan• Leigh Roumila

Number of Employees 17

Fund Strategy

Investment Strategy

The Fund will originate, co-originate and acquire debt and preferred equity investments to fund acquisitions, refinancings, and recapitalizations of well-located commercial real estate (CRE) throughout the United States. The Fund will primarily pursue bridge loans, mezzanine debt/B notes, preferred equity, structured equity, and CMBS B pieces (the equity tranche in CMBS/Agency Deals). The Fund will pursue a strategy focused primarily in the middle market segment ($5-$50 million investments) with stable cash on cash returns and equity like yields with debt protections. The Fund will have a competitive advantage by focusing on the middle market where the Basis team has deep relationships that have been developed over the past fifteen years. There is great demand for the Fund’s strategies in the middle market sector, which is less actively pursued by REITs and larger institutions. By investing in a mix of stabilized, transitional and development assets the Fund will build a portfolio of commercial real estate debt investments diversified by property type and life cycle, location, borrower and position within the capital stack.

Target Net Returns 10% - 11% Direct or fund

of funds Direct

Hold Period 4 years Target Fund Leverage Up to 50%

Target Asset Types

• Senior debt, subordinated debt, and preferred equity investments to fund acquisitions, refinancings, and recapitalizations of commercial real estate (CRE)

Target Geographies North America

Target DealSize Average $15 million



GP Fees • 1.5% on committed / 1.5% on invested


Catch Up • 50%



Deal sourcing efforts are organized by geographic area (based on location of the relationships – i.e. broker offices, borrowers, senior lenders including banks and insurance companies). The Basis origination platform is organized into five different teams each specifically in charge of a region of the country – Northeast, Southeast, Central, Western and Southwest. Senior investment professionals also have relationships across the region that they regularly call on. Every week, senior professionals review the origination effort of each team and discuss insights gained from conversations with market participants.

Value Add

• Relative Value: Basis focuses on relative value within an asset’s capital structure, with the flexibility to target the appropriate attachment/detachment points.

• Structural Protection: The Manager will structure investments with protections like rebalancing requirements and completion guarantees.

BIG Real Estate Fund I, LP– Fund Summary State Universities Retirement System of Illinois

MWDBE Certified

Information provided by Manager.

10

Exhibit 7

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

2009 2010 2011 2012 2013 2014 2015

Basis Median Benchmark

0.75x

1.00x

1.25x

1.50x

1.75x

2.00x

2009 2010 2011 2012 2013 2014 2015

Basis Median Benchmark

BIG Real Estate Fund I, LP– Fund Level Returns State Universities Retirement System of Illinois

11



Capital Committed

Capital Funded

Reported Value

Amount Distributed

Total Value

Gross TVPI

DPI Multiple Gross IRR

Basis Venture I CMBS Bonds 2009 $13.0 $13.0 $0.0 $18.4 $18.4 1.4x 1.4x 92.9%

Basis Venture II Mezzanine 2010 $64.7 $64.7 $24.6 $62.8 $87.4 1.4x 1.0x 14.0%

Basis Venture III Distressed Debt 2011 $11.0 $11.0 $0.0 $17.8 $17.8 1.6x 1.6x 136.5%

Basis Venture IV B-Piece Investment 2012 $30.7 $30.7 $0.0 $59.9 $59.9 2.0x 2.0x 56.7%

Basis Venture V Portfolio Loans 2010 $70.0 $507.9 $0.0 $598.6 $598.6 1.2x 1.2x 337.0%

Basis Venture VI Bridge Loans 2014 $425.0 $369.0 $128.3 $319.7 $448.0 1.2x 0.9x 16.0%

Track record data as of 12/31/16 and provided by the Manager. All dollars in million. The benchmark used is the Thomson One Cambridge Associates US Value-Add and Opportunistic Real Estate benchmark with data as of 12/31/2016. Note that the CMBS and Portfolio Loans strategies will not be included in the Fund, and these strategies were excluded from the benchmarking.


IRRs exceed 40%

Exhibit 7

BIG Real Estate Fund I, LP– Key Employee BiosState Universities Retirement System of Illinois

12

Name Bio

Tammy Jones

Ms. Jones has more than 24 years of experience in the commercial real estate industry, investing andlending on CRE assets her entire career on behalf of large pension funds and institutional investorsincluding Equitable Real Estate (largest pension fund advisor and investment management firm at thetime), GMACCM (one of the largest CRE lenders, owned by GM) and CWCapital (the U.S. debt investmentplatform owned by Caisse de dépôt , one of the largest pension fund managers in Quebec). Since 2009,Ms. Jones has served as both Principal and President of Basis Investment Group (Basis), a multi-strategycommercial real estate investment platform she founded with JEMB Realty Corporation that acquires andoriginates a variety of senior and subordinated loans, preferred equity and joint venture equity positionson behalf of its investors. Prior to joining Basis, Ms. Jones worked at CWCapital LLC (“CW”) from 2004 to2009, serving as head of CW’s fixed and floating rate Capital Markets Lending Division and closingapproximately $6B in investments. Between 1997 and 2004, Ms. Jones was a Senior Vice President ofCommercial Capital Initiatives, Inc., a GMACCM subsidiary (now Berkadia) (“GMAC”) and part of theleadership team responsible for creating GMAC’s Capital Markets lending division. Prior to her seven yearswith GMAC, she held various positions on the equity and asset management side of the business atcommercial real estate investment companies including Equitable Real Estate and AMRESCO Management,Inc.

Education• Cornell University: BA

• Georgia State University: MBA

Kunle Shoyombo

As CIO of Basis, Mr. Shoyombo oversees investment sourcing, loan origination, investment analysis, andinvestment management. Together with the President, Mr. Shoyombo develops and maintains Basis’investment goals and strategies, capital raising initiatives, asset allocation, employee management andoverall leadership. Mr. Shoyombo has over 24 years of experience in CRE finance, investments, loanorigination and underwriting. Prior to joining Basis, Mr. Shoyombo served as Managing Director and ChiefInvestment Officer for the Capital Markets Lending Division of CW Capital. He was one of original foursenior executives who established CW Capital’s lending platform, which originated, securitized and soldCRE loans totaling in excess of $6 billion. Prior to joining CW Capital, Mr. Shoyombo held a seniorposition at GMAC Commercial Mortgage where he played an instrumental role within the company’s CREloan origination and securitization group. While at GMACCM, Mr. Shoyombo was responsible for sourcing,underwriting and closing loans and investment transactions in excess of $4 billion, and also served as amember of the Investment Committee. Prior to GMACCM, Mr. Shoyombo held senior positions at NomuraAsset Capital, where he was responsible for originating, structuring, closing and securitizing fixed andfloating rate loans in excess of $3 billion; Community Redevelopment Agency of Los Angeles; and KennethMichael and Company.

Education• University of Lagos: BS

• UCLA: MBA

Exhibit 7

BIG Real Estate Fund I, LP– Key Employee BiosState Universities Retirement System of Illinois

13

Name Bio

Rich Cadigan

Mr. Cadigan joined Basis in 2009 and is a member of the firm’s senior management team. As GeneralCounsel, Mr. Cadigan handles all corporate legal matters, including negotiating and managing Basis’ creditfacilities, supervising all corporate governance and compliance matters, negotiating joint venture andseparate account agreements, and the development and implementation of Basis’ policies and proceduresfor structuring and closing all transactions. With over 15 years of experience both in the legal andbusiness aspects of CRE finance, Mr. Cadigan works closely with Ms. Jones and Mr. Shoyombo toimplement a legal agenda that proactively identifies and addresses critical issues that affect both thecompany and its strategic partners with the goal to foster continued growth and opportunities across allinvestment strategies. Prior to joining Basis, Mr. Cadigan was a partner at North River Capital Partners, aprivate equity fund established to invest in commercial mortgage debt through both the origination of newloans and the acquisition of existing debt instruments. Prior to his employment at North River, Mr.Cadigan was the manager of the transaction management team responsible for structuring fixed andfloating rate loans at Dillon Read Capital Management LLC, a hedge fund that was wholly owned by UBS.

Education• LaSalle University: BA

• Seton Hall University: JD

Leigh Roumila

Ms. Roumila joined Basis in 2010 and is a member of the firm’s senior management team. As head of theSecuritization and Asset Management Groups, Ms. Roumila manages Basis contribution to CMBSsecuritizations and the purchase and sale of CMBS B-Pieces. She also oversees the management of all ofthe firm’s bridge, mezzanine/preferred equity and B note investments. Ms. Roumila is a hands-on realestate finance and management professional with over 30 years of experience and an established trackrecord in originating, structuring, underwriting, monitoring, closing, redistributing and working outcommercial real estate loans. Prior to joining Basis, Ms. Roumila was Senior Vice President at CWCapital,where she helped establish the Cobalt brand, CW’s first proprietary platform for issuing fixed-ratecommercial mortgage backed securities. At CW, she oversaw and coordinated teams of about 100 peoplein the issuance of approximately $7 billion in CMBS and $3 billion in commercial real estate CDOsecurities. Prior to CW, Ms. Roumila served as VP of Securitization at GMAC Commercial Mortgage (nowCapmark Financial Group), where she worked on 20+ CMBS and CDO pools representing about $12 billionin fixed and floating rate U.S., Canadian and European commercial real estate loans. Prior to her fiveyears at GMACCM, Ms. Roumila held positions at Bank of America, Triquest Financial Services Corporation,US West Financial Services, Hibernia Bank and Societe Generale French Bank where she helped originate,underwrite, and close over $1 billion in U.S. commercial real estate loans.

Education• NYU Stern: BA

• Golden Gate University: MBA

Exhibit 7

Oaktree Real Estate Debt Fund II, L.P.

Exhibit 7


Fund Name Oaktree Real Estate Debt Fund II, L.P. (“REDF II”)

General Partner Oaktree Real Estate Debt Fund II GP, L.P.

Investment Style Core Real Estate Debt

Firm Overview

Oaktree was formed in 1995 with the goal of developing a preeminent organization dedicated exclusively to alternative and non-mainstream investments and focused on attaining investment performance through risk control, loss minimization and consistency. Oaktree’s founders first joined together beginning in the mid-1980s to manage what would become Oaktree’s oldest investment strategies: high yield bonds, distressed debt, convertible securities, principal investments and real estate. Since its formation, Oaktree has built a broad array of synergistic investment strategies, including power infrastructure, mezzanine debt, value opportunities and senior loans.

Office Locations Los Angeles (HQ), 21 offices globally

Target Fund Size $1.75 million Expected Final Close Q4 2017






14

Key Persons

• Howard Marks• Bruce Karsh• Jay Wintrob• John Franks• Sheldon Stone

Number of Employees

• 970 total firm• 65 dedicated

to fund

Fund Strategy

Investment Strategy

The fund seeks to employ an investment approach for the Fund that utilizes: (a) Oaktree’s investment philosophy, which focuses on risk control, consistency and bottom up analysis; (b) the Real Estate group’s specialization in debt-driven opportunities across the platform’s six synergistic areas of investment focus: Commercial, Corporate, Structured Finance, Commercial Non-Performing Loans (“NPLs”), Residential and Non-U.S. real estate; and (c) leverages Oaktree’s infrastructure built around credit strategies, in addition to a network of real estate lenders, borrowers/operating partners and third-party service providers.

Target Net Returns 10% Direct or fund

of funds Direct

Hold Period 7 Years Target Fund Leverage Up to 50%

Target Asset Types

• Primary focus on CRE loans,including new origination, B-pieces, and CMBS

• Ability to invest in corporate RE debt and residential mortgages

Target Geographies

North America Europe

Target DealSize $20 - $75 million



GP Fees • 1.0% on invested


Catch Up • 50%



To identify new investments for Oaktree’s real estate funds, Oaktree investment professionals engage in proprietary research and maintain an active dialogue with a global network of trading partners, banks, brokers, lenders/special servicers, borrowers, consultants, lawyers, operating partners and third party service providers. In addition, Oaktree expects that the Fund or its subsidiaries will engage certain consultants (including consultants exclusive to the Fund and other Oaktree-managed funds and accounts) to assist with the sourcing of investment opportunities.

Value Add

• Deal sourcing: Leveraging the global Oaktree platform and name to source deals, including deals which have already been evaluated as real estate equity investments.

• Expertise across strategies: Oaktree has the ability to invest across the debt spectrum, which the Manager believes should allow for flexibility in targeting the most attractive parts of the market.

Oaktree Real Estate Debt Fund II, L.P. – Fund Summary State Universities Retirement System of Illinois

Information provided by Manager.

15

Exhibit 7

Track record data as of 12/31/16 and provided by the Manager. All dollars in million. The benchmark used is the Thomson One Cambridge Associates US Value-Add and Opportunistic Real Estate benchmark with data as of 12/31/2016.

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

2009 2010 2011 2012 2013 2014 2015

Oaktree Median Benchmark

0.75x

1.00x

1.25x

1.50x

1.75x

2.00x

2009 2010 2011 2012 2013 2014 2015

Oaktree Median Benchmark

Oaktree Real Estate Debt Fund II, L.P. – Fund Level Returns State Universities Retirement System of Illinois

16



Capital Committed

Capital Funded Reported Value Amount

DistributedTotal Value

TVPI Multiple

DPI Multiple

Investor IRR

Oaktree Legacy CMBS Fund CMBS 2010 $2,321.6 $1,111.8 $0.0 $1,468.7 $1,468.7 1.3x 1.3x 18.6%

Debt Separate Account I Debt 2012 $200.0 $311.1 $129.0 $227.4 $356.4 1.1x 0.7x 9.0%

Oaktree Real Estate Debt Fund Debt 2013 $1,111.7 $641.0 $293.4 $416.3 $696.1 1.1x 0.6x 19.0%

Debt Separate Account II Debt 2014 $126.3 $39.4 $41.4 $4.6 $44.8 1.1x 0.1x 21.0%


Exhibit 7

Oaktree Real Estate Debt Fund II, L.P. – Key Employee BiosState Universities Retirement System of Illinois

17

Name Bio

Howard Marks, CFA Co-Chairman

Since the formation of Oaktree in 1995, Mr. Marks has been responsible for ensuring the firm's adherence to its core investment philosophy; communicating closely with clients concerning products and strategies; and contributing his experience to big-picture decisions relating to investments and corporate direction. From 1985 until 1995, Mr. Marks led the groups at The TCW Group, Inc. He was also Chief Investment Officer for Domestic Fixed Income at TCW. Previously, Mr. Marks was with Citicorp Investment Management for 16 years, where from 1978 to 1985 he was Vice President. Between 1969 and 1978, he was an equity research analyst and, subsequently, Citicorp's Director of Research. He is a CFA®

charterholder.

Education University of Pennsylvania: B.S.Ec.

University of Chicago: M.B.A.

Bruce Karsh

Co-Chairman and Chief Investment Officer

Mr. Karsh is Oaktree’s Co-Chairman and one of the firm’s co-founders. He also is Chief Investment Officer and serves as portfolio manager for Oaktree’s Distressed Opportunities, Value Opportunities and Multi-Strategy Credit strategies. Prior to co-founding Oaktree, Mr. Karsh was a managing director of TCW Asset Management Company, and the portfolio manager of the Special Credits Funds from 1988 until1995. Prior to joining TCW, Mr. Karsh worked as Assistant to the Chairman of SunAmerica, Inc. Prior tothat, he was an attorney with the law firm of O’Melveny & Myers. Before working at O’Melveny & Myers, Mr. Karsh clerked for the Honorable Anthony M. Kennedy, then of the U.S. Court of Appeals for the Ninth Circuit and presently Associate Justice of the U.S. Supreme Court.

Education Duke University: A.B.

University of Virginia School of Law: J.D.

Jay Wintrob

Chief Executive Officer

Mr. Wintrob is Oaktree's Chief Executive Officer and has served as a member of the Board of Directors since 2011. Prior to joining the firm as Chief Executive Officer, he was President and Chief Executive Officer of AIG Life and Retirement, the U.S.-based life and retirement services segment of American International Group, Inc., from 2009 to 2014. Following AIG's acquisition of SunAmerica in 1998, Mr. Wintrob was Vice Chairman and Chief Operating Officer of AIG Retirement Services, Inc. from 1998 to 2001, and President and Chief Executive Officer from 2001 to 2009. Mr. Wintrob began his career in financial services in 1987 as Assistant to the Chairman of SunAmerica Inc.

Education• University of California, Berkeley: B.A.

• University of California, Berkeley, Boalt Hall School of Law: J.D.

Exhibit 7

Oaktree Real Estate Debt Fund II, L.P. – Key Employee BiosState Universities Retirement System of Illinois

18

Name Bio

John Brady

Managing Director & Portfolio Manager, Real Estate

John Brady leads the Firm’s real estate opportunistic and debt investments. Mr. Brady joined Oaktree in 2007 as Managing Director and Head of Oaktree’s global real estate group. From 2003 to 2007, Mr. Brady was Principal and head of the North American acquisitions business (excluding gaming) at Colony Capital, LLC. In 2000, he co-founded The Destination Group, LLC, a private equity investment firm in Los Angeles targeting opportunities in travel and leisure. From 1991 to 2000, Mr. Brady focused on distressed investments for Colony Capital and led Colony’s expansion into Asia in 1998. Mr. Brady also led the re-building and oversight of Colony’s loan asset management business in the early 90’s. From 1986 to 1988 and again from 1990 to 1991, Mr. Brady worked in corporate finance and real estate within the investment banking division of Merrill Lynch in both New York and Los Angeles.

Education• Dartmouth College: B.A. in English

• UCLA: M.B.A.

Keith Gollenberg

Managing Director

Mr. Gollenberg joined Oaktree in 2008 as a senior member of the real estate team and focuses on the investment and management of its real estate funds. Mr. Gollenberg has extensive experience in the commercial real estate debt and equity markets, having originated, purchased or issued billions in whole loans, B Notes, Mezzanine, Preferred Equity, Equity, CMBS, CDO, REIT, and other debt and equity investments. Prior to joining Oaktree, Mr. Gollenberg led the creation of and spent three years at CBRE Realty Finance, Inc., where he most recently served as Chief Executive Officer and President. Before that, Mr. Gollenberg spent over 21 years at CIGNA Investment Management, where he most recently served as Senior Managing Director of Capital Markets, responsible for investing in and issuing all types of real estate debt products. Mr. Gollenberg is a CFA charterholder and serves as President elect of the Commercial Real Estate Finance Council.

Education • University of Hartford: B.S.

Justin Guichard

Managing Director

Mr. Guichard joined Oaktree in 2007, and focuses on real estate debt (both securitized and non-securitized) and equity investments. Prior to Oaktree, Mr. Guichard worked for Barrow Street Capital, Supportsoft, Inc., and in Merrill Lynch & Co.’s Real Estate Investment Banking group, where he closed over $5.0 billion of M&A and financing transactions.

Education • UCLA: B.A.

Exhibit 7

Appendix

Exhibit 7

All Respondents ComparisonState Universities Retirement System of Illinois

20

Overview Information

Firm Name Fund Name YearFounded Headquarters MWDBE

Qualification

ACORE Capital ACORE Credit IV 2015 Larkspur, CA No

Axonic Capital Axonic Income Debt Fund 2010 New York, NY Yes

Barings Barings Real Estate Credit Strategies VII 1994 Hartford, CT No

Basis Investment Group BIG Real Estate Fund I 2009 New York, NY Yes1

Candlewood Investments Group Candlewood CRE Opportunity Fund 2010 Rye, NY Yes

Canyon Capital Realty Advisors Canyon Laurel Fund 1990 Los Angeles, CA No

DRC Capital DRC European Real Estate Debt Fund III 2012 London No

GAM GAM Real Estate Finance Fund II 1983 Zurich No

GreenOak Real Estate GreenOak UK Tactical Lending 2010 London Yes

GreenOak Real Estate GreenOak Europe Tactical Lending 2010 London Yes

Hillcrest Finance Hillcrest Credit and Income Fund II 2013 New York, NY Yes

J.P. Morgan Investment Management U.S. Real Estate Mezzanine Debt Fund 1799 New York, NY No

Madison Realty Capital Madison Realty Capital Debt Fund IV 2004 New York, NY No

Marathon Asset Management Marathon Real Estate Debt Fund 1998 New York, NY No

Oaktree Capital Management Oaktree Real Estate Debt Fund II 1995 Los Angeles, CA No

PCCP PCCP Credit IX 1998 Los Angeles, CA No

Pearlmark Pearlmark Mezzanine Realty Partners IV 1996 Chicago, IL No

Quadrant Real Estate Advisors Quadrant Enhanced Debt Fund 2006 Alpharetta, GA No

Sound Mark Partners Sound Mark Horizons Fund 2013 Greenwich, CT Yes

Square Mile Capital Management Square Mile Credit Partners II LP 2006 New York, NY No

Torchlight Investors Torchlight Debt Opportunity Fund VI 1995 New York, NY No

Värde Management Värde Mortgage Fund II 1993 Minneapolis, MN No

Exhibit 7

• This report contains summary information regarding the investment management approaches described herein but is not a complete description of the investment objectives, policies or portfolio management and research that supports these approaches.

• Past performance is no guarantee of future results.• The information in this report has been obtained from sources NEPC believes to be reliable. While NEPC

has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within.

• This report may contain confidential or proprietary information and may not be copied or redistributed to any party not legally entitled to receive it.

In addition, it is important that investors understand the following characteristics of non-traditional investment strategies including hedge funds, real estate and private equity:

1. Performance can be volatile and investors could lose all or a substantial portion of their investment.2. Leverage and other speculative practices may increase the risk of loss.3. Past performance may be revised due to the revaluation of investments. 4. These investments can be illiquid, and investors may be subject to lock-ups or lengthy redemption terms.5. A secondary market may not be available for all funds, and any sales that occur may take place at a

discount to value.6. These funds are not subject to the same regulatory requirements as registered investment vehicles.7. Managers may not be required to provide periodic pricing or valuation information to investors.8. These funds may have complex tax structures and delays in distributing important tax information.9. These funds often charge high fees.10. Investment agreements often give the manager authority to trade in securities, markets or currencies

that are not within the manager’s realm of expertise or contemplated investment strategy.

Information DisclosureState Universities Retirement System of Illinois

21

Exhibit 7

Exhibit 8

Exhibit 9

Exhibit 10

To: Investment Committee From: Investment Staff Date: September 1, 2017 Re: SURS Fiscal Year 2018 Investment Plan

FY 2018 Investment Plan In order to formalize strategic plans for the investment portfolio for the coming year and provide transparency of the planning process, SURS staff has developed a formal investment plan for Fiscal Year 2018. The document, which follows this summary memorandum, marks the seventh year of the formal plan for the SURS investment program.

The Investment Plan reviews the results of fiscal year 2017 and defines the strategy for fiscal year 2018 in accordance with the Board-approved asset/liability study and Investment Policy. The Investment Plan is organized into the following sections:

• Overview – provides a review of FY 2017 performance and accomplishments• Asset Allocation / Risk Management• FY 2018 Portfolio Strategies• Manager Diversity Program• Self-Managed Plan

This Plan is intended to be a living document. Since financial markets are dynamic, revisions to the plan may be required and will be communicated to the Board in a timely manner. In the event of changing circumstances or opportunities during the year, items will be discussed with the Board as necessary.

Staff looks forward to discussing this issue with the Board at the upcoming meeting.

Recommendation SURS staff recommends:

• That the SURS Fiscal Year 2018 Investment Plan be accepted and filed, aspresented.

Exhibit 11

Fiscal Year 2018 Investment PlanSeptember 2017

S U R SSTATE UNIVERSITIES RETIREMENT SYSTEM

Exhibit 12

(This page intentionally left blank)

Exhibit 12

Exhibit 12

FY 2018 Investment Plan Table of Contents

Page

I. Purpose………………………………………………………………………...1 II. Overview………………………………………………………………………1

• Background • Fiscal Year 2017 Performance Review • Fiscal Year 2017 Accomplishments • Challenges • Trustee Education • Corporate Governanace • Investment Management Fees

III. Asset Allocation / Risk Management…………………………………………8 IV. Fiscal Year 2018 Portfolio Strategies…...…………………….………….….13

• Total Fund • Equity • Fixed Income • Real Estate • Private Equity • Hedged Strategies • Opportunity Fund • Commodities

V. Manager Diversity Program………………………………………………...18 VI. Self-Managed Plan….………………………………………………………...20

Exhibit 12

1

I. Purpose The Investment Plan reviews the results of Fiscal Year 2017 and defines the strategy for Fiscal Year 2018 in accordance with the Board-approved asset/liability study and Investment Policy1. This Plan is intended to be a living document. Since financial markets are dynamic, revisions to the plan may be required during the year. In the event of changing circumstances or opportunities during the year, items will be discussed with the Board as necessary. II. Overview

Background The State Universities Retirement System (SURS) is the administrator of a cost-sharing, multiple employer public employee retirement system. SURS membership includes employees of the public universities and other affiliated organizations. Currently, SURS membership totals more than 230,000 active, inactive and retired participants. SURS maintains both a defined benefit and a defined contribution plan, known as the Self-Managed Plan (SMP). As of June 30, 2017, the defined benefit plan is valued at approximately $18.0 billion while the SMP is valued at approximately $2.2 billion. The investment portfolio is broadly diversified across equities, fixed income, real estate, private equity, commodities and other opportunistic investments. Approximately 43% of the portfolio is currently managed in passive or structured active strategies while the remaining 57% is managed in active strategies. Fiscal Year 2017 Performance Review The SURS investment portfolio produced robust returns during Fiscal Year 2017, due primarily to favorable economic conditions and the resulting strong global equity market returns. During FY 2017, the portfolio returned 12.2%, net of fees, exceeding the policy portfolio return by approximately 0.5%. This total fund return exceeded the 11.7% policy portfolio benchmark return. Non-U.S. Equity markets provided the best return during the period, returning 20.5%, as measured by the MSCI All Country World ex-U.S. Index. U.S. equity markets also performed well, with a return of 18.5%, as measured by the Dow Jones Total Stock Market Index. Fixed income markets declined slightly, however, in response to an increase in interest rates during the period since bond prices move inversely to interest rates. The Bloomberg Barclays U.S. Aggregate Index, a broad index of investment grade fixed income securities, returned -0.3% during the fiscal year period. The table below illustrates the performance of the overall SURS investment portfolio relative to the policy portfolio, as of June 30, 2017.

1 The SURS Investment Policies can be found at http://surs.org/investment-policies.

Exhibit 12

http://surs.org/investment-policies

2

Investment Performance* As of June 30, 2017

1 Year 3 Years 5 Years 10 Years 20 Years 25 Years SURS 12.2% 5.0% 9.0% 5.4% 6.9% 8.2% Policy Portfolio 11.7% 5.1% 9.0% 5.4% 6.8% 8.0% *Net of investment management fees The Total Fund’s excess return relative to the policy portfolio for Fiscal 2017 was due primarily to strong performance of SURS’ active managers relative to the benchmark. Eight of nine liquid asset classes outperformed the benchmark over the fiscal year, with Global REITs as the lone underperforming liquid asset class, lagging the benchmark by 20 basis points. Global REITs were transitioned from active to passive management in December 2016. Of the private, illiquid asset classes, the real estate portfolio slightly exceeded the benchmark for the year while the opportunity fund portfolio (consisting of infrastructure investments) and the private equity portfolio trailed their benchmarks for the one-year period. The infrastructure portfolio has provided good relative results relative to the benchmark over longer time periods (five years), however. Although private equity provided double digit absolute returns during the year, it lagged the public equity market benchmark, detracting from relative returns during the period. Overall, 89% of the policy allocation outperformed the benchmark for the one year. From a long term perspective, the SURS portfolio has performed well, earning an 8.2% annualized rate of return over the past 25 years, exceeding both the policy portfolio return and the 7.25% assumed rate of return2. In inflation-adjusted terms, the Total Fund returned 5.9% over this time period, exceeding the actuarial real assumed rate target of 4.5% (7.25% less the 2.75% assumed rate of price inflation). When compared to a universe of other large public funds, the SURS return ranks in the third quartile for the one- and three-year periods and ranks at or above median for the five- and ten-year periods ending June 30, 2017, as illustrated in the chart that follows. Asset allocation is the primary determinant of a fund’s ranking in a peer universe.

SURS Total Fund vs. Public Funds > $1 Billion Periods Ending 6/30/17 (1 = Best, 100 = Worst)

2 On June 13, 2014, the SURS Board of Trustees approved lowering the System’s assumed rate of investment return to 7.25% from 7.75%. The rate was effective as of June 30, 2014. (July 2, 2015 was the effective date for the change in the Money Purchase Factors.)

020406080

1001 Year 3 Years 5 Years 10 Years

73rd 68th 53rd

42nd

Uni

vers

e Ra

nkin

g

TUCS Universe > $1B (GOF)

InvestorForce Public DB > $1B

43rd 50th 58th 63rd

Exhibit 12

3

Fiscal Year 2017 Accomplishments The following projects were completed during Fiscal Year 2017.

• Asset Allocation – SURS achieved its strategic asset allocation targets in May 2017. The targets were established as a result of the June 2014 asset/liability study conducted by NEPC. The updated asset allocation resulted in a significant reduction in public equity exposure and introduced emerging market debt, hedge fund-of-funds, and commodities into the portfolio.

• Self-Managed Plan (SMP) – Target-date fund products containing an income

replacement component were reviewed during FY 2017, and the Dimensional Target Date Retirement Income Funds were approved by the Board. In addition, potential replacements for the CREF Money Market Account were reviewed, and the Vanguard Federal Money Market Fund was approved by the Board.

• Private Equity – At the June 2017 Investment Committee meeting, the Board approved a five-year private equity funding plan. The funding plan includes annual allocations of:

Calendar Year Commitment Amount

2017 $300 million 2018 $300 million 2019 $350 million 2020 $350 million 2012 $400 million Total $1,700 million

Also, at the June 2017 meeting, the Board approved multi-year commitments to Adams Street Partners, Pantheon Ventures and Mesirow Financial Private Equity to implement the funding plan. These commitments, implementation of which will begin in FY 2018, allow for consistent funding by vintage year and further enhance the diversification of the private equity portfolio.

• Real Estate – As of June 30, 2017, SURS is near its 10% policy target allocation to

real estate. The 10% total policy target is composed of 6% to private real estate and 4% to public Real Estate Investment Trust securities (REITs). During FY 2017, a search was initiated to identify non-core private real estate debt providers. This search, which is expected to result in the commitment of $60 million in total to two firms, is tentatively scheduled to conclude in September 2017.

• Infrastructure – Currently, infrastructure investments are the sole investment in the

SURS Opportunity Fund. During FY 2017, SURS committed $50 million to an existing infrastructure manager to continue investment in this asset class.

• Portfolio Index Option Overlay - Implementation of the options overlay manager

search was completed, resulting in the funding of Gladius Capital Management in early FY 2017. The search, which was approved by the Board at the September 2015 Investment Committee meeting, was designed to identify qualified providers for portfolio overlay strategies. The strategy, which is housed in the U.S. equity portfolio,

Exhibit 12

4

is designed to generate incremental income to a passive equity portfolio. Gladius is a minority-owned firm.

• Hedged Strategies – SURS fully implemented the 5% policy target allocation to Hedged Strategies in late FY 2017 with additional allocations to the existing accounts with PAAMCO Prisma.

• Master Trustee Relationship – SURS completed an Request for Information (RFI) for the Master Trustee relationship; Northern Trust continued to be retained at a savings of $188,000 per year.

• Investment Policy Review and Revision – SURS completed the annual review and revision of the Investment Policies for both the defined benefit plan and Self-Managed Plan (SMP). The defined benefit policy was significantly restructured during FY 2017, including changes to the active/passive decisionmaking process and the investment manager evaluation process.

• Investment Policy Implementation – Implementation of revised active/passive

evaluation metrics and manager performance standards has resulted in a reduction of manager count.

Move to passive Global REITs – resulting in $1 million annual savings Reduction in the number of active fixed income managers – resulting in

$300,000 savings annually Move to passive TIPS – resulting in $1million per year savings

• Alternative Investments – SURS received net distributions of $37 million from the

alternative investments program during calendar 2016, as shown in the following table. In total, the combined alternative investments program made $227 million in contributions and received $264 million in distributions during calendar year 2016.

Alternative Investment Cash Flows

Calendar Year 2016

Asset Class Cash Distributions

($MM) Cash Contributions

($MM) Net Flows

($MM) Private Equity $ 194 $ (116) $ 78 Direct Real Estate 67 (80) (13) Infrastructure 3 (31) (28)

Total Alternative Investments $ 264 $ (227) $ 37

*Totals may not add due to rounding.

• Commitment to Diversity – SURS continues to be strongly committed to diversity throughout the investment program. In total, 16 firms owned by minorities, females, or persons with a disability (MFDB) directly manage a total of $5.1 billion, or 28.0% of the Total Fund, as of June 30, 2017. SURS employs a multi-strategy approach designed to maximize opportunities for qualified firms.

Exhibit 12

5

The Manager Diversity Program (MDP) is a SURS-sponsored initiative designed to identify and provide opportunities to highly successful MFDB investment management firms. Managers in the MDP contract directly with SURS. As of June 30, the MDP totals $3.0 billion and includes 14 minority- or female-owned investment managers (16 strategies). Increase in MDP assets of approximately $279 million during Fiscal

Year 2017. Second, SURS has retained Progress Investment Management (Progress), a

minority-owned firm, to serve as a manager of emerging managers. This collaboration with Progress allows SURS to extend its reach into the minority manager universe. As of June 30, the Progress program includes 12 minority- or female-owned investment managers (with 14 mandates) and has total assets of $428 million. The program includes investments in the non-U.S. equity, core fixed income, and emerging market debt asset classes. Increase in assets with Progress of approximately $45 million

during Fiscal Year 2017.

It is important to note that SURS’ commitment to diversity extends beyond the bounds of the MDP and the Manager of Emerging Managers Program. In addition to the firms previously mentioned, SURS contracts with one other MFDB firm, bringing the total number of MFDB firms in direct partnership with SURS to 16. As mentioned previously, assets managed for SURS by these 16 firms are approximately $5.1 billion, or 28.0% of the Total Fund, as of June 30, 2017. Increase in total assets with diverse firms of approximately $907

million during Fiscal Year 2017.

In November 2016, SURS co-hosted the Illinois Public Fund Collective on Diversity in Financial Services. The Collective was a half day gathering of Illinois Public Funds committed to supporting and expanding opportunities for diverse firms. The event was well attended and addressed topics of interest including asset allocation trends, the importance of first-rate trade execution, and the role of consultants in the process.

• Trustee Education – Various educational topics were addressed during FY 2017,

including private equity, actuarial stress testing, asset allocation methods, manager dashboards, and hedge funds. In addition, a Trustee Educational Forum was held in February 2017, with additional discussion on hedge funds, the Freedom of Information Act, and proxy research and reporting.

Exhibit 12

6

Challenges The continuing challenge to SURS remains the funding status of the Plan. Despite strong long term returns, SURS remains substantially underfunded.

• SURS is approximately 42.7% funded, as of June 30, 2017 (using the market value of assets method and a 7.25% return assumption), a slight increase from 41.6% funded, as of June 30, 2016.

• The unfunded liability is estimated to be approximately $24.2 billion. It is important to

note, however, that since FY 2011, SURS has received the full annual statutory contribution from the State of Illinois. The FY 2017 contribution is $1.67 billion.

• The Plan’s cash needs continue to increase. SURS

expects to pay approximately $2.54 billion in benefit payments in Fiscal Year 2018, per the Fiscal Year 2016 actuarial valuation report prepared by SURS’ actuary, Gabriel Roeder Smith & Company.

Trustee & Staff Education SURS strives to provide high quality continuing education for the Board of Trustees and the staff. Educational topics are routinely included on Investment Committee agendas. In addition, longer, more in-depth educational sessions, often faciliated by guest speakers, are provided in periodic Investment Forums. These sessions provide both staff and Trustees the opportunity to expand their investment knowledge and keep current with new trends in the

*Using market value of assets

Total Benefit Expenditures & State Contributions

(in $ Millions)

$0

$500

$1,000

$1,500

$2,000

$2,500

Total Benefit Expenditures State Contribution

88.2%

72.1%

58.9%53.9%

66.0%

65.6%

65.4%

68.4% 58.5%

41.9%

40.2%

45.3%

41.3%

43.7%

46.5%

44.2%41.6%

42.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Fund

ing

Rat

io

Fiscal Year

SURS Funding Ratio*FY2000 to FY2017

Exhibit 12

7

marketplace. Input is sought from Trustees on topics of interest for future educational sessions. A key focus is on identifying potential investment opportunities that could positively impact the investment portfolio. Potential educational topics being considered for the coming year include:

• Asset Allocation & Portfolio Strategy • Hedged Strategies, including Global Macro or Liquid Alternative Strategies • Private Equity • Real Estate • Fixed Income, including Private Credit

Corporate Governance SURS continues to place a high priority on corporate governance. Proxy voting is one important component of the System’s corporate governance responsibilities. During Fiscal Year 2017, SURS conducted a search for a proxy voting services provider. Glass Lewis, a well-regarded expert in this area, was ultimately selected to vote both domestic and international proxies on SURS’ behalf. The Board also conducted an annual review and approval of the SURS Proxy Policy Statement.

Additional actions pertaining to corporate governance include membership in the Council for Institutional Investors (CII), a nonprofit organization of more than 120 pension funds, foundations, and endowments with combined assets of approximately $3 trillion. CII’s mission is “to educate its members, policymakers and the public about corporate governance, shareowner rights and related investment issues, and to advocate on members’ behalf.” Investment Management Fees SURS pays close attention to the level of investment management fees paid to its external investment managers. Fees are negotiated with investment managers prior to the commencement of the relationship with SURS and may be subsequently renegotiated, if appropriate, especially in instances where an investment manager receives an additional allocation(s). Fees vary significantly among investment managers, with the services of private markets managers, such as those in real estate, private equity, infrastructure, etc., being generally higher than those of public markets managers. During Fiscal Year 2017, staff negotiated more favorable fee arrangements with four new and existing investment service providers. In addition, reallocations resulting from a manager termination and a shift from active to passive TIPS and REITs also resulted in more favorable fees for SURS. In aggregate, these fee reductions and asset reallocations are expected to result in approximately $2.9 million in annual fee savings. In total, SURS paid approximately $62.7 million or approximately 36 basis points in investment management fees and administrative expenses for Fiscal Year 2017. Total investment management fees for Fiscal Year 2018 are projected to increase by $4.3 million from Fiscal Year 2017 budgeted fees.

Exhibit 12

8

III. Asset Allocation / Risk Management

Asset Allocation The purpose of the asset allocation policy is to establish an Investment Policy framework for SURS with a high likelihood, in the Board’s judgment, of realizing SURS’ investment objective. Over time, the investment portfolio has undergone meaningful change as a result of the availability of new investment strategies and changes in capital market assumptions. The public equity portfolio has become increasingly global in nature. In addition, alternative asset classes, including private equity and real estate, have assumed a more prominent role in the investment program over the past decade. The most recent asset/liability study was completed in June 2014 with the assistance of NEPC. The purpose of the study was to review the projected financial status of the pension plan over the next several years and to assess the appropriateness of the current asset allocation relative to the expected progress of liabilities and cash flows. The asset mix ultimately selected by the Board is designed to improve the portfolio’s risk/return profile by diversifying away from equities into relatively uncorrelated asset classes such as hedged strategies, emerging market debt and commodities. The reduced strategic policy allocation to public equities is a result of lower return expectations in these asset classes after periods of above trend returns. A similar growth profile is expected while downside protection is enhanced. During FY 2017, SURS achieved its long term strategic policy targets. Liquidity Considerations Investment portfolios can benefit from a portion of assets in illiquid investments. However, illiquid investments add another dimension to liquidity management. Liquidity to pay benefits and respond to adverse funding or financial market downturns is critical. As part of the recent asset-liability study, NEPC conducted a liquidity analysis to determine how the SURS investment portfolio would respond to a stressed market scenario. The study projected sound liquidity of the portfolio in the base case environment but acknowledged that, in a stressed case, the Plan would consume a significant portion of liquidity sources over six years. Overall, NEPC determined the SURS portfolio would likely continue to benefit from maintaining diversified exposure to illiquid assets. Although it is reasonable to plan to receive the statutory contributions from the State, it is important to acknowledge there is a risk of receiving a level of contributions less than the required amount. SURS prospective funding experience will be critical in determining the future financial health of the System. Strategic Policy Targets The strategic policy targets resulting from the 2014 asset/liability study are shown in the following table. Using NEPC’s 2017 risk and return projections, a passive portfolio composed in such a manner is projected to produce a geometric return of 6.24% over the five to seven year period, falling short of the 7.25% actuarial rate of investment return3. (Note: SURS’

3 On June 13, 2014, the SURS Board of Trustees approved lowering the System’s assumed rate of investment return to 7.25% from 7.75%. The rate is effective as of June 30, 2014.

