Institutional Federal Compliance Report 2021

As of June 30, 2017 (except for the State Lottery, which is as of March 31, 2018), the composition of investments for the State’s business-type activities by levels within the fair value hierarchy were as follows (amounts in millions): 68 • Notes to Basic Financial Statements __________________________________________________________________________

Quoted Prices in Active Markets for Identical Assets

Significant

Other

Significant Unobservable

Observable Inputs (Level 2)

Inputs (Level 3)

Investment Type

Fair Value

(Level 1)

U.S. Treasury strips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury notes/bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AID bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Government-sponsored agency bonds . . . . . . . . . . . . . . . . . . . . U.S. equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equity mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mutual fund non-equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . International bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Multi-strategy funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Global equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

625 $

586 $

39 $

—00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000

475 316 273 161 97 71 57 57 26 19 14

—00000 —00000 —00000

475 316 273 97 97

64

—00000

71 57 56 25 19 14

—00000 —00000

1 1

—00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000 —00000

9 4 3 3 2 1

9 4 3 3 2 1

12

11

1 1

2,225 $

925 $

1,299 $

SUNY investments at June 30, 2017, measured at the NAV were as follows (amounts in millions):

Redemption Frequency

Redemption Notice Period

Investment Type

Fair Value

(If Currently Eligible)

External investment pools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Global equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hedge funds (equities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Multi-strategy funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Private equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

916 Monthly

Two months 15-90 days 90 days 45-95 days

36 Monthly, Quarterly,

Annually

32 Quarterly

19 Monthly, Quarterly 15 N/A—See below 11 Monthly, Quarterly

N/A

30-45 days

8 N/A

N/A

1,037

External investment pools represents ownership in Cornell University’s and Alfred University’s long- term investment pools (LTIP) or other split interest agreement pools. The objective of the LTIP investment policy is to maximize total return within a reasonable risk parameter; specifically, to achieve a total return, net of investment expenses, of at least 5 percent in excess of inflation as measured by a rolling average of the Consumer Price Index.

Private equity fund investments include non- controlling shares or interests in funds where the con- trolling general partner serves as the investment’s manager. Such investments are generally not eligible for redemption from the fund or general partner, but can potentially be sold to third-party buyers in private transactions. It is SUNY’s intent to hold these invest- ments until the fund has fully distributed all proceeds to the investors. SUNY has unfunded commitments to private equity investments as of June 30, 2017 of approximately $7.5 million.