PERAC Memo #10 - 2002: Investment Manager List

Memorandum # 10/2002

M E M O R A N D U M TO: All Retirement Boards FROM: Robert A. Dennis, Investment Director RE: Investment Manager List

DATE: February 4, 2002

In accordance with 840 CMR 19.01, enclosed please find the list of investment managers who have received exemptions in those asset classes for which exemptions are required and whose products remain open for new investment. 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 investment manager who has been the subject of an approved application for exemption after that date. It is not necessary for a retirement board to request 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: Investment Manager List DATE: February 4, 2002

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 update this list on a quarterly basis 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 INVESTMENT MANAGERS AS OF 12/31/01

Enclosed please find the list of 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 any investment manager who 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

Acadian Asset Management Allmerica Select International Equity Fund Arrowstreet Capital, L.P. Bank of Ireland Asset Management Bank of Ireland Group Trust SAF International Equity Sub Trust Baring Active/Passive EAFE Fund Boston Company Emerging Markets Pooled Fund Boston Company International ACWI Equity Fund Boston Company International Equity Fund Brandes International Equity Trust Brandywine International Value Equity Fund Capital International Emerging Markets Growth Fund DLB Stewart Ivory International Fund Deutsche Asset Management EuroPacific Growth Fund Fidelity Select International Equity Pool Fleet International Equity Fund EB Foreign & Colonial Emerging Markets Limited Frank Russell International Fund Freedom International Fund

INTERNATIONAL EQUITY MANAGERS (cont’d)

Harbor Capital International Group Trust Hotchkis and Wiley International Equity Group Trust INVESCO Global Asset Management (N.A.), Inc. Invista International Equity Fund IRT International Equity Fund Jarislowsky Fraser International Equity Fund Lazard Freres International Equity Fund MFS Institutional Advisors, Inc. MFS Institutional International Equity Fund Montgomery Institutional Series: Emerging Markets Portfolio Nicholas-Applegate Institutional Funds International Core Growth Fund 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 SSGA Daily Active Emerging Markets Fund SSGA Daily EAFE Securities Lending Fund SSGA International Equity Index Fund SSGA International Growth Opportunities Fund Standish International Equity Fund Templeton Foreign Equity Series Fund Templeton Institutional Funds, Foreign Equity Series Primary Shares 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 Julius Baer Government Bond International Portfolio Loomis, Sayles & Company, L.P. Oechsle International Non-US-Co-Mingled Fund Payden & Rygel Global Fixed Income Fund Phoenix Aberdeen International Bond Portfolio Rogge International Bond Fund Standish International Fixed Income Fund Strategic Fixed Income, L.P. Van Kampen American Capital Management WTC-CIF Core Bond Plus Portfolio WTC-CIF International Bond Unhedged Portfolio REAL ESTATE INVESTMENT MANAGERS

AFL-CIO Housing Investment Trust Bailard, Biehl & Kaiser REIT Fund Carey Institutional Properties Fund Cathartes/AEW L.L.C. Dean Witter Realty Yield Plus Fidelity Real Estate Growth Fund, L.P. Hearthstone – MSII Homebuilding Investors Henderson Real Estate Investors (RESA) Intercontinental Real Estate Investment Fund III, LLC IRT Equity Real Estate Securities Fund L&B Realty Investment Program Lend Lease Prime Property Fund Lend Lease Value Enhancement Fund V MetLife Tower Fund Multi-Employer Property Trust Multi-Family Development Program III RREEF America REIT II SSGA Active REIT Fund SSR Apartment Value Fund II, L.P. TimesSquare Open-End Real Estate Fund UBS Global (XUS) Timber Investors VI UBS Real Estate Separate Account (RESA) Urdang & Associates Real Estate Advisors Wachovia Balanced Timberland Fund B

ALTERNATIVE INVESTMENT MANAGERS

Audax Mezzanine Fund, L.P. Inflection Point Ventures, L.P. North Atlantic Venture Fund III