Massachusetts PRIM Board

Registry · Top 100 · Massachusetts · U.S. public pension investment board · PRIT Fund · elite 52

Last researched: 7 September 2026 (America/Toronto). Corrections: info@universalassetowners.com. Public-safe profile: no private staff emails or personal phones.

• Executive brief
• Speakable summary
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Investment philosophy & strategy
• Climate / ESG / stewardship
• Performance & reporting
• Controversies & debates
• Timeline
• Depth annex
• FAQ
• Sources
• Completeness note

Executive brief

Massachusetts PRIM Board (Pension Reserves Investment Management Board; MassPRIM) manages the Pension Reserves Investment Trust (PRIT) Fund for Massachusetts public employee pension assets. Official site: www.mapension.com. Prefer dated official US dollars from mapension.com, the PRIT ACFR, and monthly Performance Summary PDFs — do not invent undated AUM headlines.

Primary scale opened for this pack (official USD, labelled by source and date):

• Second Quarter 2026 / quarterly updates: PRIT Fund ended fiscal year 2026 with a record balance of $129.5 billion as of 30 June 2026; returned 12.7% net; gain $14.7 billion — strongest fiscal-year return in five years and above the ~9% historical (since inception) average cited in the update.
• Performance Summary (31 July 2026): Total Capital Fund $129.308 billion; Total Fund $130.360 billion; Capital Fund 1-year net 11.71%; Global Equity actual weight 40.4% / ~$52.2B.
• PRIT ACFR FY2025 (years ended 30 June 2025 and 2024): net position $115.5 billion (from $105.3 billion); 9.6% net; gain $10.2 billion.
• Staff bios (live): intermediate print “$122.1 billion Massachusetts pension fund” — treat as intermediate; prefer dated FYE / performance figures above.
• Commonwealth actuarial (valuation dated 28 Oct 2025): unfunded actuarial pension liability $40.5 billion; 67.4% funded as of 1 Jan 2025.

Leadership honesty (verified mapension.com/about-prim/prim-staff/): Michael G. Trotsky, CFA is Executive Director and Chief Investment Officer (combined role — Board delegates to the ED who is also CIO). David M. Gurtz, CPA, CFA is Deputy Chief Investment Officer only — do not demote Trotsky or list Gurtz as sole CIO. Deputy Executive Director / COO: Anthony J. Falzone. CFO / Chief Administration Officer: Deborah A. Coulter, CPA. Board Chair ex officio: Treasurer and Receiver General Deborah B. Goldberg.

Clients: Massachusetts State Employees’, Massachusetts Teachers’, Boston Teachers’, plus local participating systems — about 100 systems and 300,000+ beneficiaries (Our Clients). PRIM does not administer benefits. Related U.S. public-pension peers on UAO include CalPERS, CalSTRS, Florida State Board of Administration, New York State Common Retirement Fund, OPERS, SWIB, Washington State Investment Board, Virginia Retirement System, and North Carolina Retirement Systems.

Why researchers care: PRIT is among the larger U.S. public pooled pension trusts; MassPRIM publishes monthly performance PDFs, GIPS® verification, a FUTURE diverse-manager program under statute, and an active Stewardship & Sustainability program with dated proxy and engagement metrics. Influence Index figures elsewhere on UAO, if shown, are editorial composites — not MassPRIM ratings.

Speakable summary

Massachusetts PRIM Board manages the PRIT Fund for Massachusetts public pension assets. As of 30 June 2026 the Fund reported a record $129.5 billion fiscal-year-end balance and a 12.7 percent net return. Michael G. Trotsky is Executive Director and Chief Investment Officer in a combined role. David M. Gurtz is Deputy Chief Investment Officer. PRIM does not pay benefits; it invests the trust.

Mandate & ownership

Homepage / About mandate language: generate strong risk-adjusted investment returns that help the Commonwealth of Massachusetts meet its pension obligations and alleviate potential taxpayer burden; fiduciary focus on risk, return, and cost. About PRIM: construct and manage a portfolio that delivers strong risk-adjusted returns to reduce the Commonwealth’s unfunded pension liability and help local participating retirement systems meet pension obligations.

Legal history (ACFR Letter of Transmittal FY2025): PRIT created by the Legislature in 1983 (Chapter 661 of the Acts of 1983) with a mandate to accumulate assets through investment earnings to reduce the Commonwealth’s unfunded pension liability and assist local participating systems. PRIT merged with the Massachusetts State Teachers’ and Employees’ Retirement Systems (MASTERS) Trust in 1997 (Chapter 315 of the Acts of 1996). Chapter 84 of the Acts of 1996 granted retirement boards the ability to invest only in individual PRIT asset classes through a segmentation program.

Statute mandates that Massachusetts State Teachers’, State Employees’, and State-Boston/Teachers’ Retirement Systems, and the State Retiree Benefits Trust Fund (SRBTF), invest all of their assets in the PRIT Fund. Other retirement systems may voluntarily invest all or part of their assets (participating vs purchasing systems — five-year mandatory participation for full transfers).

What the mandate is not: PRIM is the investment manager / board for PRIT — it does not administer retirement benefits, disability, or survivor payments. Benefit administration sits with the State Board of Retirement, MTRS, or local boards. PRIT is presented in the ACFR as a component unit of the Commonwealth of Massachusetts.

Public correspondence address (ACFR / Directions): Pension Reserves Investment Management Board, 53 State Street, Boston, MA 02109. Website www.mapension.com. Public contact email contact@mapension.com (public channel). Private staff directories are omitted from this public-safe profile.

Scale & portfolio

Dated official USD scale — label source and as-of date; prefer mapension.com quarterly updates, Performance Summary PDFs, and ACFR over undated staff-bio prints.

Long-term target ranges (approved 26 Feb 2026)

• Global Equity 31–41%
• Core Fixed Income 12–18%
• Value-Added Fixed Income 6–12%
• Private Equity 13–19%
• Real Estate 7–13%
• Timberland 1–7%
• Portfolio Completion Strategies 7–13%

Actual allocation (31 July 2026 Performance Summary)

NAVs and weights (allocation excludes Cash Overlay 0.9% in the pie note; source BNY on the PDF):

• Global Equity — 40.4% / ~$52.198B
• Core Fixed Income — 16.1% / ~$20.878B
• Value-Added Fixed Income — 8.1% / ~$10.518B
• Private Equity — 14.6% / ~$18.939B
• Real Estate — 8.6% / ~$11.157B
• Timberland — 2.3% / ~$3.006B
• Portfolio Completion Strategies — 8.8% / ~$11.387B
• Overlay — 0.9% / ~$1.219B
• Total Capital Fund — $129.308B; Total Fund — $130.360B (includes Participants Cash and Teachers’/Employees’ Cash lines)

FY2025 portfolio NAVs (investments page / ACFR context, as of 30 Jun 2025)

Investments-page framing and ACFR investment section (opened pack): Domestic Equity ~$28.6B; International ~$12.1B; Emerging Markets ~$4.8B; Core FI ~$17.1B; VA FI ~$9.1B; Real Estate ~$10.6B; Timber ~$3.2B; Private Equity ~$19.2B; PCS ~$10.0B — use dated ACFR/tables when reconciling to audited net position $115.5B.

FY2026 narrative (Q2 2026): Global Public Equities primary driver — up 24.2% overall; Domestic Equity +24.0%; International +19.2%; Emerging Markets +38.8%. Second consecutive fiscal year with all seven major asset classes positive — first back-to-back such pair in 20 years in the update’s framing. Staff researched and deployed more than $3.4 billion into new investments in FY2026.

Organisation / client scale: ~100 systems; 300,000+ beneficiaries. Workforce notes (Q2 2026): 66% diverse; 53% female; one senior-level departure; one new FTE; four seasonal interns; five promotions. ACFR FY2025 letter: 63% diverse / 52% female; no senior departures that year — cite dated source when quoting workforce demographics.

Governance & leadership

Combined ED / CIO role — critical

Official prim-staff page: “The Board delegates authority to the Executive Director (who is also the Chief Investment Officer), who serves at the discretion of the Trustees and is responsible for the implementation of the investment policy and managing all investment functions, as well as other areas including administration, human resources, and finance.” Michael G. Trotsky, CFA holds that combined Executive Director and Chief Investment Officer title. UAO person SSR: michael-g-trotsky (also michael-trotsky).

David M. Gurtz, CPA, CFA is Deputy Chief Investment Officer. He joined PRIM in 2008 and has held senior roles including Deputy CIO – Director of Public Markets, COO & CFO, and Deputy CIO – Director of Risk Management (credited with building the risk program). Prior: Senior Manager at KPMG. He is not sole CIO — do not demote Trotsky. Person SSR: david-m-gurtz.

Other senior staff (official bios)

• Anthony J. Falzone — Deputy Executive Director and Chief Operating Officer (finance, operations, reporting, compliance, HR, technology).
• Deborah A. Coulter, CPA — Chief Financial Officer and Chief Administration Officer.
• Francesco Daniele — Director of Client Service.
• Seth Gitell — Chief External Affairs Officer.
• David Griswold — Director of Information Technology.
• E. Renee LeFevre, Esq. — Chief Legal Officer–General Counsel.
• Jay Leu, CFA — Director of Risk.
• Bill C. Li, CFA, CAIA — Director of Portfolio Completion Strategies.
• Matthew Liposky — Chief Investment Operating Officer (also chairs GIPS® Standards Asset Owner Subcommittee per About awards framing).
• Christina A. Marcarelli, CAIA — Senior Investment Officer – Real Estate and Timberland, Director of Real Estate Debt.
• Michael P. McElroy, CFA — Director of Public Markets.
• Michael McGirr, CFA — Director of Private Equity – Senior Investment Officer.
• Veena Ramani — Director of Stewardship (also invited as Vice Chair of CII Advisory Council per Q2 2026).
• Timothy V. Schlitzer; Michelle Witkes; Helen Huang (SIO / Growth & VC — Alpha Edge / PEI 40 under 40 awards pages).