Exhibit 12

9

returns have significantly exceeded the actuarial rate of return over the long term, as evidenced by the 8.1% 25-year return). Over the long term, however, the projected return is 7.37%, higher than the return assumption. Also, it is important to note active management is projected to add additional value over and above passive implementation. SURS periodically reviews the actuarial return assumption for reasonableness.

Asset/Liability Study Results

Strategic

Asset Class Policy %

(Approved June 2014) U.S. Equity 23% Non-U.S. Equity 19% Global Equity 8%

Total Public Equity 50% Core Fixed Income 19% Emerging Market Debt 3% TIPS 4%

Total Fixed Income 26% Private Equity 6% Real Estate 6% REITs 4% Hedged Strategies 5% Opportunity Fund 1% Commodities 2%

Total Alternatives 24% Total 100% 5-7 Yr. Expected Return 6.24% Standard Deviation 12.41% 30 Yr. Expected Return 7.37% Sharpe Ratio 0.36

Compared to the return projections using NEPC’s 2016 capital market assumptions, the 2017 return projection is slightly lower (6.2% in 2017 vs. 6.4% in 2016). The modest decrease in the return projection is a result of slightly lower return expectations among global equity assets.

.

Exhibit 12

10

Risk Management Risk is monitored through various forms of analysis and reporting in an attempt to understand risks within the Fund, and to ensure adequate compensation for the level of risk assumed. Analysis will occur at various levels of detail, which include individual manager, asset class and total Fund. In addition to relative performance evaluation, an analysis of diversification, benchmark risk, active risk, total risk, value at risk, and other risk measures will be reported. Analysis will be conducted on an ex-post and ex-ante basis to identify and quantify both forward looking and backward looking risk metrics. Staff will review portfolios, asset classes, and total Fund information on an ongoing basis in order to maintain an understanding of potential risks within the portfolio. Individual manager portfolios or asset classes demonstrating higher than expected levels of risk will be examined in greater detail and any necessary adjustments will be made immediately, or a plan for doing so will be developed. Alternatively, justification for maintaining the exposure will be provided to the Investment Committee. Shown below and on the following pages is a sampling of risk analytics produced by NEPC and The Northern Trust Company, SURS’ custodian, to assist SURS in monitoring the risk profile of the Total Fund.

Total Fund Risk and Return

Source: NEPC

Exhibit 12

11

Total Fund vs. InvestorForce Public DB > $1B Net 5 Years Ending 6/30/17

Source: NEPC

Exhibit 12

12

Risk Trends and Overview

Source: The Northern Trust Company

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Contribution to Total Risk %

Total Equity Total Fixed Real Estate

Hedge Funds Commodities Opportunity Fund

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

Mar-13

Jun-13Sep-13Dec-13M

ar-14Jun-14Sep-14Dec-14M



ar-17Jun-17

Total Plan Risk (1 Year Forward Looking)

Total Risk

Exhibit 12

13

IV. Fiscal Year 2018 Portfolio Strategies Fiscal Year 2018 Total Fund Strategy The following actions are planned for the coming fiscal year.

• Investment Consultant Search – SURS’ contract with NEPC expires in October 2018.

By statute, investment consultant contracts are limited to five years and cannot be extended. A search will be completed during FY 2018 to comply with law. The first order of business for the selected consultant will likely be an asset/liability study.

• Procurement – Preliminary discussions have been held regarding an updated investment procurement process. A process change would allow SURS to operate more efficiently and with continued rigor. Additional consideration is scheduled for the September Investment Committee meeting.

• Board Reporting – Performance reporting and qualitative manager/strategy information dashboards have been constructed over the past year. Comments regarding the format and content of investment reporting will be considered as updates continue.

• Investment Policy – The Investment Policy was last reviewed and approved by the

Board at the June 2017 Investment Committee meeting. Additional review will be conducted and potential revisions to the Policy will likely be considered in October 2017.

Ongoing Responsibilities

• Diversity Initiatives – SURS will continue to review opportunities in the investment program to consider the utilization of minorities, females and persons with a disability. Investment managers of diversity are always encouraged to participate in the search process if an applicable strategy/mandate is identified.

• Investment Manager Oversight, Due Diligence and Risk Management – A critical duty of the investment team and NEPC is to monitor the numerous investment managers under contract with SURS. Each manager plays a role in the success of the overall program and extensive resources are utilized to ensure the strategies are functioning as desired. Risk management monitoring of the program continues to expand and evolve.

• Fees and Compliance Oversight – SURS continuously strives to obtain the most

favorable fee terms from investment providers. Negotiations and asset reallocations during FY 2017 resulted in annual savings of approximately $2.9 million. Compliance monitoring efforts includes continuous interaction with NEPC as well as the custodian, Northern Trust.

• Trustee and staff education will continue to be a priority during Fiscal Year 2018.

Exhibit 12

14

Fiscal Year 2018 Public Equity Strategy A primary focus in Fiscal Year 2018 will be an effort to identify talented investment managers who can enhance the structure and performance of the portfolio. A search for diverse U.S. equity managers was approved in June 2017 and is tentatively scheduled to conclude in the Fall of 2017. In the aggregate, the public equity portfolio (U.S., non-U.S. and global equity) is 2.2% overweight relative to the strategic policy target. Continued emphasis will be on monitoring the portfolio and underlying investment managers for performance that meets or exceeds expectations and for compliance with the Investment Policy and investment manager guidelines. NEPC, the general investment consultant for SURS, will assist in the monitoring and strategy efforts. Fiscal Year 2018 Fixed Income Strategy A key focus during Fiscal Year 2018 will be a review and reassessment of the core fixed income portfolio to determine the optimal structure in what is likely to be a rising interest rate environment going forward. Potential strategies to be considered include non-core sector allocations such as bank loans, private credit, and other opportunistic strategies. These reallocations would be designed to diversify risk in the fixed income portfolio, specifically shifting a portion of the interest rate risk to credit risk. The portfolio will continue to be monitored to ensure that the underlying investment managers meet or exceed expectations for performance as well as compliance with the Investment Policy and investment manager guidelines. NEPC will assist in the monitoring and strategy efforts. Alternative Strategies Fiscal Year 2018 Real Estate Strategy As of June 30, 2017, investments in real estate investment trust securities (REITs) comprise 3.9% of the total portfolio, and investments in private real estate investments total 5.7% of the portfolio. The long-term strategic policy target mix allocates 4% to REITs and 6% to private real estate. In April 2017, SURS initiated a search for non-core private real estate debt providers. This search, which is tentatively slated to conclude at the September 2017 meeting, is expected to result in the commitment of $60 million. Other projects slated for the real estate asset class include plans to evaluate opportunities to enhance the existing core real estate portfolio. In addition, staff expects one or more existing non-core real estate General Partners to begin fundraising during FY 2018. Additional commitments to these products may be considered at that time.

US Equity23%

Non-US Equity

19%

Global Equity8%

Core Fixed Income

19%

Emerging Market Debt

3%

TIPS4%

Real Estate10%

Exhibit 12

15

Fiscal Year 2018 Private Equity Strategy As of June 30, 2017, the private equity portfolio comprises 5.2% of the total portfolio, slightly under the strategic policy target of 6.0%. The private equity portfolio is broadly diversified by vintage year, sub-class and geography. At the June 2017 Investment Committee meeting, the Board approved a five-year private equity funding plan, totaling $1.7 billion. Implementation of 2017 commitments is currently underway. Also, at the June 2017 meeting, the Board approved multi-year commitments to Adams Street Partners, Pantheon Ventures and Mesirow Financial Private Equity. These commitments, implementation of which will begin in FY 2018, allow for consistent funding by vintage year and further enhance the diversification of the private equity portfolio. Fiscal Year 2018 Hedged Portfolio Strategy The 5% strategic policy allocation to hedged strategies was achieved during FY 2017 by increasing the allocations to existing hedge fund-of-fund providers. Planning for an educational “Hedge Fund Day” for the SURS Board is currently underway and is tentatively slated for late 2017. Additional education will be provided during FY 2018 regarding the potential use of Alternative Beta strategies or direct Global Macro strategies as a means of reducing the cost of the hedged strategies portfolio. If desired by the Board, a search will be initiated once the specific parameters are determined. Fiscal Year 2018 Opportunity Fund Strategy Currently, infrastructure investments are the sole component of the Opportunity Fund. Additional opportunities arising during Fiscal Year 2018 may be brought to the Board’s attention, if appropriate. Fiscal Year 2018 Commodities Strategy The strategic policy mix approved by the Board in June 2014 includes a 2.0% strategic policy allocation to commodities. This allocation is one element of the plan to reduce SURS’ public equity exposure and increase the portfolio’s diversification. Fiscal Year 2018 Cash Overlay Strategy A cash overlay program was implemented in September 2014. The program is designed to assist the Plan in remaining fully invested consistent with policy targets and to efficiently manage exposure to cash

Private Equity

6%

Opportunity Fund

1%

Commodities2%

Hedged Strategies

5%

Exhibit 12

16

flows. The overlay program also allows efficient implementation of rebalancing and changes to asset allocation targets. Projected Timeline A chart illustrating a projected timeline of the major investment projects slated for Fiscal Year 2018 is shown on the following pages. It should be noted that other projects may arise during the fiscal year, including, but not limited to, potential manager terminations or other ad hoc projects.

Exhibit 12

Topic Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18Implementation of Private Equity Pacing Model (Start June 2017)Private Real Estate Debt Search (start April-17)Consideration of FY 2018 Investment PlanEducation - Opportunistic CreditU.S. Equity MDP Search (start June-17)Review of Non-US and Global Equity Asset ClassesAnnual Review of Investment PolicyAnnual Review of Diversity GoalsAnnual Broker/Dealer Review Education - Hedge FundsGeneral Investment Consultant Search (start October-17)Annual Review of Passive PortfolioAnnual Review of Real Estate Asset ClassReceipt of Annual Report to the Governor on Utilization of Emerging FirmsEducation - Topics TBDAnnual Review of Fixed Income and Emerging Market Debt Asset ClassesTrustee Educational Forum Annual Review of Commodities Asset ClassAnnual Review of Hedged Strategies Asset ClassEducation - Topics TBD

Annual Review of U.S. Equity Asset ClassAnnual Investment Review of SMPEducation - Topics TBDAnnual Review of Private Equity Asset ClassAnnual Review of Opportunity Fund Asset ClassSURS FY 2019 BudgetEducation - Topics TBD

Contract negotiations


SURS FY 2018 Investment Timetable



Exhibit 12

18

V. Manager Diversity Program Overview The Manager Diversity Program (MDP) is a SURS-sponsored initiative designed to identify and provide opportunities to highly successful investment management firms owned by minorities, females, and persons with a disability. Key items of note:

• Developed in 2004 to identify and retain MFDB firms • Managers contract directly with SURS • Market Value of $2.958 billion, as of June 30, 2017 • 5 components:

Asset Class

Number of MFDB Firms

Market Value*

as of June 30, 2017

Commitment Amount (Private Equity & Real

Estate Only) U.S. Equity 4 $1,247 million N/A Core Fixed Income 4 $741 million N/A Non-U.S. Equity 3 $876 million N/A Private Equity 2 $50 million $150 million** Real Estate 1 $43 million $165 million Total 14*** $2,957 million *Totals may not add due to rounding **An additional commitment of $100 million to Muller & Monroe was approved in March 2016. Contract negotiations were completed in August 2016. ***14 firms and 16 strategies due to two strategies with one private equity investment manager and two strategies with one real estate manager. Performance Objectives The performance objective of the MDP is to seek annualized investment returns, net of investment management fees, in excess of the market goal for 1, 3, 5, and 10 year periods. While individual investment managers may underperform in any given year, the diversification within the program should limit the underperformance at the program level. Fiscal Year 2017 Performance Review The MDP fell below its benchmark during Fiscal Year 2017 primarily due to manager underperformance relative to the benchmark in the U.S. equity portfolios and the TIPS portfolios. Two underperforming U.S. equity managers were recently terminated and the two TIPS managers were recently converted to a passive manager. In terms of best absolute performance, the Franklin Templeton EMREFF Real Estate portfolio returned 19.9% versus 10.6% for the benchmark, and the U.S. midcap manager, EARNEST, returned 21.5% versus 15.9% for the benchmark. As a result, the MDP was behind the benchmark for the one-year, but ahead for the three-year, five-year, and since inception time periods.

Exhibit 12

19

Investment Performance* As of June 30, 2017

1 Year

3 Years

5 Years Since

Inception SURS MDP 12.1% 4.7% 8.1% 6.1% Benchmark 12.6% 4.3% 8.0% 5.9%

*Net of investment management fees Fiscal Year 2017 MDP Accomplishments As of June 30, 2017, the MDP is valued at approximately $3.0 billion. A summary of MDP activities follows.

• SURS held a diversity event in November of 2016 bringing together MFDB firms and brokers to a half-day conference in Chicago.

• SURS implemented a portfolio index option overlay strategy with Gladius Capital Management, designed to generate incremental income to a passive equity portfolio.

• SURS recently issued an RFP focused on MFDB firms to provide portfolios in multiple U.S. equity asset classes.

• Implemented a graduation program for MFDB firms from the manager of managers portfolios.

SURS’ commitment to diversity extends beyond the bounds of the MDP. In addition to the 14 firms utilized in the MDP, SURS contracts with two additional MFDB firms, bringing the total number of MFDB firms in partnership with SURS to 16. In the most recent Investment Policy, SURS has implemented guidelines for a graduation program for firms in the manager of manager funds to receive direct allocations from SURS. Also, SURS’ hedge fund of funds providers are required to allocate at least 20% of each portfolio to MFDB firms. Assets managed for SURS by these 16 firms are approaching $5.1 billion, or 28.0% of the Total Fund, as of June 30, 2017. Fiscal Year 2018 MDP Strategy Plans for the MDP in FY 2018 include the following:

• Expand industry outreach efforts • Continue diligent monitoring of the overall program, manager structure, and risk

parameters within the program • Provide a thorough review of the MDP to the Board at the March 2018 Board meeting • Identify potential opportunities to increase funding for existing qualified investment

managers • Continued interaction with system consultant, NEPC, via more frequent discussions

regarding MFDB investment managers

Exhibit 12

20

VI. Self-Managed Plan Overview The Self-Managed Plan (SMP) is a defined contribution option available to SURS members. The SMP has grown steadily since the plan’s inception in April 1998. To date, over 31,900 members have participated in the plan. Highlights of the plan include:

• Approximately $2.16 billion in assets as of June 30, 2017 (including the SMP forfeiture and disability reserves of more than $104 million)

• One Lead Administrator o Fidelity Investments

• Two Service Providers – Fidelity Investments ($1.2 billion in assets) – TIAA ($0.8 billion in assets)

• 27 investment options as of June 30, 2017 – Includes series of lifecycle funds in both TIAA and Fidelity lineups

• Over 20,400 Participants currently invested Fiscal Year 2017 SMP Accomplishments

• During fiscal year 2017, SURS continued to utilize and monitor investment options with the lowest cost share classes available in the SMP as a means to reduce participant cost and potentially enhance investment returns.

• Target-date fund products containing an income replacement component were reviewed and the Dimensional Target Date Retirement Income Funds were approved by the Board.

• Potential replacements for the CREF Money Market Account were reviewed and the Vanguard Federal Money Market Fund was approved by the Board.

Fiscal Year 2018 SMP Strategy Statute requires SURS utilize between two and seven service providers in the SMP. Given the diversity and number of investment options in the SMP, there are no plans to expand the offerings; however, changes may be recommended in order to eliminate duplication of similar offerings, omit weak performing options, provide lower cost options and adjust the allocation between active and passive strategies. Also, SURS takes into consideration that the SMP is a primary retirement plan, as well as participant inquiries and requests, when determining what funds to potentially include in the lineup. Plans for the SMP in FY 2018 include the following:

• Continue diligent monitoring of the overall program, providers and investment options • Provide a thorough review of the providers, investment options and fees at the April 2018

Board meeting • Continue interaction with investment consultant NEPC via frequent discussions regarding

the SMP • Implement the Dimensional Target Date Retirement Income Fund series, effective

August 31, 2017 • Replace the CREF Money Market Account with the Vanguard Federal Money Market

Fund, effective August 31, 2017 • Transfer the Fidelity Freedom Index Funds from the Investor Class to the lower cost

Institutional Premium Class

Exhibit 12

State Universities RetirementSystem of IllinoisCredit Opportunities

September 2017

Kevin Leonard, PartnerKristin Finney-Cooke, CAIA, Sr. ConsultantDeAnna I. Jones, Senior AnalystReino Ecklord, Research Consultant, Credit Strategies

Exhibit 13

Executive Summary 1

Current Portfolio Review 2

Current Market Outlook 3

Opportunistic Credit Review 4

Appendix 5

Tab

Table of ContentsState Universities Retirement System of Illinois

2

Exhibit 13

• The purpose of this presentation is to:– Review the current Fixed Income and Credit Exposure of the IL SURS Portfolio – Provide an outlook on the Fixed Income/Credit Markets– Recommend guidance for the program to be implemented in 2017 - 2018

• Consider the following changes to the SSGA Index portfolio:– Explore adjusting existing SSGA Index portfolio guidelines to create enhanced index

• BBC Aggregate concentrated in US Treasury & Agency sectors• Shifting 40-50% of sector exposures can potentially increase expected annual return by 75-100 bps• Changes mirror strategic positioning of most active managers

• Consider adding a Opportunistic Credit component to complement the existing Fund structure

– They would potentially add additional return given core bonds continue to have a low 5-7 year return outlook

– Most likely funded from the fixed income portfolio

• There are a number of implementation strategies in opportunistic credit– Strategies considered should fill gaps in the portfolio where there are low or no exposures– Types of strategies span both liquid to illiquid and risk/return spectrum

• Examples include: Bank Loans, Distressed, Structured Credit and Private Debt

Executive Summary

3


Exhibit 13

Current Portfolio Review

Exhibit 13

Current Portfolio Structure

• SURS has a 19% target to Core/Core Plus Fixed Income – Active management in the Core, Core Plus & Specialty categories is paired with passive Bloomberg

Barclays Aggregate Index – Core Fixed mandates continue to serve as the anchor of the fixed income portfolio and provide

protection in down markets– Core Plus managers provides similar benefits, but have a more attractive return profile over time– The unconstrained mandate provides some tactical duration positioning in a rising rate environment

5

Type Purpose Managers

Core – Active

36% of Core/Core Plus Composite

Primarily investment grade holdings, with BC Aggregate benchmark. Alpha and beta expectations are constrained. Core Plus has higher alpha and beta expectations by including more out of benchmark holdings.

Garcia Hamilton PIMCO Total ReturnPugh Capital Smith Graham

Core – Passive


Below investment grade bonds are perceived to have greater risk of default. These bonds pay higher yields than investment grade. To add alpha and reduce volatility, managers may use non-benchmark securities such as floating rate bonds, convertibles, IG bonds, preferred equity.

State Street

Core Plus


Flexible investment mandate that permits the manager to move between IG, high yield, bank loans, and securitized debt.

LM Capital Neuberger Berman Progress

GlobalUnconstrained


Investment in debt instruments issued by global sovereign entities. Portfolios typically high quality as the investable universe consists of investment grade-rated countries. To enhance returns managers will purchase out-of-benchmark securities such as emerging markets debt and global currencies.

PIMCO Unconstrained


Exhibit 13

Core/Core Plus – Sector and Quality Analysis

6

Security TypeIL SURS Core/

Core Plus Portfolio Total

US Government/Treasury 45.1%

Swaps and Liquid Rates -20.4%

MBS 33.0%

BABS 0.7%

Investment Grade 20.5%

High Yield-Corporate Credit 2.1%

Non US Developed 0.8%

EM - Hard 1.5%

Municipal 0.6%

Convertible Debt 0.4%

Net Short Duration 8.3%

Bank Loans 0.2%

Structured Notes 0.5%

Eurobonds 2.4%

Supranational Bonds 0.4%

Cash 0.1%

Non-Agency RMBS 0.7%

CMBS 1.2%

ABS 1.5%

Total 100%

Notes: Allocation is based on June 30, 2017 market values Negative percentages for PIMCO are due to pay-fixed interest rate swaps which are being used to partially offset interest rate exposure from other holdings, including Treasuries, mortgage-backed securities, and corporates. These instruments used to manage interest rate risk do not result in net short exposure as they are covered by long positions as well as cash and cash equivalents. Source: Weighted percentage based on data provided by SURS’ investment managers and is believed to be accurate.


AAA AA A BBB BB orbelow Unrated

Fund 59.90% 6.20% 16.10% 13.00% 4.70% 0.10%Index 71.60% 4.20% 10.60% 13.60% 0.00% 0.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

Sector Exposure vs Index • The core sectors make up the largest allocations in the SURS’ portfolio:

− Treasuries 45% vs BBgBarc Agg allocation of 49%− Mortgages 33% vs BBgBarc Agg allocation of 30%− Credit 21% vs BBgBarc Agg allocation of 26%

• In comparison to the Bloomberg Barclays Aggregate Index, the Core/Core Plus Fixed Income composite has an overweight to lower quality securities (rated A and lower) and an underweight in AAA rated securities. The portfolio’s average quality is AA.

Quality Allocation Portfolio vs Index

Exhibit 13

Core/Core Plus – Duration Exposure

7

Notes: Based on composite information provided by eVestment Negative percentages for PIMCO are due to pay-fixed interest rate swaps which are being used to partially offset interest rate exposure from other holdings, including Treasuries, mortgage-backed securities, and corporates. These instruments used to manage interest rate risk do not result in net short exposure as they are covered by long positions as well as cash and cash equivalents. Data has been provided by SURS’ investment managers and is believed to be accurate.Total Core/Core Plus data based on a weighted average of the SURS managers portfolio

>1 Yr 1-3 Yrs 3-5 Yrs 5-10 Yrs 10-20 Yrs 20 Yrs+Total Portfolio 5.20% 17.90% 39.50% 26.30% 17.20% -6.10%Index 0.13% 22.10% 32.70% 31.10% 12.90% 1.17%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

Duration ExposurePortfolio vs Index

In comparison to the Bloomberg Barclays Aggregate Index, the Core/Core Plus Fixed Income composite has the largest overweight in securities with a 3-5 year duration and the largest underweights in securities with a long duration (20+ year). The portfolio’s

average duration is 5.9 years.

Yield to Maturity Average Duration

Fund 2.5% 5.9 yrs.

Index 2.6% 6.0 yrs.


Exhibit 13

Core/Core Plus – Performance Summary

8

Notes: Allocation is based on June 30, 2017 market values


Exhibit 13

Core/Core Plus – Performance Summary

9

Notes: Allocation is based on June 30, 2017 market values


• For the three years ending 6/30/17, relative to the index, the portfolio has a lower standard deviation (2.6% vs 2.9%) and a higher Sharpe ratio (0.9% vs index 0.7%).

Risk Statistics vs Index and Peer Universe

Exhibit 13

Current Market Outlook

Exhibit 13

• Allocate to TIPS as inflation expectations are priced attractively– Preserve US duration exposure with a bias to TIPS over core bonds

• Reduce high yield bonds with credit spreads below long-term medians– Credit markets continue to benefit from high demand in a low rate environment but current

credit spread levels do not provide adequate compensation for the risks

• For tactical investors, look to fund emerging local debt from risk assets– Valuations for many emerging market currencies remain attractive despite the recent rally– EMD yields remain attractive relative to developed market fixed income– Blended strategies offer exposure to local currency but may also provided reduced volatility

relative to dedicated mandates

• Consider opportunistic credit mandates for flexible exposure to credit risk or targeted non-traditional opportunities

– Traditional credit risk less compelling today; preference for tactical managers to access the space

– Locked-up opportunistic structures may capture illiquidity and/or complexity premia

NEPC 2017 Fixed Income Considerations

11


Exhibit 13

• Low returns expected in traditional core and core plus strategies– U.S current rates suggest low returns

• Any further decline in rates is less likely to have a large positive impact– NEPC’s 2017 5/7 year expected return for core bonds is 2.65%

• Potential for inflation in the U.S. and other developed markets– CPI has not yet captured the effects of the massive Government stimulus

• Inflation likely to drive rates up

• BBgBC Aggregate Index is flawed & limited– Cap Weighting: Biggest debtors are biggest share of the index– Duration & Credit quality is a function of biggest debtors– Bulk of the index is composed of U.S. Treasuries, Agencies, and Agency MBS: interest rate

sensitive/lower yielding sectors• Duration becomes the main driver for performance• With low interest rates persisting, the new issues of longer dated corporate issuers has extended the

duration of the BBgBC Aggregate index

• With the duration of the index increasing significantly, investors tracking the BBgBC Aggregate Index are going to take on additional risk when there isn’t much upside potential

• It is possible with the Fed’s balance sheet unwinding of MBS and Treasuries that we could continue to see shifts in the composition (and duration) of the BBgBC Aggregate Index

NEPC 2017 Fixed Income Considerations

12


Exhibit 13

Current Return EnvironmentState Universities Retirement System of Illinois

13

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Cu

rren

t Y

ield

Source: Barclays, S&P, Deutsche Bank, Bloomberg, NEPC; Note: Private Credit yield represents NEPC assumption on target yield ; data as of 6/30/2017

Blue bars represent potential Opportunistic credit exposures

Exhibit 13

Q2 2017 Credit Market Thoughts

Beta Subset Summary

Corporate Credit

• Investment Grade: Limited room for spread tightening, fund flows, rising interest rates a headwind; mindful of credit deterioration

• High Yield: rating change to negative. Spreads stretched and expected volatility remains high

• Bank Loans: rating change to positive/neutral, moving it a notch down in sentiments. Current spreads similar to HY but with lower volatility than HY, rising rate benefit,

• Mezzanine: Shrinking portion in the capital structure and few strong performers

• Distressed Debt: Opportunity remains limited today but pockets exists in PE or Asia

• Direct Lending/Private credit is attractive especially in Europe; opportunities may be evolving in Asia; cautious in US

EmergingMarket Credit

• Local: attractive real rates differentials relative to developed markets; performance divergence by country; volatility to persist especially in FX

• Corporate: spreads tightened reflecting improving fundamentals

• Sovereign: Fairly valued; idiosyncratic risks and opportunities

Securitized Credit

• CLOs (spread) offer pockets of opportunities; mezzanine tranches may offer better risk-adjusted spreads however strategy remains capacity constrained

• Regulatory changes may have a significant impact on structured credit markets overall

Current Outlook

14


Exhibit 13

Beta Subset Q1 2017 Q2 2017 Comments Q2C

orp

ora

te C

red

it

Investment Grade Negative Negative Maintained negative: concerns around fund flows remain

High Yield Neutral NegativeRating downgrade: spread compression elevates our concerns about the future risk-adjusted return

Bank Loans Positive Positive/Neutral

Slight downgrade to positive/neutral: benefits from rising rates, enjoys seniority, negative convexity and high percent of cov-lite remains concern

Private Credit Positive PositiveMaintain positive: Europe and Asia are preferred over the US; cautious about US

Emer

gin

g M

arke

tC

red

it

EMD Local Positive PositiveMaintain positive: Attractive real rates DM vs EM, FX vol. remain a concern but dispersed among EM countries

EMD External Sovereign Neutral NeutralMaintain neutral: Stabilizing to improving fundamentals, Yields are comparable to US HY but risks will persist in Trump era

EMD External Corporate Neutral NeutralMaintain neutral: Stabilizing to improving fundamentals, Yields are comparable to US HY but risks will persist in Trump era

Str

uct

ure

d

Cre

dit

CLO Positive PositiveMaintain positive: Mezzanine tranches offers better risk-adjusted spreads

RMBS Neutral Neutral Maintain neutral: Spreads narrowed, issuance slowed, regulatory overhang

CMBS Neutral NeutralMaintain neutral: credit deterioration, dealer inventory shrinking, retail sector stress

2017 NEPC Beta View Trends

15


Exhibit 13

Opportunistic Credit Review

Exhibit 13

Government Debt

Sovereign Bonds

(Developed and EM)

Government-Related Entities

Municipal Debt

Taxable

Tax-Exempt

Corporate Debt

Bank Loans (Public and

Private)

Corporate Bonds (IG and

HY)

Convertibles

Securitized

Agency MBS

Non-Agency RMBS

CMBS

CLO

Other ABS/Structured

Products

Fixed Income Asset Classes

• Opportunistic allocations and strategies may span a number of asset classes and sub-asset classes

• Increasing the credit risk of the portfolio will increase SURS’ risk in the fixed income portfolio

17


Exhibit 13

Fixed Income Spectrum

Illustrative Risk / Return Profile

Expected RiskLow High

Low

Hig

h

Notes:- Private credit strategies can span the illustrative risk / return spectrum depending on the specific strategy- Manager-specific risk, operations and leverage can skew expected risk / return profile; risk/return numbers based on NEPC assumptions

18

Liquid Illiquid


Exhibit 13

• Broad categorization of strategies designed to invest across fixed income/credit asset classes

– Generally focused on securities and asset classes with credit risk exposure• Corporate debt (bonds and loans); direct lending; securitized products

(RMBS, CMBS, ABS, CLO)

• Expected to achieve returns through high active management

Opportunistic Credit

Tactical Positioning Illiquidity or Complexity

Managing exposures across asset classes as opportunities shift

Capturing return premia versus traditional asset classes by focusing on less-liquid segments or complex securities and situations

Example• Strategy with the flexibility to invest in

high yield bonds or bank loans• Long-short credit strategy able to

trade around positions and dynamically shift gross/net exposures

Example• Direct lending – return spread for less

liquid asset class exposure• Stressed/distressed credit – complex

situations with less liquid securities may offer outsized returns

19


Exhibit 13

• Building an opportunistic credit allocation– Consider managers with flexible mandates for tactical exposure– Allocate to specific asset classes that fit the targeted profile where

opportunities may exist (ex: private debt/direct lending or CLOs)

• Key considerations– Return expectation and risk tolerance– Ability to afford illiquidity

Opportunistic Credit Allocation Considerations

Potential Benefits Potential Risks

• Additional active-management return in low-return environment

• Return premia for exposure to illiquid and/or complex securities

• Generally lower duration strategies

• Active-management may miss beta opportunities

• Possible increased mark-to-market volatility

• Generally higher fee strategies

20


Exhibit 13

Beta and Implementation

Components of Credit BetaDeveloped Market Credit Emerging Market Credit Structured Credit

Corporate Sovereign Corporate Sovereign

Residential

Mortgages

Consum

er Loans

Com

mercial

Mortgages

Bank Loans

Mortgages Loans

IG

Bank Loans

High Yield

Private Debt

Treasury

TIPs

Municipals

Govt. D

ebt

IG

Bank Loans

High Yield

Private Debt

Treasury

Municipals

Govt. D

ebtAgency RMBS

Non-Agency RMBS

CMBS

ABS

CLO - Mezzanine

Multi-Sector

Core FI

Short Duration FI

Long Duration

Core Plus FI

Long Bank Loans

Long Gov Duration

Stable Value

High Yield

Global High Yield NPLs

Multi-sector credit

TIPs

Distressed Debt

EMD Local (Sovereign)

EMD Blended (Sovereign & Corporate)

EMD External Sovereign

EMD External Corporate

EM Private Debt

Positive

Long-short credit

Mezzanine

Neutral Negative illiquid

Multi-sector credit

Distressed for-control

Direct Lending -Europe

Direct Lending -US


21

Exhibit 13

Beta Strategies and Liquidity Spectrum

• Access credit (market) beta

• Mid-cycle, when there is a clear beta

• Cheap source of in-cycle /theme return

Rat

ion

ale

Ch

alle

ng

es

• Access credit selection + selective credit beta

• Early cycle or late-cycle; credit selection is key

• Niche ideas

• Uncorrelated to credit cycles

• Complexity premium

• Concentrated strategic credit bets

• Workout premium

• Illiquidity premium

• Passive market volatility

• Credit risk

• Sporadic/ trendless price volatility

• Credit risk

• Opportunity Cost/fees

• Extension risk

• Credit Risk

• Vintage risk

• Highest opportunity cost/fees

• Access credit selection

• Short-term dislocations or illiquidity premium

• Credit risk

• Opportunity cost for locking capital

• Extension risk

< 1 Month 1 – 3 year 5+ years3-5 years

Typ

ical

Cre

dit

S

trat

egie

s

• Core FI /Long bank loans

• High yield

• Duration trades

• Long liquid stressed

• TIPS

• Absolute return or multi-sector credit

• Multi-sector

• Long-short credit

• Structured credit

• Stressed / Liquid distressed

• Long biased semi-illiquid opportunities

• CLOs

• Distressed credit

• NPLs

• Opportunistic credit investments

• Distressed credit / Non-performing Credit

• Long biased

• Distressed for control

• Special situations


22

Exhibit 13

Term Structure ConsiderationsState Universities Retirement System of Illinois

23

Traditional Structures

Hedge Fund Structures

Private Markets Structures

Target asset classes Public market bonds, loans and securitized assets; more liquid segments

Public market bonds, loans and securitized assets; liquid to less liquid segments

Illiquid securitiesacross public markets; private securities

Strategy examples Benchmark-agnostic credit; tactical high yield and bank loan mandates

Stressed/distresseddebt; credit long/short; dedicated structured credit

Direct lending; distressed for control; CLO Equity

Liquidity Ranges; weekly to monthly to quarterly liquidity

Quarterly liquidity with initial lock-up and possible gates

Long-term lock-up structures (5-10 years) with investment and harvest period

Fees Typically ranging from flat fees of 75 to 100 basis points

Generally 1-2% management fee with 10-20% performance fees

Typically 1-2% management fee with 10-20% performance fee subject to hurdle rates

Note: Liquidity and fee terms guidepost estimates based on NEPC experience researching investment managers

• Certain strategies my offer income distribution to offset illiquid structures

Exhibit 13

• Rising interest rates pose a headwind for core fixed income

• Credit risk looks richly priced in todays market environment

• Non-traditional, opportunistic credit mandates may offer tactical access to credit markets or niche opportunities

– Must consider fee tolerance and liquidity needs

Conclusion

24


Exhibit 13

Appendix

Exhibit 13

• Interest-Rate Risk:– Primary market risk assumed by fixed income investor– Risk that the price of a bond will fluctuate due to change in market interest rates

• Bond prices move in the opposite direction of interest rate– Interest rate risk is typically expressed as duration

• Default/Credit Risk:– Defined as the risk of an entity being unable to make the required payments on their

debt obligations– To help mitigate the impact of default/credit risk, lenders often charge rates of return

that correspond with the borrowers level of default risk• i.e. The higher the perceived default/credit risk, the higher the rate of interest that

investors will demand for lending their capital with a high Default risk should be a concern for below investment grade bonds

– Default risk evaluated based on stability of cash flows, level of asset protection

• Liquidity Risk:– Defined as the risk of being unable to buy or sell an investment quickly enough to

prevent or minimize a loss• Liquidity risk is minimal for govt. debt however• Liquidity risk is a concern for lower rated bonds, securities that were part of a small

issue, or bonds that have recently had their credit rating downgraded

• Other risks include reinvestment & currency risk

Primary Risks Associated with Fixed Income InvestingState Universities Retirement System of Illinois

26

Exhibit 13

• Government or Sovereign debt– Debt issued by a national government and denominated in a local or foreign currency– US Treasury Bonds

• Guaranteed by the full faith and credit of the US government– Treasury Bills – mature in one year or less – Treasury Notes – mature in 1-7 years– Treasury Bonds – mature in over 7 years– Treasury Inflation Protected Securities (TIPS)

• Quasi-Sovereign (Agency) debt– Debt with explicit or implicit government guarantees (ex: Ginnie Mae)

• Corporate Bonds (US, Foreign, Emerging)– Can be secured or unsecured– Issued by companies of varying size & credit-quality

• Mortgage debt– A bond secured by a mortgage on a property, typically residential or commercial real

estate.– Issued by government agencies like Fannie Mae & Freddie Mac, as well as banks and

mortgage companies• Asset-backed Securities (ABS)

– Bonds that are secured by secured and unsecured claims on property or cash flows• Auto loans, credit cards

• Structured debt– Broader term that reflects fixed income securities structured multiple layers

Types of Bonds – Different Issuers and StructuresState Universities Retirement System of Illinois

27

Exhibit 13

• Definitions– Coupon: the interest rate state on a bond when it’s issued and paid on a regular

basis

– Principal: the original sum of money invested or lent, face value of bond

– Yield: the income return on investment which refers to the interest paid relative to the current price of the security

– Maturity: refers to a finite time period at the end of which the financial instrument will cease to exist and the principal is repaid with interest

– Duration: the weighted average term-to-maturity of a bonds cash flows. Also used as a measure of the sensitivity of the price of fixed income investment to a change in interest rates. Duration is typically expressed as a number of years.

– Rating: Method of evaluating the possibility of default by a bond issuer. Standard & Poor, Moody’s and Fitch are rating agencies that analyze the financial strength of each bond issuer and assign ratings that range from - AAA (highly unlikely to default) to D (in default)• Investment Grade – bonds rated AAA, AA, A and BBB• High Yield – bonds rated BB, B, CCC, CC, C and D

Refresher on Key Fixed Income Market TerminologyState Universities Retirement System of Illinois

28

Exhibit 13

Manager Status Review Quarter Ended June 30, 2017

Exhibit 14

Manager Status Criteria

Based on the SURS Investment Policy, adopted June 9, 2017, managers of marketable securities will be categorized in one of three ways based on investment performance.

• Good Standing: A Manager’s three (3) year and five (5) year rolling AnnualizedAlpha (net of fees) each exceed their Active Manager Premiums (AMPs) for suchperiods. Managers with less than a five (5) year performance history will beconsidered in Good Standing.

• Enhanced Review: A Manager’s three (3) year or five (5) year rolling AnnualizedAlphas (net of fees) are above their respective Benchmarks but below their AMPs.

• Reassessment: A Manager’s (i) three (3) year and five (5) year rolling AnnualizedAlphas (net of fees) are below their respective Benchmarks for the preceding twoconsecutive quarters, and (ii) three (3) year and five (5) year Information Ratiosare negative for the preceding two consecutive quarters; or other performancemetrics reflect a significant negative trend.

