MINUTES APPROVAL OF MINUTES. Trustee Craig McCrohon presented the minutes from the Investment Committee meetings of April 20, 2017, and June 8, 2017.

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1 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 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, 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.

2 APPROVAL OF CLOSED MINUTES Trustee McCrohon presented the closed minutes from the Investment Committee meeting of June 8, 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. Trustee McCrohon did not have a report. CHAIRPERSON S 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, 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.

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, 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, 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, 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

4 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 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.

5 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:

6 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 Summary Work Plan Investment Committee Schedule 7. Exhibit 26 - SURS Schedule of 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, MMN/kc Mr. Martin Noven Secretary, Board of Trustees

7 Exhibit 1 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 SURS committed $40 million to Dune II in November Background The 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:

8 Exhibit 1 Advantages Continues implementation of real estate funding plan with a successful, high quality investment firm; Assists in maintaining policy target 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 Dune is solely owned by its investment professionals and the entire focus of the team is on its series of investment funds The distribution of investment returns in Fund II and III (both SURS funds) exhibit a pattern of consistency, reflecting a focus on capital preservation Concerns 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 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 Previous Dune funds have seen some protracted realizations, due largely to strategy (ability to invest in pre-development, other special situations) 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. Fund Vintage Year Capital Committed Capital Funded Reported Value Amount Distributed Total Value, Net of Carry TVPI Multiple DPI Multiple Current Net IRR Vintage Year Top Quartile (Thomson One) # of Funds Fund I 2005 $727 $678 $250 $557 $ x 0.8x 2.5% % 50 Fund II 2008 $794 $763 $531 $774 $1, x 1.0x 17.3% % 34 Fund III 2013 $960 $630 $793 $13 $ x 0.0x 13.2% % 40 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.

9 Exhibit 2 NEPC Fund Tear Sheet Dune Real Estate Fund IV, L.P. Written by NEPC Research as of August General Fund Information Fund Name Dune Real Estate Fund IV, L.P. ( Fund IV or the Fund ) Fund Manager General Partner Main Address Dune Real Estate Partners, LP ( Dune, the Manager, the Firm, or the General Partner ) 640 5th Ave, New York, NY 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 Q Capital Raised to Date The Fund has not yet held a first close Expected Final Close Q 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.

10 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 15 th 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 Q 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 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. Preliminary Advantages 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.

11 Exhibit 2 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. Preliminary Concerns 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.

12 Exhibit 2 Key Biographies Name / Position Daniel Neidich Chief Executive Officer, Partner, Founder Cia Buckley Marakovits Chief Financial Officer, Partner, Managing Director Russel Gimelstob Head of Acquisitions, Partner, Managing Director and Member of the Investment Committee Nitin Karnani Partner, Managing Director Yrs. with Firm / Industry Experience 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 cohead 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. 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. 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 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 Mr. Gimelstob s experience includes commercial mortgagebacked 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. 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.

13 Exhibit 2 Julie Brenton Head of Investor Relations, Partner, Managing Director Eric Calder Partner, Managing Director Darren Berk Chief Financial Officer Michael Sherman General Counsel, Chief Compliance Officer David Beznos 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 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. 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. 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 Mr. Berk received a B.B.A. from the University of Michigan and is a Certified Public Accountant in the State of New York. 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. 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 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.

14 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.

15 Exhibit 2 Firm History Preliminary Firm & Strategy Evaluation 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. 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: Investment Strategy 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. Projected Number of Investments investments Target Deal Size Approximately $25 million or greater Portfolio Construction Portfolio Constraints Expected / Maximum Use of Leverage 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 Stated maximum of 75% LTV across the portfolio; 85% maximum during the first and last year of the Fund life Current Fund Investments Market Opportunity The Fund has not yet made any investments. 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

16 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.

17 Exhibit 2 Fund Characteristics & Administration Investment Vehicle Fund Structure General Partner Investment Period Fund Term Expected Fund Investor Base Minimum Investment Size Sponsor s Investment Annual Management Fee Other Fees Organizational Costs Dune Real Estate Fund IV LP Delaware Limited Partnership Dune Real Estate Fund IV LLC Four years from first close Eight years from the final close (subject to two one-year extensions) The Manager anticipates the Fund investor base comprising primarily of public and private pensions, endowments, family offices, foundations, and sovereign wealth funds $5 million (the Manager may accept lower) At least $20 million Annual 1.50% management fee on committed capital during the investment period; annual 1.50% management fee on invested unreturned capital thereafter None 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 Distribution Waterfall Key Person Provision ERISA Provisions UBTI Considerations Labor Policy Fund Auditor Fund Legal Counsel Placement Agent(s) Website 20% with 60% catch-up % to all Limited Partners until they have received a cumulative return of all capital contributions (including management fees) % 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 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 The Firm is not an ERISA fiduciary The Fund may make investments that will generate UBTI; the Manager intends to structure investments, in such a way to minimize or block UBTI None PricewaterhouseCoopers, LLP Kirkland & Ellis, LLP Hodes Weill, LLC

18 Exhibit 2 Fund-Level Returns Past Fund Track Record Fund Vintage Year Capital Commit t ed Capital 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 $ x 0.8x 2.5% Dune RE Fund II 2008 $794 $763 $531 $774 $1, x 1.0x 17.3% Dune RE Fund III 2013 $960 $630 $793 $13 $ x 0.0x 13.2% Vintage Year Benchmarking Analysis Vintage Year Benchmarking Analysis Net IRR Dune Real Estate Partners Vintage Year Benchmark Net IRR Comparison Upper Lower Median Vintage Year Fund Current Net IRR Quartile # Funds Quartile Quartile 2005 Dune RE Fund 2.5% % (0.4%) (5.2%) 2008 Dune RE Fund II 17.3% % 10.2% 5.8% 2013 Dune RE Fund III 13.2% % 14.8% 10.7% DPI Multiple Dune Real Estate Partners Vintage Year Benchmark DPI Multiple Comparison DPI Upper Lower Median Vintage Year Fund Multiple Quartile # Funds Quartile Quartile 2005 Dune RE Fund 0.8x x 0.8x 0.5x 2008 Dune RE Fund II 1.0x x 1.3x 0.7x 2013 Dune RE Fund III 0.0x x 0.4x 0.1x TVPI Multiple Dune Real Estate Partners Vintage Year Benchmark TVPI Multiple Comparison TVPI Upper Lower Median Vintage Year Fund Multiple Quartile # Funds Quartile Quartile 2005 Dune RE Fund 1.2x x 1.0x 0.7x 2008 Dune RE Fund II 1.7x x 1.5x 1.4x 2013 Dune RE Fund III 1.3x x 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.

19 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 nontraditional 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

20 Exhibit 3

21 Exhibit 3

22 Exhibit 3

23 Exhibit 4 State Universities Retirement System of Illinois Q Investment Performance Analysis September 2017 Kevin Leonard, Partner Kristin Finney-Cooke, Senior Consultant DeAnna I. Jones, Sr. Analyst

24 Exhibit 4 NEPC Update 1

25 Exhibit 4 Highlights of Second Quarter Happenings at NEPC June 30, 2017 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) Recent Updates Healthcare Financial Management Association (HFMA) has awarded NEPC s Healthcare practice with the Peer Reviewed by HFMA designation.* Webinar Replays NEPC s 7th Annual Investment Manager Webinar (May 2017) To download NEPC s recent insights and webinar replays, visit: Conference Recap NEPC hosted its 22 nd Annual Investment Conference in Boston in May. This year s agenda focused on the uncertainty and challenges facing investors today. Over 200 NEPC clients attended the panel discussions, keynote presentations and breakout sessions. Thank you to everyone who took time out of their schedules to make this conference our biggest and, according to our attendees, our best one yet! Check out some pictures from the event here: 22nd-annual-investment-conference *HFMA staff and volunteers determined that this business solution has met specific criteria developed under the HFMA Peer Review Process. HFMA does not endorse or guarantee the use of this business solution. NEPC Gives Back NEPC's Stacey Flier, CFA, Private Wealth Senior Consultant, hosted an educational day to discuss the importance of education and preparing for future careers to a group of 7th grade girls that attend St. Andrew Nativity School, a college-prep middle school in Portland, OR, that provides education for lowincome, primarily minority, students of all religious backgrounds. NEPC participated in the J.P. Morgan Corporate Challenge Series, a world-wide series of 3.5-mile running events open to groups from organizations within the business and public sectors in Boston. The Corporate Challenge is set up to be the world's greenest road race, and this year the race made a donation to the Boston Children's Hospital Trust. 2

26 Exhibit 4 Market Environment 3

27 Exhibit 4 Key Market Themes 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 China is modestly tightening financial conditions to slow credit growth and 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 4

28 Exhibit 4 Current Opportunities 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 5

29 Exhibit 4 Year to Date Performance: All Assets Have Moved Higher Source: S&P, Russell, MSCI, Barclays, JPM, Bloomberg As of 06/30/2017 6

30 Exhibit 4 Index Performance Summary as of 06/30/ Q1 April May June Q2 YTD MSCI 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 % 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 % 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 % 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 % 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% Source: Bloomberg, Barclays, Alerian, Nareit, MSCI, JP Morgan, Credit Suisse 7

31 Exhibit 4 Total Fund Performance 8

32 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Summary - Net of Fee 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, % % % % % % % 42 Policy Index 3.11% % % % % % % 37 InvestorForce Public DB > $1B Gross Median 3.13% 7.65% 12.85% 5.37% 9.06% 9.51% 5.25% XXXXX Anlzd Ret 3 Years Ending June 30, 2017 Anlzd Std Rank Rank Dev Sharpe Ratio Rank Info Ratio Rank Total Fund w/ Overlay 4.96% % Policy Index 5.07% % XXXXX Anlzd Ret 5 Years Ending June 30, 2017 Anlzd Std Rank Rank Dev Sharpe Ratio Rank Info Ratio Rank Total Fund w/ Overlay 8.98% % Policy Index 8.98% % XXXXX 9 June 30, 2017

33 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Risk/Return - Net of Fee Statistics Summary 5 Years Ending June 30, 2017 Anlzd Return Anlzd Return Rank Anlzd Standard Deviation Anlzd Standard Deviation Rank Sharpe Ratio Sharpe Ratio Rank Information Ratio Information Ratio Rank Total Fund w/ Overlay 8.98% % Policy Index 8.98% % InvestorForce Public DB > $1B Gross Median _ 9.06% % XXXXX 10 June 30, 2017

34 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Risk/Return - Net of Fee Statistics Summary 10 Years Ending June 30, 2017 Anlzd Return Anlzd Return Rank Anlzd Standard Deviation Anlzd Standard Deviation Rank Sharpe Ratio Sharpe Ratio Rank Information Ratio Information Ratio Rank Total Fund w/ Overlay 5.37% % Policy Index 5.42% % InvestorForce Public DB > $1B Gross Median _ 5.25% % XXXXX 11 June 30, 2017

35 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Asset Allocation vs. Policy Targets Asset Allocation vs. Target Look Policy Current Through * Current Domestic Equity 23.00% 23.07% 23.94% $4,180,207,228 International Equity 19.00% 20.18% 19.95% $3,656,448,709 Global Equity 8.00% 8.60% 8.31% $1,557,823,464 Fixed Income 19.00% 17.92% 18.50% $3,247,274,395 TIPS 4.00% 3.76% 3.77% $681,899,841 Emerging Market Debt 3.00% 3.16% 3.16% $571,648,051 Opportunistic 1.00% 0.58% 0.58% $104,495,448 Private Equity 6.00% 5.24% 5.24% $950,107,277 Hedge Funds 5.00% 4.97% 4.97% $901,075,620 Real Estate 6.00% 5.74% 5.74% $1,040,526,985 REITs 4.00% 3.87% 3.87% $701,920,953 Commodities 2.00% 1.82% 1.79% $329,837,403 Overlay 0.00% 0.41% 0.00% $73,488,910 Cash 0.00% 0.67% 0.18% $120,569,464 Total % % % $18,117,323,748 XXXXX * Reflects Overlay Strategy Positioning June 30,

36 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Asset Allocation History June 30,

37 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Asset Growth Summary Last Three Months 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 $13,506,880,231 Contributions $1,335,448,974 $1,857,261,686 $2,969,723,297 $8,365,765,033 $15,091,973,988 Withdrawals -$1,370,565,772 -$2,122,955,010 -$3,758,273,315 -$10,246,300,212 -$17,157,227,616 Net Cash Flow -$35,116,798 -$265,693,325 -$788,550,018 -$1,880,535,178 -$2,065,253,628 Net Investment Change $591,325,406 $1,367,624,888 $2,040,014,252 $2,632,293,233 $6,675,697,145 Ending Market Value $18,117,323,748 $18,117,323,748 $18,117,323,748 $18,117,323,748 $18,117,323, June 30, 2017

38 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Asset Growth Summary by Manager Quarter Ending June 30, 2017 Beginning Market Value Contributions Withdrawals Net Cash Flow Net Investment Change Ending Market Value _ Adams Street 2007 $47,522,386 $85,000 -$4,757,968 -$4,672,968 $1,298,355 $44,147,773 Adams Street 2008 $75,100,443 $0 -$3,327,221 -$3,327,221 $2,827,701 $74,600,923 Adams Street 2009 $79,191,463 $0 -$1,175,157 -$1,175,157 $2,675,533 $80,691,839 Adams Street 2012 $55,331,359 $0 $0 $0 $2,133,878 $57,465,237 Adams Street 2013 $61,552,953 $2,971,709 $0 $2,971,709 $2,430,530 $66,955,192 Adams Street 2014 $49,074,979 $2,250,000 $0 $2,250,000 $1,792,292 $53,117,271 Adams Street 2015 Global Fund $26,994,458 $5,826,682 $0 $5,826,682 $934,134 $33,755,274 Adams Street 2016 Global Fund $5,471,955 $5,100,000 $0 $5,100,000 $248,785 $10,820,740 Adams Street Global Op $5,337,424 $0 $0 $0 -$80,064 $5,257,360 Adams Street Non-US $13,200,049 $0 -$1,815,144 -$1,815,144 $493,120 $11,878,025 Adams Street Partners $80,068,848 $119,308 -$4,763,356 -$4,644,048 $1,099,882 $76,524,682 Adams Street Secondary Fund 5 $11,307,723 $0 -$390,093 -$390,093 $298,781 $11,216,411 Alinda Capital Partners $41,842,055 $0 -$7,429,334 -$7,429,334 -$1,879,808 $32,532,913 Ativo $249,999,878 $177,204 -$177,596 -$392 $16,222,338 $266,221,824 BlackRock Emerging Markets $206,566,619 $67,859 -$64,939 $2,920 $13,000,572 $219,570,111 BlackRock Global REIT $681,727,693 $164,496 -$164,496 $0 $20,161,853 $701,889,546 BlackRock Intl Alpha Tilts $457,919,560 $191,836 -$189,908 $1,928 $38,024,832 $495,946,320 BlackRock Intl Equity Fund $1,239,647,588 $191,964 -$174,212 $17,752 $74,355,080 $1,314,020,420 BlackRock Transition $12,905 $0 $0 $0 $4,455 $17,360 Blue Vista RE Partners IV $14,882,873 $2,730,000 $0 $2,730,000 $403,268 $18,016,141 Bluebay EMD Select $179,352,289 $0 $0 $0 $4,881,716 $184,234,005 Brookfield Strategy RE Partners II $16,098,325 $4,054,511 $0 $4,054,511 $272,306 $20,425,142 Calamos $72,825 $0 -$98,422 -$98,422 $25,583 -$14 Cash $126,722,756 $176,614,582 -$184,726,100 -$8,111,518 $1,882,581 $120,493,819 CastleArk Management $162,397,931 $261,763 -$261,650 $113 $9,182,538 $171,580,582 CBRE Clarion Global REIT $29,279 $0 $0 $0 $1,912 $31, June 30, 2017

39 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Asset Growth Summary by Manager Quarter Ending June 30, 2017 Beginning Market Value Contributions Withdrawals Net Cash Flow Net Investment Change Ending Market Value _ Channing Capital Management $180,739,952 $100,993 -$101,093 -$100 $1,301,161 $182,041,013 Clifton Overlay $66,597,399 $0 $0 $0 $6,891,511 $73,488,910 Colchester $106,643,498 $0 -$146,472 -$146,472 $4,206,876 $110,703,902 Crow Holdings Realty Partners VII $21,464,472 $3,668,115 $0 $3,668,115 $1,016,852 $26,149,439 Dune Fund II $27,475,679 $0 -$4,961,955 -$4,961,955 $51,072 $22,564,796 Dune Fund III $84,252,832 $0 -$395,543 -$395,543 $1,856,905 $85,714,194 EARNEST Partners $132,415,685 $270,910 -$270,910 $0 $5,469,975 $137,885,660 Fairview Capital $26,290,367 $4,674,268 -$18 $4,674,250 $1,655,637 $32,620,254 Fidelity Investments $512,620,136 $347,694 -$350,769 -$3,075 $32,525,223 $545,142,284 Franklin Templeton EMREFF $38,025,790 $0 -$3,299,357 -$3,299,357 -$1,874,763 $32,851,670 Franklin Templeton FTPREF $15,412,167 $0 -$5,362,222 -$5,362,222 $1,109,428 $11,159,373 Franklin Templeton MDP RE 2015 $10,194,425 $788,968 $0 $788,968 -$610,723 $10,372,670 Garcia Hamilton $306,901,354 $690,660 -$690,660 $0 $4,372,872 $311,274,226 Gladius $72,147,281 $0 $0 $0 $2,695,330 $74,842,611 Gladius $293,905,782 $611,290 -$611,290 $0 $8,560,254 $302,466,036 GlobeFlex Capital $276,413,242 $202,182 -$203,253 -$1,071 $18,895,160 $295,307,331 Heitman Hart Fund $195,985,308 $0 -$362,041 -$362,041 $2,738,668 $198,361,935 Herndon Capital Management $3,352 $0 $0 $0 $223 $3,575 Holland Capital $114,422,581 $77,526 -$117,077,526 -$117,000,000 $2,646,826 $69,407 Invesco Balanced Risk $248,009,379 $0 -$357,626 -$357,626 -$15,125,016 $232,526,737 JP Morgan Strategic $199,057,476 $0 -$432,397 -$432,397 $3,127,470 $201,752,549 KKR Prisma Codlin Fund $281,645,095 $165,000,000 $0 $165,000,000 $3,001,393 $449,646,488 LM Capital $160,503,281 $69,361 -$69,361 $0 $2,518,111 $163,021,392 Longfellow Management $171,219,044 $20,639 -$169,987,386 -$169,966,747 -$1,251,943 $354 M2-EM PE Fund $3,923,149 $3,066,141 $0 $3,066,141 $1,094,822 $8,084,112 Macquarie Capital $32,142,286 $0 $0 $0 $1,081,078 $33,223,364 Macquarie Inf Partners Fnd III $37,219,967 $0 -$399,680 -$399,680 $1,918,884 $38,739, June 30, 2017

40 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Asset Growth Summary by Manager Quarter Ending June 30, 2017 Beginning Market Value Contributions Withdrawals Net Cash Flow Net Investment Change Ending Market Value _ Martin Currie $17,547 $0 $0 $0 $1,165 $18,712 Mesirow Financial $165,704,366 $231,771 -$231,917 -$146 $4,080,690 $169,784,910 Mesirow MFIRE II $39,153,807 $0 -$2,410,729 -$2,410,729 $1,145,719 $37,888,797 Mondrian $485,955,681 $309,270 -$205,612 $103,658 $19,422,478 $505,481,817 Muller and Monroe ILPEFF $2,913,771 $0 $0 $0 -$2,411,257 $502,514 Muller and Monroe MPEFF $9,436,695 $0 -$873,679 -$873,679 $156,265 $8,719,281 Neuberger Berman $340,071,434 $161,200 -$161,200 $0 $5,534,374 $345,605,808 New Century Advisors $170,207,588 $56,507 -$169,181,010 -$169,124,503 -$1,276,467 -$193,382 Newport Monarch $207,882,284 $240,000,000 $0 $240,000,000 $3,546,848 $451,429,132 Northern Trust Stock Market Index $1,544,070,598 $37,713 -$180,038,186 -$180,000,473 $43,582,748 $1,407,652,873 Pantheon 2014 Global Fund $29,597,738 $4,375,000 $0 $4,375,000 $552,134 $34,524,872 Pantheon Europe III $8,977,420 $53 $0 $53 $1,369,593 $10,347,067 Pantheon Europe VI $22,193,863 $194 -$1,601,471 -$1,601,276 $4,154,101 $24,746,688 Pantheon Europe VII $25,362,812 $152 -$1,806,735 -$1,806,584 $3,865,309 $27,421,538 Pantheon Global II $4,399,185 $0 -$250,000 -$250,000 -$291,842 $3,857,343 Pantheon Global $74,235 $0 $0 $0 $4,090 $78,325 Pantheon One Line Asset $2,901,501 $0 -$75,335 -$75,335 $245,869 $3,072,035 Pantheon USA IX $70,078,125 $0 -$3,910,000 -$3,910,000 $5,788,351 $71,956,476 Pantheon USA VIII $82,948,730 $0 -$7,850,194 -$7,850,194 $8,990,909 $84,089,445 Pantheon Ventures $123,990,811 $210,000 -$14,715,785 -$14,505,785 $3,814,587 $113,299,613 Parametric Clifton Transition $1 $0 $0 $0 $0 $1 Piedmont Advisors $531,045,765 $211,642 -$211,683 -$41 $18,671,536 $549,717,260 Pimco Commodity Alpha Fund $95,171,974 $0 $0 $0 $2,138,692 $97,310,666 PIMCO TIPS $343,001,318 $193,113 -$344,734,255 -$344,541,142 $3,496,156 $1,956,332 PIMCO Total Return $386,456,679 $217,508 -$217,508 $0 $4,877,369 $391,334,048 PIMCO Unconstrained $464,329,808 $480,767 -$480,767 $0 $6,180,448 $470,510,256 Progress - Affinity $46,289,718 $53,094 -$53,137 -$43 $3,231,497 $49,521, June 30, 2017

41 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Asset Growth Summary by Manager Quarter Ending June 30, 2017 Beginning Market Value Contributions Withdrawals Net Cash Flow Net Investment Change Ending Market Value _ Progress - Arga $18,879,288 $21,710 -$21,977 -$267 $1,240,007 $20,119,028 Progress - Brown Capital $30,717,403 $35,149 -$35,196 -$47 $2,207,110 $32,924,466 Progress - Cheswold Lane $31,210 $0 -$30,026 -$30,026 -$107 $1,077 Progress - Denali $0 $22,336,028 -$187 $22,335,841 $1,658,668 $23,994,509 Progress - Garcia Hamilton $14,829,775 $17,388 -$17,388 $0 $205,864 $15,035,639 Progress - GIA Partners, LLC $31,893,138 $37,336 -$37,336 $0 $543,020 $32,436,158 Progress - Glovista Investments $19,413,815 $22,303 -$22,303 $0 $1,247,899 $20,661,714 Progress - LM Capital Management $31,147,630 $36,473 -$36,473 $0 $487,498 $31,635,128 Progress - Lombardia $23,139,519 $26,685 -$22,457,552 -$22,430,867 -$619,763 $88,889 Progress - New Century Advisors $31,091,800 $36,413 -$36,413 $0 $565,642 $31,657,442 Progress - Piedmont Advisors $17,870,806 $20,944 -$20,944 $0 $243,503 $18,114,309 Progress - Ramirez $16,704,489 $19,606 -$19,606 $0 $311,282 $17,015,771 Progress - Strategic Advisors $54,032,132 $61,895 -$62,004 -$109 $3,984,034 $58,016,057 Progress - Transitions $0 $124,790 -$420 $124,370 -$56,506 $67,864 Progress Cash $377 $0 $0 $0 $2 $379 Progress Transition $248 $0 $0 $0 $2 $249 Progress Venture Capital $356,988 $0 $0 $0 $0 $356,988 Progress-GIA Partners LLC $34,764,408 $40,494 -$40,494 $0 $791,670 $35,556,078 Progress-LM Capital Group $40,601,886 $47,179 -$47,179 $0 $939,209 $41,541,095 Prudential EMD $193,996,240 $0 -$216,763 -$216,763 $5,833,493 $199,612,970 Pugh Capital $159,735,095 $61,120 -$61,120 $0 $2,678,755 $162,413,850 Rhumbline $857,250,662 $26,799 -$100,027,148 -$100,000,349 $23,493,009 $780,743,322 Rhumbline TIPS -- $683,612,966 $0 $683,612,966 -$3,476,430 $680,136,536 RREEF America III Fund $276,421 $0 $0 $0 -$2,684 $273,738 RREEF Funds $136,379 $0 $0 $0 -$21 $136,358 RREEF Global REIT $203 $0 $0 $0 $14 $ June 30, 2017

