PRIM Board Organizational Update PRIT Fund and SRBT Fund

Deborah B. Goldberg, Treasurer and Receiver General, ChairMichael G. Trotsky, CFA, Executive Director and Chief Investment Officer

Presentation to theState Retiree Benefits Trust Fund Board

PRIM Board Organizational Update PRIT Fund and SRBT Fund Performance Review

Municipal Outreach Update

Thursday, May 7, 2020By

Francesco Daniele, Senior Client Services Officer

PRIM is a $70.7 billion investment fund that invests public employeepension benefits.

PRIM does not administer benefits.

PRIM has a highly talented, experienced and focused investment staff.

PRIM’s Mission is to relieve the pension funding burden on the taxpayer.

PRIM is a self-funded agency which generates asset returns for Massachusetts.

The Project SAVE initiative is approaching $200 million annualized valueenhancing activities for the fund annually.

PRIM is independent and governed by a nine-member Board of Trustees.

The Massachusetts State Treasurer is the Chair of the PRIM Board.

A robust committee structure lends advice regarding investments andoperations.

Mission

2

Oversight and staffing:• 9 appointed and elected trustees• 4 advisory committees, consisting of 37 industry professionals and Board

members• Staff of 47 professionalso 2 Ph.D’so 10 CFA’so 6 CPA’so 2 CAIA’so 20 CFA Investment Foundations Program Certificate Holders

Core Fund Facts $70.7 billion AUM as of 3/31/2020 51 public markets portfolios 15 real estate, timber and REIT managers 100+ private equity managers; 200+ partnerships 32 portfolio completion strategies managers

PRIT Fund Overview

3

1. Stable organization: Exceptional staff with low turnover supported by a strong, stable Board and Committee structure

2. National recognition for PRIM and its staff3. Strong relative and absolute investment performance4. Sophisticated risk management platform and framework5. Timely asset allocation decisions6. Project SAVE7. Re-engineered Hedge Fund program – Portfolio Completion Strategies

a. Direct hedge fundsb. Hedge fund replicationc. Alternative risk premia harvesting strategiesd. Equity risk mitigation

8. Enhanced manager search and selection process9. Private Equity co-investment10. Direct Real Estate

Top 10 Accomplishments

4

ChairState Treasurer andReceiver-General,

Commonwealth of Massachusetts

Deborah B. Goldberg

Appointee of the State Treasurer

Ruth Ellen Fitch

Designee of the Governor,Ex Officio Member

James B.G. Hearty

Appointee of the Governor,

Non-State Employee or

Official

Peter Monaco

Appointee of the Governor, Public Safety

Carly Rose

State Retirement

Board Member (SRB)

Theresa F. McGoldrick,

Esquire

Teachers’ Retirement

Board Member (TRB)

Dennis J. Naughton

Elected Representative State Teachers’

Retirement System

Robert L. Brousseau

Elected Representative

State Employees Retirement

System

Paul E. Shanley, Esquire

PRIM Board Membership

5

PRIM Advisory Committees MembershipInvestment Committee(12 Members)The Committee advises the Board with respect to the asset allocation policy of PRIM and related investment policies, and assist the Board in overseeing the investment program. The mandate of the Investment Committee does not include real estate and timber.

1. Deborah B. Goldberg, Chair, Ex Officio Board Member2. Paul E. Shanley, Board Member3. Ruth Ellen Fitch, Board Member4. Joseph C. Bonfiglio, Massachusetts & Northern New England Laborers' District Council5. C. LaRoy Brantley, Investment Consultant6. Michael Even, CFA, Retired President and CEO, Numeric Investors7. Constance M. Everson, CFA, Managing Director, Capital Markets Outlook Group8. James B. G. Hearty, Retired Investment Professional 9. Peter Monaco, Managing Director, Raptor Group10. Philip Rotner, Chief Investment Officer, Boston Children’s Hospital11. Glenn P. Strehle, CFA, Treasurer Emeritus, MIT12. Timothy L. Vaill, Special Advisor

Real Estate Committee(10 Members)The Committee advises the Board in setting investment policy within the real estate and timber portfolios and assist the Board in overseeing these portfolios.

