mapping_matrix

Assets (in

Fund millions) Website Address General Description

California Public $148,840 http://www.calpers CalPERS provides retirement and

Employees .ca.gov/ health benefits to more than 1.4 million

(CalPERS) public employees, retirees, and their

families and more than 2,500

employers in the State of California.









1

New York State $106,843 http://www.osc.sta The New York State and Local

Common te.ny.us/retire/ Retirement System (NYSLRS) is

comprised of two different systems,

though they are administered by the

same staff. They are the Police and

Fire Retirement System (PFRS) with

almost 36,000 members and the

Employees' Retirement System (ERS)

with more than 614,000 members.

There are also almost 315,000

pensioners and beneficiaries in the

System bringing the total to more than

965,000 participants, as of March 31,

2003









2

California State $103,277 http://www.calstrs. CalSTRS is the third largest public

Teachers com/index.aspx pension fund in the nation, which

(CalSTRS) serves approximately 735,000

members and benefit recipients with an

operating budget of approximately

$100 million and 634 employees.









3

Florida State $92,310 http://www.sbafla. The SBA manages 25 funds,

Board com/ comprising more than $120 billion in

assets under management at the end

of fiscal year 2003.









4

Texas Teachers $77,836 http://www.trs.stat As of August 31, 2002, TRS is the

e.tx.us/ state’s largest public retirement

system in both membership and

assets. TRS serves more than

1,000,000 members--847,000 are

public education employees and

201,000 are annuitants. System

net assets total approximately $72

5 billion.

New York State $73,481 http://www.nystrs. The New York State Teachers'

Teachers org/ Retirement System (STRS) provides

retirement, disability and death benefits

to eligible New York State public school

teachers and administrators. STRS is

the second largest public retirement

system in the state and one of the 10

largest systems in the nation. We

serve approximately 250,000 active

members and 110,000 retirees and

beneficiaries.









6

New Jersey $63,591 http://www.state.nj The Division of Pensions and Benefits

.us/treasury/pensi is responsible for the second largest

ons/ public employee benefits program in

the nation. It administers a

comprehensive benefit program that

enables public employers throughout

the State to attract and retain skilled

and talented employees. These include

State employees, teachers, police

officers, fire fighters, correction officers,

judges, and many other local

employees whose jobs are fundamental

to the safety and well being of all New

Jersey residents. Participants in the

nine separate pension systems include:

over 653,500 retired and active

participants in the State's defined

benefits pension plans; over 15,950

participants in the State's defined

contribution pension plan; over 36,000

participants in the State's supplemental

retirement savings plans.







7

Wisconsin $57,982 http://www.swib. We administer retirement and other

Investment Board state.wi.us/ benefit programs for more than

500,000 Wisconsin Retirement System

(WRS) participants and 1,400

employers. Our programs cover state

and local government employees and

retirees. Our mission is to develop and

deliver quality benefits and services to

our members while safeguarding the

integrity of the Trust.









8

North Carolina $56,300 http://www.treasur The Retirement Systems Division

er.state.nc.us/dsth administers the statutory retirement

ome/RetirementS and fringe benefit plans that cover the

ystems State's public employees. The

retirement systems and benefits plans

exist for the public purpose of recruiting

and retaining competent employees for

a career in public service, by providing

a replacement income for retirement, or

for disability, or for an employee's

survivors at time of death

9

Ohio Public $53,691 http://www.opers.o The mission of the Ohio Public

Employees rg/ Employees Retirement System is to

provide retirement benefits,

disability benefits, survivor benefits,

and to administer health care

programs.









10

New York City $51,892 http://www.nycers. Founded in 1920, NYCERS has grown

Retirement org/ into the largest public retirement

system within New York City serving

over 200,000 active members and

130,000 pensioners. Membership in

NYCERS is available to all New York

City employees who are not eligible to

participate in the New York City

Teachers' Retirement System, the New

York City Police Pension Fund, the

New York City Fire Department

Pension Fund or the New York City

Board of Education Retirement System.





11

Ohio State $48,463 http://www.strsoh. STRS Ohio is one of the nation's

Teachers org/ premier public pension systems,

providing services and benefits to more

than 400,00 active, inactive and retired

Ohio educators.









12

Michigan $46,878 http://www.michig The Retirement Services division of the

Retirement an.gov/ors/ Department of Management and

Budget oversees the School

Employees Retirement System, the

State Employees Retirement System,

the State Policy Retirement System,

and the Judges Retirement System.









13

Pennsylvania $43,525 http://www.psers.s Since 1917, PSERS has been serving

School tate.pa.us/ the public school employees of the

Employees Commonwealth of Pennsylvania. Our

membership has grown from 37,000 in

1919 to more than 300,000 today.

Balancing stability and growth through

prudent investment policies, the Fund

has increased from $7.3 million in 1924

to approximately $50 billion in net

assets today.









14

University of $42,951 http://www.ucop.e The University of California Retirement

California du/welcome1.html Plan (UCRP) is a valuable component

of the comprehensive benefits package

offered to employees of the University

of California (the University), its

affiliate, Hastings College of the Law,

and Associated Students of UCLA

(ASUCLA).









15

Washington State $42,461 http://www.sib.w The Washington State Investment

Board a.gov/ Board (WSIB) is a state agency

governed by a 15-member board (10

voting and five non-voting members).

The WSIB invests $55.8 billion of

assets for 33 separate funds. These

funds are categorized as Retirement

(Defined Benefit and Defined

Contribution), Industrial Insurance,

Deferred Compensation, Permanent

Funds and Other Trust Funds (which

include the GET College Tuition

Program and the State Emergency

Reserve Fund).





16

Georgia Teachers $39,432 http://www.trsga.c TRSGA administers the fund from

om/ which teachers in the state’s public

schools, many employees of the

University System of Georgia, and

certain other designated employees in

educational-related work environments

receive retirement benefits.

17

Oregon $38,689 http://www.pers.st The Oregon Public Employees

Employees ate.or.us/ Retirement System (PERS) and

Oregon Public Service Retirement Plan

(OPSRP) enable public employers in

Oregon to provide members with

retirement benefits. The agency also

administers the Retiree Health

Insurance program and the Oregon

Savings Growth Plan (OSGP), a

voluntary defined contribution savings

plan available through employers.

18

Minnesota State $36,282 http://www.sbi.stat The Minnesota State Board of

Board e.mn.us/ Investment (SBI) is the state agency

responsible for administering and

directing the investment of all state

funds and the pension assets of the

statewide public pension systems.

Currently, the SBI is responsible for

assets in excess of $39 Billion and is

one of the largest plan sponsors in the

United States.









19

Virginia $36,237 http://www.varetire The Virginia Retirement System

Retirement .org/ administers benefits for over 500,000

of Virginia's current and retired public

employees.









20

Massachusetts $29,300 http://www.mapen The Pension Reserves Investment

PRIM sion.com/ Trust ("PRIT") Fund is a pooled

investment fund established to invest

the assets of the Massachusetts State

Teachers’ and Employees’ Retirement

Systems, and the assets of county,

authority, district, and municipal

retirement systems that choose to

invest in the Fund.









21

Illinois Teachers $27,987 http://www.trs.stat The General Assembly created the

e.il.us/ Teachers' Retirement System of the

State of Illinois (TRS) in 1939 for the

purpose of providing retirement

annuities and other benefits for

teachers, annuitants, and beneficiaries.

TRS is a public pension defined benefit

plan that provides its members with

retirement, disability, and survivor

benefits.

22

Maryland State $27,360 http://www.sra.stat The State Retirement and Pension

Retirement e.md.us/ System administers death, disability

and retirement benefits on behalf of

over 250,000 active and former State

employees, teachers, State police,

judges, law enforcement officers,

correctional officers and legislators.

23

Colorado $27,161 http://www.copera. PERA provides retirement and other

Employees org/ benefits to the employees of more than

380 government agencies and public

entities in the state of Colorado. PERA

is the 23rd largest public pension plan

in the United States. (Ranking provided

by Pension and Investments Magazine,

reported in January 2003.)



24

New York City $26,828 http://trs.nyc.ny. The Teachers’ Retirement System of

Teachers us/ the City of New York (TRS) was

established in 1917 and has since

grown into one of the largest pension

systems in the United States, with more

than $30 billion in assets.









25

Los Angeles $26,468 http://www.lacera. LACERA provides retirement, disability,

County com/home/index.h and death benefits to eligible Los

Employees tml Angeles County employees and their

beneficiaries. We collect, deposit,

invest, and manage retirement funds

collected from the County, outside

agencies and districts, and County

employees.









26

Tennessee $24,710 http://www.treasur The Tennessee Consolidated

Consolidated y.state.tn.us/tcrs/i Retirement System provides retirement

ndex.htm coverage to state employees, higher

education employees, teachers, and

employees of political subdivisions that

have elected to participate in the plan.









27

Pennsylvania $23,831 http://www.sers.st The Pennsylvania State Employees'

Employees ate.pa.us/ Retirement System (SERS) was

established in 1923, and is one of the

nation's oldest and largest statewide

retirement plans for public employees.

SERS administers both a defined

benefit plan and a defined contribution

plan. The defined benefit plan is funded

through a combination of employee

contributions, employer contributions,

and investment earnings. In 2003, total

fund assets totaled approximately $25

billion.





28

Alabama $23,611 http://www.rsa.stat The Retirement Systems of Alabama

Retirement e.al.us/ aims to serve the interests of our

members by preserving the excellent

benefits and soundness of the Systems

at the least expense to the state of

Alabama and all Alabama taxpayers.









29

South Carolina $22,950 http://www.scrs.st The South Carolina Retirement

Retirement ate.sc.us/ Systems is made up of four distinct

retirement systems: the South Carolina

Retirement System, serving state

employees, teachers, and other

government employees; the Police

Officers' Retirement System; the

General Assembly Retirement System;

the Judges' and Solicitors' Retirement

System.









30

Missouri Public $20,272 http://www.psrs- The Retirement System of Missouri is

Schools ntrs.org/psr/psrsm composed of the PSRS and the

o.htm NTRS.The combined Retirement

Systems ended the year as one of the

50 largest defined benefit plans in the

United States with total assets of $21.6

billion.









31

Arizona State $19,134 http://www.asrs.st The ASRS encompasses the state,

Retirement ate.az.us/web/ind including the three state universities, all

ex.do ten community colleges, 14 out of 15

counties (all except La Paz), most cities

and towns, most school districts and

other political subdivisions.









32

Texas Employees $18,843 http://www.ers.stat ERS is comprised of 5 retirement

e.tx.us/ plans: Employees, elected officials, law

enforcement, and two judicial.









33

Utah State $18,819 http://www.urs.org The Utah Retirement Systems is to

Retirement / provide financially sound retirement

and 401(k)/457 investment benefits, as

well as comprehensive health and

dental, disability, and life insurance

benefits to active and retired Utah

public employees and their

beneficiaries in a courteous, timely, and

professional manner.









34

Connecticut $18,578 http://www.state.ct As principal fiduciary for Connecticut

Retirement .us/ott/ Retirement Plans and Trust Funds

(CRPTF), which consists of six State

pension and eight State trust funds, the

Treasurer is responsible for prudently

managing the retirement funds for

approximately 160,000 teachers, state,

and municipal employees who are

pension plan participants and

beneficiaries as well as academic

programs, grants, and initiatives

throughout the State.







35

Iowa Employees $15,749 http://www.ipers.or The principal purpose of the Iowa

g/index.htm Public Employees' Retirement System

(IPERS) is to provide an adequate

retirement plan for career public

employees. From its inception in 1953,

IPERS has been designed to

supplement both Social Security and

private savings









36

Mississippi $15,401 http://www.pers.st The Public Employees' Retirement

Employees ate.ms.us/ System (PERS) of Mississippi is the

retirement system for nearly all non-

federal public employees in the state.

From the Gulf of Mexico to the

Tennessee border, from the Alabama

line to the Mississippi River, PERS

serves employees of the state, public

school districts, municipalities,

counties, community colleges, state

universities and such other public

entities as libraries and water districts.





37

Illinois Municipal $15,136 http://www.imrf.or The Illinois Municipal Retirement Fund

g/ was created in 1939 by the Illinois

General Assembly and began

operating in 1941 with 5 original

employers and $5,000 in assets. Today

IMRF serves more than 2,800

employers and has more than $16.3

billion in assets.









38

Nevada Public $14,361 http://www.nvpers. The Public Employees' Retirement

Employees - no org/ System of Nevada (PERS) is a tax-

annual report qualified defined benefit plan created

published on by the Legislature as an independent

website. public agency to provide a reasonable

base income to qualified employees

who have been employed by a public

employer and whose earning capacity

has been removed or has been

substantially reduced by age or

disability.

39

Georgia $13,498 http://www.ersga.o By statute, we administer eight

Employees - no rg/ers.html separate and distinct retirement

investment systems / programs: the Employees'

information Retirement System (ERS), the Public

published on School Employees Retirement System

website. (PSERS), the Legislative Retirement

System (LRS), the Georgia Judicial

Retirement System (GJRS), the

Georgia Defined Contribution Plan

(GDCP), the State Employees'

Assurance Department (SEAD), The

Georgia Military Pension Fund (GMPF),

and the State Social Security contracts

with political subdivisions.









40

Alaska Investment $13,339 http://www.revenu The Systems and Plans for which the

Board e.state.ak.us/treas ASPIB manages and invests funds are

ury/aspib/ the: Public Employees'; Retirement

System; Teachers' Retirement System ;

Judicial Retirement System; National

Guard/Naval Militia Retirement System;

Alaska Supplemental Annuity Plan;

Alaska Deferred Compensation Plan









41

Kentucky $12,422 http://www.kyret.c Kentucky Retirement Systems is

Retirement om/ responsible for the investment of funds

and administration of benefits for over

267,000 state and local government

employees in the Commonwealth of

Kentucky. These employees include

state employees, state police officers,

city and county employees, as well as

nonteaching staff of local school boards

and regional universities









42

Kentucky $12,161 http://ktrs.ky.gov/i Established by law in 1938, KTRS

Teachers - Annual ndex.html legally known as "Teachers' Retirement

Report and System of the State of Kentucky"

Investment became operational on July 1, 1940.

Information not KTRS is classified as an "actuarial

published on reserve, joint-contributory" system,

website. meaning that contributions of the

members and employers and the

earnings from KTRS investments are

placed in reserve to pay for the

System's annuity obligation.

43

San Francisco $11,661 http://www.sfgov San Francisco Employees' Retirement

City & County .org/site/sfers_in System (SFERS) provides information

dex.asp?id=453 regarding individual retirement benefits

8 for active and retired City and County

employees.









44

Illinois State $11,638 http://www.surs. Today SURS serves over 70 employers

Universities com/ in Illinois including state universities,

community colleges, and state

agencies. It employs more than 100

people in offices in Champaign and

Chicago and provides benefit services

to over 145,000 members throughout

the world.









45

Los Angeles Fire $10,674 http://www.cityof The Department of Fire and Police

& Police la.org/PEN/inde Pensions administers the pension

x.htm system for sworn firefighters and police

officers, and is responsible for the

investment of pension funds.









46

Louisiana $10,514 http://www.trsl.or The Teachers' Retirement System of

Teachers g Louisiana (TRSL) has more than $10.5

billion in assets, it is the state's largest

public retirement system, providing

services and benefits to more than

150,000 individuals.









47

Texas Municipal $10,250 http://www.tmrs. Serving Over 780 Cities and 133,000

Retirement org/fund.shtm Members, Retirees, and Beneficiaries









48

Indiana Public $10,078 http://www.in.go The Indiana Public Employees'

Employees v/perf/ Retirement Fund (PERF) is an $11

billion system. The six separately

managed retirement funds are

designed to provide secure, long-term

benefits for employees who choose

careers in public service. PERF

currently works through more than

1,000 participating employers in

Indiana to serve more than 230,000

active members and 55,000 benefit

recipients and their families.

49

Texas County & $10,002 http://www.tcdrs. TCDRS is a non-profit public trust

District org/ providing pension, disability and death

benefits for the eligible employees of

participating counties and districts.









50

Illinois State $9,524 http://www.state. The Illinois State Board of Investments

Board il.us/srs/ (ISBI) is created in 1970. ISBI oversees

the net investment assets of the State

Retirement Systems of Illinois (SRS)









51

Chicago Public $9,432 http://www.ctpf.o The Public School Teachers' Pension

School Teachers rg/ and Retirement Fund of Chicago

(CTPF) is the administrator of a multi-

employer defined benefit public

employee retirement system.









52

Kansas Public $9,051 http://www.kpers KPERS provides three statewide

Employees .org/ defined-benefit retirement plans for

state and local public employees:

Kansas Public Employees Retirement

System; Kansas Police and Firemen's

Retirement System; Kansas Retirement

System for Judges. Our membership

totals almost 240,000. That's nearly

one in every 12 Kansans. We also

manage approximately $10 billion in

assets for them.