Exhibit 14

Manager Status Review

Manager Strategy Status

Mesirow U.S. Smallcap Core Enhanced Review

EARNEST U.S. Midcap Core Enhanced Review

Channing U.S. Midcap Value Enhanced Review

T. Rowe Price Large Cap Structured Active U.S. Equity Enhanced Review

CastleArk U.S. Smallcap Growth Good Standing

Piedmont Large Cap Structured Active U.S. Equity Good Standing

U.S. Equity Managers

Non U.S. Equity Managers


Ativo All Cap Non-US Equity Enhanced Review

Fidelity Structured Active Non-US Equity Enhanced Review

GlobeFlex All Cap Non-US Equity Good Standing

Progress Large Cap Non-US Developed Good Standing

Strategic Global Advisors

Large Cap Non-US Developed Good Standing

BlackRock Structured Active Non-US Equity Good Standing

Exhibit 14



Mondrian Global Equity Reassessment

Wellington Global Equity Enhanced Review

T. Rower Price Global Equity Good Standing

Global Equity Managers

Core Fixed Income Managers


Pugh Core Fixed Income Enhanced Review

Smith Graham Core Fixed Income Enhanced Review

LM Core Plus Fixed Income Enhanced Review

PIMCO Total Return Core Plus Fixed Income Enhanced Review

TCW Core Plus Fixed Income Enhanced Review

Garcia Hamilton Core Fixed Income Good Standing

Progress Core Fixed Income Good Standing

Neuberger Berman Core Plus Fixed Income Good Standing

PIMCO Unconstrained Absolute Return Fixed Income Good Standing

Exhibit 14



BlueBay EM Debt Good Standing

Colchester EM Debt Good Standing

Progress EM Debt Good Standing

Prudential EM Debt Good Standing

Emerging Market Debt Managers

Exhibit 14

Manager Reassessment

Mondrian Investment Partners Global All Countries World Equity

Exhibit 15

Background

• In December 2003, SURS hired Mondrian Investment Partners (the firm was called Delaware International Advisers at the time) to manage a Non-US Equity mandate.

• In order to balance out an underweight to value exposure in the SURS Global Equity portfolio, the Mondrian account was converted to a Global Equity mandate in November 2011.

• Additional funding was added to Mondrian in January 2017, as well as to our other two Global

Equity managers. This corrected an underweight to Global Equities that resulted from a prior manager termination. The allocation to Mondrian again helped to avoid a growth tilt in the portfolio.

• Mondrian’s performance has lagged its benchmark, the MSCI ACWI Index, in both the three and five year trailing periods for the previous two quarters as of June 30, 2017. In addition, the portfolio posted a negative information ratio for three and five year trailing periods over the past two quarters. These performance results place Mondrian into Reassessment status per the SURS Investment Policy.

• Mondrian’s risk adjusted returns exceed the ACWI Value index (a secondary benchmark) over 3 years, 5 years, and since inception, but do not exceed alpha plus AMP.

• Dashboards for Mondrian follow this presentation.

Exhibit 15

Blended Performance as of 6/30/2017

• Mondrian has shown strong performance in down markets

1 ACWI / Custom is comprised of MSCI ACWI ex US index from inception until November 2011, MSCI ACWI Index from December 2011 forward

• Mondrian outperformed by 680 basis points in 2008 and 870 basis points in 2011. • Mondrian outperformed in 2016, a strong year for value stocks.

Exhibit 15

Blended Performance as of 6/30/2017

• Positive reversions in excess returns have occurred rapidly in the past

1 ACWI / Custom is comprised of MSCI ACWI ex US index from inception until November 2011, MSCI ACWI Index from December 2011 forward

• This account experienced large positive swings in relative performance between June and December 2008, and between

March and December 2011.

Exhibit 15

Causes of Underperformance • Growth has outperformed Value over the measurement period

• During this period, Mondrian has stayed disciplined to its process, keeping turnover at expectations (32% average over past 5 years), and standard deviation (risk) below benchmark.

Exhibit 15

Causes of Underperformance • Domestic Equities have outperformed Non-US Equities over the measurement period

• Mondrian was slightly underweight US at the Dec 2011 strategy inception for SURS, and significantly increased that bet in 2013. Mondrian has maintained a greater than 10% underweight to US Stocks since that time.

• Mondrian’s current outlook calls for US Dollar depreciation and for the US market to underperform. US Stocks have lagged Non-US Stocks 2017 to date.

Exhibit 15

Value vs. Growth – 10 years

• Growth rally has been especially pronounced over the last ten years

Mondrian Inception 12/11

Exhibit 15

Time Since a Correction • A Long Bull Market with No Major Corrections

• Mondrian portfolios have typically shown significant positive relative returns in periods of market correction (when the index declines over 10% in a quarter)

• Last major correction was Q3 2011, when Mondrian portfolios showed significant outperformance • Over the last 5 years there have been only 4 bear quarters

Sources: Mondrian Investment Partners

Exhibit 15

SURS Global Equity Portfolio as of June 30, 2017

• T. Rowe Price and Wellington’s excess returns are positively correlated • Mondrian’s excess returns are negatively correlated with T. Rowe Price and Wellington • Enhances portfolio diversification

Source: eVestment

*Returns for total Global Equities portfolio reflects returns of both existing and previously terminated managers.

June-17 Incep (1) Benchmark $

millions 1 YR (2)

Mgr1 YR (2)

Bmark3 YR (2)

Mgr3 YR (2)

Bmark5 YR (2)

Mgr5 YR (2)

Bmark10 YR (2)

Mgr10 YR (2)

Bmark

Mondrian Investment Partners Dec-11 MSCI ACWI 506 16.69% 18.78% 4.01% 4.82% 9.49% 10.54% 9.30% 10.43%

T. Rowe Price Global Focused Growth Oct-08 MSCI ACWI 540 28.56% 18.78% 11.39% 4.82% 16.58% 10.54% 13.65% 10.48%

Wellington Management Jun-02 Custom / MSCI ACWI 512 20.70% 18.78% 6.48% 4.82% 12.78% 10.54% 5.05% 3.83%

Total Global Equities Jan-04 Blended / MSCI ACWI 1,558 21.58% 18.78% 6.81% 4.82% 11.77% 10.54% 4.53% 3.75%

(1) inception date of account (2) or since inception, whichever is less

Manager Name Mondrian T. Rowe Price Wellington

Mondrian Investment Partners Limited 1.00 -0.55 -0.32T. Rowe Price Group, Inc. -0.55 1.00 0.63Wellington Management Company LLP -0.32 0.63 1.00

Correlation Matrix: Excess Returns - 5 Years (06/2017) using MSCI ACWI-ND

• Total Global Equities has exceeded its benchmark over 1, 3, 5, and 10 years. • Current portfolio is split between a value oriented manager, a growth oriented manager, and a

core manager.

Exhibit 15

Global Equity Risk/Return

• Current managers have favorable risk/return profiles relative to benchmark

Note: composite data used for periods longer than actual SURS history

Exhibit 15

Conclusions

• Mondrian’s performance in the Global All Countries World Portfolio is below

benchmark for 1, 3, and 5 year periods.

• Despite a stated value bias and long term underweight to US Equities, Mondrian has produced risk-adjusted returns that are only slightly below benchmark (ACWI), and exceed the ACWI Value Index.

• The SURS Global Equity asset class is currently comprised of three managers, including one managing to a growth style and one (Mondrian) with a value style. Pairing a growth and a value manager will often result in one underperforming if growth or value is in favor over a period of time.

• Mondrian’s investment actions have been consistent with their investment strategy and

the account’s objectives.

• SURS Staff recommends retaining Mondrian, while continuing to monitor the strategy. This account will be reviewed in October, in conjunction with the Global Equity asset class review.

Exhibit 15

Glossary of Terms Exhibit 15

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11)

Product Return (Gross) 16.95 4.23 9.71 -- -- 9.53Product Return (Net) 16.69 4.01 9.49 -- -- 9.30Annualized Fees 0.26 0.22 0.22 -- -- 0.23MSCI ACWI 18.78 4.82 10.54 -- -- 10.43Excess Returns -2.09 -0.81 -1.05 -- -- -1.13

Annualized Alpha (Risk Adjusted Excess Return) -2.66 -0.36 -0.17 -- -- -0.25Active Manager Premium 2.00 2.00 2.00 -- -- 2.00Excess Risk Adjusted Returns -4.66 -2.36 -2.17 -- -- -2.25

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11)

Standard Deviation 5.79 10.16 9.58 -- -- 10.39Standard Deviation - Benchmark 5.34 10.78 9.97 -- -- 10.86Beta 1.05 0.91 0.92 -- -- 0.92R-Squared 0.94 0.93 0.92 -- -- 0.93

Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11)

Sharpe Ratio 2.80 0.37 0.97 -- -- 0.88Treynor Ratio 15.42 4.18 10.14 -- -- 9.96Sortino Ratio 6.98 0.61 1.70 -- -- 1.44Tracking Error 1.44 2.86 2.85 -- -- 2.97Information Ratio -1.45 -0.28 -0.37 -- -- -0.38Upside Market Capture 93.22 91.22 92.93 -- -- 92.93Downside Market Capture 131.17 96.36 97.89 -- -- 98.33

Status Evaluation:

3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status

Current Quarter -0.36 -0.17 2.00 -2.36 -2.17Prior Quarter -0.34 -0.25 2.00 -2.34 -2.25

Mondrian / Global EquityJune 30, 2017

Reassessment

(4.0)

(3.0)

(2.0)

(1.0)

-

1.0

2.0

3.0

Rolling 3-year Excess Return vs. Benchmark

3 yr 3 year Alpha 2.00

(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

2.0

2.5

Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17



Exhibit 15


Product Return (Gross) 16.95 4.23 9.71 -- -- 9.53Product Return (Net) 16.69 4.01 9.49 -- -- 9.30Annualized Fees 0.26 0.22 0.22 -- -- 0.23MSCI ACWI Value 18.99 3.05 9.62 -- -- 9.60Excess Returns -2.30 0.96 -0.13 -- -- -0.30

Annualized Alpha (Risk Adjusted Excess Return) -2.79 1.26 0.79 -- -- 0.59Active Manager Premium 2.00 2.00 2.00 -- -- 2.00Excess Risk Adjusted Returns -4.79 -0.74 -1.21 -- -- -1.41




Sharpe Ratio 2.80 0.37 0.97 -- -- 0.88Treynor Ratio 15.43 4.28 10.37 -- -- 10.13Sortino Ratio 6.98 0.61 1.70 -- -- 1.44Tracking Error 3.54 3.37 3.02 -- -- 3.02Information Ratio -0.65 0.28 -0.05 -- -- -0.10Upside Market Capture 99.03 92.94 92.73 -- -- 92.49Downside Market Capture 394.97 86.57 90.11 -- -- 91.62

Status Evaluation:


Current Quarter 1.26 0.79 2.00 -0.74 -1.21Prior Quarter 0.84 0.40 2.00 -1.16 -1.60

Mondrian / Global Equity - Versus Secondary BenchmarkJune 30, 2017

Enhanced Review

(2.5) (2.0) (1.5) (1.0) (0.5)

- 0.5 1.0 1.5 2.0 2.5



(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

2.0

2.5




Exhibit 15

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr

SURS Total Equity 18.92 8.84 14.43 15.26 7.20Dow Jones Total US 18.52 9.04 14.51 15.31 7.32Excess Returns 0.40 -0.20 -0.08 -0.05 -0.12

Annualized Alpha (Risk Adjusted Excess Return) -0.56 -0.30 -0.28 -0.32 -0.27Active Manager Premium 0.00 0.00 0.00 0.00 0.00Excess Risk Adjusted Returns -0.56 -0.30 -0.28 -0.32 -0.27

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr

Standard Deviation 6.99 10.82 9.98 12.40 16.15Standard Deviation - Benchmark 6.58 10.63 9.81 12.13 15.67Beta 1.05 1.02 1.02 1.02 1.03R-Squared 0.99 1.00 1.00 1.00 1.00

Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr

Sharpe Ratio 2.64 0.80 1.43 1.22 0.41Treynor Ratio 17.52 8.51 14.06 14.82 6.50Sortino Ratio 7.94 1.41 2.74 2.26 0.59Tracking Error 0.88 0.68 0.61 0.63 1.01Information Ratio 0.46 -0.28 -0.13 -0.08 -0.12Upside Market Capture 102.59 99.75 100.08 100.66 101.88Downside Market Capture 104.23 101.21 100.95 101.50 102.17

Three Year Rolling Performance Statistics as of:Jun-16 Sep-16 Dec-16 Mar-17 Jun-17

Alpha -0.48 -0.55 -0.38 -0.47 -0.30Tracking Error 0.54 0.51 0.69 0.70 0.68

SURS - Total US EquityJune 30, 2017

(2.0) (1.5) (1.0) (0.5)

- 0.5 1.0 1.5 2.0 2.5

Dec-

09

Mar

-10

Jun-

10

Sep-

10

Dec-

10

Mar

-11

Jun-

11

Sep-

11

Dec-

11

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15

Dec-

15

Mar

-16

Jun-

16

Sep-

16

Dec-

16

Mar

-17

Jun-

17


3 yr 3 year Alpha -

(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

Dec-

11

Feb-

12

Apr-

12

Jun-

12

Aug-

12

Oct

-12

Dec-

12

Feb-

13

Apr-

13

Jun-

13

Aug-

13

Oct

-13

Dec-

13

Feb-

14

Apr-

14

Jun-

14

Aug-

14

Oct

-14

Dec-

14

Feb-

15

Apr-

15

Jun-

15

Aug-

15

Oct

-15

Dec-

15

Feb-

16

Apr-

16

Jun-

16

Aug-

16

Oct

-16

Dec-

16

Feb-

17

Apr-

17

Jun-

17


5 yr 5 year Alpha -

Exhibit 16

eVestment All US Equity Universe Information as of June 30, 2017

Excess Return - using Dow Jones US Total MarketPercentiles 1 Year 3 Years 5 Years 7 Years

25th Percentile 4.61 0.75 1.11 0.81Median 0.84 -0.70 -0.05 -0.1875th Percentile -2.29 -2.39 -1.42 -1.38Observations 3,424 3,294 3,069 2,841

Annualized Alpha - using Dow Jones US Total MarketPercentiles 1 Year 3 Years 5 Years 7 Years

25th Percentile 2.21 1.08 0.96 0.72Median -0.99 -0.52 -0.09 -0.6275th Percentile -4.49 -2.47 -1.56 -2.21Observations 3,424 3,294 3,069 2,841

Sharpe Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years

25th Percentile 2.66 0.86 1.44 1.25Median 2.15 0.67 1.28 1.1075th Percentile 1.73 0.50 1.08 0.95Observations 3,424 3,294 3,069 2,841

Treynor Ratio - using Dow Jones US Total Market and Citigroup 3-Month T-BillPercentiles 1 Year 3 Years 5 Years 7 Years


Sortino Ratio - using Citigroup 3-Month T-BillPercentiles 1 Year 3 Years 5 Years 7 Years


Tracking Error - using Dow Jones US Total MarketPercentiles 1 Year 3 Years 5 Years 7 Years


Information Ratio - using Dow Jones US Total MarketPercentiles 1 Year 3 Years 5 Years 7 Years

25th Percentile 0.76 0.21 0.24 0.17Median 0.18 -0.13 -0.01 -0.0475th Percentile -0.67 -0.47 -0.30 -0.27Observations 3,424 3,294 3,069 2,841

Upside Market Capture - using Dow Jones US Total MarketPercentiles 1 Year 3 Years 5 Years 7 Years


Downside Market Capture - using Dow Jones US Total MarketPercentiles 1 Year 3 Years 5 Years 7 Years


Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May 11)

Product Return (Gross) 20.22 7.66 13.56 -- -- 10.11Product Return (Net) 19.58 7.05 12.90 -- -- 9.50Annualized Fees 0.64 0.61 0.66 -- -- 0.61Russell 2000 24.60 7.36 13.70 -- -- 10.33Excess Returns -5.02 -0.31 -0.80 -- -- -0.83


Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May 11)


Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May 11)


Status Evaluation:

3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status


Mesirow Financial / Small Cap U.S. EquityJune 30, 2017

Enhanced Review

(3.0)

(2.0)

(1.0)

-

1.0

2.0

3.0

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-

16

May

-16

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16

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6

Aug-

16

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Nov

-16

Dec-

16

Jan-

17

Feb-

17

Mar

-17

Apr-

17

May

-17

Jun-

17


3 yr 3 year Alpha AMP

(2.0) (1.5) (1.0) (0.5)

- 0.5 1.0 1.5 2.0 2.5

May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17



Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 11)

Product Return (Gross) 24.30 10.61 15.91 -- -- 12.92Product Return (Net) 23.59 10.09 15.49 -- -- 12.55Annualized Fees 0.71 0.52 0.42 -- -- 0.37Russell Midcap 16.48 7.69 14.72 -- -- 11.81Excess Returns 7.11 2.40 0.77 -- -- 0.74

Annualized Alpha (Risk Adjusted Excess Return) 10.67 2.21 0.55 -- -- -0.01Active Manager Premium 1.00 1.00 1.00 -- -- 1.00Excess Risk Adjusted Returns 9.67 1.21 -0.45 -- -- -1.01

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 11)


Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 11)

Sharpe Ratio 3.73 0.85 1.41 -- -- 0.88Treynor Ratio 31.84 9.78 15.15 -- -- 11.62Sortino Ratio 20.60 1.45 2.67 -- -- 1.53Tracking Error 3.19 3.01 2.86 -- -- 3.22Information Ratio 2.23 0.80 0.27 -- -- 0.23Upside Market Capture 110.19 106.19 101.42 -- -- 103.83Downside Market Capture -18.30 90.63 95.74 -- -- 100.55

Status Evaluation:


Current Quarter 2.21 0.55 1.00 1.21 -0.45Prior Quarter 1.35 -0.09 1.00 0.35 -1.09

EARNEST Partners / Midcap Core U.S. EquityJune 30, 2017

Enhanced Review

(5.0) (4.0) (3.0) (2.0) (1.0)

- 1.0 2.0 3.0

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

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15

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5

Aug-

15

Sep-

15

Oct

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Nov

-15

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15

Jan-

16

Feb-

16

Mar

-16

Apr-

16

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-16

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6

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16

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16

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-17



(2.0)

(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17



Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr-05)

Product Return (Gross) 16.29 6.96 15.78 15.83 7.62 8.90Product Return (Net) 16.04 6.51 15.21 15.34 7.12 8.45Annualized Fees 0.25 0.45 0.57 0.49 0.50 0.45Russell Midcap Value 15.93 7.46 15.14 15.29 7.23 9.19Excess Returns 0.11 -0.95 0.07 0.05 -0.11 -0.74

Annualized Alpha (Risk Adjusted Excess Return) -0.13 -0.99 -0.57 -1.27 0.25 -0.18Active Manager Premium 1.00 1.00 1.00 1.00 1.00 1.00Excess Risk Adjusted Returns -1.13 -1.99 -1.57 -2.27 -0.75 -1.18

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date)

Standard Deviation 8.54 12.09 11.50 14.65 17.88 16.51Standard Deviation - Benchmark 8.14 11.04 10.32 12.87 18.13 16.73Beta 1.02 1.03 1.05 1.10 0.95 0.95R-Squared 0.94 0.88 0.89 0.94 0.93 0.92

Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date)

Sharpe Ratio 1.82 0.52 1.31 1.04 0.37 0.44Treynor Ratio 15.33 6.13 14.32 13.79 6.95 7.67Sortino Ratio 6.41 0.89 2.48 1.89 0.54 0.65Tracking Error 2.13 4.15 3.83 3.86 4.83 4.82Information Ratio 0.05 -0.23 0.02 0.01 -0.02 -0.15Upside Market Capture 93.31 86.88 99.28 103.30 95.51 93.50Downside Market Capture 69.21 90.29 97.79 104.98 96.61 96.70

Status Evaluation:

3yr Alpha 5yr Alpha AMP 3yr Alpha vs AMP

5yr Alpha vs AMP

Status


Channing Capital / Midcap ValueJune 30, 2017

Enhanced Review

(8.0)

(6.0)

(4.0)

(2.0)

-

2.0

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6.0

Mar

-08

Jun-

08

Sep-

08

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-09

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09

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09

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10

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(5.0) (4.0) (3.0) (2.0) (1.0)

- 1.0 2.0 3.0

Mar

-10

May

-10

Jul-1

0Se

p-10

Nov

-10

Jan-

11M

ar-1

1M

ay-1

1Ju

l-11

Sep-

11N

ov-1

1Ja

n-12

Mar

-12

May

-12

Jul-1

2Se

p-12

Nov

-12

Jan-

13M

ar-1

3M

ay-1

3Ju

l-13

Sep-

13N

ov-1

3Ja

n-14

Mar

-14

May

-14

Jul-1

4Se

p-14

Nov

-14

Jan-

15M

ar-1

5M

ay-1

5Ju

l-15

Sep-

15N

ov-1

5Ja

n-16

Mar

-16

May

-16

Jul-1

6Se

p-16

Nov

-16

Jan-

17M

ar-1

7M

ay-1

7



Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr 08)

Product Return (Gross) 20.15 10.61 15.43 15.98 -- 9.93Product Return (Net) 19.86 10.30 15.10 15.64 -- 9.61Annualized Fees 0.29 0.31 0.33 0.34 -- 0.32S&P 500 17.90 9.61 14.63 15.41 -- 9.11Excess Returns 1.96 0.69 0.47 0.23 -- 0.50

Annualized Alpha (Risk Adjusted Excess Return) 3.15 0.53 0.36 0.09 -- 0.46Active Manager Premium 0.75 0.75 0.75 0.75 -- 0.75Excess Risk Adjusted Returns 2.40 -0.22 -0.39 -0.66 -- -0.29

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr 08)

Standard Deviation 5.73 10.53 9.66 11.83 -- 15.48Standard Deviation - Benchmark 6.09 10.35 9.56 11.69 -- 15.42Beta 0.91 1.01 1.00 1.01 -- 1.00R-Squared 0.94 0.99 0.99 0.99 -- 0.99

Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr 08)

Sharpe Ratio 3.39 0.96 1.55 1.31 -- 0.61Treynor Ratio 21.24 9.97 14.88 15.38 -- 9.36Sortino Ratio 13.46 1.78 3.05 2.49 -- 0.89Tracking Error 1.46 1.15 1.04 1.01 -- 1.12Information Ratio 1.35 0.59 0.45 0.23 -- 0.45Upside Market Capture 107.50 103.74 101.80 101.40 -- 101.99Downside Market Capture 79.27 99.72 99.05 100.73 -- 99.79

Status Evaluation:


Current Quarter 0.53 0.36 0.75 -0.22 -0.39Prior Quarter 0.18 -0.05 0.75 -0.57 -0.80

T. Rowe Price Structured Research Strategy / Structured Active U.S. EquityJune 30, 2017

Enhanced Review

(1.0) (0.8) (0.6) (0.4) (0.2)

- 0.2 0.4 0.6 0.8 1.0

Mar

-11

May

-11

Jul-1

1

Sep-

11

Nov

-11

Jan-

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Mar

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Nov

-12

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13

Mar

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14

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15

Mar

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Mar

-16

May

-16

Jul-1

6

Sep-

16

Nov

-16

Jan-

17

Mar

-17

May

-17



(0.6) (0.4) (0.2)

- 0.2 0.4 0.6 0.8 1.0



Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep 12)

Product Return (Gross) 22.89 5.34 -- -- -- 14.60Product Return (Net) 22.16 4.68 -- -- -- 13.90Annualized Fees 0.73 0.66 -- -- -- 0.70Russell 2000 24.40 7.64 -- -- -- 14.08Excess Returns -2.24 -2.96 -- -- -- -0.18

Annualized Alpha (Risk Adjusted Excess Return) -0.40 -2.11 -- -- -- 0.69Active Manager Premium 2.00 2.00 -- -- -- 2.00Excess Risk Adjusted Returns -2.40 -4.11 -- -- -- -1.31

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep 12)

Standard Deviation 12.44 15.13 -- -- -- 14.52Standard Deviation - Benchmark 12.77 16.07 -- -- -- 14.84Beta 0.93 0.91 -- -- -- 0.94R-Squared 0.92 0.92 -- -- -- 0.92

Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep 12)

Sharpe Ratio 1.74 0.30 -- -- -- 0.95Treynor Ratio 23.22 4.94 -- -- -- 14.67Sortino Ratio 3.36 0.42 -- -- -- 1.53Tracking Error 3.62 4.42 -- -- -- 4.29Information Ratio -0.62 -0.67 -- -- -- -0.04Upside Market Capture 87.05 84.14 -- -- -- 93.90Downside Market Capture 83.76 97.08 -- -- -- 93.24

Status Evaluation:


Current Quarter -2.11 -- 2.00 -4.11 --Prior Quarter -3.43 -- 2.00 -5.43 --

CastleArk Management / Small Cap Growth U.S. EquityJune 30, 2017

Good Standing

(6.0) (5.0) (4.0) (3.0) (2.0) (1.0)

- 1.0 2.0 3.0 4.0



-

0.5

1.0

1.5

2.0

2.5



Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 08)

Product Return (Gross) 19.29 10.52 15.59 16.15 -- 7.88Product Return (Net) 19.11 10.34 15.41 15.96 -- 7.67Annualized Fees 0.18 0.18 0.18 0.19 -- 0.21S&P 500 17.90 9.61 14.63 15.41 -- 7.73Excess Returns 1.21 0.73 0.78 0.55 -- -0.06

Annualized Alpha (Risk Adjusted Excess Return) -1.61 0.75 0.76 0.44 -- 0.03Active Manager Premium 0.75 0.75 0.75 0.75 -- 0.75Excess Risk Adjusted Returns -2.36 0.00 0.01 -0.31 -- -0.72

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 08)


Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 08)

Sharpe Ratio 2.53 0.97 1.58 1.34 -- 0.48Treynor Ratio 16.03 10.21 15.34 15.77 -- 7.45Sortino Ratio 9.24 1.90 3.28 2.58 -- 0.69Tracking Error 2.31 1.80 1.62 1.48 -- 1.63Information Ratio 0.52 0.41 0.48 0.37 -- -0.03Upside Market Capture 106.98 99.52 100.46 100.97 -- 99.20Downside Market Capture 106.30 92.79 92.91 97.46 -- 99.49

Status Evaluation:


Current Quarter 0.75 0.76 0.75 0.00 0.01Prior Quarter 1.23 0.56 0.75 0.48 -0.19

Piedmont Investment Advisors / Large Cap Structured Active U.S. EquityJune 30, 2017

Good Standing

(2.0)

(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

2.0

2.5

Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17



(1.0) (0.8) (0.6) (0.4) (0.2)

- 0.2 0.4 0.6 0.8 1.0



Exhibit 16


Total Non-US Equity 20.89 1.71 8.18 7.70 1.25MSCI ACWI ex US 20.45 0.80 7.22 6.66 1.13Excess Returns 0.44 0.91 0.96 1.04 0.12

Annualized Alpha (Risk Adjusted Excess Return) -0.69 0.91 1.05 1.07 0.11Active Manager Premium 0.00 0.00 0.00 0.00 0.00Excess Risk Adjusted Returns -0.69 0.91 1.05 1.07 0.11




Sharpe Ratio 2.68 0.12 0.71 0.51 0.04Treynor Ratio 19.32 1.55 8.22 7.70 0.76Sortino Ratio 6.65 0.19 1.19 0.81 0.05Tracking Error 0.97 1.14 0.99 0.97 1.29Information Ratio 0.45 0.79 0.97 1.07 0.10Upside Market Capture 104.25 98.97 100.60 100.46 96.87Downside Market Capture 110.81 94.50 94.62 95.67 97.59


Alpha 0.98 0.88 0.40 0.64 0.91Tracking Error 1.10 1.17 1.18 1.16 1.14

SURS - Total Non-US EquityJune 30, 2017

(3.0) (2.5) (2.0) (1.5) (1.0) (0.5)

- 0.5 1.0 1.5 2.0 2.5

Dec-

09

Mar

-10

Jun-

10

Sep-

10

Dec-

10

Mar

-11

Jun-

11

Sep-

11

Dec-

11

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15

Dec-

15

Mar

-16

Jun-

16

Sep-

16

Dec-

16

Mar

-17

Jun-

17


3 yr 3 year Alpha -

(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

2.0


5 yr 5 year Alpha -

Exhibit 16

eVestment All ACWI ex US Equity Universe Information as of June 30, 2017

Excess Return - using ACWI ex USPercentiles 1 Year 3 Years 5 Years 7 Years

25th Percentile 3.82 4.04 3.71 3.58Median 0.12 2.07 2.29 2.1875th Percentile -2.71 0.49 0.99 1.17Observations 346 310 277 237

Annualized Alpha - using ACWI ex USPercentiles 1 Year 3 Years 5 Years 7 Years

25th Percentile 2.92 4.15 4.13 3.94Median -0.64 2.15 2.52 2.3675th Percentile -5.21 0.58 1.29 1.16Observations 346 310 277 237


25th Percentile 2.98 0.38 0.94 0.69Median 2.42 0.22 0.79 0.5975th Percentile 1.82 0.09 0.69 0.50Observations 346 310 277 237

Treynor Ratio - using ACWI ex US and Citigroup 3-Month T-BillPercentiles 1 Year 3 Years 5 Years 7 Years




Tracking Error - using ACWI ex USPercentiles 1 Year 3 Years 5 Years 7 Years


Information Ratio - using ACWI ex USPercentiles 1 Year 3 Years 5 Years 7 Years

25th Percentile 1.18 0.89 0.93 0.92Median 0.04 0.56 0.60 0.5775th Percentile -0.63 0.16 0.29 0.33Observations 346 310 277 237

Upside Market Capture - using ACWI ex USPercentiles 1 Year 3 Years 5 Years 7 Years


Downside Market Capture - using ACWI ex USPercentiles 1 Year 3 Years 5 Years 7 Years


Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jul 08)

Product Return (Gross) 13.34 2.10 9.13 7.84 -- 4.22Product Return (Net) 13.02 1.80 8.76 7.42 -- 3.77Annualized Fees 0.32 0.30 0.37 0.42 -- 0.45Bench 20.45 0.80 7.22 6.66 -- 2.03Excess Returns -7.43 1.00 1.54 0.76 -- 1.74

Annualized Alpha (Risk Adjusted Excess Return) -8.60 1.09 2.26 1.36 -- 1.86Active Manager Premium 2.00 2.00 2.00 2.00 -- 2.00Excess Risk Adjusted Returns -10.60 -0.91 0.26 -0.64 -- -0.14

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jul 08)


Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jul 08)

Sharpe Ratio 1.41 0.14 0.80 0.52 -- 0.19Treynor Ratio 11.03 1.89 9.74 8.11 -- 3.82Sortino Ratio 2.38 0.22 1.33 0.80 -- 0.26Tracking Error 3.76 4.32 3.81 4.22 -- 4.79Information Ratio -1.98 0.23 0.41 0.18 -- 0.36Upside Market Capture 86.47 84.13 94.92 90.09 -- 91.09Downside Market Capture 177.45 82.07 84.11 86.76 -- 88.08

Status Evaluation:

3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager status

Current Quarter 1.09 2.26 2.00 -0.91 0.26Prior Quarter 0.12 2.53 2.00 -1.88 0.53

Ativo / ACWI ex USJune 30, 2017

Enhanced Review

(1.0)

-

1.0

2.0

3.0

4.0

5.0

Jun-

11

Aug-

11

Oct

-11

Dec-

11

Feb-

12

Apr-

12

Jun-

12

Aug-

12

Oct

-12

Dec-

12

Feb-

13

Apr-

13

Jun-

13

Aug-

13

Oct

-13

Dec-

13

Feb-

14

Apr-

14

Jun-

14

Aug-

14

Oct

-14

Dec-

14

Feb-

15

Apr-

15

Jun-

15

Aug-

15

Oct

-15

Dec-

15

Feb-

16

Apr-

16

Jun-

16

Aug-

16

Oct

-16

Dec-

16

Feb-

17

Apr-

17

Jun-

17



-

1.0

2.0

3.0

4.0

5.0

6.0



Exhibit 16


Product Return (Gross) 19.65 1.73 8.09 -- -- 7.85Product Return (Net) 19.28 1.32 7.69 -- -- 7.47Annualized Fees 0.37 0.41 0.40 -- -- 0.38MSCI ACWI ex-US 20.45 0.80 7.22 -- -- 6.75Excess Returns -1.17 0.52 0.47 -- -- 0.72





Sharpe Ratio 2.37 0.09 0.67 -- -- 0.59Treynor Ratio 17.12 1.18 7.85 -- -- 7.57Sortino Ratio 5.38 0.14 1.10 -- -- 0.91Tracking Error 1.35 1.73 1.55 -- -- 1.57Information Ratio -0.87 0.30 0.30 -- -- 0.46Upside Market Capture 100.26 96.05 98.98 -- -- 99.51Downside Market Capture 123.42 94.27 95.84 -- -- 95.46

Status Evaluation:



Fidelity Select International Plus / Non-U.S. EquityJune 30, 2017

Enhanced Review

(0.5)

-

0.5

1.0

1.5

2.0

2.5



(0.2) -

0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6




Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec-11)

Product Return (Gross) 24.84 3.67 11.21 -- -- 10.75Product Return (Net) 24.37 2.92 10.32 -- -- 9.92Annualized Fee 0.47 0.75 0.89 -- -- 0.83MSCI ACWI ex-US 20.45 0.80 7.22 -- -- 6.75Excess Returns 3.92 2.12 3.10 - - 3.17

Annualized Alpha (Risk Adjusted Excess Return) 2.42 2.14 3.17 -- -- 3.29Active Manager Premium 2.00 2.00 2.00 - - 2.00Excess Risk Adjusted Returns 0.42 0.14 1.17 - - 1.29


Standard Deviation 7.84 12.34 11.43 -- -- 12.48Standard Deviation - Benchmark 7.16 12.44 11.56 - - 12.82Beta 1.05 0.97 0.96 -- -- 0.95R-Squared 0.92 0.95 0.95 -- -- 0.96


Sharpe Ratio 3.05 0.22 0.89 -- -- 0.78Treynor Ratio 22.82 2.81 10.55 -- -- 10.26Sortino Ratio 7.84 0.35 1.59 -- -- 1.31Tracking Error 2.30 2.86 2.55 -- -- 2.60Information Ratio 1.70 0.74 1.22 -- -- 1.22Upside Market Capture 116.94 99.81 105.95 -- -- 104.62Downside Market Capture 101.41 88.80 87.09 -- -- 87.06

Status Evaluation:

3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP

5yr Alpha vs. AMP

Status

Current Quarter 2.14 3.17 1.00 0.14 1.17Prior Quarter 2.36 3.25 1.00 1.36 2.25

GlobeFlex Capital/ Non-U.S. EquityJune 30, 2017

Good Standing

- 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0



-

0.5

1.0

1.5

2.0

2.5

3.0

3.5




Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May-08)

Product Return (Gross) 22.11 1.96 9.37 8.54 -- 3.41Product Return (Net) 21.48 1.47 8.85 8.05 -- 2.91Annualized Fee 0.63 0.49 0.52 0.49 -- 0.50MSCI EAFE 20.27 1.15 8.69 7.91 -- 1.52Excess Returns 1.21 0.32 0.16 0.14 - 1.39

Annualized Alpha (Risk Adjusted Excess Return) 3.05 0.35 0.46 0.35 -- 1.42Active Manager Premium 0.00 0.00 0.00 0.00 - 0.00Excess Risk Adjusted Returns 3.05 0.35 0.46 0.35 - 1.42


Standard Deviation 7.03 12.44 11.50 14.86 -- 19.28Standard Deviation - Benchmark 7.77 12.42 11.74 15.07 - 18.94Beta 0.89 0.99 0.96 0.97 -- 1.00R-Squared 0.97 0.97 0.97 0.97 -- 0.97



Status Evaluation:


5yr Alpha vs AMP

Watchlist


Progress Investments / Non-US EquityJune 30, 2017

Good Standing

(2.0)

(1.0)

-

1.0

2.0

3.0

4.0

5.0

Apr-

11

Jun-

11

Aug-

11

Oct

-11

Dec-

11

Feb-

12

Apr-

12

Jun-

12

Aug-

12

Oct

-12

Dec-

12

Feb-

13

Apr-

13

Jun-

13

Aug-

13

Oct

-13

Dec-

13

Feb-

14

Apr-

14

Jun-

14

Aug-

14

Oct

-14

Dec-

14

Feb-

15

Apr-

15

Jun-

15

Aug-

15

Oct

-15

Dec-

15

Feb-

16

Apr-

16

Jun-

16

Aug-

16

Oct

-16

Dec-

16

Feb-

17

Apr-

17

Jun-

17


3 yr 3 year Alpha -

(0.5)

-

0.5

1.0

1.5

2.0

2.5

3.0


5 yr 5 year Alpha -

Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep-08)

Product Return 20.52 4.37 12.60 12.31 -- 7.27Product Return 20.12 4.02 12.15 11.82 -- 6.77Annualized Fee 0.40 0.35 0.45 0.49 -- 0.50MSCI EAFE 20.27 1.15 8.69 7.91 -- 3.32Excess Returns -0.15 2.87 3.46 3.91 - 3.45

Annualized Alpha (Risk Adjusted Excess Return) -0.68 2.90 3.75 4.10 -- 3.45Active Manager Premium 2.00 2.00 2.00 2.00 - 2.00Excess Risk Adjusted Returns -2.68 0.90 1.75 2.10 - 1.45




Sharpe Ratio 2.39 0.33 1.07 0.82 -- 0.35Treynor Ratio 19.06 4.18 12.84 12.47 -- 6.79Sortino Ratio 5.67 0.52 1.96 1.37 -- 0.49Tracking Error 1.85 2.36 2.39 2.50 -- 2.76Information Ratio -0.08 1.21 1.45 1.56 -- 1.25Upside Market Capture 100.14 96.87 103.94 101.31 -- 100.57Downside Market Capture 103.28 82.70 82.81 83.42 -- 89.14

Status Evaluation:


5yr Alpha vs AMP

Status


Strategic Global Advisors / Non-U.S. EquityJune 30, 2017

Good Standing

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Aug-

11

Oct

-11

Dec-

11

Feb-

12

Apr-

12

Jun-

12

Aug-

12

Oct

-12

Dec-

12

Feb-

13

Apr-

13

Jun-

13

Aug-

13

Oct

-13

Dec-

13

Feb-

14

Apr-

14

Jun-

14

Aug-

14

Oct

-14

Dec-

14

Feb-

15

Apr-

15

Jun-

15

Aug-

15

Oct

-15

Dec-

15

Feb-

16

Apr-

16

Jun-

16

Aug-

16

Oct

-16

Dec-

16

Feb-

17

Apr-

17

Jun-

17



-

1.0

2.0

3.0

4.0

5.0

6.0

Aug-

13Se

p-13

Oct

-13

Nov

-13

Dec-

13Ja

n-14

Feb-

14M

ar-1

4Ap

r-14

May

-14

Jun-

14Ju

l-14

Aug-

14Se

p-14

Oct

-14

Nov

-14

Dec-

14Ja

n-15

Feb-

15M

ar-1

5Ap

r-15

May

-15

Jun-

15Ju

l-15

Aug-

15Se

p-15

Oct

-15

Nov

-15

Dec-

15Ja

n-16

Feb-

16M

ar-1

6Ap

r-16

May

-16

Jun-

16Ju

l-16

Aug-

16Se

p-16

Oct

-16

Nov

-16

Dec-

16Ja

n-17

Feb-

17M

ar-1

7Ap

r-17

May

-17

Jun-

17



Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 03)

Product Return (Gross) 24.89 3.83 11.95 10.43 2.43 7.80Product Return (Net) 23.92 3.04 11.29 9.90 2.03 7.42Annualized Fees 0.97 0.79 0.66 0.53 0.40 0.38MSCI EAFE 20.27 1.15 8.69 7.91 1.03 6.39Excess Returns 3.65 1.89 2.60 1.99 1.00 1.03

Annualized Alpha (Risk Adjusted Excess Return) 0.91 1.89 2.45 1.84 1.02 0.98Active Manager Premium 1.50 1.50 1.50 1.50 1.50 1.50Excess Risk Adjusted Returns -0.59 0.39 0.95 0.34 -0.48 -0.52