Nine-member PRIM Board

The nine-member PRIM Board acts as Trustee for each retirement system that invests in the PRIT Fund and controls/manages the Fund. Chair ex officio: Deborah B. Goldberg, Treasurer and Receiver General. Members listed on the live prim-board page include Joseph Connarton; Catherine D’Amato; Ruth Ellen Fitch; Mark Lapman; Theresa F. McGoldrick; Dennis J. Naughton; Carly Rose; Matthew Scheffler. FY2026 election results: Connarton (State Employees’ Retirement System representative) and Scheffler (Massachusetts Teachers’ Retirement System representative) — new three-year terms commencing 1 July 2026.

Composition mechanics (prim-board): Treasurer or designee is ex officio Chair and also appoints one private citizen with investment/business background; Governor or designee is ex officio and appoints two members (one non-state official/employee; one public-safety union representative); State-Teachers’ and State Employees’ systems each have two representatives (one elected by members; one elected board member).

Investment philosophy & strategy

About / Investments credo: evaluate any investment and any portfolio on three equally important parameters — return, risk, and cost. PRIM states it does not make tactical asset-allocation or investment decisions based on market or economic predictions; instead it engineers a strategic, long-term asset allocation intended to stand a long time horizon, maximising probability of achieving the actuarial rate while minimising risk and cost.

Investments page: overall objective is the highest level of investment performance compatible with risk tolerance and prudent practices; long-term strategic perspective because of the long-term nature of Commonwealth pension liabilities. Asset allocation is framed as the most critical long-term component. Significant equity allocation for return objectives is offset by alternatives (real estate, private equity, private debt, timberland, other credit, portfolio completion / hedge funds) with low equity correlation to reduce volatility.

The Board examines the Asset Allocation Plan annually and completes a comprehensive review of the plan and underlying assumptions at intervals of not more than three to five years. Current long-term ranges were approved 26 February 2026.

Private equity recognition (About / Q2 2026): AIC Public Pension Study ranked PRIM’s PE portfolio 4th among 200 U.S. public pension funds on 10-year performance; only fund in the top five every year of the study, including #1 rankings in 2019, 2018, 2015, and 2013. Homepage also highlights historical #1 AIC PE rankings in marketing tiles — cite dated study year when quoting.

Cost discipline: Project SAVE (Strategic Analysis for Value Enhancement), launched 2013, is described on stewardship pages as embedded cost-efficiency DNA. GIPS® compliance and monthly public performance summaries support institutional transparency.

Climate / ESG / stewardship

Stewardship & Sustainability Committee established February 2022. Stewardship priorities (ACFR FY2025 / engagement framing): Climate Transition Planning, Fair Pay, Sustainable Forestry, Transparency.

FY2026 stewardship activity (Second Quarter 2026 update): drafted PRIM’s first Stewardship Report; comprehensively revised Custom Proxy Voting Guidelines; voted 12,817 proxy ballots; initiated first engagement with 50 publicly traded companies on Fair Pay and Transparency; partnered with Goldman Sachs to assess climate transition readiness of the public-market portfolio; launched physical climate risk assessment of direct real estate; developed Responsible Workforce Management Policy for Private Equity with Albourne due-diligence steps; supported the Treasurer on an SEC Regulation S-K public comment letter; Board approval for two new partner memberships; RFP for proxy advisory services.

ACFR FY2025 letter (prior-year stewardship snapshot): voted 12,181 proxy ballots aligned with custom guidelines on board diversity, over-boarded directors, gender pay gaps, labor and human rights, climate change, and executive compensation — cite FY2025 vs FY2026 ballot counts separately.

Engaged Ownership page themes: promoting boards that reflect community diversity; orderly climate transition; biodiversity dependencies/impacts; say-on-CEO-pay; equal employment / workers’ rights / pay equity; enhanced transparency for decision-making.

Manager selection / monitoring: ESG, DEI&B, and operational capabilities assessed in selection; ongoing monitoring of managers and consultants on material ESG risks/opportunities; certifications used where appropriate.

FUTURE Initiative (diverse managers)

2021 Investment Equity legislation (championed by Treasurer Goldberg) set a goal that not less than 20% of investment managers be minorities, women, and persons with disabilities. FUTURE Initiative launched May 2021. Q2 2026: ~$17.7 billion / 13.7% of PRIT to diverse managers; more than $9.0 billion allocated since inception; FY2026 alone $480 million to diverse managers. Pensions & Investments ranked PRIM fifth among largest 200 U.S. funds for assets managed by diverse managers (About awards; February 2025 framing). Advancing Diversity page also cites >$14B / nearly 13% as of 31 Dec 2024 — prefer the dated Q2 2026 $17.7B / 13.7% print for latest official snapshot.

Performance & reporting

FY2026 (Q2 2026): record FYE $129.5B; 12.7% net; +$14.7B; strongest FY return in five years; above ~9% historical average since inception. FY2025 (ACFR): $115.5B net position; 9.6% net; +$10.2B; all seven major asset classes positive for first time in six years (letter framing). Trailing 1-, 3-, 5-, and 10-year returns consistently exceed the 7% required actuarial rate (ACFR letter).

July 31, 2026 Performance Summary (net of fees, Capital Fund): 1-year 11.71% vs Capital Fund Benchmark 13.63%; 3-year 9.86% vs 11.23%; 5-year 6.43% vs 7.60%; 10-year 8.72% vs 8.61%; since-inception Capital Fund 8.59% vs benchmark 8.31%. FYTD (one month into FY2027) Capital Fund −0.30% vs benchmark −0.25%.

Transparency stack: Annual Comprehensive Financial Report (ACFR) — 21st consecutive ACFR in 41-year history per letter intro; GFOA Certificate of Achievement for Excellence in Financial Reporting (Q2 2026: 21st consecutive; About/ACFR variously 20th/21st — cite dated source); GIPS® verification (About Aug 2026 framing: 9th consecutive; Q2 2026: eighth consecutive — cite dated page); monthly Performance Summary PDFs in Public Records; Quarterly Updates; more than 33 separate audits in FY2026 including State Auditor — all unmodified (clean) opinions with no findings per Q2 2026.

Recognition tiles (About / Q2): Markets Group 2026 Elite Institutional CIOs (Trotsky); Allocator Lifetime Achievement (Trotsky, Oct 2024); CIO POWER 100; Institutional Investor Alpha Edge (Helen Huang, May 2026); Commonwealth Citations (Jessica Murphy; others).

Controversies & debates

Official attributable framing first. MassPRIM’s public materials emphasise fiduciary risk/return/cost discipline, Project SAVE cost control, GIPS®/GFOA reporting credentials, and FUTURE Initiative progress toward the statutory ≥20% diverse-manager goal while acknowledging current diverse-manager AUM share (~13.7% / $17.7B in Q2 2026) remains below the 20% manager-count goal.

Funding gap context (actuarial, not an investment controversy per se): Commonwealth unfunded actuarial pension liability $40.5 billion and 67.4% funded ratio as of 1 Jan 2025 — these are Commonwealth actuarial metrics referenced in the PRIT ACFR letter, calculated on a calendar-year basis, distinct from PRIT market-value net position.

Homepage marketing references a wartime-slogan investment narrative PDF and PE ranking claims — researchers should open the dated primary PDF/study rather than treat homepage teaser language as a standalone citation. Secondary press on U.S. public-pension ESG/proxy politics is abundant industry-wide; this profile does not invent MassPRIM-specific controversy narratives beyond official stewardship priority choices and disclosed engagement metrics.

Leadership title errors are a common secondary-source failure mode: some directories incorrectly split or swap ED/CIO titles. Primary lock: Trotsky = ED and CIO combined; Gurtz = Deputy CIO only.

Timeline

• 1983 — PRIT Fund created (Chapter 661 of the Acts of 1983).
• 1996–1997 — Chapter 315 of the Acts of 1996; merger with MASTERS Trust (1997). Chapter 84 of the Acts of 1996 enables segmentation.
• 2013 — Project SAVE cost-efficiency program launched.
• May 2021 — FUTURE Initiative launched after 2021 Investment Equity legislation.
• February 2022 — Stewardship & Sustainability Committee established.
• August 2024 — Stewardship priorities framing: Climate Transition Planning, Fair Pay, Sustainable Forestry, Transparency.
• FY2025 (ended 30 Jun 2025) — Net position $115.5B; 9.6% net; +$10.2B; GFOA 20th consecutive (letter); GIPS 7th consecutive (letter).
• 26 Feb 2026 — Long-term asset allocation target ranges approved.
• FY2026 (ended 30 Jun 2026) — Record $129.5B FYE; 12.7% net; +$14.7B; first Stewardship Report drafted; 12,817 ballots; $17.7B / 13.7% diverse managers.
• 1 Jul 2026 — Connarton and Scheffler Board terms begin.
• 31 Jul 2026 — Performance Summary: Capital Fund $129.308B; Total Fund $130.360B.