42 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Asset Growth Summary by Manager Quarter Ending June 30, 2017 Beginning Market Value Contributions Withdrawals Net Cash Flow Net Investment Change Ending Market Value _ Smith Graham $103,022,086 $42,802 -$42,802 $0 $1,626,087 $104,648,173 SSgA-BC Aggregate Index $600,930,400 $17,141 -$17,141 $0 $8,725,826 $609,656,226 Strategic Global Advisors $293,012,348 $251,009 -$251,514 -$505 $21,811,513 $314,823,356 T. Rowe Price $386,810,075 $237,885 -$238,083 -$198 $16,499,173 $403,309,050 T. Rowe Price Global $500,302,980 $523,838 -$525,386 -$1,548 $39,873,798 $540,175,230 TCW / Met West $534,756,096 $208,679 -$209,182 -$503 $8,160,375 $542,915,968 Transition $108,940 $0 -$113 -$113 $5,676 $114,503 Transition $15,651 $0 -$623 -$623 $42,628 $57,656 UBS Trumbull Property Fund $371,188,919 $0 -$773,017 -$773,017 $4,444,281 $374,860,183 Wellington $487,744,300 $648,697 -$650,641 -$1,944 $24,424,075 $512,166,431 Z 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 19 June 30, 2017

43 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Total Fund w/ Overlay 18,117,323, Policy Index Domestic Equity 4,180,207, Dow Jones U.S. Total Stock Market Total Non US Equity 3,656,448, International Equity Custom Benchmark Global Equity 1,557,823, Global Equity Custom Benchmark Fixed Income 3,247,274, Fixed Income Custom Benchmark Emerging Market Debt 571,648, % JPM GBI-EM GD/25% JPM EMBI GD/25% JPM Corp Broad TIPS 681,899, TIPS Custom Benchmark REITs 701,920, REITs Custom Benchmark Real Estate 1,040,526, NCREIF ODCE Net Qtr Lag Private Equity 950,107, Dow Jones US Total Stock Market +3% (1 Quarter Lag) Opportunity Fund 104,495, Opportunity Fund Custom Benchmark Hedge Funds 901,075, Month LIBOR + 5% HFRI Fund of Funds Composite Index Commodities 329,837, Bloomberg Commodity Index Cash 120,493, Day T-Bills XXXXX Policy % 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) 15 Yrs (%) 20 June 30, 2017

44 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Total Fund w/ Overlay 18,117,323, Jan-75 Policy Index Jan-75 Over/Under InvestorForce Public DB > $1B Gross Median Jan-75 Total Fund 18,043,834, Jan-75 Policy Index Jan-75 Over/Under InvestorForce Public DB > $1B Net Median Jan-75 Total Public Equity 9,394,479, Jan-11 MSCI ACWI Jan-11 Over/Under ea All Global Equity Net Median Jan-11 Domestic Equity 4,180,207, Oct-80 Dow Jones U.S. Total Stock Market Oct-80 Over/Under ea All US Equity Net Median Oct-80 Large Active 953,140, Jan-14 S&P Jan-14 Over/Under ea US Large Cap Equity Net Median Jan-14 Piedmont Advisors 549,717, Jan-08 S&P Jan-08 Over/Under ea US Large Cap Equity Net Median Jan-08 T. Rowe Price 403,309, Apr-08 S&P Apr-08 Over/Under ea US Large Cap Equity Net Median Apr-08 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 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 June 30, 2017

45 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Passive US Equity 2,188,396, Jan-14 S&P Jan-14 Over/Under Northern Trust Stock Market Index 1,407,652, Jan-99 Dow Jones U.S. Total Stock Market Jan-99 Over/Under ea US All Cap Equity Net Median Jan-99 Rhumbline 780,743, Feb-05 Rhumbline Custom Benchmark Feb-05 Over/Under ea US All Cap Equity Net Median Feb-05 Mid Cap 319,996, Jan-14 Russell MidCap Jan-14 Over/Under ea US Mid Cap Equity Net Median Jan-14 EARNEST Partners 137,885, Jul-11 Russell MidCap Jul-11 Over/Under ea US Mid Cap Equity Net Median Jul-11 Channing Capital Management 182,041, Apr-05 Russell MidCap Value Apr-05 Over/Under ea US Mid Cap Value Equity Net Median Apr-05 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 1. PIMCO Stocks Plus was liquidated on May 11, June 30, 2017

46 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Small Cap 341,365, Jan-14 Russell Jan-14 Over/Under ea US Small Cap Equity Net Median Jan-14 Mesirow Financial 169,784, Jun-11 Russell Jun-11 Over/Under ea US Small Cap Equity Net Median Jun-11 CastleArk Management 171,580, Sep-12 Russell 2000 Growth Sep-12 Over/Under ea US Small Cap Growth Equity Net Median Sep-12 Gladius Composite 377,308, Jan-17 Russell Jan-17 Over/Under Gladius 74,842, Jan-17 Gladius 302,466, Jan-17 Total Non US Equity 3,656,448, May-86 International Equity Custom Benchmark May-86 Over/Under ea All ACWI ex-us Equity Net Median May-86 BlackRock Intl Equity Fund 1,314,020, May-86 MSCI ACWI ex USA May-86 Over/Under ea All ACWI ex-us Equity Net Median May-86 BlackRock Emerging Markets 219,570, Nov-09 MSCI Emerging Markets Nov-09 Over/Under ea Emg Mkts Equity Net Median Nov-09 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 1.MSCI ACWI ex USA and International Equity Custom Banchmark inception returns are n/a due to no return history going back to May 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. 23 June 30, 2017

47 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Progress Emerging Non-US Equity 205,394, Sep-12 MSCI EAFE Sep-12 Over/Under ea All ACWI ex-us Equity Net Median Sep-12 BlackRock Intl Alpha Tilts 495,946, Nov-03 MSCI EAFE Nov-03 Over/Under ea All EAFE Equity Net Median Nov-03 Strategic Global Advisors 314,823, Sep-08 MSCI EAFE Sep-08 Over/Under ea All EAFE Equity Net Median Sep-08 Ativo 266,221, Aug-08 MSCI ACWI ex USA Aug-08 Over/Under ea All ACWI ex-us Equity Net Median Aug-08 GlobeFlex Capital 295,307, Mar-04 MSCI EAFE/ACWI Ex USA Custom Benchmark Mar-04 Over/Under ea All ACWI ex-us Equity Net Median Mar-04 Fidelity Investments 545,142, Jan-04 MSCI EAFE/ACWI Ex USA Custom Benchmark Jan-04 Over/Under ea All ACWI ex-us Equity Net Median Jan-04 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 24 June 30, 2017

48 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Global Equity 1,557,823, Jun-02 Global Equity Custom Benchmark Jun-02 Over/Under ea All Global Equity Net Median Jun-02 Wellington 512,166, May-02 MSCI ACWI May-02 Over/Under ea All Global Equity Net Median May-02 Mondrian 505,481, Dec-11 MSCI ACWI Dec-11 Over/Under ea All Global Equity Net Median Dec-11 T. Rowe Price Global 540,175, Nov-08 MSCI ACWI Nov-08 Over/Under ea All Global Equity Net Median Nov-08 Fixed Income 3,247,274, Sep-81 Fixed Income Custom Benchmark Sep-81 Over/Under ea All US Fixed Inc Net Median Sep-81 TCW / Met West 542,915, Oct-01 BBgBarc US Aggregate TR Oct-01 Over/Under ea US Core Plus Fixed Inc Net Median Oct-01 PIMCO Total Return 391,334, Aug-04 BBgBarc US Aggregate TR Aug-04 Over/Under ea US Core Plus Fixed Inc Net Median Aug-04 Pugh Capital 162,413, Apr-06 BBgBarc US Aggregate TR Apr-06 Over/Under ea US Core Fixed Inc Net Median Apr-06 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 25 June 30, 2017

49 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Smith Graham 104,648, Apr-06 BBgBarc US Aggregate TR Apr-06 Over/Under ea US Core Fixed Inc Net Median Apr-06 Garcia Hamilton 311,274, Mar-09 BBgBarc US Aggregate TR Mar-09 Over/Under ea US Core Fixed Inc Net Median Mar-09 SSgA-BC Aggregate Index 609,656, Oct-10 BBgBarc US Aggregate TR Oct-10 Over/Under ea US Core Fixed Inc Net Median Oct-10 LM Capital 163,021, Jan-11 BBgBarc US Aggregate TR Jan-11 Over/Under ea US Core Plus Fixed Inc Net Median Jan-11 Neuberger Berman 345,605, Jan-11 BBgBarc US Aggregate TR Jan-11 Over/Under ea US Core Plus Fixed Inc Net Median Jan-11 PIMCO Unconstrained 470,510, Jun-13 BBgBarc US Aggregate TR Jun-13 Over/Under ea US Core Plus Fixed Inc Net Median Jun-13 Progress Emerging Fixed Income 145,894, Sep-12 BBgBarc US Aggregate TR Sep-12 Over/Under ea US Core Fixed Inc Net Median Sep-12 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 26 June 30, 2017

50 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Emerging Market Debt 571,648, Apr-15 50% JPM GBI-EM GD/25% JPM EMBI GD/25% JPM Corp Broad Apr-15 Over/Under ea All Emg Mkts Fixed Inc Net Median Apr-15 Progress Emerging EMD 77,097, May-15 JP Morgan Corporate EMBI Broad May-15 Over/Under ea All Emg Mkts Fixed Inc Net Median May-15 Colchester 110,703, May-15 JP Morgan GBI - EM Global Diversified Index May-15 Over/Under ea All Emg Mkts Fixed Inc Net Median May-15 Prudential EMD 199,612, Jul-15 50% JPM EMBI Global Diversified/ 50% JPM GBI-EM Global Diversified Jul-15 Over/Under ea All Emg Mkts Fixed Inc Net Median Jul-15 Bluebay EMD Select 184,234, Apr-15 50% JPM EMBI Global Diversified/ 50% JPM GBI-EM Global Diversified Apr-15 Over/Under ea All Emg Mkts Fixed Inc Net Median Apr-15 TIPS 681,899, Apr-99 TIPS Custom Benchmark Apr-99 Over/Under ea TIPS / Infl Indexed Fixed Inc Net Median Apr-99 Rhumbline TIPS 680,136, Jun-17 BBgBarc US TIPS TR Jun-17 Over/Under -0.1 ea TIPS / Infl Indexed Fixed Inc Net Median Jun-17 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 1. TIPS Custom Benchmark is the Barclays US Tips Index. 27 June 30, 2017

51 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % REITs 701,920, Mar-00 REITs Custom Benchmark Mar-00 Over/Under ea Global REIT Net Median Mar-00 BlackRock Global REIT 701,889, Mar-13 FTSE EPRA/NAREIT Developed Mar-13 Over/Under ea Global REIT Net Median Mar-13 Real Estate 1,040,526, Jan-85 NCREIF ODCE Net Qtr Lag Jan-85 Over/Under Dune Fund II 22,564, Apr-09 NCREIF ODCE Net Qtr Lag +1.5% Apr-09 Over/Under Dune Fund III 85,714, Jul-13 NCREIF ODCE Net Qtr Lag +1.5% Jul-13 Over/Under Franklin Templeton EMREFF 32,851, Sep-11 NCREIF ODCE Net Qtr Lag +1.5% Sep-11 Over/Under Franklin Templeton FTPREF 11,159, Jul-12 NCREIF ODCE Net Qtr Lag +1.5% Jul-12 Over/Under Mesirow MFIRE II 37,888, Apr-12 NCREIF ODCE Net Qtr Lag +1.5% Apr-12 Over/Under RREEF America III Fund 273, May-06 NCREIF ODCE May-06 Over/Under UBS Trumbull Property Fund 374,860, Jul-06 NCREIF ODCE 1 Qtr Lag Jul-06 Over/Under Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 1. REITS Custom Benchmark is the FTSE EPRA/NAREIT Developed Index 28 June 30, 2017

52 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % RREEF Funds 136, May-84 NCREIF ODCE May-84 Over/Under JP Morgan Strategic 201,752, Jul-14 NCREIF ODCE 1 Qtr Lag Jul-14 Over/Under Heitman Hart Fund 198,361, Aug-14 NCREIF ODCE 1 Qtr Lag Aug-14 Over/Under Franklin Templeton MDP RE ,372, Oct-15 NCREIF ODCE Net Qtr Lag +1.5% Oct-15 Over/Under Crow Holdings Realty Partners VII 26,149, Feb-16 NCREIF ODCE Net Qtr Lag +1.5% Feb-16 Over/Under Brookfield Strategy RE Partners II 20,425, Mar-16 NCREIF ODCE Net Qtr Lag +1.5% Mar-16 Over/Under Blue Vista RE Partners IV 18,016, May-16 NCREIF ODCE Net Qtr Lag +1.5% May-16 Over/Under Private Equity 950,107, Jul-90 Dow Jones US Total Stock Market +3% (1 Quarter Lag) Jul-90 Over/Under Opportunity Fund 104,495, Apr-99 Opportunity Fund Custom Benchmark Apr-99 Over/Under Alinda Capital Partners 32,532, Jan-10 CPI +5% (1 Quarter Lag) Jan-10 Over/Under Macquarie Capital 33,223, May-10 CPI +5% (1 Quarter Lag) May-10 Over/Under Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 29 June 30, 2017

53 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Macquarie Inf Partners Fnd III 38,739, Nov-14 CPI + 5% 1 Qtr Lag (Seasonally Adjusted) Nov-14 Over/Under Hedge Funds 901,075, Mar-16 3 Month LIBOR + 5% Mar-16 Over/Under HFRI Fund of Funds Composite Index Mar-16 ev Alt Fund of Funds - Multi-Strategy Median Mar-16 KKR Prisma Codlin Fund 449,646, Mar-16 HFRI Fund of Funds Composite Index Mar-16 Over/Under ev Alt Fund of Funds - Multi-Strategy Median Mar-16 Newport Monarch 451,429, Apr-16 HFRI Fund of Funds Composite Index Apr-16 Over/Under ev Alt Fund of Funds - Multi-Strategy Median Apr-16 Commodities 329,837, Jun-16 Bloomberg Commodity Index Jun-16 Over/Under Invesco Balanced Risk 232,526, Jul-16 Bloomberg Commodity Index Jul-16 Over/Under Pimco Commodity Alpha Fund 97,310, Jun-16 Bloomberg Commodity Index Jun-16 Over/Under Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 30 June 30, 2017

54 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Cash 120,493, Sep Day T-Bills Sep-81 Over/Under Cash 120,493, Sep Day T-Bills Sep-81 Over/Under Dow Jones US Total Stock Market +3% (1 Quarter Lag) Sep-81 ea US Cash Management Net Median Sep-81 Total Overlay 73,488, Clifton Overlay 73,488, Oct Day T-Bills Oct-14 Over/Under XXXXX 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 31 June 30, 2017

55 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Return Summary June 30,

56 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund w/overlay Return Summary vs. Peer Universe June 30,

57 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund w/overlay Return Summary vs. Peer Universe June 30,

58 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund w/overlay Risk Statistics vs. Peer Universe Total Fund w/overlay vs. InvestorForce Public DB > $1B Net 3 Years June 30,

59 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund w/overlay Risk Statistics vs. Peer Universe Total Fund w/overlay vs. InvestorForce Public DB > $1B Gross 5 Years June 30,

60 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund w/overlay Risk Statistics vs. Peer Universe Total Fund w/overlay vs. InvestorForce Public DB > $1B Gross 7 Years June 30,

61 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund w/overlay Risk Statistics vs. Peer Universe Total Fund w/overlay vs. InvestorForce Public DB > $1B Gross 10 Years June 30,

62 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Allocations vs. Peer Universe June 30,

63 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Allocations vs. Peer Universe June 30,

64 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Attribution Analysis Attribution Summary 3 Months Ending June 30, 2017 Wtd. Wtd. Index Actual Return Return Excess Return Selection Effect Allocation Interaction Effect Effects Total Effects 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 June 30, 2017

65 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Attribution Analysis Attribution Summary 1 Year Ending June 30, 2017 Wtd. Wtd. Index Actual Return Return Excess Return Selection Effect Allocation Interaction Effect Effects Total Effects 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 June 30, 2017

66 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Attribution Analysis Performance Attribution Last 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 Returns Total 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. June 30,

67 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Risk Statistics % of Tot Anlzd Ret Anlzd Ret Rk Anlzd Std Dev 3 Years Ending June 30, 2017 Anlzd Std Anlzd AJ Anlzd AJ Dev Rk RK Sharpe Ratio Sharpe Rk Sortino Ratio RF Sortino RF Rk Total Fund 99.6% 5.0% % % % 32 Policy Index % % % % 1 Total Public Equity 51.9% 6.1% % % % 1 MSCI ACWI % % % % 1 Domestic Equity 23.1% 8.9% % % % 1 Dow Jones U.S. Total Stock Market % % % % 1 Large Active 5.3% 9.1% % % % 1 S&P % % % % 1 Progress Emerging: US Equity 0.0% 0.6% % % % 96 Russell % % % % 1 Gladius Composite 2.1% Russell % % % % -- Passive US Equity 12.1% 9.2% % % % -- S&P % % % % -- Mid Cap 1.8% 7.5% % % % 3 Russell MidCap % % % % 1 Small Cap 1.9% 5.0% % % % 1 Russell % % % % 1 Total Non US Equity 20.2% 1.7% % % % 1 International Equity Custom Benchmark % % % % 1 Progress Emerging Non-US Equity 1.1% 1.6% % % % 1 MSCI EAFE % % % % 1 Global Equity 8.6% 6.8% % % % 1 Global Equity Custom Benchmark % % % % 1 Fixed Income 17.9% 2.4% % % % 12 Fixed Income Custom Benchmark % % % % 1 Progress Emerging Fixed Income 0.8% 2.6% % % % 47 BBgBarc US Aggregate TR % % % % 1 Emerging Market Debt 3.2% Tracking Error Tracking Error Rank 44 June 30, 2017

68 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Fund Risk Statistics % of Tot Anlzd Ret Anlzd Ret Rk Anlzd Std Dev Anlzd Std Dev Rk Anlzd AJ _ Anlzd AJ RK Sharpe Ratio Sharpe Rk Sortino Ratio RF Sortino RF Rk 50% JPM GBI-EM GD/25% JPM EMBI GD/25% JPM Corp % % % % 1 Broad TIPS 3.8% 0.4% % % % 38 TIPS Custom Benchmark % % % % 1 REITs 3.9% 5.5% % % % 1 REITs Custom Benchmark % % % % 1 Real Estate 5.7% 10.4% % % % -- NCREIF ODCE Net Qtr Lag % % % % -- Private Equity 5.2% 7.1% % % % -- Dow Jones US Total Stock Market +3% (1 Quarter Lag) % % % % -- Opportunity Fund 0.6% 4.7% % % % -- Opportunity Fund Custom Benchmark % % % % -- Hedge Funds 5.0% Month LIBOR + 5% % % 1 0.0% % 1 Commodities 1.8% Bloomberg Commodity Index % % % % -- Cash 0.7% 0.4% % % % Day T-Bills % % % % -- XXXXX Tracking Error Tracking Error Rank 45 June 30, 2017

69 Exhibit 4 State Universities Retirement System of Illinois DB Plan Overlay Performance Detail Overlay Notional Exposure Quarter Gain/Loss YTD Gain/Loss Since Inception Gain/Loss Domestic 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, ,120 (82,399,783) Currency & Currency Futures NA (60,950) (53,039) (266,332) Cash & Cash Equivalent NA 44, , ,406 Total 214,237,922 6,765,716 $17,925,483 $9,552,974 Index QTD YTD 1 Year S&P % 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% *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,

70 Exhibit 4 State Universities Retirement System of Illinois DB Plan Total Public Equity Characteristics Portfolio MSCI ACWI Number of Holdings 5,394 2,501 Weighted Avg. Market Cap. ($B) Median Market Cap. ($B) Price To Earnings Price To Book Price To Sales Return on Equity (%) Yield (%) Beta R-Squared Regional Allocation Total Public Equity MSCI ACWI Region Weighting North America ex U.S United States Europe Ex U.K United Kingdom Pacific Basin Ex Japan Japan Emerging Markets Other June 30,

71 Exhibit 4 State Universities Retirement System of Illinois DB Plan Domestic Equity Characteristics Dow Jones U.S. Portfolio Total Stock Market Number of Holdings 3,158 3,800 Weighted Avg. Market Cap. ($B) Median Market Cap. ($B) Price To Earnings Price To Book Price To Sales Return on Equity (%) Yield (%) Beta Regional Allocation Domestic Equity Dow Jones U.S. Total Stock Market Region Weighting North America ex U.S United States Europe Ex U.K United Kingdom Pacific Basin Ex Japan Japan Emerging Markets Other June 30,

72 Exhibit 4 State Universities Retirement System of Illinois DB Plan International Equity Characteristics MSCI ACWI ex Portfolio USA Number of Holdings 2,158 1,866 Weighted Avg. Market Cap. ($B) Median Market Cap. ($B) Price To Earnings Price To Book Price To Sales Return on Equity (%) Yield (%) Beta Regional Allocation Total Non US Equity MSCI ACWI ex USA Region Weighting North America ex U.S United States Europe Ex U.K United Kingdom Pacific Basin Ex Japan Japan Emerging Markets Other June 30,

73 Exhibit 4 State Universities Retirement System of Illinois DB Plan Global Equity Characteristics Portfolio MSCI ACWI Number of Holdings 451 2,501 Weighted Avg. Market Cap. ($B) Median Market Cap. ($B) Price To Earnings Price To Book Price To Sales Return on Equity (%) Yield (%) Beta R-Squared Regional Allocation Global Equity MSCI ACWI Region Weighting North America ex U.S United States Europe Ex U.K United Kingdom Pacific Basin Ex Japan Japan Emerging Markets Other June 30,

74 Exhibit 4 State Universities Retirement System of Illinois DB Plan Fixed Income Composite Other denotes derivatives contracts. June 30,

75 Exhibit 4 State Universities Retirement System of Illinois DB Plan Private Equity Summary Q June 30,

76 Exhibit 4 State Universities Retirement System of Illinois DB Plan Private Equity Summary Q June 30,

77 Exhibit 4 State Universities Retirement System of Illinois DB Plan Real Estate Summary Q June 30,

78 Exhibit 4 State Universities Retirement System of Illinois DB Plan Infrastructure Summary Q June 30,

79 Exhibit 4 Manager Updates 56

80 Exhibit 4 Due Diligence Monitor 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). Manager/Fund Strategy Rhumbline Advisors Whilshire 5000 Index BlackRock International Index EME Index PIMCO Commodity Alpha Fund Manager Changes/ Announcements (Recent Quarter) 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. Amy Schioldager, Global Head of Beta Strategies at BlackRock, will be retiring at the end of the first quarter in She will remain a senior advisor at the firm. BlackRock is working on a succession plan for Ms. Schioldager. 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. NEPC Due Diligence Committee Recommendations No Action No Action Watch A legend key to our recommendations is provided below. NEPC Due Diligence Committee Recommendation Key No Action Watch Hold Client Review Terminate Informational items have surfaced; no action is recommended. Issues have surfaced to be concerned over; manager can participate in future searches, but current and prospective clients must be made aware of the issues. Serious issues have surfaced to be concerned over; manager cannot be in future searches unless a client specifically requests, but current and prospective clients must be made aware of the issues. Very serious issues have surfaced with a manager; manager cannot be in future searches unless a client specifically requests. Current clients must be advised to review the manager. We have lost all confidence in the product; manager would not be recommended for searches and clients would be discouraged from using. The manager cannot be in future searches unless a client specifically requests. Current clients must be advised to replace the manager. 57

81 Exhibit 4 Information Disclaimer and Reporting Methodology 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 to ensure 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 NEPC has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within. Some index returns displayed in this report or used in calculation of a policy, allocation or custom benchmark may be preliminary and subject to change. This report is provided as a management aid for the client s internal use only. Information contained in this report does not constitute a recommendation by NEPC. This report may contain confidential or proprietary information and may not be copied or redistributed to any party not legally entitled to receive it. Reporting Methodology The client s custodian bank is NEPC s preferred data source unless otherwise directed. NEPC generally reconciles custodian 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 month after inception to the report date. Rates of return are annualized when the time period is longer than a year. Performance is 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, although actual 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 NEPC cannot guarantee that any plan will achieve its targeted return or meet other goals. 58

82 Exhibit 5 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.

83 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.

84 Exhibit 5 Appendix Search Process Fund commitments are recommended to commingled real estate funds targeting diversified noncore 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, Qualified Women, Minority, or Disabled Owned Businesses are exempt and will be evaluated for further consideration at SURS discretion.

85 Exhibit 5 Responding firms must have been in operation as an investment management organization for at least five years, as of December 31, 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, 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.