1. Deborah B. Goldberg, Ex Officio Board Member2. Lydia Chesnick, Esq.,Partner, Bernkopf Goodman LLP3. Robert Gifford, Robert Gifford Advisory4. Jill S. Hatton, Chair, CRE, Real Estate Investment Professional5. Anthony E. Hubbard, Esq., CVS Corporation6. Jack Lutz, PhD., Forest Research Group7. William F. (Bill) McCall, Jr., CRE, McCall & Almy, Inc.8. Garlan Morse, Jr., CRE, Morris and Morse Company, Inc.9. Peter F. O'Connell, Marina Bay Company10. Carly Rose, Public Safety Union Member

6

PRIM Advisory Committees MembershipAdministration and Audit Committee(10 Members)The Committee assists the Board in overseeing all issues related to the governance, administration, and audit functions of PRIM, and to provide recommendations for the Board's consideration.

1. Deborah B. Goldberg, Ex Officio Board Member2. Robert L. Brousseau, Chair, Board Member3. Theresa F. McGoldrick, Esq., Board Member4. Patrick E. Brock, Chairman of the Hampshire County Retirement Board5. Joseph A. Connolly, Senior Managing Director, Strategic Development, TerraCap6. Karen E. Gershman, CPA, Retired Chief Operating Officer, Health Advances7. Eileen Glovsky, Treasurer Appointee8. James B. G. Hearty, Retired Investment Professional 9. Dennis J. Naughton, Board Member10. Michele A. Whitham, Esq., Founder & Principal, Whitham Law LLC

Compensation Committee(5 Members)The Committee assists the Board in overseeing staff compensation and benefit policies. The Administration and Audit Committee is responsible for assisting the Board on other human resource matters.

1. Deborah B. Goldberg, Ex Officio Board Member2. Robert L. Brousseau, Board Member3. Patrick E. Brock, Chairman, Hampshire County Retirement Board4. Joseph A. Connolly, Senior Managing Director, Strategic Development, TerraCap5. Michele A. Whitham, Esq., Founder & Principal, Whitham Law LLC

7

PRIM Investment Team Organizational Chart

Senior Investment OfficerReal Estate and TimberlandChristina Marcarelli, CAIA

Senior Investment Officer & Director of Private Equity

Michael R. Bailey

Senior Investment Officer &Director of Real Estate & Timberland

Timothy V. Schlitzer, CRE, CFA

Senior Investment Officer Real Estate and Timberland

John LaCara

Senior Investment Officer Private Equity

Michael M. McGirr, CFA

Investment AnalystPrivate Equity

Sarah Zatoonian

Deputy Chief Investment Officer & Director of Public MarketsDavid M. Gurtz, CPA, CFA

Senior Investment OfficerPublic Equities

Andre Clapp, Ph.D., CFA

Senior Investment OfficerFixed Income

J. Chuck LaPosta, CFA

Executive Director and Chief Investment Officer

Michael G. Trotsky, CFA

Deputy Executive Director & General Counsel

Christopher J. Supple Executive AssistantMarliese Lawson

Investment OfficerAndre Abouhala

Administrative AssistantMaria Clements

Chief Strategy OfficerEric R. Nierenberg, Ph.D.