Depth annex

Annex: ACFR Letter of Transmittal highlights (FY2025)

Letter signed in the ED/CIO discussion voice of Michael G. Trotsky. Record FYE balance path: $96.6B (FY2023) → $105.3B (FY2024) → $115.5B (FY2025). Net investment income and contribution flows detailed in MD&A — overall +$10.2B change in pooled net position for FY2025. Custodian bank safeguards holdings and settlement. Internal controls designed for reasonable (not absolute) assurance. Independent audit by KPMG LLP. ACFR structured as Introductory, Financial (with MD&A), Investment, and Statistical sections.

MD&A (opened pack) notes asset-class returns for FY2025 including Global Equity 15.22%; Core Fixed Income 3.78%; Value-Added Fixed Income 9.47%; Private Equity and other classes in the investment section tables — researchers should use the audited schedules rather than homepage teasers when citing class returns for FY2025.

Annex: July 2026 class performance detail

Performance Summary class NAVs and 1-year net returns (31 Jul 2026): Global Equity $52.2B / 22.77% 1-yr; Core FI $20.9B / 1.38%; VA FI $10.5B / 7.74%; Private Equity $18.9B / 3.81%; Real Estate $11.2B / 6.82%; Timberland $3.0B / 3.57%; PCS $11.4B / 7.66%; Overlay $1.2B / 23.50% 1-yr. Certain PE/RE/Timber/VA FI/PCS investments valued only at calendar quarter ends (PDF footnote).

Annex: Client participation model

Our Clients: ~100 systems; 300,000+ beneficiaries. Participating Retirement System = transfer all assets (mandatory five-year period). Purchasing systems invest some assets. Segmentation allows investment in individual PRIT asset classes. Full participating-system rosters are published on mapension.com (Amesbury through many municipal/county boards — opened list includes Barnstable County, Berkshire County, Chelsea, Dedham, Lawrence, Lowell, Lynn, Mass Turnpike Authority Retirement Board historical note, etc.). This profile does not reproduce the entire roster.

Annex: Awards chronology honesty

GFOA Certificate: Q2 2026 says 21st consecutive; About page June 2025 tile says 20th consecutive; ACFR letter FY2025 says 20th consecutive while intro calls the document the 21st consecutive ACFR — reconcile by citing the specific page date. GIPS®: About (August 2026 framing) 9th consecutive; Q2 2026 eighth consecutive; ACFR FY2025 letter seventh consecutive — always pair the count with the source date.

Annex: Peer context (U.S. public pensions)

MassPRIM / PRIT is a Commonwealth pooled investment trust and board — not a benefits administrator. Peer UAO institution pages for research navigation include CalPERS, CalSTRS, Florida State Board of Administration, New York State Common Retirement Fund, OPERS, SWIB, Washington State Investment Board, Virginia Retirement System, and North Carolina Retirement Systems. None share Massachusetts’ exact statutory PRIT/PRIM structure; comparisons should keep currency (USD), fiscal-year ends (MassPRIM June 30 vs many Dec 31 peers), and benefits-vs-investments mandate differences explicit.

Annex: Public markets & private markets staffing

Public Markets (Michael P. McElroy): equity and fixed income manager monitoring and sourcing. Private Equity (Michael McGirr): portfolio construction, manager selection, PE research; prior Bain Capital / Minnesota State Board of Investment experience. PCS (Bill C. Li): hedge-fund / completion sleeve. Real Estate & Timberland (Christina Marcarelli): direct RE, REITs, RE debt, timber. Growth & VC recognition centers on Helen Huang’s Alpha Edge / PEI awards. Risk (Jay Leu) and CIOO (Matthew Liposky) support performance reporting, operational due diligence, and GIPS® asset-owner compliance.

Annex: Stewardship measurement & engaged ownership

Improving Measurement / Engaged Ownership pages emphasise integrating material ESG factors across selection and monitoring, custom proxy guidelines as the behavioural expectation set, and engagement as a long-term value lever. FY2026 added climate-transition readiness work with Goldman Sachs on public markets and physical climate risk on direct real estate — complementary to Fair Pay engagement with fifty issuers and the Responsible Workforce Management Policy for PE.

Annex: Reporting calendar & events

Homepage upcoming-events examples (opened pack): Stewardship and Sustainability Committee; Investment Committee; Real Estate and Timberland Committee; Administration and Audit Committee; Compensation Committee notices into late 2026. Meeting materials are linked from the events calendar. Quarterly Updates archive extends back through 2017–2026 on the site index.

Annex: Currency & research caveats

All headline AUM and return figures in this profile are official USD from mapension.com HTML, the PRIT ACFR FY2025 PDF, and the July 31, 2026 Performance Summary PDF. No invented AUM. Staff-bio $122.1B is labelled intermediate. Actuarial unfunded liability / funded ratio are Commonwealth valuation metrics, not PRIT market AUM. Public switchboard appears on ACFR (617-946-8401); private emails/phones omitted.

Annex: Completeness expansions (non-blocking)

Non-blocking later-pass items: full participating/purchasing system roster tables; line-item FY2025 investment-section schedules beyond opened extracts; complete proxy-guideline PDF vote statistics beyond ballot counts; person SSR expansion for Falzone/Coulter/Huang; Stewardship Report PDF once stably published; optional VideoObject if MassPRIM posts a stable official embed. No filler invented to pad count.

Expanded primary notes

Homepage mission paragraph: PRIM Board manages PRIT Fund assets for public employee pension benefits on behalf of Massachusetts State Employees, Massachusetts Teachers’, and Boston Teachers’, as well as local participating retirement systems throughout the Commonwealth that elect to invest with PRIM. Mission: generate strong risk-adjusted investment returns that help the Commonwealth meet pension obligations and alleviate potential taxpayer burden.

PRIT Core description: General Allocation Account / PRIT Core comprises a diverse set of investment accounts. PRIM Board believes controlling risk through diversification is critical and therefore invests across real estate, core fixed income, international investments, and other classes beyond domestic equity alone.

Benefits disclaimer (homepage): PRIM does not administer benefits. State employees → State Board of Retirement website; teachers → Massachusetts Teachers’ Retirement System website; others → local Retirement Board.

Trotsky biography (prim-staff): 25-year private-sector career before PRIM; most recently senior vice president and portfolio manager at PAR Capital Management; previously Greenberg-Summit Partners; principal/SVP at Independence Investment Associates (John Hancock subsidiary); began career 1985 as engineer at Intel. BS electrical engineering University of Pennsylvania; MBA Wharton. Governing Trustee Dana-Farber; former Chair CFA Society Boston; CFA Institute Board; Chair of Asset Manager Code advisory committee; Boston Economics Club. Lifetime Achievement awards from The Allocator (With Intelligence) and Institutional Investor.

Falzone biography: oversights finance, operations, reporting, compliance, HR, technology; prior CTO and Director of Private Investment Accounting at PRIM; joined 2006; prior Mellon Bank (BNY Mellon) and Investors Bank & Trust (State Street); Bentley University degrees; CFA Institute Investment Foundations certificate.

Coulter biography: CFO/CAO oversights non-investment finance, administration, cash management, financial reporting, client services; prior Director of Finance and Administration and Director of Strategic Initiatives at PRIM; prior CFO Essex Investment Management; Assistant Controller The Baupost Group; Stonehill College BS Accounting; CPA; Investment Foundations certificate.

Gurtz biography depth: Bucknell BS Accounting; CPA and CFA; KPMG senior manager auditing hedge funds, PE, and VC funds before PRIM. Internal progression through risk, public markets, and COO/CFO seats before current Deputy CIO title — still subordinate to the combined ED/CIO role on the org chart and staff page.

Board Chair Goldberg biography (prim-board): Massachusetts State Treasurer and Receiver General; chairs MSBA, PRIM Board, State Board of Retirement, Lottery Commission, Clean Water Trust; established Office of Economic Empowerment (2015); former President National Association of State Treasurers; Co-Chair National Institute of Public Finance; Boston University, Boston College Law, Harvard Business School.

Joseph Connarton: elected SERS representative; Treasurer of Mass Retirees; retired PERAC Executive Director (19 years as ED); former Cambridge City Clerk and Cambridge Retirement System chair; past president Massachusetts Association of Contributory Retirement Systems.

Catherine D’Amato: Governor designee; President and CEO Greater Boston Food Bank; extensive board roles including Fidelity Charitable and Federal Reserve Bank of Boston. Ruth Ellen Fitch: Treasurer appointee; former President/CEO Dimock Center; first Black woman partner at Palmer & Dodge. Mark Lapman: Governor appointee; Ph.D. History Harvard; CFA; former CEO Independence Investments; now Focus Partners advisor.

Investment Equity / FUTURE external narrative (Advancing Diversity): Trotsky founding member of CFA Institute’s first DEI Code for Investment Professionals; legislation set ≥20% diverse-manager goal; FUTURE is the strategic plan to meet the statute and lead on industry diversity. P&I diverse-manager AUM ranking (#5 of largest 200) is cited as progress indicator distinct from overall AUM rank.

Q2 2026 market context language: geopolitical tensions (Ukraine, Middle East), shifting trade/tariff policies, elevated rates, persistent inflation concerns — diversified structure and discipline credited for results; investment productivity remained high with >$3.4B new deployments researched and committed.

Audit posture (Q2 2026): 33+ separate audits including State Auditor; all unmodified opinions, no findings. Financial controls described as industry-leading. GIPS® compliance claimed with standard CFA Institute disclaimer; GIPS Asset Owner Report available on request via clientservice@mapension.com (public channel noted on About).

Performance Summary vs stocks/bonds graphic (31 Jul 2026 opened text): Fund return series compared with Bloomberg US Aggregate and MSCI ACWI (Net Dividends) across FYTD, 1-, 3-, 5-, and 10-year windows — use PDF figures rather than reconstructing chart pixels. Total Capital Fund Benchmark includes private equity benchmark (PDF note).