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 03)


Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 03)

Sharpe Ratio 2.62 0.23 0.94 0.64 0.08 0.37Treynor Ratio 20.99 2.84 11.17 9.71 1.51 6.19Sortino Ratio 8.16 0.35 1.68 1.04 0.11 0.52Tracking Error 2.33 2.00 2.01 1.97 1.95 1.72Information Ratio 1.57 0.95 1.29 1.01 0.51 0.60Upside Market Capture 111.70 104.67 106.49 104.94 103.12 103.12Downside Market Capture 83.94 93.92 91.46 95.82 98.81 98.65

Status Evaluation:


Current Quarter 1.89 2.45 1.50 0.39 0.95Prior Quarter 1.21 2.12 1.50 -0.29 0.62

BTC Intl Alpha Tilts - Non US Structured ActiveJune 30, 2017

Good Standing

(2.0)

(1.0)

-

1.0

2.0

3.0

4.0

Dec-

06

Mar

-07

Jun-

07

Sep-

07

Dec-

07

Mar

-08

Jun-

08

Sep-

08

Dec-

08

Mar

-09

Jun-

09

Sep-

09

Dec-

09

Mar

-10

Jun-

10

Sep-

10

Dec-

10

Mar

-11

Jun-

11

Sep-

11

Dec-

11

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15

Dec-

15

Mar

-16

Jun-

16

Sep-

16

Dec-

16

Mar

-17

Jun-

17



(1.0) (0.5)

- 0.5 1.0 1.5 2.0 2.5 3.0

Sep-

08

Dec-

08

Mar

-09

Jun-

09

Sep-

09

Dec-

09

Mar

-10

Jun-

10

Sep-

10

Dec-

10

Mar

-11

Jun-

11

Sep-

11

Dec-

11

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15

Dec-

15

Mar

-16

Jun-

16

Sep-

16

Dec-

16

Mar

-17

Jun-

17



Exhibit 16


Total Global Equity 21.58 6.81 11.77 11.44 4.53MSCI ACWI 18.78 4.82 10.54 10.48 3.71Excess Returns 2.80 1.99 1.23 0.96 0.82

Annualized Alpha (Risk Adjusted Excess Return) 0.37 1.88 1.27 1.05 0.81Active Manager Premium 0.00 0.00 0.00 0.00 0.00Excess Risk Adjusted Returns 0.37 1.88 1.27 1.05 0.81




Sharpe Ratio 3.41 0.60 1.17 0.87 0.24Treynor Ratio 18.91 6.54 11.79 11.50 4.04Sortino Ratio 9.53 1.01 2.12 1.49 0.33Tracking Error 1.80 1.63 1.71 1.74 1.77Information Ratio 1.56 1.22 0.72 0.55 0.46Upside Market Capture 116.80 112.21 103.85 101.36 102.06Downside Market Capture 125.69 98.74 95.33 95.83 98.46


Alpha 1.57 1.80 1.20 1.35 1.88Tracking Error 1.74 1.78 1.81 1.75 1.63

SURS - Total Global EquityJune 30, 2017

(3.0)

(2.0)

(1.0)

-

1.0

2.0

3.0

Dec-

09

Mar

-10

Jun-

10

Sep-

10

Dec-

10

Mar

-11

Jun-

11

Sep-

11

Dec-

11

Mar

-12

Jun-

12

Sep-

12

Dec-

12

Mar

-13

Jun-

13

Sep-

13

Dec-

13

Mar

-14

Jun-

14

Sep-

14

Dec-

14

Mar

-15

Jun-

15

Sep-

15

Dec-

15

Mar

-16

Jun-

16

Sep-

16

Dec-

16

Mar

-17

Jun-

17


3 yr 3 year Alpha -

(2.0)

(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

Dec-

11

Feb-

12

Apr-

12

Jun-

12

Aug-

12

Oct

-12

Dec-

12

Feb-

13

Apr-

13

Jun-

13

Aug-

13

Oct

-13

Dec-

13

Feb-

14

Apr-

14

Jun-

14

Aug-

14

Oct

-14

Dec-

14

Feb-

15

Apr-

15

Jun-

15

Aug-

15

Oct

-15

Dec-

15

Feb-

16

Apr-

16

Jun-

16

Aug-

16

Oct

-16

Dec-

16

Feb-

17

Apr-

17

Jun-

17


5 yr 5 year Alpha -

Exhibit 16

eVestment All Global Equity Universe Information as of June 30, 2017

Excess Return - using ACWIPercentiles 1 Year 3 Years 5 Years 7 Years

25th Percentile 3.17 2.36 2.55 2.48Median -0.22 0.70 1.10 1.2675th Percentile -5.70 -1.20 -0.81 -0.24Observations 1,327 1,206 1,028 835

Annualized Alpha - using ACWIPercentiles 1 Year 3 Years 5 Years 7 Years

25th Percentile 2.86 2.80 2.83 2.92Median -0.91 1.04 1.48 1.5175th Percentile -6.70 -0.73 0.04 -0.19Observations 1,327 1,206 1,028 835


25th Percentile 3.36 0.64 1.25 0.99Median 2.64 0.49 1.11 0.8675th Percentile 1.76 0.29 0.89 0.70Observations 1,327 1,206 1,028 835

Treynor Ratio - using ACWI and Citigroup 3-Month T-BillPercentiles 1 Year 3 Years 5 Years 7 Years




Tracking Error - using ACWIPercentiles 1 Year 3 Years 5 Years 7 Years


Information Ratio - using ACWIPercentiles 1 Year 3 Years 5 Years 7 Years

25th Percentile 0.90 0.60 0.73 0.66Median -0.08 0.19 0.32 0.3175th Percentile -1.37 -0.25 -0.16 -0.04Observations 1,327 1,206 1,028 835

Upside Market Capture - using ACWIPercentiles 1 Year 3 Years 5 Years 7 Years


Downside Market Capture - using ACWIPercentiles 1 Year 3 Years 5 Years 7 Years


Exhibit 16


Product Return (Gross) 16.95 4.23 9.71 -- -- 9.53Product Return (Net) 16.69 4.01 9.49 -- -- 9.30Annualized Fees 0.26 0.22 0.22 -- -- 0.23MSCI ACWI 18.78 4.82 10.54 -- -- 10.43Excess Returns -2.09 -0.81 -1.05 -- -- -1.13

Annualized Alpha (Risk Adjusted Excess Return) -2.66 -0.36 -0.17 -- -- -0.25Active Manager Premium 2.00 2.00 2.00 -- -- 2.00Excess Risk Adjusted Returns -4.66 -2.36 -2.17 -- -- -2.25





Status Evaluation:



Mondrian / Global EquityJune 30, 2017

Reassessment

(4.0)

(3.0)

(2.0)

(1.0)

-

1.0

2.0

3.0



(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

2.0

2.5




Exhibit 16


Product Return (Gross) 16.95 4.23 9.71 -- -- 9.53Product Return (Net) 16.69 4.01 9.49 -- -- 9.30Annualized Fees 0.26 0.22 0.22 -- -- 0.23MSCI ACWI Value 18.99 3.05 9.62 -- -- 9.60Excess Returns -2.30 0.96 -0.13 -- -- -0.30





Sharpe Ratio 2.80 0.37 0.97 -- -- 0.88Treynor Ratio 15.43 4.28 10.37 -- -- 10.13Sortino Ratio 6.98 0.61 1.70 -- -- 1.44Tracking Error 3.54 3.37 3.02 -- -- 3.02Information Ratio -0.65 0.28 -0.05 -- -- -0.10Upside Market Capture 99.03 92.94 92.73 -- -- 92.49Downside Market Capture 394.97 86.57 90.11 -- -- 91.62

Status Evaluation:



Mondrian / Global Equity - Versus Secondary BenchmarkJune 30, 2017

Enhanced Review

(2.5) (2.0) (1.5) (1.0) (0.5)

- 0.5 1.0 1.5 2.0 2.5



(1.5)

(1.0)

(0.5)

-

0.5

1.0

1.5

2.0

2.5




Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 02)

Product Return (Gross) 21.40 7.22 13.48 13.11 5.57 8.13Product Return (Net) 20.70 6.48 12.78 12.49 5.05 7.62Annualized Fees 0.70 0.74 0.70 0.62 0.52 0.51Custom / MSCI ACWI 18.78 4.82 10.54 10.48 3.83 6.63Excess Returns 1.92 1.66 2.24 2.01 1.22 0.99

Annualized Alpha (Risk Adjusted Excess Return) 1.00 1.39 1.57 1.49 1.19 0.56Active Manager Premium 2.00 2.00 2.00 2.00 2.00 2.00Excess Risk Adjusted Returns -1.00 -0.61 -0.43 -0.51 -0.81 -1.44

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 02)


Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 02)


Status Evaluation:



Wellington Global Research Equity / Global EquityJune 30, 2017

Enhanced Review

(3.0) (2.0) (1.0)

- 1.0 2.0 3.0 4.0 5.0



(2.0) (1.5) (1.0) (0.5)

- 0.5 1.0 1.5 2.0 2.5 3.0 3.5

Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17



Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 08)

Product Return (Gross) 29.12 11.75 17.11 15.01 -- 14.15Product Return (Net) 28.56 11.39 16.58 14.48 -- 13.65Annualized Fees 0.56 0.36 0.53 0.53 -- 0.50ACWI 18.78 4.82 10.54 10.48 -- 10.48Excess Returns 9.78 6.57 6.04 4.00 -- 3.17

Annualized Alpha (Risk Adjusted Excess Return) 2.26 5.78 4.62 2.52 -- 2.38Active Manager Premium 2.00 2.00 2.00 2.00 -- 2.00Excess Risk Adjusted Returns 0.26 3.78 2.62 0.52 -- 0.38

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 08)


Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 08)


Status Evaluation:



T. Rowe Price Global Focused Growth / Global EquityJune 30, 2017

Good Standing

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Oct

-11

Dec-

11

Feb-

12

Apr-

12

Jun-

12

Aug-

12

Oct

-12

Dec-

12

Feb-

13

Apr-

13

Jun-

13

Aug-

13

Oct

-13

Dec-

13

Feb-

14

Apr-

14

Jun-

14

Aug-

14

Oct

-14

Dec-

14

Feb-

15

Apr-

15

Jun-

15

Aug-

15

Oct

-15

Dec-

15

Feb-

16

Apr-

16

Jun-

16

Aug-

16

Oct

-16

Dec-

16

Feb-

17

Apr-

17

Jun-

17



(1.0) -

1.0 2.0 3.0 4.0 5.0 6.0 7.0

Oct

-13

Nov

-13

Dec-

13Ja

n-14

Feb-

14M

ar-1

4Ap

r-14

May

-14

Jun-

14Ju

l-14

Aug-

14Se

p-14

Oct

-14

Nov

-14

Dec-

14Ja

n-15

Feb-

15M

ar-1

5Ap

r-15

May

-15

Jun-

15Ju

l-15

Aug-

15Se

p-15

Oct

-15

Nov

-15

Dec-

15Ja

n-16

Feb-

16M

ar-1

6Ap

r-16

May

-16

Jun-

16Ju

l-16

Aug-

16Se

p-16

Oct

-16

Nov

-16

Dec-

16Ja

n-17

Feb-

17M

ar-1

7Ap

r-17

May

-17

Jun-

17



Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/86)

Product Return (Net) 1.22 2.37 2.45 3.43 5.09 7.08Bloomberg Barclays Agg -0.31 2.48 2.21 3.19 4.48 6.46Excess Returns 1.53 -0.11 0.24 0.24 0.61 0.62

Annualized Alpha (Risk Adjusted Excess Return) 1.49 0.38 0.52 0.69 0.97 0.85Active Manager Premium 0.00 0.00 0.00 0.00 0.00 0.00Excess Risk Adjusted Returns 1.49 0.38 0.52 0.69 0.97 0.85

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/86)


Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/86)

Sharpe Ratio 0.29 0.90 0.90 1.29 1.35 0.98Treynor Ratio 0.88 2.72 2.66 3.85 5.01 3.91Sortino Ratio 0.37 1.50 1.40 2.23 2.48 1.65Tracking Error 0.50 0.85 0.79 1.00 1.62 1.06Information Ratio 3.08 -0.14 0.30 0.24 0.38 0.58Upside Market Capture 109.85 84.08 95.37 97.86 106.09 103.61Downside Market Capture 65.78 75.12 84.04 85.70 92.36 90.14

Three Year Rolling Performance Statistics as of:Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17

Alpha 0.11 0.29 0.32 2.06 1.47 0.38Tracking Error 0.81 0.83 0.87 1.07 0.73 0.85

SURS - Total Core Fixed IncomeJune 30, 2017

Exhibit 16

eVestment US Core Fixed Income Universe Information as of June 30, 2017



Treynor Ratio - using Bloomberg Barclays US Aggregate and Citigroup 3-Month T-BillPercentiles 1 Year 3 Years 5 Years 7 Years




Tracking Error - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Information Ratio - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Upside Market Capture - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Downside Market Capture - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Excess Return - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Annualized Alpha - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Exhibit 16



Treynor Ratio - using Bloomberg Barclays US Aggregate and Citigroup 3-Month T-BiPercentiles 1 Year 3 Years 5 Years 7 Years




Tracking Error - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Information Ratio - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Upside Market Capture - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Downside Market Capture - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Excess Return - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


Annualized Alpha - using Bloomberg Barclays US AggregatePercentiles 1 Year 3 Years 5 Years 7 Years


eVestment US Core Plus Fixed Income Universe Information as of June 30, 2017

Exhibit 16


Product Return (Gross) -0.09 2.64 2.55 3.64 5.21 5.18Product Return (Net) -0.25 2.49 2.38 3.47 5.03 5.00Annualized Fees 0.16 0.15 0.17 0.17 0.18 0.18BC Agg -0.31 2.48 2.21 3.19 4.48 4.51Excess Returns 0.06 0.01 0.17 0.28 0.55 0.49

Annualized Alpha (Risk Adjusted Excess Return) 0.09 -0.09 0.08 0.16 0.49 0.42Active Manager Premium 0.40 0.40 0.40 0.40 0.40 0.40Excess Risk Adjusted Returns -0.31 -0.49 -0.32 -0.24 0.09 0.02




Sharpe Ratio -0.22 0.75 0.75 1.15 1.34 1.21Treynor Ratio -0.67 2.20 2.15 3.22 4.48 3.96Sortino Ratio -0.27 1.23 1.16 1.95 2.63 2.31Tracking Error 0.23 0.25 0.32 0.37 0.67 0.64Information Ratio 0.31 0.02 0.52 0.75 0.82 0.76Upside Market Capture 108.33 104.35 106.60 106.54 108.05 107.46Downside Market Capture 105.13 107.63 105.16 102.93 99.66 100.53

Status Evaluation:

3yr Alpha 5yr Alpha AMP 3yr Alpha vs. AMP

5yr Alpha vs. AMP Manager Status

Current Quarter -0.09 0.08 0.40 -0.49 -0.32Prior Quarter -0.09 0.03 0.40 -0.49 -0.37

Pugh Capital Management/Core Fixed IncomeJune 30, 2017

Enhanced Review

‐

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Rolling 3‐year Excess Returnvs. Barclays Capital Aggregate Index


(0.5)

(0.3)

(0.1)

0.1

0.3

0.5

0.7

0.9

1.1

1.3

1.5



Exhibit 16


Product Return (Gross) 0.05 2.63 2.60 3.64 4.78 4.79Product Return (Net) -0.12 2.46 2.43 3.46 4.59 4.60Annualized Fees 0.17 0.17 0.17 0.18 0.19 0.19BC Agg -0.31 2.48 2.21 3.19 4.48 4.51Excess Returns 0.19 -0.02 0.22 0.27 0.11 0.09

Annualized Alpha (Risk Adjusted Excess Return) 0.17 -0.01 0.20 0.32 0.15 0.11Active Manager Premium 0.40 0.40 0.40 0.40 0.40 0.40Excess Risk Adjusted Returns -0.23 -0.41 -0.20 -0.08 -0.25 -0.29




Sharpe Ratio -0.21 0.77 0.78 1.17 1.19 1.08Treynor Ratio -0.62 2.26 2.27 3.39 4.11 3.62Sortino Ratio -0.25 1.31 1.28 2.09 2.00 1.78Tracking Error 0.37 0.51 0.49 0.75 1.07 1.01Information Ratio 0.53 -0.05 0.45 0.36 0.10 0.08Upside Market Capture 100.68 102.45 104.85 105.28 102.42 102.39Downside Market Capture 95.18 105.31 100.44 100.69 102.00 102.97

Status Evaluation:



Current Quarter -0.01 0.20 0.40 -0.41 -0.20Prior Quarter 0.03 0.20 0.40 -0.37 -0.20

Smith Graham/Core Fixed IncomeJune 30, 2017

Enhanced Review

(1.5)

(1.0)

(0.5)

‐

0.5

1.0

1.5

2.0

2.5

3.0

Mar‐09

Jun‐09

Sep‐09

Dec‐09

Mar‐10

Jun‐10

Sep‐10

Dec‐10

Mar‐11

Jun‐11

Sep‐11

Dec‐11

Mar‐12

Jun‐12

Sep‐12

Dec‐12

Mar‐13

Jun‐13

Sep‐13

Dec‐13

Mar‐14

Jun‐14

Sep‐14

Dec‐14

Mar‐15

Jun‐15

Sep‐15

Dec‐15

Mar‐16

Jun‐16

Sep‐16

Dec‐16

Mar‐17

Jun‐17



(0.6)

(0.4)

(0.2)

‐

0.2

0.4

0.6

0.8

1.0

1.2

1.4



Exhibit 16


Product Return (Gross) 0.88 3.01 2.80 -- -- 3.89Product Return (Net) 0.71 2.83 2.62 -- -- 3.70Annualized Fee 0.17 0.18 0.18 -- -- 0.19BC Agg -0.31 2.48 2.21 -- -- 3.26Excess Returns 1.02 0.35 0.41 - - 0.44

Annualized Alpha (Risk Adjusted Excess Return) 1.04 0.42 0.27 -- -- 0.35Active Manager Premium 0.70 0.70 0.70 - - 0.70Excess Risk Adjusted Returns 0.34 -0.28 -0.43 - - -0.35


Standard Deviation 3.17 2.93 3.19 -- -- 3.11Standard Deviation - Benchmark 3.01 2.90 2.86 - - 2.78Beta 1.05 0.97 1.07 -- -- 1.03R-Squared 0.99 0.93 0.91 -- -- 0.84



Status Evaluation:


5yr Alpha vs AMP

Status


LM/Core Plus Fixed IncomeJune 30, 2017

Enhanced Review

-

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17

Rolling 5-year Excess Return vs. Barclays Capital Aggregate Index


(0.6)

(0.4)

(0.2)

-

0.2

0.4

0.6

0.8

1.0

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17



Exhibit 16


Product Return (Gross) 1.19 2.54 2.86 3.87 6.08 9.66Product Return (Net) 0.97 2.31 2.62 3.64 5.85 8.22Annualized Fees 0.22 0.23 0.24 0.23 0.23 1.44BC Agg -0.31 2.48 2.21 3.19 4.48 6.81Excess Returns 1.28 -0.17 0.41 0.45 1.37 1.41

Annualized Alpha (Risk Adjusted Excess Return) 1.31 -0.02 0.31 0.58 1.48 1.04Active Manager Premium 0.70 0.70 0.70 0.70 0.70 0.70Excess Risk Adjusted Returns 0.61 -0.72 -0.39 -0.12 0.78 0.34




Sharpe Ratio 0.16 0.69 0.73 1.04 1.27 1.06Treynor Ratio 0.48 2.24 2.36 3.65 5.49 4.55Sortino Ratio 0.19 1.10 1.12 1.69 2.33 1.89Tracking Error 0.88 1.42 1.58 2.07 2.75 1.81Information Ratio 1.45 -0.12 0.26 0.22 0.50 0.78Upside Market Capture 126.74 94.27 114.98 112.99 122.99 114.55Downside Market Capture 87.17 95.79 110.70 110.09 106.48 97.84

Status Evaluation:



Current Quarter -0.02 0.31 0.70 -0.72 -0.39Prior Quarter 0.08 0.42 0.70 -0.62 -0.28

PIMCO Total Return/Core Plus Fixed IncomeJune 30, 2017

Enhanced Review

(2.0)

(1.0)

‐

1.0

2.0

3.0

4.0

5.0

6.0

Dec‐96

Jun‐97

Dec‐97

Jun‐98

Dec‐98

Jun‐99

Dec‐99

Jun‐00

Dec‐00

Jun‐01

Dec‐01

Jun‐02

Dec‐02

Jun‐03

Dec‐03

Jun‐04

Dec‐04

Jun‐05

Dec‐05

Jun‐06

Dec‐06

Jun‐07

Dec‐07

Jun‐08

Dec‐08

Jun‐09

Dec‐09

Jun‐10

Dec‐10

Jun‐11

Dec‐11

Jun‐12

Dec‐12

Jun‐ 13

De c‐13

Jun‐14

Dec‐14

Jun‐15

Dec‐15

Jun‐16

De c‐16

Jun‐17



(1.0)

(0.5)

‐

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Dec‐98

Jun‐99

Dec‐99

Jun‐00

Dec‐00

Jun‐01

Dec‐01

Jun‐02

Dec‐02

Jun‐03

Dec‐03

Jun‐04

Dec‐04

Jun‐05

Dec‐05

Jun‐06

Dec‐06

Jun‐07

Dec‐07

Jun‐08

Dec‐08

Jun‐09

Dec‐09

Jun‐10

Dec‐10

Jun‐11

Dec‐11

Jun‐12

Dec‐12

Jun‐13

Dec‐13

Jun‐14

Dec‐14

Jun‐15

Dec‐15

Jun‐16

Dec‐16

Jun‐17



Exhibit 16


Product Return (Gross) 0.85 2.78 3.55 4.70 6.38 5.94Product Return (Net) 0.69 2.61 3.34 4.47 6.16 5.72Annualized Fees 0.16 0.17 0.21 0.23 0.22 0.22BC Agg -0.31 2.48 2.21 3.19 4.48 4.40Excess Returns 1.00 0.13 1.13 1.28 1.68 1.32

Annualized Alpha (Risk Adjusted Excess Return) 0.97 0.46 1.33 1.75 2.23 2.42Active Manager Premium 0.70 0.70 0.70 0.70 0.70 0.70Excess Risk Adjusted Returns 0.27 -0.24 0.63 1.05 1.53 1.72





Status Evaluation:



Current Quarter 0.46 1.33 0.70 -0.24 0.63Prior Quarter 0.48 1.34 0.70 -0.22 0.64

TCW/Core Plus Fixed IncomeJune 30, 2017

Enhanced Review

(4.0)

(2.0)

‐

2.0

4.0

6.0

8.0

Sep‐04

Dec‐04

Mar‐05

Jun‐05

Sep‐05

Dec‐05

Mar‐06

Jun‐06

Sep‐06

Dec‐06

Mar‐07

Jun‐07

Sep‐07

Dec‐07

Mar‐08

Jun‐08

Sep‐08

Dec‐08

Mar‐09

Jun‐09

Sep‐09

Dec‐09

Mar‐10

Jun‐10

Sep‐10

Dec‐10

Mar‐11

Jun‐11

Sep‐11

Dec‐11

Mar‐12

Jun‐12

Sep‐12

Dec‐12

Ma r‐13

Jun‐13

Sep‐13

Dec‐13

Ma r‐14

Jun‐14

Sep‐14

Dec‐14

Mar‐15

Jun‐15

Sep‐15

Dec‐15

Mar‐16

Jun‐16

Sep‐16

Dec‐16

Mar‐17

Jun‐17



(2.0)

(1.0)

‐

1.0

2.0

3.0

4.0

5.0

6.0

Sep‐06

Dec‐06

Mar‐07

Jun‐07

Sep‐07

Dec‐07

Mar‐08

Jun‐08

Sep‐08

Dec‐08

Mar‐09

Jun‐09

Sep‐09

Dec‐09

Mar‐10

Jun‐10

Sep‐10

Dec‐10

Mar‐11

Jun‐11

Sep‐11

Dec‐11

Mar‐12

Jun‐12

Sep‐12

Dec‐12

Mar‐13

Jun‐13

Sep‐13

Dec‐13

Mar‐14

Jun‐14

Sep‐14

Dec‐ 14

Mar‐15

Jun‐15

Sep‐15

Dec‐15

Mar‐16

Jun‐16

Sep‐16

Dec‐16

Mar‐17

Jun‐17



Exhibit 16


Product Return (Gross) 0.16 3.28 3.91 4.77 -- 6.05Product Return (Net) -0.16 3.07 3.71 4.56 -- 5.85Annualized Fees 0.32 0.21 0.20 0.21 -- 0.20BC Agg -0.31 2.48 2.21 3.19 -- 4.19Excess Returns 0.15 0.59 1.50 1.37 --- 1.66

Annualized Alpha (Risk Adjusted Excess Return) 0.09 0.45 1.42 1.42 -- 1.73Active Manager Premium 0.40 0.40 0.40 0.40 --- 0.40Excess Risk Adjusted Returns -0.31 0.05 1.02 1.02 --- 1.33


Standard Deviation 2.52 3.25 3.14 3.27 -- 3.34Standard Deviation - Benchmark 3.01 2.90 2.86 2.79 --- 2.84Beta 0.81 1.05 1.02 0.98 -- 0.97R-Squared 0.94 0.89 0.87 0.70 -- 0.68


Sharpe Ratio -0.24 0.88 1.13 1.36 -- 1.71Treynor Ratio -0.76 2.72 3.48 4.53 -- 5.87Sortino Ratio -0.30 1.57 1.99 2.52 -- 3.48Tracking Error 0.82 1.11 1.14 1.80 -- 1.88Information Ratio 0.19 0.53 1.31 0.76 -- 0.88Upside Market Capture 86.49 114.09 125.97 124.53 -- 122.92Downside Market Capture 84.05 104.07 91.63 97.86 -- 90.06

Status Evaluation:




Garcia Hamilton/Core Fixed IncomeJune 30, 2017

Good Standing

(1.0)

(0.5)

‐

0.5

1.0

1.5

2.0

2.5

3.0

Feb‐14

Mar‐14

Apr‐14

May‐14

Jun‐14

Jul‐14

Aug‐14

Sep‐14

Oct‐14

Nov‐14

Dec‐14

Jan‐15

Feb‐15

Mar‐15

Apr‐15

May‐15

Jun‐15

Jul‐15

Aug‐15

Sep‐15

Oct‐15

Nov‐15

Dec‐15

Jan‐16

Feb‐16

Mar‐16

Apr‐16

May‐16

Jun‐16

Jul‐16

Aug‐16

Sep‐16

Oct‐16

Nov‐16

De c‐16

Jan‐17

Feb‐17

Mar‐17

Apr‐17

May‐17

Jun‐17



(2.0)

(1.0)

‐

1.0

2.0

3.0

4.0



Exhibit 16

Performance Analysis (Net of fees since Inception Date of May-08)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (05/08)

Product Return (Gross) 1.32 3.01 3.07 4.11 -- 4.97Product Return (Net) 0.85 2.54 2.60 3.63 -- 4.50Annualized Fee 0.47 0.47 0.47 0.48 -- 0.47BC Agg -0.31 2.48 2.21 3.19 -- 4.02Excess Returns 1.16 0.06 0.39 0.44 - 0.48

Annualized Alpha (Risk Adjusted Excess Return) 1.16 0.16 0.41 0.52 -- 0.35Active Manager Premium 0.00 0.00 0.00 0.00 - 0.00Excess Risk Adjusted Returns 1.16 0.16 0.41 0.52 - 0.35





Watchlist Evaluation:

3yr Alpha 5yr Alpha AMP 3yr Excess vs AMP

5yr Excess vs AMP

Status


Progress/Core Fixed IncomeJune 30, 2017

Good Standing

-

0.2

0.4

0.6

0.8

1.0

1.2

Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17



(0.4) (0.2)

- 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6



Exhibit 16

Performance Analysis (Net of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 11)

Product Return (Gross) 2.49 3.07 3.38 -- -- 4.26Product Return (Net) 2.31 2.91 3.20 -- -- 4.08Annualized Fees 0.18 0.16 0.18 -- -- 0.18Bloomberg Barclays US Agg -0.31 2.48 2.21 -- -- 3.26Excess Returns 2.62 0.43 0.99 -- -- 0.82

Annualized Alpha (Risk Adjusted Excess Return) 2.62 0.85 1.16 -- -- 1.24Active Manager Premium 0.70 0.70 0.70 -- -- 0.70Excess Risk Adjusted Returns 1.92 0.15 0.46 -- -- 0.54

Risk And RegressionDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 11)


Efficiency MeasuresDescription 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 11)


Status Evaluation:



Neuberger Berman / Core Plus Fixed IncomeJune 30, 2017

Good Standing

(1.0)

(0.5)

-

0.5

1.0

1.5

2.0

2.5

Dec-

13

Jan-

14

Feb-

14

Mar

-14

Apr-

14

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct

-15

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-

16

May

-16

Jun-

16

Jul-1

6

Aug-

16

Sep-

16

Oct

-16

Nov

-16

Dec-

16

Jan-

17

Feb-

17

Mar

-17

Apr-

17

May

-17

Jun-

17



- 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8

Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17



Exhibit 16

Performance Analysis (Composite Data)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (10/07)

Product Return (Gross) 8.29 3.00 2.84 3.34 -- 4.13Product Return (Net) 7.49 2.25 2.05 2.51 -- 3.35Annualized Fees 0.80 0.75 0.79 0.83 -- 0.78LIBOR (3 Month) 0.85 0.50 0.43 0.42 -- 0.94Excess Returns 6.64 1.75 1.62 2.09 -- 2.41

Annualized Alpha (Risk Adjusted Excess Return) 15.74 -2.41 -2.14 -2.79 -- 2.86Active Manager Premium 3.00 3.00 3.00 3.00 -- 3.00Excess Risk Adjusted Returns 12.74 -5.41 -5.14 -5.79 -- -0.14


Standard Deviation 1.67 3.06 2.75 2.60 -- 3.24Standard Deviation - Benchmark 0.06 0.09 0.08 0.07 -- 0.39Beta -8.82 9.43 9.91 12.83 -- 0.56R-Squared 0.09 0.08 0.08 0.12 -- 0.01


Sharpe Ratio 4.22 0.67 0.69 0.92 -- 0.91Treynor Ratio -0.80 0.22 0.19 0.19 -- 5.25Sortino Ratio 12.22 1.03 1.03 1.45 -- 1.45Tracking Error 1.69 3.04 2.73 2.58 -- 3.24Information Ratio 3.94 0.58 0.59 0.81 -- 0.74Upside Market Capture -- -- -- -- -- --Downside Market Capture -- -- -- -- -- --

Status Evaluation:



Current Quarter - - 3.00 - -Prior Quarter - - 3.00 - -

PIMCO Unconstrained/Absolute Return Fixed IncomeJune 30, 2017

Good Standing

(15.0)

(10.0)

(5.0)

‐

5.0

10.0

Rolling 3‐year Excess Returnvs. LIBOR (3 Month)


(10.0)

(8.0)

(6.0)

(4.0)

(2.0)

‐

2.0

4.0

6.0

8.0

Sep‐12 Dec‐12 Mar‐13 Jun‐13 Sep‐13 Dec‐13 Mar‐14 Jun‐14 Sep‐14 Dec‐14 Mar‐15 Jun‐15 Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17

Rolling 5‐year Excess Returnvs. LIBOR (3 Month)


Exhibit 16

Performance Analysis (Composite Data Gross of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 06)

Product Return 7.11 0.84 1.55 3.98 5.90 6.18Custom EMD Benchmark 7.25 2.62 2.73 4.37 5.67 5.89Excess Returns -0.14 -1.78 -1.18 -0.39 0.23 0.29

Annualized Alpha (Risk Adjusted Excess Return) -0.33 -1.72 -1.25 -0.70 -0.36 -0.33Active Manager Premium 0.50 0.50 0.50 0.50 0.50 0.50Excess Risk Adjusted Returns -0.83 -2.22 -1.75 -1.20 -0.86 -0.83




Sharpe Ratio 0.72 0.08 0.16 0.41 0.48 0.50Treynor Ratio 6.57 0.70 1.37 3.56 4.72 4.84Sortino Ratio 1.04 0.12 0.23 0.61 0.68 0.70Tracking Error 0.75 1.28 1.33 1.61 2.44 2.45Information Ratio -0.20 -1.39 -0.89 -0.24 0.09 0.12Upside Market Capture 100.53 91.86 98.59 105.97 110.33 110.85Downside Market Capture 101.83 107.44 108.34 109.77 110.18 110.55

Status Evaluation:


Current Quarter -- -- 0.50 -- --Prior Quarter -- -- 0.50 -- --

BlueBay EM Debt Select - Composite Data, Gross of FeesJune 30, 2017

Good Standing

(3.0) (2.0) (1.0)

- 1.0 2.0 3.0 4.0 5.0 6.0 7.0

Dec-

09Fe

b-10

Apr-

10Ju

n-10

Aug-

10O

ct-1

0De

c-10

Feb-

11Ap

r-11

Jun-

11Au

g-11

Oct

-11

Dec-

11Fe

b-12

Apr-

12Ju

n-12

Aug-

12O

ct-1

2De

c-12

Feb-

13Ap

r-13

Jun-

13Au

g-13

Oct

-13

Dec-

13Fe

b-14

Apr-

14Ju

n-14

Aug-

14O

ct-1

4De

c-14

Feb-

15Ap

r-15

Jun-

15Au

g-15

Oct

-15

Dec-

15Fe

b-16

Apr-

16Ju

n-16

Aug-

16O

ct-1

6De

c-16

Feb-

17Ap

r-17

Jun-

17



(2.0)

(1.0)

-

1.0

2.0

3.0

4.0



Exhibit 16

Performance Analysis (Composite Data Gross of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/09)

Product Return (Gross) 9.18 -1.25 1.10 3.26 -- 6.00Product Return (Net Composite Not Availiable) -- -- -- -- -- --Annualized Fees -- -- -- -- -- --JPM GBI-EM Global Div Unhedged 6.41 -2.80 -0.67 1.86 3.97 5.44Excess Returns 2.77 1.55 1.77 1.40 -- 0.56





Sharpe Ratio 0.90 -0.10 0.08 0.24 -- 0.43Treynor Ratio 8.11 -1.24 0.87 2.98 -- 5.83Sortino Ratio 1.17 -0.15 0.11 0.35 -- 0.66Tracking Error 1.30 3.23 2.83 2.70 -- 4.50Information Ratio 2.13 0.48 0.63 0.52 -- 0.13Upside Market Capture 117.95 126.21 114.43 107.40 -- 104.25Downside Market Capture 97.77 107.60 100.36 98.62 -- 101.04

Status Evaluation:



Current Quarter - - 0.50 - -Prior Quarter - - 0.50 - -

Colchester Local Markets Debt Fund ‐ Composite Data, Gross of FeesJune 30, 2017

Good Standing

(0.5)

‐

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Rolling 3‐year Excess Returnvs. JPM GBI‐EM unhedged


(0.5)

‐

0.5

1.0

1.5

2.0

2.5

3.0

Dec‐13 Mar‐14 Jun‐14 Sep‐14 Dec‐14 Mar‐15 Jun‐15 Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17

Rolling 5‐year Excess Returnvs. JPM GBI‐EM unhedged


Exhibit 16


Product Return (Gross of Fees) 8.86 -- -- -- -- 5.66Product Return (Net of Fees) 8.36 -- -- -- -- 5.30JPM Corp EM Bond Index - Broad 6.96 -- -- -- -- 6.29Excess Returns 1.40 - - - - -0.99

Annualized Alpha (Risk Adjusted Excess Return) -0.14 -- -- -- -- -1.72Active Manager Premium 0.00 - - - - 0.00Excess Risk Adjusted Returns -0.14 - - - - -1.72


Standard Deviation 4.24 -- -- -- -- 5.70Standard Deviation - Benchmark 3.39 - - - - 4.79Beta 1.22 -- -- -- -- 1.14R-Squared 0.95 -- -- -- -- 0.91


Sharpe Ratio 1.86 -- -- -- -- 0.88Treynor Ratio 6.49 -- -- -- -- 4.43Sortino Ratio 2.91 -- -- -- -- 1.52Tracking Error 1.22 -- -- -- -- 1.81Information Ratio 1.15 -- -- -- -- -0.55Upside Market Capture 124.89 -- -- -- -- 105.32Downside Market Capture 131.71 -- -- -- -- 133.20

Status Evaluation:

3yr Alpha 5yr Alpha AMP 3yr Excess vs AMP

5yr Excess vs AMP

Status

Current Quarter -- -- 0.00 - -Prior Quarter - - 0.00 - -

Progress Investment Management - EM Debt - Net of FeesJune 30, 2017

Good Standing

- 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17

Rolling 5-year Excess Return vs. JPM Corp EM Bond Index


- 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0

Rolling 3-year Excess Return vs. JPM Corp EM Bond Index


Exhibit 16

Performance Analysis (Composite Data Gross of Fees)Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (07/15)

Product Return 8.99 2.60 4.27 6.18 -- 6.8050% JPM EMBI / 50% JPM GBI-EM 6.26 1.28 2.54 4.51 -- 5.33Excess Returns 2.73 1.32 1.73 1.67 -- 1.47






Status Evaluation:

3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP

5yr Alpha vs. AMP Status

Current Quarter -- -- 0.50 -- --Prior Quarter -- -- 0.50 -- --

Prudential EM Debt Blend - Composite Data, Gross of FeesJune 30, 2017

Good Standing

-

0.5

1.0

1.5

2.0

2.5

3.0

Rolling 5-year Excess Return vs. Custom EMD Benchmark


(1.0) (0.5)

- 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

Rolling 3-year Excess Return vs. Custom EMD Benchmark


Exhibit 16

eVestment and its affiliated entities (collectively, "eVestment") collect information directly from investment management firms and other sources believed to be reliable; however,eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performanceresults may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for generaldistribution. * All categories not necessarily included; Totals may not equal 100%. Copyright 2013-2015 eVestment Alliance, LLC. All Rights Reserved.

Firm Key FactsA U M $103,540.30

Accounts 9703

Portfolio Mgrs/Dual Role PMs ---

Analysts ---

% Employee Owned 89.00%

Total Employees ---

Legal Structure Private Corporation

Firm Background

MesirowMesirow Financial Holdings, Inc. is a Chicago-based diversified financial services firm of approximately 650 employees with a global reach, resources and capabilities.

The firm was founded in 1937 when Norman Mesirow purchased a seat on the New York Stock Exchange (NYSE). Since then, we have become a leading provider of financial services known forindependent minds and innovative solutions.

Mesirow Financial’s Investment Management Division had $31.3 billion in assets under management, and an additional $65.5 billion in currency risk management assets as of December 31, 2016.The other assets are managed across several departments, including: Fixed Income, Equity Management, Institutional Real Estate – Direct Investments, Private Equity (Direct and Fund of Funds),Advanced Strategies (hedge fund strategies), Investment Strategies, Investment Advisory and Retirement Plan Advisory.

Mesirow Financial Investment Management, Inc. (MFIM) was started in 1974 to provide asset management to institutional investors and high net worth individuals.

