Greetings, We are quickly approaching the holiday season when people typically share greetings and gifts with one another. This letter comes in anticipation of this holiday giving season to request your assistance with compliance over gift giving practices. As managers of over $320 billion of California Teachers’ assets, the CalSTRS Board has established very high ethical standards for our organization. Although gift giving may still be a tradition in some industries and businesses, we feel that this practice is not viewed by the pubic or our members as innocuous. While we are thankful and appreciative of the holiday spirit, we respectfully ask all of our business partners to please refrain from sending any gifts to CalSTRS and/or the investment staff. If you have any questions, please e-mail Investment Compliance at: InvestmentCompliance@CalSTRS.comSincerely,  Christopher J. Ailman Chief Investment Officer
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