PERAC Memo #18 - 2004: Investment Manager List

Memorandum # 18/2004

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: April 13, 2004

In accordance with 840 CMR 19.01, the following is the updated list of investment managers who have been approved for exemption in the asset classes of international equity, international fixed income, real estate, and alternative investments. The 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 managers who have been approved after that date. The list includes only managers or funds that remain open to new investors; managers/funds that are closed will either not appear on this list or will be deleted upon closure.

The significance of this list is that, for retirement boards that have been previously granted an exemption for the particular asset class, they need not apply for an exemption in order to retain managers on this list. In hiring managers on this list, boards are still required to submit to PERAC 1) a Competitive Process Notification Form, 2) a Vendor Certification Form, and 3) a Disclosure Form in accordance with 840 CMR 17.04 8(a) and (b) and to receive acknowledgement from PERAC prior to transfer of funds. Retirement boards are also free to consider managers not on this list and to request exemptions for such managers.

Please note that, in accordance with 840 CMR 19.02 (5), exemptions are not required for the hiring of managers in the asset classes of domestic equity and fixed income. Only the submission of the three documents noted above is required. Accordingly, this list does not include managers in these asset classes.

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 3/31/04

INTERNATIONAL EQUITY MANAGERS

Acadian Asset Management Arrowstreet Capital, L.P. Bank of Ireland Group Trust SAF International Equity Sub Trust Baring Full Active/Passive Equity (Lending) Fund G Boston Company Emerging Markets Pooled Fund Boston Company International ACWI Equity Fund Boston Company International Core Equity Fund Boston Company International Equity Fund Brandes International Equity Trust Brandywine International Equity Value Fund Capital International Emerging Markets Growth Fund Columbia International Equity Fund Denver International Small Cap Equity Fund Deutsche Asset Management EuroPacific Growth Fund Fidelity International Growth Commingled Pool Fidelity Select International Equity Fund Fisher Investments, Inc. Foreign & Colonial Emerging Markets Limited Frank Russell International Fund Freedom International Fund GMO ERISA Pool GMO International Intrinsic Value Fund Hotchkis and Wiley International Equity Group Trust INVESCO Global Asset Management (N.A.), Inc. IRT International Equity Fund Jarislowsky Fraser International Equity Fund Lazard Freres International Equity Fund MFS Institutional Advisors, Inc. MFS Institutional International Equity Fund PanAgora Asset Management Principal Global Investors International Equity Fund Putnam International Trust Rexiter Active Emerging Markets Fund SSGA Active International Small Cap SL Common Trust Fund SSGA Daily Active Emerging Markets Fund SSGA Daily EAFE Securities Lending Fund SSGA Daily International Alpha Securities Lending Fund SSGA International Growth Opportunities Fund SSGA MSCI-EAFE Index Fund

INTERNATIONAL EQUITY MANAGERS (cont’d)

Templeton Foreign Equity Series Fund Templeton Institutional Funds, Foreign Equity Series Primary Shares Walter Scott International Fund, LLC Wells Fargo Montgomery Institutional Emerging Markets Fund WTC-CIF International Research Equity Portfolio

INTERNATIONAL FIXED INCOME MANAGERS

American Express Asset Management Group Brandywine Global Fixed Income 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. McDonnell Investment Management, LLC Oechsle International Non-US-Co-Mingled Fund Phoenix Aberdeen International Bond Portfolio Rogge International Bond Fund SSGA Passive World Government Bond Ex-US Index SL Common Trust Standish Mellon International Fixed Income Fund Wellington Management Company WTC-CIF International Bond Unhedged Portfolio

REAL ESTATE INVESTMENT MANAGERS

AFL-CIO Housing Investment Trust Bailard, Biehl & Kaiser REIT Fund Boston Capital Fixed Income Mortgage Fund I LLC Carey Institutional Properties Fund Cathartes/AEW L.L.C. CIGNA Open-End Real Estate Fund Clarion Lion Properties Fund Duff & Phelps Real Estate Securities Trust Fidelity Real Estate Growth Fund, L.P. Fidelity Real Estate Growth Fund II, L.P. GFP Institutional Global Timber Investors VI Ltd. Guggenheim Real Estate Plus Fund Hearthstone – MSII Homebuilding Investors Hearthstone Multi-State Residential Value Added Fund III Heitman Value Partners, L.P. Henderson Real Estate Investors (RESA) Intercontinental Real Estate Investment Fund III, LLC Intercontinental Real Estate Investment Fund IV, LLC IRT Equity Real Estate Securities Fund

REAL ESTATE INVESTMENT MANAGERS (cont’d)

L&B Realty Investment Program LaSalle Income & Growth Fund III Lend Lease Value Enhancement Fund V MetLife Tower Fund Morgan Stanley Prime Property Fund Multi-Employer Property Trust Multi-Family Development Program III Prudential Real Estate Investors (PRISA Fund) RREEF America REIT II Sentinel Realty Partners VI Sentinel Realty Partners VII SSGA Active REIT Fund SSR Apartment Value Fund II, L.P. TA Realty Associates Fund VI UBS Real Estate Separate Account (RESA) Urdang & Associates Real Estate Advisors Wachovia Balanced Timberland Fund B

ALTERNATIVE INVESTMENT MANAGERS

Ascent Venture Partners IV, L.P. INVESCO Venture Partnership Fund IV, L.P. Merrill Lynch Diversified Private Equity Program II Venture Lending & Leasing IV VSS Mezzanine Partners, L.P.