Mesirow 8/11/2017Small Cap Value Equity Firm Overview

Firm InformationAddress 353 North Clark Street

Address ---

C i ty Chicago

State/Province Illinois

Zip/Postal Code 60654

Country United States

Website www.mesirowfinancial.com

Phone 312.595.6000

Year Founded 1974

Account and AUM Information

Firm Background Narrative

AUMTotal $103,540.30

Taxable $6,284.30

Tax-Exempt $97,256.00

Institutional $98,882.60

AccountsTotal 9703

Taxable 4395

Tax-Exempt 5308

Institutional 1808

Accts Gained# of Accts (MRQ) 46

# of Accts (1 Year) 62

$ in Millions (MRQ) $2,814.80

$ in Millions (1 Year) $5,503.33

% of Assets 2.90%

Accts Lost# of Accts (MRQ) 28




% of Assets 2.65%

Ownership Info% Employee Owned 89.00%

% Parent Owned ---

% Publicly Held 0.00%

% Minority Owned 31.30%

% Female Owned 7.10%

Ownership and Compliance Information

Marketing Contact Info

First Name James

Last Name Kilbane

Phone 312.595.6761

E-mail [email protected]

Office LocationsCi ty Chicago


Secondary Office #1: City ---

Secondary Office #1: State ---





Exhibit 17

Product FactsPrimary Universe eVestment US Small Cap Value Equity

Geographic Region United States

Inception Date 07/01/1994

Asset Class Equity

Product Domicile ---

Product Structure Direct Investment


AUMTotal $1,420.00

Taxable $0.00



AccountsTotal 18

Taxable 0

Tax-Exempt 18



$ in Millions (MRQ) $0.00

$ in Millions (1 Year) $0.45

% of Assets 0.00%





% of Assets 0.00%

Strategy SnapshotPrimary Equity Capitalization Small Cap

Primary Equity Style Emphasis Value

Preferred Benchmark Russell 2000 Value

Secondary Equity Style Emphasis Relative Value

Current # of Holdings 79

Foreign Securities Utilized? No

Approach Towards Currency Hedging Not Used

% Hedged to Local Currency 0.00%

Max % Allowed in Emerging Mkts 0.00%

Derivitives Utilized? No

Available Under ESG? Yes

Product Characteristics

Fundamental CharacteristicsCurrent Cash Position 3.35%

Annual Turnover (LTM) 106.19%

Current P/E (12 mo Trailing) 30.60

Current P/B 2.10

Current P/S (12 mo Trailing) 1.50

Earnings Growth (Past 5 Yrs) 11.10%

Wgtd. Avg. Mkt. Cap $2,850

Median Mkt. Cap $2,823

Market Capitalization Breakdown>$50 Billion 0.00%

$15-50 Billion 0.00%

$7.5-15 Billion 0.00%

$1.5-7.5 Billion 91.30%

$750-1.5 Billion 8.70%

$400-750 Million 0.00%

<$400 Million 0.00%


Product Key FactsPrimary Equity Capitalization Small Cap


Preferred Benchmark Russell 2000 Value

Accounts 18

Investment Focus Long Only

Mesirow 8/11/2017Small Cap Value Equity Product Overview

Sector Allocations - RussellIntegrated Oils ---

Technology ---

Health Care ---

Consumer Discretionary ---

Consumer Staples ---

Autos & Trans. ---

Producer Durables ---

Materials ---

Energy ---

Utilities ---

Other ---

Financial Services ---

Sector Allocation S&P/MSCIConsumer Disc. 10.22%

Consumer Staples 2.83%

Energy 3.79%

Financials 22.03%

Health Care 9.05%

Industrials 18.18%

Technology 14.99%

Materials 6.28%

Telecom 0.00%

Utilities 5.91%

Other 0.00%

Real Estate 6.72%

Team DescriptionPortfolio Mgrs/Dual Role PMs 2

Avg Yrs Exp 26.00

Avg Yrs w/Firm 1.00

Research Analysts 5

Avg Yrs Exp 21.00

Avg Yrs w/Firm 1.00

Team DescriptionTraders 3

Avg Yrs Exp 16.00

Avg Yrs w/Firm 1.00

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---

Portfolio Manager TurnoverLost (MRQ) 0

Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0

Analyst TurnoverLost (MRQ) 0

Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0

Product- Account TypesCorporate 1

Superannuation 0

Public Fund 9

Union/Multi-Employer 3

Found. & Endow. 3

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 2

Other 0

Defined Contribution 0

Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 217

Portfolio Mgrs/Dual Role PMs 16

Analysts ---


Total Employees 46

Legal Structure Private Limited Liability Company

Firm Background

EARNEST Partners, LLCThe firm was founded and registered with the SEC 1999.

EARNEST Partners, LLC 8/11/2017Mid Cap Core Firm Overview

Firm InformationAddress 1180 Peachtree St.

Address Suite 2300

Ci ty Atlanta

State/Province Georgia



Website www.earnestpartners.com

Phone 404.815.8772

Year Founded 1998



AUMTotal $20,773.00

Taxable $5,493.00



AccountsTotal 217

Taxable 50

Tax-Exempt 167

Institutional 217





% of Assets 0.00%





% of Assets 0.55%


% Parent Owned 0.00%






First Name Patmon

Last Name Malcom

Phone 404-419-2616


Office LocationsCi ty Atlanta

State/Province Georgia

Secondary Office #1: City Beijing

Secondary Office #1: State China

Secondary Office #2: City Centro - Rio de Janeiro

Secondary Office #2: State Brazil

Secondary Office #3: City Jackson

Secondary Office #3: State United States

Exhibit 17

Product FactsPrimary Universe eVestment US Mid Cap Core Equity



Asset Class Equity




AUMTotal $850.00

Taxable $0.00

Tax-Exempt $850.00

Institutional $850.00

AccountsTotal 17

Taxable 0

Tax-Exempt 17





% of Assets 0.00%





% of Assets 6.30%

Strategy SnapshotPrimary Equity Capitalization Mid Cap

Primary Equity Style Emphasis Core

Preferred Benchmark Russell MidCap





% Hedged to Local Currency ---





Fundamental CharacteristicsCurrent Cash Position ---



Current P/B 3.20






$15-50 Billion 36.99%

$7.5-15 Billion 36.06%

$1.5-7.5 Billion 21.81%

$750-1.5 Billion 0.00%

$400-750 Million 0.00%

<$400 Million 0.00%


Product Key FactsPrimary Equity Capitalization Mid Cap


Preferred Benchmark Russell MidCap

Accounts 17


EARNEST Partners, LLC 8/11/2017Mid Cap Core Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 3.02%

Financials 16.34%

Health Care 12.90%

Industrials 17.89%

Technology 26.01%

Materials 8.91%

Telecom 0.00%

Utilities 1.30%

Other 0.00%

Real Estate 6.27%


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Research Analysts ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---

Portfolio Manager TurnoverLost (MRQ) ---

Lost (2013) ---

Gained (MRQ) ---

Gained (2013) ---

Analyst TurnoverLost (MRQ) ---

Lost (2013) ---

Gained (MRQ) ---

Gained (2013) ---


Superannuation 0

Public Fund 7


Found. & Endow. 1

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 0

Other 0

Defined Contribution ---

Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 49


Analysts 4


Total Employees 17


Firm Background

Channing Capital Management, LLCChanning Capital Management, LCC (Channing) was founded in 2003 and became a SEC registered investment advisory firm on September 26, 2003. The firm was incorporated in the State ofDelaware on August 8, 2003, and is a limited liability company. Eric T. McKissack, Wendell E. Mackey and Rodney B. Herenton are the founding partners of Channing which is headquartered inChicago, Illinois. Channing launched with the Mid-Cap Value product on January 19, 2004 with approximately $67 million in assets under management (AUM) followed by the Small-Cap Valueproduct launch on June 29, 2006. The total firm-wide assets exceed $2.0 billion.

Channing Capital Management, LLC 8/11/2017Channing Mid-Cap Value Firm Overview

Firm InformationAddress 10 South LaSalle Street, Suite 2401

Address ---

C i ty Chicago




Website www.channingcapital.com

Phone 312.223.0211

Year Founded 2003



AUMTotal $2,616.90

Taxable $251.65



AccountsTotal 49

Taxable 2

Tax-Exempt 47

Institutional 48





% of Assets 0.15%





% of Assets 2.19%


% Parent Owned ---

% Publicly Held ---


% Female Owned ---



First Name Rodney

Last Name Herenton

Phone 312.223.0211




Secondary Office #1: City Atlanta






Exhibit 17

Product FactsPrimary Universe eVestment US Mid Cap Value Equity



Asset Class Equity


Product Structure ---


AUMTotal $308.90

Taxable $0.00

Tax-Exempt $308.90


AccountsTotal 5

Taxable 0

Tax-Exempt 5

Accts Gained# of Accts (MRQ) ---


$ in Millions (MRQ) ---


% of Assets ---

Accts Lost# of Accts (MRQ) ---




% of Assets ---

Strategy SnapshotPrimary Equity Capitalization Mid Cap


Preferred Benchmark Russell MidCap Value






Max % Allowed in Emerging Mkts ---







Current P/B 2.60



Wgtd. Avg. Mkt. Cap $13

Median Mkt. Cap $10


$15-50 Billion 31.00%

$7.5-15 Billion 34.00%

$1.5-7.5 Billion 33.00%

$750-1.5 Billion 2.00%

$400-750 Million 0.00%

<$400 Million 0.00%


Product Key FactsPrimary Equity Capitalization Mid Cap


Preferred Benchmark Russell MidCap Value

Accounts 5


Channing Capital Management, LLC 8/11/2017Channing Mid-Cap Value Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 7.91%

Financials 24.10%

Health Care 5.58%

Industrials 14.83%

Technology 17.60%

Materials 5.86%

Telecom 0.00%

Utilities 3.38%

Other 4.10%

Real Estate 0.00%

Team DescriptionPortfolio Mgrs/Dual Role PMs ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Team DescriptionTraders ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) ---

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) ---

Gained (2013) 0


Superannuation 0

Public Fund 3


Found. & Endow. 1

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 0

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 2042


Analysts 247


Total Employees 6744

Legal Structure Public Corporation

Firm Background

T. Rowe Price Group, Inc.T. Rowe Price has a rich history spanning more than seven decades. Over the years, they have successfully navigated market cycles and secular shifts in the economy. They have worked hard todevelop innovative investment products in anticipation of changes in investors' needs and preferences. They are proud of the organization they have built and the clients they have the opportunityto serve. The following outlines key dates in the history of the organization:1937 T. Rowe Price founded in Baltimore, Maryland, USA.1947 T. Rowe Price is incorporated in the State of Maryland. T. Rowe Price registers with the SEC under the Investment Advisers Act of 1940. 1950 Launches first U.S.-registered mutual fund - the T. Rowe Price Growth Stock Fund.1951 First institutional segregated account client.1960 Launches dedicated small-cap stock mutual fund, the T. Rowe Price New Horizons Fund, one of the first in the U.S.1969 Launches dedicated natural resources fund, today the oldest and largest in the U.S.1971 T. Rowe Price establishes the Fixed Income Division to complement its well-known equity management capabilities.1974 T. Rowe Price Retirement Plan Services pioneers defined contribution plan management with inception of first retirement accounts.1979 Launches Rowe Price-Fleming International, Inc. "“ a joint venture between T. Rowe Price and Robert Fleming Holdings that achieves premier status as a non-U.S. asset manager for US-domiciled investors.1982 T. Rowe Price is the first investment firm to provide full-service, defined contribution plan services.1984 T. Rowe Price establishes a management committee to run the firm. 1986 T. Rowe Price initial public offering, trading on the NASDAQ Stock Market under the symbol "TROW". 1992 Launches a dedicated mid-cap fund, the first in the U.S.1996 Achieves $100 billion* in assets under management.1999 T. Rowe Price shares are added to the S&P 500 Equity Index. Establishes joint venture with Robert Fleming Holdings to form T. Rowe Fleming Asset Management (now T. Rowe Price International Ltd) in Japan.2000 Acquires 100% of Rowe Price-Fleming International, Inc. and rename it T. Rowe Price International Ltd.Price Associates reorganizes its operations into a holding company structure through an exchange of shares. Price Associates becomes a subsidiary of T. Rowe Price Group, Inc. ("Price Group").After the share exchange, all of the business and operations previously conducted by Price Associates and its subsidiaries were and continue to be conducted by entities within the Price Group.T. Rowe Price establishes a dedicated marketing and service company for non-U.S. investors -"“ T. Rowe Price International Ltd (formerly Global Investment Services Limited) -- which isregistered as an investment adviser with the United Kingdom's regulatory authority (the FSA) in January 2001.2001 Launches the T. Rowe Price Funds SICAV, domiciled in Luxembourg, for institutional investors and financial intermediaries outside the U.S.2004 Achieves $200 billion* in assets under management.2006 Achieves $300 billion* in assets under management.2006 T. Rowe Price raises quarterly dividend for 20th consecutive year.As planned, James Kennedy elected president and chief executive officer of the firm. Also as planned, the Board of Directors elects Brian Rogers chairman of the Board and Edward Bernard vicechairman. The election of Messrs. Kennedy, Rogers, and Bernard becomes effective on 1 January 2007, following the retirement of chairman and President George A. Roche on 31 December 2006.

T. Rowe Price Group, Inc. 8/11/2017US Structured Research Equity Strategy Firm Overview

Firm InformationAddress 100 E Pratt Street

Address ---

C i ty Baltimore

State/Province Maryland



Website www.troweprice.com

Phone 410.345.2000

Year Founded 1937




Taxable $715,867.78



AccountsTotal 2042

Taxable 1198

Tax-Exempt 844

Institutional 1367





% of Assets 0.12%





% of Assets 0.13%




% Minority Owned ---

% Female Owned ---



First Name Chip

Last Name Wendler

Phone 410-345-2239


Office LocationsCi ty Baltimore


Secondary Office #1: City Owings Mills

Secondary Office #1: State Maryland

Secondary Office #2: City London

Secondary Office #2: State England

Secondary Office #3: City Hong Kong


Exhibit 17

Product FactsPrimary Universe eVestment US Enhanced S&P 500 Equity



Asset Class Equity




AUMTotal $25,608.53

Taxable $13,243.47



AccountsTotal 35

Taxable 7

Tax-Exempt 28





% of Assets 0.00%





% of Assets 0.00%

Strategy SnapshotPrimary Equity Capitalization Large Cap

Primary Equity Style Emphasis Enhanced Index

Preferred Benchmark S&P 500

Secondary Equity Style Emphasis None


Foreign Securities Utilized? Yes




Derivitives Utilized? Yes






Current P/B 4.34

Current P/S (12 mo Trailing) ---





$15-50 Billion 27.75%

$7.5-15 Billion 7.85%

$1.5-7.5 Billion 1.72%

$750-1.5 Billion 0.00%

$400-750 Million 0.00%

<$400 Million 0.00%


Product Key FactsPrimary Equity Capitalization Large Cap



Accounts 35


T. Rowe Price Group, Inc. 8/11/2017US Structured Research Equity Strategy Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 4.94%

Financials 14.57%

Health Care 14.85%

Industrials 10.44%

Technology 22.93%

Materials 3.75%

Telecom 1.39%

Utilities 3.15%

Other 0.70%

Real Estate 2.78%


Avg Yrs Exp 17.00

Avg Yrs w/Firm 15.00

Research Analysts 26

Avg Yrs Exp 11.00

Avg Yrs w/Firm 7.00


Avg Yrs Exp 16.00


Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Superannuation 0

Public Fund 11


Found. & Endow. 2

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 4

Other 6


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 45


Analysts 7


Total Employees 32


Firm Background

CastleArk Management, LLCCastleArk Management LLC was founded in March 1999 and has been 100% employee owned since inception. In April 2012, Jerry Castellini entered into an agreement with co-founder, Ed Clark, topurchase his 50% stake over a five year period. At the end of 2012, Castellini also established an employee ownership plan to distribute 18% of the common equity to four key investmentprofessionals: Robert Takazawa, Quentin Ostrowski, Jim Stark and Greg Baxter. In December 2014, Kevin Dolsen, Joan Rockey and Nora Walsh became equity holders. The number of employeeowners has expanded to eight over the past several years and is expected to continue to grow over time, with an objective to reduce Jerry Castellini’s stake to under 50% by 2023.

CastleArk Management, LLC 8/11/2017CastleArk Small Company Growth Firm Overview

Firm InformationAddress 1 N. Wacker Drive

Address Suite 3950

Ci ty Chicago




Website CastleArk.com

Phone 312.456.9682

Year Founded 1999



AUMTotal $3,440.00

Taxable $16.00



AccountsTotal 45

Taxable 3

Tax-Exempt 42

Institutional 42





% of Assets 0.76%





% of Assets 4.26%


% Parent Owned ---

% Publicly Held ---





First Name CastleArk

Last Name Marketing

Phone 3124569682










Exhibit 17

Product FactsPrimary Universe eVestment US Small Cap Growth Equity



Asset Class Equity




AUMTotal $857.00

Taxable $0.00

Tax-Exempt $857.00


AccountsTotal 12

Taxable 0

Tax-Exempt 12





% of Assets 0.00%





% of Assets 0.00%

Strategy SnapshotPrimary Equity Capitalization Small Cap

Primary Equity Style Emphasis Growth

Preferred Benchmark Russell 2000 Growth

Secondary Equity Style Emphasis Pure Growth










Annual Turnover (LTM) ---


Current P/B 3.91






$15-50 Billion 0.00%

$7.5-15 Billion 2.72%

$1.5-7.5 Billion 74.55%

$750-1.5 Billion 18.11%

$400-750 Million 3.84%

<$400 Million 0.78%


Product Key FactsPrimary Equity Capitalization Small Cap


Preferred Benchmark Russell 2000 Growth

Accounts 12


CastleArk Management, LLC 8/11/2017CastleArk Small Company Growth Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 0.00%

Financials 7.28%

Health Care 21.44%

Industrials 17.59%

Technology 25.58%

Materials 4.55%

Telecom 3.13%

Utilities 0.00%

Other 0.00%

Real Estate 1.62%


Avg Yrs Exp 22.00

Avg Yrs w/Firm 9.00

Research Analysts 3

Avg Yrs Exp 5.00

Avg Yrs w/Firm 4.00


Avg Yrs Exp 9.00

Avg Yrs w/Firm 9.00

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) ---

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) ---

Gained (2013) 0


Superannuation 0

Public Fund 6


Found. & Endow. 0

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 2

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 51


Analysts ---


Total Employees ---


Firm Background

Piedmont Investment Advisors, LLCPiedmont Investment Advisors, LLC (Piedmont) was organized as a North Carolina Limited Liability Company on August 1, 2000. We are a professional money management firm located inDurham, NC specializing in fixed income and equity management, offering a suite of products that span the investment risk spectrum. We currently manage approximately $6.4 billion in assetsas of March 31, 2017. Piedmont is a minority and women owned firm, 100 % owned by its employees, and has a diverse workforce of 22 employees. Piedmont was founded on its core values ofDedication, Transparency, Partnership and Humility. With these principals in mind, Piedmont was built and designed as a destination firm.

We have built an institution where our clients always come first and our focus is on bringing integrity to the relationship of trust that traditionally exists between investment managers and theirclients. We believe that our success is dependent on establishing lasting client relationships and we work to build trust by offering investment products that strike an appropriate balancebetween risk and return and aim to generate attractive results consistently. We manage our products in a variety of market segments and manage them at specific levels of risk so that theycan be carefully matched to each client’s individual objectives and circumstances. By exercising appropriate levels of discretion and establishing realistic return objectives, we allow our clients tohave a clear understanding of what we will do with their portfolios and what constitutes an appropriate definition of success. Firm Highlights:2000 – 2008: Our Risk-Aware Philosophy and Three-Pronged Investment Process Drove the Growth of the FirmPiedmont was founded upon a risk-aware investment philosophy that combines multiple disciplines to out-perform client benchmarks on a risk-managed basis. We don’t rely on just a singlesource of insights, but rather, our process extracts value from the combination of three investment disciplines: quantitative, fundamental, and macro. Accordingly, Piedmont employs acollaborative investment process where all investment professionals come together in multiple forums to develop a firm-wide macro strategy and to discuss quantitative and fundamentalresearch insights that can be applied across all products. We term this collaboration the Unified Investment Platform.

Piedmont’s assets under management crossed the $1 billion mark in 2006. In 2007, CalPERS (working in partnership with Legato Capital Management) purchased a 21.09% minority ownershipstake in Piedmont Investment Advisors as a part of their Manager Development Program II.

2009: US Department of the Treasury ContractIn April 2009, the U.S. Department of the Treasury (“Treasury”) contracted with Piedmont to provide certain investment advisory services relating to the Capital Purchase Program. Piedmont hadfour analysts on its Bank Advisory Services team to support this completed Treasury mandate. In 2009, the firm’s assets under management crossed the $2 billion mark.

2011: Rosemont Partners became a minority investor in firmRosemont Investment Partners, LLC acquired a 30% minority interest in Piedmont, redeeming CalPERS and another minority investor solidifying Piedmont employee’s 70% ownership stake.Rosemont is a private equity firm, solely focused on providing capital and expertise to the investment management industry.

2015: Development and Growth of Firm, Launch of Passive Index Strategy, Knowledge Transfer EngagementPiedmont continued the development and growth of the firm’s investment capabilities through the 2011 to 2015 period. In May 2015, Piedmont entered a Strategic Partnership with a majorSoutheast Pension Plan with whom it has a longstanding client relationship as an investment manager. This partnership launched Piedmont’s passive product line with a $3.2 billion mandate. This

Piedmont Investment Advisors, LLC 8/11/2017Market Plus Firm Overview

Firm InformationAddress 2605 Meridian Parkway

Address Suite 105

Ci ty Durham

State/Province North Carolina



Website www.piedmontinvestment.com

Phone 919.688.8600

Year Founded 2000



AUMTotal $6,128.98

Taxable $354.11



AccountsTotal 51

Taxable 10

Tax-Exempt 41

Institutional 44





% of Assets 0.00%





% of Assets 0.00%


% Parent Owned ---

% Publicly Held ---





First Name Clarissa

Last Name Parker

Phone 919-433-3345


Office LocationsCi ty Durham

State/Province North Carolina







Exhibit 17

Product FactsPrimary Universe eVestment US Enhanced S&P 500 Equity



Asset Class Equity




AUMTotal $624.87

Taxable $0.00

Tax-Exempt $624.87


AccountsTotal 5

Taxable 0

Tax-Exempt 5





% of Assets 0.00%





% of Assets 0.00%




Secondary Equity Style Emphasis ---

Current # of Holdings ---

Foreign Securities Utilized? ---

Approach Towards Currency Hedging ---








Current P/E (12 mo Trailing) ---

Current P/B ---


Earnings Growth (Past 5 Yrs) ---

Wgtd. Avg. Mkt. Cap ---

Median Mkt. Cap ---

Market Capitalization Breakdown>$50 Billion ---

$15-50 Billion ---

$7.5-15 Billion ---

$1.5-7.5 Billion ---

$750-1.5 Billion ---

$400-750 Million ---

<$400 Million ---





Accounts 5

Investment Focus Enhanced Index

Piedmont Investment Advisors, LLC 8/11/2017Market Plus Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---


Sector Allocation S&P/MSCIConsumer Disc. ---


Energy ---

Financials ---

Health Care ---

Industrials ---

Technology ---

Materials ---

Telecom ---

Utilities ---

Other ---

Real Estate ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) ---

Gained (2013) 0


Superannuation 0

Public Fund 4


Found. & Endow. 0

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 0

Other 0


Supranationals 0

Sovereign Wealth 0


Lost (2013) 0

Gained (MRQ) ---

Gained (2013) 0

Exhibit 17



Accounts 74


Analysts 1


Total Employees 15


Firm Background

Ativo Capital ManagementAtivo Capital Management, LLC (" Ativo") was founded in 2001 and is a registered investment advisor with a goal of delivering top quartile performance and exceptional service to institutionalclients. They follow a rules- based process that combines quantitative methodologies with a fundamental overlay to build long-only, high active share portfolios. They invest globally, with anemphasis on international markets. Central to their approach is a proprietary model that scores stocks based on our assessment of their intrinsic value, price momentum and other importantfactors.

From Ativo's inception, Ricardo Bekin has been its Chief Investment Officer and Principal Member. Michael S. Brooks (Director of Client Relations), Adan Galvan (Trader/Sr. Portfolio Manager),Dennis Aust (Director of Research), Eric Pucek (Chief Compliance Officer), Ram Gandikota (Sr. Portfolio Manager), and Kiat Tang (Sr. Securities Systems Analyst) are the other current principalsat Ativo. The firm is 100% employee owned, SEC registered, and has met the requirements for certification as a bona fide Minority Business Enterprise as defined by the National MinorityDevelopment Council.

Ativo Capital Management 8/11/2017Ativo International AC ex US Firm Overview

Firm InformationAddress 120 N. La Salle Street

Address Suite 2150

Ci ty Chicago


Zip/Postal Code 60602-2493


Website www.ativocapital.com

Phone 312.263.7600

Year Founded 2001



AUMTotal $2,085.85

Taxable $0.78



AccountsTotal 74

Taxable 26

Tax-Exempt 48

Institutional 48





% of Assets 0.00%





% of Assets 0.00%








First Name Michael

Last Name Brooks

Phone 312.263.7600










Exhibit 17

Product FactsPrimary Universe eVestment ACWI ex-US All Cap Core Equity

Geographic Region ACWI Ex-US


Asset Class Equity




AUMTotal $627.81

Taxable $0.00

Tax-Exempt $627.81


AccountsTotal 11

Taxable 0

Tax-Exempt 11





% of Assets 0.00%





% of Assets 0.00%

Strategy SnapshotPrimary Equity Capitalization All Cap


Preferred Benchmark MSCI ACWI ex-US-ND

Secondary Equity Style Emphasis GARP







Available Under ESG? No





Current P/B 2.00






$15-50 Billion 38.80%

$7.5-15 Billion 23.48%

$1.5-7.5 Billion 16.12%

$750-1.5 Billion 2.15%

$400-750 Million 0.00%

<$400 Million 0.00%


Product Key FactsPrimary Equity Capitalization All Cap



Accounts 11


Ativo Capital Management 8/11/2017Ativo International AC ex US Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 3.77%

Financials 22.81%

Health Care 3.76%

Industrials 17.64%

Technology 16.33%

Materials 6.86%

Telecom 3.79%

Utilities 1.73%

Other 1.94%

Real Estate 4.67%


Avg Yrs Exp 18.00


Research Analysts 1

Avg Yrs Exp 32.00

Avg Yrs w/Firm 6.00


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Superannuation 0

Public Fund 4


Found. & Endow. 0

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 7

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 1385


Analysts 420


Total Employees 826

Legal Structure ---

Firm Background

Fidelity Institutional Asset ManagementFidelity Institutional Asset Management (FIAM) is an organization dedicated to meeting the unique needs of the institutional marketplace. As part of the Fidelity organization, FIAM leveragesFidelity’s institutional investment expertise to deliver products and solutions that meet our clients’ investment goals.

Historically, we have served the investment management needs of institutional firms (including intermediary firms, such as broker-dealers) through two separate business units—Pyramis GlobalAdvisors (Pyramis) and Fidelity Financial Advisor Solutions (FFAS). Pyramis was established in 2005 as a stand-alone organization with a focus on ensuring its investment, distribution and clientservicing platform would bring the best of Fidelity to the institutional marketplace. FFAS was established in 1979 with a focus on distributing Fidelity-managed investment products (e.g., mutualfunds, 529 plans, Variable Insurance Products, etc.) to national broker/dealers, regionals and independent broker/dealers, banks, trust companies, registered investment advisors (RIAs) andinsurance companies.

The rapidly evolving and increasingly complex investment needs of our clients presented an opportunity, and, in October 2015, FIAM was established. FIAM brings together the distribution andclient service teams from Pyramis and FFAS to create a single, integrated distribution and service organization. This new structure positions us to provide a simpler, more coordinated clientservice experience.

FIAM leverages Fidelity’s broad and deep institutional investment management capabilities, including FIAM Equity (formerly Pyramis Equity) and Fidelity’s Fixed Income, High Income and GlobalAsset Allocation divisions.

Fidelity Institutional Asset Management 8/11/2017Select International Plus Firm Overview

Firm InformationAddress 245 Summer Street

Address ---

C i ty Boston

State/Province Massachusetts



Website institutional.fidelity.com

Phone 401-292-7597

Year Founded 2005




Taxable $24,864.02



AccountsTotal 1385

Taxable 141

Tax-Exempt 1244

Institutional 1376





% of Assets 0.62%





% of Assets 1.37%





% Female Owned ---



First Name Gregory

Last Name Ciosek

Phone 401.292.7597


Office LocationsCi ty Boston


Secondary Office #1: City Smithfield, RI


Secondary Office #2: City Merrimack, NH




Exhibit 17

Product FactsPrimary Universe eVestment ACWI ex-US Large Cap Core Equity



Asset Class Equity




AUMTotal $1,813.36

Taxable $0.00



AccountsTotal 9

Taxable 0

Tax-Exempt 9





% of Assets 0.00%





% of Assets 0.00%
















Current P/B 2.00






$15-50 Billion 34.19%

$7.5-15 Billion 13.88%

$1.5-7.5 Billion 13.52%

$750-1.5 Billion 0.39%

$400-750 Million 0.03%

<$400 Million 0.00%





Accounts 9


Fidelity Institutional Asset Management 8/11/2017Select International Plus Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 6.51%

Financials 24.44%

Health Care 9.36%

Industrials 11.26%

Technology 11.92%

Materials 7.63%

Telecom 4.78%

Utilities 0.00%

Other 0.00%

Real Estate 1.89%


Avg Yrs Exp 0.00

Avg Yrs w/Firm 0.00


Avg Yrs Exp 0.00

Avg Yrs w/Firm 6.00


Avg Yrs Exp 0.00


Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 4

Gained (MRQ) 1

Gained (2013) 0


Superannuation 0

Public Fund 3


Found. & Endow. 0

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 0

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 45


Analysts 4


Total Employees 28

Legal Structure Other

Firm Background

GlobeFlex Capital, L.P.GlobeFlex Capital, L.P., is a global equity investment manager, founded and headquartered in San Diego, CA. Structured as a California Limited partnership in 1994, they are 91% employee-ownedand majority women-owned, with the remaining equity being retained by silent “angel” investors. Currently, there are eleven employee-owners, with founders, Marina L. Marrelli, CEO, and Robert J.Anslow, Jr., CIO, maintaining controlling interest.

GlobeFlex Research India (GRI), a wholly-owned subsidiary of GlobeFlex Capital, L.P., is their dedicated research arm. GRI is comprised of two offices in India, which provide fundamental andquantitative investment research, data gathering expertise, and technology development.

GlobeFlex Capital, L.P. 8/11/2017GlobeFlex ACWI ex-U.S. Firm Overview

Firm InformationAddress 4365 Executive Drive

Address Suite 720

Ci ty San Diego

State/Province California



Website www.globeflex.com

Phone 858.658.9060

Year Founded 1994



AUMTotal $4,081.00

Taxable $202.00



AccountsTotal 45

Taxable 12

Tax-Exempt 33

Institutional 45





% of Assets 0.00%





% of Assets 0.46%


% Parent Owned ---

% Publicly Held ---





First Name Noah

Last Name Bretz

Phone 8586589060


Office LocationsCi ty San Diego


Secondary Office #1: City Boston






Exhibit 17

Product FactsPrimary Universe eVestment ACWI ex-US All Cap Core Equity



Asset Class Equity




AUMTotal $934.00

Taxable $0.00

Tax-Exempt $934.00


AccountsTotal 3

Taxable 0

Tax-Exempt 3





% of Assets 0.00%





% of Assets 0.00%



Preferred Benchmark MSCI ACWI ex-US-GD





% Hedged to Local Currency 0.00%


Derivitives Utilized? ---






Current P/B 1.80






$15-50 Billion 23.60%

$7.5-15 Billion 23.00%

$1.5-7.5 Billion 31.60%

$750-1.5 Billion 2.30%

$400-750 Million 1.10%

<$400 Million 0.20%




Preferred Benchmark MSCI ACWI ex-US-GD

Accounts 3


GlobeFlex Capital, L.P. 8/11/2017GlobeFlex ACWI ex-U.S. Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 12.10%

Financials 16.50%

Health Care 8.00%

Industrials 9.60%

Technology 7.00%

Materials 14.70%

Telecom 7.50%

Utilities 6.60%

Other 0.00%

Real Estate 3.50%


Avg Yrs Exp 23.00


Research Analysts 4

Avg Yrs Exp 13.00

Avg Yrs w/Firm 2.00


Avg Yrs Exp 0.00

Avg Yrs w/Firm 0.00

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Superannuation 0

Public Fund 3


Found. & Endow. 0

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 0

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 28


Analysts 6


Total Employees 35


Firm Background

ProgressProgress was founded in 1990 as an independent, minority- and employee-owned Registered Investment Advisor. As a manager of emerging managers, Progress offers customized investmentsolutions to institutional clients seeking innovative sources of alpha. By investing in emerging managers, Progress creates diversified, risk-controlled portfolios while providing expert access toundiscovered investment talent.

In 1998, Progress became a wholly owned subsidiary of Liberty Financial Companies when it was acquired in a friendly transaction aimed at leveraging Liberty’s distribution channels and providingliquidity to Progress’ original founders who were at or near retirement. Before the benefits of the Liberty/Progress relationship could be realized, Liberty was acquired by Fleet Boston Financial in2001, at which time Progress determined it would once again pursue independence in order to regain control of its destiny and return the firm to its legacy as a minority-owned firm.

Progress achieved that goal in 2004, when its senior leadership team successfully completed a management buyback acquiring the firm in whole from Columbia Management Group, a subsidiaryof Bank of America, which acquired Fleet Boston Financial. Progress achieved the acquisition with the assistance of an outside institutional investor, the Massachusetts Bay TransportationAuthority Retirement Fund (MBTARF) who acquired a 40% stake in Progress alongside its management team. In 2008, Progress purchased MBTARF’s 40% equity stake in the firm, becoming100% employee-owned, and remains so to this day.

Progress 8/11/2017Non-US Equity Firm Overview

Firm InformationAddress 33 New Montgomery Street

Address Suite 1900

Ci ty San Francisco




Website www.progressinvestment.com

Phone 415.512.3480

Year Founded 1990



AUMTotal $6,706.00

Taxable $0.00



AccountsTotal 28

Taxable 0

Tax-Exempt 28

Institutional 28





% of Assets 0.64%





% of Assets 18.48%








First Name Linda

Last Name Cornett

Phone 415-512-3480


Office LocationsCi ty San Francisco








Exhibit 17

Product FactsPrimary Universe eVestment EAFE All Cap Core Equity

Geographic Region E A F E


Asset Class Equity


Product Structure Fund of Funds


AUMTotal ---

Taxable ---

Tax-Exempt ---

Institutional ---

AccountsTotal ---

Taxable ---

Tax-Exempt ---





% of Assets ---





% of Assets ---



Preferred Benchmark MSCI EAFE-ND

Secondary Equity Style Emphasis ---

Current # of Holdings ---










Current P/E (12 mo Trailing) ---

Current P/B ---



Wgtd. Avg. Mkt. Cap ---

Median Mkt. Cap ---

Market Capitalization Breakdown>$50 Billion ---

$15-50 Billion ---

$7.5-15 Billion ---

$1.5-7.5 Billion ---

$750-1.5 Billion ---

$400-750 Million ---

<$400 Million ---





Accounts ---


Progress 8/11/2017Non-US Equity Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---


Sector Allocation S&P/MSCIConsumer Disc. ---


Energy ---

Financials ---

Health Care ---

Industrials ---

Technology ---

Materials ---

Telecom ---

Utilities ---

Other ---

Real Estate ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) ---

Gained (MRQ) ---

Gained (2013) ---


Lost (2013) ---

Gained (MRQ) ---

Gained (2013) ---

Product- Account TypesCorporate ---

Superannuation ---

Public Fund ---

Union/Multi-Employer ---

Found. & Endow. ---

Healthcare ---

High Net Worth ---

Insurance ---

Wrap Account ---

Sub-Advised ---

Other ---


Supranationals ---

Sovereign Wealth ---

Exhibit 17



Accounts 44


Analysts 4


Total Employees 21


Firm Background

Strategic Global Advisors, LLCStrategic Global Advisors, LLC (SGA) was founded in November 2005 by Cynthia Tusan, CFA who began managing client assets the following month. Ms. Tusan envisioned a firm which wouldcombine the best of systematic analysis with more traditional, hands-on fundamental company analysis. In 2006, Ms. Tusan hired Gary Baierl, PhD as CIO and co-founder. Gary had previouslydeveloped and oversaw the quantitative analysis at a traditional deep value firm, and shared Ms. Tusan’s vision for combining systematic and traditional approaches. Together, they have built theteam and track record which exists today. The firm’s global approach to research has enabled it to launch international, US and global equity strategies.

The majority of SGA's ownership is held by employees. All outside owners hold non-voting equity. The two largest outside owners are members of the Advisory Committee. The AdvisoryCommittee is not involved in the day to day operations of SGA, but rather serves as a sounding board and a source of independent insight for industry best practices and market trends.

SGA entered into a strategic partnership with Nile Capital Fund, LP in December 2015. In exchange for a non-voting equity stake in the firm (of less than 25%), Nile assists SGA in developingcustomized solutions focused on value-creating activities and in sensibly managing asset growth while ensuring the continued integrity of the investment process. SGA retains control of all firmday-to-day decisions. Individuals affiliated with the Nile Capital Fund, LP have significant asset management experience spanning the areas of marketing and distribution, operations, riskmanagement, compliance and asset management.

Strategic Global Advisors, LLC 8/11/2017International Equity Firm Overview

Firm InformationAddress 100 Bayview Circle, Suite 650

Address ---

C i ty Newport Beach




Website www.sgadvisors.com

Phone 949.706.2640

Year Founded 2005



AUMTotal $3,626.82

Taxable $152.31



AccountsTotal 44

Taxable 13

Tax-Exempt 31

Institutional 44





% of Assets 8.99%





% of Assets 4.16%


% Parent Owned ---

% Publicly Held ---





First Name Sam

Last Name King

Phone 919.937.9297


Office LocationsCi ty Newport Beach


Secondary Office #1: City Chicago

Secondary Office #1: State Illinois





Exhibit 17

Product FactsPrimary Universe eVestment EAFE Large Cap Core Equity



Asset Class Equity




AUMTotal $1,816.11

Taxable $13.80



AccountsTotal 13

Taxable 3

Tax-Exempt 10





% of Assets 0.00%





% of Assets 0.00%
















Current P/B 1.84






$15-50 Billion 41.40%

$7.5-15 Billion 23.75%

$1.5-7.5 Billion 11.66%

$750-1.5 Billion 0.00%

$400-750 Million 0.00%

<$400 Million 0.00%





Accounts 13


Strategic Global Advisors, LLC 8/11/2017International Equity Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 3.89%

Financials 20.80%

Health Care 12.26%

Industrials 15.62%

Technology 6.36%

Materials 8.39%

Telecom 4.11%

Utilities 1.83%

Other 0.00%

Real Estate 2.29%


Avg Yrs Exp 19.00

Avg Yrs w/Firm 9.00

Research Analysts 4

Avg Yrs Exp 7.00

Avg Yrs w/Firm 1.00


Avg Yrs Exp 21.00

Avg Yrs w/Firm 0.00

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Superannuation 0

Public Fund 5


Found. & Endow. 1

Healthcare 0

High Net Worth 3

Insurance 0

Wrap Account 0

Sub-Advised 1

Other 2


Supranationals 0

Sovereign Wealth 0

Exhibit 17


Firm Key FactsA U M $5,689,272.00

Accounts 28888


Analysts ---


Total Employees ---


Firm Background

BlackRockBlackRock is a premier provider of global investment management services. BlackRock manages assets across equity, fixed income, alternatives, multi-asset, and cash management strategiesfor institutional and retail clients. Through BlackRock Solutions® (“BRS”), the firm provides risk management and advisory services that combine capital markets expertise with internally-developed systems and technology.