Senior Investment Officer &Director of Portfolio Completion Strategies

Bill, Li, CFA, CAIA

Senior Investment Officer &Director of Research

Maria Garrahan

8

Investment OfficerOptions & Derivatives

Joy Seth

Investment AnalystStrategy Group

Grace Gao

Investment OfficerPrivate Equity

Alyssa Fiore, CFASenior Investment Officer

Investment AnalystReal Estate and Timberland

Minching Kao

Senior Investment Officer &Director of Risk Management

James Leu, CFA, FRM

Administrative Assistant

Administrative AssistantSylvia Argiropoulos

Investment OfficerReal Assets

Eleni Klempner

Investment AnalystStrategy Group

Liu Liu

PRIM Finance and Operations Team Organizational Chart

Manager of Private Equity ReportingYisroel Markov, CPA

Manager of Hedge Fund ReportingEileen Molloy

Client Reporting & Cash ManagerJennifer Cole

Financial Reporting ManagerQingmei Li, CPA

Director of Finance & AdministrationDaniel Eckman, CPA

Director of Human ResourcesMichelle Witkes

Director of Information TechnologyDavid Griswold

Chief Investment Operating OfficerMatthew Liposky

Chief Financial OfficerDeborah Coulter, CPA

Chief Operating OfficerAnthony J. Falzone

Director of Investment OperationsGeorge Tsipakis

Accounting AssistantMorgan Burns, CPA, CFA

Financial AnalystVeronica Williams

ReceptionistMaureen Aquino

Executive AssistantSteffanny Rosario

Help Desk & Operational SupportSilas Owoyemi

Senior Client Services Officer Paul Todisco

Senior Client Services OfficerFrancesco Daniele

Executive Director and Chief Investment OfficerMichael G. Trotsky, CFA

Deputy Executive Director and General CounselChristopher J. Supple Executive Assistant

Marliese Lawson

Investment Operations Analyst Edward Caron

9

Senior Corporate AccountantSara Coelho

Client Services AnalystEmily C. Green

Compliance AnalystEllen Hennessey

Director of CommunicationsElizabeth Herlihy

External Advisors

Fund Advisors:

• NEPC - Asset Allocation

• Callan Associates - Public Markets

• Aberdeen Asset Management - Hedge Fund Investments

• Hamilton Lane - Private Equity

• The Townsend Group- Real Estate & Timber

Independent Auditors:

• KPMG, LLP - PRIM Board and PRIT Fund, Real Estate, Timber, and SASE 16 Reviews

• Deloitte & Touche, LLP – PRIM Board tax Consultant

Custodian:

• BNY Mellon Corporation

10

Michael Trotsky, CFA, the Executive Director and Chief Investment Officer of the Massachusetts Pension Reserves InvestmentManagement Board, was honored with Institutional Investor’s Lifetime Achievement Award at the third annual Allocators’ ChoiceAwards on December 3 in New York. (December 2019)

Michael M. McGirr, CFA, was selected to be a member of the ILPA’s content committee. The content committee is charged withcreating and curating content that will be beneficial for the ILPA’s membership. (October 2019)

Qingmei Li, CPA, received the Commonwealth’s Citation for Outstanding Performance at a State House ceremony with TreasurerDeborah Goldberg, Chair of the PRIM Board. (October 2019)

PRIM has adopted the CFA Institute’s Global Investment Performance Standards of integrity and transparency, effective January 1st

2019. The GIPS standards are an important part of our commitment to maintain the highest level of integrity and transparencypossible. (August 2019)

For the second consecutive year, PRIM’s Private Equity Portfolio has been ranked #1 among 163 U.S. public pension funds basedon 10 year performance by the American Investment Council’s Public Pension Study. PRIM is the only fund that has been in theTop 5 of all private equity portfolios in every year the study has been conducted. (July 2019)

CFA Society Boston has elected Michael Trotsky, CFA, Executive Director and Chief Investment Officer to serve as Chair of theBoard of Directors. The CFA Society Boston serves 6,000 professionals representing 650 companies and is part of the CFA Institutewith nearly 200,000 members. (June 2019)

For the second year in a row, Eric Nierenberg has been listed on Institutional Investor’s “Most Wanted Allocators” list. For the pasttwo years, Institutional Investor has published a global “Top 50” list of allocators they deem as most coveted for potential futurechief investment officer roles. (June 2019)

PRIM was awarded the Government Finance Officer Association’s Certificate of Achievement for Excellence in Financial Reportingfor the 14th consecutive year. (May 2019)

For an unprecedented fourth year in a row, PRIM has been nominated for “Public Plan of the Year” at the Institutional InvestorHedge Fund Industry Awards, to be held in New York on June 27, 2019. PRIM won this award in 2016. The other nominees thisyear are Ontario Municipal, New Mexico, Wisconsin, Texas Teachers and Illinois Teachers. (May 2019)

Portfolio Completion Strategies (PCS) Director Bill Li, CFA, CAIA was inducted into the EQDerivatives Investing Hall of Fame’s 2019Class, which “recognizes those individuals that have led the line in volatility and alternative risk premia thought leadership. (May2019)

Summary of Recent National Recognition

11

Unprecedented Sharp Decline

12

Velocity of COVID-19 sell-off surpassed that of GFC. Depth of this downturn is not as large as in the GFC.

