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Governance
Trustee Commitment

The Trustees of the Fund each volunteer more than eleven days every year in fulfillment of their fiduciary obligations associated with Fund governance.

Fiscal Year 2018 (July 2017-June 2018) Meeting Attendance

The Fund’s Board of Trustees volunteered more than eleven days of the year with 93% attendance in fulfillment of the fiduciary obligations associated with Fund governance.

Calculation: 60 hours of meeting time / 7.5 hours per day = 11.5 days plus 4 travel days = 11.5 business days per year, excluding approximately 30 hours of preparatory and follow-up time. Trustees come from across the United States and meeting logistics in certain cases requires day prior travel. However, at a minimum, trustees incur one travel day (½ day to and ½ day from) each of the Board meetings.

Details as follows:

The Board of Trustees met four times during the fiscal year for a total of 19.25 hours. In addition, preparation time exceeds two hours for each meeting.

Attendance

%

Date

On Site

Location

Present/Eligible

Attending

14-Sep-17

2.5 hours

Dallas, TX

12/15

80%

16-Nov-17

4.5 hours

New York City

14/15

93%

23-Feb-18

9.0 hours

La Jolla, CA

15/15

100%

17-May-18

3.25 hours

New York City

15/15

100%

Total

19.25 hours


The Investment Committee met four times during the fiscal year, three times in person and once telephonically for a total of 14.75 hours. The on-site meetings usually total five hours over two days and preparation time for the on-site meetings averages four hours per meeting. Preparation time, including material review and due diligence (exchanging calls and emails for additional questions and clarifications before and after) for all telephonic meetings averages 60 minutes per meeting.

The Benefits & Operations Committee met three times during the fiscal year for a total of 7.5 hours. Preparation time generally requires 30 minutes or more for each meeting.

The Audit Committee met three times during the fiscal year, two times in person and once telephonically for a total of 3.5 hours. Preparation time generally requires 30 minutes or more for each meeting. On-site meetings include executive sessions with the internal auditor as well as the audit partner from KPMG, the Fund’s external auditor.

The Governance Committee met four times during the fiscal year, three times in person and once telephonically, for a total of 4.5 hours. Preparation time generally requires 30 minutes or more for each meeting.

The Compensation Committee met four times during the fiscal year, for a total of 4.75 hours. Preparation time generally requires 30 minutes or more for each meeting.

The Board Retreat and Asset Liability Study Task Forces met five times telephonically for 5.75 hours in preparation for the February and May Board meetings. Preparation time generally required 60 minutes or more each meeting.