86 Exhibit 6 SURS Non-Core Private Real Estate Debt Search Summary of Direct Fund Finalist Candidates September 2017 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 Organization / Team 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 None Firm and Fund Employee Breakdown 37 total firm employees 6 dedicated fund employees 17 total firm employees 14 dedicated fund employees As a leading global investment manager, routinely involved in litigation in ordinary course of business and investing activities 970 total firm employees 65 dedicated fund employees Average Fund Professional Experience 10 years 12 years 15 years Firmwide AUM $2.3B $1.4B $100.3B Assets Total Real Estate AUM Total Real Estate Debt AUM $955M $1.4B $8.8B $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 Q17 Strategy / Process Phase Focus Capital Stack Focus Capital Position Underlying Collateral Geographic Focus Stabilized, cash-flowing assets Shorter-duration, floating rate mezzanine loans and subordinate debt 50-75% LTV Diversified U.S. (no non-u.s.) >50% transitional, >30% stabilized, <10% development (primarily multifamily) ~50% Mezz/Pref; ~33% senior bridge; ~15% B-piece Stabilized mezz, pref eq., B-notes: 65%-85% LTV Transitional bridge loans: up to 85% LTV Development mezz and pref eq.: 65%-85% LTV Diversified U.S. (potentially Puerto Rico) Performing debt, but mix of transitional and stabilized assets; perhaps senior construction lending 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%) Average LTV for private loans: 72% Average LTV for debt securities: 56% Diversified U.S. and can be up to 40% non-u.s. (~15% anticipated) Non-U.S.: UK, Germany, South Korea, Japan

87 Exhibit 6 SURS Non-Core Private Real Estate Debt Search Summary of Direct Fund Finalist Candidates September 2017 Axonic Income Debt Fund BIG Real Estate Fund I Oaktree Real Estate Debt Fund II 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 $20-75M Other Terms / Fees * Strategy / Process, Cont. Return Target (Net) / Equity Multiple Primary Sources of Deal Flow Value Creation Process Expected Leverage Sponsor Commitment (%) / ($) Management Fee % Carried Interest Advantages Concerns 10% / x 10-11% / x 10% / 1.2x Primarily banks, but also brokers and direct sources Established market presence ("first call" relationships); sourcing ability and structuring expertise; real estate knowledge from broader firm's investments across structured credit markets None at investment level Subscription facility at fund level (cash mgmt) Relationships with national and regional loan brokers, direct borrower relationships, loan and special servicers, banks, insurance companies Pick optimal positions in capital stack; finance sponsors that create value through repositioning, capital improvements, etc.; structure investments with a margin of safety Only investment-level on bridge lending strategy (will not exceed 50% of aggregate cost Subscription facility at fund level (cash mgmt) Global network of trading partners, banks, brokers, lenders/special servicers, borrowers, consultants, lawyers, operating partners, etc. Structural protections and meaningful margin of safety based on conservative valuation assessments; integration/collaboration across firm's credit platform None at investment level Subscription facility at fund level 3% of target fund size / $10.5M 0.63% of target fund size / $2.5M 2.5% of total commitments / at least $20M 1.5% on committed capital during investment period, thereafter, 1.5% on invested capital 20% of profits after 7% preferred return; 50/50 catch-up Pure-play, defensive alternative (no land / construction lending) Lender to leading owners/operators like Blackstone, Starwood, and Lone Star No investment-level leverage used 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 1.5% on committed capital during investment period, thereafter, 1.5% on invested capital 20% of profits after 8% preferred return; 50/50 catch-up 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 First commingled fund Amount of team resources should a workout(s) become necessary Can take on modest property-level leverage 1% on invested capital 15% of profits after 6% preferred return; 50/50 catch-up 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) 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

88 Exhibit 7 Real Estate Debt Search Strategy Overview & Finalist Summary September 2017 Kevin Leonard, Partner Kristin Finney-Cooke, CAIA, Sr. Consultant DeAnna I. Jones, Senior Analyst Matt Ritter, Research Consultant, Real Assets

89 Exhibit 7 State Universities Retirement System of Illinois Executive Summary 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 2

90 Exhibit 7 State Universities Retirement System of Illinois Executive Summary On July 10 th and 11 th, 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 3

91 Exhibit 7 State Universities Retirement System of Illinois Finalists Comparison 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 Yes 1 Oaktree Capital Management Oaktree Real Estate Debt Fund II 1995 Los Angeles, CA No Whole Loan Whole Loan w/credit Fac. Primary Investment Strategy Focus Whole Loan, Syndicate Sr. Mezzanine Preferred Equity Construction Financing Fundraise Information & Fund Terms CMBS RE Corporate Debt United States Geographic Focus Europe 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 Other 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 $ % Q Years 5 Years 1.50% 1.50% 7.0% 20.0% 50.0% Basis $ % Q Years 8 Years 1.50% 1.50% 8.0% 20.0% 50.0% Oaktree $1, % Q Years 7 Years 0.00% 1.00% 6.0% 15.0% 50.0% Note: 1: Note that Basis is minority-owned but is not certified (currently in process). 4

92 Axonic Income Debt Fund Exhibit 7

93 Exhibit 7 State Universities Retirement System of Illinois Axonic Income Debt Fund Fund Summary MWDBE Certified Fund Name General Partner Investment Style Firm Overview Office Locations Target Fund Size General Firm and Fund Information Axonic Income Debt Fund Axonic Income Debt GP LLC CRE Mezzanine Debt 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. Axonic Capital LLC is nationally certified as a Service Disabled Veteran Owned Business (SVDOB). Axonic currently manages approximately $2.3 billion, with over 35 employees. New York, Arkansas $350 million Expected Final Close Capital Raised $40 million Closes to Date 0 Investment Period / Term of Entity 2 Years Minimum Investment May 2018 $1 million Investment Strategy Target Net Returns Hold Period Fund 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 twoyear 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%. 10% 3 Years Direct or fund of funds Target Fund Leverage Direct None Assets Under Management Key Persons $2,273 million Clayton DeGiacinto Brendan McCormick Matthew Weinstein Jamshed Engineer Arnaud de Bevy Number of Existing Real Estate Funds Number of Employees 0* 37 Target Asset Types Primary focus on commercial real estate mezzanine loans or first mortgage May acquire B- pieces or tranches of CMBS securities Target Geographies Target Deal Size Fund Sourcing and Value Add North America $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% Sourcing Capabilities Value Add 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. 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 intercreditor agreements in place) with key senior lenders who provide access to deal flow. * 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

94 Exhibit 7 State Universities Retirement System of Illinois Axonic Income Debt Fund Fund Level Returns Fund Track Record ($ in Millions) Fund Name Fund Style Vintage Year Capital Committed Capital Funded Reported Value Amount Distributed Total Value TVPI Multiple DPI Multiple Investor IRR Axonic Capital Master Fund Realized CRE Loan Investments Axonic Capital Master Fund Unrealized CRE Loan Investments Debt 2013 N/A $313.0 $0.0 $333.6 $ x 1.1x 10.5% Debt 2014 N/A $348.0 $135.2 $273.6 $ x 0.8x 9.2% Axonic Capital Separate Account Debt 2013 $53.1 $46.6 $44.6 $14.9 $ x 0.3x 8.6% Net TVPI Multiples by Vintage Year Net IRRs by Vintage Year 2.00x 40.0% 1.75x 30.0% 1.50x 20.0% 1.25x 10.0% 1.00x 0.0% 0.75x Axonic Median Benchmark (10.0%) Axonic Median Benchmark 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. 7

95 Exhibit 7 State Universities Retirement System of Illinois Axonic Income Debt Fund Key Employee Bios Name Clayton DeGiacinto Brendan McCormick, CAIA Matthew Weinstein Jamshed Engineer Arnaud de Bevy Bio 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: : Vice President, Goldman Sachs : US Army, Captain, Artillery Education Wharton School, University of Pennsylvania: MBA United States Military Academy, West Point: BS Brendan oversees CRE loan sourcing, underwriting and portfolio management. Prior experience includes: : Senior Vice President, Talmage LLC : Analyst, Related Capital Company : Analyst, Rockwood Realty Associates Education Hamilton College: BA Matthew manages the trading, analytics and portfolio management of the CMBS and CRE portfolio. Prior experience includes: : Senior Vice President, Macquarie Capital : Managing Director, SRE Capital Group LLC : Associate Director, Bear Stearns Co. Cornell University: BS Education New York University: MBA Jamshed s responsibilities include trading, analytics and portfolio management. Prior experience includes: : MBS Trader, Portfolio Manager, Tower Research Capital LLC : Senior Structurer in Structured Credit Group, Goldman Sachs : Sr Associate, Structured Finance, KPMG University of Southern California: MBA Education University of Mumbai: B Com Arnaud is responsible for portfolio management and trading quantitative strategies with a focus on Agency MBS (TBAs), swaps, rates, and volatility : Portfolio Manager Global Alpha Group, Goldman Sachs 2006: Credit Agricole, Quantitative Analyst Education Columbia University: MS Ecole Polytechnique: BS 8

96 BIG Real Estate Fund I, LP Exhibit 7

97 Exhibit 7 State Universities Retirement System of Illinois BIG Real Estate Fund I, LP Fund Summary MWDBE Certified Fund Name General Partner Investment Style Firm Overview Office Locations Target Fund Size General Firm and Fund Information BIG Real Estate Fund I, LP BIG Real Estate Fund I GP, LLC Non-Core Private Commercial Real Estate Debt 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. New York $400 million Expected Final Close Capital Raised $55 million Closes to Date 1 Investment Period / Term of Entity Assets Under Management Key Persons Preferred Return 8% 3 Years $1,429 million Tammy Jones Kunle Shoyombo Rich Cadigan Leigh Roumila Minimum Investment Number of Existing Real Estate Funds Number of Employees GP Fees, Promote and Commitment GP Fees 1.5% on committed / 1.5% on invested Carried Interest 20% Catch Up 50% Information provided by Manager. July 2018 $5 million 6 sep. accts. 17 Investment Strategy Target Net Returns Hold Period Target Asset Types Sourcing Capabilities Value Add Fund 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. Direct or fund 10% - 11% Direct of funds Target Fund 4 years Up to 50% Leverage Senior debt, subordinated debt, and preferred equity investments to fund acquisitions, refinancings, and recapitalizations of commercial real estate (CRE) Target Geographies Target Deal Size North America Average $15 million Fund Sourcing and Value Add 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. 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. 10

98 Exhibit 7 State Universities Retirement System of Illinois BIG Real Estate Fund I, LP Fund Level Returns Fund Track Record ($ in Millions) Fund Name Fund Style Vintage Year 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 $ x 1.4x 92.9% Basis Venture II Mezzanine 2010 $64.7 $64.7 $24.6 $62.8 $ x 1.0x 14.0% Basis Venture III Distressed Debt 2011 $11.0 $11.0 $0.0 $17.8 $ x 1.6x 136.5% Basis Venture IV B-Piece Investment 2012 $30.7 $30.7 $0.0 $59.9 $ x 2.0x 56.7% Basis Venture V Portfolio Loans 2010 $70.0 $507.9 $0.0 $598.6 $ x 1.2x 337.0% Basis Venture VI Bridge Loans 2014 $425.0 $369.0 $128.3 $319.7 $ x 0.9x 16.0% Net TVPI Multiples by Vintage Year Net IRRs by Vintage Year 2.00x 40.0% IRRs exceed 40% 1.75x 30.0% 1.50x 20.0% 1.25x 10.0% 1.00x 0.0% 0.75x Basis Median Benchmark (10.0%) Basis Median Benchmark 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. 11

99 Exhibit 7 State Universities Retirement System of Illinois BIG Real Estate Fund I, LP Key Employee Bios Name Tammy Jones Kunle Shoyombo Bio Ms. Jones has more than 24 years of experience in the commercial real estate industry, investing and lending on CRE assets her entire career on behalf of large pension funds and institutional investors including Equitable Real Estate (largest pension fund advisor and investment management firm at the time), GMACCM (one of the largest CRE lenders, owned by GM) and CWCapital (the U.S. debt investment platform 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-strategy commercial real estate investment platform she founded with JEMB Realty Corporation that acquires and originates a variety of senior and subordinated loans, preferred equity and joint venture equity positions on behalf of its investors. Prior to joining Basis, Ms. Jones worked at CWCapital LLC ( CW ) from 2004 to 2009, serving as head of CW s fixed and floating rate Capital Markets Lending Division and closing approximately $6B in investments. Between 1997 and 2004, Ms. Jones was a Senior Vice President of Commercial Capital Initiatives, Inc., a GMACCM subsidiary (now Berkadia) ( GMAC ) and part of the leadership team responsible for creating GMAC s Capital Markets lending division. Prior to her seven years with GMAC, she held various positions on the equity and asset management side of the business at commercial real estate investment companies including Equitable Real Estate and AMRESCO Management, Inc. Cornell University: BA Education Georgia State University: MBA As CIO of Basis, Mr. Shoyombo oversees investment sourcing, loan origination, investment analysis, and investment management. Together with the President, Mr. Shoyombo develops and maintains Basis investment goals and strategies, capital raising initiatives, asset allocation, employee management and overall leadership. Mr. Shoyombo has over 24 years of experience in CRE finance, investments, loan origination and underwriting. Prior to joining Basis, Mr. Shoyombo served as Managing Director and Chief Investment Officer for the Capital Markets Lending Division of CW Capital. He was one of original four senior executives who established CW Capital s lending platform, which originated, securitized and sold CRE loans totaling in excess of $6 billion. Prior to joining CW Capital, Mr. Shoyombo held a senior position at GMAC Commercial Mortgage where he played an instrumental role within the company s CRE loan 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 a member of the Investment Committee. Prior to GMACCM, Mr. Shoyombo held senior positions at Nomura Asset Capital, where he was responsible for originating, structuring, closing and securitizing fixed and floating rate loans in excess of $3 billion; Community Redevelopment Agency of Los Angeles; and Kenneth Michael and Company. University of Lagos: BS Education UCLA: MBA 12

100 Exhibit 7 State Universities Retirement System of Illinois BIG Real Estate Fund I, LP Key Employee Bios Name Rich Cadigan Leigh Roumila Bio Mr. Cadigan joined Basis in 2009 and is a member of the firm s senior management team. As General Counsel, Mr. Cadigan handles all corporate legal matters, including negotiating and managing Basis credit facilities, supervising all corporate governance and compliance matters, negotiating joint venture and separate account agreements, and the development and implementation of Basis policies and procedures for structuring and closing all transactions. With over 15 years of experience both in the legal and business aspects of CRE finance, Mr. Cadigan works closely with Ms. Jones and Mr. Shoyombo to implement a legal agenda that proactively identifies and addresses critical issues that affect both the company and its strategic partners with the goal to foster continued growth and opportunities across all investment strategies. Prior to joining Basis, Mr. Cadigan was a partner at North River Capital Partners, a private equity fund established to invest in commercial mortgage debt through both the origination of new loans 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 and floating rate loans at Dillon Read Capital Management LLC, a hedge fund that was wholly owned by UBS. LaSalle University: BA Education Seton Hall University: JD Ms. Roumila joined Basis in 2010 and is a member of the firm s senior management team. As head of the Securitization and Asset Management Groups, Ms. Roumila manages Basis contribution to CMBS securitizations and the purchase and sale of CMBS B-Pieces. She also oversees the management of all of the firm s bridge, mezzanine/preferred equity and B note investments. Ms. Roumila is a hands-on real estate finance and management professional with over 30 years of experience and an established track record in originating, structuring, underwriting, monitoring, closing, redistributing and working out commercial 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-rate commercial mortgage backed securities. At CW, she oversaw and coordinated teams of about 100 people in the issuance of approximately $7 billion in CMBS and $3 billion in commercial real estate CDO securities. Prior to CW, Ms. Roumila served as VP of Securitization at GMAC Commercial Mortgage (now Capmark Financial Group), where she worked on 20+ CMBS and CDO pools representing about $12 billion in fixed and floating rate U.S., Canadian and European commercial real estate loans. Prior to her five years 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. NYU Stern: BA Education Golden Gate University: MBA 13

101 Oaktree Real Estate Debt Fund II, L.P. Exhibit 7

102 Exhibit 7 State Universities Retirement System of Illinois Oaktree Real Estate Debt Fund II, L.P. Fund Summary General Firm and Fund Information Fund Strategy Fund Name Oaktree Real Estate Debt Fund II, L.P. ( REDF II ) General Partner Investment Style Firm Overview Oaktree Real Estate Debt Fund II GP, L.P. Core Real Estate Debt 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 Q Capital Raised $765 million Closes to Date 2 Investment Period / Term of Entity Assets Under Management 3 Years $100,313 million Minimum Investment Number of Existing Real Estate Funds $10 million 14 Investment Strategy Target Net Returns Hold Period Target Asset Types 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. 10% 7 Years Primary focus on CRE loans, including new origination, B- pieces, and CMBS Ability to invest in corporate RE debt and residential mortgages Direct or fund of funds Target Fund Leverage Target Geographies Target Deal Size Direct Up to 50% North America Europe $20 - $75 million Key Persons Preferred Return 6% Howard Marks Bruce Karsh Jay Wintrob John Franks Sheldon Stone GP Fees 1.0% on invested Carried Interest 15% Catch Up 50% Number of Employees GP Fees, Promote and Commitment 970 total firm 65 dedicated to fund Sourcing Capabilities Value Add Fund Sourcing and Value Add 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. 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. Information provided by Manager. 15

103 Exhibit 7 State Universities Retirement System of Illinois Oaktree Real Estate Debt Fund II, L.P. Fund Level Returns Fund Track Record ($ in Millions) Fund Name Fund Style Vintage Year Capital Committed Capital Funded Reported Value Amount Distributed Total 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, x 1.3x 18.6% Debt Separate Account I Debt 2012 $200.0 $311.1 $129.0 $227.4 $ x 0.7x 9.0% Oaktree Real Estate Debt Fund Debt 2013 $1,111.7 $641.0 $293.4 $416.3 $ x 0.6x 19.0% Debt Separate Account II Debt 2014 $126.3 $39.4 $41.4 $4.6 $ x 0.1x 21.0% Net TVPI Multiples by Vintage Year Net IRRs by Vintage Year 2.00x 40.0% 1.75x 30.0% 1.50x 20.0% 1.25x 10.0% 1.00x 0.0% 0.75x (10.0%) Oaktree Median Benchmark Oaktree Median Benchmark 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/

104 Exhibit 7 State Universities Retirement System of Illinois Oaktree Real Estate Debt Fund II, L.P. Key Employee Bios Name Howard Marks, CFA Co-Chairman Bruce Karsh Co-Chairman and Chief Investment Officer Jay Wintrob Chief Executive Officer Bio 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. University of Pennsylvania: B.S.Ec. Education University of Chicago: M.B.A. 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 until Prior to joining TCW, Mr. Karsh worked as Assistant to the Chairman of SunAmerica, Inc. Prior to that, 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. Duke University: A.B. Education University of Virginia School of Law: J.D. Mr. Wintrob is Oaktree's Chief Executive Officer and has served as a member of the Board of Directors since 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 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 Mr. Wintrob began his career in financial services in 1987 as Assistant to the Chairman of SunAmerica Inc. University of California, Berkeley: B.A. Education University of California, Berkeley, Boalt Hall School of Law: J.D. 17

105 Exhibit 7 State Universities Retirement System of Illinois Oaktree Real Estate Debt Fund II, L.P. Key Employee Bios Name John Brady Managing Director & Portfolio Manager, Real Estate Keith Gollenberg Managing Director Bio 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 Mr. Brady also led the rebuilding 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. Dartmouth College: B.A. in English Education UCLA: M.B.A. 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 nonsecuritized) 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. 18

106 Appendix Exhibit 7

107 Exhibit 7 State Universities Retirement System of Illinois All Respondents Comparison Overview Information Firm Name Fund Name Year Founded 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 Yes 1 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 20

108 Exhibit 7 State Universities Retirement System of Illinois Information Disclosure 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 nontraditional 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. 21

109 Exhibit 8

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115 Exhibit 11 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 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, as presented.

116 Exhibit 12 Fiscal Year 2018 Investment Plan September 2017 S U R S STATE UNIVERSITIES RETIREMENT SYSTEM

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119 Exhibit 12

120 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. IV. Asset Allocation / Risk Management 8 Fiscal Year 2018 Portfolio Strategies Total Fund Equity Fixed Income Real Estate Private Equity Hedged Strategies Opportunity Fund Commodities V. Manager Diversity Program...18 VI. Self-Managed Plan....20

121 Exhibit 12 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 Policy 1. 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, The SURS Investment Policies can be found at 1

122 Exhibit 12 Investment Performance* As of June 30, 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 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 return 2. 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 tenyear 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) Universe Ranking th 43rd 42nd 58th 63rd 53rd 68th 73rd 1 Year 3 Years 5 Years 10 Years TUCS Universe > $1B (GOF) InvestorForce Public DB > $1B 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, (July 2, 2015 was the effective date for the change in the Money Purchase Factors.) 2

123 Exhibit 12 Fiscal Year 2017 Accomplishments The following projects were completed during Fiscal Year Asset Allocation SURS achieved its strategic asset allocation targets in May 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 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 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, 3

124 Exhibit 12 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 $264 million in distributions during calendar year Alternative Investment Cash Flows Calendar Year 2016 Cash Distributions Cash Contributions ($MM) ($MM) Net Flows ($MM) Asset Class 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, SURS employs a multi-strategy approach designed to maximize opportunities for qualified firms. 4

125 Exhibit 12 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 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 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, Increase in total assets with diverse firms of approximately $907 million during Fiscal Year 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. 5

126 Exhibit 12 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, SURS Funding Ratio* FY2000 to FY2017 Funding Ratio 100.0% 80.0% 60.0% 40.0% 20.0% 88.2% 66.0% 65.4% 72.1% 65.6% 68.4% 58.5% 58.9% 46.5% 53.9% 40.2% 41.3% 42.7% 45.3% 41.9% 43.7% 44.2% 41.6% 0.0% Fiscal Year *Using market value of assets 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. $2,500 $2,000 $1,500 Total Benefit Expenditures & State Contributions (in $ Millions) $1,000 $500 $0 Total Benefit Expenditures State Contribution 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 6

127 Exhibit 12 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 Total investment management fees for Fiscal Year 2018 are projected to increase by $4.3 million from Fiscal Year 2017 budgeted fees. 7

128 Exhibit 12 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 return 3. (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,

129 Exhibit 12 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 Policy % (Approved June 2014) Asset Class 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.. 9

130 Exhibit 12 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 10

131 Exhibit 12 Total Fund vs. InvestorForce Public DB > $1B Net 5 Years Ending 6/30/17 Source: NEPC 11

132 Exhibit 12 Risk Trends and Overview Contribution to Total Risk % 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jun-17 Jun-16 Jun-15 Jun-14 Jun-13 Total Equity Total Fixed Real Estate Hedge Funds Commodities Opportunity Fund 14.00% Total Plan Risk (1 Year Forward Looking) 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Source: The Northern Trust Company Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Mar-13 Total Risk 12

133 Exhibit 12 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 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 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

134 Exhibit 12 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 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. US Equity 23% Non-US Equity 19% Global Equity 8% 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 Real Estate 10% Emerging TIPS Market Debt 4% 3% General Partners to begin fundraising during FY Additional commitments to these products may be considered at that time. Core Fixed Income 19% 14

135 Exhibit 12 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 fiveyear 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. Private Equity 6% 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-offund providers. Planning for an educational Hedge Fund Day for the SURS Board is currently underway and is tentatively slated for late 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. Hedged Strategies 5% 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. Opportunity Fund 1% 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. Commodities 2% Fiscal Year 2018 Cash Overlay Strategy A cash overlay program was implemented in September The program is designed to assist the Plan in remaining fully invested consistent with policy targets and to efficiently manage exposure to cash 15

136 Exhibit 12 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. 16

137 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-18 Implementation of Private Equity Pacing Contract negotiations Model (Start June 2017) Private Real Estate Debt Search (start Contract negotiations April-17) Consideration of FY 2018 Investment Plan Education - Opportunistic Credit U.S. Equity MDP Search Contract negotiations (start June-17) Review of Non-US and Global Equity Asset Classes Annual Review of Investment Policy Annual Review of Diversity Goals Annual Broker/Dealer Review Education - Hedge Funds General Investment Consultant Search (start October-17) Annual Review of Passive Portfolio Annual Review of Real Estate Asset Class Receipt of Annual Report to the Governor on Utilization of Emerging Firms Education - Topics TBD Annual Review of Fixed Income and Emerging Market Debt Asset Classes Trustee Educational Forum Annual Review of Commodities Asset Class Annual Review of Hedged Strategies Asset Class Education - Topics TBD Annual Review of U.S. Equity Asset Class Annual Investment Review of SMP Education - Topics TBD Annual Review of Private Equity Asset Class Annual Review of Opportunity Fund Asset Class SURS FY 2019 Budget Education - Topics TBD SURS FY 2018 Investment Timetable Contract negotiations

138 Exhibit 12 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, components: Number of MFDB Firms Commitment Amount (Private Equity & Real Estate Only) Market Value* Asset Class as of June 30, 2017 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 Contract negotiations were completed in August ***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. 18

139 Exhibit 12 Investment Performance* As of June 30, 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, 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 19

140 Exhibit 12 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 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 20

141 Exhibit 13 State Universities Retirement System of Illinois Credit Opportunities September 2017 Kevin Leonard, Partner Kristin Finney-Cooke, CAIA, Sr. Consultant DeAnna I. Jones, Senior Analyst Reino Ecklord, Research Consultant, Credit Strategies

142 Exhibit 13 State Universities Retirement System of Illinois Table of Contents Executive Summary 1 Tab Current Portfolio Review 2 Current Market Outlook 3 Opportunistic Credit Review 4 Appendix 5 2

143 Exhibit 13 State Universities Retirement System of Illinois Executive Summary 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 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 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 3

