STATE OF RHODE ISLAND INVESTMENT COMMISSION
STATE OF RHODE ISLANDINVESTMENT COMMISSION MEETINGDATA ATNovember 30, 2016MEMBERS OF THE STATE INVESTMENT COMMISSIONHonorable Seth Magaziner, ChairMr. Robert K. BensonMr. J. Michael CostelloMr. Thomas P. FayMr. Frank J. KarpinskiMs. Marie LangloisMs. Sylvia MaxfieldMs. Paula M. McNamaraMr. Thomas MullaneyMs. Marcia Reback
Section I.Agenda
State of Rhode Island and Providence PlantationsOffice of the General TreasurerSeth MagazinerGeneral TreasurerRHODE ISLAND STATE INVESTMENT COMMISSIONMEETING NOTICEThe next meeting of the Rhode Island State Investment Commission has been scheduled for Friday, December 16th at 9:00a.m. in Room 205 of the State House.AGENDA Chairperson Call to Order Membership Roll Call Approval of Minutes State Investment Commission Meeting held on November 16th* Review and consideration of Long Duration IPS* Long Duration Manager Recommendation* Claude Athaide and Kirk Kashevaroff, Mackay Shields Amit Chopra and Frances Coombes, Western Asset Management Cash Sweep Manager Recommendation* Mary Beth Syal and Beth Westvold, Payden & Rygel Encap Manager Recommendation (Re-Up) for Private Equity program* Tom Lynch, Cliffwater Southvest Manager Recommendation (Add-on) for Private Equity program* Tom Lynch, Cliffwater QVM update and review Greg Balewicz, State Street Global Advisors John Burns, PCA Consideration of 2017 meeting schedule* Legal Counsel Report Chief Investment Officer Report Treasurer’s General Comments50 Service Avenue – Warwick, Rhode Island 02886-1021 – (401) 462–7650 / Fax 462–7695
State of Rhode Island and Providence PlantationsOffice of the General TreasurerSeth MagazinerGeneral Treasurer* Commission members may be asked to vote on this item.** Commission members may elect to go into executive session pursuant to Rhode Island General Laws §42-46-5 (a) (7).POSTED ON December 13th 2016Anyone wishing to attend this meeting who may have special needs for access or services such as an interpreter, please contact TiffanyKaschel at (401) 462-7699 twenty-four hours in advance of the scheduled meeting.50 Service Avenue – Warwick, Rhode Island 02886-1021 – (401) 462–7650 / Fax 462–7695
Section II.Approval of Minutes
State Investment CommissionMonthly Meeting MinutesWednesday, November 16, 20169:00 a.m.Room 205, State HouseThe Monthly Meeting of the State Investment Commission (SIC) was called to order at 9:03,Wednesday, November 16, 2016 in Room 205, State House.I.Roll Call of MembersThe following members were present: Mr. Robert Benson, Mr. Thomas Fay, Mr. Frank Karpinski, Ms.Sylvia Maxfield, Mr. Thomas Mullaney, Ms. Marcia Reback, and Treasurer Seth Magaziner.Also in attendance: Mr. John Burns, Mr. John Linder, Mr. David Glickman, and Mr. Dillon Lorda, PensionConsulting Alliance (PCA), general consultants; Mr. Thomas Lynch, Cliffwater LLC, consultant; Ms.Ellen Savary and Ms. Yvette Friberg, Fidelity Investments; Mr. Greg Hyland and Mr. Gregg Libutti, Valic;Ms. Deltra Hayes, Voya Financial; Mr. David Iden and Mr. Matt DiCroce, TIAA, general consultants; Ms.Tiffany Spudich, Capital Cities LLC, general consultant; Ms. Kimberly Shockley, Associate Director ofCollege and Retirement Savings Plans; Ms. Amy Crane, Treasury Legal Counsel; Mr. Tim Nguyen,Treasury Chief Investment Officer (interim); Ms. Sally Dowling, Adler, Pollock & Sheehan, legal counsel;and other members of the Treasurer’s staff.Treasurer Magaziner called the meeting to order at 9:05 a.m.II. Approval of MinutesOn a motion by Mr. Mullaney and seconded by Ms. Reback, it was unanimouslyVOTED: to approve the draft minutes of the October 26th, 2016 meeting of the State InvestmentCommission.III. Update on Transition Plan and Illiquid Pacing ScheduleMr. Nguyen explained that since last month’s meeting, staff has been closely working on implementing thenew asset allocation. He introduced Mr. Lynch from Cliffwater who presented revisions to the capitalbudget of the illiquid subclasses