↓48%

↓27%

↓46%

↓34%

50

55

60

65

70

75

80

85

90

95

100

Chart - Cumulative Performance since Onset of Decline

Dow Jones (1929) SP500 (1987) SP500 (2008) SP500 (2020)

Covid-19 Outbreak

13

Global Confirmed Cases and Deaths Confirmed Cases by Country

Confirmed Cases by StateU.S. Confirmed Cases and Deaths

Source: WHO, CDC, FactSet, and PRIM Staff.All data as of April 17, 2020.

36%

12%

5%

5%

5%4% 33% New York

New Jersey

Massachusetts

Pennsylvania

Michigan

California

Rest of U.S.0

5000

10000

15000

20000

25000

30000

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

1/24

1/31 2/

7

2/14

2/21

2/28 3/

6

3/13

3/20

3/27 4/

3

4/10

4/17

Deat

hs

Case

s

US Confirmed Cases US Confirmed Deaths

Cases: 632,781Deaths: 28,221

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

-

500,000

1,000,000

1,500,000

2,000,000

2,500,0001/

24

1/31 2/

7

2/14

2/21

2/28 3/

6

3/13

3/20

3/27 4/

3

4/10

4/17

Deat

hs

Case

s

World Confirmed Cases World Confirmed Deaths

31%9%

8%

6%

5%

5%4%

4%

28%

US

Spain

Italy

Germany

France

UK

China

Iran

Rest of World

U.S. Economic Data

14

Unemployment Rate Weekly Initial Jobless Claims (in millions)

CBOE Market Volatility Index (VIX)WTI Crude Oil ($/bbl)

Source: FactSet, PRIM Staff.All data as of April 17, 2020.

0%

2%

4%

6%

8%

10%

12% Historical Average: 6.1%Current: 4.4%

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

March 13: 282,000 claimsMarch 20: 3,307,000March 27: 6,867,000April 3: 6,615,000April 10: 5,245,000

0

10

20

30

40

50

60

70

80

90

1990 1995 2000 2005 2010 2015 2020

March 16: 82.69 April 17: 38.15Historical Average: 19.27

$0

$20

$40

$60

$80

$100

$120

$140

$160

1985 1990 1995 2000 2005 2010 2015 2020

April 17: $18.27 per barrel

Historical Market Sell-Off Performance

15

Dot-Com Bubble Global Financial Crisis

Covid-19 Pandemic2018 Global Stock Market Downturn

Source: FactSet, PRIM Staff.As of April 17, 2020.

-47% -47% -45% -45%

-16%

29%44%

5%

36% 40%

60%

39%25%

4%

-6%

6%

-60%

-40%

-20%

0%

20%

40%

60%

80%

S&P 500 MSCIEAFE

MSCI EM MSCIACWI

60/40ACWIAgg

BarclaysAgg

STRIPS Crude Oil(WTI)

Peak-to-Trough (3/24/2000 - 10/9/2002) 1-Year Later

-55% -59% -60% -57%

-32%

7%

38%

-41%

72% 77%

108%

79%

51%

9%

-20%

73%

-80%-60%-40%-20%

0%20%40%60%80%

100%120%

S&P 500 MSCIEAFE

MSCI EM MSCIACWI

60/40ACWIAgg

BarclaysAgg

STRIPS CrudeOil (WTI)

