Romney says Obama also has investments in Chinese companies and through a Cayman Islands trust....

Miller offered this analysis: "There is no evidence that the fund helped the Illinois pension fund avoid any taxes – in this respect, the Illinois pension fund would have been treated identically had the fund been organized as a domestic (U.S.) partnership. However, the fact that it was organized as a Cayman partnership might have allowed some taxable investors to defer some tax on foreign (non-U.S.) portfolio companies purchased by the Fund."

Atwood emphasized that neither Obama nor any other participant in the retirement system has anything to do with selecting investments for the fund.

Miller concurred with that, and added that Romney legitimately can claim that he has similar distance from foreign investments made through his individual retirement accounts.