Specifications include, but are not limited to: 1. Review and analyze investment guidelines and Principles and provide the Treasurer with monitoring and recommendations for future enhancements to the Portfolios’ investment frameworks; 2. Prepare presentations to the Treasurer, defining the risk/reward characteristics of any recommended investment guideline changes subject to statutory constraints; 3. Provide assistance in creating or modifying the investment policy statements for the Portfolios that considers the liquidity, market-based performance, distribution needs, contributions, risk profile, and varying risk tolerances; 4. Conduct an annual review of the investment policy statements for the Portfolios, investment guidelines, processes and procedures, and provide best practice recommendations; 5. Conduct an annual asset allocation, annual underlying fund fee study, and benchmark review of the Portfolios; 6. Review and make recommendations on the current design, structure, underlying securities, optimization techniques, and asset allocation strategies, including asset classes, completion strategies, securities lending, and composition of the Portfolios; 7. Evaluate and monitorrelevantunderlying fund manager lineups, including organizational and investment management staff changes, and provide a written report containing observations and recommendations as requested by the Treasurer, where appropriate; 8. Review investment manager recommendations, which recommendations are based upon the investment managers’ independent analysis. Such review may be documented either in the quarterly reports detailing the investment returns or separately; 9. Upon Treasurer request, conduct and provide investment manager recommendations, based upon an independent analysis and due diligence process. The recommendations shall be analyzed as compared to the market as a whole, and in furtherance of the investment goals for the Portfolios; 10. Provide continuous oversight of the Portfolios by conducting periodic analysis of the investment performance, to be recorded in reports detailing the investment returns, asset allocation, historical performance, performance attribution, fee analysis, underlying funds, and its holdings. Such reports will be provided to the Treasurer on a quarterly basis, and more frequently, as requested;