ACFR component-unit framing: PRIT Fund financial statements present pooled net position and changes in pooled net position for Capital Fund and Cash Fund activities. Unit value mechanics and proportionate shares for participating systems are described in notes — Cash Fund maintains stable $1.00 per unit framing in opened note excerpts.

Segmentation & purchasing: systems may invest in the full PRIT Core or in segmented asset-class sleeves under Chapter 84 authority. Invest with Us / careers / RFP pages support manager and employer engagement workflows; this profile stays on investment/governance primaries and does not scrape applicant PII.

Stewardship Advisory Committee and Improving Measurement pages (opened) reinforce that material-issue integration is treated as investment-relevant rather than a parallel political programme — consistent with the risk/return/cost triad in About copy.

Newsroom / homepage tiles also reference diverse managers handling more than $11B in an older marketing line — superseded for research purposes by the Q2 2026 $17.7B / 13.7% print and the Dec 2024 Advancing Diversity >$14B print; always prefer the newest dated primary.

Person SSR policy for this ship: link Trotsky and Gurtz only among executives (both HTTP 200 at research time). Board and other staff may be desk-hydrated in later waves. This institution ship does not rewrite registry-people-desk-41.json.

Schema stack for this profile: Organization + GovernmentOrganization (Commonwealth component-unit / public board), WebPage with speakable selectors, BreadcrumbList, FAQPage (12). No VideoObject — no stable official YouTube/Vimeo embed confirmed on mapension.com.

Canonical / H1 locks: single www canonical via Ghost post.canonical_url only; H1 is the institution name only (Massachusetts PRIM Board) — never “| UAO Top 100” in the H1. Brand/query shape belongs in meta_title.

Sitemap / elite index: institution sitemap file sitemap-registry-institution-2026-09-06ay.xml with 52 locs including this slug; SAFE / TRS Texas / Kuwait PIFSS intentionally omitted from the sitemap set. Theme uao 1.3.147. Daily-refresh left disabled. Desk-41 sha prefix a13480ec21c4dc98 must remain untouched.

Related UAO hubs for readers: Registry home, SWF/public-pension peer pages listed above, Careers Intelligence, and person pages for Trotsky and Gurtz. Corrections: info@universalassetowners.com.

Research pack path: /workspace/uao-research/mass-prim/2026-09-06-MassPRIM-primary-source-brief.md (SHIP gate passed). Primaries opened under /workspace/uao-mass-prim-2026-09-06/primaries/ include homepage, about, staff, board, clients, investments, stewardship cluster, quarterly Q2 2026, Performance Summary PDF text, ACFR FY2025 extracts, newsroom, contact/directions.

Editorial method: fold opened primaries only; better omit than guess; label intermediate staff-bio AUM; separate actuarial funding metrics from market AUM; keep leadership titles exact; omit VideoObject rather than fabricate an embed.

FY2026 organisational recognition continued: Helen Huang Alpha Edge; Jessica Murphy Commonwealth Citation; Trotsky Markets Group Elite Institutional CIOs and second consecutive CIO Power 100 listing — these are staff/award facts, not portfolio performance metrics.

Long-horizon return context: Q2 2026 cites ~9% historical average since inception versus 12.7% FY2026 and the 7% actuarial required rate. July 2026 10-year Capital Fund 8.72% net sits near the 8.61% benchmark and above 7% actuarial — useful for funded-status discussions alongside the separate 67.4% Commonwealth funded ratio.

End of expanded primary notes. Remaining sections are FAQ, Sources, and Completeness.

Annex: FY2026 quarterly narrative detail

Second Quarter 2026 Markets and PRIT Fund Performance section is the primary FY2026 narrative. Record FYE $129.5 billion; 12.7% net; $14.7 billion gain; strongest fiscal-year return in five years; above the approximately 9% historical average since inception. Global Public Equities +24.2% overall with Domestic +24.0%, International +19.2%, Emerging Markets +38.8%. Second consecutive fiscal year with all seven major asset classes positive — described as the first such back-to-back pair in twenty years and only the sixth occurrence in the past two decades.

Macro backdrop cited by PRIM: markets and government policy changing quickly; geopolitical tensions at historic highs given conflicts in Ukraine and the Middle East; shifting trade and tariff policies; elevated interest rates; persistent inflation concerns. Diversified structure and disciplined approach credited for resilience; staff successfully researched and deployed more than $3.4 billion into highly attractive new investments.

Organisational notes in the same update: extremely low turnover with only one senior-level departure during the year (first such departure in several years); one new full-time hire; four seasonal interns; five promotions; workforce 66% diverse and 53% female (both slightly higher than prior year).

Awards block inside Q2 2026: AIC PE portfolio fourth among 200 U.S. public pensions on 10-year performance; only fund in top five every year of the study including prior #1 years; P&I fifth among largest 200 for diverse-manager assets; Helen Huang Alpha Edge; Jessica Murphy Commonwealth Citation; Trotsky Markets Group Elite Institutional CIOs and second consecutive CIO Power 100.

Controls block: GFOA Certificate 21st consecutive (Q2 print); GIPS verification eighth consecutive (Q2 print); 33+ audits including State Auditor — all unmodified opinions with no findings.

Annex: Allocation mechanics & July actuals

Long-term ranges approved 26 February 2026 remain the strategic policy envelope. July 31, 2026 actuals sat inside or at the edges of those ranges: Global Equity 40.4% near the top of 31–41%; Core FI 16.1% mid 12–18%; VA FI 8.1% mid 6–12%; PE 14.6% mid 13–19%; Real Estate 8.6% mid 7–13%; Timber 2.3% low-to-mid 1–7%; PCS 8.8% mid 7–13%; Overlay 0.9%.

Total Capital Fund $129,308,116 thousand on the PDF table; Total Fund $130,359,526 thousand including Participants Cash $307,131 thousand and Teachers’ and Employees’ Cash $744,279 thousand. FYTD month return Capital Fund −0.30% versus benchmark −0.25%; calendar YTD Capital Fund 5.35% versus benchmark 6.90% on the opened summary columns.

Class 3-year / 5-year / 10-year net samples (Performance Summary): Global Equity 17.70% / 10.49% / 12.19%; Private Equity 6.12% / 7.58% / 15.46%; PCS 9.83% / 6.56% / 5.65%; Real Estate 0.03% / 3.71% / 5.49%; Core FI 1.76% / −2.53% / 0.41%. Since-inception class returns also tabulated (Global Equity 7.81%; PE 14.34%; Real Estate 8.79%; Timber 7.24%; VA FI 7.02%; Core FI 4.85%; PCS 4.87%).

Investments-page FY2025 sleeve NAVs (as-of 30 June 2025 marketing tables) remain useful for sleeve composition before the FY2026 mark-to-market jump: Domestic Equity ~$28.6B; International ~$12.1B; EM ~$4.8B; Core FI ~$17.1B; VA FI ~$9.1B; RE ~$10.6B; Timber ~$3.2B; PE ~$19.2B; PCS ~$10.0B. Reconcile to audited $115.5B net position via ACFR schedules.

Annex: Board seats & committee calendar

Live prim-board roster opened for this pack lists Chair Deborah B. Goldberg plus Joseph Connarton, Catherine D’Amato, Ruth Ellen Fitch, Mark Lapman, Theresa F. McGoldrick, Dennis J. Naughton, Carly Rose, and Matthew Scheffler. Election administration follows G.L. c. 32, s.23 (2A)(a) for SERS and MTRS member/retiree seats.

Theresa F. McGoldrick appears as elected member of the State Employees’ Retirement Board and National Executive Vice President of NAGE on the opened board page. Dennis J. Naughton and Carly Rose biographies on the same page supply stakeholder and investment-expert backgrounds — quote the live board page when citing individual résumés rather than third-party directories.

Homepage events calendar samples into autumn 2026: Stewardship and Sustainability Committee (21 Oct 2026 notice example), Investment Committee (17 Nov), Real Estate and Timberland Committee (18 Nov), Administration and Audit Committee (23 Nov), Compensation Committee (23 Nov). Meeting materials are posted with notices — useful for researchers tracking stewardship and allocation deliberations between quarterly HTML updates.

Annex: FUTURE Initiative & DEI chronology

Investment Equity legislation 2021 → FUTURE Initiative May 2021 → progressive diverse-manager AUM prints: Advancing Diversity page >$14B / nearly 13% as of 31 Dec 2024; ACFR FY2025 letter ~$15.1B / more than 13%; Q2 2026 ~$17.7B / 13.7% with >$9.0B allocated since inception and $480M in FY2026 alone. Statutory goal remains ≥20% of managers (not necessarily 20% of AUM) — keep that distinction when writing about progress.

External advocacy: Trotsky as founding member promoting CFA Institute DEI Code broader acceptance. P&I ranking fifth among largest 200 U.S. funds for diverse-manager assets is framed as outpacing overall AUM rank — a relative intensity metric.

Internal workforce diversity prints differ by source date (ACFR FY2025 63%/52%; Q2 2026 66%/53%). Always attach the source date. Project SAVE (2013) remains the cost-side counterpart to FUTURE’s manager-diversity programme inside MassPRIM’s public narrative.

Annex: ACFR MD&A & financial statement notes

MD&A opened excerpts: net position +$10.2B in FY2025 to $115.5B from $105.3B (~9.70% increase). Net investment income and net contributions/withdrawals combine to that change (detailed dollar lines in schedules). FY2024 comparison: +$8.7B from $96.6B starting net position. Summary of pooled net position and changes tables appear in the financial section.