Peak-to-Trough (10/9/2007 - 3/9/2009) 1-Year Later

-19%-14%

-8%-16%

-9%

2% 6%

-40%

40%

23% 20%

32%23%

9%

21%

44%

-50%-40%-30%-20%-10%

0%10%20%30%40%50%

S&P 500 MSCIEAFE

MSCI EM MSCIACWI

60/40ACWIAgg

BarclaysAgg


Peak-to-Trough (9/20 - 12/24/2018) 1-Year Later

-34% -30% -28% -32%-20%

-1%

17%

-56%

29%16% 18%

24%16%

4% 3%

-22%

-70%-60%-50%-40%-30%-20%-10%

0%10%20%30%40%

S&P 500 MSCIEAFE

MSCI EM MSCIACWI

60/40ACWIAgg

BarclaysAgg


Peak-to-Trough (2/19 - 3/23/2020) 3/23 - 4/17/2020

Asset Allocation Review

16

PRIT Asset Allocation Approved February 26, 2020

Global Equities 34% - 44%

Core Fixed Income 12% - 18%

Value-Added Fixed Income

5% - 11%

Private Equity 10% -16%

Real Estate 7% - 13%

Timberland 1% - 7%

Porfolio Completion Strategies 8% - 14%

17

Asset Allocation 2020: Approved February 26, 2020

Date Range: Q1 2005 – Q32019

AA 2019Approved Range

AA 2020Recommended Range Within Range

Global Equity (including Hedged US Equity) 34% -- 44% No Change Yes

Core Fixed Income 12% -- 18% No Change Yes

Value-Added Fixed Income 5% -- 11% No Change Yes

Private Equity 10% -- 16% No Change Yes

Real Estate 7% -- 13% No Change Yes

Timberland 1% -- 7% No Change Yes

Portfolio Completion Strategies 8% -- 14% No Change Yes

The ranges in the PRIM asset allocation reflect the long-standing use of bands around a midpoint. The bands have not changedand any actual weighting within the range is considered acceptable and within the asset allocation policy. Managing the assetallocation to a particular midpoint in the range is not always possible, practical or advisable.

18

PRIM 2020 ASSET ALLOCATION RECOMMENDATIONNEPC Capital Market Assumptions

Source: NEPC 19

PRIT Fund PerformanceAs of March 31, 2020

20

Total PRIT Fund Fiscal Year Market Value ($Billions)

$36.3

$41.9

$50.4 $50.6

$37.7$41.3

$50.2 $48.8$53.2

$60.6 $61.2 $60.7

$ 66.9

$71.7$74.8

$70.7

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20(3/31)

AUM (bil)

21

PRIT Asset Class Performance Summary

22

One Quarter Ended March 31, 2020 (Gross of Fees)

Source: BNY Mellon, FactSet.All performance figures reflected are PRIT Fund Asset Class returns.*MSCI ACWI/Barclays Aggregate is derived from a 60/40 combination of index returns.

30.0%

5.9%2.3% 1.8% 1.1%

-1.0%-4.3%

-7.7% -9.9% -11.3%-11.6%-13.0%-18.6%-19.6%-20.2%

-23.6%-25.6%-28.5%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

PRIT Asset Class Performance Summary

23

One Year Ended March 31, 2020 (Gross of Fees)

Source: BNY Mellon, FactSet.All performance figures reflected are PRIT Fund Asset Class returns.*MSCI ACWI/Barclays Aggregate is derived from a 60/40 combination of index returns.

47.7%

21.2%

8.1% 7.6% 5.9%1.3%

-1.2% -1.5% -3.2% -4.0% -6.7% -6.8% -7.5%-10.4%

-13.9%-14.0%-18.0%

-21.0%-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

Total PRIT Fund Returns Annualized Returns as of March 31, 2020 (Gross of Fees)

Source: BNY Mellon.Total Core Benchmark includes private equity benchmark.

24

-1.2%

5.0%5.2%

7.5%

-1.9%

4.2%4.4%

6.2%

0.7% 0.8% 0.8%1.3%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

1 Year 3 Years 5 Years 10 Years

Retu

rns

Total Fund Return Total Core Benchmark Value Added

PRIT Asset Class Performance SummaryOne Year Ended March 31, 2020 (Gross of Fees)

Source: BNY Mellon.Totals may not add due to rounding. *Benchmark is actual performance.**Hedge Fund returns are net of fees. 25

21.2

%

15.5

%

1.3%

-1.5

%

-4.0

%

-4.2

%

-12.

