Attleboro Investment Regulations

PERAC Approval Date	Regulation Number	Investment Regulation/Supplemental Regulation
April 3, 2007		Notwithstanding the provision of the Code of Massachusetts Regulation 840 CMR 21.01(2), (3)(a) & (b), (4)(a) & (b), and (5), the Attleboro Retirement System through its duty constituted Retirement Board may invest funds of the Retirement System in the fund known as INVESCO Core Real Estate USA, LLC, a venture capital operating company within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA). INVESCO shall not be subject to the existing provisions of 840 CMR 21.01(2), (3)(a) & (b), (4)(a) & (b), and (5), but shall be subject to the prohibited investment provisions under ERISA guidelines. The prohibited investment provisions that apply to the INVESCO portfolio shall be defined relying upon ERISA statutory exemptions and the administrative class exemptions and regulations, specifically QPAM Exemption 84-14, as amended (“PTCE 84-14”), Prohibited Transaction Class Exemption 91-38 (“PTCE 91-38”) issued by the Department of Labor and other ERISA applicable regulations retroactive to the time that INVESCO began investing the System’s funds in its Core Real Estate Fund.
10/16/1997	20.06(10)	Private Placement securities falling under the governance of Rule 144A may be purchased up to 5% of the market value of the fixed income portfolio at the time of purchase. These Rule 144A Private Placements shall be considered to be corporate bonds and, as such, governed by guideline constraints, with respect to credit and concentration limits, similar to those that apply to corporate bonds in general.
10/16/1997	20.03(2)	At least 40% but no more than 80% of the total portfolio valued at market shall consist of fixed income investments with a maturity of more than one year, including Yankee Bonds which shall be limited to 15% of the total fixed income portfolio valued at market.
01/29/1997	20.03(1 ) 90.04(6) 20.07(9)	Equity investments shall not exceed 60% of the portfolio valued at market, including international equities which shall not exceed 10% of the portfolio valued at market. American Depository Receipts denominated in U.S. currency and listed on a United States stock exchange or traded over the counter in the United States, provided that the total of all such investments shall be considered part of the board's equity asset allocation and shall not exceed 5% of the total market value of the portfolio. Commingled real estate shall not exceed 5% of the total book value of the portfolio at the time of purchase provided that: (a) the retirement board does not participate in the selection of personnel responsible for making real estate investments and should this be required,prior to any participation by the board, the board shall consult with PERA to determine the appropriate course of action: (b) such personnel retain authority in the decision making process, and (c) should an investment in real estate result in the direct ownership of real estate or mortgage indebtedness, such shall be permitted only until such time as divestiture is prudent.
05/30/1996	20.03(1) 20.04(1) 20.07(5)	Equity investments shall not exceed 50% of the portfolio valued at market, including international equities which shall not exceed 10% of the portfolio valued at market. United States based corporations and equities of foreign corporations. Equity investments shall be made only in securities listed on a United States stock exchange, traded over the counter in the United States, or listed and traded on a foreign exchange.
12/21/1995	20.03(2)	At least 40% but no more than 80% of the total portfolio valued at market shall consist of fixed income investments with a maturity of more than one year including Yankee Bonds and Eurobonds which shall be limited to 12% of the total fixed income portfolio valued at market.
04/21/1992	20.03(1) 20.06(8) 20.07(6) 20.04(6)	Equity investments shall not exceed 50% of the total book value of the portfolio at the time of purchase. Purchases and sales of fixed income investments with maturities exceeding one year shall not exceed 200% of the market value of all fixed income obligations in any twelve month period, excluding cash and short term obligations. Purchases and sales of equity investments shall not exceed 100% of the average market value of all equity holdings in any twelve month period. Equities of non-United States based companies provided such securities are denominated in United States currency, are listed on a United States exchange or traded over the counter in the United States and provided further that the total of such securities not exceed 10% of the market value of the portfolio.
02/21/1992	4.03:	Copies to be Sent to PERA Within four (4) weeks of the close of each month, after all entries for the month have been posted and a trial balance performed, the board shall send to the Public Employee Retirement Administration a photocopy of the following for the month: A. cash book entries; B. trial balance; and C. journal entries.
10/05/1989	20.06(8) 20.07(6)	Sales of fixed income investments with maturities exceeding one year shall not exceed 200% of the market value of all fixed income obligations in any twelve month period, excluding cash and short term obligations. Sales of equity investments shall not exceed 200% of the average market value of all equity holdings in any twelve month period.
08/28/1989		(1) Real estate investments shall not total more than $200,000 at the time of purchase and shall consist of real estate trusts and partnerships, provided that: (a) trust participants or limited partners do not participate in the selection of trustees or general partners and should a trust participant or limited partner be required to participate in the selection of a trustee or general partner, prior to any participation by the board, the board shall consult with PERA to determine the appropriate course of action, and (b) such trustees or general partners retain authority in the decision making process, and (c) should an investment in a trust or limited partnership result in the direct ownership of real estate or mortgage indebtedness, such shall be permitted only until such time as divestiture of said trust or limited partnership is prudent.
12/22/1988		(l) Real estate investments shall not exceed 1% of the total book value of the portfolio at the time of purchase and shall consist of real estate trusts and limited partnerships, provided that: (a)trust participants or limited partners do not participate in the selection of trustees or general partners and should a limited partner be required‑to participate in the selection of a general partner, prior to any participation by the board, the board shall consult with PERA to determine the appropriate course of action, and (b) such trustees or general partners retain authority in the decision making process, and (c) should an investment in a trust or limited partnership result in the direct ownership of real estate or mortgage indebtedness, such shall be permitted only until such time as divestiture of said trust or limited partnership is prudent.