Notes describe Capital Fund versus Cash Fund presentation, monthly unit values for accounts, and proportionate shares for systems. As of June 30, 2025 opened note text referenced 37 systems in one proportionate-share context — verify against current client counts (~100 systems on Our Clients) because segmentation/purchasing participation differs from full Core participation.

Actuarial required rate 7.0% appears in investment notes and letter. Commonwealth unfunded liability $40.5B and 67.4% funded ratio (1 Jan 2025) are calendar-year actuarial metrics from the valuation dated 28 Oct 2025 — do not conflate with June 30 PRIT market net position.

Letter intro: document is the 21st consecutive ACFR in the PRIM Board’s 41-year history; prepared by PRIM Board staff; correspondence via Client Services at 53 State Street, Boston, MA 02109; telephone 617-946-8401; website www.mapension.com.

Annex: Proxy guidelines & engagement themes

Custom proxy voting guidelines identify expectations on environmental, social, and governance issues affecting corporate risk, return, and cost. Engaged Ownership bullets: boards reflecting community diversity; orderly climate transition; biodiversity dependencies and impacts; shareholder say on CEO pay; equal employment opportunities, workers’ rights, and pay equity; enhanced transparency for better decision-making.

FY2025 letter: 12,181 ballots on board diversity, over-boarded directors, gender pay gaps, labor and human rights, climate change, and executive compensation. FY2026 update: guidelines comprehensively revised; 12,817 ballots; first Fair Pay / Transparency engagement wave with fifty public companies; SEC Regulation S-K comment support for the Treasurer; proxy advisory RFP issued.

Private-markets stewardship: Responsible Workforce Management Policy for PE presented; Albourne due-diligence steps added to operationalise the policy. Public-markets climate: Goldman Sachs transition-readiness assessment; direct RE physical climate risk assessment launched.

Annex: How to compare MassPRIM to peers without false precision

When placing PRIT beside CalPERS, CalSTRS, FSBA, NYSCRF, OPERS, SWIB, WSIB, VRS, or NCRS on UAO: align fiscal year-ends (Massachusetts June 30 versus many December 31 peers); separate benefits-administration systems from investment boards; prefer each institution’s official currency and dated statements; avoid converting or blending actuarial funded ratios with market AUM; and keep leadership title maps honest (combined ED/CIO is a MassPRIM-specific structure).

Private equity peer league tables (AIC) are useful but methodology-specific (10-year PE performance across 200 U.S. public pensions). Diverse-manager AUM rankings (P&I) measure a different objective than total fund size. GIPS verification membership is rare among large public plans per MassPRIM’s own framing — treat it as a process credential, not a return guarantee.

Annex: Public records & transparency endpoints

Public Records section hosts monthly Performance Summary PDFs and related disclosures. Quarterly Updates provide narrative ED/CIO letters. ACFR PDF is the audited annual cornerstone. Newsroom carries award and initiative announcements. Invest with Us / RFP / Careers support counterparty workflows. Sitemap page lists site IA. Privacy Policy and Directions complete the public chrome — none of these replace the ACFR or Performance Summary for AUM citations.

GIPS Asset Owner Report availability via clientservice@mapension.com is the official channel for verified composite presentation beyond the marketing site. Researchers should request dated GIPS reports rather than inferring composites from monthly summary PDFs alone.

Annex: Leadership disambiguation checklist

Checklist for editors and secondary databases: (1) Michael G. Trotsky, CFA = Executive Director AND Chief Investment Officer combined; (2) David M. Gurtz, CPA, CFA = Deputy Chief Investment Officer only; (3) Anthony J. Falzone = Deputy Executive Director and COO — not CIO; (4) Deborah A. Coulter, CPA = CFO and Chief Administration Officer — not CIO; (5) Board Chair = Treasurer Deborah B. Goldberg ex officio — not an executive staff CIO seat; (6) Helen Huang awards do not change the CIO title map; (7) staff-bio $122.1B is intermediate vs FYE $129.5B / ACFR $115.5B.

UAO person routes michael-g-trotsky and michael-trotsky both resolve for Trotsky; david-m-gurtz for Gurtz. Institution slug massachusetts-prim-board is the canonical institution SSR path for this ship.

Annex: ACFR extracts (FY2025 opened pack)

The Pension Reserves Investment Trust Fund Annual Comprehensive Financial Report for the fiscal years ended June 30, 2025 and 2024 identifies Deborah B. Goldberg as Treasurer and Receiver General, Chair, and Michael G. Trotsky, CFA, as Executive Director and Chief Investment Officer on the cover block. The report is prepared by Pension Reserves Investment Management Board staff. Client Services correspondence address is 53 State Street, Boston, MA 02109, with public telephone 617-946-8401 and website www.mapension.com.

Letter of Transmittal introductory framing: this document is the 21st consecutive ACFR produced in the PRIM Board’s 41-year history. The ACFR contains basic financial statements presented in accordance with U.S. GAAP and Government Auditing Standards. Fiscal year 2025 audit conducted by KPMG LLP. Sections: Introductory (letter, GFOA certificate, organisational structure); Financial (independent auditors’ report, MD&A, statements, notes, schedules); Investment (strategy, policies, holdings, results); Statistical (financial ratios).

Profile of the PRIT Fund: pooled investment trust for Massachusetts State Teachers’ and Employees’ Retirement Systems and county, authority, district, and municipal retirement systems. Created 1983 (Chapter 661 of the Acts of 1983) to accumulate assets through investment earnings to reduce the Commonwealth’s unfunded pension liability and assist local participating systems. Merged with MASTERS Trust in 1997 (Chapter 315 of the Acts of 1996). Chapter 84 of the Acts of 1996 enables segmentation into individual asset classes.

Mandated investors: Massachusetts State Teachers’, State Employees’, and State-Boston/Teachers’ Retirement Systems, and the State Retiree Benefits Trust Fund, invest all assets in PRIT. Other systems may invest all or part voluntarily. Most recent Commonwealth Actuarial Valuation Report dated October 28, 2025 calculated unfunded actuarial pension liability at $40.5 billion and estimated 67.4% funded as of January 1, 2025 on a calendar-year basis.

Investment Policy Statement establishes objectives and policies for implementing strategy and oversight; a summary appears in the Investment Section. As of June 30, 2025, PRIT had approximately $115.5 billion in net position compared with $105.3 billion at end of fiscal 2024. Custodian bank safeguards holdings and ensures proper settlement and recording of investment and cash transactions.

Executive Director/Chief Investment Officer Discussion (FY2025 letter): record balance $115.5 billion, surpassing $105.3 billion and $96.6 billion prior records. Return 9.6% net; gain $10.2 billion; all seven major asset classes positive for the first time in six years. Liquidity commitments met despite heightened equity and bond volatility. Staff depth strong; no senior staff departures that year; one new FTE; six interns; three promotions; workforce 63% diverse and 52% female.

Recognition in the FY2025 letter: Allocator Lifetime Achievement framing PRIM as “a beacon of public service and investment prowess for the people of the Commonwealth of Massachusetts”; CIO POWER 100; AIC PE fourth of 200 on 10-year performance with unbroken top-five history including prior #1 years; PEI 40 Under 40 for Helen Huang; P&I fifth for diverse-manager assets; Commonwealth Citations; GFOA Certificate 20th consecutive (letter print); GIPS verification seventh consecutive (letter print).

Market colour in the letter: U.S. equities +15.1%, developed international +17.8%, emerging markets +15.2%, diversified bonds +6.1% for the fiscal year. Highest returning PRIT classes included Global Equities and hedge funds; Value-Added Fixed Income and Private Equity posted high single-digit returns. Trailing 1-, 3-, 5-, and 10-year returns consistently exceed the 7% actuarial required rate.

FUTURE Initiative (letter): aim that at least 20% of investment managers are women, minorities, or persons with disabilities; approximately $15.1 billion / more than 13% to diverse managers at letter date; more than doubled commitment since 2021 inception. Stewardship team adopted priorities and Engagement Policy focused on Climate Transition Planning, Fair Pay, Sustainable Forestry, and Transparency; joined organisations for engagement; voted 12,181 proxy ballots on diversity, over-boarding, gender pay gaps, labor and human rights, climate, and executive compensation; updated Proxy Voting Guidelines.

MD&A change metrics: net position increased $10.2 billion during year ended June 30, 2025 to $115.5 billion from $105.3 billion. Prior year increased $8.7 billion. Beginning FY2025 net position $105.3 billion; ending $115.5 billion (~9.70% increase). Net investment income combined with contribution flows (including a $36.2 million line in opened extract) to produce the overall increase. Asset-class return samples in MD&A text include Global Equity 15.22%, Core Fixed Income 3.78%, Value-Added Fixed Income 9.47%.

Financial statement notes describe statements of pooled net position and changes in pooled net position, Capital Fund and Cash Fund displays, monthly determination of account values by dividing net position by units, and Cash Fund stable $1.00 per unit maintenance. Realized gains and losses and investment income presentation follow the notes’ recognition policies. Researchers should open the full PDF schedules for line-item holdings rather than relying solely on narrative extracts.

Annex: Performance Summary PDF field notes (31 July 2026)

Header: PRIT Fund Performance Summary, July 31, 2026. Charts compare PRIT Fund total returns (annualized, net of fees) against Capital Fund Benchmark and value-added, and versus Bloomberg US Aggregate and MSCI ACWI (Net Dividends) across FYTD, 1-year, 3-year, 5-year, and 10-year windows. Source note: BNY. Total Capital Fund Benchmark includes private equity benchmark. Asset allocation pie note excludes Cash Overlay of 0.9%.

