The UAT System provides:

• Real-Time Transparency… on holdings, orders, violations and brokerage costs, across all external money managers, to improve governance and fiduciary oversight.
• Real-Time Oversight… through a centralized, real-time pre- and post-trade compliance platform to identify and prevent violations by external money managers.
• Real-Time Control Over Brokerage… that improves investment performance, creates new operating revenue and generates expense offsets.

UAT provides significant benefits to multiple stakeholders, including:

• CEO — The Chief Executive Officer realizes the following benefits from the UAT System including:
  • Superior compliance supervision and surveillance.
  • Real-time governance reporting.
  • Enhanced risk management.
  • Increased operating revenue.
  • Improved investment performance.
  • Lower operating costs.
• Chief Financial Officer — The Chief Financial Officer realizes the following benefits from the UAT System including:
  • Increased operating revenue and improved investment performance.
  • Lower costs through enhanced operational efficiencies.
  • Enhanced risk management
• Chief Administrative Officer — The Chief Administrative Officer realizes the following benefits from the UAT System:
  • Superior compliance supervision and oversight of external money managers, including compliance with SEC Rules 38a-1, 206 (4) (7) and 203 (e) (6).
  • Real-time governance reporting across positions, open and filled orders, compliance violations and brokerage costs by account, fund, manager, model, model program and the investment platform.
  • Lower brokerage costs resulting in improved investment performance, increased revenue and new expense offsets.
  • Lower operating costs related to improved business efficiency in model portfolio rebalancing, manager replacement, asset segregation reporting and risk management hedging programs.
• Chief Compliance Officer — The Chief Compliance Officer realizes the following benefits from the UAT System:
  • Superior compliance supervision and oversight of external money managers, including compliance with SEC Rules 38a-1, 206 (4) (7) and 203 (e) (6).
  • For the first time, the ability to identify and prevent violations in trading by external money managers.
  • Real-time governance reporting across positions, open and filled orders, compliance violations and brokerage costs by account, fund, manager, model, model program and the investment platform.
• Board of Trustees — The Board of Trustees realizes the following benefits from the UAT System:
  • Superior compliance supervision and oversight of external money managers, including compliance with SEC Rules 38a-1, 206 (4) (7) and 203 (e) (6).
  • For the first time, the ability to identify and prevent violations in trading by external money managers.
  • Real-time governance reporting across positions, open and filled orders, compliance violations and brokerage costs by account, fund, manager, model, model program and the Plan, Trust or Fund.
  • Lower brokerage costs resulting improved investment performance.
  • Lower operating costs related to improved business efficiency in model portfolio rebalancing, manager replacement, asset segregation reporting and corporate risk management hedging programs.
• Chief Risk Management Officer — The Chief Risk Management Officer realizes the following benefits from the UAT System:
  • Real-time governance reporting and portfolio statistics across positions, open and filled orders, compliance violations and brokerage costs by account, fund, manager, model, model program and the Plan, Trust or Fund.
  • Real-time portfolio statistics for risk management hedging programs for annuity guarantees.
  • Superior reporting and supervision of derivative and forward settlement and asset segregation requirements.
• Outside Counsel — Outside Counsel realizes the following benefits from the UAT System:
  • Enhanced compliance with oversight requirements.
  • Real-time governance, supervision and risk management.
  • Additional protection from fraud, rogue traders and mismanagement.
• External Money Managers — External Money Managers realize the following benefits from the UAT System:
  • Enhanced compliance with SEC oversight requirements.
  • Greater focus on high-value ‘high touch’ orders.
  • Retain active management mandates.
  • Implementation of a new best practice that benefits all participants in the externally managed and sub-advised industry.
• Regulators — Regulators realize the following benefits from the UAT System:
  • An emerging best practice that creates a new and higher standard of governance, fiduciary supervision and transparency.
  • Enhanced compliance with existing oversight requirements.
  • Comprehensive and practical solution to address longstanding challenges in governance and fiduciary oversight.
• Financial Advisers — Financial Advisers realize the following benefits from the UAT System:
  • Improved investment performance in ‘best of breed’ products.
  • Additional protection from fraud, rogue traders and mismanagement.
  • Lower costs and enhanced benefits through superior risk management.
• Plan Members or Participants, Trust Beneficiaries and Fund Shareholders — Plan Members or Participants, Trust Beneficiaries and Fund Shareholders realize the following benefits from the UAT System:
  • Lower operating costs and improved investment performance.
  • Superior protection from fraud, rogue traders and mismanagement.
  • Stronger governance and fiduciary oversight.

In total, the UAT System comprehensively addresses decades-old needs through a new and higher standard of real-time transparency, supervision and cost savings.