53

Contact

Contact Telephone Organizational

Address(es) Number(s) Key Contacts Structure

CalPERS CalPERS Board Organizational

Headquarters of Administration: structure:

Address: CalPERS, (916) 326-3829 CalPERS_Organizatio

Lincoln Plaza, 400

n.doc

P Street,

Sacramento, CA

95814









First Floor, 110 Locally within the John Chariter, NewYorkStateandLocal

State Street, Albany area, call: Deputy Press _Organization.doc

Between South 474-7736; Long- Secretary Tel:

Pearl and Lodge distance within 212 681-

Streets, Albany, NY the 50 states, 4825Email:

Puerto Rico and jfchartier@osc.st

Virgin Islands, ate.ny.us

call toll-free: 1-

866-805-0990

CalSTRS (800) 228-5453 Joe Deluca, CalSTRS_organization

Correspondence or (916) 229- Home Loans .doc

Center, P. O. Box 3541 (TTY) Programme Tel:

15275, M.S. 8, 916 229

Sacramento, CA 3643Email:

95851-0275 jdeluca@calstrs.c

om









State Board of Phone (850) 488- web link - see

Administration, 4406 organizational chart

1801 Hermitage

Blvd.,Tallahassee,

Florida 32308









1000 Red River St. 512-542-6400 or Howard Organizational structure:

Austin, Texas 1-800-223-8778 Goldman, weblink (pdf)

78701 Communications

Email:

howard.goldman

@trs.state.tx.us

New York State To speak with an STRS_Board_Compositio

Teachers' STRS n_and_Committees.doc

Retirement System, representative,

10 Corporate call 800-348-

Woods Drive, 7298 (447-2900

Albany, NY 12211- from the Albany

2395 area)









NJ Division of Telephone: (609) http://www.state.nj.us/trea

Pensions and 292-7524 sury/pensions/index2.htm

Benefits PO Box #orgchart

295, Trenton NJ

08625-0295

121 E. Wilson St., Beneficiary Vicki Hearing, SWIB is directed by an

Madison, WI 53702 Hotline - (800) Public independent Board of

424-7942 Information Trustees and staffed with

Officer. Tel: 608 professional money

261 2415Email: managers and support

vicki.hearing@sw personnel.

ib.state.wi.us









325 North Salisbury Retirement Steve Eubanks, See Board link.

Street, Raleigh, NC Systems Division Head of

27603-1385 phone numbers Investment Tel:

(weblink) 919 807

3105Email:

steve.eubanks@t

reasurer.state.nc.

us









277 East Town St., CALL 1-800-222- Rich Baker, About the organization -

Columbus, Ohio PERS (7377) Media Relations weblink.

43215-4642 Officer Tel: 614

222 6647

335 Adams Street, You may contact Executive Office: Organization Chart (pdf

Suite 2300 NYCERS' Call 1 + (347) 643- weblink)

Brooklyn, NY 11201- Center at 1+347- 3200

3751 643-3000, or if

outside the New

York City area

toll free, 1+877-

669-2377, TTY

1+347- 643-

3501. Executive

Office (fax): 1 +

(347) 643-3200









State Teachers 1-888-227-7877 Terry State Teachers

Retirement System (toll-free) Beardamen, Retirement Board -

of Ohio, 275 E. Legal Affairs weblink

Broad St.,

Columbus, OH

43215-3771

Office of Retirement (800) 381-5111 Retirement Services

Services, PO Box Division Administration

30171, Lansing, Organization - link

Michigan 48909- (doc).

7671









PSERS, 5 North 5th Toll-free number: PSERS organization and

Street, Harrisburg, 1-888-773-7748 Board of Trustees -

PA 17101-1905 FAX: 1-717-783- weblink

7275

1111 Franklin 510 987-9029 Assistant Director Office of the President -

Street, 12th Floor, - Organization (weblink)

Oakland, CA 94607- Communications

5200 and Training:

Carl S. Klompus









2100 Evergreen Main Phone Janet Kruzel, Washington State

Park Drive SW, (360) 956-4600 Private Investment Board -

Olympia, EquityVicki Board, Staff and

Washington 98502 Hearing, Public

Committees (weblink)

Information

Officer









Two Northside 75, 404-352-6500 or Lisa M. Hajj, About us - Governance

Suite 100, Atlanta, 800-352-0650 or Director, (weblink)

GA 30318 404-352-4885 Communications

(Fax)









11410 SW 68th (503) 598-7377 Todd Jones Tel: Board of Trustees -

Parkway, PO Box or (888) 320- 503 378 weblink.

23700, Tigard, OR 7377 4329Email:

97281 todd.jones@state

.or.us

60 EMPIRE DRIVE, PHONE: 651-296- Charlene Olson, Constitutionally, the State

SUITE 355, SAINT 3328, FAX: 651- Administrative Board of Investment is

PAUL, MN 55103- 296-9572 Assistant to the comprised of :Governor

3555 Executive (Chair); Tim Pawlenty;

Director State Auditor, Patricia

Anderson; Secretary of

State, Mary Kiffmeyer;

Attorney General, Mike

Hatch









1200 East Main (804)649-8059 Jeanne Chenault - VRS is served by a nine-

Street, Richmond, Director of Public member Board of

VA 23219 Relations Trustees. The Executive

and Legislation branches

of state government

share the appointment of

board members.









Pension Reserves Telephone: (617) Jerry Mitchell, PRIM Board, Committees

Investment 946-8401 (Main) CFO Tel: 617 and Staff - weblink.

Management Facsimile: (617) 946 8457Email:

Board, 84 State 946-8475 or JMitchell@MAPE

Street, Suite 250, (617) 946-8472 NSION.com

Boston, MA 02109

2815 West Investments: Kathy Pearce, Organization - see pgs. 8-

Washington, (217) 753-0370 Communications 10 or CAFR Introduction

Springfield, IL Supervisor (pdf weblink).

62702-3397









State Retirement 1-410-625-5555 About MSRB

and Pension or 1-800-492- (organization) - weblink.

System of 5909 (toll free)

Maryland, 120 East

Baltimore Street,

Baltimore, Maryland

21202



1300 Logan Street, 303-832-9550 or Katie Kaufmanis, Organization - weblink

Denver, Colorado 1-800-759-7372 Director of (pdf)

Communications

Tel: 303 863

3814

55 Water Street, 1 (888) 869-2910

New York, NY

10041.









300 N. Lake 1-800-786-6464 - Delia Price, LACERA Organization -

Pasadena, CA 626-564-6132 - Communications link (web)

91101-4199 Fax: 626-564- Stuart Mesnik,

6155 Senior

Investment

Analyst 626 564

6000ext. 3313

The Tennessee Benefits and No The Tennessee

Consolidated Counseling communications Consolidated Retirement

Retirement System, (estimates and function. System Board of Trustees

10th Floor Andrew general is responsible for the

Jackson Building , information) general administration

Nashville, (615) 741-1971 and proper operation of

Tennessee 37243- the TCRS within the

0230 requirements and

provisions of state statute

(T.C.A, Title 8, Chapters

34-37)









30 North 3rd Street, Phone: 717 787- Sean Sanderson, Organization - weblink

PO Box 1147, 9657 Communications

Harrisburg, Director, SERS

Pennsylvania 17108 Public

- 1147 Information

Office Tel: 717

787 9657

135 South Union (334) 832-4140 Investments Organization - weblink

Street, or Toll Free 1- (334) 242-5718; (pdf)

Montgomery, 800-214-2158; Communications:

Alabama 36104 Fax Number: Menu number 9

334-240-3032 or (communications

334-240-3230 @rsa.state.al.us.

us)









SC Retirement (803) 737-6800 Organization - see CAFR

Systems, Post outside of SC

Office Box 11960, (803) 737-7594

Columbia, SC fax

29211-1960

Located at 3210 (573) 634-5290 Mary Hiatte, Organization - see Annual

West Truman Blvd., Toll Free: (800) CRC, Executive Report.

Jefferson City, MO 392-6848 Assistant and

65109 FAX: (573) 634- Secretary to the

7934 Board of

Trustees









3300 North Central Phone 602- Richard L. Organization - see annual

Avenue, Phoenix, 240-2000 , Fax Stephenson, report p.15.

AZ 85012-0250 602-240-2090 Deputy

Director

External Affairs









Employees Customer The six-member ERS

Retirement System Service/ERS Board of Trustees

of Texas, P.O. Box OnCall: (512) oversees a $19.9 billion

13207, Austin, 867-7711, Toll retirement fund and the

Texas 78711-3207 Free IVR: (877) administration of state

ASK-4ERS or employee and retiree

(877) 275-4377 health insurance benefits,

a deferred compensation

plan, and a flexible

benefits program. Statute

authorizes the ERS Board

of Trustees to establish

advisory committees as it

deems necessary. The

Investment Advisory

Committee (IAC) was

created to consult and

advise the board on

investments and

investment related issues.

560 East 200 (801) 366-7700 Education & Appointed by the

South, Salt Lake or (800) 365- Marketing (800) Governor, URS Board

City, Utah 84102- 8772 toll free 753-7750 members are experts in

2099 retirement, banking, and

investments. The board

appoints an executive

director to carry out the

day-to-day operations of

the systems. Those who

serve on the Membership

Advisory Council speak

for the interests of active

and retired members and

participating employers.

The URS is made of up

Retirement Board

Members, the

Membership Council, and

the Administrative Staff.









55 Elm Street, (800) 618-3404 Susan B. The Office of the

Hartford, CT 06106 Sweeney, Chief Treasurer consists of an

Investment executive office and 5

Officer Email: divisions: The Executive

susan.sweeney@ Office, The Pension

po.state.ct.us Funds Management

(860) 702-3229 Division, The Cash

Management Division,

The Debt Management

Division, The Second

Injury Fund Division, and

the Unclaimed Property

Division.







IPERS, P.O. Box (515) 281-0020 See CAFR 2003

9117, Des Moines, or (800) 622-

IA 50306-9117 3849

429 Mississippi 601 359-3589 or Denise Owens- See Executive Summary

Street, Jackson MS email@pers.state Mounger, Special (http://www.pers.state.ms.

39201-1005 .ms.us Assistant to the us/pdf/2002AR/2002%20

Executive PersReport_scr.pdf)

Director









2211 York Road, 1-800-ASK-IMRF Communications - IMRFis governed by a

Suite 500, Oak (1-800-275-4673) Linda Horrell, Board of eight Trustees

Brook, IL 60523- FAX: 630-368- Manager who must also be

2337 5397 participating members

and one trustee who must

be receiving an IMRF

annuity. The Board

appoints an Executive

Director who is

responsible for all

administrative functions

and supervision of staff

employees. The Board

also appoints medical and

investment consultants,

an actuary and an

independent auditor.

IMRF administers three

plans: Regular IMRF,

Sheriff's Law Enforcement

Personnel (SLEP), and

the Elected County

Official Plan (ECO).









693 W. Nye Lane, 1-775-687-4200 Laura B.

Carson City, NV or toll free at 1- Wallace,

89703 866-473-7768 or Investment

fax us at 1-775- Officer

687-5131

Employees Phone - (404) A Board of Trustees is

Retirement System, 352-6400, Fax - responsible for the

Suite 300, Two (404) 352-6431 administration of the ERS.

Northside 75, Daily operations are

Atlanta GA 30318 under the direct

administration of the

Director and staff of ERS.

Other retirement systems

included under the

authority of ERS are: The

Public School Employees

Retirement System

(PSERS), the Legislative

Retirement System

(LRS), the Georgia

Judicial Retirement

System (GJRS), and the

Georgia Defined

Contribution Plan

(GDCP). ERS also

administers the Group

Term Life Insurance

program.







Department of (907) 465-4460 Judy Hall, ASPIB The board consists of

Administration, Liaison Officer eight trustees and is

Division of staffed by the Department

Retirement & of Revenue, Treasury

Benefits, P.O. Box Division. The board is

110203 required to appoint an

Juneau, AK 99811- investment advisory

0203 council (IAC) composed

of at least three and not

more than five members

who possess experience

and expertise in financial

investments and

management of

investment portfolios.

ASPIB also contracts with

an external consulting

firm for assistance with

asset allocation and

strategy, performance

measurement, and

general consulting

purposes.

Kentucky 1-800-928-4646 A nine-member Board of

Retirement (outside Franklin Trustees administers the

Systems, Perimeter County systems: two trustees

Park West, 1260 elected by KERS

Louisville Road, members; two trustees

Frankfort, KY 40601- elected by CERS

6124 members; one trustee

elected by SPRS

members; three trustees

appointed by the

Governor; and the

Secretary of the state

Personnel Cabinet. One

of the trustees appointed

by the Governor must be

knowledgeable about the

impact of pensions on

local governments.

Elected trustees may

serve no more than three

terms consecutively. The

Board appoints the

Executive Director to

oversee administration.









KTRS 479 Toll Free: 800- GARY L. KTRS administration is

Versailles 618-1687 Local: HARBIN the responsibility of the

RoadFrankfort, KY 502-848-8500 Executive Board of Trustees

40601-3868 Fax: 502-573- Secretary consisting of nine

0199 502.848.8501 members. The Board of

Trustees appoints an

Executive Secretary who

is responsible for

administering KTRS

under the policies

established by the Board.

30 Van Ness General The System is managed

Avenue, Suite Information (415) by a Retirement Board

3000, San 487-7000 and further comprised of

Francisco, CA an Administration, an

94102 Investment Division, a

Retirement Services

Division, a Fiscal Division,

and an Actuary Division.









State Universities 800-ASK-SURS See Introduction to the

Retirement System (800-275-7877) 2003 Annual Financial

of Illinois,1901 Fox In the Report:

Drive,Champaign, Champaign- http://www.surs.com/news

Illinois 61820 Urbana area dial /financial.htm. All

217-378-8800. Trustees are appointed

by the Governor.

360 E. Second Tel: (213) 978- pensions@fppen. Department Structure -

Street, Suite 400, 4545 lacity.org weblink.

Los Angeles, CA

90012









8401 United Plaza Phone: 225-925- Public System Structure -

Boulevard • Baton 6446 Information- weblink.

Rouge, LA 70809- Debbie Cannon,

7017 PO Box Public

94123 • Baton Information

Rouge, LA 70804- Director, 925-

9123 6109









Headquarters Tel: (512) 476- Bill Wallace, About TMRS - weblink.

Building:, 1200 N. 7577 Assistant Director

Interstate 35, for

Austin, Texas Communications

78701 and Planning









143 West Market 1-888-526-1687 Patrick Lane, Overview of the PERF

Street, Indianapolis, Toll Free Director of System - weblink.

IN 46204 External Affairs

317 233 4136

901 South Mopac, Telephone: (512) Amy Fagelman, See Section 1 of the 2003

Barton Oaks Plaza 328-8889 Toll Director of CAFR -

IV, Suite 500, Free: (800) 823- Communications http://www.tcdrs.org/docs/

Austin, TX 78746 7782 CAFR2003.pdf.









180 North LaSalle No phone Scott Richards SRS are made up of: the

Street, Suite 2015, number given for Tel: 312 793 State Employees'

Chicago, Illinois ISIB. SERS 5710 Retirement System; the

60601 Chicago Office: Judges' Retirement

312-814-5853 System; and the General

Assembly Retirement

System.







Address: 55 W. Phone: 312-641- CTPF is governed by a

Wacker Suite 1400, 4464, Fax: 312- 12-member Board of

Chicago, Illinois 641-7184 or 312- Trustees (six elected by

60601 641-7185 the teacher contributors,

email: three elected by the

ctpf@ctpf.org annuitants, one elected

by the principal

contributors, and two

appointed by the

employer, Board of

Education).







611 S. Kansas Phone: Monday Organization chart -

Ave., Suite 100, through Friday, 8 weblink (PDF)

Topeka, KS 66603- a.m. to 4 p.m. toll-

3803 free, 1 (888) 275-

5737 or locally,

296-6166 Fax:

(785) 296-6638

Appointments and Elections Asset Allocation (Current) Asset Allocation (Target)

CalPERS Board - weblink (doc) As at 04-19-2004 ($ Billion) : Target allocation effective

Cash Equivalents -$280 (- January 1, 2003: Cash

1.7%); Global Fixed Income Equivalents 0.0%; Global

$45.2 (27.2%); Total Fixed Income 26.0%; Total

Equities $112.6 (67.8%); Equities 65.0%; Real Estate

Real Estate $11.0 (6.6%) 9%;









Advisory Board (doc link) From 2003 Annual Report: The 2000 Asset Allocation

Equities Total 63.8% policy, which is currently being

(Domestic 43%; Int'l 10.8%; followed but which was

Private Equity 6.7%; Real implemented prior to the

Estate 3.3%); Fixed Income significant decline in the global

Totals 36.2% (Bonds, Cash equity markets and the benefit

and Mortgages 30.2%; enhancements enacted later

Inflation Indexed Bonds that year, is undergoing

6.0%) another review, which was

initiated in the last quarter of

FY 2003-03.

CalSTRS_executive.doc Asset Allocation (As of June US Stock 41.0%; Non-US

30, 2003)(in millions): US Stock 20.0%; Fixed Income

Stock $48,980 (42.2%); Non- 26.0%; Real Estate 6.0%;

US Stock $26,623 (22.9%); Private Equity 6.0%; Cash

Fixed Income $27,760 1.0%

(23.9%); Real Estate $5,001

(4.3%); Private Equity

$5,431 (4.7%); Cash $2,212

(1.9%)









Investment Advisory Council As of month ending For the FRS: Domestic

appointments- weblink. February 2004 (in $ millions) Equities 48%; Global Equities

for FRS, which accounts for 4%; Foreign Equities 14%;

75% of the total SBA assets Fixed Income 21%; Real

under management and all Estate 7%; Alternative

of the FRS Pension Plan Investments 5%; Cash

assets: Domestic Equities Equivalents 1.0%

$53,618 (53%); Global

Equities $3,169 (3%);

International Equities

$15,571 (15%); Fixed

Income $21,189 (21%); Real

Estate $5,639 (5%);

Alternative Investments

$3,266 (3%); Cash

Equivalents $371(0%)







Trustee appointments - weblink. See As at August 31, 2003 ($

also 'Organizational Aspects' of 2003- billions): Equities $52.697

2007 Strategic Plan. (66.9%); Fixed Income

$29.282 (29.8%); Alternative

Investments $1.991 (2.3%);

Short Term $0.650 (1.0%)

Current Trustees - weblink. As at June 30, 2003 ($ Target allocation effective July

thousands): Short Term 25th, 2002: Domestic Equities

$965,799 (1.35%); Domestic 55%; Int'l Equity 8%; Real

Fixed Income Securities $ Estate 8%; Alternatives 3%;

14,224,897 (19.85%); Domestic Fixed Income 18%;

Domestic Equities Mortgages 8%; Cash

$41,368,456 ($57.73%); Int'l Equivalents 0%

Equities Commingled

$5,752,951 (8.03%);

Mortgages $4,102,444

(5.72%); Real Estate

$3,586,041 (5.00%);

Alternative Investments

$1,658,924 (2.32%)





http://www.state.nj.us/treasury/pensions/ As of June 2003 ($ millions):

96boards.htm Domestic Equity $29,394

(47.2%); Int'l Equity $9,154

(14.7%); Domestic Fixed

$16,316 (26.2%); Int'l Fixed

$1,557 (2.5%); Cash

Equivalents $3,674 (5.9%);

Mortgage $2,180 (3.5%)

Board of Trustees (weblink) Fixed Retirement Trust Fund Asset Allocation Targets for

Holdings (as at December 2004: Fixed Fund: Stocks 59%

31, 2001)($ millions): (Domestic 39%, International

Equities $30,938 (59.3%); 20%), Fixed Income 31%,

Fixed Income $16,397 Real Estate 4%, Alternative

(31.4%); Real Estate $2,096 Investments 6%; Variable

(4.0%); Non traditional Fund: Stocks 100% (Domestic

$2,216 (4.2%); Cash & Cash 80% International 20%)

Equivalents $528 (1.0%) /

Variable Retirement Trust

Fund Holdings (as at

December 31, 2001)($

millions): Equities $6,203

(97.8%); Cash and Cash

Equivalents $138 (2.2%);

Variable Retirement Trust

Fund: Cash 2% ;

International Stocks 18%;

Domestic Stocks 80%.