NAV table columns include NAV $(000), target allocation range, actual allocation %, month, FY’27, calendar YTD, 1-year, 3-year, 5-year, 10-year, and since inception. Global Equity NAV 52,198,105; Core Fixed Income 20,877,996; Value Added Fixed Income 10,518,247; Private Equity 18,938,681; Real Estate 11,157,326; Timberland 3,006,284; Portfolio Completion Strategies 11,386,865; Overlay 1,219,260; Total Capital Fund 129,308,116; Participants Cash 307,131; Teachers’ and Employees’ Cash 744,279; Total Fund 130,359,526.

Month / FY’27 column for Total Capital Fund −0.30% versus benchmark −0.25%. Calendar YTD Capital Fund 5.35% versus benchmark 6.90%. One-year Capital Fund 11.71% versus 13.63%. Three-year 9.86% versus 11.23%. Five-year 6.43% versus 7.60%. Ten-year 8.72% versus 8.61%. Since inception Capital Fund 8.59% versus 8.31%.

Footnote: certain Value-Added Fixed Income, Private Equity, Real Estate, Timberland, and Portfolio Completion Strategy investments are valued only at calendar quarter ends. That valuation lag matters when interpreting monthly PE/RE/PCS marks versus daily public equity marks.

Target allocation sidebar on the PDF still shows ranges consistent with the Board’s long-term policy (Global Equities 31–41%, Core Fixed Income 12–18%, Private Equity 13–19%, PCS 7–13%, Real Estate 7–13%, Value-Added Fixed Income 6–12%, Timberland 1–7%). Cross-check the February 26, 2026 homepage approval date when citing policy effective dates.

Annex: Second Quarter 2026 block quotations (paraphrased with figures)

Markets block: record $129.5 billion FYE; 12.7% net; $14.7 billion gain; strongest fiscal-year return in five years; above ~9% historical average; Global Public Equities +24.2% with Domestic +24.0%, International +19.2%, Emerging Markets +38.8%; second consecutive FY with all seven major classes positive.

Organisation block: low turnover; one senior departure; one new FTE; four interns; five promotions; 66% diverse workforce; 53% female workforce.

Recognition block: AIC PE fourth; unbroken top-five record; P&I diverse-manager fifth; Helen Huang Alpha Edge; Jessica Murphy Citation; Trotsky Elite Institutional CIOs and CIO Power 100.

Controls block: GFOA 21st consecutive; GIPS eighth consecutive (Q2 print); 33+ audits including State Auditor; unmodified opinions; no findings.

FUTURE block: ≥20% diverse-manager goal; ~$17.7 billion / 13.7% currently; >$9.0 billion since 2021; $480 million in FY2026.

Stewardship block: first Stewardship Report drafted; website enhancements; Custom Proxy Voting Guidelines revised; 12,817 ballots; fifty-company Fair Pay engagement; Goldman Sachs climate transition readiness; physical climate risk on direct RE; PE Responsible Workforce Management Policy with Albourne steps; Treasurer SEC Regulation S-K comment support; two new partner memberships; proxy advisory RFP; Veena Ramani CII Advisory Council Vice Chair invitation.

Elections block: Joseph Connarton elected SERS representative; Matthew Scheffler elected MTRS representative; three-year terms from July 1, 2026 under G.L. c. 32, s.23 (2A)(a).

Annex: Senior staff roster notes (public bios)

Francesco Daniele — Director of Client Service; client relationships; Advisory Council and SRBTF Board coordination; joined 2016 from Debt Exchange; earlier Independence Investment Associates analyst; Northeastern and Suffolk MBA; Investment Foundations and Private Markets certificates.

Seth Gitell — Chief External Affairs Officer; joined 2021 after Massachusetts House Speaker’s office (Communications Director; Chief of Staff to Speaker Robert A. DeLeo) and Boston Mayor Menino communications cabinet; Harvard College; NYU Law; Investment Foundations and Private Markets certificates.

David Griswold — Director of IT since 2018; prior Hancock Natural Resource Group and Forest Capital Partners international engineering leadership; Bentley College business management degree.

E. Renee LeFevre — Chief Legal Officer–General Counsel since 2022; administrative law, open meeting, public records, procurement, conflicts, contracts, governance, compliance, employment, litigation, outside counsel; prior BPDA General Counsel; UC Berkeley and Boston College Law; NAPPA and other professional associations.

Jay Leu — Director of Risk since 2019; prior Aesir Capital Management risk director; Lee Munder / Independence CIO seats; State Street Global Advisors beginnings; MIT chemical engineering and Sloan; CFA; FRM; Brandeis adjunct.

Bill C. Li — Director of PCS since joining 2016; prior CoStar / PPR research and Allianz SE Frankfurt; Cornell Law MLS; Brandeis economics/finance; Dongbei economics bachelor; CFA; CAIA; CFA Society Boston board.

Matthew Liposky — Chief Investment Operating Officer; performance reporting, investment accounting, operational due diligence, manager onboarding; joined 2013; prior Liberty Mutual Investment Group and BNY Mellon; Quinnipiac BS Finance; GIPS Asset Owner Subcommittee chair per About.

Christina A. Marcarelli — SIO Real Estate and Timberland / Director of Real Estate Debt; joined 2016 from Colony Capital and CWCapital; MIT MS Real Estate Development; Central Michigan BS; CAIA.

Michael P. McElroy — Director of Public Markets since 2021; prior Wellington Managing Director; Batterymarch Head of Global Equity; Citigroup Asset Management London Head of Global Equities; MIT mathematics / transportation / Sloan degrees; CFA.

Michael McGirr — Director of Private Equity SIO; joined 2014 from Bain Capital; prior Minnesota SBI alternatives PM; University of Richmond BS Finance; Cornell Johnson MBA; CFA; ILPA Content Committee; 2018 Commonwealth Citation.

Veena Ramani — Director of Stewardship since 2023; prior FCLTGlobal Research Director; 15 years at Ceres including climate systemic-risk regulatory engagement and board ESG curriculum with Berkeley Law; National Law School of India University and Washington University LL.M.

These bios are public mapension.com text condensed for researcher navigation. They do not replace the live staff page and do not add private contact details.

Annex: Client participation examples

Our Clients states approximately 100 systems and more than 300,000 beneficiaries. Participating systems transfer all assets with a mandatory five-year period. Opened participating list samples include Amesbury, Barnstable County, Berkshire County, Blue Hills Regional, Chelsea, Dedham, Easthampton, Everett, Fairhaven, Fitchburg, Gardner, Gloucester, Lawrence, Lowell, Lynn, Massachusetts State College Building Authority, Massachusetts Turnpike Authority Retirement Board (abolished 11/1/09; part of State Employees’ Retirement Board), Melrose, and additional municipal/county boards on the full HTML list.

Purchasing and segmentation options let systems take partial or asset-class-specific exposure without full Core transfer. Invest with Us explains the election mechanics for boards considering PRIT. This profile intentionally stops short of reprinting the entire roster to keep the elite page focused on mandate, scale, governance, and stewardship.

Annex: Methodology locks for this elite ship

AUM honesty: prefer $129.5B FYE 30 Jun 2026 (Q2 update), $129.308B / $130.360B at 31 Jul 2026 (Performance Summary), $115.5B at 30 Jun 2025 (ACFR). Label $122.1B staff-bio print as intermediate. Never invent undated USD headlines.

Leadership honesty: Trotsky = ED and CIO combined; Gurtz = Deputy CIO only; Falzone = Deputy ED/COO; Coulter = CFO/CAO; Goldberg = Board Chair ex officio.

Schema honesty: Organization + GovernmentOrganization + WebPage + BreadcrumbList + FAQPage (12). No VideoObject because no stable official video embed was confirmed.

Canonical / H1 honesty: single www canonical via post.canonical_url; H1 name only without “| UAO Top 100”.

Desk honesty: registry-people-desk-41.json untouched (sha prefix a13480ec21c4dc98). Daily-refresh disabled. Theme 1.3.147. Sitemap 06ay with 52 locs. Elite 52nd. No SAFE/TRS/PIFSS rows.