144 Current Portfolio Review Exhibit 13

145 Exhibit 13 State Universities Retirement System of Illinois 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 Type Purpose Managers Core Active 36% of Core/Core Plus Composite Core Passive 23% of Core/Core Plus Composite Core Plus 24% 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. 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 nonbenchmark securities such as floating rate bonds, convertibles, IG bonds, preferred equity. Flexible investment mandate that permits the manager to move between IG, high yield, bank loans, and securitized debt. Garcia Hamilton PIMCO Total Return Pugh Capital Smith Graham State Street LM Capital Neuberger Berman Progress Global Unconstrained 17% of Core/Core Plus Composite 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 5

146 Exhibit 13 State Universities Retirement System of Illinois Core/Core Plus Sector and Quality Analysis Sector Exposure vs Index The core sectors make up the largest allocations in the SURS portfolio: IL SURS Core/ Security Type Core Plus Portfolio Treasuries 45% vs BBgBarc Agg allocation of 49% Total Mortgages 33% vs BBgBarc Agg allocation of 30% Credit 21% vs BBgBarc Agg allocation of 26% 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% 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 % 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% Quality Allocation Portfolio vs Index 0.00% BB or AAA AA A BBB below 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% 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. 6

147 Exhibit 13 State Universities Retirement System of Illinois Core/Core Plus Duration Exposure Duration Exposure Portfolio vs Index 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% % >1 Yr 1-3 Yrs 3-5 Yrs 5-10 Yrs 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% 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. 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 7

148 Exhibit 13 State Universities Retirement System of Illinois Core/Core Plus Performance Summary Notes: Allocation is based on June 30, 2017 market values 8

149 Exhibit 13 State Universities Retirement System of Illinois Core/Core Plus Performance Summary Risk Statistics vs Index and Peer Universe 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%). Notes: Allocation is based on June 30, 2017 market values 9

150 Current Market Outlook Exhibit 13

151 Exhibit 13 State Universities Retirement System of Illinois NEPC 2017 Fixed Income Considerations 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 11

152 Exhibit 13 State Universities Retirement System of Illinois NEPC 2017 Fixed Income Considerations 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 /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 12

153 Exhibit 13 State Universities Retirement System of Illinois Current Return Environment 14.0% 12.0% 10.0% Current Yield 8.0% 6.0% 4.0% 2.0% 0.0% Blue bars represent potential Opportunistic credit exposures Source: Barclays, S&P, Deutsche Bank, Bloomberg, NEPC; Note: Private Credit yield represents NEPC assumption on target yield ; data as of 6/30/

154 Exhibit 13 State Universities Retirement System of Illinois Q Credit Market Thoughts Current Outlook Beta Subset Corporate Credit Summary 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 Emerging Market 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 14

155 Exhibit 13 State Universities Retirement System of Illinois 2017 NEPC Beta View Trends Beta Subset Q Q Comments Q2 Corporate Credit Investment Grade Negative Negative High Yield Neutral Negative Bank Loans Positive Positive/ Neutral Private Credit Positive Positive Maintained negative: concerns around fund flows remain Rating downgrade: spread compression elevates our concerns about the future risk-adjusted return Slight downgrade to positive/neutral: benefits from rising rates, enjoys seniority, negative convexity and high percent of cov-lite remains concern Maintain positive: Europe and Asia are preferred over the US; cautious about US Emerging Market Credit EMD Local Positive Positive EMD External Sovereign Neutral Neutral EMD External Corporate Neutral Neutral Maintain positive: Attractive real rates DM vs EM, FX vol. remain a concern but dispersed among EM countries Maintain neutral: Stabilizing to improving fundamentals, Yields are comparable to US HY but risks will persist in Trump era Maintain neutral: Stabilizing to improving fundamentals, Yields are comparable to US HY but risks will persist in Trump era Structured Credit CLO Positive Positive RMBS Neutral Neutral CMBS Neutral Neutral Maintain positive: Mezzanine tranches offers better risk-adjusted spreads Maintain neutral: Spreads narrowed, issuance slowed, regulatory overhang Maintain neutral: credit deterioration, dealer inventory shrinking, retail sector stress 15

156 Opportunistic Credit Review Exhibit 13

157 Exhibit 13 State Universities Retirement System of Illinois Fixed Income Asset Classes Government Debt Municipal Debt Corporate Debt Securitized Sovereign Bonds (Developed and EM) Taxable Bank Loans (Public and Private) Agency MBS Government- Related Entities Tax-Exempt Corporate Bonds (IG and HY) Non-Agency RMBS Convertibles CMBS 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 CLO Other ABS/Structured Products 17

158 Exhibit 13 State Universities Retirement System of Illinois Fixed Income Spectrum Illustrative Risk / Return Profile Low High Liquid Illiquid Low Expected Risk High 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

159 Exhibit 13 State Universities Retirement System of Illinois Opportunistic Credit 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 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

160 Exhibit 13 State Universities Retirement System of Illinois 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 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 20

161 Exhibit 13 State Universities Retirement System of Illinois Beta and Implementation Components of Credit Beta Developed Market Credit Emerging Market Credit Structured Credit Corporate Sovereign Corporate Sovereign Mortgages Loans Bank Loans Consumer Loans Commercial Mortgages Residential Mortgages Municipals Govt. Debt Treasury Private Debt High Yield Bank Loans IG Municipals TIPs Govt. Debt Treasury Private Debt High Yield Bank Loans IG Core FI Core Plus FI Long-short credit Multi-sector credit EMD Local (Sovereign) Agency RMBS High Yield Global High Yield Mezzanine NPLs EMD Blended (Sovereign & Corporate) Non-Agency RMBS Long Bank Loans Long Duration Long Gov Duration Stable Value Short Duration FI TIPs Distressed forcontrol Distressed Debt Direct Lending - Europe Direct Lending - US EMD External Sovereign EMD External Corporate EM Private Debt CMBS ABS CLO - Mezzanine Multi-sector credit Multi-Sector Positive Neutral Negative illiquid 21

162 Exhibit 13 State Universities Retirement System of Illinois Beta Strategies and Liquidity Spectrum < 1 Month 1 3 year 3-5 years 5+ years Typical Credit Strategies 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 / Nonperforming Credit Long biased Distressed for control Special situations Rationale Access credit (market) beta Mid-cycle, when there is a clear beta Cheap source of in-cycle /theme return Access credit selection + selective credit beta Early cycle or late-cycle; credit selection is key Access credit selection Short-term dislocations or illiquidity premium Niche ideas Uncorrelated to credit cycles Complexity premium Concentrated strategic credit bets Workout premium Illiquidity premium Challenges Passive market volatility Credit risk Sporadic/ trendless price volatility Credit risk Opportunity cost for locking capital Extension risk Credit risk Opportunity Cost/fees Extension risk Credit Risk Vintage risk Highest opportunity cost/fees 22

163 Exhibit 13 State Universities Retirement System of Illinois Term Structure Considerations 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 securities across public markets; private securities Strategy examples Benchmark-agnostic credit; tactical high yield and bank loan mandates Stressed/distressed debt; 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 Certain strategies my offer income distribution to offset illiquid structures Note: Liquidity and fee terms guidepost estimates based on NEPC experience researching investment managers 23

164 Exhibit 13 State Universities Retirement System of Illinois Conclusion 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 24

165 Appendix Exhibit 13

166 Exhibit 13 State Universities Retirement System of Illinois Primary Risks Associated with Fixed Income Investing 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 26

167 Exhibit 13 State Universities Retirement System of Illinois Types of Bonds Different Issuers and Structures 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 27

168 Exhibit 13 State Universities Retirement System of Illinois Refresher on Key Fixed Income Market Terminology 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 28

169 Manager Status Review Quarter Ended June 30, 2017 Exhibit 14

170 Manager Status Criteria Exhibit 14 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 Annualized Alpha (net of fees) each exceed their Active Manager Premiums (AMPs) for such periods. Managers with less than a five (5) year performance history will be considered in Good Standing. Enhanced Review: A Manager s three (3) year or five (5) year rolling Annualized Alphas (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 Annualized Alphas (net of fees) are below their respective Benchmarks for the preceding two consecutive quarters, and (ii) three (3) year and five (5) year Information Ratios are negative for the preceding two consecutive quarters; or other performance metrics reflect a significant negative trend.

171 Manager Status Review U.S. Equity Managers Manager Strategy Status Mesirow U.S. Smallcap Core Enhanced Review EARNEST U.S. Midcap Core Enhanced Review Channing U.S. Midcap Value Enhanced Review Exhibit 14 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 Non U.S. Equity Managers Good Standing Manager Strategy Status 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 Strategic Global Advisors BlackRock Large Cap Non-US Developed Large Cap Non-US Developed Structured Active Non- US Equity Good Standing Good Standing Good Standing

172 Manager Status Review Exhibit 14 Global Equity Managers Manager Strategy Status Mondrian Global Equity Reassessment Wellington Global Equity Enhanced Review T. Rower Price Global Equity Good Standing Core Fixed Income Managers Manager Strategy Status 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

173 Manager Status Review Exhibit 14 Emerging Market Debt Managers Manager Strategy Status BlueBay EM Debt Good Standing Colchester EM Debt Good Standing Progress EM Debt Good Standing Prudential EM Debt Good Standing

174 Exhibit 15 Manager Reassessment Mondrian Investment Partners Global All Countries World Equity

175 Background Exhibit 15 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 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, 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.

176 Blended Performance as of 6/30/2017 Exhibit 15 Mondrian has shown strong performance in down markets Mondrian outperformed by 680 basis points in 2008 and 870 basis points in Mondrian outperformed in 2016, a strong year for value stocks. 1 ACWI / Custom is comprised of MSCI ACWI ex US index from inception until November 2011, MSCI ACWI Index from December 2011 forward

177 Blended Performance as of 6/30/2017 Exhibit 15 Positive reversions in excess returns have occurred rapidly in the past This account experienced large positive swings in relative performance between June and December 2008, and between March and December ACWI / Custom is comprised of MSCI ACWI ex US index from inception until November 2011, MSCI ACWI Index from December 2011 forward

178 Causes of Underperformance Exhibit 15 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.

179 Causes of Underperformance Domestic Equities have outperformed Non-US Equities over the measurement period Exhibit 15 Mondrian was slightly underweight US at the Dec 2011 strategy inception for SURS, and significantly increased that bet in 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.

180 Value vs. Growth 10 years Exhibit 15 Mondrian Inception 12/11 Growth rally has been especially pronounced over the last ten years

181 Time Since a Correction A Long Bull Market with No Major Corrections Exhibit 15 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

182 SURS Global Equity Portfolio as of June 30, 2017 Exhibit 15 June-17 Incep (1) Benchmark $ millions 1 YR (2) Mgr 1 YR (2) Bmark 3 YR (2) Mgr *Returns for total Global Equities portfolio reflects returns of both existing and previously terminated managers. 3 YR (2) Bmark 5 YR (2) Mgr 5 YR (2) Bmark 10 YR (2) Mgr 10 YR (2) Bmark Mondrian Investment Partners Dec-11 MSCI ACWI % 18.78% 4.01% 4.82% 9.49% 10.54% 9.30% 10.43% T. Rowe Price Global Focused Growth Oct-08 MSCI ACWI % 18.78% 11.39% 4.82% 16.58% 10.54% 13.65% 10.48% Wellington Management Jun-02 Custom / MSCI ACWI % 18.78% 6.48% 4.82% 12.78% 10.54% 5.05% 3.83% Total Global Equities Jan-04 Blended / MSCI ACWI 1, % 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 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. Correlation Matrix: Excess Returns - 5 Years (06/2017) using MSCI ACWI-ND Manager Name Mondrian T. Rowe Price Wellington Mondrian Investment Partners Limited T. Rowe Price Group, Inc Wellington Management Company LLP 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

183 Global Equity Risk/Return Exhibit 15 Current managers have favorable risk/return profiles relative to benchmark Note: composite data used for periods longer than actual SURS history

184 Conclusions Exhibit 15 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.

185 Glossary of Terms Exhibit 15

186 Exhibit 15 Mondrian / Global Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Product Return (Gross) Product Return (Net) Annualized Fees MSCI ACWI Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) (4.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha (0.5) (1.0) Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha 2.00 (1.5) Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Reassessment

187 Exhibit 15 Mondrian / Global Equity - Versus Secondary Benchmark June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Product Return (Gross) Product Return (Net) Annualized Fees MSCI ACWI Value Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) (1.5) (2.0) (2.5) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) (1.0) (1.5) Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Enhanced Review

188 Exhibit 16 SURS - Total US Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SURS Total Equity Dow Jones Total US Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) (1.5) (2.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha - 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 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (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 Three Year Rolling Performance Statistics as of: Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Alpha Tracking Error

189 Exhibit 16 evestment All US Equity Universe Information as of June 30, 2017 Excess Return - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,424 3,294 3,069 2,841 Annualized Alpha - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 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 Median th Percentile Observations 3,424 3,294 3,069 2,841 Treynor Ratio - using Dow Jones US Total Market and Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,424 3,294 3,069 2,841 Sortino Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,423 3,294 3,069 2,841 Tracking Error - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,424 3,294 3,069 2,841 Information Ratio - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,424 3,294 3,069 2,841 Upside Market Capture - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,424 3,294 3,069 2,841 Downside Market Capture - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,424 3,294 3,069 2,841

190 Exhibit 16 Mesirow Financial / Small Cap U.S. Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May 11) Product Return (Gross) Product Return (Net) Annualized Fees Russell Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha AMP 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 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP (0.5) (1.0) (1.5) (2.0) May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Enhanced Review

191 Exhibit 16 EARNEST Partners / Midcap Core U.S. Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 11) Product Return (Gross) Product Return (Net) Annualized Fees Russell Midcap Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) (4.0) (5.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha AMP 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 Dec-16 Jan-17 Feb-17 Mar-17 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP (0.5) (1.0) (1.5) (2.0) 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 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Enhanced Review

192 Exhibit 16 Channing Capital / Midcap Value June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr-05) Product Return (Gross) Product Return (Net) Annualized Fees Russell Midcap Value Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (2.0) (4.0) (6.0) (8.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 1.00 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 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (1.0) (2.0) (3.0) (4.0) (5.0) Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs 5yr Alpha vs AMP AMP Current Quarter Prior Quarter Status Enhanced Review

193 Exhibit 16 T. Rowe Price Structured Research Strategy / Structured Active U.S. Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr 08) Product Return (Gross) Product Return (Net) Annualized Fees S&P Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr 08) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr 08) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.2) (0.4) (0.6) (0.8) (1.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 0.75 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.2) (0.4) (0.6) Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Enhanced Review

194 Exhibit 16 CastleArk Management / Small Cap Growth U.S. Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep 12) Product Return (Gross) Product Return (Net) Annualized Fees Russell Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep 12) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep 12) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Rolling 3-year Excess Return vs. Benchmark (1.0) (2.0) (3.0) (4.0) (5.0) (6.0) 3 yr 3 year Alpha AMP Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Good Standing

195 Exhibit 16 Piedmont Investment Advisors / Large Cap Structured Active U.S. Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 08) Product Return (Gross) Product Return (Net) Annualized Fees S&P Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 08) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 08) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) (1.5) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha AMP (2.0) 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 (0.2) (0.4) (0.6) (0.8) (1.0) Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Good Standing

196 Exhibit 16 SURS - Total Non-US Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Total Non-US Equity MSCI ACWI ex US Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) (1.5) (2.0) (2.5) (3.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha - 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 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) (1.0) (1.5) Three Year Rolling Performance Statistics as of: Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Alpha Tracking Error

197 Exhibit 16 evestment All ACWI ex US Equity Universe Information as of June 30, 2017 Excess Return - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Annualized Alpha - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Sharpe Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Treynor Ratio - using ACWI ex US and Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Sortino Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Tracking Error - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Information Ratio - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Upside Market Capture - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Downside Market Capture - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations

198 Exhibit 16 Ativo / ACWI ex US June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jul 08) Product Return (Gross) Product Return (Net) Annualized Fees Bench Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jul 08) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jul 08) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 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 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager status Current Quarter Prior Quarter Enhanced Review

199 Exhibit 16 Fidelity Select International Plus / Non-U.S. Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Product Return (Gross) Product Return (Net) Annualized Fees MSCI ACWI ex-us Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha AMP Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP (0.2) Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Enhanced Review

200 Exhibit 16 GlobeFlex Capital/ Non-U.S. Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec-11) Product Return (Gross) Product Return (Net) Annualized Fee MSCI ACWI ex-us Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 Rolling 5-year Excess Return vs. Benchmark yr 5 year Alpha Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Status Good Standing

201 Exhibit 16 Progress Investments / Non-US Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May-08) Product Return (Gross) Product Return (Net) Annualized Fee MSCI EAFE Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha - 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 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs 5yr Alpha vs AMP AMP Current Quarter Prior Quarter Watchlist Good Standing

202 Exhibit 16 Strategic Global Advisors / Non-U.S. Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep-08) Product Return Product Return Annualized Fee MSCI EAFE Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 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 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 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 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs 5yr Alpha vs AMP AMP Current Quarter Prior Quarter Status Good Standing

203 Exhibit 16 BTC Intl Alpha Tilts - Non US Structured Active June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 03) Product Return (Gross) Product Return (Net) Annualized Fees MSCI EAFE Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 03) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 03) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 1.50 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 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) (1.0) 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 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Good Standing

204 Exhibit 16 SURS - Total Global Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Total Global Equity MSCI ACWI Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha - 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 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) (1.0) (1.5) (2.0) 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 Three Year Rolling Performance Statistics as of: Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Alpha Tracking Error

205 Exhibit 16 evestment All Global Equity Universe Information as of June 30, 2017 Excess Return - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,327 1,206 1, Annualized Alpha - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,327 1,206 1, Sharpe Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,327 1,206 1, Treynor Ratio - using ACWI and Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,327 1,206 1, Sortino Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,309 1,206 1, Tracking Error - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,327 1,206 1, Information Ratio - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,327 1,206 1, Upside Market Capture - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,327 1,206 1, Downside Market Capture - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,327 1,206 1,

206 Exhibit 16 Mondrian / Global Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Product Return (Gross) Product Return (Net) Annualized Fees MSCI ACWI Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) (4.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha (0.5) (1.0) Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha 2.00 (1.5) Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Reassessment

207 Exhibit 16 Mondrian / Global Equity - Versus Secondary Benchmark June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Product Return (Gross) Product Return (Net) Annualized Fees MSCI ACWI Value Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) (1.5) (2.0) (2.5) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) (1.0) (1.5) Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Enhanced Review

208 Exhibit 16 Wellington Global Research Equity / Global Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 02) Product Return (Gross) Product Return (Net) Annualized Fees Custom / MSCI ACWI Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 02) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 02) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha AMP Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP (0.5) (1.0) (1.5) (2.0) 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 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Enhanced Review

209 Exhibit 16 T. Rowe Price Global Focused Growth / Global Equity June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 08) Product Return (Gross) Product Return (Net) Annualized Fees ACWI Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 08) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 08) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (2.0) (4.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 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 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (1.0) Oct-13 Nov-13 Dec-13 Jan-14 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 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Good Standing

210 Exhibit 16 SURS - Total Core Fixed Income June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/86) Product Return (Net) Bloomberg Barclays Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/86) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/86) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Three Year Rolling Performance Statistics as of: Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Alpha Tracking Error

211 Exhibit 16 evestment US Core Fixed Income Universe Information as of June 30, 2017 Sharpe Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Treynor Ratio - using Bloomberg Barclays US Aggregate and Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Sortino Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Tracking Error - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Information Ratio - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Upside Market Capture - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Downside Market Capture - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Excess Return - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Annualized Alpha - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations

212 Exhibit 16 evestment US Core Plus Fixed Income Universe Information as of June 30, 2017 Sharpe Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Treynor Ratio - using Bloomberg Barclays US Aggregate and Citigroup 3-Month T-Bi Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Sortino Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Tracking Error - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Information Ratio - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Upside Market Capture - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Downside Market Capture - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Excess Return - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Annualized Alpha - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations

213 Exhibit 16 Pugh Capital Management/Core Fixed Income June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Product Return (Gross) Product Return (Net) Annualized Fees BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Rolling 3 year Excess Return vs. Barclays Capital Aggregate Index 3 yr 3 year Alpha AMP (0.1) (0.3) (0.5) Rolling 5 year Excess Return vs. Barclays Capital Aggregate Index 5 yr 5 year Alpha AMP Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Enhanced Review

214 Exhibit 16 Smith Graham/Core Fixed Income June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Product Return (Gross) Product Return (Net) Annualized Fees BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) (1.5) Rolling 3 year Excess Return vs. Barclays Capital Aggregate Index 3 yr 3 year Alpha AMP 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 Rolling 5 year Excess Return vs. Barclays Capital Aggregate Index 5 yr 5 year Alpha AMP (0.2) (0.4) (0.6) Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Enhanced Review

215 Exhibit 16 LM/Core Plus Fixed Income June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/11) Product Return (Gross) Product Return (Net) Annualized Fee BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.2) (0.4) Rolling 3-year Excess Return vs. Barclays Capital Aggregate Index 3 yr 3 year Alpha AMP (0.6) 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 Rolling 5-year Excess Return vs. Barclays Capital Aggregate Index 5 yr 5 year Alpha AMP - Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs 5yr Alpha vs AMP AMP Current Quarter Prior Quarter Status Enhanced Review

216 Exhibit 16 PIMCO Total Return/Core Plus Fixed Income June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/85) Product Return (Gross) Product Return (Net) Annualized Fees BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/85) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/85) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) Rolling 3 year Excess Return vs. Barclays Capital Aggregate Index 3 yr 3 year Alpha AMP 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 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun (0.5) (1.0) Rolling 5 year Excess Return vs. Barclays Capital Aggregate Index 5 yr 5 year Alpha AMP 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 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Enhanced Review

217 Exhibit 16 TCW/Core Plus Fixed Income June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (11/01) Product Return (Gross) Product Return (Net) Annualized Fees BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (11/01) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (11/01) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (2.0) (4.0) Rolling 3 year Excess Return vs. Barclays Capital Aggregate Index 3 yr 3 year Alpha AMP 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 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 (1.0) (2.0) Rolling 5 year Excess Return vs. Barclays Capital Aggregate Index 5 yr 5 year Alpha AMP 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 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Enhanced Review

218 Exhibit 16 Garcia Hamilton/Core Fixed Income June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (03/09) Product Return (Gross) Product Return (Net) Annualized Fees BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (03/09) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (03/09) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) Rolling 3 year Excess Return vs. Barclays Capital Aggregate Index 3 yr 3 year Alpha AMP (0.5) (1.0) Rolling 5 year Excess Return vs. Barclays Capital Aggregate Index 5 yr 5 year Alpha AMP 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 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Good Standing

219 Exhibit 16 Progress/Core Fixed Income June 30, 2017 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) Product Return (Net) Annualized Fee BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (05/08) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (05/08) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.2) (0.4) Rolling 3-year Excess Return vs. Barclays Capital Aggregate Index 3 yr 3 year Alpha AMP Rolling 5-year Excess Return vs. Barclays Capital Aggregate Index 5 yr 5 year Alpha AMP - 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 Watchlist Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Excess vs 5yr Excess vs AMP AMP Current Quarter Prior Quarter Status Good Standing

220 Exhibit 16 Neuberger Berman / Core Plus Fixed Income June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 11) Product Return (Gross) Product Return (Net) Annualized Fees Bloomberg Barclays US Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 0.70 Dec-13 Jan-14 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 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha 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 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Good Standing

221 Exhibit 16 PIMCO Unconstrained/Absolute Return Fixed Income June 30, 2017 Performance Analysis (Composite Data) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (10/07) Product Return (Gross) Product Return (Net) Annualized Fees LIBOR (3 Month) Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (10/07) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (10/07) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Rolling 3 year Excess Return vs. LIBOR (3 Month) 3 yr 3 year Alpha AMP 5.0 (5.0) (10.0) (15.0) (2.0) (4.0) (6.0) (8.0) Rolling 5 year Excess Return vs. LIBOR (3 Month) 5 yr 5 year Alpha AMP (10.0) 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 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Good Standing

222 Exhibit 16 BlueBay EM Debt Select - Composite Data, Gross of Fees June 30, 2017 Performance Analysis (Composite Data Gross of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 06) Product Return Custom EMD Benchmark Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 06) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 06) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 0.50 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 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 (1.0) (2.0) Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha 0.50 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Good Standing

223 Exhibit 16 Colchester Local Markets Debt Fund Composite Data, Gross of Fees June 30, 2017 Performance Analysis (Composite Data Gross of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/09) Product Return (Gross) Product Return (Net Composite Not Availiable) Annualized Fees JPM GBI-EM Global Div Unhedged Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/09) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/09) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) Rolling 3 year Excess Return vs. JPM GBI EM unhedged 3 yr 3 year Alpha AMP Rolling 5 year Excess Return vs. JPM GBI EM unhedged 5 yr 5 year Alpha AMP (0.5) 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 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Good Standing

224 Exhibit 16 Progress Investment Management - EM Debt - Net of Fees June 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/15) Product Return (Gross of Fees) Product Return (Net of Fees) JPM Corp EM Bond Index - Broad Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/15) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/15) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Rolling 3-year Excess Return vs. JPM Corp EM Bond Index 3 yr 3 year Alpha AMP Rolling 5-year Excess Return vs. JPM Corp EM Bond Index 5 yr 5 year Alpha AMP - 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 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Excess vs 5yr Excess vs AMP AMP Current Quarter Prior Quarter Status Good Standing

