Fresno City Retirement Systems 1-24-2018

J-D2_NEPC-WorkPlan

Fixed Income Analysis November 2017

Northern Trust Monthly Asset Allocation Overview November 30 and December 31, 2017

Northern Trust Monthly Portfolio Performance Reports as of Nov 30 and Dec 31, 2017

Acadian Perspectives The Emerging Opportunity in China A-Shares White Paper January 2018

PCCP-AMP Capital Announcement

Investment Manager Monitoring and Evaluation Review Market Update – November 30, 2017

China A Shares

On-Site Due Diligence Report on Monroe Capital (Direct Lending) and Heitman (REIT)

Review, Discussion and Consideration of PCCP, LLC Value Add RE Fund

Reports on Asset Allocation

NEPC PE Concept and Framework

Presentation on Cliffwater Private Assets Advisory Services

Adams Street Partners Customized SMA Presentation

University of Maine System March 9, 2017 Investment Committee Meeting

Click on links to access PDF document

Defined Contribution Quarterly Review 4th Quarter 2016

Fourth Quarter 2016 Investment Performance Review UofM System DB Pension Plan

Managed Investment Pool Consultant Due Diligence Memo on Fixed Income Manager

Managed Investment Pool Consultant Performance Reviews of Managers

MSCI ESG Reporting Presentation

Total Plan Performance Detail DB Pension Plan

UMSOF 4th Quarter 2016 Investment Performance Review

UMSOF Total Plan Performance Detail

UofM System Asset Allocation Discussion

UofM System Managed Investment Pool 4th Quarter 2016 Investment Performance Review

UofM System Managed Investment Pool Plan Performance Detail All Managers

The University of Maine System March 9, 2017 Investment Committee Meeting

City of Grand Rapids Police & Fire and General Retirement Systems March 15, 2017 General Board and Joint Board Meetings

Agenda for Joint Meeting City of Grand Rapids GR System and P&F Retirement System BOT

Investment Return Assumptions for Dec. 31, 2016 and June 30, 2017 Actuarial Valuations

Manager Presentation International Equity ADR Year End 2016 Review

Manager Presentation Strategy Review from Fixed Income Manager

Performance Report December 31, 2016

Selected Highlights from General Board Meeting Agenda:

Investment Manager Fees: Listed below are routine invoices for the quarter ending 12/31/16. All calculations, fees applied, and stated amounts under management have been verified by the Retirement Systems Office staff as correct:

$25,355.12- Baird Advisors (Fixed Income)

$34,861.81- CBRE Clarion (Real Estate)

$39,093.00 -Harding Loevner (ADRs)

$37,846.56- Harvest Fund Advisors (MLPs)

$6,974.18 – NTAM (Equities)

$38,704.13 – Wellington Management Company (Equities)

$27,485.14- Wellington Management Company (Commodities)

$36,330.18- Western Asset Management (Fixed Income)

Mr. David Hoffman of Gabriel, Roeder, Smith & Company (GRS) next addressed the topic of investment return assumptions for the June 30, 2017 actuarial valuation. Mr. Hoffman provided Trustees with a report outlining recommendations that GRS has regarding investment return assumptions. He commented that it is GRS’ hope to visit this issue each year in preparation for the actuarial valuations and GASB 67 & 68 reporting. He noted that based on expected return data provided by Wilshire Associates as ofDecember 31, 2016, GRS has determined that the current 7.25% investment return assumption remains reasonable for use in the June 30, 2017 actuarial valuation. He commented that Wilshire provided a long-term (30-year) return expectation of 7.3% along with a 10-year return expectation of 6.1%. Mr. Hoffman stated that if the shorter term forecast is realized, higher computed employer contributions than currently anticipated will result and little or no progress will be made toward increasing the funded ratio for the retirement system. He also noted that relatively long amortization periods currently in effect also contribute to the funded ratio impact. The most recent experience study for the retirement system set the implicit long-term price inflation assumption at 2.75%. GRS recommends that the price inflation assumption be lowered to 2.5% and that the wage inflation assumptions also decrease to 3.25%. He did state that GRS still believes the current 3.5% wage inflation assumption is reasonable. He also noted that the Wilshire investment return assumption is not dependent on GRS’ price inflation assumption, so lowering the price inflation assumption would not affect the investment return assumption. Mr. Hoffman stated that no action is required today, however, a decision will need to be made soon. Following Trustee discussion, Trustees decided to table this issue until the March 2017 Board meeting.

Investment Advisory Committee Meeting State of Michigan Retirement Systems March 9, 2017

Investment Advisory Committee Meeting March 9, 2017

Investment Performance

Org Chart Investment Staff

Performance

Basket Clause Review and Disclaimer

Absolute and Real Return Review

Executive Summary and New Commitments

Private Equity Review

Domestic Equity

Fixed Income Review

Asset Allocation Review

International Equity Review

Agenda and Minutes IAC Meeting March 9, 2017

Markets Review and Outlook

Real Estate and Infrastructure Review