Annex: Investments page primary extract

PRIM is recognized by its peers and the investment industry as one of the world’s preeminent public pension plans. During its more than 40-year history, while weathering many volatile economic and market cycles, the PRIT Fund has achieved an average annual return that has exceeded both its benchmark and its actuarial target rate of return as established by the Commonwealth. PRIM’s overall objective is to achieve the highest level of investment performance that is compatible with its risk tolerance and prudent investment practices. They believe that any investment must be evaluated on three equally important factors: risk, return, and cost. Because of the Commonwealth’s pension liabilities’ long-term nature, PRIM maintains a long‐term strategic perspective in formulating and implementing its investment policies and evaluating its investment performance. The PRIT Fund is a pooled investment fund that invests the pension assets of the Massachusetts Teachers’, the State Employees’ Retirement Systems, as well as the assets of Boston-Teachers and the county, authority, district, and municipal retirement systems that elect to invest in the PRIT Fund. PRIM is committed to being a responsible steward for retirement systems that put their trust and confidence in PRIM and to helping these systems meet their obligations and pay their retiree beneficiaries. There are two ways to invest with PRIM, either as a participating system, meaning a retirement system can elect to transfer all assets to the PRIT Fund, or as a purchasing retirement system, meaning they can elect to invest some of their assets with PRIM. For more information on how to invest with PRIM go to the Invest with Us section of the PRIM website. The Board follows a strategic asset allocation policy that establishes target allocation ranges for each asset class. The asset classes and current long-term asset allocation ranges of the PRIT Fund are shown to the right. The PRIT Fund’s actual asset allocation is detailed in the monthly performance summary reports that are available in the Public Records section of the PRIM website. PRIM believes that over the long‐term, asset allocation is the most critical component to achieve our investment objectives and meet our obligations. The adopted asset allocation that is available through investment in the PRIT Fund provides participating retirement systems with a diversified portfolio of active and passive investment strategies across several asset classes. In order to achieve our long-term return objectives, a significant portion of the Fund is allocated to global equity investments, which typically generate higher returns, but can also experience more volatility. To offset this volatility and diversify the Fund, we also seek to mitigate risk through investment in alternative asset classes, such as real estate, private equity, private debt, timberland, other credit opportunities, and portfolio completion strategies, which include hedge funds. Typically, these asset classes demonstrate little correlation to equity investments, which serves to generate more consistent returns for the Fund over the long term and reduce portfolio volatility. The PRIM Board examines the Asset Allocation Plan annually and considers adjustments that may be appropriate given the Plan’s long‐term nature and objectives. PRIM completes a comprehensive review of its Asset Allocation Plan and its underlying assumptions at intervals of not more than three to five years. For more information, please see the PRIT Fund’s Annual Comprehensive Financial Report. (PDF) PDF file, opens in a new tab As of June 30, 2025, the Domestic Equity portfolio had approximately $28.6 billion in net position, representing 24.8% of the PRIT Fund. As highlighted below, the Domestic Equity portfolio allocation is approximately 88% invested in large capitalization equity strategies (S&P500) and 12% invested in mid-, small-, and micro-capitalization equity strategies (Russell 2500, Small/SMID cap, Micro Cap). As of the fiscal year-end, the weighting of Domestic Equity was 62.5% of the Global Equity portfolio. As of June 30, 2025, the International Equity portfolio had approximately $12.1 billion in net position, representing 10.5% of the PRIT Fund. The international core equity accounts are benchmarked against the Custom MSCI World ex-U.S. Standard Index – Net Dividends (which excludes legislatively restricted securities in tobacco, Iran, Russia, and Sudan). The international small

Annex: Engaged Ownership page extract

Engaged Ownership | Massachusetts Pension Reserves Investment Management Board MassPRIM believes that engaging portfolio companies on material issues, including through proxy voting, is a key lever to position them for long-term returns. MassPRIM’s custom proxy voting guidelines (PDF) identify our expectations of long-term behaviors, including on environmental, social and governance issues that affect corporate risk, return, and cost. These include: Promoting boards that reflect the diversity of communities in which companies operate Promoting risk management to assess dependencies and impacts on biodiversity Advancing healthy workforces through equal employment opportunities, protecting workers’ rights and pay equity Fostering improved decision making through enhanced transparency Promoting accountability by requesting greater political giving disclosures Increasing access to reproductive health care and parental leave The MassPRIM Board is responsible for approving all of MassPRIM’s proxy voting guidelines and policies. Between July 1, 2024, and June 30, 2025, MassPRIM voted 12,033 proxy ballots, including 86,252 proposals, aligned with our custom proxy guidelines. See the Vote Summary Report (PDF) for details.

Annex: Advancing Diversity page extract

Advancing Diversity | Massachusetts Pension Reserves Investment Management Board Advancing Diversity, Equity, and Inclusion in the Investment Industry MassPRIM has long believed that diversity of thought leads to better decision making. MassPRIM’s diversity, equity, inclusion, and belonging (DEI&B) efforts are focused both externally on our investment managers and vendors and internally within our own organization. We have long been an active advocate for diversity and inclusion within the investment management industry. MassPRIM Executive Director and Chief Investment Officer Michael G. Trotsky , CFA is a founding member of the CFA Institute’s first-ever Diversity, Equity, and Inclusion Code for Investment Professionals and is promoting the CFA Institute’s efforts for the Code to gain broader acceptance in the investment industry. Following MassPRIM’s long-standing efforts at investing with diverse managers, the Massachusetts Legislature passed Investment Equity Legislation in 2021. Championed by Massachusetts Treasurer Deborah Goldberg , the law set a goal that not less than 20% of investment managers be minorities, women, and persons with disabilities. Since its passage, MassPRIM has more than doubled the amount of assets managed by diverse managers to more than $14 billion (nearly 13% of the PRIT Fund as of December 31, 2024). In May 2021, PRIM launched the FUTURE Initiative , our strategic plan to achieve the goals set forth by this legislation as well as position PRIM to be a leader on improving diversity in the asset management industry. In 2022, PRIM was awarded the 2022 Commonwealth Equity in Governance Award for the FUTURE Initiative. This award is given to “an employee or a group of employees who demonstrate commitment to the principle of equity (non-discrimination, equal opportunity, and diversity and inclusion)” and for activity that “promotes the participation of minority business enterprises and women business enterprises.” The Private Equity Women Investor Network (PEWIN) recognized MassPRIM as “Limited Partner of the Year” for empowering women in private equity. The award reflects both MassPRIM’s work on investing with women and diverse managers through our FUTURE Initiative and the strong leadership presence of women in the asset class at MassPRIM. Senior Investment Officers Alyssa Acker and Helen Huang accepted the award on behalf of MassPRIM in July 2023. MassPRIM is committed to fostering, cultivating, and preserving a culture of diver

Annex: About PRIM awards extract

ABOUT PRIM | Massachusetts Pension Reserves Investment Management Board As a fiduciary, PRIM’s mandate is to construct and manage a portfolio of investments that delivers strong risk-adjusted returns to reduce the Commonwealth’s unfunded pension liability and also help local participating retirement systems meet their pension obligations. PRIM aims to be a leading investor of retirement funds through strong financial performance, a high degree of professionalism and transparency, and responsible resource management. PRIM’s highly experienced, professional investment staff seeks to maximize the return on investment with an acceptable level of risk by broadly diversifying the investment portfolio, capitalizing on economies of scale to achieve cost-effective operations, and providing access to high-quality investment strategies. Through a disciplined yet innovative approach to market opportunities, PRIM has consistently exceeded both its benchmark and its actuarial target rate of return as established by the Commonwealth over the long term. We are focused on building a portfolio that maximizes our probability of achieving the actuarial rate of return while minimizing risk and cost. We believe that evaluating any investment and any portfolio must focus on three equally important parameters: return, risk, and cost. As a result of those beliefs, we don’t make tactical asset allocation decisions or investment decisions based on market or economic predictions. Instead, we engineer a strategic, long-term asset allocation policy that we construct to stand the test of a long-time horizon. Markets Group 2026 list of Elite Institutional Chief Investment Officers Michael G. Trotsky, CFA, PRIM’s Executive Director and Chief Investment Officer, has been named to the Markets Group 2026 list of Elite Institutional Chief Investment Officers. The designation honor is to those who, “have excelled amid shifting macroeconomic conditions, geopolitical complexity [and] evolving risk frameworks…They continue to strengthen long-term resilience, elevate portfolio construction and governance standards, and steward capital with purpose and accountability.” This summary highlights PRIM’s collective achievements. (February 2026) The Allocator from With Intelligence Lifetime Achievement Award The Allocator from With Intelligence presented Michael G. Trotsky, CFA, PRIM’s Executive Director and Chief Investment Officer, with its Lifetime Achievement Award. The publication called PRIM “a beacon of public service and investment prowess for the people of the Commonwealth of Massachusetts.” (October 2024) Chief Investment Officer recognized Michael G. Trotsky, CFA, PRIM’s Executive Director and Chief Investment Officer, in its 2025 POWER 100. The publication highlighted how many CIOs continue to maintain calm and guide their organizations through tough choices about public and private markets. (October 2025) Institutional Investor has honored Helen Huang, Senior Investment Officer and Director of Growth and Venture Capital, with an Alpha Edge recognition, as “one of the most influential women in private markets.” The Alpha Edge program recognizes those “whose conviction, judgement, and impact set the standard for the industry.” (May 2026) PRIM’s Private Equity Portfolio Ranked #4 by the American Investment Council PRIM’s Private Equity Portfolio was ranked 4th among 200 U.S. public pension funds based on 10-year performance by the American Investment Council’s Public Pension

Annex: Our Clients page extract

Massachusetts Turnpike Authority Retirement Board (Abolished 11/1/09; Part of State Employees' Retirement Board) Melrose Retirement Board Methuen Retirement Board Middlesex County Retirement Board Milton Retirement Board Minuteman Regional School District Retirement Board Montague Retirement Board Needham Retirement Board Northbridge Retirement Board Peabody Retirement Board Pittsfield Retirement Board Salem Retirement Board Southbridge Retirement Board Springfield Retirement Board State-Boston Retirement System/Teachers State Employees' Retirement Board State Teachers' Retirement Board State Retiree Benefits Trust Fund Wakefield Retirement Board Winthrop Retirement Board Worcester Regional Retirement Board Purchasing Retirement System A Purchasing Retirement System elects to invest some or all of its assets in the PRIT Fund. There is no minimum dollar investment amount or minimum investment period. View full list for Purchasing Retirement System Adams Retirement System Andover Retirement Board Arlington Retirement Board Attleboro Retirement Board Belmont Retirement Board Beverly Retirement Board Braintree Retirement Board Bristol County Retirement Board Brookline Retirement Board Cambridge Retirement Board Chicopee Retirement Board Clinton Retirement Board Concord Retirement Board Danvers Retirement Board Dukes County Retirement Board Essex Regional Retirement Board Fall River Retirement Board Falmouth Retirement Board Framingham Retirement Board Franklin Regional Retirement Board Greenfield Retirement Board Hampden County Regional Retirement Board Hampshire County Retirement Board Haverhill Retirement Board Hingham Retirement Board Holyoke Retirement Board Hull Retirement Board Leominster Retirement Board Lexington Retirement Board Marblehead Retirement Board Massachusetts Port Authority Employees' Retirement Board Maynard Retirement Board