BlackRock was founded in New York City in 1988 by eight partners, five of whom remain active in the firm today. They shared a determination to put client needs and interests first, a dedicationto data-driven investing, and a passion for understanding and managing risk. By listening to clients and understanding their unmet needs, the firm innovated in the areas of closed-end funds,trusts, defined contribution plans and more.

Development also began on Aladdin®, the firm’s unified investment platform that ultimately combines trading, risk management, and client reporting. Aladdin’s capacity for insight woulddistinguish BlackRock as an investment and risk manager and become the basis for BlackRock Solutions. Substantial resources continue to be allocated to ongoing development of technology andanalytical capabilities for internal users and external clients.

BlackRock initially focused primarily on fixed income. In 1995, the firm became affiliated with The PNC Financial Services Group, Inc. (“PNC”) and began managing open-end mutual funds,including equity and cash funds. BlackRock went public with broad employee ownership in 1999.

As the firm diversified, the concept of “One BlackRock” was developed and became a core principle. BlackRock established a coordinated platform rather than autonomous business units;managing our investment platforms together, BlackRock put in place a client-centric business model in which the entire firm’s resources and products can be leveraged for the benefit of clients.

By 2005, BlackRock had strong fixed income and cash businesses and growing equity and advisory capabilities. The firm then undertook a series of transformational mergers that added coreinvestment competencies. These acquisitions strengthened BlackRock's products and services mix with more offerings in equity, multi-asset products and alternatives, and greatly expanded thefirm's scale and global reach. Two significant steps in this process have been the mergers with Merrill Lynch Investment Managers (“MLIM”) in 2006 and Barclays Global Investors (“BGI”) in2009. MLIM began managing assets in the UK in 1946 as part of a predecessor entity. BGI traces its roots back to 1922, when its predecessor organizations began managing US institutionalassets.

Other events include the acquisition of State Street Research & Management in 2005 and the fund of funds business of Quellos Group, LLC in 2007, which established our hedge fund solutionsplatform.

Today, BlackRock is a leading global asset and risk manager, serving many of the world's largest companies, pension funds, foundations, and public institutions as well as millions of individualinvestors globally.

BlackRock 8/11/2017International Alpha Tilts Firm Overview

Firm InformationAddress 55 East 52nd Street

Address ---

C i ty New York

State/Province New York



Website www.blackrock.com

Phone 212.810.5300

Year Founded 1988



AUMTotal $5,689,272.00

Taxable $3,180,237.00

Tax-Exempt $2,509,035.00

Institutional $3,577,164.00

AccountsTotal 28888

Taxable 13618

Tax-Exempt 15270

Institutional 27203





% of Assets 3.77%





% of Assets 2.98%





% Female Owned ---



First Name Sean

Last Name Swesey

Phone 415.670.6463


Office LocationsCi ty New York


Secondary Office #1: City San Francisco



Secondary Office #2: State United Kingdom



Exhibit 17

Product FactsPrimary Universe eVestment EAFE Large Cap Core Equity



Asset Class Equity




AUMTotal $1,892.50

Taxable $0.00



AccountsTotal 13

Taxable 0

Tax-Exempt 13





% of Assets 0.00%





% of Assets 0.00%
















Current P/B 1.74






$15-50 Billion 35.10%

$7.5-15 Billion 20.30%

$1.5-7.5 Billion 15.45%

$750-1.5 Billion 0.14%

$400-750 Million 0.00%

<$400 Million 0.02%





Accounts 13


BlackRock 8/11/2017International Alpha Tilts Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 3.79%

Financials 18.44%

Health Care 11.46%

Industrials 13.52%

Technology 8.84%

Materials 6.42%

Telecom 5.70%

Utilities 3.29%

Other 0.00%

Real Estate 4.59%


Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 2

Gained (MRQ) ---

Gained (2013) 1


Lost (2013) 1

Gained (MRQ) ---

Gained (2013) 0

Product- Account TypesCorporate ---

Superannuation ---

Public Fund ---

Union/Multi-Employer ---

Found. & Endow. ---

Healthcare ---

High Net Worth ---

Insurance ---

Wrap Account ---

Sub-Advised ---

Other ---


Supranationals ---

Sovereign Wealth ---

Exhibit 17



Accounts 170


Analysts 4


Total Employees 65

Legal Structure ---

Firm Background

Mondrian Investment Partners LimitedMondrian Investment Partners Limited was founded and SEC registered in 1990 under the name Delaware International Advisers Ltd. It was then affiliated with Delaware Investments.

On September 24, 2004 a senior management team, together with private equity funds sponsored by Hellman & Friedman LLC, a leading private equity firm, completed the acquisition of DelawareInternational Advisers Ltd. Upon closing of the transaction, the firm changed its name to Mondrian Investment Partners Limited ("Mondrian").

Effective July 12, 2011 our existing employee partnership purchased a 27.5% minority interest of the Company held by the private equity firm Hellman and Friedman to take ownership ofMondrian by the employee partnership to 100%.

Mondrian Investment Partners Limited 8/11/2017Global All Countries World Equity Firm Overview

Firm InformationAddress Fifth Floor, 10 Gresham Street

Address ---

C i ty London

State/Province England

Zip/Postal Code EC2V 7JD

Country United Kingdom

Website www.mondrian.com

Phone 44 20 7477 7000

Year Founded 1990



AUMTotal $61,286.14

Taxable $8,830.90



AccountsTotal 170

Taxable 34

Tax-Exempt 136

Institutional 170





% of Assets 0.00%





% of Assets 0.00%





% Female Owned ---



First Name Peter

Last Name Riviello

Phone 215.825.4503


Office LocationsCi ty London


Secondary Office #1: City Philadelphia

Secondary Office #1: State Pennsylvania





Exhibit 17

Product FactsPrimary Universe eVestment Global Large Cap Value Equity

Geographic Region Global


Asset Class Equity




AUMTotal $636.59

Taxable $0.00

Tax-Exempt $636.59


AccountsTotal 4

Taxable 0

Tax-Exempt 4





% of Assets 0.00%





% of Assets 0.00%

Strategy SnapshotPrimary Equity Capitalization Mid-Large Cap


Preferred Benchmark MSCI ACWI-ND

Secondary Equity Style Emphasis Dividend Focused



Approach Towards Currency Hedging Defensive









Current P/B 1.78






$15-50 Billion 26.41%

$7.5-15 Billion 10.75%

$1.5-7.5 Billion 11.54%

$750-1.5 Billion 1.42%

$400-750 Million 0.00%

<$400 Million 0.00%


Product Key FactsPrimary Equity Capitalization Mid-Large Cap


Preferred Benchmark MSCI ACWI-ND

Accounts 4


Mondrian Investment Partners Limited 8/11/2017Global All Countries World Equity Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 6.20%

Financials 15.86%

Health Care 19.13%

Industrials 6.23%

Technology 10.92%

Materials 3.93%

Telecom 7.08%

Utilities 0.66%

Other 3.53%

Real Estate 3.17%


Avg Yrs Exp 16.00


Research Analysts 1

Avg Yrs Exp 1.00

Avg Yrs w/Firm 1.00


Avg Yrs Exp 25.00


Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 1


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Superannuation 0

Public Fund 1


Found. & Endow. 0

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 1

Other 1


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 2163


Analysts 413



Legal Structure Private Limited Liability Partnership (LLP)

Firm Background

Wellington Management Company LLPWith US$1,021 billion in assets under management, Wellington Management serves as an investment adviser to over 2,150 clients located in more than 51 countries, as of 30 June 2017. Oursingular focus is investments — from global equities and fixed income to currencies and commodities. We like to describe ourselves as a community of teams that create solutions designed torespond to specific client needs. Our most distinctive strength is our proprietary, independent research, which is shared across all areas of the organization and used only for managing ourclients' portfolios.

We trace our roots to the founding of the Wellington Fund in 1928. Headquartered in Boston, Massachusetts, we also have offices in Chicago, Illinois; Radnor, Pennsylvania; San Francisco,California; Beijing; Frankfurt; Hong Kong; London; Luxembourg; Singapore; Sydney; Tokyo; and Zurich.

Wellington Management focuses on institutional relationships. Our client base is global and diverse by design and includes mutual fund and variable insurance sponsors; company, occupational,and public pension funds; defined contribution plan sponsors; government and supranational entities; banks and private banks; insurance entities; endowments, foundations, and religious andhealth care institutions; investment advisory firms; private investment offices; and high-net-worth individuals.

Important dates and events in Wellington Management’s history are:

1928Wellington Fund is established as the first balanced mutual fund in the United States.1933Wellington Management Company is incorporated.1967Wellington Management merges with Thorndike, Doran, Paine, and Lewis, an independent investment counseling firm founded in Boston, Massachusetts, in 1960.1979Wellington Management is purchased by its key employees and a partnership structure is established.1982Wellington Trust Company, NA receives charter as a national bank by the US Office of the Comptroller of the Currency.1983Our London-based affiliate is established.1996Our Singapore office is established.1997The Tokyo and Sydney offices start operation.2003

Wellington Management Company LLP 8/11/2017Global Research Equity Firm Overview

Firm InformationAddress 280 Congress Street

Address ---

C i ty Boston




Website www.wellington.com

Phone 617.951.5000

Year Founded 1928



AUMTotal $1,021,268.00

Taxable $682,122.00



AccountsTotal 2163

Taxable 984

Tax-Exempt 1179

Institutional 2163





% of Assets 0.51%





% of Assets 0.03%


% Parent Owned ---

% Publicly Held ---


% Female Owned ---



First Name Jeet

Last Name Rehal

Phone 617.951.5634


Office LocationsCi ty Boston




Secondary Office #2: City Tokyo

Secondary Office #2: State Japan

Secondary Office #3: City Sydney

Secondary Office #3: State Australia

Exhibit 17

Product FactsPrimary Universe eVestment Global All Cap Core Equity



Asset Class Equity




AUMTotal $14,391.00

Taxable $310.00



AccountsTotal 26

Taxable 1

Tax-Exempt 25





% of Assets 0.00%





% of Assets 0.13%



Preferred Benchmark MSCI World-GD




Approach Towards Currency Hedging Defensive









Current P/B 2.50






$15-50 Billion 30.00%

$7.5-15 Billion 15.00%

$1.5-7.5 Billion 10.00%

$750-1.5 Billion 1.00%

$400-750 Million 1.00%

<$400 Million 0.00%




Preferred Benchmark MSCI World-GD

Accounts 26


Wellington Management Company LLP 8/11/2017Global Research Equity Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 6.00%

Financials 17.00%

Health Care 12.00%

Industrials 12.00%

Technology 16.00%

Materials 6.00%

Telecom 2.00%

Utilities 4.00%

Other 1.00%

Real Estate 4.00%


Avg Yrs Exp 0.00

Avg Yrs w/Firm 0.00


Avg Yrs Exp 20.00



Avg Yrs Exp 0.00

Avg Yrs w/Firm 0.00

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Superannuation 0

Public Fund 12


Found. & Endow. 2

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 1

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 2042


Analysts 247




Firm Background

TRPT. Rowe Price has a rich history spanning more than seven decades. Over the years, they have successfully navigated market cycles and secular shifts in the economy. They have worked hard todevelop innovative investment products in anticipation of changes in investors' needs and preferences. They are proud of the organization they have built and the clients they have the opportunityto serve. The following outlines key dates in the history of the organization:1937 T. Rowe Price founded in Baltimore, Maryland, USA.1947 T. Rowe Price is incorporated in the State of Maryland. T. Rowe Price registers with the SEC under the Investment Advisers Act of 1940. 1950 Launches first U.S.-registered mutual fund - the T. Rowe Price Growth Stock Fund.1951 First institutional segregated account client.1960 Launches dedicated small-cap stock mutual fund, the T. Rowe Price New Horizons Fund, one of the first in the U.S.1969 Launches dedicated natural resources fund, today the oldest and largest in the U.S.1971 T. Rowe Price establishes the Fixed Income Division to complement its well-known equity management capabilities.1974 T. Rowe Price Retirement Plan Services pioneers defined contribution plan management with inception of first retirement accounts.1979 Launches Rowe Price-Fleming International, Inc. "“ a joint venture between T. Rowe Price and Robert Fleming Holdings that achieves premier status as a non-U.S. asset manager for US-domiciled investors.1982 T. Rowe Price is the first investment firm to provide full-service, defined contribution plan services.1984 T. Rowe Price establishes a management committee to run the firm. 1986 T. Rowe Price initial public offering, trading on the NASDAQ Stock Market under the symbol "TROW". 1992 Launches a dedicated mid-cap fund, the first in the U.S.1996 Achieves $100 billion* in assets under management.1999 T. Rowe Price shares are added to the S&P 500 Equity Index. Establishes joint venture with Robert Fleming Holdings to form T. Rowe Fleming Asset Management (now T. Rowe Price International Ltd) in Japan.2000 Acquires 100% of Rowe Price-Fleming International, Inc. and rename it T. Rowe Price International Ltd.Price Associates reorganizes its operations into a holding company structure through an exchange of shares. Price Associates becomes a subsidiary of T. Rowe Price Group, Inc. ("Price Group").After the share exchange, all of the business and operations previously conducted by Price Associates and its subsidiaries were and continue to be conducted by entities within the Price Group.T. Rowe Price establishes a dedicated marketing and service company for non-U.S. investors -"“ T. Rowe Price International Ltd (formerly Global Investment Services Limited) -- which isregistered as an investment adviser with the United Kingdom's regulatory authority (the FSA) in January 2001.2001 Launches the T. Rowe Price Funds SICAV, domiciled in Luxembourg, for institutional investors and financial intermediaries outside the U.S.2004 Achieves $200 billion* in assets under management.2006 Achieves $300 billion* in assets under management.2006 T. Rowe Price raises quarterly dividend for 20th consecutive year.As planned, James Kennedy elected president and chief executive officer of the firm. Also as planned, the Board of Directors elects Brian Rogers chairman of the Board and Edward Bernard vicechairman. The election of Messrs. Kennedy, Rogers, and Bernard becomes effective on 1 January 2007, following the retirement of chairman and President George A. Roche on 31 December 2006.

TRP 8/11/2017Glob Foc Gr Firm Overview

Firm InformationAddress 100 E Pratt Street

Address ---

C i ty Baltimore




Website www.troweprice.com

Phone 410.345.2000

Year Founded 1937




Taxable $715,867.78



AccountsTotal 2042

Taxable 1198

Tax-Exempt 844

Institutional 1367





% of Assets 0.12%





% of Assets 0.13%





% Female Owned ---



First Name Chip

Last Name Wendler

Phone 410-345-2239


Office LocationsCi ty Baltimore


Secondary Office #1: City Owings Mills

Secondary Office #1: State Maryland





Exhibit 17

Product FactsPrimary Universe eVestment Global All Cap Growth Equity



Asset Class Equity




AUMTotal $6,027.06

Taxable $2,024.14



AccountsTotal 20

Taxable 11

Tax-Exempt 9





% of Assets 2.30%





% of Assets 0.00%



Preferred Benchmark MSCI ACWI-GD













Current P/B 4.39






$15-50 Billion 34.97%

$7.5-15 Billion 6.27%

$1.5-7.5 Billion 10.13%

$750-1.5 Billion 0.55%

$400-750 Million 0.00%

<$400 Million 0.00%




Preferred Benchmark MSCI ACWI-GD

Accounts 20


TRP 8/11/2017Glob Foc Gr Product Overview


Technology ---

Health Care ---



Autos & Trans. ---


Materials ---

Energy ---

Utilities ---

Other ---




Energy 2.40%

Financials 15.18%

Health Care 15.76%

Industrials 5.91%

Technology 28.04%

Materials 4.13%

Telecom 0.00%

Utilities 1.55%

Other 0.63%

Real Estate 0.00%


Avg Yrs Exp 16.00



Avg Yrs Exp 9.00

Avg Yrs w/Firm 5.00


Avg Yrs Exp 16.00


Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 3

Gained (MRQ) 7

Gained (2013) 2


Superannuation 0

Public Fund 3


Found. & Endow. 0

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 2

Other 6


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 45


Analysts 6


Total Employees 21

Legal Structure Private S-Type Corporation

Firm Background

Pugh Capital Management, Inc.Pugh Capital Management, Inc., a subchapter S Corporation, was founded in 1991 by Mary Pugh and Scott Greiwe. The firm was registered as an investment advisor with the SEC on June 27, 1991and specializes in active investment grade fixed income management for institutional clients. Pugh Capital does not have a parent organization and has one principal office located in Seattle, WA.

Pugh Capital was self-funded and started with $5 million under management in 1991. Over the past 20 years the firm has grown organically through cultivating existing client relationships and bygaining new clients which has grown the firm to its current size of $4.8 billion in assets as of 6/30/2017.

The firm is 100% independent and employee owned.

Pugh Capital Management, Inc. 8/11/2017Core Fixed Income Firm Overview

Firm InformationAddress 520 Pike Tower

Address Suite 2900

Ci ty Seattle

State/Province Washington



Website www.pughcapital.com

Phone 206.322.4985

Year Founded 1991



AUMTotal $4,759.16

Taxable $106.89



AccountsTotal 45

Taxable 1

Tax-Exempt 44

Institutional 45





% of Assets 0.00%





% of Assets 0.00%








First Name Deanna

Last Name Hobson

Phone 206-322-4985


Office LocationsCi ty Seattle

State/Province Washington







Exhibit 17

Product FactsPrimary Universe eVestment US Core Fixed Income



Asset Class Fixed Income




AUMTotal $2,388.67

Taxable $106.89



AccountsTotal 26

Taxable 1

Tax-Exempt 25





% of Assets 0.00%





% of Assets 0.00%

Strategy SnapshotFixed Income Duration Emphasis Core/All Durations

Fixed Income Style Emphasis Core/Aggregate

Preferred BenchmarkBloomberg Barclays USAggregate

Minimum Quality Issue ---

Portfolio Holdings (Typical) 110

Approach Towards CurrencyHedging Not Used






Current # of Bond Issues 208

Effective Duration (Yrs) 5.84

Average Maturity (Yrs) 7.89

Yield to Maturity 2.76%

Current Term Structure ---

Average Quality Issue A A

Duration BreakdownDuration < 1 Yr 3.33%

Duration 1-3 Yrs 26.43%





Duration > 20 Yrs 0.00%


Product Key FactsPreferred Benchmark Bloomberg Barclays US Aggregate

Accounts 26


Pugh Capital Management, Inc. 8/11/2017Core Fixed Income Product Overview

Regional AllocationNorth America 100.00%

United Kingdom 0.00%

Continental Europe 0.00%

Japan 0.00%

Asia ex-Japan 0.00%

Emerging Mkts. 0.00%

Other 0.00%

Total Dev. Markets 100.00%

Credit QualityGovernment Guaranteed:Current 0.00%

AAA/Aaa: Current 59.99%

AA/Aa: Current 1.44%

A: Current 8.10%

BBB/Baa: Current 30.47%

BB/Ba: Current 0.00%

B: Current 0.00%

CCC/Caa: Current 0.00%

CC/Ca: Current 0.00%

C: Current 0.00%

Distressed Debt: Current 0.00%

Not Rated: Current 0.00%

Other: Current 0.00%


Avg Yrs Exp 21.00


Research Analysts 6

Avg Yrs Exp 11.00

Avg Yrs w/Firm 6.00


Avg Yrs Exp 0.00

Avg Yrs w/Firm 0.00

Risk Monitors 0

Avg Yrs Exp 0

Avg Yrs w/Firm 0.00


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) 1

Gained (2013) 0


Superannuation 0

Public Fund 14


Found. & Endow. 2

Healthcare 2

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 0

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 86


Analysts 4


Total Employees 28

Legal Structure Partnership

Firm Background

Smith Graham & Co., Investment Advisors, L.P.Smith Graham was founded in 1990 in Houston, Texas and is one of the nation's largest minority-owned investment management firms. It has more than 25 years of experience managinginstitutional assets. Smith Graham is an independent, employee-owned, limited partnership. It is not affiliated with any other company or entity. Smith Graham has discretionary managementresponsibility for approximately $6 billion in assets. The firm has been registered with the SEC since March, 1990.

The firm has two offices: our headquarters are in Houston, Texas and we also have a full service office in New York, New York. The investment team and client service support for the SmallCap Value, Midcap Value and SMID Cap Value products are located in the New York office.

Smith Graham & Co., Investment Advisors,L.P.

8/11/2017

Alpha Plus Firm OverviewFirm InformationAddress 600 Travis, 6900 JPMorgan Chase Tower

Address ---

C i ty Houston

State/Province Texas



Website www.smithgraham.com

Phone 713.227.1100

Year Founded 1990



AUMTotal $5,601.27

Taxable $137.23



AccountsTotal 86

Taxable 3

Tax-Exempt 83

Institutional 86





% of Assets 0.00%





% of Assets 0.00%


% Parent Owned ---

% Publicly Held ---





First Name Lynda

Last Name DiBari

Phone 212.487.5104


Office LocationsCi ty Houston


Secondary Office #1: City New York

Secondary Office #1: State New York





Exhibit 17

Product FactsPrimary Universe eVestment US Core Plus Fixed Income





Product Structure ---


AUMTotal $104.64

Taxable $0.00

Tax-Exempt $104.64


AccountsTotal 1

Taxable 0

Tax-Exempt 1





% of Assets 0.00%





% of Assets 0.00%


Fixed Income Style Emphasis Core Plus

























Accounts 1


Smith Graham & Co., Investment Advisors,L.P.

8/11/2017

Alpha Plus Product Overview




Japan 0.00%

Asia ex-Japan 0.00%


Other 0.00%





A: Current 17.00%



B: Current ---

CCC/Caa: Current ---

CC/Ca: Current ---

C: Current ---

Distressed Debt: Current ---

Not Rated: Current ---

Other: Current ---


Avg Yrs Exp 19.00

Avg Yrs w/Firm 5.00

Research Analysts 2

Avg Yrs Exp 17.00

Avg Yrs w/Firm 5.00


Avg Yrs Exp 19.00

Avg Yrs w/Firm 5.00

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Superannuation 0

Public Fund 1


Found. & Endow. 0

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 0

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 29


Analysts 3


Total Employees 17


Firm Background

LM Capital Group, LLCLM Capital Group was registered under the Investment Adviser's Act of 1940 in January 1989, and was founded by Luis Maizel and John Chalker to provide fixed-income investment managementservices to the institutional investor. By utilizing a long term macro-economic, fundamental investment approach to investing, LM Capital Group has been successful in providing clients with whatit believes to be the most attractive investment opportunities available. The firm is a 100% employee owned, minority (Hispanic) business, employed by public funds, corporations andfoundations nationwide.

LM Capital Group, LLC 8/11/2017Opportunistic Core Firm Overview

Firm InformationAddress 750 B Street, Suite 3010

Address ---

C i ty San Diego




Website www.lmcapital.com

Phone 619.814.1401

Year Founded 1989



AUMTotal $4,885.80

Taxable $19.70



AccountsTotal 29

Taxable 2

Tax-Exempt 27

Institutional 29





% of Assets 0.60%





% of Assets 1.81%


% Parent Owned ---

% Publicly Held ---





First Name Laura

Last Name Hightower

Phone 619.814.1401


Office LocationsCi ty San Diego


Secondary Office #1: City Miami

Secondary Office #1: State Florida





Exhibit 17








AUMTotal $3,061.10

Taxable $0.00



AccountsTotal 15

Taxable 0

Tax-Exempt 15





% of Assets ---





% of Assets ---





Portfolio Holdings (Typical) ---

Approach Towards CurrencyHedging ---






Current # of Bond Issues ---

Effective Duration (Yrs) ---

Average Maturity (Yrs) ---

Yield to Maturity ---


Average Quality Issue ---

Duration BreakdownDuration < 1 Yr ---

Duration 1-3 Yrs ---





Duration > 20 Yrs ---



Accounts 15


LM Capital Group, LLC 8/11/2017Opportunistic Core Product Overview

Regional AllocationNorth America ---

United Kingdom ---

Continental Europe ---

Japan ---

Asia ex-Japan ---

Emerging Mkts. ---

Other ---

Total Dev. Markets ---

Credit QualityGovernment Guaranteed: Current ---

AAA/Aaa: Current ---

AA/Aa: Current ---

A: Current ---

BBB/Baa: Current ---

BB/Ba: Current ---

B: Current ---


CC/Ca: Current ---

C: Current ---



Other: Current ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) ---

Gained (MRQ) ---

Gained (2013) ---


Lost (2013) ---

Gained (MRQ) ---

Gained (2013) ---


Superannuation 0

Public Fund 13


Found. & Endow. 0

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 0

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 2026


Analysts 124

% Employee Owned ---



Firm Background

PIMCOPacific Investment Management Company LLC (“PIMCO”)* was founded in Newport Beach, California in 1971. PIMCO is one of the world's largest fixed income managers, with a presence inevery major bond market. PIMCO started as a subsidiary of Pacific Life Insurance Company to manage separate accounts for institutional clients. Today, PIMCO has offices in Newport Beach,New York, Singapore, Tokyo, London, Sydney, Munich, Zurich, Toronto, Hong Kong, Milan and Rio de Janeiro.

In 2000, PIMCO was acquired by Allianz SE (“Allianz”), a large global financial services company based in Germany. PIMCO operates as a separate and autonomous subsidiary of Allianz.

Throughout its 45-year history, PIMCO has grown through a focus on delivering high quality investment performance and client service, as well as investing in resources, capabilities, andinvestment talent to provide a broad array of investment solutions for clients globally. PIMCO continues to retain and attract key professionals, due to strong financial incentives and a richinvestment culture. PIMCO’s senior management is comprised of seasoned leaders with decades of PIMCO experience who have been instrumental to PIMCO’s growth and success in deliveringvalue to PIMCO’s clients.

* Includes PIMCO's global affiliates, as appropriate. PIMCO directly owns and controls PIMCO Investments LLC and may directly or indirectly own and control certain other global PIMCO entities.

PIMCO 8/11/2017Core Plus - Total Return Full Authority Firm Overview

Firm InformationAddress 650 Newport Center Dr

Address ---





Website www.pimco.com

Phone 949.720.6000

Year Founded 1971



AUMTotal $1,615,965.46

Taxable $1,253,757.91



AccountsTotal 2026

Taxable 985

Tax-Exempt 1041

Institutional 2022





% of Assets ---





% of Assets ---

Ownership Info% Employee Owned ---

% Parent Owned ---

% Publicly Held ---


% Female Owned ---



First Name Michael

Last Name Saracco

Phone 949-720-7848










Exhibit 17









Taxable $120,731.60



AccountsTotal 176

Taxable 37

Tax-Exempt 139





% of Assets ---





% of Assets ---

Strategy SnapshotFixed Income Duration Emphasis Intermediate



Minimum Quality Issue B






Fundamental CharacteristicsCurrent Cash Position -18.43%








Duration BreakdownDuration < 1 Yr -7.00%




Duration 7-10 Yrs -16.00%


Duration > 20 Yrs -2.00%



Accounts 176


PIMCO 8/11/2017Core Plus - Total Return Full Authority Product Overview


United Kingdom -10.80%

Continental Europe -7.30%

Japan -10.00%

Asia ex-Japan -0.10%


Other 0.70%





A: Current 7.00%



B: Current 2.00%



C: Current 0.00%





Avg Yrs Exp 16.00

Avg Yrs w/Firm 8.00


Avg Yrs Exp 13.00

Avg Yrs w/Firm 6.00


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 7

Gained (MRQ) 2

Gained (2013) 1


Lost (2013) 5

Gained (MRQ) 9

Gained (2013) 2


Superannuation 0

Public Fund 32


Found. & Endow. 12

Healthcare 10

High Net Worth 2

Insurance 6

Wrap Account 1

Sub-Advised 28

Other 11


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 570


Analysts ---


Total Employees ---


Firm Background

TCWFounded in 1971 and based in Los Angeles, TCW manages a broad range of innovative, actively managed investment products that strive to enhance and protect clients’ wealth. TCW’s clientsinclude many of the largest corporate and public pension plans, financial institutions, insurance companies, endowments and foundations in the United States, as well as a substantial number ofinternational entities including central banks, sovereign wealth funds and private banks.

In 2001, TCW was acquired by Société Générale (SG), one of the largest global banking franchises with a presence in 85 countries. SG worked with TCW to grow and expand its global footprintfor a dozen years. The partnership was very productive, including in early 2010, TCW’s acquisition of Metropolitan West Asset Management, LLC (MetWest), a top-ranked fixed income assetmanager. As a result, key employees of MetWest assumed primary responsibility for the oversight of TCW’s fixed income mandates. MetWest is a wholly owned indirect subsidiary of The TCWGroup, Inc.

In February 2013, TCW’s management effected a management led buy-out of SG in partnership with The Carlyle Group. The Carlyle Group holds a 60% stake in the firm, with TCW managementand employees owning the balance of 40%, on a fully diluted basis. While The Carlyle Group is the technical majority owner, management negotiated governance provisions which ensure thatTCW’s managerial autonomy is preserved. Equity for the transaction came from TCW management and two Carlyle investment funds – Carlyle Global Financial Services Partners, a $1.1 billionfinancial services fund, and Carlyle Partners V, a $13.7 billion U.S. buyout fund.

The Carlyle transaction facilitated a management initiative to increase employee ownership. Prior to 2010, TCW employees did not have significant equity interests in the firm. Since the 2010acquisition of MetWest by TCW, employee ownership has continued to increase. Today, approximately 150 employees, including most of TCW’s key decision-making investment and otherprofessionals, are equity holders. TCW believes strongly that employee equity ownership aligns the interests of the decision-making employees with the interests of the firm and the firm’sclients, and creates a cohesive “ownership culture.”

TCW 8/11/2017TCW Core Plus Fixed Income Firm Overview

Firm InformationAddress 865 South Figueroa Street

Address ---

C i ty Los Angeles




Website www.tcw.com

Phone 213.244.0000

Year Founded 1971




Taxable $14,766.72



AccountsTotal 570

Taxable 77

Tax-Exempt 493

Institutional 522





% of Assets 0.00%





% of Assets 0.00%








First Name Leah

Last Name Kirste

Phone 213.244.0655


Office LocationsCi ty Los Angeles





Secondary Office #2: State Massachusetts


Secondary Office #3: State United Kingdom

Exhibit 17









Taxable $7,885.31



AccountsTotal 83

Taxable 7

Tax-Exempt 76





% of Assets 0.08%





% of Assets 0.00%

Strategy SnapshotFixed Income Duration Emphasis Intermediate











Current # of Bond Issues ---















Accounts 83


TCW 8/11/2017TCW Core Plus Fixed Income Product Overview




Japan 3.79%

Asia ex-Japan 0.55%


Other 0.00%





A: Current 18.17%



B: Current 0.51%



C: Current 0.00%





Avg Yrs Exp 23.00



Avg Yrs Exp 13.00

Avg Yrs w/Firm 7.00


Avg Yrs Exp 17.00

Avg Yrs w/Firm 8.00

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 2

Gained (MRQ) 1

Gained (2013) 1


Superannuation 0

Public Fund 14


Found. & Endow. 5

Healthcare 13

High Net Worth 1

Insurance 2

Wrap Account 0

Sub-Advised 9

Other 3


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 262


Analysts 4


Total Employees 32


Firm Background

Garcia Hamilton & Associates, L.P.Garcia Hamilton & Associates, L.P. (GH&A) was founded in 1988 and offers high quality fixed income for institutional investors. Its diversified client base includes public funds, jointly trusteedplans, endowments and corporations. The firm is a limited partnership with current assets under management of approximately $8.3 billion.

The firm is 100% employee-owned by eight internal partners with approximately 91% held by minority and women partners, of which 59% is held by minority partners and 55% by Hispanicpartners. In addition, GH&A does not have any outside affiliations . In 2009, the firm was awarded Core Fixed Income Manager of the Year by Emerging Manage Monthly. On June 30, 2013, thefirm celebrated 25 years of asset management services. Furthermore, GH&A has received recognition. In 2014 Garcia Hamilton & Associates was named Fixed Income Investment Grade Managerof the Year by Institutional Investor. In 2015 Institutional Investor awarded us the Intermediate-Term Manager of the Year.

Garcia Hamilton & Associates, L.P. 8/11/2017Fixed Income - Aggregate Firm Overview

Firm InformationAddress Five Houston Center

Address 1401 McKinney Street, Suite 1600

Ci ty Houston




Website www.GarciaHamiltonAssociates.com

Phone 713.853.2359

Year Founded 1988



AUMTotal $9,282.00

Taxable $268.00



AccountsTotal 262

Taxable 12

Tax-Exempt 250

Institutional 253





% of Assets 4.20%





% of Assets 0.61%








First Name Ruby

Last Name Dang

Phone 713-853-2359


Office LocationsCi ty Houston








Exhibit 17

Product FactsPrimary Universe eVestment US Core Fixed Income







AUMTotal $6,488.00

Taxable $199.00



AccountsTotal 162

Taxable 6

Tax-Exempt 156





% of Assets 4.84%





% of Assets 0.00%




Minimum Quality Issue A












Current Term Structure Barbell











Accounts 162


Garcia Hamilton & Associates, L.P. 8/11/2017Fixed Income - Aggregate Product Overview




Japan 0.00%

Asia ex-Japan 0.00%


Other 0.00%





A: Current 26.39%



B: Current 0.00%



C: Current 0.00%





Avg Yrs Exp 20.00


Research Analysts 4

Avg Yrs Exp 14.00

Avg Yrs w/Firm 1.00


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 1


Superannuation 0

Public Fund 85


Found. & Endow. 28

Healthcare 0

High Net Worth 2

Insurance 5

Wrap Account 0

Sub-Advised 2

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 28


Analysts 6


Total Employees 35


Firm Background

ProgressProgress was founded in 1990 as an independent, minority- and employee-owned Registered Investment Advisor. As a manager of emerging managers, Progress offers customized investmentsolutions to institutional clients seeking innovative sources of alpha. By investing in emerging managers, Progress creates diversified, risk-controlled portfolios while providing expert access toundiscovered investment talent.

In 1998, Progress became a wholly owned subsidiary of Liberty Financial Companies when it was acquired in a friendly transaction aimed at leveraging Liberty’s distribution channels and providingliquidity to Progress’ original founders who were at or near retirement. Before the benefits of the Liberty/Progress relationship could be realized, Liberty was acquired by Fleet Boston Financial in2001, at which time Progress determined it would once again pursue independence in order to regain control of its destiny and return the firm to its legacy as a minority-owned firm.

Progress achieved that goal in 2004, when its senior leadership team successfully completed a management buyback acquiring the firm in whole from Columbia Management Group, a subsidiaryof Bank of America, which acquired Fleet Boston Financial. Progress achieved the acquisition with the assistance of an outside institutional investor, the Massachusetts Bay TransportationAuthority Retirement Fund (MBTARF) who acquired a 40% stake in Progress alongside its management team. In 2008, Progress purchased MBTARF’s 40% equity stake in the firm, becoming100% employee-owned, and remains so to this day.

Progress 8/11/2017US Fixed Income Firm Overview

Firm InformationAddress 33 New Montgomery Street

Address Suite 1900

Ci ty San Francisco




Website www.progressinvestment.com

Phone 415.512.3480

Year Founded 1990



AUMTotal $6,706.00

Taxable $0.00



AccountsTotal 28

Taxable 0

Tax-Exempt 28

Institutional 28





% of Assets 0.64%





% of Assets 18.48%








First Name Linda

Last Name Cornett

Phone 415-512-3480


Office LocationsCi ty San Francisco








Exhibit 17






Product Structure Fund of Funds


AUMTotal $2,032.00

Taxable $0.00



AccountsTotal 7

Taxable 0

Tax-Exempt 7





% of Assets 2.63%





% of Assets 0.00%




Minimum Quality Issue C












Current Term Structure Barbell

Average Quality Issue A










Accounts 7


Progress 8/11/2017US Fixed Income Product Overview




Japan 0.00%

Asia ex-Japan 0.00%


Other 0.00%


Credit QualityGovernment Guaranteed:Current ---



A: Current 11.17%



B: Current 4.48%



C: Current ---



Other: Current ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Research Analysts 2

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors 1

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) ---

Gained (MRQ) ---

Gained (2013) ---


Lost (2013) ---

Gained (MRQ) ---

Gained (2013) ---


Superannuation 0

Public Fund 5


Found. & Endow. 1

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 0

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 44245


Analysts 233



Legal Structure Private Corporation

Firm Background

Neuberger BermanFrom our inception, Neuberger Berman has worked with one goal: to build and protect the assets of our clients. Today, we continue to serve our clients with the same purpose, and with expandedcapabilities to meet all our clients' investment management needs.

Our commitment to investment management has deep roots. In 1939, renowned investor Roy Neuberger founded the firm to manage money for individuals and families. The firm thrived andgrew, earning a reputation for excellent performance and integrity.

In 1950, Neuberger Berman became one of the first firms to offer a no-load mutual fund to individual investors, and our mutual fund family has grown alongside the private client business. In1971, we launched a portfolio for institutions, marking our formal entry into the institutional investment business.

Today, Neuberger Berman delivers comprehensive investment management products and services to a broad base of clients, from individuals to mid-sized businesses to the largest institutionalinvestors. Our broad capabilities include traditional and alternative equity and fixed income strategies, private equity and commodities, in addition to portfolio advice and wealth planning services.We offer a broad platform to accommodate the evolving needs of our clients.

Neuberger Berman 8/11/2017Core Plus Firm Overview

Firm InformationAddress 1290 Avenue of the Americas

Address ---

C i ty New York




Website www.nb.com

Phone 212.476.9000

Year Founded 1939




Taxable $156,275.00



AccountsTotal 44245

Taxable 33522

Tax-Exempt 10723

Institutional 10899





% of Assets 0.45%





% of Assets 0.48%





% Female Owned ---



First Name Matthew

Last Name Malloy

Phone 212.476.9000


Office LocationsCi ty New York


Secondary Office #1: City Chicago

Secondary Office #1: State Illinois

Secondary Office #2: City Dallas

Secondary Office #2: State Texas



Exhibit 17








AUMTotal $3,823.00

Taxable $2,010.00



AccountsTotal 10

Taxable 2

Tax-Exempt 8





% of Assets 0.00%





% of Assets 0.00%



























Accounts 10


Neuberger Berman 8/11/2017Core Plus Product Overview




Japan 0.00%

Asia ex-Japan 0.00%


Other 0.39%





A: Current 7.94%



B: Current 14.97%



C: Current 0.00%





Avg Yrs Exp 23.00



Avg Yrs Exp 11.00

Avg Yrs w/Firm 6.00


Avg Yrs Exp 15.00

Avg Yrs w/Firm 9.00

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 1

Gained (MRQ) 2

Gained (2013) 0


Superannuation 0

Public Fund 4


Found. & Endow. 2

Healthcare 0

High Net Worth 0

Insurance 1

Wrap Account 0

Sub-Advised 0

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 2026


Analysts 124

% Employee Owned ---



Firm Background

PIMCOPacific Investment Management Company LLC (“PIMCO”)* was founded in Newport Beach, California in 1971. PIMCO is one of the world's largest fixed income managers, with a presence inevery major bond market. PIMCO started as a subsidiary of Pacific Life Insurance Company to manage separate accounts for institutional clients. Today, PIMCO has offices in Newport Beach,New York, Singapore, Tokyo, London, Sydney, Munich, Zurich, Toronto, Hong Kong, Milan and Rio de Janeiro.

In 2000, PIMCO was acquired by Allianz SE (“Allianz”), a large global financial services company based in Germany. PIMCO operates as a separate and autonomous subsidiary of Allianz.