225 Exhibit 16 Prudential EM Debt Blend - Composite Data, Gross of Fees June 30, 2017 Performance Analysis (Composite Data Gross of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (07/15) Product Return % JPM EMBI / 50% JPM GBI-EM Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (12/07) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (12/07) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) Rolling 3-year Excess Return vs. Custom EMD Benchmark 3 yr 3 year Alpha AMP Rolling 5-year Excess Return vs. Custom EMD Benchmark 5 yr 5 year Alpha AMP Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Status Good Standing

226 17 Mesirow Exhibit 8/11/2017 Small Cap Value Equity Firm Overview Firm Information Address 353 North Clark Street Address --- City Chicago State/Province Illinois Zip/Postal Code Country United States Website Phone Year Founded 1974 Firm Key Facts AUM $103, Accounts 9703 Portfolio Mgrs/Dual Role PMs --- Analysts --- % Employee Owned 89.00% Total Employees --- Legal Structure Private Corporation Account and AUM Information AUM Accounts Total $103, Total 9703 Taxable $6, Taxable 4395 Tax-Exempt $97, Tax-Exempt 5308 Institutional $98, Institutional 1808 Ownership and Compliance Information Ownership Info % Employee Owned 89.00% % Parent Owned --- % Publicly Held 0.00% % Minority Owned 31.30% % Female Owned 7.10% Accts Gained # of Accts (MRQ) 46 # of Accts (1 Year) 62 $ in Millions (MRQ) $2, $ in Millions (1 Year) $5, % of Assets 2.90% Accts Lost # of Accts (MRQ) 28 # of Accts (1 Year) 40 $ in Millions (MRQ) $2, $ in Millions (1 Year) $1, % of Assets 2.65% Marketing Contact Info First Name James Last Name Kilbane Phone jkilbane@mesirowfinancial.com Office Locations City Chicago State/Province Illinois Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Mesirow Mesirow 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 for independent 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, 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. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

227 17 Mesirow Exhibit 8/11/2017 Small Cap Value Equity Product Overview Product Facts Primary 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 Product Key Facts Primary Equity Capitalization Small Cap Primary Equity Style Emphasis Value Preferred Benchmark Russell 2000 Value Accounts 18 Investment Focus Long Only Account and AUM Information AUM Total $1, Accounts Total 18 Taxable $0.00 Taxable 0 Tax-Exempt $1, Tax-Exempt 18 Institutional $1, Team Description Portfolio Mgrs/Dual Role PMs 2 Avg Yrs Exp Avg Yrs w/firm 1.00 Research Analysts 5 Avg Yrs Exp Avg Yrs w/firm 1.00 Team Description Traders 3 Avg Yrs Exp Avg Yrs w/firm 1.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.45 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $4.70 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary 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 Fundamental Characteristics Current Cash Position 3.35% Annual Turnover (LTM) % Current P/E (12 mo Trailing) 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% $ Billion 0.00% $ Billion 91.30% $ Billion 8.70% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % 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% Product- Account Types Corporate 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 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

228 17 EARNEST Partners, LLC Exhibit 8/11/2017 Mid Cap Core Firm Overview Firm Information Address 1180 Peachtree St. Address Suite 2300 City Atlanta State/Province Georgia Zip/Postal Code Country United States Website Phone Year Founded 1998 Firm Key Facts AUM $20, Accounts 217 Portfolio Mgrs/Dual Role PMs 16 Analysts --- % Employee Owned % Total Employees 46 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $20, Total 217 Taxable $5, Taxable 50 Tax-Exempt $15, Tax-Exempt 167 Institutional $20, Institutional 217 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 60.00% % Female Owned 0.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 7 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 5 # of Accts (1 Year) 20 $ in Millions (MRQ) $ $ in Millions (1 Year) $1, % of Assets 0.55% Marketing Contact Info First Name Patmon Last Name Malcom Phone patmonmalcom@earnestpartners.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Atlanta Georgia Beijing China Centro - Rio de Janeiro Brazil Jackson United States Firm Background Narrative Firm Background EARNEST Partners, LLC The firm was founded and registered with the SEC 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

229 17 EARNEST Partners, LLC Exhibit 8/11/2017 Mid Cap Core Product Overview Product Facts Primary Universe evestment US Mid Cap Core Equity Geographic Region United States Inception Date 11/01/2003 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Mid Cap Primary Equity Style Emphasis Core Preferred Benchmark Russell MidCap Accounts 17 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 17 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 17 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs 12 Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders 3 Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 3 # of Accts (1 Year) 3 $ in Millions (MRQ) $52.00 $ in Millions (1 Year) $ % of Assets 6.30% Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Analyst Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Product Characteristics Strategy Snapshot Primary Equity Capitalization Mid Cap Primary Equity Style Emphasis Core Preferred Benchmark Russell MidCap Secondary Equity Style Emphasis Relative Value Current # of Holdings 56 Foreign Securities Utilized? No Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts 0.00% Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position --- Annual Turnover (LTM) 20.00% Current P/E (12 mo Trailing) Current P/B 3.20 Current P/S (12 mo Trailing) 1.50 Earnings Growth (Past 5 Yrs) 8.00% Wgtd. Avg. Mkt. Cap $18,593 Median Mkt. Cap $11,783 Market Capitalization Breakdown >$50 Billion 5.14% $15-50 Billion 36.99% $ Billion 36.06% $ Billion 21.81% $ Billion 0.00% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc. 7.35% Consumer Staples 0.00% 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% Product- Account Types Corporate 2 Superannuation 0 Public Fund 7 Union/Multi-Employer 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 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

230 17 Channing Capital Management, LLC Exhibit 8/11/2017 Channing Mid-Cap Value Firm Overview Firm Information Address 10 South LaSalle Street, Suite 2401 Address --- City Chicago State/Province Illinois Zip/Postal Code Country United States Website Phone Year Founded 2003 Firm Key Facts AUM $2, Accounts 49 Portfolio Mgrs/Dual Role PMs 4 Analysts 4 % Employee Owned 94.00% Total Employees 17 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $2, Total 49 Taxable $ Taxable 2 Tax-Exempt $2, Tax-Exempt 47 Institutional $2, Institutional 48 Ownership and Compliance Information Ownership Info % Employee Owned 94.00% % Parent Owned --- % Publicly Held --- % Minority Owned % % Female Owned --- Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 11 $ in Millions (MRQ) $4.30 $ in Millions (1 Year) $ % of Assets 0.15% Accts Lost # of Accts (MRQ) 6 # of Accts (1 Year) 2 $ in Millions (MRQ) $62.60 $ in Millions (1 Year) $84.20 % of Assets 2.19% Marketing Contact Info First Name Rodney Last Name Herenton Phone rherenton@channingcapital.com Office Locations City Chicago State/Province Illinois Secondary Office #1: City Atlanta Secondary Office #1: State United States Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Channing Capital Management, LLC Channing Capital Management, LCC (Channing) was founded in 2003 and became a SEC registered investment advisory firm on September 26, The firm was incorporated in the State of Delaware 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 in Chicago, 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 Value product launch on June 29, The total firm-wide assets exceed $2.0 billion. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

231 17 Channing Capital Management, LLC Exhibit 8/11/2017 Channing Mid-Cap Value Product Overview Product Facts Primary Universe evestment US Mid Cap Value Equity Geographic Region United States Inception Date 06/30/2004 Asset Class Equity Product Domicile --- Product Structure --- Product Key Facts Primary Equity Capitalization Mid Cap Primary Equity Style Emphasis Value Preferred Benchmark Russell MidCap Value Accounts 5 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 5 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 5 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Accts Lost # of Accts (MRQ) --- # of Accts (1 Year) 2 $ in Millions (MRQ) --- $ in Millions (1 Year) $84.20 % of Assets --- Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) 0 Gained (MRQ) --- Gained (2013) 0 Analyst Turnover Lost (MRQ) --- Lost (2013) 0 Gained (MRQ) --- Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Mid Cap Primary Equity Style Emphasis Value Preferred Benchmark Russell MidCap Value Secondary Equity Style Emphasis Relative Value Current # of Holdings 44 Foreign Securities Utilized? No Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position 3.00% Annual Turnover (LTM) 24.88% Current P/E (12 mo Trailing) Current P/B 2.60 Current P/S (12 mo Trailing) 2.80 Earnings Growth (Past 5 Yrs) 7.20% Wgtd. Avg. Mkt. Cap $13 Median Mkt. Cap $10 Market Capitalization Breakdown >$50 Billion 0.00% $15-50 Billion 31.00% $ Billion 34.00% $ Billion 33.00% $ Billion 2.00% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 2.58% 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% Product- Account Types Corporate 1 Superannuation 0 Public Fund 3 Union/Multi-Employer 0 Found. & Endow. 1 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

232 17 T. Rowe Price Group, Inc. Exhibit 8/11/2017 US Structured Research Equity Strategy Firm Overview Firm Information Address 100 E Pratt Street Address --- City Baltimore State/Province Maryland Zip/Postal Code Country United States Website Phone Year Founded 1937 Firm Key Facts AUM $903, Accounts 2042 Portfolio Mgrs/Dual Role PMs 123 Analysts 247 % Employee Owned 17.00% Total Employees 6744 Legal Structure Public Corporation Account and AUM Information AUM Accounts Total $903, Total 2042 Taxable $715, Taxable 1198 Tax-Exempt $187, Tax-Exempt 844 Institutional $372, Institutional 1367 Ownership and Compliance Information Ownership Info % Employee Owned 17.00% % Parent Owned 0.00% % Publicly Held 83.00% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 42 # of Accts (1 Year) 97 $ in Millions (MRQ) $ $ in Millions (1 Year) $4, % of Assets 0.12% Accts Lost # of Accts (MRQ) 14 # of Accts (1 Year) 73 $ in Millions (MRQ) $1, $ in Millions (1 Year) $6, % of Assets 0.13% Marketing Contact Info First Name Chip Last Name Wendler Phone chip_wendler@troweprice.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Baltimore Maryland Owings Mills Maryland London England Hong Kong China Firm Background Narrative 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 to develop 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 opportunity to serve. The following outlines key dates in the history of the organization: 1937 T. Rowe Price founded in Baltimore, Maryland, USA T. Rowe Price is incorporated in the State of Maryland. T. Rowe Price registers with the SEC under the Investment Advisers Act of Launches first U.S.-registered mutual fund - the T. Rowe Price Growth Stock Fund First institutional segregated account client Launches dedicated small-cap stock mutual fund, the T. Rowe Price New Horizons Fund, one of the first in the U.S Launches dedicated natural resources fund, today the oldest and largest in the U.S T. Rowe Price establishes the Fixed Income Division to complement its well-known equity management capabilities T. Rowe Price Retirement Plan Services pioneers defined contribution plan management with inception of first retirement accounts 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 USdomiciled investors T. Rowe Price is the first investment firm to provide full-service, defined contribution plan services T. Rowe Price establishes a management committee to run the firm T. Rowe Price initial public offering, trading on the NASDAQ Stock Market under the symbol "TROW" Launches a dedicated mid-cap fund, the first in the U.S Achieves $100 billion* in assets under management 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 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 is registered as an investment adviser with the United Kingdom's regulatory authority (the FSA) in January Launches the T. Rowe Price Funds SICAV, domiciled in Luxembourg, for institutional investors and financial intermediaries outside the U.S Achieves $200 billion* in assets under management Achieves $300 billion* in assets under management 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 vice chairman. 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 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

233 17 T. Rowe Price Group, Inc. Exhibit 8/11/2017 US Structured Research Equity Strategy Product Overview Product Facts Primary Universe evestment US Enhanced S&P 500 Equity Geographic Region United States Inception Date 05/31/1999 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Enhanced Index Preferred Benchmark S&P 500 Accounts 35 Investment Focus Long Only Account and AUM Information AUM Total $25, Accounts Total 35 Taxable $13, Taxable 7 Tax-Exempt $12, Tax-Exempt 28 Institutional $24, Team Description Portfolio Mgrs/Dual Role PMs 3 Avg Yrs Exp Avg Yrs w/firm Research Analysts 26 Avg Yrs Exp Avg Yrs w/firm 7.00 Team Description Traders 27 Avg Yrs Exp Avg Yrs w/firm Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost Portfolio Manager Turnover # of Accts (MRQ) 0 Lost (MRQ) 0 # of Accts (1 Year) 12 Lost (2013) 0 $ in Millions (MRQ) $0.00 Gained (MRQ) 0 $ in Millions (1 Year) $3, Gained (2013) 0 % of Assets 0.00% Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Enhanced Index Preferred Benchmark S&P 500 Secondary Equity Style Emphasis None Current # of Holdings 250 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? Yes Available Under ESG? Yes Fundamental Characteristics Current Cash Position 0.70% Annual Turnover (LTM) 28.90% Current P/E (12 mo Trailing) Current P/B 4.34 Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) 8.38% Wgtd. Avg. Mkt. Cap $169,371 Median Mkt. Cap $32,707 Market Capitalization Breakdown >$50 Billion 62.68% $15-50 Billion 27.75% $ Billion 7.85% $ Billion 1.72% $ Billion 0.00% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 8.53% 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% Product- Account Types Corporate 12 Superannuation 0 Public Fund 11 Union/Multi-Employer 0 Found. & Endow. 2 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 4 Other 6 Defined Contribution 1 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

234 17 CastleArk Management, LLC Exhibit 8/11/2017 CastleArk Small Company Growth Firm Overview Firm Information Address 1 N. Wacker Drive Address Suite 3950 City Chicago State/Province Illinois Zip/Postal Code Country United States Website CastleArk.com Phone Year Founded 1999 Firm Key Facts AUM $3, Accounts 45 Portfolio Mgrs/Dual Role PMs 6 Analysts 7 % Employee Owned % Total Employees 32 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $3, Total 45 Taxable $16.00 Taxable 3 Tax-Exempt $3, Tax-Exempt 42 Institutional $3, Institutional 42 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned --- % Publicly Held --- % Minority Owned 11.00% % Female Owned 2.00% Accts Gained # of Accts (MRQ) 2 # of Accts (1 Year) 2 $ in Millions (MRQ) $27.00 $ in Millions (1 Year) $37.00 % of Assets 0.76% Accts Lost # of Accts (MRQ) 4 # of Accts (1 Year) 6 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 4.26% Marketing Contact Info First Name CastleArk Last Name Marketing Phone marketing@castleark.com Office Locations City Chicago State/Province Illinois Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background CastleArk Management, LLC CastleArk 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, to purchase 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 investment professionals: 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 employee owners 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 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

235 17 CastleArk Management, LLC Exhibit 8/11/2017 CastleArk Small Company Growth Product Overview Product Facts Primary Universe evestment US Small Cap Growth Equity Geographic Region United States Inception Date 06/01/2007 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Small Cap Primary Equity Style Emphasis Growth Preferred Benchmark Russell 2000 Growth Accounts 12 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 12 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 12 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs 2 Avg Yrs Exp Avg Yrs w/firm 9.00 Research Analysts 3 Avg Yrs Exp 5.00 Avg Yrs w/firm 4.00 Team Description Traders 2 Avg Yrs Exp 9.00 Avg Yrs w/firm 9.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) 0 Gained (MRQ) --- Gained (2013) 0 Analyst Turnover Lost (MRQ) --- Lost (2013) 0 Gained (MRQ) --- Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Small Cap Primary Equity Style Emphasis Growth Preferred Benchmark Russell 2000 Growth Secondary Equity Style Emphasis Pure Growth Current # of Holdings 108 Foreign Securities Utilized? No Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts 0.00% Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position 1.10% Annual Turnover (LTM) --- Current P/E (12 mo Trailing) Current P/B 3.91 Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) 14.63% Wgtd. Avg. Mkt. Cap $2,863 Median Mkt. Cap $2,551 Market Capitalization Breakdown >$50 Billion 0.00% $15-50 Billion 0.00% $ Billion 2.72% $ Billion 74.55% $ Billion 18.11% $ Million 3.84% <$400 Million 0.78% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 0.81% 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% Product- Account Types Corporate 2 Superannuation 0 Public Fund 6 Union/Multi-Employer 2 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 2 Other 0 Defined Contribution --- Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

236 17 Piedmont Investment Advisors, LLC Exhibit 8/11/2017 Market Plus Firm Overview Firm Information Address 2605 Meridian Parkway Address Suite 105 City Durham State/Province North Carolina Zip/Postal Code Country United States Website Phone Year Founded 2000 Firm Key Facts AUM $6, Accounts 51 Portfolio Mgrs/Dual Role PMs --- Analysts --- % Employee Owned % Total Employees --- Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $6, Total 51 Taxable $ Taxable 10 Tax-Exempt $5, Tax-Exempt 41 Institutional $6, Institutional 44 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned --- % Publicly Held --- % Minority Owned 94.17% % Female Owned 25.27% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 4 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Marketing Contact Info First Name Clarissa Last Name Parker Phone cparker@piedmontinvestment.com Office Locations City Durham State/Province North Carolina Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Piedmont Investment Advisors, LLC Piedmont Investment Advisors, LLC (Piedmont) was organized as a North Carolina Limited Liability Company on August 1, We are a professional money management firm located in Durham, 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 assets as of March 31, 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 of Dedication, 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 their clients. 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 balance between 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 they can 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 to have a clear understanding of what we will do with their portfolios and what constitutes an appropriate definition of success. Firm Highlights: : Our Risk-Aware Philosophy and Three-Pronged Investment Process Drove the Growth of the Firm Piedmont 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 single source of insights, but rather, our process extracts value from the combination of three investment disciplines: quantitative, fundamental, and macro. Accordingly, Piedmont employs a collaborative investment process where all investment professionals come together in multiple forums to develop a firm-wide macro strategy and to discuss quantitative and fundamental research 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 In 2007, CalPERS (working in partnership with Legato Capital Management) purchased a 21.09% minority ownership stake in Piedmont Investment Advisors as a part of their Manager Development Program II. 2009: US Department of the Treasury Contract In 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 had four 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 firm Rosemont 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 Engagement Piedmont 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 major Southeast 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 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

237 17 Piedmont Investment Advisors, LLC Exhibit 8/11/2017 Market Plus Product Overview Product Facts Primary Universe evestment US Enhanced S&P 500 Equity Geographic Region United States Inception Date 12/31/2001 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Enhanced Index Preferred Benchmark S&P 500 Accounts 5 Investment Focus Enhanced Index Account and AUM Information AUM Total $ Accounts Total 5 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 5 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) 0 Gained (MRQ) --- Gained (2013) 0 Analyst Turnover Lost (MRQ) --- Lost (2013) 0 Gained (MRQ) --- Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Enhanced Index Preferred Benchmark S&P 500 Secondary Equity Style Emphasis --- Current # of Holdings --- Foreign Securities Utilized? --- Approach Towards Currency Hedging --- % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position --- Annual Turnover (LTM) --- Current P/E (12 mo Trailing) --- Current P/B --- Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) --- Wgtd. Avg. Mkt. Cap --- Median Mkt. Cap --- Market Capitalization Breakdown >$50 Billion --- $15-50 Billion --- $ Billion --- $ Billion --- $ Billion --- $ Million --- <$400 Million --- Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc. --- Consumer Staples --- Energy --- Financials --- Health Care --- Industrials --- Technology --- Materials --- Telecom --- Utilities --- Other --- Real Estate --- Product- Account Types Corporate 0 Superannuation 0 Public Fund 4 Union/Multi-Employer 1 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

238 17 Ativo Capital Management Exhibit 8/11/2017 Ativo International AC ex US Firm Overview Firm Information Address 120 N. La Salle Street Address Suite 2150 City Chicago State/Province Illinois Zip/Postal Code Country United States Website Phone Year Founded 2001 Firm Key Facts AUM $2, Accounts 74 Portfolio Mgrs/Dual Role PMs 3 Analysts 1 % Employee Owned % Total Employees 15 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $2, Total 74 Taxable $0.78 Taxable 26 Tax-Exempt $2, Tax-Exempt 48 Institutional $2, Institutional 48 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 97.89% % Female Owned 0.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Marketing Contact Info First Name Michael Last Name Brooks Phone mbrooks@ativocapital.com Office Locations City Chicago State/Province Illinois Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Ativo Capital Management Ativo 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 institutional clients. 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 an emphasis 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 important factors. 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 principals at 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 Minority Development Council. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

239 17 Ativo Capital Management Exhibit 8/11/2017 Ativo International AC ex US Product Overview Product Facts Primary Universe evestment ACWI ex-us All Cap Core Equity Geographic Region ACWI Ex-US Inception Date 04/01/2007 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI ACWI ex-us-nd Accounts 11 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 11 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 11 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs 3 Avg Yrs Exp Avg Yrs w/firm Research Analysts 1 Avg Yrs Exp Avg Yrs w/firm 6.00 Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fundamental Characteristics Primary Equity Capitalization All Cap Current Cash Position 1.10% Primary Equity Style Emphasis Core Annual Turnover (LTM) 65.75% Preferred Benchmark MSCI ACWI ex-us-nd Current P/E (12 mo Trailing) Secondary Equity Style Emphasis GARP Current P/B 2.00 Current # of Holdings 100 Current P/S (12 mo Trailing) --- Foreign Securities Utilized? Yes Earnings Growth (Past 5 Yrs) --- Approach Towards Currency Hedging Not Used Wgtd. Avg. Mkt. Cap $28,767 % Hedged to Local Currency --- Median Mkt. Cap $12,378 Max % Allowed in Emerging Mkts 30.00% Derivitives Utilized? No Available Under ESG? No Market Capitalization Breakdown >$50 Billion 19.44% $15-50 Billion 38.80% $ Billion 23.48% $ Billion 16.12% $ Billion 2.15% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 5.98% 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% Product- Account Types Corporate 0 Superannuation 0 Public Fund 4 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 7 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

240 17 Fidelity Institutional Asset Management Exhibit 8/11/2017 Select International Plus Firm Overview Firm Information Address 245 Summer Street Address --- City Boston State/Province Massachusetts Zip/Postal Code Country United States Website institutional.fidelity.com Phone Year Founded 2005 Firm Key Facts AUM $157, Accounts 1385 Portfolio Mgrs/Dual Role PMs 194 Analysts 420 % Employee Owned 0.00% Total Employees 826 Legal Structure --- Account and AUM Information AUM Accounts Total $157, Total 1385 Taxable $24, Taxable 141 Tax-Exempt $133, Tax-Exempt 1244 Institutional $153, Institutional 1376 Ownership and Compliance Information Ownership Info % Employee Owned 0.00% % Parent Owned % % Publicly Held 0.00% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 62 # of Accts (1 Year) 152 $ in Millions (MRQ) $ $ in Millions (1 Year) $14, % of Assets 0.62% Accts Lost # of Accts (MRQ) 19 # of Accts (1 Year) 123 $ in Millions (MRQ) $1, $ in Millions (1 Year) $17, % of Assets 1.37% Marketing Contact Info First Name Gregory Last Name Ciosek Phone fiam.consultant.support@fmr.com Office Locations City Boston State/Province Massachusetts Secondary Office #1: City Smithfield, RI Secondary Office #1: State United States Secondary Office #2: City Merrimack, NH Secondary Office #2: State United States Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Fidelity Institutional Asset Management Fidelity Institutional Asset Management (FIAM) is an organization dedicated to meeting the unique needs of the institutional marketplace. As part of the Fidelity organization, FIAM leverages Fidelity 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 Global Advisors (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 client servicing 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., mutual funds, 529 plans, Variable Insurance Products, etc.) to national broker/dealers, regionals and independent broker/dealers, banks, trust companies, registered investment advisors (RIAs) and insurance 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 and client 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 client service 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 Global Asset Allocation divisions. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

241 17 Fidelity Institutional Asset Management Exhibit 8/11/2017 Select International Plus Product Overview Product Facts Primary Universe evestment ACWI ex-us Large Cap Core Equity Geographic Region ACWI Ex-US Inception Date 10/31/2008 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI ACWI ex-us-nd Accounts 9 Investment Focus Long Only Account and AUM Information AUM Total $1, Accounts Total 9 Taxable $0.00 Taxable 0 Tax-Exempt $1, Tax-Exempt 9 Institutional $1, Team Description Portfolio Mgrs/Dual Role PMs 3 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Research Analysts 203 Avg Yrs Exp 0.00 Avg Yrs w/firm 6.00 Team Description Traders 52 Avg Yrs Exp 0.00 Avg Yrs w/firm Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 4 Lost (2013) 4 Gained (MRQ) 1 Gained (2013) 0 Product Characteristics Strategy Snapshot Fundamental Characteristics Primary Equity Capitalization Large Cap Current Cash Position 2.08% Primary Equity Style Emphasis Core Annual Turnover (LTM) --- Preferred Benchmark MSCI ACWI ex-us-nd Current P/E (12 mo Trailing) Secondary Equity Style Emphasis GARP Current P/B 2.00 Current # of Holdings 346 Current P/S (12 mo Trailing) 1.57 Foreign Securities Utilized? --- Earnings Growth (Past 5 Yrs) 6.37% Approach Towards Currency Hedging --- Wgtd. Avg. Mkt. Cap $63,079 % Hedged to Local Currency --- Median Mkt. Cap $19,170 Max % Allowed in Emerging Mkts --- Derivitives Utilized? No Available Under ESG? Yes Market Capitalization Breakdown >$50 Billion 38.00% $15-50 Billion 34.19% $ Billion 13.88% $ Billion 13.52% $ Billion 0.39% $ Million 0.03% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 10.43% 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% Product- Account Types Corporate 6 Superannuation 0 Public Fund 3 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 1 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