of private equity and opportunistic real estate. The private equity pacingplan was modified in order to reflect the new allocation of 11.25%. The private credit subclass pacing planrevision included a 10 million decrease in commitment from 40 to 30 million in 2017.Mr. Lynch then updated the board on the hedge fund transition, explaining there will be a one quarter delayin redemptions from hedge fund portfolios in order to align the redemption schedule with the funding ofthe new CRO program. Even with this delay, it is estimated that the hedge fund redemptions will besubstantially completed by the end of 2017.IV. Systematic Trend Following Strategy Presentation1November 16, 2016
Mr. Burns provided an overview of the systematic trend following strategy, reminding the board of the new8% allocation to the CRO class, which is designed to produce appreciation during a growth crisis. He wenton to explain to key considerations of the implementation to construct the new class utilizing 50% longduration treasuries and 50% systematic trend following, which was the focus of this presentation.Mr. Burns and Mr. Linder gave detailed information on the benchmarks and implementation process. Mr.Linder explained that systematic trend following will employ long and short positions, and that themanagers will seek risk capture across markets. The benchmark recommended is the Credit Suissemanaged Futures Liquid Index, which is diversified across various deep and liquid futures as well asdifferent lookback horizons. Mr. Linder also outlined the due diligence process relating to the vetting of aplatform manager, a process that is currently underway.The board asked questions.V. Review and Consideration of CRO overview Investment PolicyStatementThe board reviewed the drafted CRO Investment Policy Statement (IPS). Having no further questions,On a motion by Mr. Fay and seconded by Mr. Mullaney, it was unanimouslyVOTED: to adopt the Crisis Risk Offset Investment Policy StatementVI. Fidelity 457 Plan Quarterly Performance ReviewMs. Savary highlighted that the plan’s total assets are steadily increasing and exceeding both industry andsimilarly sized peers. The number of plan participants has also increased over the previous two quarters.Ms. Friberg gave a brief synopsis of plan performance. She noted there has been a reduction in index fundfees after Fidelity had made reductions - ranging from half a basis point to four basis points - to its expenseratios. The decline in fees now makes Fidelity the lowest cost provider of index funds in the industry.The board asked questions.VII. Valic 457 Plan Quarterly Performance ReviewMr. Hyland spoke about Valic’s new website that was recently deployed in order to encourage more planparticipation. In addition to the participant focused website, he stated they would also be rolling out a plansponsor site within the next six months.Mr. Libutti talked about employee engagement. He noted Valic hired two additional financial advisors overthe last year in order to meet the needs of growing employee outreach through increased consultations, onsite visits and overall education of employees on their retirement options.The board asked questions.VIII. Voya 457 Plan Quarterly Performance ReviewMs. Hayes began by talking about employee engagement and how Voya is utilizing a variety of digital toolsand technology to reach out to customers, providing ease of access to facilitate participation, particularly2November 16, 2016