7%

21.2

%

15.9

%

0.3% 1.

3%

-5.6

%

-3.9

%

-12.

8%

0.0%

-0.4

%

1.0%

-2.8

%

1.6%

-0.2

%

0.1%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Total PrivateEquity*

Total Core FixedIncome

Total Real Estate Total Timber PortfolioCompletionStrategies

Total Value AddedFixed Income

Total Global Equity

Retu

rns

Asset Class Benchmark Value Added

Global Equity Performance

26


Source: BNY Mellon.Totals may not add due to rounding.

-6.7

%

-10.

4%

-13.

9%

-18.

0%

-21.

0%

-6.9

% -4.9

%

-15.

2%

-18.

7%

-22.

4%

0.1%

-5.5

%

1.3%

0.7% 1.

5%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

U.S. Large Cap Equity Domestic EnhancedEquity

Int'l Equities Emerging MarketsEquity

U.S. Small/SMID/MicroCap Equity

Retu

rns


Public Fixed Income Performance

27


Source: BNY Mellon.Totals may not add due to rounding.

47.7

%

8.1%

5.9%

-6.7

%

-7.5

%

-14.

0%

47.8

%

8.9%

6.6%

-7.5

%

-9.2

% -5.3

%-0.1

%

-0.9

%

-0.7

%

0.7% 1.6%

-8.7

%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

20+ Yr STRIPS Core FI (Agg) TIPS/ILBs High Yield Bank Loans EMD $

Retu

rns


PRIT Asset Class Performance

28

Annualized Returns as of March 31, 2020 (Gross of Fees)

Source: BNY Mellon.

1 Year 3 Year 5 Year 10 Year

PRIVATE EQUITY 21.2%




CORE FIXED INCOME 15.5%


REAL ESTATE 7.4%

REAL ESTATE 10.3%

REAL ESTATE 1.3%

REAL ESTATE 6.2%


GLOBAL EQUITY 6.3%

TIMBERLAND (1.5%)

TIMBERLAND 3.0%

TIMBERLAND 3.4%


PORTFOLIO COMPLETION STRATEGIES

(4.0%)

VALUE-ADDED FIXED INCOME

1.8%


3.0%


5.1%

VALUE-ADDED FIXED INCOME (4.2%)

GLOBAL EQUITY 1.1%

GLOBAL EQUITY 2.8%

TIMBERLAND 4.9%

GLOBAL EQUITY (12.7%)


1.0%


0.9%


3.5%

PRIT Fund Ratio of Expenses in Basis Points

43 43 42

52

63

54 52 51 5450 50

55 55 53 53 54 52 52

0

10

20

30

40

50

60

70

80

90

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Fiscal Year

29

SRBT Fund PerformanceAs of March 31, 2020

30

Total SRBT Fund Returns (Net of Fees) - $1.83 Billion*Annualized Returns as of March 31, 2020

-10.1%

-1.8%

4.5%4.8%

7.3%7.7%

6.6%

-9.7%

-1.9%

4.2%4.4%

6.5%6.1% 6.1%

-0.4%

0.2% 0.3% 0.3% 0.7%1.6%

0.5%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

CYTD 1 Year 3 Years 5 Years 10 Years Inception10/31/11**

Inception11/30/01***

Total Fund Return - ex cash Policy Benchmark Value Added

*Participant assets, excluding Mass State Retirees, were $535 million as of March 31, 2020.

*** The inception date for the TOTAL FUND was 11/30/2001. This ITD value reflects the true inception-to-date return for all SRBTF assets including legacy separate account investments as well as the PRIT GA investments.

**The inception date for the SRBTF's investment in the PRIT Fund General Allocation Account (PRIT GA) was 10/31/2011, when 82% of the fund was transitioned from separate accounts to PRIT GA. The remaining 18% of separate account assets were transitioned over the following 14 months with 100% of assets invested in PRIT GA by 12/31/2012. The ITD return of 10.1% reflects the inception-to-date return for PRIT GA assets only.

