The board completed the regularly scheduled review of the U.S. and international equity index funds manager and retained State Street Global Advisors.
The board completed the regularly scheduled review of the REIT managers and retained Cohen and Steers; the board hired Dimensional Fund Advisors and terminated Morgan Stanley Investment Management and Invesco Advisers, Inc.
The board updated the investment policy to reflect the REIT manager changes and associated performance benchmarks.
The board updated the investment policy after adopting the 2017 capital market assumptions and adjusting the asset allocation targets by decreasing public equities by 2%, decreasing REITs by 1%, decreasing hedge funds by 5%, raising private equity by 2%, raising private real estate partnerships by 1%, and raising direct lending by 5%.
The board completed the regularly scheduled review of the master limited partnerships manager and retained the current manager, Harvest Fund Advisors LLC.
The investment policy was updated to reflect the board's action to adopt the S&P/LSTA Leveraged Loan Index for the direct lending benchmark, and the Cambridge Associates Distressed Debt Securities Index for the distressed debt benchmark.