among younger generations. She noted the volume of on-site visits and one-on-one meetings held during thequarter. She then highlighted that both plan assets and plan participation is continuing to increase.The board asked questions.IX. TIAA Defined Contribution Plan Quarterly Performance ReviewMr. Iden talked about member engagement, stating that year to date attendance of seminars has alreadyexceeded last year’s attendance. The increased attendance in seminars and workshops has also led to anincrease in one-on-one meetings.Mr. DiCroce then spoke to investment performance. He noted the midcap index fund has hit the 500 millionmark, meaning the shares will be moved from the admiral shares to the institutional shares; the move comesat a savings of one basis point. Additionally, the Vangard small cap also reached the 500 million mark,making it eligible for a reduction of fees as well.The board asked questions.X. Recommendation of 401a/457 RFP ConsultantMs. Shockley explained there had been a Request for Proposal (RFP) process to find a vendor to provideconsulting services associated with overseeing the selection of a vendor for the state’s defined contribution401(a) and deferred compensation (457) plans. After soliciting for these services and convening a smallcommittee to evaluate the six responses, the committee recommended Segal Rogerscasey to the SIC as401(a) and 457 consultants.On a motion by Mr. Fay and seconded by Mr. Benson, it was unanimouslyVOTED: to engage Segal Rogerscasey as the state’s defined contribution 401(a) and deferredcompensation (457) RFP consultantXI. CollegeBound Semi-Annual Performance ReviewMs. Spudich summarized the transition process that had taken place between the former provider, AllianceBernstein, and the new provider, Ascensus, which concluded in July. The transition was the largest to evertake place in the industry and it occurred without significant incident. Ms. Spudich explained that sinceAscensus had taken over after the start of the quarter, the data presented is not for the entire quarter; the firstcomprehensive quarterly report will occur in the fourth quarter. She went on to present the available data.She explained that before transitioning from Alliance Bernstein to Ascensus the 529 plan had been either notrated or had been negatively rated by MorningStar for several years. However, just three months after thetransition, MorningStar rated the Advisor Sold Plan bronze and the Direct Sold plan silver, both of which arenow in the top quartile nationally.The board asked questions.XII. Real Estate Performance UpdateMr. Glickman told the board that real estate continues to perform at or above its benchmark on a net afterfees basis. He summarized the purpose of real estate holdings is varied, noting the main purpose of core realestate is to protect against inflation while the purpose of non-core real estate is to be a total return, acting as a3November 16, 2016
private equity like boost. With the addition of CRO, he states PCA is reclassifying core and non-core realestate into different functional distinctions; however, no significant adjustments have to be made to the realestate portfolio to effectively make that transition. The allocation will not be increasing too much more thanwhat it is currently; therefore, there are not many decisions to be made or new managers to be added in thecoming year. It will be important to watch market conditions, particularly as it relates to non-core funds, toensure allocations are on track and holding with model expectations.The board asked questions.XIII. Recommendation of ABLE investment lineupTreasurer Magaziner reminded the board of the purpose of ABLE as it was just introduced at the lastmeeting. ABLE allows people with disabilities, and their families, to open savings accounts for disabilityrelated expenses. ABLE is IRS sanctioned to be included with other 529 plans. ABLE savings plans arenecessary as those who receive Social Security Insurance (SSI) and Medicaid are not permitted to exceed a 2200 traditional savings threshold without having their benefits decreased. Rhode Island is too small tohave an independent ABLE program so it has joined a consortium with twelve other states, to go out to bidjointly for account management services. Currently, negotiations are underway with the consortium tofinalize an implementation agreement and select a manager. Once this has been completed, arecommendation will be