PERAC Memo #20 - 2005: Investment Manager List

Memorandum 20 /2005
M E M O R A N D U M TO: All Retirement Boards FROM: Joseph I. Martin, Deputy Executive Director RE: Investment Manager List

DATE: July 12, 2005

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.

Enclosure

PERAC LIST OF INVESTMENT MANAGERS AS OF 6/30/05

INTERNATIONAL EQUITY MANAGERS

Acadian Asset Management Acadian International All Cap Fund Acadian International Small Cap Fund, LLC 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 Boston Company International Small Cap Equity Fund Brandes International Equity Trust Brandywine International Equity Value Fund Capital International Emerging Markets Growth Fund Denver International Small Cap Equity Fund Deutsche Asset Management EuroPacific Growth Fund Fidelity International Growth Commingled Pool Fisher Investments, Inc. Foreign & Colonial Emerging Markets Limited Frank Russell International Fund Freedom International Fund GlobeFlex International Small Cap Equity Fund GMO ERISA Pool GMO International Intrinsic Value Fund HIS International Growth Fund Hotchkis and Wiley International Equity Group Trust INVESCO Global Asset Management (N.A.), Inc. IRT International Equity Fund Jarislowsky Fraser International Equity Fund Julius Baer International Equity Strategy Fund KBC Investment Trust Lazard Asset Management, LLC Lazard Freres International Equity Fund LSV International Value Equity Fund MFS Institutional Advisors, Inc. MFS Institutional International Equity Fund PanAgora Asset Management Rexiter Active Emerging Markets Fund Sanderson International Value Group Trust

INTERNATIONAL EQUITY MANAGERS (cont’d)

SSGA Active International Small Cap SL Common Trust Fund SSGA All International Allocation 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 SSGA Passive MSCI-EAFE Fund Templeton Foreign Equity Series Fund Templeton Institutional Funds, Foreign Equity Series Primary Shares Walter Scott International Fund, LLC Wells Capital Management Emerging Markets Fund WTC-CIF International Growth Portfolio WTC-CIF International Research Equity Portfolio WTC-CIF Pacific Basin Fund

INTERNATIONAL FIXED INCOME MANAGERS

American Express Asset Management Group Delaware Pooled Trust Global Fixed Income Portfolio Delaware Pooled Trust International Fixed Income Portfolio Lazard Emerging Income Fund 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

AEW Partners V, L.P. AFL-CIO Housing Investment Trust Allegis Value Trust (AVT) Fund Bailard, Biehl & Kaiser REIT Fund BlackRock Apartment Value Fund II, L.P. BlackRock Apartment Value Fund III, L.P. Boston Capital Fixed Income Mortgage Fund I LLC Carey Corporate Properties Associates Fund 15 Clarion Lion Properties Fund

REAL ESTATE INVESTMENT MANAGERS (cont’d)

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 Hancock Timberland VII Hearthstone – MSII Homebuilding Investors Hearthstone Multi-State Residential Value Added Fund III Heitman Value Partners, L.P. Intercontinental Real Estate Investment Fund IV, LLC INVESCO Core Real Estate Fund IRT Equity Real Estate Securities Fund 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 New Boston Institutional Fund, L.P. VI Principal U.S. Property Account Prudential Real Estate Investors (PRISA) Fund Residential Income and Value Added (RIVA) Fund RMK Balanced Timberland Fund B RMK Select Timberland Investment Fund I, LLC RREEF America REIT II Sentinel Realty Partners VI SSGA Active REIT Fund TA Realty Associates Fund VII UBS Real Estate Separate Account (RESA) Urdang & Associates Real Estate Advisors

ALTERNATIVE INVESTMENT MANAGERS

Ascend Ventures II, L.P. Charlesbank Equity Fund VI, L.P. Lexington Middle Market Investors, L.P. Merrill Lynch Diversified Private Equity Program III Mesirow Financial Capital Partners IX Monitor Venture Partners I, L.P. MTDC Heritage Fund North American Strategic Partners Piper Jaffray Private Equity Partners II PRISM Venture Partners V, L.P. Siguler Guff Distressed Opportunities Fund II Sterling Capital Partners II