Mass Port Investment Regulations

PERAC
Approval
Date

Regulation Number

Investment Regulation/Supplemental Regulation

5/7/09 16.08 In accordance with Investment Guideline 99-2, the Massachusetts Port Authority Employees’ Retirement System is authorized to make a modest modification to its large cap equity index mandate with State Street Global Advisors.  In order to achieve broader exposure within the asset class, the System is transferring from SSgA’s S&P 500 Flagship Fund to its Russell 1000 Securities Lending Fund.

11/1/06

16.08

In accordance with Investment Guideline 99-2, the Massachusetts Port Authority Employees’ Retirement System is authorized to make a modest modification to its core plus fixed income mandate with Wellington Trust Company.  The overall strategy and benchmark are remaining the same, but the system is transferring its assets from an existing separate account to a commingled fund.  The Core Bond Plus (Monthly Series) allows use of certain derivative instruments for risk management and other purposes consistent with the investment objective as well as greater flexibility in the use of below investment grade securities, currency exposure, and emerging market debt.

03/25/2004

16.08

In accordance with PERAC Investment Guideline 99-2, MPAERS is authorized to transfer its international equity mandate with Baring Asset Management from the Standard Active/Passive Non-Lending Fund B to the Full Active/Passive Equity (Lending) Fund G.  The funds have the same portfolio management team and both are managed to the MSCI-EAFE benchmark.  The difference is that the current fund achieves its objective be investing in country-specific index funds while the new fund will also invest in sector-specific index funds.  MPAERS has had a satisfactory relationship with Baring for over four years.

09/20/2000

16.08

The MPAERS may modify its fixed income investment mandate with Wellington Management Company from Core to Core Plus.  The system has had a satisfactory existing relationship with Wellington.  The Board believes that the greater flexibility and diversification achieved by allowing opportunistic limited investments in high yield and international fixed income securities will offer long-term benefits in portfolio returns.  The portfolio manager, as well as the portfolio benchmark, will not change.