Board of Trustees (pdf weblink) As of June 3, 2003 ($ NC General Statute 135-6(b)

thousands): US Equities and NC General Statute 128-

$24,505,264 (43.96%); Non- 28(c) - Boards of Trustees

US Equities $3,899,488

(7.00%); Fixed Income

$25,221,062 (45.25%); Real

Estate $1,632,569 (2.93%);

Alternatives $484,705

(0.87%)









Retirement Board (weblink) Total Fund as of December As at December 31, 2003: US

31, 2003: US Equity Equity 46.0%; Global Bonds

$22,813,033,958 (47.5%): 23.0%; Non-Us Equity 20.0%;

Global Bonds Real Estate 9.0%; Private

$12,594,524,868 (21.5%); Equity 1.0%; Operating Cash

Non-US Equity 1.0%

$12,499,743,872 (21.3%);

Real Estate $3,502,034,898

(6.0%); Private Equity

$322,226,445 (0.6%);

Operating Cash

$1,852,080,741(3.2%)

STRS_Board_Composition_and_Comm As of June 30,2003 (in $ Policy mix as at 30 June,

ittees.doc thousands): Short Term 2003: US Equity 55%; US

Investments $1,164,737 Fixed Income 26.0%;

(3.2%); Fixed Income Debt Enhanced Yield 4.0%; Int'l

Securities - Long Term Equities 13.0%; Alternative

$8,878,630 (24.3%); Private Investments 2.0%

Equity Holdings $154,758

(0.4%); Mutual Funds

$4,504,938 (12.3%);

Equities - Domestic

$17,235,698 (47.2%);

Collateral from Securities

Lending $4,603,501 (12.6%)







Elections and Appointments news - As at 30th June, 2003 ($ N

weblink thousands): Short term

$1,658,850 (3.5%); Fixed

Income $8,099,961 (16.9%);

Common and Preferred

Stock $21,746,828 (45.4%);

Real Estate $5,198,366

(10.9%); Alternative

Investments $1,002,860

(2.1%); International

$10,140,606 (21.2%)

Each Retirement System is governed by Public School Employees' Not given.

a Retirement Board: the Public School Retirement System as of

Employees’ and State Employees’ by a September 30,2003:

12 member Board, the State Police by a Domestic Equity 46.2%;

nine member Board, and the Judges’ by International Equity 9.4%;

a five member Board. Names of Board Fixed Income 17.8%; Real

Members are listed in each System' Estate and Mortgages 8.7%;

CAFR, but details of Alternative Investments

appointments/elections are not. 14.2%; Short Term

Investments 3.7%/ Judges'

Retirement System:

Domestic Equity 44.5%;

International Equity 8.4'%;

Fixed Income 20.6%; Real

Estate and Mortgages

11.3%; Alternative

Investments 9.8%; Short

Term Investments 5.4%/

State Employees': Domestic

Equity 44.8%; International

Equities - Passive 9.7%;

Fixed Income 17.3%; Real

Estate and Mortgages 9.6%;

Alternative Investments

13.3%; Short Term

Investments 5.3% / Police

Retirement System:

Domestic Equity 45A%

International Equities-

Passive 9.7%; Fixed Income

18.4%; Real Estate and

Mortgages 9.1%; Alternative

Investments 13.1%; Short

Term Investments 4.6%





For elections history see Retirement As at December 31, 2003 As at December 31, 2003

Chalkboard Archive. (unaudited) ($ millions): (unaudited): Domestic Equity

Domestic Equity $20,980.4 42%; Int'l Equity 18.0%; Fixed

(44.4%); Int'l Equity Income 22%; Real Estate 7%;

$9,123.4 (19.3%); Fixed Alt Investments 11.0%; Cash

Income $8,508.7 (18.0%); and Cash Equiv 0.0%

Real Estate $3,071.5

(6.5%); Alt. Investments

$4,506.4 (9.5%); Cash and

Cash Equiv $4,506.4 (2.3%)

Board - link (document) From 2003 Annual Report: As at August 7, 2000: US

Fixed Income 32.8%; Equity 53%; Non-US Equity

Equities 67.0% ( of total: 7%; Private Equity 5%; Fixed

Private 1.8%; Foreign Income 35%

11.4%; Domestic 86.8%);

Cash Equivalents 0.2%









Members of the State Investment As at March 31, 2004 ($):

Board Public Equity

$25,794,546,231 (44.7%);

Fixed Income

$20,227,338,167 (35.1%);

Real Estate $4,154,632,770

(7.2%); Private Equity

$5,889,321,773 (10.2%);

Cash $1,615,518,870

(2.8%)









Board Members - weblink As at June 30,2003 ($

millions): Equities $20,059

(51.5%); Fixed Income

$17,961 (46.2%); Short-term

Securities $903 (2.3%)









House Bill 2005 in 2003 reduced the As of June 30,2003: Fixed Cash 1.5%; Cash Income

number of Board members from 12 to 5, Income $9,303,145,912 26.6%; Real Estate 7.8%;

with 3 private sector members , one (25.75%); Equity Domestic Equity 34.5%; Int'l

state manager member (or local elected $21,087,114,214 (58.37%); Equity 19.7%; Alt Equity 9.9%

official), and one bargaining unit Real Estate $1,724,276464

employee member. (4.77%); Alt Equity

$4,010,960,057 (11.11%)

The Executive Director and his staff For Combined Funds, as at For Basic Funds: Domestic

are responsible for the day to day June 30,2003: Domestic Stocks 45%; Int'l Stocks 15%;

operations of the Board: Executive Equity 49.8%; International Bonds 24%; Alt Assets 15%;

Director, Howard Bicker; Assistant Equity 14.5%; Bonds 25.3%; Unallocated Cash 1%

Real Estate 2.4%; Private

Executive Director, Mansco Perry III

Equity 5.7%; Other 1.2%;

- doc.link. Cash 1.1%. For Basic Funds

($ billions): Dom Stocks

$7.74 (47.7%); Cash $0.37

(0.5%); Alt Assets $2.23

(13.9%); Bonds $4.05

(23.5%); Int'l Stocks $2.68

(14.4%)





Board of Trustees - weblink. As at June 30,2002 ($

thousands): Bonds and

Mortgage Securities

$8,313,309 (23.37%);

Common and Preferred

Stocks $8,657,200

(24.35%); Index and Pooled

Funds $12,995,178

(36.53%); Real Estate

$1,098,165 (3.09%); Private

Equity $2,177,483 (6.12%);

Short Term Investments

$2,325,455 (6.54%)





Board of Trustees - weblink. As at December 31, 2003: Long-term Target Allocation

Domestic Equity 41.1% Plan: Domestic Equity 26%;

Fixed Income 18.7%; High Fixed Income 15%; High Yield

Yield Debt 3.3%; Debt 9%; International Equity

International Equity 17.4%; 15%; Emerging Markets 5%;

Emerging Markets 5.8%; Alternative Investments 10%;

Alternative Investments Real Estate 10%; Timber 5%

5.6%; Real Estate 5.4%

Board of Trustees - weblink. As of March 31, 2004 ($ U.S. Equities 43.0%;

million): U.S. Equities International Equities 15.0%:

$15,226 (48.3%); Fixed Fixed Income 25.0%; Real

Income 7,670 (24.3%); Estate 12.0%; Private Equity

International Equities $5,214 4.0%; Short-Term Investments

(16.5%); Real Estate $2,576 1.0%

(8.2%); Private Equity $779

(2.5%); Short-Term

Investments $88 (0.2%)







MSRP Board - weblink As of March 31, 2004 ($

millions): US Equities

$14,582.7 (48.1%); Int'l

Equity $4,642.6 (15.3%);

Private Equity $96.9 (0.3%);

Fixed Income $8,920.3

(29.4%); Real Estate

$2,076.4 (6.9%)

PERA Board of Trustees - weblink As of December 31, 2003: Domestic Equities 48%; Global

Domestic Stocks 47.8%; Int'l Equities 4%; Foreign Equities

Stocks 113.2%; Alt 14%; Fixed Income 21%; Real

Investments 11.1%; Real Estate 7%; Alternative

Estate 11.2%; Fixed Income Investments 5%; Cash

12.8%; Cash and Short Equivilalents 1.0%

Term 2.7%; Timber 1.2%.

Retirement Board - weblink. Pension Fund, as of March Not given.

31, 2004: Domestic Equity -

Passive Core $11,972

(44.5%); Int'l Equity - Active

$4,217 (15.7%); Domestic

Fixed Income - Mortgage

$2,706 (10.0%); Domestic

Fixed Income - Corporate

$1,689 (6.3%); Domestic

Equity - Active Core $1,473

(5.5%); Domestic Fixed

Income - Enhanced Yield

$1,443 (5.4%); Domestic

Fixed Income - Government

$1,274 (4.7%); REITs

Investments $925 (3.4%);

Domestic Fixed Income -

Int'l $526 (2.0%); Misc $466

(1.7%); Alt Investments

$215 (0.8%) / Variable

Fund: Misc. 0.1%; Active

Domestic Equity 20.1%;

Tactical Asset Allocation

19.4%; Int'l Equity 13.7%;

Domestic Equity - Passive

Core 46.7% / Variable B

Fund: Synthetic GICs,

Managed Portfolio Wrapped

31.2%; Short Term

Instruments 19.7%;

Guaranteed Investment

Contracts (GICs) 49.1%









LACERA Boards - link (web) As of March 31, 2004: As of March 31, 2004:

Domestic Equity 33%; Intl Domestic Equity 32%; Intl

Equity 24%; Fixed lncome Equity 21%; Fixed lncome

27%; Real Estate 10%; 28%; Real Estate 10%;

Alternative Investments 5%; Alternative Investments 7%;

Cash 1% Cash 2%

Annual Report pgs. 8-10 As at June 30, 2003 ($ Not given.

thousands): Domestic Equity

$6,499,577 (27.0%);

Domestic Fixed $12,089,730

(50.5%); Int'l Equity

$2,166,223 (8.8%); Int'l

Fixed Income $659,110

(2.8%); Short-term

Securities $2,218,830

(9.3%); Real Estate

$372,308 (1.6%)









SERS Board - link (web) As at December 31, 2003 As at December 31, 2003:

(Unaudited) ($ Millions): Domestic Stocks $ 9,442.2

Domestic Stocks $ 9,442.2 38.4% 34.0 %; International

(38.4%); International Stocks 5,433.7 22.1% 18.0 %;

Stocks 5,433.7 (22.1% ); Currency Overlay 0.0 %; Fixed

Currency Overlay -35.1 (- Income 22.0 %; Cash 0.0 %;

0.1%); Fixed Income Real Estate 11.5 %;

4,131.2 (16.8% ); Cash Alternative Investments 12.5

225.8(0.9%); Real Estate %; Commodities 2.0 %

2,239.6 (9.1%); Alternative

Investments 2,643.5

(10.8%); Commodities 479.5

(2.0%)

Boards of Control - weblink. As at September 30, 2003 Domestic Fixed Income should

(3 Funds): RSA - Domestic not exceed 70%, Int'l Fixed

C&P Stock 45.7%; Money Income not more than 10%;

Market Securities 5.3%; Domestic Equity not more than

C&P Stock Int'l 9.1%; Real 65%; Int'l Equity not more than

Estate 6.1%; US Gov't Guar 15%; Real Estate not more

Bonds 0.3%: Fixed Inc than 10%; Alt Investments not

Bonds Domestic 30.1%; US more than 5%; Short-term

Agency Securities 4.1%; investments not more than

Mortgage Backed Securities 20%.

1.1%; ERS - Domestic C&P

Stock 43.1%; Money Market

Securities 3.3%; C&P Stock

Int'l 8.7%; Real Estate 6.4%;

US Gov't Guar Bonds

0.23%: Fixed Inc Bonds

Domestic 30.1%; US

Agency Securities 4.0%;

Mortgage Backed Securities

0.9%; JRF - Domestic C&P

Stock 50.0%; Money Market

Securities 5.1%; Real Estate

1.1%; Fixed Inc Bonds

Domestic 31.6%; US

Agency Securities 9.1%;

Mortgage Backed Securities

0.5%;









SCRS Investment Panel - weblink. Market value as of June 30,

2003: Convertible Bonds

$4,720 (0.02%) Convertible

Preferred Stock $345

(0.00%); Mutual Funds

$3,525,479 (17.65%);

Common Stocks $3,508,284

(17.57%); Financial & Other

$2,331,371 (11.68%);

Corporate Bonds

$4,611,780 (23.09%); US

Government Agencies

$1,580,521 (7.91%); US

Gov't Bonds $1,994, 697

(10.0%); Short-Term

Investments $2,412,238

(12.08%).

Board of Trustees - weblink. Also see As at June 30, 2003: US As at June 30,2003: US Fixed

election information on: http://www.psrs- Fixed Income Income 42.0%; US Equity

ntrs.org/psr/Board%20Seats%2004.htm. $8,628,540,395 (40.0%); US 38.0%; Non-US Equity 15.0%;

Equity $8,205,182,976 Real return pool 5.0%; Cash

(38.0%); Non-US Equity and cash equivalents 0.0%

$2,877,469,539 (13.3%);

Real return pool

$1,130,020,851 (5.2%);

Cash & cash equivalents

$744,442,610 (3.5%).





ASRS Board - weblink. As at June 30, 2003 ($ bn): Not given.

US Equity $10.6 (57.15); Int'l

Equity $3.1 bn (16.5%); US

Fixed Income $4.9 bn

(26.4%)









Board of Trustees - weblink. Asset allocation for Fiscal Not given.

Year 2002 (no annual report

published online): Short

Term 0.04%; Int'l Equities

17.13%; Fixed Income

Bonds 42.69%; Domestic

Equities 40.14%

URS Board - weblink. As at December 31, 2002: Not given.

Equities 54.4%; Debt

Securities 23.0%; Short

Term Securities 6.5%; Real

Estate 9.6%; Alternative

Investments 6.5%.









Investment Advisory Council - weblink. As of June 30, 2003: US Mutual Equity Fund (U.S.

Equity 36.1%; Int'l Equity Equity) 43%; International

11.1%; Equity Commercial Stock Fund 18% ;Developed

Real Estate 2.3%; US Fixed Markets Equity 15%; Emerging

Income 40.4%; Alternative Markets Equity 3%; Mutual

Investments 10.1% Fixed Income Fund 29%; Core

Fixed Income 20%;Inflation

Linked Bonds 1%; High Yield

5%; Emerging Market Debt 3%

;Real Estate Fund 5%; Private

Investment Fund 11%; CRA

(Cash) 1%









Investment Board - weblink. As at June 30,2003 ($ Accessed 06/06/04: Equity

millions): Domestic Equity Component: Public Market:

$4,571 (29.7%); Int'l Equity Domestic Equities 28%;

$2,367 (15.4%); Private International Equities 15%;

Equity/Debt $934 (6.1%); Private Market: Equity Real

Global Fixed Income $5,719 Estate 8%; Private Equity/Debt

(37.2%); Real Estate $917 10%; Total Equity 61%; Fixed

(6.0%); Tactical $777 Income Component :Global

(5.1%); Short Term Cash Fixed Income 34%;High Yield

$90 (0.6%) Bonds 5 %: Total Fixed

Income 39%; Cash 0%

Board of Trustees - weblink. Quarter Ending Long-term Target Allocation

(12/31/2003): U.S. Equities Plan: Domestic Fixed Income

$7,675,454,844 (48.8%); 30%; Non-US Equity 20%;

Non-U.S. Equities Domestic Equity 50%

$2,639,908,083 (16.8%);

Real Estate $303,084,692

(1.9%); Fixed Income

$5,085,817,103 (32.4%);

Cash $16,307,145 (0.1%)









Board of Trustees - weblink. As at December 31, 2001: Not given.

US Stock 38.9%; US Fixed

Income 36.2%; International

13.9%; Short Term

Investments3.4%; Real

Estate 4.2%; Alternative

3.4%









Retirement Board - weblink. As at March 31, 2004: US U.S. Stocks 40%; International

Bonds 30%; Int'l Bonds Stocks 10%; U.S. Bonds 30%;

10%; Alternative International Bonds 10%;

Investments 10%; US Alternative Investments 10%

Stocks 40%; Int'l Stocks

10%

Not published. Not published.