Throughout its 45-year history, PIMCO has grown through a focus on delivering high quality investment performance and client service, as well as investing in resources, capabilities, andinvestment talent to provide a broad array of investment solutions for clients globally. PIMCO continues to retain and attract key professionals, due to strong financial incentives and a richinvestment culture. PIMCO’s senior management is comprised of seasoned leaders with decades of PIMCO experience who have been instrumental to PIMCO’s growth and success in deliveringvalue to PIMCO’s clients.

* Includes PIMCO's global affiliates, as appropriate. PIMCO directly owns and controls PIMCO Investments LLC and may directly or indirectly own and control certain other global PIMCO entities.

PIMCO 8/11/2017Unconstrained Bond Firm Overview

Firm InformationAddress 650 Newport Center Dr

Address ---





Website www.pimco.com

Phone 949.720.6000

Year Founded 1971



AUMTotal $1,615,965.46

Taxable $1,253,757.91



AccountsTotal 2026

Taxable 985

Tax-Exempt 1041

Institutional 2022





% of Assets ---





% of Assets ---

Ownership Info% Employee Owned ---

% Parent Owned ---

% Publicly Held ---


% Female Owned ---



First Name Michael

Last Name Saracco

Phone 949-720-7848










Exhibit 17

Product FactsPrimary Universe eVestment Global Unconstrained Fixed Income







AUMTotal $11,578.32

Taxable $7,930.27



AccountsTotal 39

Taxable 13

Tax-Exempt 26





% of Assets ---





% of Assets ---


Fixed Income Style Emphasis Other

Preferred Benchmark LIBOR - 3 Month

Minimum Quality Issue BBB














Duration BreakdownDuration < 1 Yr -35.00%






Duration > 20 Yrs -50.00%


Product Key FactsPreferred Benchmark LIBOR - 3 Month

Accounts 39


PIMCO 8/11/2017Unconstrained Bond Product Overview


United Kingdom -5.50%

Continental Europe -14.80%

Japan -19.90%

Asia ex-Japan 4.20%


Other 3.40%





A: Current 12.00%



B: Current 2.00%



C: Current 0.00%





Avg Yrs Exp 25.00

Avg Yrs w/Firm 9.00


Avg Yrs Exp 13.00

Avg Yrs w/Firm 6.00


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors ---

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 5

Gained (MRQ) 9

Gained (2013) 2


Superannuation 0

Public Fund 11


Found. & Endow. 4

Healthcare 3

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 4

Other 10


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 1470


Analysts 38


Total Employees 376


Firm Background

BlueBay Asset Management LLPBlueBay Asset Management (BlueBay) is a specialist fixed income manager focusing on sovereign and corporate debt in developed and emerging markets. The firm’s sole business is assetmanagement.

BlueBay provides asset management services to institutional investors, distribution networks and high net worth individuals. Our approach is characterised by a belief in the value of activemanagement, a strong investment process, the generation of attractive risk-adjusted returns and an emphasis on capital preservation for all our investment strategies.

BlueBay manages a range of absolute return-style portfolios across the following sub-asset classes of global fixed income markets:

• Investment grade debt

• High yield/distressed debt & loans

• Emerging market debt

• Convertible bonds

• Private lending

• Multi-credit

BlueBay was originally established to capitalise on strong secular growth trends in European corporate debt and emerging market debt.

The firm was founded in 2001 in London by Hugh Willis and Mark Poole, with financial support from Barclays Bank and Shinsei Bank. On 22 November 2006, BlueBay listed its shares on the

BlueBay Asset Management LLP 8/11/2017BlueBay Emerging Market Select Strategy Firm Overview

Firm InformationAddress 77 Grosvenor Street

Address ---

C i ty London


Zip/Postal Code W1K 3JR


Website www.bluebay.com

Phone +44 20 7389 3700

Year Founded 2001



AUMTotal $53,812.63

Taxable $0.00



AccountsTotal 1470

Taxable 0

Tax-Exempt 1470

Institutional 422





% of Assets 0.49%





% of Assets 0.59%








First Name Cenk

Last Name Turkinan

Phone +44 20 7389 3313




Secondary Office #1: City Stamford

Secondary Office #1: State Connecticut




Secondary Office #3: State Hong Kong

Exhibit 17

Product FactsPrimaryUniverse

eVestment Emerging Mkts Fixed Income - BlendedCurrency

GeographicRegion Global Emg Mkts



ProductDomicile ---

ProductStructure Direct InvestmentAccount and AUM Information

AUMTotal $3,966.81

Taxable $0.00



AccountsTotal 62

Taxable 0

Tax-Exempt 62





% of Assets 0.00%





% of Assets 1.68%

Strategy SnapshotFixed Income DurationEmphasis Intermediate

Fixed Income StyleEmphasis Other

Preferred Benchmark50% JPM EMBI Global Div & 50%JPM GBI-EM Glbl Div


Portfolio Holdings(Typical) ---

Approach TowardsCurrency Hedging Value Added








Average Maturity (Yrs) ---

Yield to Maturity ---


Average Quality Issue BB









Product Key FactsPreferredBenchmark

50% JPM EMBI Global Div & 50% JPM GBI-EM Glbl Div

Accounts 62

InvestmentFocus Long Only

BlueBay Asset Management LLP 8/11/2017BlueBay Emerging Market Select Strategy Product Overview




Japan 0.00%

Asia ex-Japan 0.00%

Emerging Mkts. ---

Other 0.00%





A: Current 10.19%



B: Current 28.52%



C: Current 0.00%





Avg Yrs Exp 19.00

Avg Yrs w/Firm 9.00

Research Analysts 8

Avg Yrs Exp 16.00

Avg Yrs w/Firm 5.00


Avg Yrs Exp 20.00

Avg Yrs w/Firm 9.00

Risk Monitors 0

Avg Yrs Exp 0

Avg Yrs w/Firm 0.00


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 1


Lost (2013) 3

Gained (MRQ) 0

Gained (2013) 1


Superannuation 0

Public Fund 0


Found. & Endow. 17

Healthcare 0

High Net Worth 0

Insurance 45

Wrap Account 0

Sub-Advised 0

Other 0


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 111


Analysts 9


Total Employees 58

Legal Structure ---

Firm Background

Colchester Global Investors LimitedColchester is an independent investment management firm offering quality global and international bond services. Colchester believes in the benefits of specialisation and focus: a significantcompetitive advantage enjoyed by our firm is the greater diversity and added return potential generated by its unique use of high quality smaller country bond markets.

Colchester's rigorous application of its real yield investment strategy has underpinned the firm's success. Strength is drawn from the robustness of the real yield approach and from its timeproven results.

Colchester was founded by Ian Sims, Chairman and Chief Investment Officer, in 1999 and commenced managing client portfolios in February 2000. Ian was one of the premier global bondmanagers of the 1990s prior to founding Colchester, and the firm is built on the extensive experience of its senior partners who have all enjoyed long and successful careers in the industry.Colchester is majority-owned by its employees: we believe self-ownership allows constancy of purpose and an alignment of interest with those of the client. An asset growth policy is in place topromote the ongoing delivery of first class investment services.

Colchester Global Investors Limited 8/11/2017Colchester Local Markets Debt Fund Firm Overview

Firm InformationAddress 20 Savile Row

Address ---

C i ty London


Zip/Postal Code W1S 3PR


Website www.colchesterglobal.com

Phone 44 (20) 7292.6920

Year Founded 1999



AUMTotal $37,355.00

Taxable ---

Tax-Exempt ---


AccountsTotal 111

Taxable ---

Tax-Exempt ---

Institutional 111





% of Assets 0.29%





% of Assets 1.48%








First Name Mamak

Last Name Shahbazi

Phone 646.472.1801






Secondary Office #2: City Singapore

Secondary Office #2: State Singapore



Exhibit 17


eVestment Emerging Mkts Fixed Income - LocalCurrency






AUMTotal $8,079.00

Taxable ---

Tax-Exempt ---


AccountsTotal 20

Taxable ---

Tax-Exempt ---





% of Assets 0.00%





% of Assets 0.00%

Strategy SnapshotFixed Income DurationEmphasis Intermediate

Fixed Income Style Emphasis Other

Preferred BenchmarkJPM GBI-EM Global DiversifiedUnhedged

Minimum Quality Issue BBB


Approach Towards CurrencyHedging Value Added











Average Quality Issue BBB







Duration > 20 Yrs ---


Product Key FactsPreferred Benchmark JPM GBI-EM Global Diversified Unhedged

Accounts 20


Colchester Global Investors Limited 8/11/2017Colchester Local Markets Debt Fund Product Overview




Japan 0.00%

Asia ex-Japan 0.00%

Emerging Mkts. ---

Other 0.00%




AA/Aa: Current ---

A: Current 34.00%



B: Current ---


CC/Ca: Current ---

C: Current ---



Other: Current ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Research Analysts 9

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Avg Yrs Exp ---

Avg Yrs w/Firm ---

Risk Monitors 17

Avg Yrs Exp ---

Avg Yrs w/Firm ---


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Superannuation 0

Public Fund 8


Found. & Endow. 0

Healthcare 0

High Net Worth 1

Insurance 0

Wrap Account 0

Sub-Advised 7

Other 2


Supranationals 0

Sovereign Wealth 0

Exhibit 17



Accounts 1233


Analysts ---


Total Employees ---

Legal Structure ---

Firm Background

PGIM Fixed IncomePGIM Fixed Income is a global asset manager offering active solutions across all fixed income markets. The company has portfolio management and research teams in Newark, N.J.; London,Singapore and Tokyo. PGIM Fixed Income manages assets for institutional clients and retail investors worldwide and currently manages assets for 28 of the top Fortune 100 companies, 24 of the100 largest global pension funds, and several sovereign wealth funds, central banks, and large government entities.1

PGIM Fixed Income offers a range of traditional global broad market and sector-specific strategies, as well as a range of LIBOR-based strategies. The firm also has extensive experiencemanaging a variety of Liability Driven Strategies.

At PGIM Fixed Income we believe that research-driven security selection is the most consistent strategy for adding value to client portfolios. The firm complements that base strategy withactive sector rotation, duration management, and superior trade execution. Risk budgeting is central to this approach. Our extensive size and scale benefits our clients in our ability to have thenecessary resources to maintain large and deep research teams, implement world-class risk management systems, establish ourselves as a known entity to both corporate issuers and sell sideanalysts and add considerable value to our investment process in finding key opportunities for our investors.

PGIM Fixed Income is a well-resourced firm with disciplined research and investment processes and significant technology-based risk analytics. Our investment approach is supported by 256investment professionals based in the U.S., London, Tokyo, and Singapore. Seasoned portfolio management teams and extensive research capabilities—five regional macroeconomists, 95fundamental analysts, and 58 analysts in quantitative modeling, risk management, and portfolio analysis—provide deep, broad perspectives on the global fixed income markets. Senior investmentpersonnel average 28 years experience.

PGIM Fixed Income is the global asset manager primarily focused on public fixed income investments, whose United States business operates as a unit within PGIM, Inc. (formerly known asPrudential Investment Management, Inc.) (“PGIM”). PGIM is the largest investment adviser within Prudential Financial, Inc. (“PFI”). As of December 31, 2015, PGIM had $963 billion in assets undermanagement across their real estate, equity, public fixed income, and private fixed income businesses and is ranked 9th among IPE’s top 400 asset managers.2

1 Source of Global Pension Fund data: IPE Top 1000 Global Institutional Investors - 2015 and S&P’s MMD Top 100 Global Pensions. Source of Fortune 500 list: Fortune issued June 4, 2015.2 Source: IPE Research-Top 400 Asset Managers, June 2015, based on 12/31/2014 assets under management.

PGIM Fixed Income 8/11/2017EM Debt - Hard/Local Currency Blend Firm Overview

Firm InformationAddress 655 Broad St.

Address 8th Floor

C i ty Newark

State/Province New Jersey



Website http://www.pgimfixedincome.com

Phone 973.367.9203

Year Founded 1875




Taxable $412,430.79



AccountsTotal 1233

Taxable 291

Tax-Exempt 942

Institutional 1139





% of Assets 1.11%





% of Assets 0.04%








First Name Brad

Last Name Blalock

Phone 973-367-5431


Office LocationsCi ty Newark

State/Province New Jersey

Secondary Office #1: City Singapore

Secondary Office #1: State Singapore





Exhibit 17


eVestment Emerging Mkts Fixed Income - BlendedCurrency




ProductDomicile ---


AUMTotal $10,534.20

Taxable $99.23



AccountsTotal 17

Taxable 1

Tax-Exempt 16





% of Assets 0.05%





% of Assets 0.00%

Strategy SnapshotFixed Income DurationEmphasis Core/All Durations

Fixed Income StyleEmphasis Core/Aggregate

Preferred Benchmark50% JPM GBI-EM Global/50%EMBI Global



Approach Towards CurrencyHedging Value Added











Average Quality Issue BB









Product Key Facts

Preferred Benchmark50% JPM GBI-EM Global/50% EMBIGlobal

Accounts 17


PGIM Fixed Income 8/11/2017EM Debt - Hard/Local Currency Blend Product Overview




Japan 0.00%

Asia ex-Japan 0.00%

Emerging Mkts. ---

Other 0.21%




AA/Aa: Current ---

A: Current 15.30%



B: Current 22.58%


CC/Ca: Current ---

C: Current ---



Other: Current ---


Avg Yrs Exp 18.00


Research Analysts 7

Avg Yrs Exp 14.00

Avg Yrs w/Firm 6.00


Avg Yrs Exp 15.00


Risk Monitors 52

Avg Yrs Exp 19



Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Lost (2013) 0

Gained (MRQ) 0

Gained (2013) 0


Superannuation 0

Public Fund 8


Found. & Endow. 0

Healthcare 0

High Net Worth 0

Insurance 0

Wrap Account 0

Sub-Advised 0

Other 1


Supranationals 0

Sovereign Wealth 0

Exhibit 17

GlobeFlex Capital, L.P. Non-US Equity

Strategy: GlobeFlex ACWI ex-U.S.

Contact Information: Noah Bretz, Partner, Director of Client Service/Marketing 4365 Executive Drive Suite 720 San Diego, California 92121 858.658.9060

SURS Portfolio Information: Account Inception: December 2011 MV (as of 3/31/17): $276 Million

Firm Information: Inception: 1994 Firm AUM: $3.3 Billion Product AUM: $726 Million

Background: GlobeFlex is an independent, employee-owned, equity-focused investment management firm. It was founded in 1994 as a women/minority-owned firm by Mr. Robert Anslow and his wife, Ms. Marina Marrelli. As of June 30, 2016, eleven employee owners, including all investment team members and the client service officer, own 91% of the firm, with the remainder retained by outside (silent) investors. Robert Anslow and Marina Marrelli retain controlling interest. Mr. Anslow serves as Chief Investment Officer while Ms. Marrelli serves as Chief Executive Officer. The remaining 9% ownership stake is held by friends and family who provided start-up capital at the firm’s inception. There are currently no plans to repurchase this minority stake.

No key personnel representing the SURS account is under an employment contract with GlobeFlex. Periodically, we engage in employment contracts when appropriate. For example, Venkat Chalasani, our Director of GlobeFlex India, has an employment contract as part of our acquisition of Virtua Capital Markets Research.

The professional staff at GlobeFlex Capital is compensated by base salary, annual bonuses tied to performance, profit sharing, and, for Partners, equity ownership in the firm. Aside from base salaries, a significant portion of Partners’ compensation is in the form of equity distributions, which are directly tied to the success of the investment strategies and the firm in general. As of June 30, 2016, four members of the portfolio management team are Partners.

Bonus compensation is tied directly to success factors. For portfolio management/ research professionals, relative outperformance and creative research contributions are key. Marina Marrelli and Bob Anslow determine compensation using a mix of objective and subjective measures.

All members of the firm receive annual profit sharing contributions. Finally, all employees are eligible to become GlobeFlex Partners upon demonstrated long-term commitment to the firm. We believe equity ownership is critical to long-term stability, a key consideration for our clients. All Partners participate in strategic decision-making

Exhibit 18

and all share a common philosophical belief about research-driven investing, outstanding communication, and a commitment to our focus on the institutional investment community.

Investment Summary: GlobeFlex identifies companies that have accelerating short-term earnings growth, which is sustainable over the long-term, ahead of other investors. This allows them to hold positions in these companies while they are underpriced and before better-than-expected earnings are announced and/or before other investors discover the improving company fundamentals. On a historic basis, the majority of their portfolio holdings report operating results that outperform investor expectations after they purchase them. This is a consistent byproduct of their investment process. As a systematic, bottom-up investor, they quantitatively rank all stocks in their universe, then verify each buy and sell decision through a qualitative review performed by the portfolio management team. This ensures that they consistently identify successful companies across style and industry based on future growth potential as well as current valuation. Stock selection drives the majority of their active return. Investment Philosophy: GlobeFlex is an active equity manager focused on individual stock selection from a bottom-up perspective. Their philosophy is based on the early identification of fundamental growth before it is recognized by other investors. GlobeFlex emphasizes the following: • Business Improvement – They focus on finding companies with accelerating business conditions in order to identify early signs of growth. • Management Quality – They evaluate the long-term sustainability of a company’s fundamental business improvement by conducting an in-depth analysis of a company’s prospective operating performance and management’s skill to increase shareholder wealth. • Relative Value – They stay ahead of other investors by recognizing accelerating business conditions early, buying and holding companies significantly below their fair market value given their future growth prospects. This philosophy is implemented through a rigorous investment process which emphasizes: • Analyzing the largest universe of eligible stocks, providing the greatest potential to uncover miss-pricings; • A fundamentally-driven, systematic ranking process, including every eligible stock, ensuring that attractive opportunities are not overlooked due to arbitrary minimum thresholds; • A team-based, qualitative confirmation verifying every buy/sell decision, ensuring continuity of philosophy; • Portfolios designed to exploit alpha, then optimized to client constraints Importantly, there is a firm-wide commitment to ongoing, incremental improvement. Every piece of the GlobeFlex investment process is rigorously vetted via their research efforts, which are focused on finding better fundamental measures, techniques, data sources, and/or processes which will increase their outperformance potential.

Exhibit 18

Key Professionals: Robert Anslow GlobeFlex Capital co-creator Bob Anslow guides the firm's

investment management process with 30 years of experience and a recognized position as one of the first to apply systematic portfolio management to internationalinvesting. In creating GlobeFlex, Bob and Marina Marrelli chose a hand-picked team of investment professionals, most of whom had worked together for years. The stability of their shared experience and common goals took GlobeFlex quickly through the startup phase to reach $1 billion under management within three years. Prior to founding GlobeFlex, Bob built the first systematic process for international investing at Nicholas-Applegate Capital Management. As Director of the six-person Systematic and Global Portfolio Management/Research Group, Bob was responsible for the investment of $6 billion in U.S. and international assets for nearly eight years. Their success brought widespread acceptance of systematic investing within what was then a traditional management firm; when he departed to found GlobeFlex, nearly half of Nicholas-Applegate's assets were managedsystematically. Bob was previously responsible for systematic portfolio management and research processes at two major investment institutions: the California Public Employee's Retirement System (CalPERS) and BayBanks Investment ManagementofBoston. Bob is a former member of the Wharton Fellows' Advisory Board and the Investment Management Institute Advisory Board. He received his B.S. degree in Economics from the University of the Pacific. Bob is married to GlobeFlex co-creator Marina Marrelli.

Venkat Chalasani Venkat Chalasani joined the GlobeFlex team July 1, 2015, after

having been the Co-Founder and President of Virtua Research since 2004. With primary responsibility for the operation of GlobeFlex Research India Private Limited, GlobeFlex's wholly-owned subsidiary, Venkat leads a team of 100 analysts covering 1,300 companies in 27 countries.

Trishul Goswami Trishul Goswami joined GlobeFlex in May 2016, bringing a

perspective built over many years of diverse investment experience. He has had roles within large and small firms spanning fixed income and equities -- both long only and long/short. He has been a “deep dive”, visit companies and talk with management fundamental analyst, immersed in granular details, as well as a quantitative model builder focused on signal efficacy across developed and emerging markets. He now brings his 13 years of cumulative insight and inquisitiveness to our ongoing research and portfolio management efforts. Trishul began his career at Salomon Smith Barney in New York as a Quantitative Research Analyst in the Global Fixed Income Index Group. He then spent four years at Franklin Templeton Investments as a member of the Equity Research team, focused on quantitative analysis of both domestic and international markets. He built multifactor stock selection and risk forecast models and helped manage equity portfolios. He then joined Pequot Capital Management as an Analyst on the global equity market neutral fund, where he built sector-focused

Exhibit 18

earnings quality models and conducted short-sell research on the consumer and healthcare sectors. Importantly, Trishul was the link between the quantitative and fundamentalresearchteams. In 2007, Trishul joined Soros Fund Management as a Senior Analyst on the Quantum India Fund, researching and managing public and private equities in India. He spent several months per year on the ground performing company due diligence and meeting with management throughout Asia. He travelled to New York quarterly to present and defend his ideas to the Soros Fund Management senior executive team. After the Fund closed, Trishul launched his own entrepreneurial venture with his own assets, managing a long/short equity portfolio focused on India, Thailand, Philippines, Indonesia, and Malaysia. After four years, when his fund didn’t gain sufficient traction, he decided to pursue his Master’s degree to further enhance his quantitative skills. Trishul earned Bachelor of Arts degrees in Applied Mathematics and Economics from the University of California, Berkeley in 1999. He completed his CFA designation in 2014, and his Masters of Science degree in Predictive Analytics from Northwestern University in 2015.

Rick MacDonald Rick MacDonald has worked closely with the GlobeFlex

investment team since 2011, when he was hired as an external research consultant tasked initially with providing U.S. and, later, global macroeconomic insights. Following the very challenging, macro-driven market environment of 2007 to 2009, we had great interest in exploring elements of the global economic cycle and its impact on capital markets. Much interesting work ensued, analyzing the performance of various fundamental and risk factors during different phases of the economic cycle, as well as industry-specific analysis. In addition, Rick recently commenced a team project aimed at enhancing our stock-level quality metrics. In April 2016, we were pleased to transition Rick into the firm as a full-fledged Portfolio Manager/Research Analyst, working closely with our San Diego/Boston/Indiateams. As our team is very passionate and unwavering in our belief about the efficacy of bottom-up stock selection, Rick’s seasoned, 20 year, “top down” experience can be a contrarian viewpoint. We welcome this as it enhances our collective investment knowledge and, therefore, our bottom-up process. Rick brings an open mind, much research curiosity, and collaborative abilities, so altogether his slightly different voice and perspective help round out our team. Rick began his career at Bridgewater Associates as an Investment Research Associate. There he was immersed in quantitative research techniques, macro-economic models and their application to financial markets, and client communications. He then moved to Standard & Poor’s as a Senior Economist and Strategist for 6 years, where he was named the 1997 “Analyst Rookie of the Year” and then “Analyst of the Year” in 2000, taking on a larger role in communication through national media and client meetings. Then, as a Founding Member and Director of Investment Research and Analysis for Action Economics, he provided macroeconomic forecasts and strategy to clients

Exhibit 18

throughoutNorthAmerica,Europe,andAsia. Rick earned his Bachelor of Arts degree in Economics from Dartmouth College in 1994. He has also achieved both the CFA and CAIA designations.

Andrew Mark Andrew Mark’s broad range of skills contributes to nearly every

aspect of investments at GlobeFlex. He joined the firm shortly after its inception and works closely with Qiao Wen and Bob Anslow on the fully integrated functions of portfolio management, risk analysis, research and trade execution. Andrew’s love of investing prompted him to bridge the gap between theory and practical experience by establishing the student-run Aztec Equity Fund at his university. As co-founder of the fund, he created the business plan, obtained grants and equipment, and handled all aspects of the fund’s money management, trading, research, strategic direction and marketing. While on an Aztec fundraising mission at Nicholas-Applegate in 1991, Andrew met Bob Anslow and learned that Bob’s investment methodology paralleled his own thesis work. So after receiving his advanced degree, he sought out newly launched GlobeFlex, to become part of a firm that truly integrates leading-edge researchandinvestmentmanagement. While earning his M.B.A. in Finance with a specialty in investment theory from San Diego State University Graduate School of Business, Andrew interned at Marathon Asset Management. He also holds a B.S. degree in Business Administration from San Diego State University.

James Peterson Effective June 2014, James Peterson became Director of the

Portfolio Management & Research team, formalizing his leadership position under the guidance of CIO Bob Anslow. He joined GlobeFlex in 2008 with over a decade of converting traditional equity techniques into the more disciplined framework of quantitative stock selection. At GlobeFlex, he found the opportunity to work with an entire team of “like-minded” investment professionals and took on major research initiatives including oversight of Virtua and development of the EmergingMarketandFrontierstrategies. He began his career straight out of college with FactSet Research Systems. He quickly rose to Senior Consultant, servicing a variety of clients, one of which was Duncan-Hurst Capital Management, where a two-year assignment customizing quantitative investment tools to their process was converted into an invitation to jointhefirm. His career at Duncan-Hurst spanned nine years, where he evolved from Quantitative Analyst to Portfolio Manager and Director of Quantitative Research. James was a key force in the development of International, U.S., and Hedge strategies and also had lead management responsibility for U.S. Large and Mid Cap equity portfolios. Prior to GlobeFlex, James was Mid Cap equity portfolio manager at NCM Capital Management, where he managed and client serviced over$500millioninassets.

Exhibit 18

In 1996, James graduated from the University of Oregon, Lundquist College of Business, with a B.S. degree in Economics and Finance. He earned his Chartered Financial Analyst designation in 2001.

Qiao Wen Qiao Wen joined the GlobeFlex portfolio management/research team in September 2005, bringing a background steeped in investment innovation. Her experience includes translating academic thought on behavioral finance into practical applications, testing new strategies, and constructing portfolios from the ground up. At GlobeFlex, Qiao’s rigorous intellectual honesty augments our original research effort andreinforcesourentrepreneurialculture. Qiao’s investment career started in 1998 as a research analyst, when she joined the six-person Fuller & Thaler Asset Management firm in its start-up phase, having been recruited by her graduate school professor. Her multi-tasking talents and relentless focus on achieving each successive goal became quickly apparent as she mastered the areas of performance measurement, data integration, and portfolio analytics. In recognition of her exceptional qualitative and quantitative analytic skills, Qiao transitioned to product development and portfolio management, assisting the firm’s presidentinco-managingtwoequitystrategies. In China, Qiao concentrated in international finance at Ji Nan University in Guangzhou. In 1997 she transferred to Washington State University, where she earned her Bachelor’s and Master’s degrees with a concentration in investment management. She earned her Chartered Financial Analyst designation in 2001. Staff Additions & Departures in Past 12 Months:

Name Addition or Departure? Title Date

None

Exhibit 18

To: Investment Committee From: Investment Staff Date: September, 2017 Re: U.S. Equity Manager Diversity Program Search

Search Update At the June 2017 Investment Committee meeting the Board approved the recommendation to conduct a search for one or more qualified providers of U.S. equity investment management services by Minority-, Female-, and persons with a Disability-owned (MFDB) firms. The projected allocation(s) ($) to the manager(s) will be dependent upon the strategy under consideration, and the specific characteristics of the manager under evaluation (AUM, staffing levels, etc.).

The Illinois Pension Code, in 40 ILCS 5/1-109.1, encourages the Board to use Emerging Investment Managers in managing the System’s assets to the greatest extent feasible within the bounds of financial and fiduciary prudence, and to take affirmative steps to remove any barriers to the full participation of Emerging Investment Managers in investment opportunities afforded by the System. Furthermore, in accordance with the Illinois Pension Code, SURS encourages its Fund-of-Fund Managers to use Emerging Investment Managers as subcontractors when the opportunity arises.

Over the past fourteen months, SURS has terminated five MFDB managers within the equity and fixed income asset classes including one Manager of Managers program containing eight U.S. equity managers. The terminations occurred for a variety of reasons, including asset allocation, a shift from active to passive, and performance and organizational reasons. SURS did hire one MFDB firm, Gladius, in December of 2016 to manage an options overlay strategy.

Asset Class $ Value in Millions

U.S. Equity $575 Lombardia 116 Holland 114 Progress 345 Fixed Income 341 Longfellow 171 New Century 170

The Request for Proposal (RFP) was developed by SURS Staff and advertised on the website of Pensions & Investments and in its June 26th print edition, along with being noticed as required in the State newspaper, and posted to the SURS website beginning June 21st.

Exhibit 19

Timeline The anticipated timeline for the search process is as follows:

Proposed Timeline for the Search Date Item

June 9, 2017 Quiet Period Begins June 26, 2017 Dissemination of RFP July 13, 2017 Deadline for questions to SURS July 17, 2017 Responses to questions submitted to SURS August 11, 2017 RFP responses due by 4:30 pm CT August/September 2017 Identify firms for further consideration September 2017 Interviews with selected firms October 19, 2017 Finalist presentations to SURS Board of Trustees

Update Staff and NEPC received responses from 45 firms for 69 products by the deadline. A list of the respondents is shown on the following page. Staff and NEPC are currently in the process of reviewing the responses and plan to narrow the list to a smaller group of semi-finalists. Interviews with semi-finalist firms are expected to be conducted in September at SURS’ office in Champaign. Trustees are invited to attend; if interested, please contact staff for additional details. Quiet Period Please note that the Quiet Period will remain in effect until a selection has been made by the Board and accepted by the service provider. A copy of the Quiet Period Policy Guidelines follows. Quiet Period Policy Guidelines The Quiet Period Policy is intended to establish guidelines by which Board Members and Staff will communicate with prospective service providers during the search process. The objectives of the policy are to ensure that prospective service providers competing to become employed by SURS have equal access to information regarding the search parameters; communications related to the selection are consistent and accurate; and the process of selecting service providers is efficient, diligent, and fair. The following guidelines will be instituted during a search process for a service provider:

• A quiet period will commence upon Committee action (or Board action if the selection is not initiated through a Committee) to authorize a search for a service provider and end once a selection has been made by the Board and accepted by the service provider;

• Initiation, continuation and conclusion of the quiet period shall be publicly communicated to prevent inadvertent violations;

• All Board members, and Staff not directly involved in the search process, shall refrain from communicating with service provider candidates regarding any product or service related to the search offered by the candidate throughout the quiet period and shall refrain from accepting meals, travel, hotel, or other value from the candidates;

• Throughout the quiet period, if any Board member is contacted by a candidate, the Board member shall refer the candidate to SURS Consultant or Staff directly involved in the search process;

• All authority related to the search process shall be exercised solely by the relevant Committee or Board as a whole, and not by individual Board Members;

Exhibit 19

• All information related to the search process shall be communicated by the SURS Consultant and Staff to the relevant Committee or Board as a whole, and not to individual Board Members;

• The quiet period does not prevent Board approved due diligence, client conference attendance or communications with an existing service provider that happens to be a candidate in the ordinary course of services provided by such service provider; however, discussions related to the pending selection shall be avoided during those activities;

• The provisions of this policy will apply to service provider candidates throughout the quiet period and shall be communicated to candidates in conjunction with any competitive proposal process; and

• A service provider may be disqualified from a search process for a knowing violation of this policy.

Exhibit 19

Respondents to SURS U.S. Equity MDP Search June 2017 Launch

Manager Name Location Bivium Capital Partners San Francisco, CA

Acuitas Investments Seattle,WAAffinity Investment Advisors Newport Beach, CAAlethea Capital Management Rancho Santa Fe, CA

Ariel Investments, LLC Chicago,ILARK Investment Management, LLC New York,New York

Ativo Capital Management Chicago,ILAttucks Asset Management Chicago,IL

Campbell Newman Asset Management Milwakee, WICapital Prospects LLC Stamford,CT

Channing Capital Management, LLC Chicago,ILDaruma Capital Management, LLC New York,New York

Decatur Capital Management Decatur, GADenali Advisors, LLC San Diego, CAEARNEST Partners Atlanta,GA

Empiric Institutional Austin, TXFairpointe Capital, LLC Chicago,IL

FIS Group Philadelphia, PAGifford Fong Lafayette, CA

Gladius Capital Management Chicago,ILGlobeFlex Capital San Diego, CA

Grace Capital Boston,MAHanseatic Management Services, Inc. Chicago,IL

Herndon Capital Management Atlanta,GALeading Edge Investment Advisors San Francisco, CALebanthal Lisanti Capital Growth New York,New York

Legato Capital Management San Francisco, CAMatarin Capital Management Stamford,CT

Morningside Asset Management Atlanta,GANew Amsterdam Partners LLC New York,New York

NewBrook Capital New York,New YorkNicholas Company, Inc. Rancho Santa Fe, CA

OakBrook Investments, LLC Lisle,ILOpus Capital Management, Inc Cincinnatti, OHParadigm Asset Management New York,New York

Piedmont Investment Advisors Durham, NCPilliar Pacific Management,LLC Pacifica, CA

Progress Investment Management Company San Francisco, CARedwood Investments, LLC Newton, MA

Sapience Investments Newport Beach, CASeamans Capital Management Boston,MA

Smith Graham & Co., Investment Advisors, L.P. New York,New YorkTensile Capital Management New York,New YorkThe Edgar Lomax Company Springfield,VA

Zevenbergen Capital Investments LLC Seattle,WA

Exhibit 19

STATE UNIVERSITIES RETIREMENT SYSTEM

MarketValue

Estimated Unfunded FundingAssets Liabilities Liabilities Ratio Month FYTD

Jun-17 18.01$ 42.22$ 24.21$ 42.7%Jul-17 18.53 42.33 23.80 43.8% 1.74% 1.7%

Note: Assets and liabilities are estimated and unaudited through June 30, 2017. The fund has an actuarial value funding ratio of 43.3% at the end of Fiscal Year 2016, utilizing a 7.25% assumed rate of return.

Rate of Return

0%

20%

40%

60%

80%

100%

$0$2$4$6$8

$10$12$14$16$18$20$22$24$26$28$30$32$34$36$38$40$42$44

Jun-17 Jul-17

Perc

ent F

unde

d

$Bill

ions

SURS Projected Funding Status 2018 Fiscal Year-to-Date Results

Assets Liability Funding Ratio

Exhibit 20

To: Investment Committee From: Investment Staff Date: September 1, 2017 Re: Summary Risk Report

Attached is the Summary Risk Report for the quarter ending June 30, 2017. Highlights for the quarter include:

Appropriation Summary –Fiscal year-to-date state appropriations received wereapproximately $1,365 million or 81.7% of the anticipated $1,671 million amount for theFiscal Year 2017. $79.1 million is still owed for Fiscal Year 2017.

Cash Account Summary – Ending cash on hand was approximately $120 million as ofJune 30, 2017. Net private partnership cash flows during the quarter were positive andwere approximately $32 million.

Liquidity – The portfolio remains highly liquid with 80.4% of assets estimated to haveliquidity of less than two weeks under normal market conditions.

Global Financial Stress Index – The GFSI was -0.19 indicating that the market isexperiencing slightly less stress than normal, and well below the peak of 3.01 during theGlobal Financial Crisis.

Value at Risk (1 Year Forward) – Tail risk decreased during the quarter from 14.26% to13.19%. This parameter indicates that with a confidence level of 95%, the estimated assetloss over a one-year period would be of 13.19% or less.

Standard Deviation (5 Year Historical) – Total portfolio volatility decreased from theprior quarter from 6.93% to 6.39%.

Volatility (VIX) Index – The VIX ended the quarter at 11.18, below the historicalaverage of 18.9. During the quarter, the VIX closed in a range from 9.75 to 15.96.

U.S. Treasury Yield Curve – The yield curve flattened during the quarter. The yield onthe 10-Year Treasury decreased from 2.40% to 2.31% during the quarter.

Exhibit 21

Summary Risk Report


Exhibit 22

Risk Dashboard

Liquidity VaR StandardDeviation

100%0%

70%

50%

80.4%

20%

50%0%

18%

13.19%

12%

10%

0% 30%

6.39%

o Liquidity Green = > 70.00% Highly Liquid, Yellow = 69.90% - 50.00%, Red = < 50.00%.

Liquidity Estimates Under Normal Market Conditions. Stressed Market Conditions Will Impact Both Liquidity & Pricing.

o Value at Risk (VaR) Green = < 18.00%, Yellow = 18.01% to 20.00%, Red = > 20.00%.

1 Year Forward Looking Maximum Data Point = 21.50% (March 2013). 1 Year Forward Looking Minimum Data Point = 13.19% (June 2017).

o Standard Deviation Green = < 10.00%, Yellow = 10.01 – 11.80%, Red = > 11.80%.

5 Year Historical Rolling Maximum = 13.89% (June 2012). 5 Year Historical Rolling Minimum = 5.74% (December 1996).

Exhibit 22

Appropriation SummarySURS Fiscal Year Ending 2017 Appropriation

$1,671,426,000

Month Amount Due Amount Received (Under) / Over % Received

July $139,285,500 $555,516 ($138,729,984) 0.4%

August $139,285,500 $71,636,749 ($67,648,751) 51.4%

September $139,285,500 $92,778,021 ($46,507,479) 66.6%

October $139,285,500 $76,331,610 ($62,953,890) 54.8%

November $139,285,500 $114,698,196 ($24,587,304) 82.3%

December $139,285,500 $144,413,164 $5,127,664 103.7%

January $139,285,500 $129,485,411 ($9,800,089) 93.0%

February $139,285,500 $73,202,941 ($66,082,559) 52.6%

March $139,285,500 $134,634,500 ($4,651,000) 96.7%

April $139,285,500 $139,308,500 $23,000 100.0%

May $139,285,500 $229,303,500 $90,018,000 164.6%

June $139,285,500 $159,113,500 $19,828,000 114.2%

Total $1,671,426,000 $1,365,461,608 ($305,964,392) 81.7%

Monthly appropriation payments can be volatile, making cash management and liquidity an area of focus. Data Source: SURS.

Exhibit 22

Annual Benefit Payment Summary

Includes Retirement & Disability Retirement Annuities, Survivor Benefit Annuities, Disability Benefits, Death Benefits, and Portable Refunds (ER Match). Data Source: SURS.

SURS Fiscal Year Ending Benefit Payments ($ Millions)

Year Annual

2005 $994.2

2006 $1,080.2

2007 $1,169.0

2008 $1,267.4

2009 $1,362.7

2010 $1,468.8

2011 $1,598.6

2012 $1,735.3

2013 $1,914.5

2014 $2,002.9

2015 $2,130.0

2016 $2,235.8

2017 $2,339.9

• Defined benefit plan benefit payments for FYE 2017 totaled $2,333.9 million.

• As of June 30, 2017, SURS received 81.7% of the expected FYE 2017 appropriation

• An additional $226,860,797 was received in July 2017.

• The FYE 2017 appropriation has not yet been paid in full.

• $79,103,594 is still owed for FYE 2017.

Key Observations:

Exhibit 22

Cash Account SummarySURS Cash Account SummaryApril 1, 2017 – June 30, 2017

Beginning Balance $127,771,387

Cash In:

Partnership Distributions $71,392,077

Withdrawal for Manager Funding 280,000,000

Funds from Closed Accounts $117,098,864

Other Income $2,496,475

Total Cash In: $470,987,416

Cash Out:

Partnership Capital Calls (39,928,601)

Increased Manager Funding (405,000,000)

Net Contributions (Contributions less Benefit Payments)

(33,928,601)

Total Cash Out: (478,446,925)

Ending Balance $120,311,877

Cash flow detail is provided in the Quarterly Board Report. Data Source: SURS.

Key Observations:

• Net private partnership (Private Equity, Real Estate, Infrastructure and Hedge Funds) cash flows were positive and approximately $32 million for the quarter.

• Benefit payments were approximately $571 million for the quarter.