brought before the SIC for approval of the ABLE manager.In the interim, there is an investment lineup to approve as it relates to the ABLE program. The investmentswould be managed by the list of managers provided. Ms. Churchville explained the funds selected are lowcost, passive and simple. They have also had strong performance and good evaluations. Ms. Crane noted thatwhile there are six options listed, it is possible there be fewer than six approved by the consortium.The board asked questions.On a motion by Ms. Reback and seconded by Mr. Mullaney, it was unanimouslyVOTED: to approve the ABLE investment lineupXIV. Recommendation on December meeting dateGiven the previously scheduled December SIC meeting was close to holiday, it was recommended to movethe December meeting from Wednesday December 21st to Friday December 16th.On a motion by Mr. Mullaney and seconded by Mr. Fay, it was unanimouslyVOTED: to move the date of the December SIC meetingXV. Legal Counsel ReportThere was no legal counsel report.XVI. Treasurer’s General CommentsTreasurer Magaziner noted that due to the early meeting this month, there were no final Octoberperformance numbers to report as of the meeting date.4November 16, 2016
There being no other business to come before the Board, on a motion by Ms. Maxfield and seconded by Mr.Mullaney the meeting adjourned at 11:32 a.m.Respectfully submitted,Seth Magaziner,General Treasurer5November 16, 2016
Section III.Staff Summary
Portfolio HighlightsPORTFOLIO PERFORMANCETOTAL PLAN5 Years Ending November 30, 2016Value Added1.50November 2016For the month, the total portfolio value increased by approximately 11.8 million to rest at 7.6 billion.The month’s increase comes from 45.8 million of positive investment performance and 34 million oftransfers to meet pension payroll in excess of pension contributions. On a percentage basis, theportfolio increased 0.61% exceeding the plan benchmark of 0.22% and the -0.49 loss from the basic60% global equity/40% fixed income allocation.Calendar year-to-date, the total portfolio value has increased by 83.6 million, with portfolio gains of 435.6 million offset by 352.0 million in pension payments. The portfolio’s 5.92% investment gainexceeds the benchmark’s 4.98% and the 60/40 allocation’s 4.50% return.Fiscal year-to-date, the total portfolio has increased by 103.2 million, with portfolio gains of 237.1million offset by 133.9 million in pension payments. The portfolio’s 3.18% return exceeded the 2.68%benchmark and well surpassed the 1.49% 60/40 return.Over a 3-year time frame and when comparing against a 60/40 portfolio, the ERSRI portfoliooutperformed at 3.69% while the 60/40 portfolio earned 3.07%. Over a 5-year time frame, the ERSRIportfolio earned 7.24%, significantly outperforming the 60/40 portfolio which posted 6.41%.For the month, stock markets responded positively to the 2016 U.S. elections, including DonaldTrump’s surprising win over Hillary Clinton and a Republican-controlled House and Senate. Financialand industrial companies rallied on expectations of easing government regulations and increasedinfrastructure spending. Critical monthly economic statistics—including employment and Real GrossDomestic Product (GDP)—were generally positive, indicating that the U.S. economy strengthened.There also are high expectations for a Federal Reserve rate increase in 14Market Proxy: Total Plan Benchmark*An error was discovered in the tabulation of YTD changes to market value as presented on this page.This page has been updated to reflect the correct tabulation going ,000,000,0001,000,000,0000GRAND TOTAL - Market ValueCumulative Value AddedValue Added20152016
