Specifications include, but are not limited to: Recommend and implement a static asset allocation and passive investment structure for the State Held Trusts. On a monthly basis, and more often in periods of heightened volatility, review the State of Maine Trust portfolio’s positioning relative to outlined policies and rebalance, as needed. Recommend and execute tactical policies, per Treasurer and Investment Committee approval. On a quarterly basis, prepare a customized presentation outlining performance relative to segments of the State’s benchmark along with fundamental analysis of the portfolio and an outlook and review of the markets. The presentation will outline in clear details: Allocation, Performance, Index return for previous year and current quarter. The quarterly analytics will: Include details on: Holdings, Stock style diversification, Stock type Stock sectors and Geographic exposure. Provide Monte Carlo based models of value in 5, 10, 20 and 30 years based on the portfolio holdings. Annually, present analysis of how different asset allocation and distribution policies impact the portfolio. On an ad-hoc basis, engage with the Treasurer and staff on matters relating to financial markets. Attend virtual and on-site meetings and host meetings, as needed. Manage additional portfolios with differing policies and goals. Provide monthly statements, which will report account asset allocations, month-end NAV of the account(s), income and expense summaries for the relevant period and with respect to fixed income investments, bond maturity qualities and maturity. In addition, vendor will provide two separate quarterly account performance statements, which will include, but are not limited to: A performance activity summary, An account allocation summary, A statement of quarterly transactions (balance in-and-out) and quarter-end holdings, Principal and income balances listed by fund, and An advisory fee detail showing the calculation of the management fee for the applicable quarter. Monthly reports must show a minimum of the following: Holding Name CUSIP Shares Market Value Monthly statements shall be available no later than the 5th business day after the close of each month. Quarterly reports shall be made available no later than the end of the second month following the end of each quarter. Reports should be maintained by the vendor and made available according to a 5-year retention schedule. The reports, including monthly activity statements and market values of all portfolio holdings, shall satisfy Governmental Accounting Standards Board (GASB) requirements (including but not limited to) GASB 40 and GASB 72. A list of these requirements can be found at the following link: http://www.gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1176160042391 Send monthly, quarterly, and annual compliant reports. On an annual basis, as close to July 1 as possible, the contractor is to provide the GASB 40 and GASB 72 reports which demonstrate the risk and fair market value for the State-Held Trusts. On a semi-annual basis, the contractor is to provide, and appear in person to present, a statement to OST. This statement will itemize the following: Beginning principal, Additions/withdrawals, Appreciation/depreciation, Income earned, and Ending balance, for all of the sub-units and underlying trusts that make up the State-Held Trusts. A statement of income showing income earned and withdrawn and total income balance It is expected that this statement will be available as soon as possible after the end of the semi-annual periods of June 30 and December 31. Conduct a review of the State Held Trusts on a monthly, quarterly and semiannual basis to ensure: Correspondence regarding withdrawals/deposits, appreciation/depreciation and income has been calculated and distributed among the several trusts and reflect accurate balances. The accounting and compliance process is correct and the excel file submitted to the State for income distributions is accurate. Distribute income in accordance with specific direction to each of the individual 71 accounts. Transact contributions to and withdrawals from trust funds as needed. Such contributions and withdrawals should be posted to the account on the date the transaction occurs using an average daily balance calculation. Initiate wire for distribution within 5 business days after the close of the month for June (for July 1st distribution) and December (for January 1st distribution). Establish and follow protocols to verbally confirm and verify all distributions. Provide services noted above for additional funds.
