PERAC Memo #28 - 2000: Approved Manager List

PERAC MEMO #28/2000 M E M O R A N D U M TO: All Retirement Boards FROM: Robert A. Dennis, Investment Director RE: Approved Manager List DATE: July 12, 2000 Enclosed please find the list of qualified investment managers in accordance with 840 CMR 19.01. This list consists of investment managers who 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 who 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 will be managed 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.

M E M O R A N D U M – Page Two TO: All Retirement Boards FROM: Robert A. Dennis, Investment Director RE: Approved Manager List DATE: July 12, 2000 3. In accordance with 840 CMR 17.04 (8)(a), managers and consultants must complete a Disclosure Statement which informs PERAC and the Board of 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 also 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. PERAC will periodically update this list and will make this list available on the PERAC Home Page. If you have any questions, please call Rose Cipriani at 617-666-4446 ext. 931. PERAC LIST OF QUALIFIED INVESTMENT MANAGERS AS OF 6/30/00 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 Disclosure Statement 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 Allmerica Select International Equity Fund Bank of Ireland Asset Management Bank of Ireland Group Trust SAF International Equity Sub Trust Baring Active/Passive EAFE Fund Brandes International Equity Trust Brandywine International Value Equity Fund DLB Stewart Ivory International Fund EuroPacific Growth Fund Fleet International Equity Fund EB Foreign & Colonial Emerging Markets Limited Frank Russell International Fund Freedom International Fund Harbor Capital International Group Trust Hotchkis and Wiley International Equity Group Trust INVESCO Global Asset Management (N.A.), Inc. Invista International Equity Fund Irish Life International Equity Fund IRT International Equity Fund Lazard Freres International Equity Fund INTERNATIONAL EQUITY MANAGERS (cont’d) MFS Institutional Advisors, Inc. MFS Institutional International Equity Fund Montgomery Institutional Series: Emerging Markets Portfolio Montgomery Institutional Series: International Growth Portfolio Nicholas-Applegate Institutional Funds International Core Growth Fund Old Mutual Investment Advisers, Inc. PanAgora Asset Management Putnam Core International Equity Tobacco Free Fund Putnam International Trust Scottish Equitable Invest. Mgmt. Ltd Pooled Trust-Int’l Equity Inv Fund Scudder International Fund Smith Barney International Equity Collective Fund SSGA Active Emerging Markets Fund SSGA Daily EAFE Securities Lending Fund SSGA International Growth Opportunities Fund SSGA International Index Fund Standish International Equity Fund Templeton Emerging Market Series Fund Templeton Foreign Equity Series Fund Templeton Institutional Funds, Foreign Equity Series Primary Shares The Boston Company Emerging Markets Pooled Fund The Boston Company International Equity Fund Wright International Blue Chip Fund WTC-CIF International Research Equity Portfolio INTERNATIONAL FIXED INCOME MANAGERS American Express Asset Management Group Brandywine Group Trust Fund Delaware Pooled Trust Global Fixed Income Portfolio Delaware Pooled Trust International Fixed Income Portfolio GFM International Investment Bond Fund #64 Guinness Flight International Fixed Income Trust Julius Baer Government Bond International Portfolio Loomis, Sayles & Company, L.P. Morgan Grenfell Global Fixed Income Fund Payden & Rygel Global Fixed Income Fund Phoenix Aberdeen International Bond Portfolio Standish International Fixed Income Fund Strategic Fixed Income, L.P. Van Kampen American Capital Management WTC-CIF International Bond Unhedged Portfolio WTC-CIF Core Bond Plus Portfolio REAL ESTATE INVESTMENT MANAGERS AFL-CIO Housing Investment Trust Bailard, Biehl & Kaiser REIT Fund Carey Institutional Properties Fund Cathartes/AEW L.L.C. Corcoran Jennison Apartment Fund Dean Witter Realty Yield Plus Frank Russell Real Estate Equity Fund Hancock ForesTree V, L.P. Hearthstone – MSII Homebuilding Investors Henderson Real Estate Advisors (RESA) IRT Equity Real Estate Securities Fund L&B 90's Investment Program LaSalle Income & Growth Fund II Lend Lease Prime Property Fund Lend Lease Value Enhancement Fund IV MetLife Tower Fund Multi-Employer Property Trust Multi-Family Development Program II New Boston Institutional Fund, L.P. V RREEF America REIT II Sentinel Realty Partners IV Sentinel Realty Partners V SSGA Active REIT Fund TimesSquare Charter Open-End Real Estate Fund UBS Brinson Realty Investors LLC Urdang & Associates Real Estate Advisors Wachovia Balanced Timberland Fund B ALTERNATIVE INVESTMENT MANAGERS AG Capital Recovery Partners, L.P. Alliance Technology Ventures III, L.P. Commonwealth Capital Ventures III Commonwealth Fund Investment Program II Crescendo IV, L.P. DN Partners, L.P. European Strategic Partners I – L.P. First America Asia Fund I LLC Halpern Denny Fund III, L.P. John A. Levin & Company, Inc. Keystone Venture VI Senior Tour Players Fund I Sterling Venture Partners, LLC Thomas H. Lee Equity Fund V, L.P. Vanguard VII, L.P. Venture Lending & Leasing III