PERAC Memo #46 - 1998: Manager List

1 PERAC MEMO #46/1998 M E M O R A N D U M TO: All Retirement Boards FROM: Joseph I. Martin, Deputy Executive Director RE: Manager List DATE: October 6, 1998 Enclosed please find the list of qualified investment managers in accordance with 840 CMR 19.01. This list consists of investment managers which have been the subject of approved applications for exemption on or before the effective date of the new investment regulations (7/10/98) and also includes any qualified investment manager which has been the subject of an approved application for exemption after that date. Please be advised that it will not be necessary to receive an exemption (“waiver”) in order to retain managers on this list as long as the board has been granted an exemption (“waiver”) for that particular asset class. In addition, pursuant to 840 CMR 19.02 (5) in the event a Board selects an investment manager to invest assets in fixed income securities or equities of United States Corporations an exemption (“waiver”) is not necessary. The board, however, must fulfill the other requirements of these regulations as listed below:

1. Letter from board notifying PERAC that the manager has been selected in accordance with a competitive process and that Chapter 32 and Regulations were complied with in making the selection. (See also 840 CMR 19.01 (11)). In addition the Board should provide name, address and asset class in which the manager will invest. Please state if the funds managed will be done so through a pooled fund and if so, please state the specific name of the pooled fund.

2. All managers that submit a bid or proposal to the Board must complete and file with the Board the Vendor Certification outlined in 840 CMR 16.08. The board must provide PERAC with the Vendor Certification for the selected manager. 2 M E M O R A N D U M – Page Two TO: All R etirement Boards FROM: Joseph I. Martin, Deputy Executive Director RE: Manager List DATE: October 6, 1998

3. In accordance with 840 CMR 17.04 (8)(a) managers and consultants must disclose to PERAC and to the Board any compensation arrangements that the manager or consultant may have with other parties in relation to the services provided to the Board. In accordance with 840 CMR 17.04(8)(b) managers and consultants must disclose any compensation paid or expected to be paid by the manager or consultant or a related person to others for referring services of the manager or consultant to the Board. Please note that the list of managers who have been subject to an exemption (waiver) is a separate and distinct list from the listing of Investment Managers, Consultants, and Custodians as of December 31, 1997 that was disseminated in May 1998. PERAC will periodically update this list and will make this list available on the PERAC Home Page. If you have any questions, please call Robert Shaw, Director of the Pension Investment Advisory Unit at 617-666-4446 ext. 922. 3 PERAC LIST OF QUALIFIED INVESTMENT MANAGERS AS OF 10/1/98 Enclosed please find the list of qualified investment managers in accordance with 840 CMR 19.01. This list consists of investment managers which have been the subject of approved applications for exemption on or before the effective date of the new investment regulations (7/10/98) and any qualified investment manager which is the subject of an approved application for exemption after that date. This list will only include investment managers/funds that are open to new investors. Closed funds will not appear on this list. This list will be updated on a quarterly basis. Please be advised that it will not be necessary to receive an exemption in order to retain managers on this list as long as the board has been granted an exemption for that particular asset class. In addition, pursuant to 840 CMR 19.02 (5) in the event a Board selects an investment manager to invest assets in fixed income securities or equities of United States Corporations an exemption is not necessary . The Board, however, must submit to PERAC a competitive process certification and a Vendor certification outlined in 840 CMR 16.08 and disclosures in accordance with 840 CMR 17.04 8 (a) and (b). The competitive process certification, Vendor certification, and disclosures must be filed with PERAC prior to retaining the manager. Boards may proceed with hiring the manager upon receipt of PERAC’s acknowledgement that these items have been filed. INTERNATIONAL EQUITY MANAGERS Aeltus - International Equity Fund AIB Irish Equity Portfolio Allmerica Select International Equity Fund Babson-Stewart Ivory International Fund L.P. III Bank of Ireland Asset Management Bank of Ireland Group Trust SAF International Equity Sub Trust BEA Associates, Inc. Brandes International Equity Trust Brandywine International Value Equity Fund EuroPacific Growth Fund Fleet International Equity Fund EB Foreign & Colonial Emerging Markets Limited 4 INTERNATIONAL EQUITY MANAGERS (cont’d) Frank Russell International Fund Freedom International Fund Guinness Flight International Equity Group Trust Hambro Northern Ireland Venture Capital Hotchkis and Wiley International Equity Group Trust INVESCO Trust International Equity Fund Invista Capital Management International Equity Fund Irish Life International Equity Fund IRT International Equity Fund Lazard Freres International Equity Fund Montgomery Institutional Series: Emerging Markets Portfolio Morgan Grenfell Core Global Fixed Income Fund Oechsle International Advisors, L.P. Putnam International Trust Rowe Price Fleming Foreign Equity Fund Scottish Equitable Invest. Mgmt. Ltd Pooled Trust-Int’l Equity Inv Fund Scudder International Equity Fund Seligman Henderson Group Trust - International Equity Smith Barney International Equity Collective Fund Sogen Overseas Fund SSGA International Growth Opportunities Fund Standish International Equity Fund State Street Global Advisors International Index Fund State Street International Index Fund State Street Passive Emerging Markets Fund State Street Research & Management Company - International Templeton Institutional Foreign Equity Series Templeton Foreign Fund The Boston Company Emerging Markets Pooled Fund The Boston Company International Equity Fund Warburg Pincus Institutional International Equity Portfolio Wellington Trust Company International Stock Portfolio Wright International Blue Chip Fund 5 INTERNATIONAL FIXED INCOME MANAGERS American Express Asset Management Group Brandywine Group Trust Fund Delaware International Global Fixed Income Portfolio Delaware Pooled Trust Global Fixed Income Portfolio GFM International Investment Bond Fund #64 Guinness Flight Global Group Trust Julius Baer Government Bond International Portfolio Phoenix Aberdeen International Bond Portfolio Putnam World Income Trust Standish International Fixed Income Fund State Street International Fixed Income Fund State Street Research Opportunistic Non-Dollar Group Trust Strategic Fixed Income, L.P Van Kampen American Capital Management Wellington Mgmt. U.S. High Yield Port./International Bond Pool Port. WTC-CIF International Bond Portfolio REAL ESTATE INVESTMENT MANAGERS AFL-CIO Housing Investment Trust Allegis Real Estate Separate Account (RESA) Carey Institutional Properties Fund Cathartes/AEW L.L.C. Cohen & Steers Realty Shares, Inc. Corcoran Jennison Apartment Fund Dean Witter Realty Yield Plus Equitable Real Estate Prime Property Fund Fidelity Real Estate Asset Management III, L.P. Fidelity Real Estate Fund Frank Russell Trust Company Hancock ForesTree V, L.P. Heitman Real Estate Fund V IRT Equity Real Estate Securities Fund L&B 90's Investment Program Metlife Real Estate Series II MetLife Tower Fund 6 REAL ESTATE INVESTMENT MANAGERS (cont’d) Phoenix Real Estate Advisors (RESA) RREEF America REIT II Sentinel Realty Partners IV ALTERNATIVE INVESTMENT MANAGERS DN Partners, L.P. First America Asia Fund I LLC IAI World Fund, LLC North Bridge Venture Partners II, L.P. Pioneer Ventures, L.P. II Rice Mezzanine Lenders III, L.P. Senior Tour Players Fund I Ticonderoga Partners IV, L.P. UNC Capital, L.P.