31

Municipal Outreach

32

Municipal Outreach

1. Acton-Boxborough Regional School District2. Amherst-Pelham Regional School District 3. Andover4. Ayer Shirley Regional School District5. Bellingham*6. Belmont7. Bernardston8. Bridgewater 9. Byfield Water District10. Cape Cod Regional Transit Authority 11. Chelmsford Water District12. Dartmouth 13. Dracut 14. Freetown15. Foxboro16. Greater Lawrence Sanitary District17. Greenfield18. Groton19. Halifax20. Haverhill21. Hull22. Lawrence 23. Longmeadow24. Lynn25. Massachusetts Association of Regional Planning Agencies (MARPA) 26. Massachusetts Housing Finance Authority27. Medway28. Melrose29. Mohawk/Hawlemont Regional School District (Buckland) 30. Nauset Regional High School31. Newbury32. Pepperell33. Prospect Hill Academy Charter School34. Quabbin Water District35. Somerset36. South Hadley Fire District 37. Springfield38. Stoneham

39. Sudbury40. Tri-County Educational Collaborative (Franklin, MA)41. Truro42. Waltham43. Watertown 44. West Boylston Municipal Light Department45. Westford46. West Newbury47. Weston48. Winthrop49. Woburn

*New Listing

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Governmental Entities Participating in the SRBTF1. Town of Acton2. Town of Amherst3. Town of Ayer4. Town of Bedford5. City of Beverly6. BiCounty Educational Collaborative, Franklin, MA 7. Town of Blackstone8. Boston Redevelopment Authority9. Town of Boxford10. Town of Braintree11. Town of Brewster12. Town of Brookline 13. Town of Burlington 14. Byfield Water District15. Town of Chelmsford16. Concord Area Special Education (CASE) Collaborative17. Town of Cohasset18. Town of Dalton 19. Town of Dracut20. Town of Dedham21. Fall River Housing Authority 22. City of Fitchburg23. Town of Franklin 24. Franklin Regional Council of Governments25. Greater Lowell Regional Technical School26. Town of Harvard 27. Town of Hingham28. Town of Holliston29. Town of Ipswich30. Town of Lancaster31. Lawrence Housing Authority32. Town of Lenox33. City of Leominster34. Town of Lincoln35. Lincoln-Sudbury Regional School District36. Town of Longmeadow37. Lowell Regional Transit Authority (LRTA)38. Lower Pioneer Valley Educational Collaborative39. Town of Manchester-By-The-Sea

40. Manchester Essex Regional School District41. Town of Marblehead42. Marblehead Municipal Light Department43. Massachusetts School Building Authority44. Mass State Retirees (SRBTF)45. Mass Water Resources Authority 46. Town of Medfield47. Town of Middleton48. Town of Milton49. Town of Montague50. Nashoba Regional School District51. Town of Needham52. City of New Bedford53. City of Newburyport54. City of Newton55. Town of North Andover 56. Town of Northborough57. Town of Northfield58. Old Rochester Regional School District59. Town of Orleans60. Pilgrim Area Collaborative (PAC), Pembroke, MA 61. Town of Provincetown62. Shawsheen Valley Technical High School, Billerica, MA63. Town of Sherborn 64. Town of Stockbridge65. Town of Tewksbury 66. Town of Wakefield67. Wakefield Municipal Gas & Light Department68. Town of Wayland69. Town of Wellesley 70. Town of Westwood71. Town of Wilmington

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ContactsPaul W. Todisco Francesco Daniele

Senior Client Services Officer Senior Client Services Officer

84 State Street, Second Floor 84 State Street, Second Floor

Boston, MA 02109 Boston, MA 02109

Office 617-946-8423 Office 617-946-8416

E-mail: [email protected] E-mail: [email protected]

Emily Green

Client Services Analyst

84 State Street, Second Floor

Boston, MA 02109

Office 617-946-8486

E-mail: [email protected]

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mailto:[email protected]



Documents

PRIM Board Organizational Update PRIT Fund and SRBT Fund