242 17 GlobeFlex Capital, L.P. Exhibit 8/11/2017 GlobeFlex ACWI ex-u.s. Firm Overview Firm Information Address 4365 Executive Drive Address Suite 720 City San Diego State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1994 Firm Key Facts AUM $4, Accounts 45 Portfolio Mgrs/Dual Role PMs 6 Analysts 4 % Employee Owned 91.00% Total Employees 28 Legal Structure Other Account and AUM Information AUM Accounts Total $4, Total 45 Taxable $ Taxable 12 Tax-Exempt $3, Tax-Exempt 33 Institutional $4, Institutional 45 Ownership and Compliance Information Ownership Info % Employee Owned 91.00% % Parent Owned --- % Publicly Held --- % Minority Owned 63.30% % Female Owned 54.30% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 3 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 2 # of Accts (1 Year) 4 $ in Millions (MRQ) $16.00 $ in Millions (1 Year) $ % of Assets 0.46% Marketing Contact Info First Name Noah Last Name Bretz Phone nbretz@globeflex.com Office Locations City San Diego State/Province California Secondary Office #1: City Boston Secondary Office #1: State United States Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative 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-owned and 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 and quantitative investment research, data gathering expertise, and technology development. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

243 17 GlobeFlex Capital, L.P. Exhibit 8/11/2017 GlobeFlex ACWI ex-u.s. Product Overview Product Facts Primary Universe evestment ACWI ex-us All Cap Core Equity Geographic Region ACWI Ex-US Inception Date 03/01/2010 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI ACWI ex-us-gd Accounts 3 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 3 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 3 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs 6 Avg Yrs Exp Avg Yrs w/firm Research Analysts 4 Avg Yrs Exp Avg Yrs w/firm 2.00 Team Description Traders 0 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fundamental Characteristics Primary Equity Capitalization All Cap Current Cash Position 1.90% Primary Equity Style Emphasis Core Annual Turnover (LTM) % Preferred Benchmark MSCI ACWI ex-us-gd Current P/E (12 mo Trailing) Secondary Equity Style Emphasis GARP Current P/B 1.80 Current # of Holdings 171 Current P/S (12 mo Trailing) 1.20 Foreign Securities Utilized? Yes Earnings Growth (Past 5 Yrs) 10.90% Approach Towards Currency Hedging Not Used Wgtd. Avg. Mkt. Cap $30,110 % Hedged to Local Currency 0.00% Median Mkt. Cap $9,932 Max % Allowed in Emerging Mkts 30.00% Derivitives Utilized? --- Available Under ESG? Yes Market Capitalization Breakdown >$50 Billion 18.20% $15-50 Billion 23.60% $ Billion 23.00% $ Billion 31.60% $ Billion 2.30% $ Million 1.10% <$400 Million 0.20% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 4.10% 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% Product- Account Types Corporate 0 Superannuation 0 Public Fund 3 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution --- Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

244 17 Progress Exhibit 8/11/2017 Non-US Equity Firm Overview Firm Information Address 33 New Montgomery Street Address Suite 1900 City San Francisco State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1990 Firm Key Facts AUM $6, Accounts 28 Portfolio Mgrs/Dual Role PMs 4 Analysts 6 % Employee Owned % Total Employees 35 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $6, Total 28 Taxable $0.00 Taxable 0 Tax-Exempt $6, Tax-Exempt 28 Institutional $6, Institutional 28 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned % % Female Owned 35.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 2 $ in Millions (MRQ) $50.00 $ in Millions (1 Year) $ % of Assets 0.64% Accts Lost # of Accts (MRQ) 7 # of Accts (1 Year) 2 $ in Millions (MRQ) $1, $ in Millions (1 Year) $ % of Assets 18.48% Marketing Contact Info First Name Linda Last Name Cornett Phone lcornett@progressinvestment.com Office Locations City San Francisco State/Province California Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Progress Progress was founded in 1990 as an independent, minority- and employee-owned Registered Investment Advisor. As a manager of emerging managers, Progress offers customized investment solutions to institutional clients seeking innovative sources of alpha. By investing in emerging managers, Progress creates diversified, risk-controlled portfolios while providing expert access to undiscovered 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 providing liquidity 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 in 2001, 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 subsidiary of Bank of America, which acquired Fleet Boston Financial. Progress achieved the acquisition with the assistance of an outside institutional investor, the Massachusetts Bay Transportation Authority 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, becoming 100% employee-owned, and remains so to this day. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

245 17 Progress Exhibit 8/11/2017 Non-US Equity Product Overview Product Facts Primary Universe evestment EAFE All Cap Core Equity Geographic Region EAFE Inception Date 01/01/2005 Asset Class Equity Product Domicile --- Product Structure Fund of Funds Product Key Facts Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Accounts --- Investment Focus Long Only Account and AUM Information AUM Total --- Accounts Total --- Taxable --- Taxable --- Tax-Exempt --- Tax-Exempt --- Institutional --- Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Accts Lost # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Analyst Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Product Characteristics Strategy Snapshot Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Secondary Equity Style Emphasis --- Current # of Holdings --- Foreign Securities Utilized? --- Approach Towards Currency Hedging --- % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position --- Annual Turnover (LTM) --- Current P/E (12 mo Trailing) --- Current P/B --- Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) --- Wgtd. Avg. Mkt. Cap --- Median Mkt. Cap --- Market Capitalization Breakdown >$50 Billion --- $15-50 Billion --- $ Billion --- $ Billion --- $ Billion --- $ Million --- <$400 Million --- Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc. --- Consumer Staples --- Energy --- Financials --- Health Care --- Industrials --- Technology --- Materials --- Telecom --- Utilities --- Other --- Real Estate --- Product- Account Types Corporate --- Superannuation --- Public Fund --- Union/Multi-Employer --- Found. & Endow. --- Healthcare --- High Net Worth --- Insurance --- Wrap Account --- Sub-Advised --- Other --- Defined Contribution --- Supranationals --- Sovereign Wealth --- 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

246 17 Strategic Global Advisors, LLC Exhibit 8/11/2017 International Equity Firm Overview Firm Information Address 100 Bayview Circle, Suite 650 Address --- City Newport Beach State/Province California Zip/Postal Code Country United States Website Phone Year Founded 2005 Firm Key Facts AUM $3, Accounts 44 Portfolio Mgrs/Dual Role PMs 5 Analysts 4 % Employee Owned 57.30% Total Employees 21 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $3, Total 44 Taxable $ Taxable 13 Tax-Exempt $3, Tax-Exempt 31 Institutional $3, Institutional 44 Ownership and Compliance Information Ownership Info % Employee Owned 57.30% % Parent Owned --- % Publicly Held --- % Minority Owned 64.70% % Female Owned 64.70% Accts Gained # of Accts (MRQ) 2 # of Accts (1 Year) 10 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 8.99% Accts Lost # of Accts (MRQ) 1 # of Accts (1 Year) 1 $ in Millions (MRQ) $ $ in Millions (1 Year) $55.30 % of Assets 4.16% Marketing Contact Info First Name Sam Last Name King Phone sking@sgadvisors.com Office Locations City Newport Beach State/Province California Secondary Office #1: City Chicago Secondary Office #1: State Illinois Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Strategic Global Advisors, LLC Strategic 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 would combine 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 previously developed 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 the team 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 Advisory Committee 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 In exchange for a non-voting equity stake in the firm (of less than 25%), Nile assists SGA in developing customized 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 firm day-to-day decisions. Individuals affiliated with the Nile Capital Fund, LP have significant asset management experience spanning the areas of marketing and distribution, operations, risk management, compliance and asset management. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

247 17 Strategic Global Advisors, LLC Exhibit 8/11/2017 International Equity Product Overview Product Facts Primary Universe evestment EAFE Large Cap Core Equity Geographic Region EAFE Inception Date 11/30/2005 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Accounts 13 Investment Focus Long Only Account and AUM Information AUM Total $1, Accounts Total 13 Taxable $13.80 Taxable 3 Tax-Exempt $1, Tax-Exempt 10 Institutional $1, Team Description Portfolio Mgrs/Dual Role PMs 5 Avg Yrs Exp Avg Yrs w/firm 9.00 Research Analysts 4 Avg Yrs Exp 7.00 Avg Yrs w/firm 1.00 Team Description Traders 1 Avg Yrs Exp Avg Yrs w/firm 0.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 2 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Secondary Equity Style Emphasis Relative Value Current # of Holdings 147 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts 15.00% Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position 0.85% Annual Turnover (LTM) 43.22% Current P/E (12 mo Trailing) Current P/B 1.84 Current P/S (12 mo Trailing) 1.30 Earnings Growth (Past 5 Yrs) --- Wgtd. Avg. Mkt. Cap $39,577 Median Mkt. Cap $17,239 Market Capitalization Breakdown >$50 Billion 22.34% $15-50 Billion 41.40% $ Billion 23.75% $ Billion 11.66% $ Billion 0.00% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 10.79% 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% Product- Account Types Corporate 1 Superannuation 0 Public Fund 5 Union/Multi-Employer 0 Found. & Endow. 1 Healthcare 0 High Net Worth 3 Insurance 0 Wrap Account 0 Sub-Advised 1 Other 2 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

248 17 BlackRock Exhibit 8/11/2017 International Alpha Tilts Firm Overview Firm Information Address 55 East 52nd Street Address --- City New York State/Province New York Zip/Postal Code Country United States Website Phone Year Founded 1988 Firm Key Facts AUM $5,689, Accounts Portfolio Mgrs/Dual Role PMs --- Analysts --- % Employee Owned 0.00% Total Employees --- Legal Structure Public Corporation Account and AUM Information AUM Accounts Total $5,689, Total Taxable $3,180, Taxable Tax-Exempt $2,509, Tax-Exempt Institutional $3,577, Institutional Ownership and Compliance Information Ownership Info % Employee Owned 0.00% % Parent Owned 0.00% % Publicly Held 78.70% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 1685 # of Accts (1 Year) 88 $ in Millions (MRQ) $193, $ in Millions (1 Year) $19, % of Assets 3.77% Accts Lost # of Accts (MRQ) 1451 # of Accts (1 Year) 30 $ in Millions (MRQ) $153, $ in Millions (1 Year) $8, % of Assets 2.98% Marketing Contact Info First Name Sean Last Name Swesey Phone ICBGCRDataManagement@blackrock.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State New York New York San Francisco United States London United Kingdom Boston United States Firm Background Narrative Firm Background BlackRock BlackRock is a premier provider of global investment management services. BlackRock manages assets across equity, fixed income, alternatives, multi-asset, and cash management strategies for institutional and retail clients. Through BlackRock Solutions ( BRS ), the firm provides risk management and advisory services that combine capital markets expertise with internallydeveloped 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 dedication to 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 would distinguish 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 and analytical 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 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 core investment competencies. These acquisitions strengthened BlackRock's products and services mix with more offerings in equity, multi-asset products and alternatives, and greatly expanded the firm'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 ) in 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 institutional assets. 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 solutions platform. 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 individual investors globally. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

249 17 BlackRock Exhibit 8/11/2017 International Alpha Tilts Product Overview Product Facts Primary Universe evestment EAFE Large Cap Core Equity Geographic Region EAFE Inception Date 01/31/1996 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Accounts 13 Investment Focus Long Only Account and AUM Information AUM Total $1, Accounts Total 13 Taxable $0.00 Taxable 0 Tax-Exempt $1, Tax-Exempt 13 Institutional $1, Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $11.20 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) 2 Gained (MRQ) --- Gained (2013) 1 Analyst Turnover Lost (MRQ) --- Lost (2013) 1 Gained (MRQ) --- Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Secondary Equity Style Emphasis None Current # of Holdings 440 Foreign Securities Utilized? --- Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? Yes Available Under ESG? No Fundamental Characteristics Current Cash Position --- Annual Turnover (LTM) --- Current P/E (12 mo Trailing) Current P/B 1.74 Current P/S (12 mo Trailing) 1.08 Earnings Growth (Past 5 Yrs) 8.25% Wgtd. Avg. Mkt. Cap $45,250 Median Mkt. Cap $10,778 Market Capitalization Breakdown >$50 Billion 28.99% $15-50 Billion 35.10% $ Billion 20.30% $ Billion 15.45% $ Billion 0.14% $ Million 0.00% <$400 Million 0.02% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 9.68% 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% Product- Account Types Corporate --- Superannuation --- Public Fund --- Union/Multi-Employer --- Found. & Endow. --- Healthcare --- High Net Worth --- Insurance --- Wrap Account --- Sub-Advised --- Other --- Defined Contribution --- Supranationals --- Sovereign Wealth --- 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

250 17 Mondrian Investment Partners Limited Exhibit 8/11/2017 Global All Countries World Equity Firm Overview Firm Information Address Fifth Floor, 10 Gresham Street Address --- City London State/Province England Zip/Postal Code EC2V 7JD Country United Kingdom Website Phone Year Founded 1990 Firm Key Facts AUM $61, Accounts 170 Portfolio Mgrs/Dual Role PMs 42 Analysts 4 % Employee Owned % Total Employees 65 Legal Structure --- Account and AUM Information AUM Accounts Total $61, Total 170 Taxable $8, Taxable 34 Tax-Exempt $52, Tax-Exempt 136 Institutional $61, Institutional 170 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 3 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 5 # of Accts (1 Year) 16 $ in Millions (MRQ) $1, $ in Millions (1 Year) $1, % of Assets 0.00% Marketing Contact Info First Name Peter Last Name Riviello Phone peter.riviello@mondrian.com Office Locations City London State/Province England Secondary Office #1: City Philadelphia Secondary Office #1: State Pennsylvania Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Mondrian Investment Partners Limited Mondrian 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 Delaware International 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 of Mondrian by the employee partnership to 100%. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

251 17 Mondrian Investment Partners Limited Exhibit 8/11/2017 Global All Countries World Equity Product Overview Product Facts Primary Universe evestment Global Large Cap Value Equity Geographic Region Global Inception Date 01/01/2009 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Mid-Large Cap Primary Equity Style Emphasis Value Preferred Benchmark MSCI ACWI-ND Accounts 4 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 4 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 4 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs 18 Avg Yrs Exp Avg Yrs w/firm Research Analysts 1 Avg Yrs Exp 1.00 Avg Yrs w/firm 1.00 Team Description Traders 4 Avg Yrs Exp Avg Yrs w/firm Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 1 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Mid-Large Cap Primary Equity Style Emphasis Value Preferred Benchmark MSCI ACWI-ND Secondary Equity Style Emphasis Dividend Focused Current # of Holdings 61 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Defensive % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? Yes Available Under ESG? Yes Fundamental Characteristics Current Cash Position 0.26% Annual Turnover (LTM) --- Current P/E (12 mo Trailing) Current P/B 1.78 Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) --- Wgtd. Avg. Mkt. Cap $104,903 Median Mkt. Cap $9,325 Market Capitalization Breakdown >$50 Billion 49.88% $15-50 Billion 26.41% $ Billion 10.75% $ Billion 11.54% $ Billion 1.42% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 11.31% 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% Product- Account Types Corporate 1 Superannuation 0 Public Fund 1 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 1 Other 1 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

252 17 Wellington Management Company LLP Exhibit 8/11/2017 Global Research Equity Firm Overview Firm Information Address 280 Congress Street Address --- City Boston State/Province Massachusetts Zip/Postal Code Country United States Website Phone Year Founded 1928 Firm Key Facts AUM $1,021, Accounts 2163 Portfolio Mgrs/Dual Role PMs 135 Analysts 413 % Employee Owned % Total Employees 2374 Legal Structure Private Limited Liability Partnership (LLP) Account and AUM Information AUM Accounts Total $1,021, Total 2163 Taxable $682, Taxable 984 Tax-Exempt $339, Tax-Exempt 1179 Institutional $1,021, Institutional 2163 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned --- % Publicly Held --- % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 48 # of Accts (1 Year) 185 $ in Millions (MRQ) $5, $ in Millions (1 Year) $8, % of Assets 0.51% Accts Lost # of Accts (MRQ) 7 # of Accts (1 Year) 198 $ in Millions (MRQ) $ $ in Millions (1 Year) $16, % of Assets 0.03% Marketing Contact Info First Name Jeet Last Name Rehal Phone mig@wellington.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Boston Massachusetts London England Tokyo Japan Sydney Australia Firm Background Narrative Firm Background Wellington Management Company LLP With 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 Our singular 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 to respond 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 our clients' portfolios. We trace our roots to the founding of the Wellington Fund in 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 and health care institutions; investment advisory firms; private investment offices; and high-net-worth individuals. Important dates and events in Wellington Management s history are: 1928 Wellington Fund is established as the first balanced mutual fund in the United States Wellington Management Company is incorporated Wellington Management merges with Thorndike, Doran, Paine, and Lewis, an independent investment counseling firm founded in Boston, Massachusetts, in Wellington Management is purchased by its key employees and a partnership structure is established Wellington Trust Company, NA receives charter as a national bank by the US Office of the Comptroller of the Currency Our London-based affiliate is established Our Singapore office is established The Tokyo and Sydney offices start operation 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

253 17 Wellington Management Company LLP Exhibit 8/11/2017 Global Research Equity Product Overview Product Facts Primary Universe evestment Global All Cap Core Equity Geographic Region Global Inception Date 12/31/1995 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI World-GD Accounts 26 Investment Focus Long Only Account and AUM Information AUM Total $14, Accounts Total 26 Taxable $ Taxable 1 Tax-Exempt $14, Tax-Exempt 25 Institutional $14, Team Description Portfolio Mgrs/Dual Role PMs 0 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Research Analysts 55 Avg Yrs Exp Avg Yrs w/firm Team Description Traders 0 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 3 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 2 # of Accts (1 Year) 3 $ in Millions (MRQ) $16.00 $ in Millions (1 Year) $ % of Assets 0.13% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI World-GD Secondary Equity Style Emphasis None Current # of Holdings 299 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Defensive % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? Yes Available Under ESG? Yes Fundamental Characteristics Current Cash Position 1.00% Annual Turnover (LTM) 69.00% Current P/E (12 mo Trailing) Current P/B 2.50 Current P/S (12 mo Trailing) 1.80 Earnings Growth (Past 5 Yrs) 10.90% Wgtd. Avg. Mkt. Cap $89,871 Median Mkt. Cap $21,097 Market Capitalization Breakdown >$50 Billion 43.00% $15-50 Billion 30.00% $ Billion 15.00% $ Billion 10.00% $ Billion 1.00% $ Million 1.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc. 9.00% Consumer Staples 11.00% 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% Product- Account Types Corporate 11 Superannuation 0 Public Fund 12 Union/Multi-Employer 0 Found. & Endow. 2 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 1 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

254 17 TRP Exhibit 8/11/2017 Glob Foc Gr Firm Overview Firm Information Address 100 E Pratt Street Address --- City Baltimore State/Province Maryland Zip/Postal Code Country United States Website Phone Year Founded 1937 Firm Key Facts AUM $903, Accounts 2042 Portfolio Mgrs/Dual Role PMs 123 Analysts 247 % Employee Owned 17.00% Total Employees 6744 Legal Structure Public Corporation Account and AUM Information AUM Accounts Total $903, Total 2042 Taxable $715, Taxable 1198 Tax-Exempt $187, Tax-Exempt 844 Institutional $372, Institutional 1367 Ownership and Compliance Information Ownership Info % Employee Owned 17.00% % Parent Owned 0.00% % Publicly Held 83.00% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 42 # of Accts (1 Year) 97 $ in Millions (MRQ) $ $ in Millions (1 Year) $4, % of Assets 0.12% Accts Lost # of Accts (MRQ) 14 # of Accts (1 Year) 73 $ in Millions (MRQ) $1, $ in Millions (1 Year) $6, % of Assets 0.13% Marketing Contact Info First Name Chip Last Name Wendler Phone chip_wendler@troweprice.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Baltimore Maryland Owings Mills Maryland London England Hong Kong China Firm Background Narrative Firm Background TRP 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 to develop 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 opportunity to serve. The following outlines key dates in the history of the organization: 1937 T. Rowe Price founded in Baltimore, Maryland, USA T. Rowe Price is incorporated in the State of Maryland. T. Rowe Price registers with the SEC under the Investment Advisers Act of Launches first U.S.-registered mutual fund - the T. Rowe Price Growth Stock Fund First institutional segregated account client Launches dedicated small-cap stock mutual fund, the T. Rowe Price New Horizons Fund, one of the first in the U.S Launches dedicated natural resources fund, today the oldest and largest in the U.S T. Rowe Price establishes the Fixed Income Division to complement its well-known equity management capabilities T. Rowe Price Retirement Plan Services pioneers defined contribution plan management with inception of first retirement accounts 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 USdomiciled investors T. Rowe Price is the first investment firm to provide full-service, defined contribution plan services T. Rowe Price establishes a management committee to run the firm T. Rowe Price initial public offering, trading on the NASDAQ Stock Market under the symbol "TROW" Launches a dedicated mid-cap fund, the first in the U.S Achieves $100 billion* in assets under management 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 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 is registered as an investment adviser with the United Kingdom's regulatory authority (the FSA) in January Launches the T. Rowe Price Funds SICAV, domiciled in Luxembourg, for institutional investors and financial intermediaries outside the U.S Achieves $200 billion* in assets under management Achieves $300 billion* in assets under management 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 vice chairman. 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 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

255 17 TRP Exhibit 8/11/2017 Glob Foc Gr Product Overview Product Facts Primary Universe evestment Global All Cap Growth Equity Geographic Region Global Inception Date 01/31/1996 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization All Cap Primary Equity Style Emphasis Growth Preferred Benchmark MSCI ACWI-GD Accounts 20 Investment Focus Long Only Account and AUM Information AUM Total $6, Accounts Total 20 Taxable $2, Taxable 11 Tax-Exempt $4, Tax-Exempt 9 Institutional $5, Team Description Portfolio Mgrs/Dual Role PMs 2 Avg Yrs Exp Avg Yrs w/firm Research Analysts 156 Avg Yrs Exp 9.00 Avg Yrs w/firm 5.00 Team Description Traders 27 Avg Yrs Exp Avg Yrs w/firm Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 0 $ in Millions (MRQ) $ $ in Millions (1 Year) $0.00 % of Assets 2.30% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 2 Lost (2013) 3 Gained (MRQ) 7 Gained (2013) 2 Product Characteristics Strategy Snapshot Primary Equity Capitalization All Cap Primary Equity Style Emphasis Growth Preferred Benchmark MSCI ACWI-GD Secondary Equity Style Emphasis None Current # of Holdings 67 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position 0.63% Annual Turnover (LTM) % Current P/E (12 mo Trailing) Current P/B 4.39 Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) --- Wgtd. Avg. Mkt. Cap $119,408 Median Mkt. Cap $34,451 Market Capitalization Breakdown >$50 Billion 48.08% $15-50 Billion 34.97% $ Billion 6.27% $ Billion 10.13% $ Billion 0.55% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 5.52% 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% Product- Account Types Corporate 9 Superannuation 0 Public Fund 3 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 2 Other 6 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

256 17 Pugh Capital Management, Inc. Exhibit 8/11/2017 Core Fixed Income Firm Overview Firm Information Address 520 Pike Tower Address Suite 2900 City Seattle State/Province Washington Zip/Postal Code Country United States Website Phone Year Founded 1991 Firm Key Facts AUM $4, Accounts 45 Portfolio Mgrs/Dual Role PMs 6 Analysts 6 % Employee Owned % Total Employees 21 Legal Structure Private S-Type Corporation Account and AUM Information AUM Accounts Total $4, Total 45 Taxable $ Taxable 1 Tax-Exempt $4, Tax-Exempt 44 Institutional $4, Institutional 45 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 75.00% % Female Owned 75.00% Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 2 $ in Millions (MRQ) $34.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 1 # of Accts (1 Year) 0 $ in Millions (MRQ) $ $ in Millions (1 Year) $0.00 % of Assets 0.00% Marketing Contact Info First Name Deanna Last Name Hobson Phone dhobson@pughcapital.com Office Locations City Seattle State/Province Washington Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative 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, 1991 and 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 Over the past 20 years the firm has grown organically through cultivating existing client relationships and by gaining 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. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

257 17 Pugh Capital Management, Inc. Exhibit 8/11/2017 Core Fixed Income Product Overview Product Facts Primary Universe evestment US Core Fixed Income Geographic Region United States Inception Date 03/31/1994 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 26 Investment Focus Long Only Account and AUM Information AUM Total $2, Accounts Total 26 Taxable $ Taxable 1 Tax-Exempt $2, Tax-Exempt 25 Institutional $2, Team Description Portfolio Mgrs/Dual Role PMs 6 Avg Yrs Exp Avg Yrs w/firm Research Analysts 6 Avg Yrs Exp Avg Yrs w/firm 6.00 Team Description Traders 0 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Risk Monitors 0 Avg Yrs Exp 0 Avg Yrs w/firm 0.00 Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $53.26 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $29.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 1 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue --- Portfolio Holdings (Typical) 110 Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Core/All Durations Core/Aggregate Bloomberg Barclays US Aggregate Not Used No Yes Fundamental Characteristics Current Cash Position 0.48% Annual Turnover (LTM) --- 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 AA Duration Breakdown Duration < 1 Yr 3.33% Duration 1-3 Yrs 26.43% Duration 3-5 Yrs 33.32% Duration 5-7 Yrs 13.53% Duration 7-10 Yrs 8.45% Duration Yrs 14.94% Duration > 20 Yrs 0.00% Regional Allocation North America % 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 % Credit Quality Government 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% Product- Account Types Corporate 8 Superannuation 0 Public Fund 14 Union/Multi-Employer 0 Found. & Endow. 2 Healthcare 2 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 1 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