State of Rhode Island and Providence PlantationsOffice of the General TreasurerSeth MagazinerGeneral TreasurerDecember 27, 2016State Investment CommissionState of Rhode Island, State HouseProvidence, Rhode IslandThis is to certify that the amounts so listed below belong to the credit of the Employees’ Retirement, MunicipalEmployees’, State Police and Judicial Retirement Systems of the State of Rhode Island at the close of business onNovember 30, 2016.Employees’ Retirement System of Rhode IslandComposite Reporting Investment ValuationNovember 30, 2016Asset ClassBase Market ValueGrand 038,466268,635,893976,262,103CASH EQUIVALENT*EQUITY HEDGE FUNDS**GLOBAL PUBLIC EQUTIYCREDITINFLATION-LINKED BDSPRIVATE EQUITY**REAL ESTATE**REAL RET HEDGE FUNDS**INFRASTRUCTURE**US TRADITIONAL FIXEDPlan Allocations%Grand Total100.00%STATE EMP RET PLAN75.67%MUNI EMP RET PLAN17.94%TEACHER'S SURVIVOR BENEFIT 3.80%STATE POLICE RET PL1.55%JUDICIAL RET PLAN0.81%NON-CONTRIB JUD RET0.01%NON-CONT ST POL RET0.22%Base Market 7,399119,392,37162,146,399599,83224,408,553* Cash & Short-Term Investments, as shown, also includes amounts available within specific active-manager mandates, and thus asaggregated will not tie directly to separate cash allocations as reported elsewhere.** Alternative Investments – comprising the five components as indicated – have varying degrees of liquidity and may not have readilydeterminable market values. As such, they may be based on appraisals only.Respectfully submitted,Kerri BakerCash Manager50 Service Avenue – Warwick, Rhode Island 02886-1021 – (401) 462–7650 / Fax 462–7695
Section IV.Asset Allocation
Rhode Island - Rhode IslandAsset SummaryBalance Date: 11/30/2016Asset ClassTotal Market ValueCashCashEquityAlternative EquityGlobal EquityInternational DevelopedInternational EMPrivate EquityUS EquityFixedFixed IncomeOtherAbsolute Return FundsCreditInflation LinkedInfrastructureMLPReal EstateTactical Cash1Physical Exposure7,577.5 100.0 %43.10.6 %43.10.6 %Synthetic Exposure0.00.0 %-43.0-0.6 %-43.0-0.6 %Net Position7,577.5 100.0 %0.00.0 %0.00.0 %Overlay Target7,577.6 100.0 %4.30.1 %4.30.1 %Policy Target7,577.6 100.00 %0.00.00 %0.00.00 %4,554.5568.61,057.7801.3331.0549.31,246.660.1 %7.5 %14.0 %10.6 %4.4 %7.2 %16.5 %-44.40.00.0-22.0-19.80.0-2.5-0.6 %0.0 %0.0 %-0.3 %-0.3 %0.0 %0.0 %4,510.1568.61,057.7779.3311.1549.31,244.159.5 %7.5 %14.0 %10.3 %4.1 %7.2 %16.4 %4,505.1568.61,057.7776.5310.6549.31,242.459.5 %7.5 %14.0 %10.2 %4.1 %7.2 %16.4 %4,470.8606.21,060.9757.8303.1530.41,212.459.00 %8.00 %14.00 %10.00 %4.00 %7.00 %16.00 %980.9980.912.9 %12.9 %87.487.41.2 %1.2 %1,068.31,068.314.1 %14.1 %1,069.01,069.014.1 %14.1 %1,060.91,060.914.00 %14.00 %1,999.1500.5428.9251.298.7175.0544.70.026.4 %6.6 %5.7 %3.3 %1.3 %2.3 %7.2 %0.0 %0.00.00.00.00.00.00.00.00.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %1,999.1500.5428.9251.298.7175.0544.70.026.4 %6.6 %5.7 %3.3 %1.3 %2.3 %7.2 %0.0 %1,999.1500.5428.9251.298.7175.0544.70.026.4 %6.6 %5.7 %3.3 %1.3 %2.3 %7.2 %0.0 %2,046.0530.4378.9303.1151.6151.6530.40.027.00 %7.00 %5.00 %4.00 %2.00 %2.00 %7.00 %0.00 %&RS\ULJKW 2016 Russell Investments.All rights reserved. All market values in millions. Numbers may not add due torounding. Daily values are provided by custodian and are unaudited. Balancesand exposures include Russell Overlay accruals and pending trades.
Rhode Island - Rhode IslandAsset SummaryBalance Date: 11/30/2016Total Absolute Notional Value: 131.8 (USD)2&RS\ULJKW 2016 Russell Investments.All rights reserved. All market values in millions. Numbers may not add due torounding. Daily values are provided by custodian and are unaudited. Balancesand exposures include Russell Overlay accruals and pending trades.