Current Board members - weblink. As at April 30, 2004: Public Employees' and

Domestic Equities 39.49%; Teachers' Retirement

Domestic Fixed Income Systems, effective July 1,

17.76%; Private Equity 2003: Domestic Large

3.26%; Real Estate 8.05%; Capitalization 31% +/-3%;

Cash and Cash Equivalents Domestic Small Capitalization

0.01%; Int'l Equities 27.77%; 6% +/-2% ; International Equity

Int'l Fixed Income 3.63%; 15% +/-3%; Domestic Fixed

Other Investment 0.03% Income 30% +/- 3%;

International Fixed Income

3% +/- 2%; Real Estate 9%

+/- 3%; Alternatives 6% +/-

3%; Cash 0% + 3%

Board of Trustees - weblink. As at June 30,2003: As at June 30, 2003: Domestic

Domestic Equity 38%; Int'l Equity 40%; Int'l Equity 15%;

Equity 13%; Fixed Income Fixed Income 27%;

29%; Alternatives 4%; TIPs Alternatives 5%; TIPs 10%;

11%; Cash 5% Cash 3%









Board of Trustees - weblink. Not published. Not published.

The Retirement Board is composed of As at June 30,2003: Not given.

seven members: three elected by the Alternative Investments

active and retired members of SFERS; 12%; Real Estate 9%; Cash

three appointed by the Mayor in 3%; Domestic Fixed Income

accordance with §12.100 of the San 22%; Global Fixed Income

Francisco City Charter; and the 7%; Domestic Equity 34%;

President of the Board of Supervisors or Int'l Equity 13%

his or her designee from among the

other members of the Board of

Supervisors.









Board of Trustees - weblink Asset allocation as at June As at June 30, 2003: Equities

30, 2003: Equities 68%; 69%; Fixed Income 31%.

Fixed Income 32%

The Department of Fire and Police As at June 30, 2002: Stocks As at December 17, 1998:

Pensions is part of the City Council of 55%; Bonds 27.7%; Real Domestic Equity 35.2%; US

Los Angeles and is served by a Board Estate 8%; Alt Investments Small Cap 8.8%; Int'l Equity

of Commissioners comprised of 8 3.5%; Cash Equivalents 11%; Domestic Bonds 20%;

members. 5.8% High Yield Bonds 6%; Real

Estate 8%; Alt Investments

5%; Emerging Markets 3%;

Cash Equivalents 3%





Trustees - weblink. As at November 30,2003: As at November 30,2003:

Cash 4%; Equities 53%; Cash 2%; Equities 49%; Fixed

Fixed Income 21%; Private Income 28%; Private Equity

Equity 22% 21%









The TMRS Act provides that the As at December 2003: US Not given.

administration of TMRS is entrusted in a Treasuries 37%; US Govt

six-member Board of Trustees, Agencies 40%; Corporate

appointed by the Governor with the Bonds 21%; Common

advice and consent of the Senate. Stocks 0%; Cash & Short

Three Trustees are "Executive Term 2%

Trustees" (Green, Menchaca, and

Simpson) who are either the chief

executive officer, chief finance officer, or

other officer, executive or department

head of a participating municipality.

Three Trustees are "Employee

Trustees" (Linér, Hernandez, and

Usrey) who are employees of a

participating municipality. Connie Green

is the Chair of the TMRS Board for

2004, and Kathryn Usrey is the Vice

Chair.



Board of Trustees - weblink. As at June 30, 2003: for the Domestic Equities 45%; Int'l

Consolidated Retirement Equities 11%; Global Equities

Investment Fund (CRIF): 9%; Fixed Income 20%; Fixed

Fixed Income 38.1%; Large Income TIPS 10%;

Cap Equity 32.6%; Midcap Alternatives 5%

Equity 8.1%; Small Cap

Equity 6.4%; Int'l Equity

9.0%; Global Equity 4.9%;

Alt Assets 0.3%;

Reallocation Fund 0.8%

Board Members and Trustees - As at December 31, 2003: As at December 31,2003:

weblink. Core Fixed Income (Internal) Core Fixed Income (Internal)

26%; Int'l Equity 13.3%; 27%; Domestic Equity 35%;

Domestic Equity 36.2%; Int'l Equity 12%; Cash 0%;

Cash 0.6%; REITs 5.7%; REITs 5%; High-Yield Bonds

High Yield Bonds 5.7%; 10%; Core Fixed Income

Core Fixed Income (External) 11%

(External) 8.4%









The Board of Trustees is made up of 5 As at June 30, 2003: US As at June 30, 2003: US

appointed members, including the Equity 49%; Int'l Equity 15%; Equities 45%; Int'l Equities

Chairman, Vice Chairman, and Fixed Income 22%; Real 15%; Fixed Income 23%; Real

recording secretary, and one member Estate 8%; Alt Investments Estate 8%; and Alternative

each from the 3 retirement systems 6%; Cash 0% Investments 8%.

comprising the SRS. The Board is

supported by an Investment Staff and

an Administrative Staff.



See the Board of Trustees section of As at June 30,2003 ($ As at June 30,2003: Public

http://www.ctpf.org/. millions): In't Equity $950, REITs 2.0%; Real Estate

10%; Public REITs $243, 5.0%; Cash Equiv. 4.4%; Alt

2.6%; Private Equity $109, Investments 2.0%; Fixed

1.2%; Fixed Income £2,866, Income 28.0%; Int'l Equity

30.5%; Cash Equity $420, 12.5%; Domestic Equity 48.5%

4.4%; Real Estate $504,

5.3%; Domestic Equity

$435.1, 46.0%









Board of Trustees - weblink. As at June 30,2003: As at March 1,2002:

International Equity 18.5%; International Equity 19.0%;

Fixed Income 24.4%; Fixed Income 24.0%;

Cash*** 0.3%; Real Estate Cash/STIF 1.0%; Real Estate

7.0%; Alternative 8.0%; Alternative Investments

Investments 5.3%; TIPS 5.0%; TIPS

10.0%; Domestic Equity*** 10.0%; Domestic Equity***

34.5% 33.0%

Legislative Framework for

Fund Legislative Targeted Investments, &

Framework Related Lawsuits Urban Revitalization Policy

Legislations, Regulations & Y - Statement of Investment Y - see California Urban Real

Statutes - weblink. Policy Estate policy (CURE):

http://www.calpers.ca.gov/eip-

docs/investments/policies/real-

estate/cal-urbn-real-est.pdf. Cal

PERS also focuses on

underserved urban markets

through the California Initiative,

which includes investments in

underserved urban markets.

See

http://www.calpers.ca.gov/eip-

docs/investments/bus-

opportunities/ca-initiative-info-

packet.pdf for an overview of the

California Initiative.





Retirement and Savings Y - see 2003 CAFR on Y - doc link

legislation - weblink. investing the state of New York.

Legislation - weblink. Part 13, Chapter 6, 22359. The Y - CalSTRS, like CalPERS, is

Home Loan Authorization; and also a partner in the California

22362 Investment Priority for Initiative.

California Real Realty - see

2004 Teacher's Retirement Law

on

http://www.calstrs.com/Legislati

on/index.aspx. In addition, AB-

1769(Roos) Intro 3/9/89

Investments (Deteriorated

Housing) was introduced in

1989 that would have required

STRS/PERS to study the

feasibility, consistent with their

fiduciary duties, of investing in

community projects for housing

in deteriorated neighborhoods

and to report their findings and

recommendations to the

Legislature by 1/1/91. This bill

was vetoed by the Governor.

See

http://www.calstrs.com/legislatio

n/past%20legislation/decleg/de

cleg89s.aspx.









See Chapter 121 - Florida "We are prohibited from N

Retirement System pursuing social or political

(weblink). agendas in our investment

decision-making" - see "The

SBA's role as an Investment

Fiduciary" in

http://www.sbafla.com/pdf/inves

tment/annual/2003/2003%20SB

A%20Invest%20Rpt.pdf









The Texas Constitution. Yes - Senate Bill 178, 76th N

Article 16 - GENERAL Regular Session of the

PROVISIONS, Section 67 - Legislature, on responsibilities

STATE AND LOCAL for promoting and implementing

RETIREMENT SYSTEMS - policy on Historically

weblink. Underutilized Businesses

(HUBs)

Legislation Impacting STRS N N

Benefits - weblink.









The Division of Pensions N N

and Benefits, under the

Department of the Treasury,

was created by Chapter 70,

P.L. 1955

Chapter 15.76 Not stated. N

Investment Board

Creation (weblink). See

also 25.17(70) on

Wisconsin-based

brokerages.









N N









The Ohio Public Employees Senate Bill 133, passed May N

Retirement System is 2004, contains the provision

created and governed by commonly referred to as "Buy

Chapter 145 of the Ohio Ohio" (in HB 227). OPERS

Revised Code and Ohio opposed this provision.

Administrative Rules. OPERS, along with Ohio's other

four public retirement systems,

continues to reiterate that our

financial duty is always to our

members and retirees and that

business is already directed to

Ohio companies when they

offer the best service or

product. The Bill passed in a

modified form.

Legislation - weblink. N Y - weblink (pdf)









STRS Ohio operates under STRS Ohio and the other Ohio N

the guidelines of Chapter public pension systems oppose

3307 of the Ohio Revised two provisions in Am. Sub. H.B.

Code (R.C.) as enacted by 227. The first requires that 70%

the Ohio General Assembly. of investment trades and 50%

It is legally separate from of externally managed assets

and fiscally independent of go to managers with significant

state and local presence in Ohio. The Ohio

governments. systems also opposed giving

the state treasurer sole

authority to hire and fire the

systems' executive directors.

See

http://www.strsoh.org/past_new

s/past_news01.htm.

The Michigan Public School N N

Employees Retirement

System is a defined benefit

plan qualified under section

401 (a) of the Internal

Revenue Service Code and

operating under the

provisions of Michigan’s

Public Act 300 of 1980, as

amended (Michigan

Compiled Laws 38.1301 et

seq.); The State Employees'

Retirement System is a

qualified Defined Benefit

plan under section 401(a) of

the Internal Revenue Code,

operating under the

provisions of Public Act 240

of 1943, as amended

(Michigan Compiled Laws

38.1 et seq). ; The State

Police Retirement System is

a defined benefit plan

qualified under section 401

(a) of the Internal Revenue

Code. The System,

originally created under

Public Act 251 of 1935, was

recodified and is currently

operating under Public Act

182 of 1986, as amended

(Michigan Compiled Laws

38.1601 et seq.); The

Judges Retirement System

was created under Public

Act 234 of 1992, as

The Board, as trustee for N N

the Fund, has exclusive

investment control…subject

to the constraints set forth in

Section 8521 (Prudent

Person Legislation) of the

Public School Employee's

Retirement Code 24 Pa.

C.S. and the laws of the

commonwealth of

Pennsylvania.

The Board of Regents is N N

fiduciary of the plan. Under

law, assets can only be

used for the exclusive

benefit of plan members,

retirees, beneficiaries and

administration expenses.

From the 2003 Annual

Report:

http://atyourservice.ucop.ed

u/forms_pubs/misc/ar03ucrp

.pdf.





Board Policies, Procedures N

and Relevant Legislation

(Appendices) - weblink









N

Latest Legislation - weblink N N









PERS Bills Passed into Law - N N

weblink

Legislation downloads - N N

weblink









Legislation - weblink N N









The Pension Reserves PRIM recognizes its obligations N

Investment Trust Fund and under Massachusetts law

the Pension Reserves include a responsibility to seek

Investment Management out investment opportunities

Board, which oversees the that will benefit the economic

Trust, were established by climate of the Commonwealth

Act of the General Court as a whole, provided that such

(Chapter 661 of the Acts of investments are consistent with

1983) to address the large the Board’s obligations to the

unfunded pension liability of members and beneficiaries of

the public employees its participating retirement

retirement systems of the systems. See M.G.L. ch. 32,

Commonwealth of sec. 23(2A)(h))

Massachusetts. Subsequent

legislation (Chapter 315 of

the Acts of 1996) vested in

the PRIM Board authority

over all retirement assets of

the Commonwealth,

including those previously

held in the Massachusetts

State Teachers’ and

Employees’ Retirement

Systems Trust.

Key Statutory Provisions - N - but see analysis of Bill 725 N

weblink . See also on untilizing Chicago Stock

'Legislative Information' on Exchange (weblink)

http://www.trs.state.il.us/sub

sections/legislative/Legislati

veInformation.htm.









Charters - weblink (PDF) N - for Investment Operations N

Manual see

http://www.sra.state.md.us/inve

stments/invest_op_manual.pdf.









Colorado PERA Law - N - but' investing in Colorado'

weblink (pdf) policy includes investments in

Colorado Housing and Finance

Committee, resulting in the

provision of affordable housing

in 14 counties.

N









LACERA is governed by the N N - although LACERA invests,

California Constitution, the through its real estate portfolio,

County Employees in Urban America, America’s pre-

Retirement Law of 1937, eminent vehicle for fiscally and

and the by-laws, procedures socially prudent investment in

and policies adopted by inner city commercial real

LACERA's Boards of estate. See

Retirement and http://www.urbanamerica.com/

Investments. See 2003 for details of the vehicle.

CAFR on

http://www.lacera.com/invest

ments/Annual_Report/annu

al_report.html and the

Board Bylaws on

http://www.lacera.com/about

_lacera/LACERA_Boards/la

cera_boards.html.

The investment authority of N N

TCRS is prescribed in the

Tennessee Code

Annotated, Title 8, Chapter

87. This chapter provides

that, with certain exceptions,

investments in the TCRS

are subject to the same

terms, conditions and

limitations imposed on

domestic life insurance

companies set forth in T.C.A

, Section 56, Chapter 3. See

major legislative

improvements section of

2003 Annual Report, p. 62.







Legislation - link (web) N N

Legislation - weblink. N N - but there is reference in the

2003 CAFR to the System's real

estate investment policy.

Projects in progress include the

RSA Battle House Hotel and

office complex in Mobile, "to

assist in the revitalization of

downtown Mobile. See p.4 of the

CAFR on

http://www.rsa.state.al.us/Public

ations%20and%20Forms/Report

s/Introductory%20Section2003.p

df.









South Carolina Code of N N

Laws Title 9 - Retirement

Systems (weblink)

Legislation - weblink. N N









Legislation - weblink. N - Statute 38-719 puts forth a N

maximum eligible that ASRS

may invest in economic

development in Arizona, and

the ASRS currently has a zero

percent allocation to those

types of investments. See

Board Meeting Minutes from

August 17, 2001:

http://www.asrs.state.az.us/web

/pdf/minutes/20010817.pdf.







Laws and Rules - weblink. N - but the ERS invests in the N

Texas Growth Fund,

established under The Texas

Constitution, Article 16 -

GENERAL PROVISIONS,

Section 70 - TEXAS GROWTH

FUND:

All investments of the fund shall

be directly related to the

creation, retention, or

expansion of employment

opportunity and economic

growth in Texas. See

AboutERS/ers_statutes_links.ht

m.

Title 49 Chapter 11 -- Utah Y - H.C.R. 16 RESOLUTION N - see resolution H.C.R. 16

State Retirement Systems URGING RETIREMENT

Administration SYSTEM SUPPORT OF

ECONOMIC DEVELOPMENT

(weblink)









Legislative Initiatives - N - but, in addition to prudence, Y - While maintaining the

weblink. State law states that the principles of prudent investment

Treasurer may consider the standards…the CRPTF may, as

social, economic and a matter of policy, channel a

environmental implications of portion of its investments into…

its investments (Section 3-13(a) underserved urban and rural

of the Connecticut General markets with a special interest in

Statues). investment opportunity targeted

in Connecticut... see p. 25 of the

Investment Policy:

http://www.state.ct.us/ott/pensio

ndocs/IPS.pdf









The Iowa Public Employees' N N

Retirement System (IPERS)

was established in 1953,

and is governed by Iowa

Code chapter 97B. Since its

creation, IPERS' activities

have been directed toward

fulfilling the foundational

purpose of the System, as

described in § 97B.2

All investment policies are N N

adopted within the

guidelines established by

the Mississippi Code of

1972, Section 25-11-121.









Legislation - weblink. N N









PERS is governed by N N

retirement law effective from

the 71st session of the

Nevada Legislature, 2001.

Official legal reference may

be found in the Nevada

Revised Statutes.

Legislation - weblink. N









The Alaska State Pension N N

Investment Board (ASPIB)

was established pursuant to

AS 37.10.210 on July 1,

1993. The purpose of the

board is to provide prudent

and productive

management and

investment of state pension

funds.

Laws governing SPRS: KRS N N

16.505 through 16.652,

Laws governing KERS: KRS

61.510 through 61.705,

Laws governing CERS: KRS

78.510 through 78.852,

Administrative regulations of

the Kentucky Retirement

Systems are in Chapter 105

of the Kentucky

Administrative Regulations.









Legislation lawbook (pdf

weblink)

The San Francisco N N

Employee's Retirement

System was created under

the direction of the San

Francisco Board of

Administration in 1922. The

current Retirement System

structure was established in

the 1932 San Francisco City

Charter. The Retirement

System and its staff are

responsible for

administering two employee

benefit programs for the City

and County of San

Francisco: San Francisco

Employees' Retirement

System Pension Plan, a

defined benefit plan, and

San Francisco Deferred

Compensation Plan, an IRS

§ 457 plan. Each of these

benefit plans is mandated

by specific San Francisco

City Charter sections andlor

Administrative Code

[)revisions.









SURS was created by the Legislation pending for targeted N

Governor of Illinois and the investing in minority, women-

General Assembly in 1941. owned and veteran-owned

Consistent with that, businesses.

changes to the existing

benefit program must be

enacted through legislation.

An example of legislative

action can be found in the

passage of the funding bill.

Law changes will continually

impact the number of

agencies we serve, the

benefits we provide, how

benefits are provided, and

how we are funded.

See Annual Report. Article XVII of the 1899 N

legislation establishing the

System, extensively amended

in 1967, and a New Pension

System (Article XVII) introduced

in 1967 form the basis of the

modern system.







State laws governing TRSL N - but Act 788 mandates that N

retirement are found in TRSL direct 10% of trades

Louisiana Revised Statutes, (equity and fixed income) to

Title 11, Sections 1-309 and brokers that are incorporated in

701-947, and the Louisiana Louisiana. Another 10% must

Constitution, Article 10, be directed to brokers that have

Section 29. Recent an office in Louisiana but are

legislation effecting TRSL incorporated outside of

can be found on Louisiana. It also provides for a

http://trsl.org/general/index.p venture capital program with

hp?page=Legis04. one aim of fostering economic

development in Louisiana.