258 Smith Graham & Co., Investment Advisors, L.P. Alpha Plus Firm Information Address 600 Travis, 6900 JPMorgan Chase Tower Address --- City Houston State/Province Texas Zip/Postal Code Country United States Website Phone Year Founded 1990 Exhibit 17 8/11/2017 Firm Key Facts AUM Firm Overview $5, Accounts 86 Portfolio Mgrs/Dual Role PMs 6 Analysts 4 % Employee Owned 93.00% Total Employees 28 Legal Structure Partnership Account and AUM Information AUM Accounts Total $5, Total 86 Taxable $ Taxable 3 Tax-Exempt $5, Tax-Exempt 83 Institutional $5, Institutional 86 Ownership and Compliance Information Ownership Info % Employee Owned 93.00% % Parent Owned --- % Publicly Held --- % Minority Owned 94.00% % Female Owned 3.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 2 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 8 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Marketing Contact Info First Name Lynda Last Name DiBari Phone ldibari@smithgraham.com Office Locations City Houston State/Province Texas Secondary Office #1: City New York Secondary Office #1: State New York Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative 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 managing institutional assets. Smith Graham is an independent, employee-owned, limited partnership. It is not affiliated with any other company or entity. Smith Graham has discretionary management responsibility for approximately $6 billion in assets. The firm has been registered with the SEC since March, 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 Small Cap Value, Midcap Value and SMID Cap Value products are located in the New York office. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

259 Smith Graham & Co., Investment Advisors, L.P. Alpha Plus Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 01/01/2004 Asset Class Fixed Income Product Domicile --- Product Structure --- Product Key Facts Preferred Benchmark Accounts 1 Investment Focus Long Only Bloomberg Barclays US Aggregate Exhibit 17 8/11/2017 Product Overview Account and AUM Information AUM Total $ Accounts Total 1 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 1 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs 4 Avg Yrs Exp Avg Yrs w/firm 5.00 Research Analysts 2 Avg Yrs Exp Avg Yrs w/firm 5.00 Team Description Traders 4 Avg Yrs Exp Avg Yrs w/firm 5.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue --- Portfolio Holdings (Typical) 97 Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Core/All Durations Core Plus Bloomberg Barclays US Aggregate Not Used Yes No Fundamental Characteristics Current Cash Position 4.54% Annual Turnover (LTM) 94.00% Current # of Bond Issues 135 Effective Duration (Yrs) 5.86 Average Maturity (Yrs) 7.93 Yield to Maturity 2.62% Current Term Structure --- Average Quality Issue AA Duration Breakdown Duration < 1 Yr 7.00% Duration 1-3 Yrs 19.00% Duration 3-5 Yrs 35.00% Duration 5-7 Yrs 13.00% Duration 7-10 Yrs 11.00% Duration Yrs 14.00% Duration > 20 Yrs 1.00% Regional Allocation North America % 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 % Credit Quality Government Guaranteed: Current 26.70% AAA/Aaa: Current 26.20% AA/Aa: Current 7.10% A: Current 17.00% BBB/Baa: Current 20.00% BB/Ba: Current 3.00% B: Current --- CCC/Caa: Current --- CC/Ca: Current --- C: Current --- Distressed Debt: Current --- Not Rated: Current --- Other: Current --- Product- Account Types Corporate 0 Superannuation 0 Public Fund 1 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution --- Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

260 17 LM Capital Group, LLC Exhibit 8/11/2017 Opportunistic Core Firm Overview Firm Information Address 750 B Street, Suite 3010 Address --- City San Diego State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1989 Firm Key Facts AUM $4, Accounts 29 Portfolio Mgrs/Dual Role PMs 4 Analysts 3 % Employee Owned % Total Employees 17 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $4, Total 29 Taxable $19.70 Taxable 2 Tax-Exempt $4, Tax-Exempt 27 Institutional $4, Institutional 29 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned --- % Publicly Held --- % Minority Owned % % Female Owned 2.00% Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 3 $ in Millions (MRQ) $30.00 $ in Millions (1 Year) $ % of Assets 0.60% Accts Lost # of Accts (MRQ) 2 # of Accts (1 Year) 2 $ in Millions (MRQ) $90.15 $ in Millions (1 Year) $92.50 % of Assets 1.81% Marketing Contact Info First Name Laura Last Name Hightower Phone lhightower@lmcapital.com Office Locations City San Diego State/Province California Secondary Office #1: City Miami Secondary Office #1: State Florida Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background LM Capital Group, LLC LM 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 management services 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 what it believes to be the most attractive investment opportunities available. The firm is a 100% employee owned, minority (Hispanic) business, employed by public funds, corporations and foundations nationwide. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

261 17 LM Capital Group, LLC Exhibit 8/11/2017 Opportunistic Core Product Overview Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 01/01/1993 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 15 Investment Focus Long Only Account and AUM Information AUM Total $3, Accounts Total 15 Taxable $0.00 Taxable 0 Tax-Exempt $3, Tax-Exempt 15 Institutional $3, Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) --- # of Accts (1 Year) 1 $ in Millions (MRQ) --- $ in Millions (1 Year) $70.00 % of Assets --- Accts Lost # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Analyst Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue --- Portfolio Holdings (Typical) --- Approach Towards Currency Hedging --- Derivitives Utilized? Available Under ESG? Core/All Durations Core Plus Bloomberg Barclays US Aggregate No Yes Fundamental Characteristics Current Cash Position --- Annual Turnover (LTM) --- Current # of Bond Issues --- Effective Duration (Yrs) --- Average Maturity (Yrs) --- Yield to Maturity --- Current Term Structure --- Average Quality Issue --- Duration Breakdown Duration < 1 Yr --- Duration 1-3 Yrs --- Duration 3-5 Yrs --- Duration 5-7 Yrs --- Duration 7-10 Yrs --- Duration Yrs --- Duration > 20 Yrs --- Regional Allocation North America --- United Kingdom --- Continental Europe --- Japan --- Asia ex-japan --- Emerging Mkts. --- Other --- Total Dev. Markets --- Credit Quality Government Guaranteed: Current --- AAA/Aaa: Current --- AA/Aa: Current --- A: Current --- BBB/Baa: Current --- BB/Ba: Current --- B: Current --- CCC/Caa: Current --- CC/Ca: Current --- C: Current --- Distressed Debt: Current --- Not Rated: Current --- Other: Current --- Product- Account Types Corporate 1 Superannuation 0 Public Fund 13 Union/Multi-Employer 1 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

262 17 PIMCO Exhibit 8/11/2017 Core Plus - Total Return Full Authority Firm Overview Firm Information Address 650 Newport Center Dr Address --- City Newport Beach State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1971 Firm Key Facts AUM $1,615, Accounts 2026 Portfolio Mgrs/Dual Role PMs 223 Analysts 124 % Employee Owned --- Total Employees 2176 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $1,615, Total 2026 Taxable $1,253, Taxable 985 Tax-Exempt $362, Tax-Exempt 1041 Institutional $1,463, Institutional 2022 Ownership and Compliance Information Ownership Info % Employee Owned --- % Parent Owned --- % Publicly Held --- % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Accts Lost # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Marketing Contact Info First Name Michael Last Name Saracco Phone Michael.Saracco@pimco.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Newport Beach California New York New York London England Tokyo Japan Firm Background Narrative Firm Background PIMCO Pacific Investment Management Company LLC ( PIMCO )* was founded in Newport Beach, California in PIMCO is one of the world's largest fixed income managers, with a presence in every 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, and investment 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 rich investment 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 delivering value 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. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

263 17 PIMCO Exhibit 8/11/2017 Core Plus - Total Return Full Authority Product Overview Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 03/08/1971 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 176 Investment Focus Long Only Account and AUM Information AUM Total $150, Accounts Total 176 Taxable $120, Taxable 37 Tax-Exempt $29, Tax-Exempt 139 Institutional $130, Team Description Portfolio Mgrs/Dual Role PMs 225 Avg Yrs Exp Avg Yrs w/firm 8.00 Research Analysts 124 Avg Yrs Exp Avg Yrs w/firm 6.00 Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Accts Lost # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Portfolio Manager Turnover Lost (MRQ) 7 Lost (2013) 7 Gained (MRQ) 2 Gained (2013) 1 Analyst Turnover Lost (MRQ) 0 Lost (2013) 5 Gained (MRQ) 9 Gained (2013) 2 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) --- Approach Towards Currency Hedging --- Derivitives Utilized? --- Available Under ESG? Intermediate Core Plus Bloomberg Barclays US Aggregate B Yes Fundamental Characteristics Current Cash Position % Annual Turnover (LTM) 45.00% Current # of Bond Issues 100 Effective Duration (Yrs) 5.08 Average Maturity (Yrs) 7.64 Yield to Maturity 3.49% Current Term Structure --- Average Quality Issue AA Duration Breakdown Duration < 1 Yr -7.00% Duration 1-3 Yrs 8.00% Duration 3-5 Yrs 35.00% Duration 5-7 Yrs 46.00% Duration 7-10 Yrs % Duration Yrs 36.00% Duration > 20 Yrs -2.00% Regional Allocation North America % United Kingdom % Continental Europe -7.30% Japan % Asia ex-japan -0.10% Emerging Mkts. 0.50% Other 0.70% Total Dev. Markets 99.50% Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 72.00% AA/Aa: Current 8.00% A: Current 7.00% BBB/Baa: Current 5.00% BB/Ba: Current 3.00% B: Current 2.00% CCC/Caa: Current 3.00% CC/Ca: Current 0.00% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 55 Superannuation 0 Public Fund 32 Union/Multi-Employer 19 Found. & Endow. 12 Healthcare 10 High Net Worth 2 Insurance 6 Wrap Account 1 Sub-Advised 28 Other 11 Defined Contribution 32 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

264 17 TCW Exhibit 8/11/2017 TCW Core Plus Fixed Income Firm Overview Firm Information Address 865 South Figueroa Street Address --- City Los Angeles State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1971 Firm Key Facts AUM $196, Accounts 570 Portfolio Mgrs/Dual Role PMs --- Analysts --- % Employee Owned 40.00% Total Employees --- Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $196, Total 570 Taxable $14, Taxable 77 Tax-Exempt $182, Tax-Exempt 493 Institutional $99, Institutional 522 Ownership and Compliance Information Ownership Info % Employee Owned 40.00% % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 0.00% % Female Owned 0.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 50 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $10, % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 26 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $5, % of Assets 0.00% Marketing Contact Info First Name Leah Last Name Kirste Phone Leah.Kirste@tcw.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Los Angeles California New York New York Boston Massachusetts London United Kingdom Firm Background Narrative Firm Background TCW Founded 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 clients include 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 of international 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 footprint for 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 asset manager. 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 TCW Group, 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 management and 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 that TCW 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 billion financial 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 2010 acquisition of MetWest by TCW, employee ownership has continued to increase. Today, approximately 150 employees, including most of TCW s key decision-making investment and other professionals, 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 s clients, and creates a cohesive ownership culture. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

265 17 TCW Exhibit 8/11/2017 TCW Core Plus Fixed Income Product Overview Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 08/01/1996 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 83 Investment Focus Long Only Account and AUM Information AUM Total $101, Accounts Total 83 Taxable $7, Taxable 7 Tax-Exempt $93, Tax-Exempt 76 Institutional $22, Team Description Portfolio Mgrs/Dual Role PMs 10 Avg Yrs Exp Avg Yrs w/firm Research Analysts 39 Avg Yrs Exp Avg Yrs w/firm 7.00 Team Description Traders 15 Avg Yrs Exp Avg Yrs w/firm 8.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 23 $ in Millions (MRQ) $77.78 $ in Millions (1 Year) $4, % of Assets 0.08% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $26.30 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 1 Lost (2013) 2 Gained (MRQ) 1 Gained (2013) 1 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue --- Portfolio Holdings (Typical) 85 Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Intermediate Core Plus Bloomberg Barclays US Aggregate Not Used Yes Yes Fundamental Characteristics Current Cash Position 0.81% Annual Turnover (LTM) --- Current # of Bond Issues --- Effective Duration (Yrs) 5.62 Average Maturity (Yrs) 7.23 Yield to Maturity 2.77% Current Term Structure --- Average Quality Issue AA Duration Breakdown Duration < 1 Yr 22.68% Duration 1-3 Yrs 6.73% Duration 3-5 Yrs 37.74% Duration 5-7 Yrs 13.35% Duration 7-10 Yrs 8.49% Duration Yrs 5.57% Duration > 20 Yrs 5.44% Regional Allocation North America 93.81% United Kingdom 0.71% Continental Europe 1.03% Japan 3.79% Asia ex-japan 0.55% Emerging Mkts. 0.00% Other 0.00% Total Dev. Markets % Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 61.01% AA/Aa: Current 6.24% A: Current 18.17% BBB/Baa: Current 9.80% BB/Ba: Current 1.86% B: Current 0.51% CCC/Caa: Current 2.41% CC/Ca: Current 0.00% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 23 Superannuation 0 Public Fund 14 Union/Multi-Employer 13 Found. & Endow. 5 Healthcare 13 High Net Worth 1 Insurance 2 Wrap Account 0 Sub-Advised 9 Other 3 Defined Contribution 8 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

266 17 Garcia Hamilton & Associates, L.P. Exhibit 8/11/2017 Fixed Income - Aggregate Firm Overview Firm Information Address Five Houston Center Address 1401 McKinney Street, Suite 1600 City Houston State/Province Texas Zip/Postal Code Country United States Website Phone Year Founded 1988 Firm Key Facts AUM $9, Accounts 262 Portfolio Mgrs/Dual Role PMs 8 Analysts 4 % Employee Owned % Total Employees 32 Legal Structure Private Limited Liability Partnership (LLP) Account and AUM Information AUM Accounts Total $9, Total 262 Taxable $ Taxable 12 Tax-Exempt $9, Tax-Exempt 250 Institutional $9, Institutional 253 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 91.00% % Female Owned 46.00% Accts Gained # of Accts (MRQ) 9 # of Accts (1 Year) 39 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 4.20% Accts Lost # of Accts (MRQ) 3 # of Accts (1 Year) 8 $ in Millions (MRQ) $49.00 $ in Millions (1 Year) $ % of Assets 0.61% Marketing Contact Info First Name Ruby Last Name Dang Phone ruby@dhja.com Office Locations City Houston State/Province Texas Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative 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 trusteed plans, 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 Hispanic partners. 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, the firm celebrated 25 years of asset management services. Furthermore, GH&A has received recognition. In 2014 Garcia Hamilton & Associates was named Fixed Income Investment Grade Manager of the Year by Institutional Investor. In 2015 Institutional Investor awarded us the Intermediate-Term Manager of the Year. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

267 17 Garcia Hamilton & Associates, L.P. Exhibit 8/11/2017 Fixed Income - Aggregate Product Overview Product Facts Primary Universe evestment US Core Fixed Income Geographic Region United States Inception Date 12/31/1991 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 162 Investment Focus Long Only Account and AUM Information AUM Total $6, Accounts Total 162 Taxable $ Taxable 6 Tax-Exempt $6, Tax-Exempt 156 Institutional $6, Team Description Portfolio Mgrs/Dual Role PMs 7 Avg Yrs Exp Avg Yrs w/firm Research Analysts 4 Avg Yrs Exp Avg Yrs w/firm 1.00 Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 7 # of Accts (1 Year) 29 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 4.84% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 2 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $40.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 1 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) 40 Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Core/All Durations Core/Aggregate Bloomberg Barclays US Aggregate A Not Used No Yes Fundamental Characteristics Current Cash Position 0.20% Annual Turnover (LTM) 80.84% Current # of Bond Issues 32 Effective Duration (Yrs) 4.65 Average Maturity (Yrs) 6.50 Yield to Maturity 1.97% Current Term Structure Barbell Average Quality Issue AA Duration Breakdown Duration < 1 Yr 60.00% Duration 1-3 Yrs 5.30% Duration 3-5 Yrs 10.90% Duration 5-7 Yrs 0.00% Duration 7-10 Yrs 3.50% Duration Yrs 0.00% Duration > 20 Yrs 20.30% Regional Allocation North America % 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 % Credit Quality Government Guaranteed: Current 72.62% AAA/Aaa: Current 0.00% AA/Aa: Current 0.00% A: Current 26.39% BBB/Baa: Current 0.99% 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% Product- Account Types Corporate 31 Superannuation 0 Public Fund 85 Union/Multi-Employer 9 Found. & Endow. 28 Healthcare 0 High Net Worth 2 Insurance 5 Wrap Account 0 Sub-Advised 2 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

268 17 Progress Exhibit 8/11/2017 US Fixed Income Firm Overview Firm Information Address 33 New Montgomery Street Address Suite 1900 City San Francisco State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1990 Firm Key Facts AUM $6, Accounts 28 Portfolio Mgrs/Dual Role PMs 4 Analysts 6 % Employee Owned % Total Employees 35 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $6, Total 28 Taxable $0.00 Taxable 0 Tax-Exempt $6, Tax-Exempt 28 Institutional $6, Institutional 28 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned % % Female Owned 35.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 2 $ in Millions (MRQ) $50.00 $ in Millions (1 Year) $ % of Assets 0.64% Accts Lost # of Accts (MRQ) 7 # of Accts (1 Year) 2 $ in Millions (MRQ) $1, $ in Millions (1 Year) $ % of Assets 18.48% Marketing Contact Info First Name Linda Last Name Cornett Phone lcornett@progressinvestment.com Office Locations City San Francisco State/Province California Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Progress Progress was founded in 1990 as an independent, minority- and employee-owned Registered Investment Advisor. As a manager of emerging managers, Progress offers customized investment solutions to institutional clients seeking innovative sources of alpha. By investing in emerging managers, Progress creates diversified, risk-controlled portfolios while providing expert access to undiscovered 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 providing liquidity 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 in 2001, 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 subsidiary of Bank of America, which acquired Fleet Boston Financial. Progress achieved the acquisition with the assistance of an outside institutional investor, the Massachusetts Bay Transportation Authority 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, becoming 100% employee-owned, and remains so to this day. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

269 17 Progress Exhibit 8/11/2017 US Fixed Income Product Overview Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 01/01/2005 Asset Class Fixed Income Product Domicile --- Product Structure Fund of Funds Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 7 Investment Focus Long Only Account and AUM Information AUM Total $2, Accounts Total 7 Taxable $0.00 Taxable 0 Tax-Exempt $2, Tax-Exempt 7 Institutional $2, Team Description Portfolio Mgrs/Dual Role PMs 2 Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts 2 Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders 0 Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors 1 Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $50.00 $ in Millions (1 Year) $ % of Assets 2.63% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $50.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Analyst Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) --- Approach Towards Currency Hedging --- Derivitives Utilized? Available Under ESG? Core/All Durations Core/Aggregate Bloomberg Barclays US Aggregate C No Yes Fundamental Characteristics Current Cash Position 1.98% Annual Turnover (LTM) --- Current # of Bond Issues 1402 Effective Duration (Yrs) 5.51 Average Maturity (Yrs) 8.20 Yield to Maturity 3.07% Current Term Structure Barbell Average Quality Issue A Duration Breakdown Duration < 1 Yr 15.48% Duration 1-3 Yrs 23.12% Duration 3-5 Yrs 23.66% Duration 5-7 Yrs 14.31% Duration 7-10 Yrs 8.44% Duration Yrs 14.97% Duration > 20 Yrs 0.02% Regional Allocation North America % 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 % Credit Quality Government Guaranteed: Current --- AAA/Aaa: Current 27.54% AA/Aa: Current 32.66% A: Current 11.17% BBB/Baa: Current 18.13% BB/Ba: Current 3.95% B: Current 4.48% CCC/Caa: Current 0.57% CC/Ca: Current 0.01% C: Current --- Distressed Debt: Current --- Not Rated: Current 1.49% Other: Current --- Product- Account Types Corporate 1 Superannuation 0 Public Fund 5 Union/Multi-Employer 0 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 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

270 17 Neuberger Berman Exhibit 8/11/2017 Core Plus Firm Overview Firm Information Address 1290 Avenue of the Americas Address --- City New York State/Province New York Zip/Postal Code Country United States Website Phone Year Founded 1939 Firm Key Facts AUM $270, Accounts Portfolio Mgrs/Dual Role PMs 190 Analysts 233 % Employee Owned % Total Employees 1909 Legal Structure Private Corporation Account and AUM Information AUM Accounts Total $270, Total Taxable $156, Taxable Tax-Exempt $114, Tax-Exempt Institutional $174, Institutional Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 13 # of Accts (1 Year) 51 $ in Millions (MRQ) $1, $ in Millions (1 Year) $10, % of Assets 0.45% Accts Lost # of Accts (MRQ) 7 # of Accts (1 Year) 44 $ in Millions (MRQ) $1, $ in Millions (1 Year) $3, % of Assets 0.48% Marketing Contact Info First Name Matthew Last Name Malloy Phone matthew.malloy@nb.comm Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State New York New York Chicago Illinois Dallas Texas London England Firm Background Narrative Firm Background Neuberger Berman From 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 expanded capabilities 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 and grew, 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. In 1971, 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 institutional investors. 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. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

271 17 Neuberger Berman Exhibit 8/11/2017 Core Plus Product Overview Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 10/01/1998 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 10 Investment Focus Long Only Account and AUM Information AUM Total $3, Accounts Total 10 Taxable $2, Taxable 2 Tax-Exempt $1, Tax-Exempt 8 Institutional $3, Team Description Portfolio Mgrs/Dual Role PMs 8 Avg Yrs Exp Avg Yrs w/firm Research Analysts 60 Avg Yrs Exp Avg Yrs w/firm 6.00 Team Description Traders 11 Avg Yrs Exp Avg Yrs w/firm 9.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 1 Gained (MRQ) 2 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) 250 Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Core/All Durations Core Plus Bloomberg Barclays US Aggregate C Not Used Yes Yes Fundamental Characteristics Current Cash Position 1.42% Annual Turnover (LTM) % Current # of Bond Issues 263 Effective Duration (Yrs) 5.52 Average Maturity (Yrs) 7.97 Yield to Maturity 3.22% Current Term Structure --- Average Quality Issue A Duration Breakdown Duration < 1 Yr 8.94% Duration 1-3 Yrs 10.53% Duration 3-5 Yrs 39.99% Duration 5-7 Yrs 10.95% Duration 7-10 Yrs 14.59% Duration Yrs 15.01% Duration > 20 Yrs 0.00% Regional Allocation North America 96.06% United Kingdom 0.65% Continental Europe 2.39% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. 0.39% Other 0.39% Total Dev. Markets 99.61% Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 51.15% AA/Aa: Current 2.09% A: Current 7.94% BBB/Baa: Current 21.18% BB/Ba: Current 2.50% B: Current 14.97% CCC/Caa: Current 0.17% CC/Ca: Current 0.00% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 2 Superannuation 0 Public Fund 4 Union/Multi-Employer 1 Found. & Endow. 2 Healthcare 0 High Net Worth 0 Insurance 1 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

272 17 PIMCO Exhibit 8/11/2017 Unconstrained Bond Firm Overview Firm Information Address 650 Newport Center Dr Address --- City Newport Beach State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1971 Firm Key Facts AUM $1,615, Accounts 2026 Portfolio Mgrs/Dual Role PMs 223 Analysts 124 % Employee Owned --- Total Employees 2176 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $1,615, Total 2026 Taxable $1,253, Taxable 985 Tax-Exempt $362, Tax-Exempt 1041 Institutional $1,463, Institutional 2022 Ownership and Compliance Information Ownership Info % Employee Owned --- % Parent Owned --- % Publicly Held --- % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Accts Lost # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Marketing Contact Info First Name Michael Last Name Saracco Phone Michael.Saracco@pimco.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Newport Beach California New York New York London England Tokyo Japan Firm Background Narrative Firm Background PIMCO Pacific Investment Management Company LLC ( PIMCO )* was founded in Newport Beach, California in PIMCO is one of the world's largest fixed income managers, with a presence in every 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, and investment 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 rich investment 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 delivering value 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. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