Rhode Island - Rhode IslandAsset SummaryBalance Date: 11/30/2016ManagerTotal Market ValueEquity Market ValueFixed Market ValueOther Market ValueCash BalanceTotal AssetsCashCash Acct (Pooled Trust)Municipal EE's Retirement PlanRussell OverlayState EE's Retirement PlanTactical Cash-offset Template7,577.643.127.80.015.30.00.0100.0 %0.6 %0.4 %0.0 %0.2 %0.0 %0.0 %4,554.50.00.00.00.00.00.060.1 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %980.90.00.00.00.00.00.012.9 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %1,999.10.00.00.00.00.00.026.4 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %43.143.027.70.015.30.00.00.6 %0.6 %0.4 %0.0 %0.2 %0.0 %0.0 %EquityAlternative EquityAscend Partners Fund II, LPDavidson KempnerElliot Associates, LPESGIndus Asia Pacific FundLuxor Capital PartnersPFM Diversified Fund LPSamlyn Onshore Fund LPViking Global 399.660.1 %7.5 %0.9 %1.1 %1.2 %0.5 %0.0 %0.1 %1.0 %1.4 %1.3 .1 %7.5 %0.9 %1.1 %1.2 %0.5 %0.0 %0.1 %1.0 %1.4 %1.3 %0.00.00.00.00.00.00.00.00.00.00.00.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.00.00.00.00.00.00.00.00.00.00.00.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.10.00.00.00.00.00.00.00.00.00.00.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %1,057.80.11,057.714.0 %0.0 %14.0 %1,057.70.01,057.714.0 %0.0 %14.0 %0.00.00.00.0 %0.0 %0.0 %0.00.00.00.0 %0.0 %0.0 %0.10.10.00.0 %0.0 %0.0 %International DevelopedSSgA MSCI CanadaSSgA MSCI EAFE801.3100.9700.410.6 %1.3 %9.2 %801.3100.9700.410.6 %1.3 %9.2 %0.00.00.00.0 %0.0 %0.0 %0.00.00.00.0 %0.0 %0.0 %0.00.00.00.0 %0.0 %0.0 %International EMSSgA Emerging Mkts331.0331.04.4 %4.4 %331.0331.04.4 %4.4 %0.00.00.0 %0.0 %0.00.00.0 %0.0 %0.00.00.0 %0.0 %Private EquityCombined Private Equity549.3549.37.2 %7.2 %549.3549.37.2 %7.2 %0.00.00.0 %0.0 %0.00.00.0 %0.0 %0.00.00.0 %0.0 %1,244.50.01,244.516.4 %0.0 %16.4 %1,244.50.01,244.516.4 %0.0 %16.4 %0.00.00.00.0 %0.0 %0.0 %0.00.00.00.0 %0.0 %0.0 %0.00.00.00.0 %0.0 %0.0 %2.12.10.0 %0.0 %2.12.10.0 %0.0 %0.00.00.0 %0.0 %0.00.00.0 %0.0 %0.00.00.0 %0.0 %980.9980.9486.3494.612.9 %12.9 %6.4 %6.5 %0.00.00.00.00.0 %0.0 %0.0 %0.0 %980.9980.9486.3494.612.9 %12.9 %6.4 %6.5 %0.00.00.00.00.0 %0.0 %0.0 %0.0 %0.00.00.00.00.0 %0.0 %0.0 %0.0 %1,999.10.00.026.4 %0.0 %0.0 %0.00.00.00.0 %0.0 %0.0 %0.00.00.00.0 %0.0 %0.0 %1,999.10.00.026.4 %0.0 %0.0 %0.00.00.00.0 %0.0 %0.0 %Global EquityGlobal Equity TransitionSSGA Global Fundamental Dev LCUS EquityRhode Island Transition AcctSSgA Russell 3000US Large CapShott CapitalFixedFixed IncomeMacKay Shields CorePyramis CoreOtherTactical CashTactical Cash Template3&RS\ULJKW 2016 Russell Investments.All rights reserved. All market values in millions. Numbers may not add due torounding. Daily values are provided by custodian and are unaudited. Balancesand exposures include Russell Overlay accruals and pending trades.
Rhode Island - Rhode IslandAsset SummaryBalance Date: 11/30/2016ManagerTotal Market ValueEquity Market ValueFixed Market ValueOther Market ValueCash BalanceAbsolute Return FundsBrevan Howard LPBrigade Levered CapitalCapula Global Relative ValueClaren Road Cr FundD.E. Shaw Composite FundGraham GlobalOz Domestic Partners IIWinton Futures Ltd Fund500.576.259.765.95.795.857.7103.835.66.6 %1.0 %0.8 %0.9 %0.1 %1.3 %0.8 %1.4 %0.5 %0.00.00.00.00.00.00.00.00.00.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.00.00.00.00.00.00.00.00.00.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %500.576.259.765.95.795.857.7103.835.66.6 %1.0 %0.8 %0.9 %0.1 %1.3 %0.8 %1.4 %0.5 %0.00.00.00.00.00.00.00.00.00.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %0.0 %CreditPIMCOWAMCO428.9217.0211.95.7 %2.9 %2.8 %0.00.00.00.0 %0.0 %0.0 %0.00.00.00.0 %0.0 %0.0 %428.9217.0211.95.7 %2.9 %2.8 %0.00.00.00.0 %0.0 %0.0 %Inflation LinkedBrown Brothers Harriman-GILBS251.2251.23.3 %3.3 %0.00.00.0 %0.0 %0.00.00.0 %0.0 %251.2251.23.3 %3.3 %0.00.00.0 %0.0 %98.798.70.01.3 %1.3 %0.0 %0.00.00.00.0 %0.0 %0.0 %0.00.00.00.0 %0.0 %0.0 %98.798.70.01.3 %1.3 %0.0 %0.00.00.00.0 %0.0 %0.0 %MLPHarvest Fund Advisor175.0175.02.3 %2.3 %0.00.00.0 %0.0 %0.00.00.0 %0.0 %175.0175.02.3 %2.3 %0.00.00.0 %0.0 %Real EstateCombined Real Estate544.7544.77.2 %7.2 %0.00.00.0 %0.0 %0.00.00.0 %0.0 %544.7544.77.2 %7.2 %0.00.00.0 %0.0 %InfrastructureCombined Priv. InfrastructureInfrastructure4&RS\ULJKW 2016 Russell Investments.All rights reserved. All market values in millions. Numbers may not add due torounding. Daily values are provided by custodian and are unaudited. Balancesand exposures include Russell Overlay accruals and pending trades.