Texas Municipal Retirement N N

System (TMRS) was

established in 1948 and is

administered in accordance

with the Texas Municipal

Retirement System Act

(Texas Government Code,

Title 8, Subtitle G).









Not given. N N

It was established by N N

legislative act in 1967 under

authority of Article XVI of the

Texas Constitution and

began operations on Jan. 1,

1968. The TCDRS Act

(Subtitle F, Title 8, Texas

Government Code) is the

basis for TCDRS

administration.





Not given. N N









The state legislature N N

established CTPF in 1895 to

provide retirement, survivor,

and disability benefits for

certain certified teachers

and employees of the

Chicago public schools.

CTPF is administered in

accordance with Illinois

Compiled Statutes (ILCS)

Chapter 40, Articles 1,17,20.







See Kansas Legislation - N N

weblink.

Targeted Investment Policy Partner Vehicles Alternative Investment Policy

Y -see Y - both the California Initiative Y - doc link

http://www.calpers.ca.gov/i and the overall ETI strategy

ndex.jsp?bc=/investments/ rely on strategic partnerships

with a range of actors,

policies/other/economically-

including managers. See doc

targeted/home.xml for an

links for both policies.

overview of CalPERS

program of ETIs.









Y- see Urban Renewal Policy Y- see Urban Renewal Policy Y

link link

Y - The California Initiatve, in Y - there are 120 partnerships Y - see Partnerships.

which CalSTRs is a partner, and 11 co-investments in the

has to date invested over $2 Alternative Investments

billion (approximately 2% of Portfolio. In addition, the

the fund’s portfolio) in the California Initiative is based

State through a number of around partnerships with a

investment vehicles, though variety of selected managers.

much of this is in large public

equity in companies that are

headquartered in California.

The Fund also has a Home

Loan program that provides

home ownership opportunities

to qualified candidates. See

CAFR 2003, Investment

Section -

http://www.calstrs.com/help/for

ms_publications/printed/Curre

ntCAFR/Invest.pdf.









N Y - "Alternative Investments has

commitments to to 28

investment vehicles managed

by 16 separate private equity

firms" - see

http://www.sbafla.com/pdf/invest

ment/annual/2003/2003%20SB

A%20Invest%20Rpt.pdf









Y - HUB program for Y

investment in WMOB in the

State of Texas (weblink)

N Y Investment in alternative

investments.









N N Council considered private

equities in 2001 and deferred

action.

Y - Invest in Wisconsin Y - The Wisconsin Private Y

programme includes: $160 Equity Program is focused on

million of new investments in venture capital partnerships

public stocks of 17 Wisconsin active in Wisconsin and the

companies ; $339 million of Midwest.

new investments in high-

quality commercial paper

issued by public utilities and

Wisconsin companies ; $378

million in certificates of deposit

from Wisconsin banks and

thrifts; $76 million in private

equity and market rate loans to

Wisconsin companies ; $6

million in real estate

investments in Wisconsin. See

http://www.swib.state.wi.us/inv

estinwisconsin.asp.









N Y - weblink.









N Y - weblink (PDF) Alternative investments

considered in 2004 for HC

Fund.

Y - weblink (pdf) Y - not listed. N









It is the intent of the board to Y Alternative investments are

give consideration to primarily invested in private

investments that benefit the equities, which include venture

general welfare of Ohio, and buyout/growth

provided such investments opportunities. STRS Ohio

offer quality return and safety invests as a limited partner in

comparable to other closed-end partnerships along

investments currently available with other pensions funds,

to the board. See p.33 of 2003 endowments and high net-worth

CAFR. To meet this objective individuals. See 2003 CAFR.

an Ohio Investment Plan,

incorporating all provisions of

the STRS Ohio Investment

Objective and Policy

Statement, shall be maintained

and implemented by the

investment staff. See p. 42.

N Y - not listed Y - investments in private

equity, primarily through limited

partnerships.









N Investment Roster - weblink The primary vehicle used to

invest funds in this asset class

is the limited partnership. The

partnerships are established by

individual management groups

that have been selected by the

system for the purpose of

investing in and managing

private equity and unlisted

subordinated debt positions on

behalf of PSERS and other

limited partners. See p. 61 of

the 2003 CAFR.

N - Although participants to Not stated. N

have an option to save with

Calvert Socially Responsible

Investment Funds - see

http://atyourservice.ucop.edu/f

orms_pubs/spd/403bspd.pdf.









ETI Policy - weblink (pdf). WSIB_partners.doc Y- see Partners.









N N N









N Not stated. Y - OPERS invests in

alternative equities. See 2003

Annual Report, Financial

Section.

No ETIs - but Investment See 2003 Annual Report for Y- Investments are made in Alt

Policy Initiatives cover full listing. Investment Pools and Alt

Environmental Standards, Investments Post Fund. See

International Investment 2003 Annual Report p. 22-23.

Guidelines (including labour

standards and human rights) ,

a mandate on Northern

Ireland, and Tobacco Issues.

See p50-53 of the 2003

Annual Report.









N Y- The VRS Board Policy allows

for up to 20% of the portfolio to

be invested in an Alternative

Investments Program. The

objective is the improve the

expected risk/return profile.

Currently the Program has

investments in private equity

and real estate. See the 2003

Annual Report, p. 61.









Y- see Policy Statement PRIM_partnerships.doc Alternative Investments are

(weblink) private market (that is, non-

publicly traded) investments in

domestic and international

venture capital and special

equity. The Alternative

Investment portfolio is designed

to enhance the total Fund

performance by generating a

long-term rate of return equal to

or greater than 5% over the

long-term performance of the

S&P 500 index, and by

providing the Fund with added

diversification.

N Y - see Investments section of Y - see Investments section of

2003 CAFR (pdf weblink). 2003 CAFR (pdf weblink).









N N N









Y- see Impacting Colorado's Y- see Impacting Colorado's Y - see Alternative Investments

Economy weblink (pdf) Economy weblink (pdf) Portfolio weblink (pdf)

N Y Y









N - However, on October 1, Print Partners page from Y - see partners.

1992, LACERA's Board of CAFR.

Investments adopted the

MHLP (Member Home Loan

Program) to provide eligible

members (active, retired, and

survivors of deceased

LACERA members) with

competitive home loan

financing.

N N N









Y - Where investment Real estate partnerships - Y - see Summary of SERS

characteristics, including yield, weblink (pdf) Investment Program -

risk and liquidity are http://www.sers.state.pa.us/sers

equivalent, the Board's policy /lib/sers/Tab10SumSERS_Inves

favours investments which t_IO.pdf- pgs. 13-17

have a positive impact on the

economy of Pennsylvania (pdf

weblink).

Y - for investments in South Not given. Y - Alt investments may consist

Carolina (weblink) of, but not limited to, mezzanine

financing, LBO's, venture

capital, limited partnerships,

futures, commodities, and

derivative investments.









N N N

N N









N N N









Y - see Texas Growth Fund. Not stated. N

N Y









Y Y - not listed but managed (for N

private equity) through the

Private Investment Fund (PIF)









N - The System will oppose N N

investment policies or

strategies which seek to

promote specific social issues

or agendas through

investment or divestment in

IPER's assets. To act

otherwise would be construed

as a violation of fiduciary duty.

N N N









N N Y









N Y - see Investment Policy Y - see Investment Policy

(weblink) (weblink)

N N Y

N Not stated. Y

N Not stated. The declining equity market also

allowed the Fund to maintain

the target of 12% allocated to

the Alternative portfolio. As a

result, the Fund's pace of new

investments slowed dramatically

during the fiscal year.









N Not stated. Y

N Not stated. Y









N - apart from Act 788 Y - limited partnerships Y

permited.









N N N









N - but The Board encourages Y - The Board further Y

investment opportunities that encourages its staff, consultant

support economic and general partners (GPs) to

development in Indiana, be proactive in the community,

through investment in private state and region in sourcing

equity funds that focus on attractive partnering

Indiana and the Midwest, in opportunities.

accordance with its standards

for prudent investments and its

guiding principles.

N N N









N Y Y









N Y Y









N The System has utilized the Y

limited partnership structure in

the current alternative

investment program. As a

limited partner, the

System participates along with

other institutional investors, in

this illiquid, but historically

rewarding, asset class. The

System continues to sustain

investment relationships with

35 different investment

managers diversified over 53

partnership

funds

Women and Minority Owned Business

Private Equity Policy Policy

Y - web link CalPERS invests in businesses owned by

women and minorities, including California

Urban Investment Partners (CUIP),

however a specific policy is not articulated

on the website.









The Fund's private equity portfolio is The fund uses minority and women-owned

designed to provide returns that exceed brokerage service providers when trading

those of public equities. The added return for the internally managed assets. For the

is accompanied by increased risk and fiscal year (2003), these brokers

illiquidity; as a result, private equity makes accounted for approximately 38% of the

up a relatively small portion of the Fund's total commissions. In addition, the Fund's

total investments. Strategies include external equity managers used women and

investment in venture capital, corporate minority-owned brokers for 16% of their

finance, real estate opportunity funds, commission total. The Fund also utilized

special situations funds, and international women and minority owned firms to

venture capital and corporate finance execute 53% of all long term trades in

strategies in the Fund's international implementing their fixed income policy, and

portfolio. The Fund also invests in funds-of- less than 1% of all short term trades. See

funds, which are pooled investments in a 2003 Annual Report.

portfolio of private equity funds. See 2003

Annual Report.

Y - within the Alternative Investments and N

Real Estate classes.









See Alternative Investments. N









Y Yes - HUB

Y - 7 new private partnerships in 2003/03 , N

committing $400 million.









N









N

Y - including Wisconsin Private Equity N

Program (weblink)









Y - weblink. N

Investment in private equities. N









See Alternative Investments. The board will also give consideration to

investments that involve minority-owned

and minority controlled firms and firms

owned or controlled by women.

Y - investments in private equity, primarily N

through limited partnerships.









N N

N N









N N









N N









Y - OPERS invests in private equity. See N

2003 Annual Report, Financial Section.

Y- Investments are made in Private Equity N

Pool. See 2003 Annual Report, p22.









Y- See Alt Investments N









Y- Aims to maintain 10% target for N

Alternative Investments, with an interim

target of 7%.

Y - see Investments section of 2003 CAFR Y - weblink.

(pdf weblink).









N N









Y - see Alt Investments & Impacting N

Colorado's Economy weblinks

Y N









Y - see partners. N

N N









Y - see partnerships (weblink). Y - Women/Minority Investment Advisor

and Broker Report (pdf weblink).

N N









N N

Y - Contract negotiations with a private N

equity manager to invest a portion of the

3% target allocation in corporate buyouts,

venture capital and private debt were

completed.









N N









N N

Y N









Y - see Investment Policy (pdf welbink). N









Y - weblink (PDF) N

N N









N N









N N

Y - weblink (PDF) N

Y N

Portfolio Advisor's first assignment was to N

conduct a strategic review of the

alternative investment program, to be

completed early in Fiscal 2004. Given the

declining returns of the equity markets and

the inability to tap capital markets, the

Initial Public Offering (IPO) market, a

primary vehicle for realizing returns in

Private Equity, essentially "dried up", with

little activity throughout the Fiscal Year. As

a result, the Fund revised the benchmark

return for the asset class, from S&P500

plus 600 basis points (6%), to S&P 500

plus 500 basis points (5%).









Senate Bill Pending: Bill Status of SB3219 Senate Bill Pending: Bill Status of SB0518

Short Description: Illinois Opportunity Fund Short Description: Allocate Brokerage

Original Synopsis: Creates the Illinois Original Synopsis: Amends the General

Opportunity Fund Act. Contains provisions Provisions Article of the Illinois Pension

intended to increase the availability and Code. Beginning July 1, 2004, requires the

facilitate the delivery of institutional venture Illinois State Board of Investment and the

capital to emerging and expanding board of trustees of each retirement

enterprises in the State of Illinois. Defines system or pension fund to allocate

the role of the Department of Commerce specified portions of its brokerage

and Economic Opportunity. Creates the business, on an annual basis, to brokerage

Illinois Opportunity Fund and provides for or investment banking firms that are based

the creation of the Illinois Capital in Illinois or are minority-owned businesses

Investment Corporation. Amends the State or female-owned businesses as defined in

Finance Act to create the Illinois the Business Enterprise for Minorities,

Opportunity Special Projects Fund. Females, and Persons with Disabilities Act.

Amends the Illinois State Auditing Act to Effective immediately.

authorize audits of the Corporation and the

Fund. Contains other provisions. Effective

immediately.

Y N









As required by Act 788 of 2003, the N

Teachers’ Retirement System of Louisiana

(“TRSL”) Board of Trustees has approved

the establishment of a program for

investing in venture capital, emerging

businesses, and money managers focused

on Louisiana (the “Program”). The

Program is intended to enhance economic

development in Louisiana by stimulating

job creation and capital formation through

investments in Louisiana businesses, as

well as result in a market rate of return for

TRSL.







N N









Y N

N N









Y N









Y The Fund directed over $1,670,026 of

commissions to qualified minority brokers

and recaptured over

$752,002 of commissions to help lower the

net investment expenses of the Fund.









Y N

Responsible Contractor Policy

Y - web link









N

N









N









No

N









N

N









N









Y- weblink (PDF)

N









N

N









N

N









N









N









N

N









N









N

Y - weblink.









N









N

N









Y - no specific policy statement found but

referenced in Board meeting minutes.

N









N

N









N

N









N









N

N









N









N

N









N









N

N

N

N









Senate Bill Pending: Bill Status of SB0517

Short Description: Responsible

Contracting; Original Synopsis: Amends

the General Provisions Article of the

Illinois Pension Code. Requires the

adoption and implementation of a

responsible contractor policy under which,

as a condition of the investment of the

assets of a retirement system in real

estate, the property owner or manager of

the real estate must demonstrate that the

construction and building operation

contractors and subcontractors are paid

fair wages and benefits. Effective

immediately.

N









N









N









N

N









N









N









N

Contact

Assets (in Website Contact Telephone

Fund millions) Adddress General Description Address(es) Number(s) Key Contacts

California Public $128,678 http://www.calpe CalPERS provides retirement and CalPERS CalPERS

Employees rs.ca.gov/ health benefits to more than 1.4 Headquarters Board of

(CalPERS) million public employees, retirees, Address: Administration:

and their families and more than CalPERS, Lincoln (916) 326-3829

2,500 employers in the State of Plaza, 400 P

California. Street,

Sacramento, CA

1 95814

New York State $97,373 http://www.osc.s The New York State and Local First Floor, 110 Locally within the

Common tate.ny.us/retire/ Retirement System (NYSLRS) is State Street, Albany area, call:

comprised of two different systems, Between South 474-7736; Long-

Pearl and Lodge distance within

though they are administered by

Streets, Albany, NY the 50

the same staff. They are the Police states,Puerto

and Fire Retirement System Rico and Virgin

(PFRS) with almost 36,000 Islands, call toll-

members and the Employees' free: 1-866-805-

Retirement System (ERS) with 0990

more than 614,000 members.

There are also almost 315,000

pensioners and beneficiaries in the

System bringing the total to more

than 965,000 participants, as of

March 31, 2003









2

California State $116,700 http://www.calstr CalSTRS is the third largest public CalSTRS (800) 228-5453

Teachers s.com/index.asp pension fund in the nation, which Correspondence or (916) 229-

(CalSTRS) x serves approximately 735,000 Center, P. O. Box 3541 (TTY)

members and benefit recipients with 15275, M.S. 8,

an operating budget of approximately Sacramento, CA

$100 million and 634 employees. 95851-0275









3

Florida State $78,718 http://www.sbafl The SBA manages 25 funds, State Board of Phone (850) 488-

Board a.com/ comprising more than $120 billion in Administration, 4406

assets under management at the end 1801 Hermitage

of fiscal year 2003. Blvd.,Tallahassee,

Florida 32308









4

Texas Teachers $67,095 http://www.trs.st As of August 31, 2002, TRS is 1000 Red River St. 512-542-6400 or

ate.tx.us/ the state’s largest public Austin, Texas 1-800-223-8778

78701

retirement system in both

membership and assets. TRS

serves more than 1,000,000

members--847,000 are public

education employees and

201,000 are annuitants.

System net assets total

5

approximately $72 billion.

New York State $66,360 http://www.nystr The New York State Teachers' New York State To speak with an Communications:

Teachers s.org/ Retirement System (STRS) provides Teachers' STRS Howard

retirement, disability and death Retirement System, representative, Goldman.

benefits to eligible New York State 10 Corporate call 800-348-

public school teachers and Woods Drive, 7298 (447-2900

administrators. STRS is the second Albany, NY 12211- from the Albany

largest public retirement system in the 2395 area)

state and one of the 10 largest

systems in the nation. We serve

approximately 250,000 active

members and 110,000 retirees and

beneficiaries.







6

New York City $65,928 http://www.nyce Founded in 1920, NYCERS has grown 335 Adams Street, You may contact Executive Office:

Retirement rs.org/ into the largest public retirement Suite 2300 NYCERS' Call 1 + (347) 643-

system within New York City serving Brooklyn, NY Center at 1+347- 3200

over 200,000 active members and 11201-3751 643-3000, or if

130,000 pensioners. Membership in outside the New

NYCERS is available to all New York York City area

City employees who are not eligible to toll free, 1+877-

participate in the New York City 669-2377, TTY

Teachers' Retirement System, the New 1+347- 643-

York City Police Pension Fund, the 3501. Executive

New York City Fire Department Office (fax): 1 +

Pension Fund or the New York City (347) 643-3200

Board of Education Retirement

System.



7

New Jersey $57,506 http://www.state The Division of Pensions and Benefits NJ Division of Telephone: (609)

.nj.us/treasury/p is responsible for the second largest Pensions and 292-7524

ensions/ public employee benefits program in Benefits PO Box

the nation. It administers a 295, Trenton NJ

comprehensive benefit program that 08625-0295

enables public employers throughout

the State to attract and retain skilled

and talented employees. These

include State employees, teachers,

police officers, fire fighters, correction

officers, judges, and many other local

employees whose jobs are

fundamental to the safety and well

being of all New Jersey residents.