Annex: ACFR letter contiguous extract

67 – 68 Emerging Markets Equity Portfolio 69 – 70 Global Equity Emerging-Diverse Manager Program 70 Core Fixed Income Portfolio 71 – 73 Value-Added Fixed Income Portfolio 74 – 76 Real Estate Portfolio 77 – 79 Timberland Portfolio 80 – 81 ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR 2025 PENSION RESERVES INVESTMENT TRUST FUND Table of Contents, continued Page Private Equity Portfolio 82 – 85 Portfolio Completion Strategies Portfolio 86 – 87 Overlay 87 Schedule of Time-Weighted Returns by Asset Class 88 Investment Summary at Fair Value 89 Summary Schedule of Broker Commissions 90 Schedule of Management Fees 91 Schedule of Retirement Systems by Investment 92 – 93 Investment Policy Statement 94 – 95 Statistical Section: Schedules of Changes in Pooled Net Position 96 Financial Highlights and Financial Highlights Ratios 97 – 106 PRIT Fund Asset Allocation 107 ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR 2025 PENSION RESERVES INVESTMENT TRUST FUND Introductory Section ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR 2025 PENSION RESERVES INVESTMENT TRUST FUND Pension Reserves Investment Management Board December 4, 2025 To Chair Goldberg, the Trustees of the Pension Reserves Investment Management Board (the PRIM Board), Committee members, Participants, and Beneficiaries: I am pleased to transmit the Annual Comprehensive Financial Report (ACFR) of the Massachusetts Pension Reserves Investment Trust Fund (the PRIT Fund) for the fiscal year ending June 30, 2025. The document that follows is the 21st consecutive ACFR produced in the PRIM Board’s 41-year history. We hope that you will find the ACFR useful in understanding the performance and financial position of the PRIT Fund as of and for the fiscal year ended June 30, 2025. The ACFR contains the basic financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP) and the standards applicable to financial audits set forth by Government Auditing Standards. The ACFR and the basic financial statements are the responsibility of the PRIM Board. The fiscal year 2025 audit was conducted by KPMG LLP, a firm of licensed certified public accountants. The ACFR is divided into four major sections: Introductory Section: This section contains the letter of transmittal, the Certificate of Achievement for Excellence in Financial Reporting and outlines the PRIM Board’s organizational structure. Financial Section: This section contains the report of the independent auditors, Management’s Discussion and Analysis (MD&A), the financial statements of the PRIT Fund, the notes to the financial statements and supporting schedules. Investment Section: This section contains a summary of the PRIT Fund’s investment strategy, investment policies, investment holdings, investment results and supporting tables and schedules. Statistical Section: This section contains information regarding financial ratios of the PRIT Fund. Within the financial section, the MD&A follows the independent auditors’ report and provides an overview of the PRIT Fund’s financial statements and financial results. The MD&A complements this letter of transmittal and should be read in conjunction with this letter. Responsibility for both the accuracy and completeness of the data and the contents of this report rests with the PRIM Board. The PRIM Board has implemented a system of internal controls designed to provide reasonable assurance that the financial statements are free from material misstatements, that all assets will be properly safeguarded and that transactions will be properly executed. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits to be derived. The objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. ANNUAL COMPREHENSIVE FINANCIAL REPORT 3 FISCAL YEAR 2025 PENSION RESERVES INVESTMENT TRUST FUND Introductory Section Profile of the PRIT Fund The PRIT Fund is a pooled investment trust fund established to invest the assets of the Massachusetts State Teachers’ and Employees’ Retirement Systems, and the assets of county, authority, district, and municipal retirement systems. The PRIT Fund was created by the Legislature in 1983 (Chapter 661 of the Acts of 1983) with a mandate to accumulate assets through investment earnings to reduce the Commonwealth’s unfunded pension liability, and to assist local participating retirement systems in meeting future pension obligations. The PRIT Fund merged with the Massachusetts State Teachers’ and Employees’ Retirement Systems (MASTERS) Trust in 1997, in accordance with Chapter 315 of the Acts of

FAQ

What is the Massachusetts PRIM Board?

The Pension Reserves Investment Management (PRIM) Board — often called MassPRIM or the Massachusetts PRIM Board — manages the Pension Reserves Investment Trust (PRIT) Fund for public employee pension benefits on behalf of Massachusetts State Employees, Massachusetts Teachers, Boston Teachers, and local participating retirement systems that elect to invest with PRIM. Official site: https://www.mapension.com/.

How large is the PRIT Fund in official US dollars?

Prefer dated official USD from mapension.com and the ACFR. Second Quarter 2026 / quarterly update: PRIT Fund ended FY2026 at a record $129.5 billion as of 30 June 2026, returning 12.7% net with a $14.7 billion gain. Performance Summary (31 July 2026): Total Capital Fund $129.308 billion; Total Fund $130.360 billion. ACFR FY2025: net position $115.5 billion as of 30 June 2025 (from $105.3 billion). Staff bios print an intermediate $122.1 billion figure — prefer dated FYE/performance figures above. Do not invent undated AUM.

Who is the Executive Director and Chief Investment Officer of MassPRIM?

Michael G. Trotsky, CFA, is Executive Director and Chief Investment Officer — a combined role. Official prim-staff language: the Board delegates authority to the Executive Director (who is also the Chief Investment Officer). Person SSR: /registry/person/michael-g-trotsky/.

Is David M. Gurtz the CIO of MassPRIM?

No. David M. Gurtz, CPA, CFA, is Deputy Chief Investment Officer only. Do not demote Trotsky or list Gurtz as sole CIO. Person SSR: /registry/person/david-m-gurtz/.

What returns did PRIT report for fiscal 2026 and fiscal 2025?

FY2026 (ended 30 June 2026): 12.7% net, gain $14.7 billion — strongest fiscal-year return in five years per the Second Quarter 2026 update. FY2025 (ACFR): 9.6% net, gain $10.2 billion; net position rose from $105.3 billion to $115.5 billion. July 2026 Performance Summary: Total Capital Fund 1-year net 11.71%.

What is PRIT’s long-term target asset allocation?

Long-term target ranges approved 26 February 2026 (homepage / investments): Global Equity 31–41%; Core Fixed Income 12–18%; Value-Added Fixed Income 6–12%; Private Equity 13–19%; Real Estate 7–13%; Timberland 1–7%; Portfolio Completion Strategies 7–13%.

How is the PRIM Board structured?

A nine-member Board acts as Trustee for each retirement system that invests in the PRIT Fund. The Treasurer and Receiver General (or designee) is ex officio Chair — currently Deborah B. Goldberg. The Governor (or designee) is also ex officio and appoints two members. State Teachers’ and State Employees’ systems each have two representatives. FY2026 election: Joseph Connarton (SERS) and Matthew Scheffler (MTRS) began new three-year terms on 1 July 2026.

Does PRIM administer pension benefits?

No. PRIM does not administer benefits. State employees use the State Board of Retirement; teachers use the Massachusetts Teachers’ Retirement System; other members contact their local retirement board.

What is the FUTURE Initiative?

The FUTURE Initiative implements 2021 Investment Equity legislation aiming for at least 20% of PRIM’s investment managers to be women, minorities, or persons with disabilities. Q2 2026: about $17.7 billion / 13.7% of PRIT to diverse managers; FY2026 allocation $480 million to diverse managers; more than $9.0 billion allocated since inception in 2021.

What stewardship priorities does MassPRIM publish?

Stewardship & Sustainability Committee (est. February 2022). Priorities framed August 2024 / ACFR FY2025: Climate Transition Planning, Fair Pay, Sustainable Forestry, and Transparency. FY2026: first Stewardship Report drafted; 12,817 proxy ballots; engagement with 50 companies on Fair Pay; custom proxy guidelines revised.

What Commonwealth funding metrics appear in the ACFR?

Commonwealth Actuarial Valuation Report dated 28 October 2025: unfunded actuarial pension liability $40.5 billion; pension liability 67.4% funded as of 1 January 2025 (calendar-year basis). Required actuarial rate of return 7% (ACFR letter).

Is there an official MassPRIM video on this profile?

No. No stable official YouTube or Vimeo embed was confirmed on mapension.com for this research pack, so VideoObject schema is omitted.

Sources & further reading

• mapension.com — homepage, About PRIM, PRIM Staff, PRIM Board, Our Clients, Investments, Stewardship cluster, Quarterly Updates, Newsroom, Contact/Directions.
• Second Quarter 2026 quarterly update — FY2026 $129.5B / 12.7% / FUTURE / stewardship metrics.
• PRIT Fund Performance Summary, July 31, 2026 (PDF) — Capital Fund / Total Fund NAVs and class weights.
• Pension Reserves Investment Trust Fund Annual Comprehensive Financial Report, Fiscal Years Ended June 30, 2025 and 2024 (PDF).
• Commonwealth Actuarial Valuation Report references as cited in ACFR Letter (valuation dated October 28, 2025).
• UAO person SSR: michael-g-trotsky; david-m-gurtz.

Completeness note

This elite profile is built from opened MassPRIM / PRIT primaries (HTML + ACFR FY2025 extracts + July 2026 Performance Summary + Q2 2026). Target band ~10k sourced words. Non-blocking expansions listed in the depth annex. No filler invented to pad word count. No VideoObject. Leadership titles locked to official staff page. AUM figures dated and sourced.