ERSRI Portfolio%%% - as of November 30, 2016Actual AllocationTactical Cash0.0%Absolute Return6.6%Policy AllocationTactical Cash0.0%Cash0.6%Cash0.0%Absolute Return7.0%Equity - US15.9%Credit & GILB's9.1%Equity - US16%Credit & GILB's9.0%Infrastructure3.6%Infrastructure4.0%Real Estate7.2%Equity - Developed10.7%Equity - Developed11%Real Estate7.0%Equity - EM4.0%Equity - EM4.4%Fixed Income14%Fixed Income12.9%Equity - QVM14%Equity - QVM14.0%Equity- Alternative7.4%Equity - Private7.3%Equity - Alternative8.0%Equity - Private7%
ERSRI Asset AllocationPublic-Asset Portfolios%%% - as of November 30, 2016Global Public Equity - by Industry SectorTelecomm. Svcs.3.7Materials5.3Utilities3.2Core Fixed Income - by TypeCash & uries &Sovereign35.3Corporates31.3Healthcare10.2Info. Tech.15.5Cons. Staples9.3Industrials11.9ABS0.5Cons. Disc.11.9Global Public Equity - by GeographyAgencies1.9Inflation-Linked Bonds - by Duration7-10 27.1CMBS2.1Less Than 1 Year13.95-7 Years17.5United 7.6United Kingdom5.43-5 Years35.21-3 Years33.4
Section V.Risk Overview
Historical Risk - Three Year Rolling PeriodsTOTAL PLAN5 Years Ending November 30, 2 - 01/1505/12 - 04/1508/12 - 07/1511/12 - 10/1502/13 - 01/1605/13 - 04/1608/13 - 07/16Market Proxy: Total Plan Benchmark; Risk-Free Proxy: BofA Merrill Lynch 3 Month US Treasury Bill G0O1Ann Std Dev5Ann Sharpe RatioAnn AlphaBeta11/13 - 10/16
5 Years Ending November 30, 2016ComparisonTOTAL PLANAnn ReturnAnn Ex Ret vs MktAnn Tracking ErrorAnn Std DevBetaR-SquaredAnn AlphaAnn Sharpe Ratio7.240.070.965.880.940.980.451.20Total PlanBenchmark60/40 Blend7.166.416.156.871.140.93
Risk Exposures3 Years Ending November 30, 2016AnnualizedReturnUS Public EquityNon-US Public EquityEquity Hedge FundsPrivate EquityTraditional Fixed IncomeReal EstateReal Return Hedge FundsInflation-Linked BondsCashRussell Overlay FdTOTAL Ann Std eta (ACWI) Beta (BC Beta 00.11Beta .02
ERSRI Portfolio% - as of November 30, 2016Bubble-Size Scaled based on Current Allocations3-Year Risk-Return14.012.0Real Estate10.0Return6.04.0US Public EquityPrivate Equity8.0Absolute ReturnUS Fixed IncomeTotal PlanTIPCre60Total Plan Benchmark60/40 Blend2.0CreditTIPs-Equity Hedge FundNon-US Public EquityTotal Real .014.016.0ToToUSNoEqPriUSReTo5-Year Risk-Return18.016.0US Public Equity14.0Real Estate12.0Private EquityReturn10.0Total Plan Benchmark8.0Total Plan6.0Absolute Return60/40 BlendTotal Real Return4.0Non-US Public Equity2.0TIPsUS Fixed Income(2.0)-2.04.06.08.0Volatility10.012.014.016.0
3 Years Ending November 30, 2016CorrelationAnn ReturnUS PubEQNon-USPub S PubNon-US PEq HFPEFIRERR HFTIPSCashOverlayTotalTot BMEq HFPEFIRERR .201.000.995 Years Ending November 30, 2016CorrelationAnn ReturnUS PubNon-US PEq HFPEFIRERR HFTIPSCashOverlayTotalTot BMUS PubEqNon-USPub 21.000.550.090.240.240.310.230.020.300.950.96Eq HFPEFIRERR 99
10-Year Risk-Return9.08.0Private Equity7.06.0Total Real ReturnReturnAbsolute Return5.0Total PlanReal Estate4.0Total Plan Benchmark60/40 Blend3.02.0US Fixed Income1.0-2.04.06.08.0Volatility10.012.014.0
10 Years Ending November 30, 2016CorrelationAnn ReturnUS PubEqUS Pub EqNon-US PEq HFPEFIRERR HFGILBSCashOverlayTotalTot BM-------------------------Non-USPub Eq-----------------------Eq -0.01-0.02RR Overlay-------Total1.000.99
Section VI.Performance Overview
