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R2987RESOLUTION NO. 2987 WHEREAS, Section 9.3 of the Pension Plan of The Metropolitan St. Louis Sewer District provides that the Board of Trustees of the District, may from time to time, appoint one or more investment managers to act on behalf of any Trustee or Trustees of the Pension Plan with respect to all or a specified portion of the assets of the Pension Fund held by said Trustee. Such investment managers shall be either (a) registered as an investment adviser under the Investment Advisers Act of 1940, (b) the securities of investment companies (mutual funds) registered under the Investment Company Act of 1940, (c) a bank common or collective trust fund as defined in the Investment Advisers Act of 1940, (d) a legal insurance company qualified to manage, acquire or dispose of plan assets under the laws of Missouri, and WHEREAS, Section 9.4 of the Pension Plan of The Metropolitan St. Louis Sewer District provides that the Board of Trustees of the District may, from time to time, direct the Trustee of the Pension Plan to invest a specified portion of the Pension Fund in a particular asset or assets, and WHEREAS, US Bank National Association has been designated as Trustee of said Pension Plan, and will continue in that function, and WHEREAS, Resolution No. 2986, adopted August 11, 2011, specified the manner in which the assets of the Pension Fund of The Metropolitan St. Louis Sewer District are to be invested. NOW, THEREFORE, BE IT RESOLVED that the following investment managers be appointed to act on behalf of the Board of Trustees of the District with respect to the assets of the Pension Fund of The Metropolitan St. Louis Sewer District in the manner as hereafter provided. (A) Vanguard Windsor II Fund is hereby appointed as investment manager for the Domestic Large Cap Equity Asset Component as specified in Resolution No. 2986. (B) Vanguard 500 Index Fund is hereby appointed investment managers of the Growth & Income portion of the Domestic Large Cap Equity Asset Component as specified in Resolution No. 2986. (C) Waddell & Reed and Buford, Dickson, Harper & Sparrow are hereby appointed as investment managers of the Large Capitalization Growth portion of the Domestic Large Cap Equity Asset Component as specified in Resolution No. 2986. (D) Times Square Asset Management and Kennedy Capital Management Co., Inc. are hereby appointed as an investment manager of the Domestic Small Capitalization Equity Asset Component Resolution No. 2986. . (E) Income Research & Management, Inc. And Loomis Sayles is hereby appointed fixed income investment managers to manage a portion of the Fixed Income Asset Component as specified in Resolution No. 2986. (F) First American Fund – Prime Obligations Fund, Class Z, is hereby appointed investment manager of the Short Term Investment Fund (STIF) portion of the Fixed Income Asset Component as specified in Resolution No. 2986. (G) Morgan Stanley International Equity Fund is hereby appointed as an investment manager of the International Equity Component as specified in Resolution No. 2986. (H) Grantham, May, Van Otterloo & Co., LLC is hereby appointed investment manager of global tactical asset allocation and PIMCO All Asset Fund is appointed manager for the global tactical asset allocation and absolute return component Resolution No. 2986.. (I) Brandywine Asset Management LLC is hereby appointed as investment manager of the Global Fixed Income Components as specified in Resolution No. 2986. (J) Penn Capital Management Company, Inc. is hereby appointed as investment manager of the High Yield Fixed Income Component as specified in Resolution No. 2986. (K) Pyramis Global Advisors is hereby appointed investment manager of the Market Neutral Component as specified in Resolution No. 2986. (L) UBS Realty Investors LLC, Real Estate Separate Account ("RESA") is hereby appointed to manage the Real Estate Investment Component as specified in Resolution No. 2986. (M) BNY ConvergEx formerly Lynch, Jones and Ryan is hereby appointed as a recapture brokerage firm for the District's Pension Plan Resolution No. 2986. (N) Wellington Trust Company, National Association, Diversified Inflation Hedges Portfolio is hereby appointed to manage the Real Assets Investment Component as specified in Resolution No. 2986. (O) Pictet Asset Management, Ltd (Pictet Emerging Local Currency Debt Fund, LLC) is hereby appointed as investment manager of the Emerging Market Debt (local currency) as specified in Resolution No. 2986. Pictet Emerging Local Currency Debt Fund, LLC is a Delaware-registered limited liability company. Custodian: Brown Brothers Harriman & Co. BE IT FURTHER RESOLVED that the Executive Director, with the approval of the Chairman of the Board of Trustees of The Metropolitan St. Louis Sewer District, is hereby authorized and directed to execute any necessary instruments to give effect to the foregoing. The foregoing Resolution was adopted August 11, 2011.