Participants in the nine separate

pension systems include: over

653,500 retired and active participants

in the State's defined benefits pension

plans; over 15,950 participants in the

State's defined contribution pension

plan;over 36,000 participants in the

State's supplemental retirement

8 savings plans.

North Carolina $50,167 http://www.treas The Retirement Systems Division 325 North Salisbury Retirement Debra Bryan

urer.state.nc.us/ administers the statutory retirement Street, Raleigh, NC Systems (919) 508-

dsthome/Retire and fringe benefit plans that cover the 27603-1385 Division phone 5377, Deputy

State's public employees. The

mentSystems numbers Director -

retirement systems and benefits plans

exist for the public purpose of

(weblink) Administration

recruiting and retaining competent and

employees for a career in public Communication

service, by providing a replacement s

income for retirement, or for disability,

or for an employee's survivors at time

of death.

9

Wisconsin $49,741 http://etf.wi.gov/ We administer retirement and other Department of Toll Free: 1-877- Office of

Investment Board benefit programs for more than Employee Trust 533-5020, Local Strategic

- note that the 500,000 Wisconsin Retirement System Funds P.O. Box Madison: 608- Services

SWIB issues its (WRS) participants and 1,400 7931 Madison, WI 266-3285, TTY:

own Annual employers. Our programs cover state 53707-7931 608-267-0676,

Report, which and local government employees and Fax: 608-267-

must be retirees. Our mission is to develop and 4549

requested deliver quality benefits and services to

separately from our members while safeguarding the

what is published integrity of the Trust.

online.









10

Ohio Public $45,172 http://www.oper The mission of the Ohio Public 277 East Town St., CALL 1-800-222-

Employees s.org/ Employees Retirement System is to Columbus, Ohio PERS (7377)

provide retirement benefits, disability 43215-4642

benefits, survivor benefits, and to

administer health care programs.









Michigan $42,384 http://www.michi The Retirement Services division of Office of (800) 381-5111

Retirement gan.gov/ors/ the Department of Management and Retirement

Budget oversees the School Services, PO Box

Employees Retirement System, the 30171, Lansing,

State Employees Retirement System, Michigan 48909-

the State Policy Retirement System, 7671

and the Judges Retirement System.









12

Ohio State $41,652 http://www.strso STRS Ohio is one of the nation's State Teachers 1-888-227-

Teachers h.org/ premier public pension systems, Retirement 7877 (toll-free)

providing services and benefits to System of Ohio,

more than 400,00 active, inactive and

275 E. Broad St.,

retired Ohio educators.

Columbus, OH

43215-3771









13

Pennsylvania $38,361 http://www.pser Since 1917, PSERS has been serving PSERS, 5 North Toll-free number: Director of

School s.state.pa.us/ the public school employees of the 5th Street, 1-888-773-7748 Communications

Employees Commonwealth of Pennsylvania. Our Harrisburg, PA FAX: 1-717-783- & Counseling:

membership has grown from 37,000 in 17101-1905 7275 Douglas A.

1919 to more than 300,000 today. Bonsall

Balancing stability and growth through

prudent investment policies, the Fund

has increased from $7.3 million in

1924 to approximately $50 billion in

net assets today.









14

Washington State $38,025 http://www.sib.w The Washington State Investment 2100 Evergreen Main Phone Liz Mendizabal,

Board a.gov/ Board (WSIB) is a state agency Park Drive SW, (360) 956-4600 Communications

governed by a 15-member board (10 Olympia, Coordinator

voting and five non-voting members). Washington 98502

The WSIB invests $55.8 billion of

assets for 33 separate funds. These

funds are categorized as Retirement

(Defined Benefit and Defined

Contribution), Industrial Insurance,

Deferred Compensation, Permanent

Funds and Other Trust Funds (which

include the GET College Tuition

Program and the State Emergency

Reserve Fund).





15

University of $37,263 http://www.ucop The University of California Retirement 1111 Franklin 510 987-9029 Assistant

California .edu/welcome1. Plan (UCRP) is a valuable component Street, 12th Floor, Director -

html of the comprehensive benefits Oakland, CA 94607- Communications

package offered to employees of the 5200 and Training:

University of California (the Carl S. Klompus

University), its affiliate, Hastings

College of the Law, and Associated

Students of UCLA (ASUCLA).









16

Georgia Teachers $35,675 http://www.trsga TRSGA administers the fund from Two Northside 75, 404-352-6500 or Lisa M. Hajj,

.com/ which teachers in the state’s public Suite 100, Atlanta, 800-352-0650 or Director,

schools, many employees of the GA 30318 404-352-4885 Communications

University System of Georgia, and (Fax)

certain other designated employees in

educational-related work environments

receive retirement benefits.

17

Minnesota State $35,114 http://www.sbi.st The Minnesota State Board of 60 EMPIRE DRIVE, PHONE: 651- Charlene Olson,

Board ate.mn.us/ Investment (SBI) is the state agency SUITE 355, SAINT 296-3328, FAX: Administrative

responsible for administering and PAUL, MN 55103- 651-296-9572 Assistant to the

directing the investment of all state 3555 Executive

funds and the pension assets of the Director

statewide public pension systems.

Currently, the SBI is responsible for

assets in excess of $39 Billion and is

one of the largest plan sponsors in the

United States.









18

Oregon $31,695 http://www.pers. The Oregon Public Employees 11410 SW 68th (503) 598-7377 Laurie Warner,

Employees state.or.us/ Retirement System (PERS) and Parkway, PO Box or (888) 320- Acting Director of

Oregon Public Service Retirement 23700, Tigard, OR 7377 Administration

Plan (OPSRP) enable public 97281

employers in Oregon to provide

members with retirement benefits. The

agency also administers the Retiree

Health Insurance program and the

Oregon Savings Growth Plan (OSGP),

a voluntary defined contribution

savings plan available through

employers.

19

Virginia $31,226 http://www.varet The Virginia Retirement System 1200 East Main (804)649-8059 Jeanne Chenault

Retirement ire.org/ administers benefits for over 500,000 Street, Richmond, - Director of

of Virginia's current and retired public VA 23219 Public Relations

employees.









20

Massachusetts $24,800 http://www.map The Pension Reserves Investment Pension Reserves Telephone: (617) B. Michael

PRIM ension.com/ Trust ("PRIT") Fund is a pooled Investment 946-8401 (Main) Reardon, Senior

investment fund established to invest Management Facsimile: (617) Client Service

the assets of the Massachusetts State Board, 84 State 946-8475 or Officer

Teachers’ and Employees’ Retirement Street, Suite 250, (617) 946-8472

Systems, and the assets of county, Boston, MA 02109

authority, district, and municipal

retirement systems that choose to

invest in the Fund.









21

Colorado $23,860 http://www.cope PERA provides retirement and other 1300 Logan Street, 303-832-9550 or

Employees ra.org/ benefits to the employees of more than Denver, Colorado 1-800-759-7372

380 government agencies and public

entities in the state of Colorado. PERA

is the 23rd largest public pension plan

in the United States. (Ranking

provided by Pension and Investments

Magazine, reported in January 2003.)



22

Maryland State $23,675 http://www.sra.s The State Retirement and Pension State Retirement 1-410-625-5555

Retirement tate.md.us/ System administers death, disability and Pension or 1-800-492-

and retirement benefits on behalf of System of 5909 (toll free)

over 250,000 active and former State Maryland, 120 East

employees, teachers, State police, Baltimore Street,

judges, law enforcement officers, Baltimore,

correctional officers and legislators. Maryland 21202

23

Los Angeles $23,288 http://www.lacer LACERA provides retirement, 300 N. Lake 1-800-786-6464 - Communications:

County a.com/home/ind disability, and death benefits to eligible Pasadena, CA 626-564-6132 - Delia Price

Employees ex.html Los Angeles County employees and 91101-4199 Fax: 626-564-

their beneficiaries. We collect, deposit, 6155

invest, and manage retirement funds

collected from the County, outside

agencies and districts, and County

employees.









24

Tennessee $22,405 http://www.treas The Tennessee Consolidated The Tennessee Benefits and No

Consolidated ury.state.tn.us/t Retirement System provides retirement Consolidated Counseling communications

crs/index.htm coverage to state employees, higher Retirement System, (estimates and function.

education employees, teachers, and 10th Floor Andrew general

employees of political subdivisions Jackson Building , information)

that have elected to participate in the Nashville, (615) 741-1971

plan. Tennessee 37243-

0230









25

Pennsylvania $21,366 http://www.sers. The Pennsylvania State Employees' 30 North 3rd Phone: 717 787- Sean Anderson,

Employees state.pa.us/ Retirement System (SERS) was Street, PO Box 9657 Communication/

established in 1923, and is one of the 1147, Harrisburg, Public

nation's oldest and largest statewide Information

Pennsylvania

retirement plans for public employees. Office

SERS administers both a defined

17108 - 1147

benefit plan and a defined contribution

plan. The defined benefit plan is

funded through a combination of

employee contributions, employer

contributions, and investment

earnings. In 2003, total fund assets

totaled approximately $25 billion.





26

South Carolina $20,952 http://www.scrs. The South Carolina Retirement SC Retirement (803) 737-6800

Retirement state.sc.us/ Systems is made up of four distinct Systems, Post outside of SC

retirement systems: the South Carolina Office Box 11960, (803) 737-7594

Retirement System, serving state Columbia, SC fax

employees, teachers, and other 29211-1960

government employees; the Police

Officers' Retirement System; the

General Assembly Retirement System;

the Judges' and Solicitors' Retirement

System.









27

Illinois Teachers $20,463 http://www.trs.st The General Assembly created the 2815 West Investments: Kathy Pearce,

ate.il.us/ Teachers' Retirement System of the Washington, (217) 753-0370 Communications

State of Illinois (TRS) in 1939 for the Springfield, IL Supervisor

purpose of providing retirement 62702-3397

annuities and other benefits for

teachers, annuitants, and

beneficiaries. TRS is a public pension

defined benefit plan that provides its

members with retirement, disability,

and survivor benefits.

28

Alabama $20,205 http://www.rsa.s The Retirement Systems of Alabama 135 South Union (334) 832-4140 Investments

Retirement tate.al.us/ aims to serve the interests of our Street, or Toll Free 1- (334) 242-5718;

members by preserving the excellent Montgomery, 800-214-2158; Communications:

benefits and soundness of the Alabama 36104 Fax Number: Menu number 9

Systems at the least expense to the 334-240-3032 or (communications

state of Alabama and all Alabama 334-240-3230 @rsa.state.al.us.

taxpayers. us)









29

Missouri Public $17,865 http://www.psrs- The Retirement System of Missouri is Located at 3210 (573) 634-5290 Mary Hiatte,

Schools ntrs.org/psr/psrs composed of the PSRS and the West Truman Blvd., Toll Free: (800) CRC, Executive

mo.htm NTRS.The combined Retirement Jefferson City, MO 392-6848 Assistant and

Systems ended the year as one of the 65109 FAX: (573) 634- Secretary to the

50 largest defined benefit plans in the 7934 Board of

United States with total assets of Trustees

$21.6 billion.









30

Connecticut $17,159 http://www.state As principal fiduciary for Connecticut 55 Elm Street, (800) 618-3404 Susan Sweeney,

Retirement .ct.us/ott/ Retirement Plans and Trust Funds Hartford, CT 06106 Chief Investment

(CRPTF), which consists of six State Officer (860)

pension and eight State trust funds, 702-3229

the Treasurer is responsible for

prudently managing the retirement

funds for approximately 160,000

teachers, state, and municipal

employees who are pension plan

participants and beneficiaries as well

as academic programs, grants, and

initiatives throughout the State.







31

Texas Employees $16,941 http://www.ers.s ERS is comprised of 5 retirement Employees Customer

tate.tx.us/ plans: Employees, elected officials, Retirement System Service/ERS

law enforcement, and two judicial. of Texas, P.O. Box OnCall: (512)

13207, Austin, 867-7711, Toll

Texas 78711-3207 Free IVR: (877)

ASK-4ERS or

(877) 275-4377









32

Arizona State $16,719 http://www.asrs. The ASRS encompasses the state, 3300 North Central Phone 602- Richard L.

Retirement state.az.us/web/ including the three state universities, Avenue, Phoenix, 240-2000 , Stephenson,

index.do all ten community colleges, 14 out of AZ 85012-0250 Fax 602-240- Deputy

15 counties (all except La Paz), most 2090 Director

cities and towns, most school districts External

and other political subdivisions.

Affairs









33

Utah State $16,210 http://www.urs.o The Utah Retirement Systems is to 560 East 200 (801) 366-7700 Education &

Retirement rg/ provide financially sound retirement South, Salt Lake or (800) 365- Marketing (800)

and 401(k)/457 investment benefits, as City, Utah 84102- 8772 toll free 753-7750

well as comprehensive health and 2099

dental, disability, and life insurance

benefits to active and retired Utah

public employees and their

beneficiaries in a courteous, timely,

and professional manner.









34

Iowa Employees $14,858 http://www.ipers. The principal purpose of the Iowa IPERS, P.O. Box (515) 281-0020

org/index.htm Public Employees' Retirement System 9117, Des Moines, or (800) 622-

(IPERS) is to provide an adequate IA 50306-9117 3849

retirement plan for career public

employees. From its inception in 1953,

IPERS has been designed to

supplement both Social Security and

private savings









35

Mississippi $13,421 http://www.pers. The Public Employees' Retirement 429 Mississippi 601 359-3589 or Denise Owens-

Employees state.ms.us/ System (PERS) of Mississippi is the Street, Jackson MS email@pers.stat Mounger,

retirement system for nearly all non- 39201-1005 e.ms.us Special Assistant

federal public employees in the state. to the Executive

From the Gulf of Mexico to the Director

Tennessee border, from the Alabama

line to the Mississippi River, PERS

serves employees of the state, public

school districts, municipalities,

counties, community colleges, state

universities and such other public

entities as libraries and water districts.





36

Illinois Municipal $12,982 http://www.imrf. The Illinois Municipal Retirement Fund 2211 York Road, 1-800-ASK-IMRF Communications -

org/ was created in 1939 by the Illinois Suite 500, Oak (1-800-275- Linda Horrell,

General Assembly and began Brook, IL 60523- 4673) FAX: 630- Manager

operating in 1941 with 5 original 2337 368-5397

employers and $5,000 in assets.

Today IMRF serves more than 2,800

employers and has more than $16.3

billion in assets.









37

Georgia $12,504 http://www.ersg By statute, we administer eight Employees Phone - (404)

Employees - no a.org/ers.html separate and distinct retirement Retirement System, 352-6400, Fax -

investment systems / programs: the Employees' Suite 300, Two (404) 352-6431

information Retirement System (ERS), the Public Northside 75,

published on School Employees Retirement System Atlanta GA 30318

website. (PSERS), the Legislative Retirement

System (LRS), the Georgia Judicial

Retirement System (GJRS), the

Georgia Defined Contribution Plan

(GDCP), the State Employees'

Assurance Department (SEAD), The

Georgia Military Pension Fund

(GMPF), and the State Social Security

contracts with political subdivisions.









38

Nevada Public $12,377 http://www.nvpe The Public Employees' Retirement 693 W. Nye Lane, 1-775-687- Laura B.

Employees - no rs.org/ System of Nevada (PERS) is a tax- Carson City, NV 4200 or toll free Wallace,

annual report qualified defined benefit plan created 89703 at 1-866-473- Investment

published on by the Legislature as an independent

7768 or fax us Officer

website. public agency to provide a reasonable

base income to qualified employees

at 1-775-687-

who have been employed by a public 5131

employer and whose earning capacity

has been removed or has been

substantially reduced by age or

disability.

39

Alaska $11,880 http://www.reve The Systems and Plans for which the Department of (907) 465-4460 Judy Hall, ASPIB

Investment Board nue.state.ak.us/ ASPIB manages and invests funds are Administration, Liaison Officer

treasury/aspib/ the:Public Employees'; Retirement Division of

System; Teachers' Retirement System Retirement &

; Judicial Retirement System; National Benefits, P.O. Box

Guard/Naval Militia Retirement 110203

System; Alaska Supplemental Annuity Juneau, AK 99811-

Plan; Alaska Deferred Compensation 0203

Plan









40

Kentucky $11,046 http://www.kyret. Kentucky Retirement Systems is Kentucky 1-800-928-4646

Retirement com/ responsible for the investment of funds Retirement (outside Franklin

and administration of benefits for over Systems, Perimeter County

267,000 state and local government Park West, 1260

employees in the Commonwealth of Louisville Road,

Kentucky. These employees include Frankfort, KY

state employees, state police officers, 40601-6124

city and county employees, as well as

nonteaching staff of local school

boards and regional universities









41

Kentucky $10,998 http://ktrs.ky.gov Established by law in 1938, KTRS KTRS 479 Toll Free: 800- GARY L.

Teachers - /index.html legally known as "Teachers' Versailles 618-1687 Local: HARBIN

Annual Report Retirement System of the State of RoadFrankfort, KY 502-848-8500 Executive

and Investment Kentucky" became operational on July 40601-3868 Fax: 502-573- Secretary

Information not 1, 1940. KTRS is classified as an 0199 502.848.8501

published on "actuarial reserve, joint-contributory"

website. system, meaning that contributions of

the members and employers and the

earnings from KTRS investments are

placed in reserve to pay for the

System's annuity obligation.

42

San Francisco $10,374 http://www.sfgov.

City & County org/site/sfers_ind

ex.asp?id=4538

43

Texas Municipal $10,010 http://www.tmrs.or

45 Retirement g/fund.shtm

Louisiana $9,459 http://www.trsl.sta

46 Teachers te.la.us/

Los Angeles Fire $9,146 http://www.cityofla

& Police .org/PEN/index.ht

47 m

Illinois State $8,858 http://www.surs.c

48 Universities om/

New York City $8,589 http://trs.nyc.ny.u

49 Teachers s/

Texas County & $8,555 http://www.tcdrs.o

50 District rg/

Chicago Public $8,531 http://www.ctpf.or

School Teachers g/

51

Indiana Public $8,373 http://www.in.gov/

52 Employees perf/

Kansas Public $8,034 http://www.kpers.

