Bristol Investment Regulations

PERAC
Approval
Date

Regulation Number

 

Investment Regulation/Supplemental Regulation

March 31, 2010 21.01(1)

The Bristol County Retirement Board has voted to invest $5 million in the INVESCO Mortgage Recovery Fund.  This investment is part of the Public Private Investment Program (PPIP) sponsored by the U.S. Department of the Treasury.  As part of the mandate of the PPIP investment program, the manager may invest using leverage of up to 3x.

March 19, 2010 21.01(1)

The Bristol County Retirement Board has voted to invest $10 million in the Alliance Bernstein Legacy Securities Portfolio.  This investment is part of the Public Private Investment Program (PPIP) sponsored by the U.S. Department of the Treasury.  As part of the mandate of the PPIP investment program, the manager may invest using leverage up to 1x.

September 23, 2009 21.01(1)

The Bristol County Retirement Board has voted to invest $10,000,000 in the
TCW Special Mortgage Credits Fund III, L.P. This investment is part of the
Public-Private Investment Program (PPIP) sponsored by the United States
Department of the Treasury. As part of the mandate of the PPIP investment
program, the manager may invest using leverage of up to 1x.

July 14, 2009  

Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the Bristol County Retirement Board may invest funds of the Bristol County Retirement System (the “System”) in the fund known as RREEF America REIT II, Inc. (the “Fund”), and effective retroactively as of the date of the initial investment by the System of any of its assets in the Fund, while the assets of the System are so invested, the assets of the System shall be deemed to include, for purposes of applying the rules set forth in 840 CMR 16.00 et seq., 17.00 et seq., and 840 CMR 21.01, the System’s interest in the Fund but not any of the underlying assets of the Fund; provided that, at all times, the Fund qualifies as “real estate operating company” within the meaning of Employee Retirement Income Security Act of 1974, as amended and the regulations promulgated thereunder.

April 24, 2006

21.01(3)(4)(5)

The PIMCO Diversified Income Fund may use derivative securities, including U.S. and non-U.S. government futures, interest rate swaps, credit default swamps, options, and mortgage derivatives.  The Fund’s statement of objectives allows unlimited use of such instruments, but actual use has never exceeded 15% of the Fund’s total market value and is not expected to appreciably exceed this level.  The Board and its consultant are satisfied with PIMCO’s capability and experience in the use of such derivatives

September 7, 2005

16.08

The Bristol County Retirement Board is authorized to invest in the BlackRock Apartment Value Fund III (AVF III).  The board has been a satisfied investor in the predecessor fund, SSR Apartment Value Fund II, which is currently in a liquidation phase in which more than 100% of the Board’s investment is expected to be returned by the time of the first capital call for AVF III.  The acquisition of SSR Realty by BlackRock has resulted in no substantive changes either in personnel or in strategy for this program.

June 21, 2001

21.01(3)

 

 

 

The Bristol County Retirement System may utilize forward foreign exchange contracts with a gross value up to 60% of the international equity portfolio managed by Arrowstreet Capital, L.P.  The purpose of these contracts is not to take or increase risk but to reduce risk by assuring that the portfolio’s currency position is in line with the MSCI-EAFE benchmarks.  To offset the effect of equity holdings that may be higher or lower than the country percentage represented in the benchmark, offsetting long and short positions in foreign currency contracts will be used to bring the portfolio’s currency composition in line with the benchmark.

May 7, 2001

16.08

In accordance with PERAC Investment Guideline 99-3, the Bristol County Retirement Board may invest in Charles River Partnership XI.  The Board has been an investor in Charles River Partnerships VII, VIII, IX, and X and has submitted information on those investments as well as other required documents.