273 17 PIMCO Exhibit 8/11/2017 Unconstrained Bond Product Overview Product Facts Primary Universe evestment Global Unconstrained Fixed Income Geographic Region Global Inception Date 08/04/2005 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark LIBOR - 3 Month Accounts 39 Investment Focus Long Only Account and AUM Information AUM Total $11, Accounts Total 39 Taxable $7, Taxable 13 Tax-Exempt $3, Tax-Exempt 26 Institutional $10, Team Description Portfolio Mgrs/Dual Role PMs 5 Avg Yrs Exp Avg Yrs w/firm 9.00 Research Analysts 124 Avg Yrs Exp Avg Yrs w/firm 6.00 Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Accts Lost # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 5 Gained (MRQ) 9 Gained (2013) 2 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Core/All Durations Fixed Income Style Emphasis Other Preferred Benchmark LIBOR - 3 Month Minimum Quality Issue BBB Portfolio Holdings (Typical) --- Approach Towards Currency Hedging --- Derivitives Utilized? --- Available Under ESG? Yes Fundamental Characteristics Current Cash Position 64.54% Annual Turnover (LTM) 45.00% Current # of Bond Issues 100 Effective Duration (Yrs) 1.31 Average Maturity (Yrs) 1.81 Yield to Maturity 3.18% Current Term Structure --- Average Quality Issue A Duration Breakdown Duration < 1 Yr % Duration 1-3 Yrs % Duration 3-5 Yrs % Duration 5-7 Yrs % Duration 7-10 Yrs % Duration Yrs 13.00% Duration > 20 Yrs % Regional Allocation North America % United Kingdom -5.50% Continental Europe % Japan % Asia ex-japan 4.20% Emerging Mkts. 3.50% Other 3.40% Total Dev. Markets 96.50% Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 47.00% AA/Aa: Current 5.00% A: Current 12.00% BBB/Baa: Current 11.00% BB/Ba: Current 5.00% B: Current 2.00% CCC/Caa: Current 18.00% CC/Ca: Current 0.00% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 7 Superannuation 0 Public Fund 11 Union/Multi-Employer 0 Found. & Endow. 4 Healthcare 3 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 4 Other 10 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

274 17 BlueBay Asset Management LLP Exhibit 8/11/2017 BlueBay Emerging Market Select Strategy Firm Overview Firm Information Address 77 Grosvenor Street Address --- City London State/Province England Zip/Postal Code W1K 3JR Country United Kingdom Website Phone Year Founded 2001 Firm Key Facts AUM $53, Accounts 1470 Portfolio Mgrs/Dual Role PMs 46 Analysts 38 % Employee Owned 0.00% Total Employees 376 Legal Structure Private Limited Liability Partnership (LLP) Account and AUM Information AUM Accounts Total $53, Total 1470 Taxable $0.00 Taxable 0 Tax-Exempt $53, Tax-Exempt 1470 Institutional $32, Institutional 422 Ownership and Compliance Information Ownership Info % Employee Owned 0.00% % Parent Owned % % Publicly Held 0.00% % Minority Owned 0.00% % Female Owned 0.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $ $ in Millions (1 Year) $0.00 % of Assets 0.49% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $ $ in Millions (1 Year) $0.00 % of Assets 0.59% Marketing Contact Info First Name Cenk Last Name Turkinan Phone cturkinan@bluebayinvest.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State London England Stamford Connecticut Tokyo Japan Hong Kong Hong Kong Firm Background Narrative Firm Background BlueBay Asset Management LLP BlueBay 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 asset management. 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 active management, 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 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

275 17 BlueBay Asset Management LLP Exhibit 8/11/2017 BlueBay Emerging Market Select Strategy Product Overview Product Facts Primary Universe Geographic Region evestment Emerging Mkts Fixed Income - Blended Currency Global Emg Mkts Inception Date 11/30/2006 Asset Class Fixed Income Product Domicile --- Account Product and AUM Information Structure Direct Investment AUM Accounts Total $3, Taxable $0.00 Tax-Exempt $3, Institutional $3, Total 62 Taxable 0 Tax-Exempt 62 Team Description Product Key Facts Preferred Benchmark Accounts 62 Investment Focus Portfolio Mgrs/Dual Role PMs 9 Avg Yrs Exp Avg Yrs w/firm 9.00 Research Analysts 8 Avg Yrs Exp Avg Yrs w/firm % JPM EMBI Global Div & 50% JPM GBI- EM Glbl Div Long Only Team Description Traders 5 Avg Yrs Exp Avg Yrs w/firm 9.00 Risk Monitors 0 Avg Yrs Exp 0 Avg Yrs w/firm 0.00 Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 21 $ in Millions (MRQ) $0.02 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 22 $ in Millions (MRQ) $92.64 $ in Millions (1 Year) $ % of Assets 1.68% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 1 Analyst Turnover Lost (MRQ) 0 Lost (2013) 3 Gained (MRQ) 0 Gained (2013) 1 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) --- Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Intermediate Other 50% JPM EMBI Global Div & 50% JPM GBI-EM Glbl Div C Value Added Yes Yes Fundamental Characteristics Current Cash Position 2.15% Annual Turnover (LTM) % Current # of Bond Issues 46 Effective Duration (Yrs) 5.84 Average Maturity (Yrs) --- Yield to Maturity --- Current Term Structure --- Average Quality Issue BB Duration Breakdown Duration < 1 Yr 3.19% Duration 1-3 Yrs 3.52% Duration 3-5 Yrs 22.27% Duration 5-7 Yrs 32.39% Duration 7-10 Yrs 28.59% Duration Yrs 10.05% Duration > 20 Yrs 0.00% Regional Allocation North America 0.00% United Kingdom 0.00% Continental Europe 0.00% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. --- Other 0.00% Total Dev. Markets 0.00% Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 0.00% AA/Aa: Current 0.00% A: Current 10.19% BBB/Baa: Current 43.10% BB/Ba: Current 16.35% B: Current 28.52% CCC/Caa: Current 1.32% CC/Ca: Current 0.52% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 0 Superannuation 0 Public Fund 0 Union/Multi-Employer 0 Found. & Endow. 17 Healthcare 0 High Net Worth 0 Insurance 45 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

276 17 Colchester Global Investors Limited Exhibit 8/11/2017 Colchester Local Markets Debt Fund Firm Overview Firm Information Address 20 Savile Row Address --- City London State/Province England Zip/Postal Code W1S 3PR Country United Kingdom Website Phone 44 (20) Year Founded 1999 Firm Key Facts AUM $37, Accounts 111 Portfolio Mgrs/Dual Role PMs 8 Analysts 9 % Employee Owned 51.00% Total Employees 58 Legal Structure --- Account and AUM Information AUM Accounts Total $37, Total 111 Taxable --- Taxable --- Tax-Exempt --- Tax-Exempt --- Institutional $37, Institutional 111 Ownership and Compliance Information Ownership Info % Employee Owned 51.00% % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 17.50% % Female Owned 9.00% Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 15 $ in Millions (MRQ) $ $ in Millions (1 Year) $5, % of Assets 0.29% Accts Lost # of Accts (MRQ) 2 # of Accts (1 Year) 5 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 1.48% Marketing Contact Info First Name Mamak Last Name Shahbazi Phone mshahbazi@colchesterglobal.com Office Locations City London State/Province England Secondary Office #1: City New York Secondary Office #1: State United States Secondary Office #2: City Singapore Secondary Office #2: State Singapore Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Colchester Global Investors Limited Colchester is an independent investment management firm offering quality global and international bond services. Colchester believes in the benefits of specialisation and focus: a significant competitive 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 time proven results. Colchester was founded by Ian Sims, Chairman and Chief Investment Officer, in 1999 and commenced managing client portfolios in February Ian was one of the premier global bond managers 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 to promote the ongoing delivery of first class investment services. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

277 17 Colchester Global Investors Limited Exhibit 8/11/2017 Colchester Local Markets Debt Fund Product Overview Product Facts Primary Universe Geographic Region evestment Emerging Mkts Fixed Income - Local Currency Global Emg Mkts Inception Date 12/30/2008 Asset Class Product Domicile --- Fixed Income Product Account Structure and AUM Direct Information Investment AUM Accounts Total $8, Taxable --- Tax-Exempt --- Institutional $8, Total 20 Taxable --- Tax-Exempt --- Product Key Facts Preferred Benchmark JPM GBI-EM Global Diversified Unhedged Accounts 20 Investment Focus Long Only Team Description Team Description Portfolio Mgrs/Dual Role PMs 8 Traders 4 Avg Yrs Exp --- Avg Yrs Exp --- Avg Yrs w/firm --- Avg Yrs w/firm --- Research Analysts 9 Risk Monitors 17 Avg Yrs Exp --- Avg Yrs Exp --- Avg Yrs w/firm --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 6 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $1, % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Intermediate Other JPM GBI-EM Global Diversified Unhedged BBB Portfolio Holdings (Typical) --- Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Value Added Yes No Fundamental Characteristics Current Cash Position --- Annual Turnover (LTM) 36.15% Current # of Bond Issues 51 Effective Duration (Yrs) 5.27 Average Maturity (Yrs) 8.26 Yield to Maturity 6.73% Current Term Structure --- Average Quality Issue BBB Duration Breakdown Duration < 1 Yr 9.95% Duration 1-3 Yrs 15.07% Duration 3-5 Yrs 20.98% Duration 5-7 Yrs 30.64% Duration 7-10 Yrs 19.69% Duration Yrs 3.67% Duration > 20 Yrs --- Regional Allocation North America 0.00% United Kingdom 0.00% Continental Europe 0.00% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. --- Other 0.00% Total Dev. Markets 0.00% Credit Quality Government Guaranteed: Current --- AAA/Aaa: Current --- AA/Aa: Current --- A: Current 34.00% BBB/Baa: Current 47.00% BB/Ba: Current 19.00% B: Current --- CCC/Caa: Current --- CC/Ca: Current --- C: Current --- Distressed Debt: Current --- Not Rated: Current --- Other: Current --- Product- Account Types Corporate 2 Superannuation 0 Public Fund 8 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 1 Insurance 0 Wrap Account 0 Sub-Advised 7 Other 2 Defined Contribution --- Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

278 17 PGIM Fixed Income Exhibit 8/11/2017 EM Debt - Hard/Local Currency Blend Firm Overview Firm Information Address 655 Broad St. Address 8th Floor City Newark State/Province New Jersey Zip/Postal Code Country United States Website Phone Year Founded 1875 Firm Key Facts AUM $676, Accounts 1233 Portfolio Mgrs/Dual Role PMs --- Analysts --- % Employee Owned 0.00% Total Employees --- Legal Structure --- Account and AUM Information AUM Accounts Total $676, Total 1233 Taxable $412, Taxable 291 Tax-Exempt $263, Tax-Exempt 942 Institutional $560, Institutional 1139 Ownership and Compliance Information Ownership Info % Employee Owned 0.00% % Parent Owned 0.00% % Publicly Held % % Minority Owned 0.00% % Female Owned 0.00% Accts Gained # of Accts (MRQ) 51 # of Accts (1 Year) 158 $ in Millions (MRQ) $7, $ in Millions (1 Year) $31, % of Assets 1.11% Accts Lost # of Accts (MRQ) 2 # of Accts (1 Year) 37 $ in Millions (MRQ) $ $ in Millions (1 Year) $2, % of Assets 0.04% Marketing Contact Info First Name Brad Last Name Blalock Phone brad.blalock@prudential.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Newark New Jersey Singapore Singapore London England Tokyo Japan Firm Background Narrative Firm Background PGIM Fixed Income PGIM 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 the 100 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 experience managing 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 with active 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 the necessary 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 side analysts 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 256 investment professionals based in the U.S., London, Tokyo, and Singapore. Seasoned portfolio management teams and extensive research capabilities five regional macroeconomists, 95 fundamental analysts, and 58 analysts in quantitative modeling, risk management, and portfolio analysis provide deep, broad perspectives on the global fixed income markets. Senior investment personnel 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 as Prudential 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 under management 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 and S&P s MMD Top 100 Global Pensions. Source of Fortune 500 list: Fortune issued June 4, Source: IPE Research-Top 400 Asset Managers, June 2015, based on 12/31/2014 assets under management. 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

279 17 PGIM Fixed Income Exhibit 8/11/2017 EM Debt - Hard/Local Currency Blend Product Overview Product Facts Primary Universe Geographic Region evestment Emerging Mkts Fixed Income - Blended Currency Global Emg Mkts Inception Date 12/01/2007 Asset Class Fixed Income Product Domicile --- Account Product and AUM Information Structure Direct Investment AUM Accounts Total $10, Taxable $99.23 Tax-Exempt $10, Institutional $10, Total 17 Taxable 1 Tax-Exempt 16 Team Description Product Key Facts Preferred Benchmark Accounts 17 Investment Focus Portfolio Mgrs/Dual Role PMs 14 Avg Yrs Exp Avg Yrs w/firm Research Analysts 7 Avg Yrs Exp Avg Yrs w/firm % JPM GBI-EM Global/50% EMBI Global Long Only Team Description Traders 3 Avg Yrs Exp Avg Yrs w/firm Risk Monitors 52 Avg Yrs Exp 19 Avg Yrs w/firm Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 1 $ in Millions (MRQ) $6.00 $ in Millions (1 Year) $ % of Assets 0.05% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue --- Portfolio Holdings (Typical) 200 Approach Towards Currency Hedging Derivitives Utilized? --- Available Under ESG? Core/All Durations Core/Aggregate 50% JPM GBI-EM Global/50% EMBI Global Value Added Yes Fundamental Characteristics Current Cash Position 0.85% Annual Turnover (LTM) 35.07% Current # of Bond Issues 341 Effective Duration (Yrs) 6.58 Average Maturity (Yrs) Yield to Maturity 6.81% Current Term Structure --- Average Quality Issue BB Duration Breakdown Duration < 1 Yr 2.09% Duration 1-3 Yrs 11.35% Duration 3-5 Yrs 23.92% Duration 5-7 Yrs 22.21% Duration 7-10 Yrs 22.23% Duration Yrs 18.13% Duration > 20 Yrs 0.07% Regional Allocation North America 0.00% United Kingdom 0.00% Continental Europe 0.00% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. --- Other 0.21% Total Dev. Markets 0.21% Credit Quality Government Guaranteed: Current --- AAA/Aaa: Current --- AA/Aa: Current --- A: Current 15.30% BBB/Baa: Current 34.40% BB/Ba: Current 23.36% B: Current 22.58% CCC/Caa: Current 3.88% CC/Ca: Current --- C: Current --- Distressed Debt: Current --- Not Rated: Current 0.48% Other: Current --- Product- Account Types Corporate 7 Superannuation 0 Public Fund 8 Union/Multi-Employer 1 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 1 Defined Contribution 1 Supranationals 0 Sovereign Wealth 0 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. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

280 Exhibit 18 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 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

281 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 shortterm 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.

282 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 cocreator 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 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

283 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 He completed his CFA designation in 2014, and his Masters of Science degree in Predictive Analytics from Northwestern University in 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 fullfledged 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, macroeconomic 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

284 Exhibit 18 throughoutnorthamerica,europe,andasia. Rick earned his Bachelor of Arts degree in Economics from Dartmouth College in 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.

285 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 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 Staff Additions & Departures in Past 12 Months: None Name Addition or Departure? Title Date

286 Exhibit 19 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/ , 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 26 th print edition, along with being noticed as required in the State newspaper, and posted to the SURS website beginning June 21 st.

287 Exhibit 19 Timeline The anticipated timeline for the search process is as follows: Date June 9, 2017 June 26, 2017 July 13, 2017 July 17, 2017 August 11, 2017 August/September 2017 September 2017 October 19, 2017 Proposed Timeline for the Search Item Quiet Period Begins Dissemination of RFP Deadline for questions to SURS Responses to questions submitted to SURS RFP responses due by 4:30 pm CT Identify firms for further consideration Interviews with selected firms 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;

288 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

289 Exhibit 19 Respondents to SURS U.S. Equity MDP Search June 2017 Launch Manager Name Bivium Capital Partners Acuitas Investments Affinity Investment Advisors Alethea Capital Management Ariel Investments, LLC ARK Investment Management, LLC Ativo Capital Management Attucks Asset Management Campbell Newman Asset Management Capital Prospects LLC Channing Capital Management, LLC Daruma Capital Management, LLC Decatur Capital Management Denali Advisors, LLC EARNEST Partners Empiric Institutional Fairpointe Capital, LLC FIS Group Gifford Fong Gladius Capital Management GlobeFlex Capital Grace Capital Hanseatic Management Services, Inc. Herndon Capital Management Leading Edge Investment Advisors Lebanthal Lisanti Capital Growth Legato Capital Management Matarin Capital Management Morningside Asset Management New Amsterdam Partners LLC NewBrook Capital Nicholas Company, Inc. OakBrook Investments, LLC Opus Capital Management, Inc Paradigm Asset Management Piedmont Investment Advisors Pilliar Pacific Management,LLC Progress Investment Management Company Redwood Investments, LLC Sapience Investments Seamans Capital Management Smith Graham & Co., Investment Advisors, L.P. Tensile Capital Management The Edgar Lomax Company Zevenbergen Capital Investments LLC Location San Francisco, CA Seattle,WA Newport Beach, CA Rancho Santa Fe, CA Chicago,IL New York,New York Chicago,IL Chicago,IL Milwakee, WI Stamford,CT Chicago,IL New York,New York Decatur, GA San Diego, CA Atlanta,GA Austin, TX Chicago,IL Philadelphia, PA Lafayette, CA Chicago,IL San Diego, CA Boston,MA Chicago,IL Atlanta,GA San Francisco, CA New York,New York San Francisco, CA Stamford,CT Atlanta,GA New York,New York New York,New York Rancho Santa Fe, CA Lisle,IL Cincinnatti, OH New York,New York Durham, NC Pacifica, CA San Francisco, CA Newton, MA Newport Beach, CA Boston,MA New York,New York New York,New York Springfield,VA Seattle,WA

290 Exhibit 20 STATE UNIVERSITIES RETIREMENT SYSTEM SURS Projected Funding Status 2018 Fiscal Year-to-Date Results $Billions $44 $42 $40 $38 $36 $34 $32 $30 $28 $26 $24 $22 $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 $0 Jun-17 Jul % 80% 60% 40% 20% 0% Percent Funded Assets Liability Funding Ratio Market Value Estimated Unfunded Funding Rate of Return Assets Liabilities Liabilities Ratio Month FYTD Jun-17 $ $ $ % Jul % 1.74% 1.7% Note: Assets and liabilities are estimated and unaudited through June 30, 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.

291 Exhibit 21 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, Highlights for the quarter include: Appropriation Summary Fiscal year-to-date state appropriations received were approximately $1,365 million or 81.7% of the anticipated $1,671 million amount for the Fiscal Year $79.1 million is still owed for Fiscal Year Cash Account Summary Ending cash on hand was approximately $120 million as of June 30, Net private partnership cash flows during the quarter were positive and were approximately $32 million. Liquidity The portfolio remains highly liquid with 80.4% of assets estimated to have liquidity of less than two weeks under normal market conditions. Global Financial Stress Index The GFSI was indicating that the market is experiencing slightly less stress than normal, and well below the peak of 3.01 during the Global Financial Crisis. Value at Risk (1 Year Forward) Tail risk decreased during the quarter from 14.26% to 13.19%. This parameter indicates that with a confidence level of 95%, the estimated asset loss over a one-year period would be of 13.19% or less. Standard Deviation (5 Year Historical) Total portfolio volatility decreased from the prior quarter from 6.93% to 6.39%. Volatility (VIX) Index The VIX ended the quarter at 11.18, below the historical average of During the quarter, the VIX closed in a range from 9.75 to U.S. Treasury Yield Curve The yield curve flattened during the quarter. The yield on the 10-Year Treasury decreased from 2.40% to 2.31% during the quarter.

292 Exhibit 22 Summary Risk Report Quarter Ending June 30, 2017

293 Exhibit 22 70% Risk Dashboard 13.19% 80.4% 18% 6.39% 10% 50% 20% 12% o o o 0% 100% 0% 50% 0% 30% Liquidity VaR Standard Deviation Liquidity Green = > 70.00% Highly Liquid, Yellow = 69.90% %, Red = < 50.00%. Liquidity Estimates Under Normal Market Conditions. Stressed Market Conditions Will Impact Both Liquidity & Pricing. 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). Standard Deviation Green = < 10.00%, Yellow = %, Red = > 11.80%. 5 Year Historical Rolling Maximum = 13.89% (June 2012). 5 Year Historical Rolling Minimum = 5.74% (December 1996).

294 Exhibit 22 Appropriation Summary SURS 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, % 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, % May $139,285,500 $229,303,500 $90,018, % June $139,285,500 $159,113,500 $19,828, % 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.

295 Exhibit 22 Annual Benefit Payment Summary Key Observations: 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 The FYE 2017 appropriation has not yet been paid in full. $79,103,594 is still owed for FYE SURS Fiscal Year Ending Benefit Payments ($ Millions) Year Annual 2005 $ $1, $1, $1, $1, $1, $1, $1, $1, $2, $2, $2, $2,339.9 Includes Retirement & Disability Retirement Annuities, Survivor Benefit Annuities, Disability Benefits, Death Benefits, and Portable Refunds (ER Match). Data Source: SURS.

296 Exhibit 22 Cash Account Summary 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 SURS Cash Account Summary April 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.

297 Exhibit 22 Liquidity Profile 60% Estimated Days to Liquidate 80.4% 50% 40% 30% 20% 10% 0% Cash Passive < 2 Weeks 1 Month + Illiquid Liquidity risk is the risk that SURS would not be able to meet short term financial demands due to cash flow and/or the inability 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.

298 Exhibit 22 Global Financial Stress Index GlobalFinancialStressIndex(GFSI)Chart TheGFSIcompositeindexaggregatesovertwentymeasuresofstressacrossfive asset classes and various geographies, measuring three separate kinds of financial market stress: risk, as indicated by crossasset measures of volatility, solvency, and liquidity; hedging demand, implied by the skew of equity and currency options; and investor appetite for risk, as measured by trading volumes as well as flows in and out of equities, high yield bonds, and money markets. GFSI > 0 means more stress than normal. GFSI < 0 means less stress than normal. Data source: Bloomberg.

299 Exhibit 22 Value at Risk (VaR) 68% Total Fund (1 Year Forward Looking) 22.00% 21.50% 95% 20.00% 18.00% 99.7% 16.00% 14.00% 13.19% 12.00% 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 Downside Risk (Left Tail) VaR is the estimated loss over a one year period given a certain level of confidence (95%). VaR is best understood in terms of the bell curve or normal distribution. VaR focuses on the outcomes at the curve s left tail, two standard deviations from the mean. Data Source: Northern Trust. VaR

300 Exhibit 22 Standard Deviation Key Observations: Total Fund (5 Years Ending) Total Fund w/overlay Annualized Standard Deviation (5 Years Ending) is 6.39% as of June 30, 2017; 81 st 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% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 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 % 6.39% 5.74% Total Fund Standard deviation measures the variability of investment returns. A low standard deviation indicates that the data points tend to be very close to the mean, while high standard deviation indicates that the data are spread out over a large range of values. The expected standard deviation of the SURS portfolio based on the target asset allocation is 12.5%. Data Sources: SURS and NEPC.

301 Exhibit CBOE Volatility Index VIX (Month End) VIX (Month End) Historical Average Volatility Index (VIX) Chart VIX is the ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market's expectation of 30 day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. This volatility is meant to be forward looking and is calculated from both calls and puts. The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge." Source: CBOE.com.

302 Exhibit 22 Treasury Yield Curve 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 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 A yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates. The U.S. Treasury yield curve is used as a benchmark for other debt in the market, such as mortgage rates or bank lending rates. The curve is also used to predict changes in economic output and growth. A normal yield curve is one in which longer maturity bonds have a higher yield compared to shorter term bonds due to the risks associated with time. An inverted yield curve is one in which the shorter term yields are higher than the longer term yields, which can be a sign of upcoming recession. A flat (or humped) yield curve is one in which the shorter and longer term yields are very close to each other, which is also a predictor of an economic transition. The slope of the yield curve is also seen as important: the greater the slope, the greaterthegap betweenshort and long term rates. Source: Investopedia.com

303 Exhibit 23 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 respondents believed they were on track to reach retirement income goals. GLOBAL PATCHWORK: No government or company in the world has solved the retirement unpreparedness quandary, though some have had partial success. Solutions have come through trial and error and in bits and pieces: forced savings via a national plan with auto-enrollment in Australia; new private workplace mandates in the UK; steps taken in New Zealand to create an annuity system for retirees in the de-cummulation phase. SENSE OF URGENCY: Part of Ireland's pension system (National Pension Reserves Fund) was decimated to rescue banks after the global financial crisis. The country has been FORCED to take deliberative action (e.g. increasing the retirement age). Barring ambitious remedies, the pillars of the U.S. pension structure will weaken or topple; a child born today faces a perilous retirement savings future. Just as global warming alarms were loudly sounded more than one decade ago, it s time to come to grips with inconvenient truths, to stop talking and solve this issue. OPPORTUNITY KNOCKS: "This should be the most exciting time to be in the retirement industry," said David John, strategic policy advisor, AARP Public Policy Institute. "Everything that has been around is up for grabs so the company that seizes this opportunity 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]."

304 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 Kongbased 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 westwardopening Erie Canal in the early part of the 19 th 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

305 Exhibit 23 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

306 Exhibit 23 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 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

307 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

308 Exhibit 23 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

309 Exhibit 23 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

310 Exhibit 23 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.

311 Exhibit 23 "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 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

312 Exhibit 23 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 nontraditional 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 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

313 Exhibit 23 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.

314 Exhibit 23 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

315 Exhibit 23 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. #

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