53 Employees com/

Organizational Appointments and Asset Allocation Fund Legislative

Structure Elections (Current) Asset Allocation (Target) Framework

Organizational CalPERS Board - As at 04-19-2004 ($ Target allocation effective Legislations, Regulations

structure: weblink (doc) Billion) : Cash January 1, 2003: Cash & Statutes - weblink.

CalPERS_Organizatio Equivalents -$280 (- Equivalents 0.0%; Global

Fixed Income 26.0%; Total

n.doc 1.7%); Global Fixed

Equities 65.0%; Real Estate

Income $45.2 (27.2%); 9%;

Total Equities $112.6

(67.8%); Real Estate

$11.0 (6.6%)

NewYorkStateandLoca Advisory Board (doc From 2003 Annual Report: The 2000 Asset Allocation Retirement and Savings

l_Organization.doc link) Equities Total 63.8% policy, which is currently legislation - weblink.

(Domestic 43%; Int'l 10.8%; being followed but which was

Private Equity 6.7%; Real implemented prior to the

Estate 3.3%); Fixed Income significant decline in the

Totals 36.2% (Bonds, Cash global equity markets and the

and Mortgages 30.2%; benefit enhancements

Inflation Indexed Bonds enacted later that year, is

6.0%) undergoing another review,

which was initiated in the last

quarter of FY 2003-03.









CalSTRS_organization CalSTRS_executive.do Asset Allocation (As of June US Stock 41.0%; Non-US Legislation - weblink.

.doc c 30, 2003)(in millions): US Stock 20.0%; Fixed Income

Stock $48,980 (42.2%); Non- 26.0%; Real Estate 6.0%;

US Stock $26,623 (22.9%); Private Equity 6.0%; Cash

Fixed Income $27,760 1.0%

(23.9%); Real Estate

$5,001 (4.3%); Private

Equity $5,431 (4.7%); Cash

$2,212 (1.9%)

web link - see Investment Advisory As of month ending For the FRS: Domestic See Chapter 121 -

organizational chart Council appointments- February 2004 (in $ Equities 48%; Global Equities Florida Retirement

weblink. millions) for FRS, which 4%; Foreign Equities 14%; System (weblink).

Fixed Income 21%; Real

accounts for 75% of the

Estate 7%; Alternative

total SBA assets under Investments 5%; Cash

management and all of Equivilalents 1.0%

the FRS Pension Plan

assets: Domestic

Equities $53,618 (53%);

Global Equities $3,169

(3%); International

Equities $15,571 (15%);

Fixed Income $21,189

(21%); Real Estate

$5,639 (5%); Alternative

Investments $3,266

Organizational (3%); Cash 31, 2003 ($

Trustee appointments - As at August Equivalents The Texas Constitution.

structure: weblink (pdf) weblink. See also billions): Equities $52.697 Article 16 - GENERAL

'Organizational Aspects' (66.9%); Fixed Income PROVISIONS, Section

of 2003-2007 Strategic $29.282 (29.8%); 67 - STATE AND LOCAL

Alternative Investments

Plan. $1.991 (2.3%); Short Term

RETIREMENT

$0.650 (1.0%) SYSTEMS - weblink.









STRS_Board_Compos Current Trustees - As at June 30, 2003 ($ Target allocation effective Legislation Impacting

ition_and_Committees. weblink. thousands): Short Term July 25th, 2002: Domestic STRS Benefits - weblink.

doc $965,799 (1.35%); Equities 55%; Int'l Equity 8%;

Domestic Fixed Income Real Estate 8%; Alternatives

Securities $ 14,224,897 3%; Domestic Fixed Income

(19.85%); Domestic 18%; Mortgages 8%; Cash

Equities $41,368,456 Equivalents 0%

($57.73%); Int'l Equities

Comingled $5,752,951

(8.03%); Mortgages

$4,102,444 (5.72%); Real

Estate $3,586,041 (5.00%);

Alternative Investments

$1,658,924 (2.32%)





Organization Chart (pdf STRS_Board_Composi As of June 30,2003 (in $ Policy mix as at 30 June, Legilsation - weblink.

weblink) tion_and_Committees.d thousands): Short Term 2003: US Equity 55%; US

oc Investments $1,164,737 Fixed Income 26.0%;

(3.2%); Fixed Income Debt Enhanced Yield 4.0%; Int'l

Securities - Long Term Equities 13.0%; Alternative

$8,878,630 (24.3%); Private Investments 2.0%

Equity Holdings $154,758

(0.4%); Mutual Funds

$4,504,938 (12.3%);

Equities - Domestic

$17,235,698 (47.2%);

Collatoral from Securities

Lending $4,603,501

(12.6%)





http://www.state.nj.us/tr http://www.state.nj.us/tr As of June 2003 ($ The Division of Pensions

easury/pensions/index easury/pensions/96boa millions): Domestic Equity and Benefits, under the

2.htm#orgchart rds.htm $29,394 (47.2%); Int'l Department of the

Equity $9,154 (14.7%); Treasury, was created by

Domestic Fixed $16,316 Chapter 70, P.L. 1955

(26.2%); Int'l Fixed $1,557

(2.5%); Cash Equivalents

$3,674 (5.9%); Mortgage

$2,180 (3.5%)

See Board link. Board of Trustees (pdf As of June 3, 2003 ($ NC General Statute 135-6(b)

weblink) thousands): US Equities and NC General Statute 128-

$24,505,264 (43.96%); Non- 28(c) - Boards of Trustees

US Equities $3,899,488

(7.00%); Fixed Income

$25,221,062 (45.25%); Real

Estate $1,632,569 (2.93%);

Alternatives $484,705

(0.87%)









Organizational chart Boards of Trustees Fixed Retirement Trust Full legislative history (pdf

(weblink) (weblink) Fund Holdings (as at weblink).

December 31, 2001)($

millions): Equities $30,938

(59.3%); Fixed Income

$16,397 (31.4%); Real

Estate $2,096 (4.0%); Non

traditional $2,216 (4.2%);

Cash & Cash Equivalents

$528 (1.0%) / Variable

Retirement Trust Fund

Holdings (as at December

31, 2001)($ millions):

Equities $6,203 (97.8%);

Cash and Cash Equivalents

$138 (2.2%)





About the organization - Retirement Board Total Fund as of December As at December 31, 2003: US The Ohio Public Employees

weblink. (weblink) 31, 2003: US Equity Equity 46.0%; Global Bonds Retirement System is

$22,813,033,958 (47.5%): 23.0%; Non-Us Equity 20.0%; created and governed by

Global Bonds Real Estate 9.0%; Private Chapter 145 of the Ohio

$12,594,524,868 (21.5%); Equity 1.0%; Operating Cash Revised Code and Ohio

Non-US Equity 1.0% Administrative Rules.

$12,499,743,872 (21.3%);

Real Estate $3,502,034,898

(6.0%); Private Equity

$322,226,445 (0.6%);

Operating Cash

$1,852,080,741(3.2%)









Reitirement Services Each Retirement Public School Employees' The Michigan Public School

Division Administration System is governed by Retirement System as of Employees Retirement

Organization - link a Retirement Board: the September 30,2003: System is a defined benefit

Domestic Equity 46.2%; plan qualified under section

(doc). Public School

International Equity 9.4%; 401 (a) of the Internal

Employees’ and State Fixed Income 17.8%; Real Revenue Service Code and

Employees’ by a 12 Estate and Mortgages operating under the

member Board, the 8.7%; Alternative provisions of Michigan’s

State Police by a nine Investments 14.2%; Short Public Act 300 of 1980, as

member Board, and the Term Investments 3.7%/ amended (Michigan

Judges’ by a five Judges' Retirement System: Compiled Laws 38.1301 et

member Board. Names Domestic Equity 44.5%; seq.); The State

of Board Members are International Equity 8.4'%; Employees' Retirement

Fixed Income 20.6%; Real System is a qualified

listed in each System'

Estate and Mortgages Defined Benefit plan under

CAFR, but details of 11.3%; Alternative section 401(a) of the

appointments/elections Investments 9.8%; Short Internal Revenue Code,

are not. Term Investments 5.4%/ operating under the

State Employees': Domestic provisions of Public Act 240

Equity 44.8%; International of 1943, as amended

Equities - Passive 9.7%; (Michigan Compiled Laws

Fixed Income 17.3%; Real 38.1 et seq). ; The State

Estate and Mortgages Police Retirement System

9.6%; Alternative is a defined benefit plan

Investments 13.3%; Short qualified under section 401

Term Investments 5.3% / (a) of the Internal Revenue

Police Retirement System: Code. The System,

Domestic Equity 45A% originally created under

International Equities- Public Act 251 of 1935, was

Passive 9.7%; Fixed recodified and is currently

Income 18.4%; Real Estate operating under Public Act

and Mortgages 9.1%; 182 of 1986, as amended

Alternative Investments (Michigan Compiled Laws

13.1%; Short Term 38.1601 et seq.); The

Investments 4.6% Judges Retirement System

was created under Public

State Teachers Elections and As at 30th June, 2003 ($ N STRS Ohio operates

Retirement Board - Appointments news - thousands): Short term under the guidelines of

weblink weblink $1,658,850 (3.5%); Fixed Chapter 3307 of the Ohio

Income $8,099,961

Revised Code (R.C.) as

(16.9%); Common and

Preferred Stock

enacted by the Ohio

$21,746,828 (45.4%); Real General Assembly. It is

Estate $5,198,366 (10.9%); legally separate from and

Alternative Investments fiscally independent of

$1,002,860 (2.1%); state and local

International $10,140,606 governments.

(21.2%)









PSERS organization For elections history As at December 31, 2003 As at December 31, 2003 The Board, as

and Board of Trustees - see Retirement (unaudited) ($ millions): (unaudited): Domestic Equity

Domestic Equity $20,980.4 42%; Int'l Equity 18.0%; Fixed trustee for the Fund,

weblink Chalkboard Archive.

(44.4%); Int'l Equity Income 22%; Real Estate 7%; has exclusive

$9,123.4 (19.3%); Fixed Alt Investments 11.0%; Cash investment

Income $8,508.7 (18.0%); and Cash Equiv 0.0%

Real Estate $3,071.5

control…subject to

(6.5%); Alt. Investments the constraints set

$4,506.4 (9.5%); Cash and forth in Section 8521

Cash Equiv $4,506.4 (2.3%)

(Prudent Person

Legislation) of the

Public School

Employee's

Retirement Code 24

Pa. C.S. and the

laws of the

commonwealth of

Pennsylvania.

Washington State Members of the State As at March 31, 2004 ($): Board Policies,

Investment Board - Investment Board Public Equity Procedures and

Board and Committees $25,794,546,231 (44.7%); Relevant Legislation

Fixed Income

(weblink) (Appendices) - weblink

$20,227,338,167 (35.1%);

Real Estate $4,154,632,770

(7.2%); Private Equity

$5,889,321,773 (10.2%);

Cash $1,615,518,870

(2.8%)









Office of the President - Board - link (document) From 2003 Annual Report: As at August 7, 2000: US The Board of Regents is

Organization (weblink) Fixed Income 32.8%; Euqity 53%; Non-US Equity fiduciary of the plan. Under

Equities 67.0% ( of total: 7%; Privae Equity 5%; Fixed law, assets can only be

Private 1.8%; Foreign Income 35% used for the exclusive

11.4%; Domestic 86.8%); benefit of plan members,

Cash Equivalents 0.2% retirees, beneficiaries and

administration expenses.

From the 2003 Annual

Report:

http://atyourservice.ucop.ed

u/forms_pubs/misc/ar03ucr

p.pdf.





About us - Governance Board Members - As at June 30,2003 ($ Latest Legislation -

(weblink) weblink millions): Equities $20,059 weblink

(51.5%); Fixed Income

$17,961 (46.2%); Short-

term Securities $903 (2.3%)

Constitutionally, the State The Executive Director For Combined Funds, as at For Basic Funds: Domestic Legislation downloads -

Board of Investment is and his staff are June 30,2003: Domestic Stocks 45%; Int'l Stocks weblink

comprised of :Governor responsible for the day Equity 49.8%; International 15%; Bonds 24%; Alt

(Chair); Tim Pawlenty; Equity 14.5%; Bonds

to day operations of the Assets 15%; Unallocated

State Auditor, Patricia 25.3%; Real Estate 2.4%;

Anderson; Secretary of

Board: Executive Private Equity 5.7%; Other

Cash 1%

State, Mary Kiffmeyer; Director, Howard 1.2%; Cash 1.1%. For Basic

Attorney General, Mike Bicker; Assistant Funds ($ billions): Dom

Hatch Executive Director, Stocks $7.74 (47.7%); Cash

Mansco Perry III $0.37 (0.5%); Alt Assets

$2.23 (13.9%); Bonds $4.05

(23.5%); Int'l Stocks $2.68

(14.4%)





Board of Trustees - House Bill 2005 in 2003 As of June 30,2003: Fixed Cash 1.5%; Cash Income PERS Bills Passed into

weblink. reduced the number of Income $9,303,145,912 26.6%; Real Estate 7.8%; Law - weblink

Board members from (25.75%); Equity Domestic Equity 34.5%; Int'l

$21,087,114,214 (58.37%); Equity 19.7%; Alt Equity 9.9%

12 to 5, with 3 private

Real Estate $1,724,276464

sector members , one (4.77%); Alt Equity

state manager member $4,010,960,057 (11.11%)

(or local elected official),

and one bargaining unit

employee member.







VRS is served by a Board of Trustees - As at June 30,2002 ($ Legislation - weblink

nine-member Board of weblink. thousands): Bonds and

Trustees. The Mortgage Securities

$8,313,309 (23.37%);

Executive and

Common and Preferred

Legislation branches of Stocks $8,657,200

state government (24.35%); Index and Pooled

share the appointment Funds $12,995,178

of board members. (36.53%); Real Estate

$1,098,165 (3.09%); Private

Equity $2,177,483 (6.12%);

Short Term Investments

$2,325,455 (6.54%)





PRIM Board, Board of Trustees - As at December 31, 2003: Long-term Target Allocation The Pension Reserves

Committees and Staff - weblink. Domestic Equity 41.1% Plan: Domestic Equity 26%; Investment Trust Fund and

weblink. Fixed Income 18.7%; High Fixed Income 15%; High Yield the Pension Reserves

Yield Debt 3.3%; Debt 9%; International Equity Investment Management

International Equity 17.4%; 15%; Emerging Markets 5%; Board, which oversees the

Emerging Markets 5.8%; Alternative Investments 10%; Trust, were established by

Alternative Investments Real Estate 10%; Timber 5% Act of the General Court

5.6%; Real Estate 5.4% (Chapter 661 of the Acts of

1983) to address the large

unfunded pension liability of

the public employees

retirement systems of the

Commonwealth of

Massachusetts.

Subsequent legislation

(Chapter 315 of the Acts of

1996) vested in the PRIM

Board authority over all

retirement assets of the

Commonwealth, including

those previously held in the

Massachusetts State

Teachers’ and Employees’

Retirement Systems Trust.









Organization - weblink PERA Board of As of December 31, 2003: Domestic Equities 48%; Colorado PERA Law -

(pdf) Trustees - weblink Domestic Stocks 47.8%; Global Equities 4%; Foreign weblink (pdf)

Int'l Stocks 113.2%; Alt Equities 14%; Fixed Income

Investments 11.1%; Real 21%; Real Estate 7%;

Estate 11.2%; Fixed Income Alternative Investments 5%;

12.8%; Cash and Short Cash Equivilalents 1.0%

Term 2.7%; Timber 1.2%.

About MSRB MSRP Board - weblink As of March 31, 2004 ($ Charters - weblink (PDF)

(organization) - millions):US Equities

weblink. $14,582.7 (48.1%); Int'l

Equity $4,642.6 (15.3%);

Private Equity $96.9 (0.3%);

Fixed Income $8,920.3

(29.4%); Real Estate

$2,076.4 (6.9%)

LACERA Organization - LACERA Boards - link As of March 31, 2004: As of March 31, 2004: LACERA is governed by the

link (web) (web) Domestic Equity 33%; Intl Domestic Equity 32%; Intl California Constitution, the

Equity 24%; Fixed lncome Equity 21%; Fixed lncome County Employees

27%; Real Estate 10%; 28%; Real Estate 10%; Retirement Law of 1937,

Alternative Investments Alternative Investments 7%; and the by-laws,

5%; Cash 1% Cash 2% procedures and policies

adopted by LACERA's

Boards of Retirement and

Investments. See 2003

CAFR on

http://www.lacera.com/inves

tments/Annual_Report/annu

al_report.html and the

Board Bylaws on

http://www.lacera.com/abou

t_lacera/LACERA_Boards/l

acera_boards.html.





