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Investment Advisory Committee Reports​

The General Assembly established the Investment Advisory Committee in 2001 to advise the State Treasurer on managing investments for the Retirement Systems. In 2009, the legislature passed the Treasurer’s Governance and Transparency Act allowing for the expansion of the IAC from five to seven members, increasing the financial expertise available to the Treasurer for investment decisions.

Treasurer Cowell Announces Investment Advisory Committee - February 24, 2010

Code of Ethics 
IAC Charter

Investment Advisory Committee Meetings

As part of the Department's commitment to transparency, Investment Advisory Committee (IAC) meeting minutes and documents are available to the public.  View all documents using the following chart: 

​Meeting Date ​Agenda ​Minutes ​Materials
​November 18, 2015
​September 16, 2015
​May 20, 2015
March 5, 2015​ Agenda ​Minutes

December 10, 2014 Meeting Minutes
February 18, 2015 Meeting Minutes
IAC Performance Review
IAC Charter Draft
IAC Code of Ethics Draft
Investment Program Review
NCRS Energy Review
Investment Grade Fixed Income Overview
2015 Meeting Dates
Sustainable Private Equity Article

​February 18, 2015 NCDST Compensation Review and Recommendations
December 10, 2014​ Agenda ​Minutes

September 24, 2014 Meeting Minutes
IAC Performance Review
IMD 2014-15 Initiatives
Investment Cost Effectiveness Study
IAC Charter and Code of Ethics
Private Equity Review
Market-Oriented Compensation Study
2015 Meeting Dates

September 24, 2014​ Agenda Minutes​ May 22, 2014 Meeting Minutes
IAC Performance Review
IMD Initiatives Memo
IMD Initiatives
Non-Core Real Estate Review
Private Equity Review
Investment Policy Statement
2014 Meeting Dates
May 22, 2014​ Agenda Minutes February 19, 2014 Meeting Minutes
IAC Performance Review
Public Equity Portfolio Review
Legislative/Governance Update
Draft Investment Policy Statement
New Strategic Asset Allocation
February 19, 2014​ Agenda Minutes Agenda and Meeting Materials
December 16, 2013​ Agenda Minutes​

September 18, 2013 Meeting Minutes
IMD Initiatives
IMD Performance Review
NCRS Asset Liability Study Overview
Investment Strategy Discussion
2014 Meeting Dates 
Placement Agent Review Timeline
Placement Agent Review

September 18, 2013​ Agenda Minutes

IMD Initiatives
IMD Performance Review
Alternatives Update
Real Estate Update
Meeting Memo
Investment Strategy Discussion
NCRS Asset Liability Study ​

May 29, 2013​ Agenda Minutes IMD Initiatives
Code of Ethics and Conduct
IMD Investment Committee Charter
Conflict of Interest Certification
Vehicle Selection Policy and Procedures
IMD Performance Review
Public Equity Portfolio Overview
HEK Fiduciary Services Memo
2013 Meetings Dates
February 27, 2013​ Agenda Minutes Portfolio Summary
Tentative Priorities for DST
Credit Portfolio Overview
Fixed Income Overview
​November 14, 2012​ Agenda Minutes

Portfolio Summary
GASB Presentation
Real Estate Update
Risk Analysis

​September 13, 2012​ ​​Agenda Minutes Portfolio Summary
Alternatives Update
​May 30, 2012​ Agenda Minutes Portfolio Summary
Public Equity Portfolio Overview
Simon Ruddick Bio
2012 Meeting Dates
​February 29, 2012​ Agenda ​​Minutes ​​Portfolio Summary
Statement of Investment Policy
Policy Overview
Fixed Income Overview
Credit Portfolio Overview
2012 Meeting Dates
​November 14, 2011​ ​​Agenda Minutes ​​Portfolio Summary
Real Estate Update
Hedged Equity Strategy
Gil Caffray Bio
2012 Meeting Dates
September 21, 2011​ Agenda Minutes

Portfolio Summary
Portfolio Rebalancing
Private Equity Update
Investment Process
Ennis Knupp Fiduciary Review
Cover Sheet

​June 23, 2011​ ​​Agenda Minutes ​​Portfolio Summary
Portfolio Benchmark Review
Risk System Discussion
​February 16, 2011 Agenda Minutes

Investment Bill Memo
Portfolio Summary
Governance Proposal
Clifford S. Asness, Ph.D. Biography
Investment Bill Blackline
Risk Management Overview
Private Equity Review

* Currently being compiled

 Upcoming Meetings


 Additional Documents