Report ID: IPM0005Total Performance SummaryReporting Currency: USDTOTAL NET OF FEES11/30/2016AnnualizedAccount NameBenchmark NameMarketValue% of TotalMonthYTDFiscal YTD1 Year3 YearsSSGA R3000 INDEXRussell 3000 8.318.768.68US Public EquityRussell 3000 8.318.758.68SSGA MSCI EAFEMSCI EAFE Net Dividend -3.66SSGA MSCI CANADAMSCI Canada Net Dividend Index100,867,16412.412.3822.9922.406.576.39SSGA MSCI EMMSCI Emerging Markets NetDividend Index300,333,0484-4.64-4.6010.5910.94Non-US Public EquityTotal International Equity BM1,081,622,17614-2.42-2.31QVM TiltMSCI World Net Dividend Index1,057,492,04714Global Public EquityMSCI All Country World Net Index3,434,186,505Private EquityILPA All Fds Custom BM 1Q LagEquity Hedge FundsHFRI Equity Hedge (Total) Index5 Years10 1
Office of the General Treasurer Seth Magaziner General Treasurer 50 Service Avenue – Warwick, Rhode Island 02886-1021 – (401) 462–7650 / Fax 462–7695 . MorningStar rated the Advisor Sold Plan bronze and the Direct Sold plan silver, both of which are now i
RHODE ISLAND 3. Key Findings. Rhode Island. About Your Graduating Class. In Rhode Island, there were 1,790 students in the 2014 graduating class who took the ACT. This translates into an estimated 16% of the 2014 Rhode Island graduating class being tested with the ACT. Rhode Island saw an increase in ACT-tested graduates of 27% since 2010 .
Meals on Wheels of Rhode Island Rhode Island Food Dealers Association SNAP-Ed Rhode Island Hospitality Association Johnnycake Center Rhode Island Academy of Nutrition & Dietetics . America Economic P
STATE OF RHODE ISLAND AND PROVIDENCE PLANTATIONS BEFORE THE RHODE ISLAND STATE LABOR RELATIONS BOARD . -AND-TOWN OF NORTH KINGSTOWN DECISION ANDORDER TRAVEL OFCASE The above entitled matter comes before the Rhode Island State Labor Relations . allowing aterm in the collective bargaining agreement that permits the enactment ofrules 2. and .
the state of Rhode Island for three (3) or more years, and I hold an official high school diploma (or will hold at the time of my enrollment) OR that I have lived in Rhode Island for three (3) or more years and have earned a GED (senior high school equivalency diploma from the state of Rhode Island), or will have earned one by the time of my .
equitable access to, and participation in, its program for students, teachers, . 2010 NECAP Rhode Island State Report Card . Level Student Demographic Mathematics English Language Arts Elementary . Target Score: 74.5% Target Score: 84.1% . Rhode Island Target Met? Rhode Island Target Met? Students with Disabilities 63.9% . NO . 70.8% . NO .
G. Include in the bid paperwork a completed W-9 Form which is attached. 3.4 Rhode Island Sales Tax: A. The authority is exempt (certificate # 984) from the payment of the Rhode Island Sales Tax under the 1956 General Laws of the State of Rhode Island, 44-18-30, Paragraph I, as amended. 3.5 Federal Excise Taxes: A.
percent of them living and working in Rhode Island. The college is the No. 1 provider of nurses and other health care workers in the state. Annually, more than 1,000 CCRI students transfer to Rhode Island College and the University of Rhode Island to continue their education. CCRI’s tuition
Rhode Island Department of Health Rhode Island Workforce Development Plan 7 As Rhode Island has no local health departments, the agency coordinates public health activities across the state. All programs and services are coordinated by Divisions and Centers (see Organizational Chart in Appendix 1). Main areas of responsibility include:
