. >> i would reiterate this was a joint effort between napc and the staff. we were jointly involved in developing the list for the rf i's. we did the trips together. we evaluated the various respondents separately and communicated our independent conclusions and found that both staff and napc rated this arrow street strategy extremely highly. other strategies are on our list. this is not. it is a candidate for the fdl list the next time they turn attention to this area. we strongly support this recommendation. >> we may order two more of these. for the educational piece in september was the intent to do more. we have to evaluate. this is not the first. we will do a couple more of these over the next several months. >> board members questions? >> commissioner casciato. >> who proposed the conversion airvo street or us? >> us. >> we sought the conversion? that's it. >> that is based on more uncorrelate you had assets and returns. >> it is philosophical solution to have more gross exposure but sameness exposure. flexible. it is superio in practice, quantitatete