TAILIEUCHUNG - Selecting an Investment Manager / The Basics of Securities Lending & Commission Recapture

Even if a pragmatic approach continues to be taken on PRM-TSI compliance work, . for a residual Pacer fleet, there could be a peak of activity in 2017-2019. The supply side of the industry will need to increase capacity to cope with this peak, and for supporting continued operation of existing vehicles. The option of seeking a change to the law to permit a longer timescale for these modifications, or to permit further review of PRM-TSI scope for vehicles with a short life expectancy and/or very low use, is one that may be worth pursuing. . | Selecting an Investment Manager The Basics of Securities Lending Commission Recapture Commonwealth of Massachusetts Public Employee Retirement Administration Commission Commonwealth of Massachusetts Public Employee Retirement Administration Commission Robert Chairman A. Joseph DeNucci Vice Chairman C. Christopher Alberti Stephen P Crosbyl Kenneth J. Donnelly James M. Machado Donald R. Marquis Joseph E. Connarton Executive Director 5 Middlesex Avenue Third Floor Somerville MA 02145 ph 617 666 4446 l fax 617 628 4002 l tty 617 591 8917 l web perac Published by PERAC 2002. Printed on recycled paper. Selecting an Investment Manager I The Basics of Securities Lending Commission Recapture Robert A. Dennis . PERAC Investment .

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