• Increased Manager Funding: KKR Prisma Codlin Fund,

$165,000,000 PAAMCO Newport Monarch Fund,

$240,000,000

Exhibit 22

Liquidity Profile

0%

10%

20%

30%

40%

50%

60%

Cash Passive < 2 Weeks 1 Month + Illiquid

Estimated Days to Liquidate80.4%

Liquidity risk is the risk that SURS would not be able to meet short term financial demands due to cash flow and/or theinability to convert securities or other assets to cash without a loss of capital and/or income in the process. Currently,approximately 80.4% of the portfolio is highly liquid under normal market conditions. Data Source: SURS.

Exhibit 22

Global Financial Stress Index

Global Financial Stress Index (GFSI) Chart – The GFSI composite index aggregates over twenty measures of stress across fiveasset classes and various geographies, measuring three separate kinds of financial market stress: risk, as indicated by cross‐asset measures of volatility, solvency, and liquidity; hedging demand, implied by the skew of equity and currency options; andinvestor appetite for risk, as measured by trading volumes as well as flows in and out of equities, high‐yield bonds, and moneymarkets. GFSI > 0 means more stress than normal. GFSI < 0 means less stress than normal. Data source: Bloomberg.

0.00

0.50

‐0.50

3.01

‐0.66

‐0.19

Exhibit 22

Value at Risk (VaR)

VaR is the estimated loss over a one year period given a certain level of confidence (95%). VaR is best understood in terms ofthe bell curve or normal distribution. VaR focuses on the outcomes at the curve’s left tail, two standard deviations from themean. Data Source: Northern Trust.

0 1 2 3-1-2-3

68%

95%

99.7%

Downside Risk (Left Tail)

12.00%

14.00%

16.00%

18.00%

20.00%

22.00%

Mar‐13

Jun‐13

Sep‐13

Dec‐13

Mar‐14

Jun‐14

Sep‐14

Dec‐14

Mar‐15

Jun‐15

Sep‐15

Dec‐15

Mar‐16

Jun‐16

Sep‐16

Dec‐16

Mar‐17

Jun‐17

Total Fund (1 Year Forward Looking)

VaR

21.50%

13.19%

Exhibit 22

Standard Deviation

Standard deviation measures the variability of investment returns. A low standard deviation indicates that the data points tend to bevery close to the mean, while high standard deviation indicates that the data are spread out over a large range of values. Theexpected standard deviation of the SURS portfolio based on the target asset allocation is 12.5%. Data Sources: SURS and NEPC.

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

Mar‐13

Jun‐13

Sep‐13

Dec‐13

Mar‐14

Jun‐14

Sep‐14

Dec‐14

Mar‐15

Jun‐15

Sep‐15

Dec‐15

Mar‐16

Jun‐16

Sep‐16

Dec‐16

Mar‐17

Jun‐17

Total Fund (5 Years Ending)

Total Fund

• Total Fund w/Overlay Annualized Standard Deviation (5 Years Ending) is 6.39% as of June 30, 2017; 81st percentile universe ranking.

• Total Fund (5 Year Rolling) Standard Deviation ranges from 5.74% (Dec. 1996) to 13.89% (June 2012)

• Based on the current asset allocation, portfolio volatility is lower than the expected 12.5%

Key Observations:

13.89%

5.74%6.39%

Exhibit 22

CBOE Volatility Index

Volatility Index (VIX) Chart – VIX is the ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, whichshows the market's expectation of 30‐day volatility. It is constructed using the implied volatilities of a wide range of S&P 500index options. This volatility is meant to be forward looking and is calculated from both calls and puts. The VIX is a widely usedmeasure of market risk and is often referred to as the "investor fear gauge." Source: CBOE.com.

18.9

11.1810.42

59.89

0

5

10

15

20

25

30

35

40

45

50

55

60

65

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

VIX (Month End)

VIX (Month End) Historical Average

Exhibit 22

Treasury Yield Curve

A yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differingmaturity dates. The U.S. Treasury yield curve is used as a benchmark for other debt in the market, such as mortgage rates orbank lending rates. The curve is also used to predict changes in economic output and growth. A normal yield curve is one inwhich longer maturity bonds have a higher yield compared to shorter‐term bonds due to the risks associated with time. Aninverted yield curve is one in which the shorter‐term yields are higher than the longer‐term yields, which can be a sign ofupcoming recession. A flat (or humped) yield curve is one in which the shorter‐ and longer‐term yields are very close to eachother, which is also a predictor of an economic transition. The slope of the yield curve is also seen as important: the greater theslope, the greater the gap between short‐ and long‐term rates. Source: Investopedia.com

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1 Month 3 Month 6 Month 1 Year 2 Year 3 Year 5 Year 7 Year 10 Year 20 Year 30 Year

3/31/2017 6/30/2017

Exhibit 22

Pensions & Investments’ Global Future of Retirement Summit

June 25-27, 2017 | New York City

Executive Summary

Big Picture

• WORRISOME STAT: A new global survey shows only one-fourth of respondentsbelieved they were on track to reach retirement income goals.

• GLOBAL PATCHWORK: No government or company in the world has solved theretirement unpreparedness quandary, though some have had partial success. Solutionshave come through trial and error and in bits and pieces: forced savings via a nationalplan with auto-enrollment in Australia; new private workplace mandates in the UK; stepstaken in New Zealand to create an annuity system for retirees in the de-cummulationphase.

• SENSE OF URGENCY: Part of Ireland's pension system (National Pension ReservesFund) was decimated to rescue banks after the global financial crisis. The country hasbeen FORCED to take deliberative action (e.g. increasing the retirement age). Barringambitious remedies, the pillars of the U.S. pension structure will weaken or topple; achild born today faces a perilous retirement savings future. Just as global warmingalarms were loudly sounded more than one decade ago, it’s time to come to grips withinconvenient truths, to stop talking and solve this issue.

• OPPORTUNITY KNOCKS: "This should be the most exciting time to be in the retirementindustry," said David John, strategic policy advisor, AARP Public Policy Institute."Everything that has been around is up for grabs so the company that seizes thisopportunity has a chance to be a leader."

Day 1

>Global Macro Outlook

Somewhat bleak. Keenly watched economic forces: U.S. long rates (permanently depressed); U.S. dollar (rally, over); oil prices, historically the single-biggest driver of inflation (structurally capped); China (specifically, it’s ongoing push to a consumer-driven economy) should eventually reach its goals (but it won't be enough to carry the weight of the world’s growth aspirations).

Michael Lillard, Head of Fixed income and CIO, PGIM Fixed Income, said demographics, high debt loads, low productivity and now, Fed tightening, all foretell impending sluggishness. After a decade of radically accommodative monetary policy, there’s a tidal flood of cash chasing income. "Growth is going to feel lackluster," Lillard said. "Get used to 2% [annual global GDP]."

Exhibit 23

In a stubbornly low-yield, low-return environment, investors will be under pressure to add more risk ahead of a likely economic downturn in coming years, said Arthur Kroeber, Hong Kong-based editor and head of research with Gavekal, a research firm largely focused on China. The risk of a Chinese-debt-induced crisis, asserted Kroeber, is "widely exaggerated." Debt is up, he said, but the government there is skillful when it comes to choking off bubbles.

David Levy, chairman, The Jerome Levy Forecasting Center, was among those who shared a consensus view on the foreseeable future of oil prices, effectively boxed into a $50 to $55 trading range (the average cost necessary for U.S. oil producers to break even) with OPEC pricing power falling apart following two years of pushing prices lower. Add to this mosaic the rising U.S. shale output on the back of increasingly efficient drilling techniques. The geopolitics of falling oil prices would seem more of a real risk on which to keep an eye i.e. escalating tension between Saudi Arabia and Russia. Some selected pockets of attractiveness, perhaps singles but not homeruns, as articulated by Lillard:

• European equities, particularly France, on the back of labor reform and easing fears of a Euro break-up;

• senior debt at money center banks;

• portions of the CMBS market.

Related P&I coverage: Few bright spots beckoning on the investment horizon

>What if Average Growth is at its Peak?

In a keynote address, Marc Levinson, former economics editor at The Economist, and author of "The End of the Postwar Boom and the Return of the Ordinary Economy," predicted global growth was heading toward "a range below 3%."

Which isn't a new normal so much as it is an old historic normal. The U.S. built the westward-opening Erie Canal in the early part of the 19th century and an interstate highway system in the 1950s – transformational events yes, but not easily replicated. World governments simply do not have many "productivity improvement" policy levers that can be pulled; growth in productivity will have to come from demographic trends that will force changes to the workforce. This is particularly the case in a country such as India, where more underproductive workers could be shifted to more productive areas of the economy.

>Institutional Innovation

As part of the global macro discussion, panelist Ashby Monk, who is research director of the Stanford Global Projects Center, spoke about how macro headwinds will force investors to get more creative and collaborative in the quest to achieve target returns of 7%-8%. By way of anecdote, Monk mentioned a Middle Eastern sovereign wealth fund to which he consults and which recently was grappling with some capital flowing back to them from a played-out private

Exhibit 23

http://www.pionline.com/article/20170710/PRINT/170719979

investment. Simply put, the SWF did not want the money back, acknowledging the dearth of new opportunities. Said Monk, "They literally don't know what to do with that cash.”

The way forward, he stressed, is through innovation, which has more to do with the way institutions invest e.g. collaboratively, alongside peers and with a truly long-term horizon. That ability to patiently take a direct stake in a company, technology or new fund – and hold on through some painful stretches – is what Monk calls a “cultivated competitive advantage” in deploying capital.

Traditionally, institutions have tried to run efficiently, keeping costs and salaries down. But this runs counter to how innovation comes about. "Innovation demands failures," Monk said.

More than 50 platforms now exist to facilitate peer co-investing, Monk said.

>Long-Term Trends (Risks & Opportunities)

Vikram Mansharamani, Yale lecturer and author of “Boombustology,” said a demand shock from emerging markets – poised for population growth – could prove to be the tonic for what ails the global economy now. India and Africa, two of the fastest growing regions in the world, will lead the way. "The growth of the middle class in these two countries is about to explode," Mansharamani said.

The rise of artificial intelligence/machine learning represents an opportunity, but concurrently could also be a hindrance when it comes to his India thesis – because the ascension of robots could cut into manufacturing jobs. As far as bubbles, Mansharamani pointed to deluge into passive investments. Indexing, he asserted, makes more sense “when everybody else is active.”

Crypto currencies, meanwhile, are another area to watch closely as they carry the potential to do to transaction facilitators what Uber did to taxis.

Related P&I coverage: India, Africa could push globe into growth mode, conference speaker says

>The Canadian Approach

The stage was set by way of a rich history lesson from author/consultant Keith Ambachtsheer, president, KPA Advisory Services, and director emeritus, International Centre for Pension Management at the Rotman School of Management, University of Toronto.

The distinctly Canadian approach to pension fund management traces its origins back to 1987 when the newly elected Liberal leaders of Ontario's government decided to embark on a mission to reform what had been a provincial-agency-run Teachers' Superannuation Fund. The plan had become fiscally unsound following years of mistreatment and an investment portfolio comprising entirely government bonds; essentially, it had become a piggy bank for a prior administration unable to control spending. A task force of bureaucrats was formed to revamp the fund. The task force, in turn, sought input from Ambachtsheer, who had just launched his own consulting firm. (Ontario's new treasurer was an early client). Ambachtsheer, one decade

Exhibit 23

http://www.pionline.com/article/20170626/ONLINE/170629851

http://www.pionline.com/article/20170626/ONLINE/170629851

earlier, happened to read "The Unseen Revolution: How Pension Fund Socialism Came to America," written by the late Peter Drucker, who famously studied General Motors and in doing so became the father of management science.

Drucker's work outlining how pension funds could function sustainably for future generations was not widely recognized at the time his book was published, although its key insights always stayed with Ambachtsheer. Among them: that a government pension fund should answer to an independent and highly qualified board of directors with a fiduciary responsibility to the beneficiaries; and that the board should be allowed to recruit a talented investment staff paid competitive salaries. In 1988, the task force, taking input from Ambachtsheer (borrowing from Drucker), released a white paper titled, "In Whose Interest?" a blueprint for reforming the teachers' pension plan.

Later dubbed the “Maple Revolutionaries” by The Economist, the original stewards of the newly formed Ontario Teachers' Pension Plan faced a brutal early ‘90s recession as well as strident opposition from unions and rival political forces but they trusted the path chosen, convinced it was the right one. They were steadfast in their commitment to remaining at arm's length, and to internal management and good governance. This model eventually was adopted by all of Canada's pension funds (e.g. OMERS, HOOP, CDPQ, PSP, AIMCo, BCIMC).

Other hallmarks of the Canadian model include seizing the advantages of economies of scale and having a truly long-term investment horizon. Facing prospects of persistent low growth and longer-living retirees, the Canadian model is now evolving, as evidenced by the strategic moves being made these days by Ambachtsheer’s fellow panelists, Mark Fuller, CEO of the Ontario Pension Board, and Hugh O'Reilly, CEO of OPTrust.

OPTrust, according to O’Reilly, is starting a $300 million venture-capital arm focused on incubating a wide variety of startups with a goal of having some of them become viable enough to become part of the larger portfolio of private holdings. The fund is also considering derivatives linked to insurance risk. Fuller explained that what worked three decades ago for Ontario Teachers won’t necessarily work going forward – continued innovation is needed. To that end, OPB plans to partner with OTPP on a newly created real estate joint venture.

>Revising the Framework for Managing Retirement Assets

By any name – factor investing, alternative indexing, smart beta, risk premia harvesting – there's a shifting mentality in the industry with more investors seeking to hone in on authentic sources of alpha versus easily obtained beta that too often masquerades as alpha.

The esteemed Roger Ibbotson spoke first. Ibbotson, emeritus professor of the practice of finance at the Yale School of Management, has been compiling market data since the earliest days of passive investing. His annually updated "Stocks, Bonds, Bills, and Inflation" compendium is the gold standard for performance data, with comprehensive records dating back to 1926.

Ibbotson laid out 11 factors that are most commonly observed in markets. These include volatility, leverage, momentum, growth, value and liquidity. One recently published study identified 316 potential factors, Ibbotson said, as he presented his much shorter list. He stressed that in doing so he was not necessarily vouching for these factors.

"There was a time when we invested in things," said Greg Williamson, CIO, American Red Cross, referring to asset classes (stocks and bonds, namely). "Now we're investing in drivers of

Exhibit 23

returns, or factors, whether it’s size or value." Williamson treats factors as the building blocks of his portfolio. But he admits he still speaks to his board in terms of asset classes, so as not to confuse or overwhelm them.

Factors, per Williamson, need to be liquid, transparent and investible. They need to be clearly defined (what, exactly, is value? and do we agree on that definition?).

In other words, investors need to be clear on how they define a factor as there are no real benchmarks for factors. If there are 15 different definitions of value then one must decide precisely how they define value before using this factor in portfolio construction, he explained. "Factors have delineated optionality," Williamson said. Upside or downside.

A third panelist, Gregoire Haenni, was well received. He is the CIO of Geneva, Switzerland's Caisse de prevoyance de l'Etat de Geneve (CPEG) which is the pension fund for Geneva. Haenni explained how he uses factor-based analysis to identify "the main market risk drivers" across the entire portfolio to guide the allocation of not just capital but risk itself, while also maximizing the benefits of diversification. The overriding goal: to achieve a delicate balance between risk and return, which visually was depicted with a slide of an old silent-movie-era photo of an unfazed fellow perched atop the top-most of three chairs stacked one on top of the other – on the ledge of a tall building.

Rather than rely solely on asset allocation, Haenni looks at other investment influences, such as liquidity and leverage. He said he also performs simulations "based on the sensitivity of the portfolio to market risks."

Related P&I coverage: Focus on factors to aid portfolio construction, panelists say

>Getting Granular on ESG Investing

Key takeaway for plan sponsors: Demand more of the companies in which you invest. "We're hyper-engaged with our equity investments," explained Cindy Rose, head of Responsible Investing, Aberdeen Investment Management. "We'll do 20 visits before we invest," she added. A long-held misconception – that emphasizing environmental, social and governance considerations somehow undermines fiduciary responsibility – is starting to wane, said panelists. These speakers also included Jens Peers, CIO for Sustainable Equities and Fixed Income at Mirova, a subsidiary of Natixis, as well as Fiona Reynolds, managing director, UN Principles for Responsible Investment (UNPR).

Reynolds’ main points: U.S. asset allocators have begun to take ESG more seriously, however, they put too much emphasis on the “G;” many allocators often set up well-intentioned mandates but then stop there, far short of the follow-up needed thereafter i.e. ESG factors still need to be measured, monitored and evaluated, with consequences for those companies whose practices slip.

The U.S. pulling out of the Paris accord is disappointing, Reynolds said, but the rest of the world, and individual American states, all seem to be reaffirming, together, the commitment to move forward in the renewable energy push. China's targets for wind and solar continue to be ramping up. Jens Peers described ESG not as a box to check but as a framework for identifying

Exhibit 23

http://www.pionline.com/article/20170626/ONLINE/170629857/focus-on-factors-to-aid-portfolio-construction-panelists-say

new ideas and opportunity sets. And for spotting trends, especially those stemming from the goals of individual states, such as California.

Related P&I coverage: U.S. withdrawal from Paris climate change accord seen as ‘a gift,’ experts say

>Keynote: Journalism Icon Bob Woodward of the Washington Post on a New Political Landscape

One of the questions that P&I Publisher Chris Battaglia asked the world-famous Watergate sleuth during their chat, was "if Nixon had a twitter account, would he have used it?"

No, said Woodward. Secrecy defined how Nixon behaved during his time in office much of it spent fighting his own multi-front wars (versus the anti-war movement, the Democrats, the press and eventually, in the Watergate cover-up, the criminal justice system). Our government (Trump's twitter account aside) remains too opaque. The question that shakes Woodward out of his slumber each morning: "What are the bastards hiding?" Lessons for journalists today: show stamina, ask questions, if your editor tells you talk to ten people, go talk to twenty. “That's the business you are in.”

Related P&I Video

>Rules of Plan Engagement: Keep it Simple, Suitable, Sustainable

More pension participants are demanding adherence to ESG principles. Plan sponsors, said Ed Farrington, Executive VP, Retirement, Natixis Global Asset Management, are correct to ask a lot of questions about how to incorporate ESG criteria into their investment policy statements. "Does it give my participants the chance for the best financial outcomes? They have to ask these questions, as fiduciaries."

As more and more studies and legal opinions continue to reflect that there is no trade-off between performance and ESG criteria, plan sponsors will grow more comfortable, Farrington pointed out. "We need more of that case work."

He highlighted the approach to sustainability taken by Natixis' affiliate, Mirova, a thematic investor with an ESG heritage going back to the 1980s.

Among the global mega trends Mirova sees: climate change, scarcity of resources, aging of the population and urbanization. "They are looking for companies poised to benefit from the trends." ESG is not just screening out companies, it's proactive.

Related P&I Video

>Emerging Markets at the Crossroads

Exhibit 23

http://www.pionline.com/article/20170710/PRINT/170719978/us-withdrawal-from-paris-climate-change-accord-seen-as-a-gift-experts-say

http://www.pionline.com/article/20170710/PRINT/170719978/us-withdrawal-from-paris-climate-change-accord-seen-as-a-gift-experts-say

http://video.pionline.com/media/0_14zpvn92

http://video.pionline.com/media/Ed+Farrington%2C+Natixis+Global+Asset+Management/0_9iv7sae3

A shift in the emerging markets landscape is occurring. E-commerce, fintech and domestic middle-class growth are driving economic growth. As an asset class, EM just spent the past fifty years as a monolith riding the coattails of DM, explained Taimur Hyat, chief strategy officer, PGIM, the investment business of Prudential.

The next ten years will be different. EM growth, in and of itself, will drive EM but it will be on unique terms within each country, with more opportunities in VC, and middle market PE, and not just public equities or yesterday's model of old state-owned companies exploiting competitive dominance. The winds have shifted.

Broadly speaking, DM growth is slow, commodities are down. EM will play a key role driving global growth. But look bottom up. New engines of growth are linked to specific countries while generic trends (rising middle class) still can't be ignored. So, from a 40,000-foot view, e-commerce, and the logistics that support it, are broad trends upon which to seize. How specifically that is played may lead to, say, a start-up tech support company in Malaysia.

Related P&I Video

>Defining the Perils Related to Longevity and Retirement Models

Catherine Collinson, executive director of the Aegon Center for Longevity and Retirement, and the president of the Transamerica Institute, revealed some highlights from the 2017 Global Risk Report and Transamerica Global Survey.

The big picture in terms of the global future of retirement: only one-fourth of respondents believed they were on course to achieve retirement income goals.

It's the sixth year of the survey, which assesses the retirement readiness of 16,000 workers and retirees in 15 countries. The measuring stick is the "Aegon Retirement Readiness Score" (ARRS) which ranks retirement readiness on a scale from 0 to 10. A high index score is between 8 and 10, a medium score between 6 and 7.9, and, a low score being less than 6.

The global average country score is 5.9, up from 5.8 last year. The U.S. is above the average, at 6.9, up from 6.7. That's the second best with only India faring better at 7.6. Some countries, such as Brazil, France, and Germany, have seen a year-on-year fall in their ARRI score.

Globally, the top three retirement aspirations among survey respondents are traveling (62 percent), spending time with friends and family (57 percent), and pursuing new hobbies (48 percent). A noteworthy 26 percent of respondents globally mention some form of paid part-time work as a retirement aspiration, a finding which is even higher in the U.S. (37 percent). What's striking, in terms of a major disconnect, is that most companies do not accommodate older workers who wish to work part time: only 25% of employers now have phased retirement programs.

Neil Lloyd, Partner, Mercer, made a sobering point about the venerated Aussie system in noting that for all the exceptionally proactive superannuation steps taken over the decades all of it will have turned out to be in vain if actuarial assumptions about life expectancy are off by even a small percentage point.

Full Transamerica survey report

Exhibit 23

http://video.pionline.com/media/GFOR+2017A+Taimur+Hyat+-+PGIM/0_d70gfbn4

https://www.transamericacenter.org/docs/default-source/global-survey-2017/tcrs2017_sr_successful_retirement_healthy_aging_financial_security.pdf

https://www.transamericacenter.org/docs/default-source/global-survey-2017/tcrs2017_sr_successful_retirement_healthy_aging_financial_security.pdf

Related P&I Video

Day 2

>Global Risks & Geopolitical Strategy

State Department contractor John Sitilides, co-founder of “geospacial” consulting firm Trilogy Advisors, kicked off day two with a fast-moving, far-reaching romp around the world's hot spots.

One hugely underappreciated fault line to watch closely, Sitilides explained, was the tiny Russian enclave/outpost of Kaliningrad, wedged between Poland and Lithuania, and which has been earmarked by the Kremlin for increased militarization. Russia, with one-eighth of the world's land mass, is a major global military power and can't be underestimated. Strategic tensions could also manifest in the Arctic which is melting faster and thus opening to oil drilling and shipping.

Middle East … still a tale of Islamic state whack-a-mole (keep an eye on Caucasas Emirates) and, of course, the Saudi (Sunni)-Iran (Shia) blood feud. Key question, why is the U.S. so focused on the Shia threat when most of the money sponsoring terrorism flows from Sunni regions? One reason is that Sunni support comes from private wealth sources (rich Saudis) whereas the official Saudi government posture is as a strategic friend, going back to post WW2; Shia governments, on the other hand, are more formally sponsors of anti-Western terrorism. Ironically, the private citizens of Iran are among the world's most pro-Western.

China’s Road & Belt. One of the most ambitious infrastructure programs in the history of mankind. China is expanding its reach in the Indian Ocean and India is not happy about that. Expect the U.S. and India to become closer allies a la an "Indo-Pacific" strategy. Look for President Trump to start to antagonize China. Look for renewed cries of Chinese steel dumping and human rights violations. Africa (migrant workers) will put stress on Europe as Africa's population doubles to 2.6 billion in the next twenty years.

>Identifying Pathways to Ensuring Intergenerational Fairness

With people living longer and defined benefit plans having gone the way of the record store, there's only one solution remaining: personal savings. Part of the way forward will be through work place opportunities and auto enrollment but it won't be enough. What's needed is some form of seamless transition for lifelong assets when people change jobs, a mechanism (beyond the traditional IRA) to create a retirement income stream. The industry, in other words, needs to develop a plan that travels with workers as they change jobs or have multiple jobs, so they can contribute to just one plan.

"This should be the most exciting time to be in the retirement industry," declared panelist David John, strategic policy advisor, AARP Public Policy Institute.

Exhibit 23

http://video.pionline.com/media/Catherine+Collinson%2C+executive+director%2C+Aegon+Center+for+Longevity+and+Retirement/0_njqrc9wx

"Everything that has been around is up for grabs so the company that siezes this opportunity has a chance to be a leader."

Employers need to open their payrolls and retirement plans to part-time and contingent workers, said fellow panelist Joshua Gotbaum, former head of the PBGC and a guest scholar, economic studies at The Brookings Institution. Scott Evans, CIO, New York City Retirement Systems, spoke of the growing reality for public plan sponsors – i.e. that it could very well be time to throw in the towel on efforts to save DB plans: meaning, freeze and convert them to hybrid or DC structures. Not ideal from a beneficiary's standpoint. All other options to shore up dying DB are not viable. Taking more risk to earn more return? Change actuarial assumptions? Contribute more? Change the benefit?

And yet, there's no denying a DC plan creates an "unambiguously inferior path to retirement savings."

Related P&I coverage: Retirement becoming a whole new game

>Bridging the Gap Between Financial Education and Financial Literacy

Bottom line: Keep it simple. "If you don't get them in the first sentence," said Bernie Knobbe, VP, global benefits at AECOM, "then you've lost them."

Compass Group's Matt Leckrone said sponsors must tailor communication and education campaigns to specific audiences.

Plans need to do more when it comes to knowing participants' specific circumstances, agreed Knobbe. "It's about awareness."

Sponsors' education campaigns should focus on "age-appropriate and gender-appropriate" presentations, said Olivia Mitchell, executive director of the Pension Research Council at the Wharton School at the University of Pennsylvania.

Related P&I coverage: Keeping it simple is key lesson for encouraging retirement savings, experts say

>Ensuring a Retirement Future for the Growing Ranks of an Unconventional Workforce

Lisa Massena, executive director, OregonSaves, spoke excitedly about the initial steps on the road to Oregon becoming the first state to sponsor a retirement savings program for employees whose employers don't offer one. A pilot program (which kicked off July 1) now serves 150 people across a dozen small businesses that volunteered to participate, with the full roll-out slated for 2018. It’s a payroll deduction, which flows via a state-contracted administrator, to an individual account, but with a governance piece, essentially a structure that would result "if an IRA and a 401(k) had a child together," Massena said. Of Oregon's 4 million people, about half of them are working. And more than one million don't have retirement savings option. Some 600,000 Oregonians work for companies that do not offer any form of retirement savings plan while another 400,000 people in the state work for companies that offer plans but just not to

Exhibit 23

http://www.pionline.com/article/20170710/PRINT/170719998/retirement-becoming-a-whole-new-game

http://www.pionline.com/article/20170710/PRINT/170719984/keeping-it-simple-is-key-lesson-for-encouraging-retirement-savings-experts-say

http://www.pionline.com/article/20170710/PRINT/170719984/keeping-it-simple-is-key-lesson-for-encouraging-retirement-savings-experts-say

them; another 200,000 are "1099" independent contractors. The hope is that within three years all workplaces across the state will be participating and that in ten years the program will have assets of $5 billion on behalf of a half-million workers. The core concept of an auto-Roth IRA program is "simplicity" i.e. there's an app, and enrollment involves a single click. Employers have a simple limited role, no fees and no fiduciary responsibility.

Meanwhile, fellow panelist Paul Todd, director of investment development and delivery at the UK's National Employment Savings Trust Corp. (NEST), explained one of the key considerations in the launch of a government-sponsored defined contribution workplace pension for workers who otherwise were not being offered any form of scheme. NEST sponsors knew they needed to emphasize capital preservation – safety first – in the early phase because younger workers overwhelmingly told them that if they were to lose money in the markets they would exit the plan and never come back. The program involved an auto enrollment, that deducted 8% of pre-tax pay, and has seen, since inception 2012, an opt-out rate of 8%

Contingency workers (contractors, freelancers, consultants, really anyone with any non-traditional employment arrangement) now make up 16% of the workforce, up from 10% two decades ago, according to panelist Matthew Rutledge, research economist, the Center for Retirement Research at Boston College.

Related P&I coverage: It’s live: Oregon launches plan for private sector

>Sustainable DB Plan Designs and Structures: Lessons from the Public Sector

Panelist Kimberly Shockley, associate director of college and retirement savings plans at the Rhode Island Office of the General Treasurer, discussed the state's transition in 2012 from a DB plan to a hybrid system.

Retirement system members had been contributing 8.75% to a DB plan but in the hybrid set-up they instead began to contribute 5% of their pay to a newly created DC plan and 3.75% to the DB. Some employees struggled to understand what the new scheme meant to them, especially those moving closer to retirement. Education – emphasizing there are two plans, one DB albeit with lower payout but at the same time also a supplemental DC – became paramount.

Amy Bishop, director at the $24 billion Texas County & District Retirement System, added that regardless of the funding level or type of the plan it was crucial for plans to maintain reserves to help offset investment losses in the event of a severe downturn such as the one in 2008-09.

P&I related coverage: Educating participants important to keeping a retirement plan sustainable

>Plan Governance: Pinpointing the Essential Policies and Principles for Success

Some best practices aimed at improving overall investment performance were spelled out by Rick Funston, managing partner, Funston Advisory Services. Among them: the setting and measuring of shared goals and a process for spotting and correcting deficiencies. Derek Dobson, CEO, College of Applied Arts & Technology Pension Plan (CAAT), said good governance comes down to alignment of goals, between sponsor and stakeholder, so the

Exhibit 23

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http://www.pionline.com/article/20170627/ONLINE/170629834/educating-participants-important-to-keeping-a-retirement-plan-sustainable

stakeholder is shown the value of contributing to the pension fund. Japan's enormous Government Pension Investment Fund ($1.3 trillion) just instituted a new governance structure, explicitly separating oversight and executive roles, said Sadayuki Horie, senior researcher, Nomura Research Institute (NRI).

Part of the reforms at GPIF involves decision-making authority over important matters being transferred from the president to the Investment Advisory Committee both nominally and effectively.

P&I related coverage: Speakers extol benefits of good pension fund governance

>Taking a Thematic Approach for Future Returns

Disruption (e.g. online shopping re-shaping consumer/retail space) is a widely discussed theme. But taking advantage of it means thinking laterally and creatively which is how the State of Florida Board of Administration wound up owning crucial storage space (warehouses, distribution centers) as part of New York City's logistical support network, explained panelist Ash Williams, the FSBA's CIO. "The goods still need to get to the customers," he said. Williams spoke of the fund's ownership of a cruise ship company's alcoholic beverage storage facility ("more booze in one place than you could possibly imagine.")

The Helmsley Charitable Trust CIO Rosalind Hewsenian shared her matrix of queries for theme exploration: What are the themes we can observe? Who wins? Who loses? Where are the capital gaps? After the financial crisis, the approach led to an investment in bank regulation repercussions ("re-reg") with medium-sized banks and their medium-sized corporate clients playing the part of losers and shadow banker hedge funds and private equity funds as winners as they filled in the capital gap, e.g. private structured credit. Tying back to disruption, there are opportunities to go long companies that are poised to compete in the 21rst century (i.e. have made data science and machine learning part of what they do) and short those who clearly are not equipped – have yet to pivot to the new century – while filling the capital gap by investing in early stage VC, seeding new tech companies. Speaking of long-horizon private investments, Helmsley, as a foundation, can support early stage (long road through the valley of death phase) companies (e.g. a biotech drug maker) by way of the grant-making side of the house. In some cases, those grants have spawned legitimate companies ready to accept PE capital from the asset side of the house, so in effect the money given to grantees comes back around.

Other themes around which to build around, according to panelists, would include the rising middle class in China, India and Africa, the low yield environment and the proclivities of millennials.

>Keynote: Moving Behavioral Finance from the Theoretical to the Implementable

Behavioral Finance is such a broad topic with vastly varied applications so the goal here was for presenter Warren Cormier to spell out some specific examples of how using BF might produce better results for DC plan sponsors and participants. Cormier’s credentials: CEO, Boston Research Technologies; co-founder of the Rand Behavioral Finance Forum; and Chief Behavioral Officer at the National Association of Retirement Plan Participants (NARPP). Key takeaway: Communication simplicity. Less is more. Particularly when it comes to the detail and jargon on the typical DC plan enrollment form.

Exhibit 23

http://www.pionline.com/article/20170627/ONLINE/170629831/speakers-extol-benefits-of-good-pension-fund-governance

Lose the jargon. And lose the stock photo image of generic people sailing or playing tennis and instead replace it with more white space and some brief, relevant details. Uncluttered white space builds trust. Who knew.

>Keynote: Let's All Learn How to Fish ... to Sustain Long-Term Growth

Focus Consultant Group Partner Michael Falk, with a grant from the CFA Institute, penned a polemic/rallying cry to address numerous challenges – healthcare and retirement savings, chiefly among them – and he brought along free copies to go with his passion, and an ability to articulate his ideas, some of them eyebrow raising, others, obvious/sensible. And he brought with him a total disregard for getting credit for any of these ideas should anyone in the room wish to take one and run with it.

A summary of Falk's only partially complete framework for our national retirement policy is as follows, and it is based on his remarks and passages from his book.

Firstly, Falk said, the retirement age should be 73. It's worth asking and re-asking, he stressed, why is it that retirement, at age 65, at any age, remains a societal policy or goal? "We need to offer safety nets," he argues. "But the nets must not become hammocks." Hammocks would be taken here to mean assistance for older individuals who can work but choose not to. So broadly speaking policies would need to differentiate individual capabilities, maximize personal responsibility while offering a safety net to those who most need it. Differentiation could mean the creation of a "sovereign retirement age" (the earliest age of eligibility) that itself will age and adjust over time (e.g. every ten years) to fit a society's demographic and preserve its productivity.

So, if 73 was the base sovereign retirement age then there would be different (lower) thresholds for those in the workforce who have physically demanding jobs or work in hazardous conditions. "Benefits payments would be based on expected mortality as it relates to an individual's work, e.g. physically demanding or involving difficult conditions.” He stresses that there is a correlation between higher income and being spared physically demanding work.

As far as the safety net, it should be strong ("Social Security is doing a good job at providing a safety net") but for it to be sustainable there would need to be a shift such that it becomes a net used by only for those in need (i.e. means tested) but Falk was careful to add that tests only come after all an individual's past tax payments had been returned. Falk argues the net would be better structured if it were a country-wide DB plan. Annuities work by pooling individuals so that longer living individuals receive a subsidy ("mortality credits") from those who drop out of the pool – by dying.

On defined contribution plans: "What we have is a coverage problem," Falk said, not a design or investment problem. Citing the move toward secure choice plans at the state and municipal level, he called the state plans "wonderful" and said if these plans are successful, "there's a chance the Feds will follow" and create superannuation plans.

The U.S. needs to get away from employer-sponsored retirement plans, keynote speaker says

>Evaluating Challenges and Repositioning for the Future

Exhibit 23

http://www.pionline.com/article/20170627/ONLINE/170629827/us-needs-to-get-away-from-employer-sponsored-retirement-plans-keynote-speaker-says

Some straight, sobering talk to close out the event: Sanford Rich, the executive director of the New York City Board of Education Retirement System and a former PBGC chief of pension plan restructurings, predicted public and private U.S. DB plans could face growing defaults over the coming decade. For multiemployer plans, "defaults are likely to be close to 8% over the next 10 years," with the resulting scale of benefits lost to beneficiaries likely to be close to 6%. Public DB plans will go away, except for a few, very strong economies. The difference between the vulnerable and the strong will come down to good governance. "That's a very small word that covers a lot of territory," Rich said.

Closing remarks from Christopher Battaglia, group publisher, Pensions & Investments: In a nutshell: Many rivers to cross before we are through securing the global future of retirement. But working together and innovating we can get there.

#

Exhibit 23

Exhibit 24

Fiscal Year 2018 Summary Work Plan Investment Committee Schedule

State Universities Retirement System

Denotes recurring items- Denotes non-recurring items

FISCAL YEAR 2018

September 14, 2017 Annual Review of SURS Portfolio Consideration of SURS Fiscal Year 2018 Investment Plan- Finalist Interviews for Private Real Estate Debt Search - Educational Topic (Opportunistic Credit)

October 19, 2017 Annual Broker/Dealer Review Annual Global/International Equity Asset Class Reviews Annual Investment Policies Review Review of Goals for Utilization of Minority- and Female-Owned Investment Managers & Broker/Dealers- Finalist Interviews for U.S. Equity MDP Search - Consideration of Search for General Investment Consultant - Educational Topic (Hedge Funds)

December 7, 2017 Receipt of Annual Report to the Governor and General Assembly on Utilization of Emerging Investment

Managers Annual Index Fund Investments Review Annual Real Estate Asset Class Review- Educational Topic (TBD)

February 2018 Annual Fixed Income & Emerging Market Debt Asset Class Reviews- Educational Topics – Trustee Educational Forum (TBD)

Exhibit 25

March 2018 Annual Hedged Strategies Asset Class Review Annual Commodities Asset Class Review - Educational Topic (TBD) April 2018 Annual U.S. Equity Asset Class Review Annual Investment Review of Self-Managed Plan (SMP) - Educational Topic (TBD) June 2018 - SURS FY ’19 Budget - Annual Private Equity Asset Class Review - Annual Opportunity Fund Asset Class Review - Educational Topic (TBD)

Exhibit 25

Memorandum

To: SURS Board of Trustees From: Martin Noven, Executive Director Date: September 15, 2017 Re: Schedule of 2017-2018 Meetings Dates

Thursday, April 20, 2017 9:00 a.m. - 5:00 p.m. Investment Committee Chicago

Thursday, June 8, 2017 9:00 a.m. - 5:00 p.m. Committee Meetings Friday, June 9, 2017 9:00 a.m. - 12:00 p.m. Committee Meetings Chicago Board Meeting

Thursday, September 14, 2017 9:00 a.m. - 5:00 p.m. Committee Meetings Friday, September 15, 2017 9:00 a.m. - 12:00 p.m. Committee Meetings Champaign Board Meeting

Thursday, October 19, 2017 9:00 a.m. - 5:00 p.m. Investment Committee Champaign

Thursday, December 7, 2017 9:00 a.m. - 5:00 p.m. Committee Meetings Friday, December 8, 2017 9:00 a.m. - 12:00 p.m. Committee Meetings Chicago Board Meeting

Thursday, February 1, 2018 9:00 a.m. – 5:00 p.m. Investment Committee Friday, February 2, 2018 9:00 a.m. – 1:00 p.m. Investment Forum Chicago

Thursday, March 8, 2018 9:00 a.m. – 5:00 p.m. Committee Meetings Friday, March 9, 2018 9:00 a.m. – 12:00 p.m. Committee Meetings Champaign Board Meeting

Exhibit 26

Thursday, April 19, 2018 9:00 a.m. - 5:00 p.m. Investment Committee Chicago Thursday, June 7, 2018 9:00 a.m. - 5:00 p.m. Committee Meetings Friday, June 8, 2018 9:00 a.m. - 12:00 p.m. Committee Meetings Chicago Board Meeting Thursday, September 13, 2018 9:00 a.m. - 5:00 p.m. Committee Meetings Friday, September 14, 2018 9:00 a.m. - 12:00 p.m. Committee Meetings Champaign Board Meeting Thursday, October 18, 2018 9:00 a.m. - 5:00 p.m. Investment Committee Chicago Thursday, December 6, 2018 9:00 a.m. - 5:00 p.m. Committee Meetings Friday, December 7, 2018 9:00 a.m. - 12:00 p.m. Committee Meetings Chicago Board Meeting

Exhibit 26

minutes of the board of trustees of the state universities ... · state universities retirement...

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