The Tennessee Annual Report pgs. 8-10 As at June 30, 2003 ($ Not given. The investment authority of

Consolidated Retirement thousands): Domestic TCRS is prescribed in the

System Board of Equity $6,499,577 (27.0%); Tennessee Code

Trustees is responsible Domestic Fixed Annotated, Title 8, Chapter

for the general $12,089,730 (50.5%); Int'l 87. This chapter provides

administration and proper Equity $2,166,223 (8.8%); that, with certain

operation of the TCRS Int'l Fixed Income $659,110 exceptions, investments in

within the requirements (2.8%); Short-term the TCRS are subject to the

and provisions of state Securities $2,218,830 same terms, conditions and

statute (T.C.A, Title 8, (9.3%); Real Estate limitations imposed on

Chapters 34-37) $372,308 (1.6%) domestic life insurance

companies set forth in

T.C.A , Section 56, Chapter

3. See major legislative

improvements section of

2003 Annual Report, p. 62.







Organization - weblink SERS Board - link As at December 31, 2003 As at December 31, 2003: Legislation - link (web)

(web) (Unaudited) ($ Millions): Domestic Stocks $ 9,442.2

Domestic Stocks $ 9,442.2 38.4% 34.0 %; International

(38.4%); International Stocks 5,433.7 22.1% 18.0 %;

Stocks 5,433.7 (22.1% ); Currency Overlay 0.0 %;

Currency Overlay -35.1 (- Fixed Income 22.0 %; Cash

0.1%); Fixed Income 0.0 %; Real Estate 11.5 %;

4,131.2 (16.8% ); Cash Alternative Investments 12.5

225.8(0.9%); Real Estate %; Commodities 2.0 %

2,239.6 (9.1%); Alternative

Investments 2,643.5

(10.8%); Commodities

479.5 (2.0%)







Organization - see CAFR SCRS Investment Market value as of June 30, South Carolina Code of

Panel - weblink. 2003: Convertible Bonds Laws Title 9 - Retirement

$4,720 (0.02%) Convertible Systems (weblink)

Preferred Stock $345

(0.00%); Mutual Funds

$3,525,479 (17.65%);

Common Stocks $3,508,284

(17.57%); Financial & Other

$2,331,371 (11.68%);

Corporate Bonds

$4,611,780 (23.09%); US

Government Agencies

$1,580,521 (7.91%); US

Gov't Bonds $1,994, 697

(10.0%); Short-Term

Investments $2,412,238

(12.08%).

Organization - see pgs. Board of Trustees - As of March 31, 2004 ($ U.S. Equities 43.0%; Key Statutory Provisions -

8-10 or CAFR weblink. million): U.S. Equities International Equities 15.0%: weblink . See also

Introduction (pdf $15,226 (48.3%); Fixed Fixed Income 25.0%; Real 'Legislative Information'

Income 7,670 (24.3%); Estate 12.0%; Private Equity

weblink). on

International Equities 4.0%; Short-Term Investments

$5,214 (16.5%); Real 1.0%

http://www.trs.state.il.us/s

Estate $2,576 (8.2%); ubsections/legislative/Le

Private Equity $779 (2.5%); gislativeInformation.htm.

Short-Term Investments

$88 (0.2%)





Organization - weblink Boards of Control - As at September 30, 2003 Domestic Fixed Income Legislation - weblink.

(pdf) weblink. (3 Funds): RSA - Domestic should not exceed 70%, Int'l

C&P Stock 45.7%; Money Fixed Income not more than

Market Securities 5.3%; 10%; Domestic Equity not

C&P Stock Int'l 9.1%; Real more than 65%; Int'l Equity

Estate 6.1%; US Gov't Guar not more than 15%; Real

Bonds 0.3%: Fixed Inc Estate not more than 10%; Alt

Bonds Domestic 30.1%; US Investments not more than

Agency Securities 4.1%; 5%; Short-term investments

Mortgage Backed Securities not more than 20%.

1.1%; ERS - Domestic C&P

Stock 43.1%; Money Market

Securities 3.3%; C&P Stock

Int'l 8.7%; Real Estate

6.4%; US Gov't Guar Bonds

0.23%: Fixed Inc Bonds

Domestic 30.1%; US

Agency Securities 4.0%;

Mortgage Backed Securities

0.9%; JRF - Domestic C&P

Stock 50.0%; Money Market

Securities 5.1%; Real

Estate 1.1%; Fixed Inc

Bonds Domestic 31.6%; US

Agency Securities 9.1%;

Mortgage Backed Securities

0.5%;









Organization - see Board of Trustees - As at June 30, 2003: US As at June 30,2003: US Fixed Legislation - weblink.

Annual Report. weblink. Also see Fixed Income Income 42.0%; US Equity

election information on: $8,628,540,395 (40.0%); 38.0%; Non-US Equity 15.0%;

US Equity $8,205,182,976 Real return pool 5.0%; Cash

http://www.psrs-

(38.0%); Non-US Equity and cash equivalents 0.0%

ntrs.org/psr/Board%20S $2,877,469,539 (13.3%);

eats%2004.htm. Real return pool

$1,130,020,851 (5.2%);

Cash & cash equivalents

$744,442,610 (3.5%).





The Office of the Investment Advisory As of June 30, 2003: US Mutual Equity Fund (U.S. Legislative Initiatives -

Treasurer consists of an Council - weblink. Equity 36.1%; Int'l Equity Equity) 43%; International weblink.

executive office and 5 11.1%; Equity Commercial Stock Fund 18% ;Developed

divisions: The Executive Real Estate 2.3%; US Fixed Markets Equity 15%;

Office, The Pension Income 40.4%; Alternative Emerging Markets Equity 3%;

Funds Management Investments 10.1% Mutual Fixed Income Fund

Division, The Cash 29%; Core Fixed Income

Management Division, 20%;Inflation Linked Bonds

The Debt Management 1%; High Yield 5%; Emerging

Division, The Second Market Debt 3% ;Real Estate

Injury Fund Division, and Fund 5%; Private Investment

the Unclaimed Property Fund 11%; CRA (Cash) 1%

Division.

The six-member ERS Board of Trustees - Asset allocation for Fiscal Not given. Laws and Rules -

Board of Trustees weblink. Year 2002 (no annual report weblink.

oversees a $19.9 billion published online): Short

retirement fund and the Term 0.04%; Int'l Equities

administration of state 17.13%; Fixed Income

employee and retiree Bonds 42.69%; Domestic

health insurance Equities 40.14%

benefits, a deferred

compensation plan, and

a flexible benefits

program. Statute

authorizes the ERS

Board of Trustees to

establish advisory

committees as it deems

necessary. The

Investment Advisory

Committee (IAC) was

created to consult and

advise the board on

investments and

investment related

issues.



Organization - see ASRS Board - weblink. As at June 30, 2003 ($ bn): Not given. Legislation - weblink.

annual report p.15. US Equity $10.6 (57.15);

Int'l Equity $3.1 bn (16.5%);

US Fixed Income $4.9 bn

(26.4%)









Appointed by the URS Board - weblink. As at December 31, 2002: Not given. Title 49 Chapter 11 -- Utah

Governor, URS Board Equities 54.4%; Debt State Retirement Systems

members are experts in Securities 23.0%; Short Administration

retirement, banking, and Term Securities 6.5%; Real

investments. The board Estate 9.6%; Alternative

appoints an executive Investments 6.5%.

director to carry out the

day-to-day operations of

the systems. Those who

serve on the Membership

Advisory Council speak

for the interests of active

and retired members and

participating employers.

The URS is made of up

Retirement Board

Members, the

Membership Council, and

the Administrative Staff.









See CAFR 2003 Investment Board - As at June 30,2003 ($ Accessed 06/06/04: Equity The Iowa Public

weblink. millions): Domestic Equity Component: Public Market: Employees' Retirement

$4,571 (29.7%); Int'l Equity Domestic Equities 28%; System (IPERS) was

$2,367 (15.4%); Private International Equities 15%; established in 1953, and is

Equity/Debt $934 (6.1%); Private Market: Equity Real governed by Iowa Code

Global Fixed Income $5,719 Estate 8%; Private chapter 97B. Since its

(37.2%); Real Estate $917 Equity/Debt 10%; Total Equity creation, IPERS' activities

(6.0%); Tactical $777 61%; Fixed Income have been directed toward

(5.1%); Short Term Cash Component :Global Fixed fulfilling the foundational

$90 (0.6%) Income 34%;High Yield Bonds purpose of the System, as

5 %: Total Fixed Income 39%; described in § 97B.2

Cash 0%

See Executive Summary Board of Trustees - Quarter Ending Long-term Target Allocation All investment policies are

(http://www.pers.state.ms weblink. (12/31/2003): U.S. Equities Plan: Domestic Fixed Income adopted within the

.us/pdf/2002AR/2002%20 $7,675,454,844 (48.8%); 30%; Non-US Equity 20%; guidelines established by

PersReport_scr.pdf) Non-U.S. Equities Domestic Equity 50% the Mississippi Code of

$2,639,908,083 (16.8%); 1972, Section 25-11-121.

Real Estate $303,084,692

(1.9%); Fixed Income

$5,085,817,103 (32.4%);

Cash $16,307,145 (0.1%)









IMRFis governed by a Board of Trustees - As at December 31, 2001: Not given. Legislation - weblink.

Board of eight Trustees weblink. US Stock 38.9%; US Fixed

who must also be Income 36.2%; International

participating members 13.9%; Short Term

and one trustee who Investments3.4%; Real

must be receiving an Estate 4.2%; Alternative

IMRF annuity. The Board 3.4%

appoints an Executive

Director who is

responsible for all

administrative functions

and supervision of staff

employees. The Board

also appoints medical

and investment

consultants, an actuary

and an independent

auditor. IMRF

administers three plans:

Regular IMRF, Sheriff's

Law Enforcement

Personnel (SLEP), and

the Elected County

Official Plan (ECO).









A Board of Trustees is Not published. Not published. Legislation - weblink.

responsible for the

administration of the

ERS. Daily operations

are under the direct

administration of the

Director and staff of ERS.

Other retirement systems

included under the

authority of ERS are: The

Public School Employees

Retirement System

(PSERS), the Legislative

Retirement System

(LRS), the Georgia

Judicial Retirement

System (GJRS), and the

Georgia Defined

Contribution Plan

(GDCP). ERS also

administers the Group

Term Life Insurance

program.









Retirement Board - As at March 31, 2004: US U.S. Stocks 40%; PERS is governed by

weblink. Bonds 30%; Int'l Bonds International Stocks 10%; retirement law effective

10%; Alternative U.S. Bonds 30%; International from the 71st session of the

Investments 10%; US Bonds 10%; Alternative Nevada Legislature, 2001.

Stocks 40%; Int'l Stocks Investments 10% Official legal reference may

10% be found in the Nevada

Revised Statutes.

The board consists of Current Board As at April 30, 2004: Public Employees' and The Alaska State Pension

eight trustees and is members - weblink. Domestic Equities 39.49%; Teachers' Retirement Investment Board (ASPIB)

staffed by the Domestic Fixed Income Systems, effective July 1, was established pursuant to

Department of Revenue, 17.76%; Private Equity 2003: Domestic Large AS 37.10.210 on July 1,

Treasury Division. The 3.26%; Real Estate 8.05%; Capitalization 31% +/-3%; 1993. The purpose of the

board is required to Cash and Cash Equivalents Domestic Small Capitalization board is to provide prudent

appoint an investment 0.01%; Int'l Equities 6% +/-2% ; International and productive

advisory council (IAC) 27.77%; Int'l Fixed Income Equity 15% +/-3%; Domestic management and

composed of at least 3.63%; Other Investment Fixed Income 30% +/- 3%; investment of state pension

three and not more than 0.03% International Fixed Income funds.

five members who 3% +/- 2%; Real Estate 9%

possess experience and +/- 3%; Alternatives 6% +/-

expertise in financial 3%; Cash 0% + 3%

investments and

management of

investment portfolios.

ASPIB also contracts with

an external consulting

firm for assistance with

asset allocation and

strategy, performance

measurement, and

general consulting

purposes.









A nine-member Board of Board of Trustees - As at June 30,2003: As at June 30, 2003: Laws governing SPRS:

Trustees administers the weblink. Domestic Equity 38%; Int'l Domestic Equity 40%; Int'l KRS 16.505 through

systems: two trustees Equity 13%; Fixed Income Equity 15%; Fixed Income 16.652, Laws governing

elected by KERS 29%; Alternatives 4%; TIPs 27%; Alternatives 5%; TIPs KERS: KRS 61.510 through

members; two trustees 11%; Cash 5% 10%; Cash 3% 61.705, Laws governing

elected by CERS CERS: KRS 78.510 through

members; one trustee 78.852, Administrative

elected by SPRS regulations of the Kentucky

members; three trustees Retirement Systems are in

appointed by the Chapter 105 of the

Governor; and the Kentucky Administrative

Secretary of the state Regulations.

Personnel Cabinet. One

of the trustees appointed

by the Governor must be

knowledgeable about the

impact of pensions on

local governments.

Elected trustees may

serve no more than three

terms consecutively. The

Board appoints the

Executive Director to

oversee administration.









KTRS administration is Board of Trustees - Not published. Not published. Legislation lawbook (pdf

the responsibility of the weblink. weblink)

Board of Trustees

consisting of nine

members. The Board of

Trustees appoints an

Executive Secretary who

is responsible for

administering KTRS

under the policies

established by the Board.

Legislative Framework for

Targeted Invesment & Targeted Investment Alternative Invesment

Related Lawsuits Urban Renewal Policy Policy Partner Vehicles Policy

Y - Statement of Investment Y - doc link Y -weblink Y - doc link

Policy









Y - doc link Y- see Urban Renewal Y- see Urban Renewal Y

Policy link Policy link









Part 13, Chapter 6, 22359. The N - although the Fund did N - although Fund does Y - there are 120 Y - see Partnerships.

Home Loan Authorization; and issue an RFI and RFQ for have a Home Loan partnerships and 11 co-

22362 Investment Priority for investing in affordable program that provides investments in the

California Real Realty - see

housing. This does not home ownership Alternative Investments

2004 Teacher's Retirement

Law on

appear to have been opportunites to qualified Portfolio.

http://www.calstrs.com/Legislati enacted as policy. candidates. See CAFR

on/index.aspx. In addition, AB- 2003, Investment Section -

1769(Roos) Intro 3/9/89 http://www.calstrs.com/help

Investments (Deteriorated /forms_publications/printed/

Housing) was introduced in CurrentCAFR/Invest.pdf.

1989 that would have required

STRS/PERS to study the

feasibility, consistent with their

fiduciary duties, of investing in

community projects for housing

in deteriorated neighborhoods

and to report their findings and

recommendations to the

Legislature by 1/1/91. This bill

was vetoed by the Governor.

See

http://www.calstrs.com/legislati

on/past%20legislation/decleg/d

ecleg89s.aspx.

"We are prohibited from N N Y - "Alternative Investments

pursuing social or political has commitments to to 28

agendas in our investment investment vehicles

decision-making" - see managed by 16 separate

"The SBA's role as an private equity firms" - see

Investment Fiduciary" in http://www.sbafla.com/pdf/in

http://www.sbafla.com/pdf/in vestment/annual/2003/2003

vestment/annual/2003/2003 %20SBA%20Invest%20Rpt.

%20SBA%20Invest%20Rpt. pdf

pdf









Yes - Senate Bill 178, 76th N Y - HUB program for Y

Regular Session of the investment in WMOB in the

Legislature, on responsibilities State of Texas (weblink)

for promoting and

implementing policy on

Historically Underutilized

Businesses (HUBs)









N N N Y Investment in alternative

investments.









N Y - weblink (pdf) Y - weblink (pdf) Y - not listed. N









N N N N Council considered private

equities in 2001 and

deferred action.

N N N Y - weblink.









N N N Y - SWIB invests in private

equity investments, which

include leveraged buyouts

and venture capital.









Senate Bill 133, passed May N N Y - weblink (PDF) Alternative investments

2004, contains the provision considered in 2004 for HC

commonly referred to as "Buy Fund.

Ohio" (in HB 227). OPERS

opposed this provision.

OPERS, along with Ohio's

other four public retirement

systems, continues to reiterate

that our financial duty is always

to our members and retirees

and that business is already

directed to Ohio companies

when they offer the best

service or product.The Bill

passed in a modified form.







N N N Y - not listed Y - investments in private

equity, primarily through

limited partnerships.

STRS Ohio and the other Ohio N It is the intent of the board Y Alternative investments are

public pension systems oppose to give consideration to primarily invested in private

two provisions in Am. Sub. investments that benefit the equities, which include

H.B. 227. The first requires

general welfare of Ohio, venture and buyout/growth

that 70% of investment trades

and 50% of externally

provided such investments opportunities. STRS Ohio

managed assets go to offer quality return and invests as a limited partner

managers with significant safety comparable to other in closed-end partnerships

presence in Ohio. The Ohio investments currently along with other pensions

systems also opposed giving available to the board. See funds, endowments and

the state treasurer sole p.33 of 2003 CAFR. To high net-worth individuals.

authority to hire and fire the meet this objective an Ohio See 2003 CAFR.

systems' executive directors. Investment Plan,

See

incorporating all provisions

http://www.strsoh.org/past_new

s/past_news01.htm. of the STRS Ohio

Investment Objective and

Policy Statement, shall be

maintained and

N N N Investment Roster - weblink The primary vehicle used to

invest funds in this asset

class is the limited

partnership. The

partnerships are established

by individual management

groups that have been

selected by the system for

the purpose of investing in

and managing private equity

and unlisted subordinated

debt positions on behalf of

PSERS and other limited

partners. See p. 61 of the

2003 CAFR.









N Investing in Washington WSIB_partners.doc Y- see Partners.

Policy - weblink.









N

N N N - Although participants to Not stated. N

have an option to save with

Calvert Socially

Responsible Investment

Funds - see

http://atyourservice.ucop.e

du/forms_pubs/spd/403bsp

d.pdf.









N N N N N

N N No ETIs - but Investment See 2003 Annual Report for Y- Investments are made in

Policy Initiatives cover full listing. Alt Investment Pools and Alt

Environmental Standards, Investments Post Fund. See

International Investment 2003 Annual Report p. 22-

Guidelines (including labour 23.

standards and human

rights) , a mandate on

Northern Ireland, and

Tobacco Issues. See p50-

53 of the 2003 Annual

Report.





N N N Not stated. Y - OPERS invests in

alternative equities. See

2003 Annual Report,

Financial Section.









N N N Y- The VRS Board Policy

allows for up to 20% of the

portfolio to be invested in an

Alternative Investments

Program. The objective is

the improve the expected

risk/return profile. Currently

the Program has

investments in private equity

and real estate. See the

2003 Annual Report, p. 61.





PRIM recognizes its N Y- see Policy Statement PRIM_partnerships.doc Alternative Investments are

obligations under (weblink) private market (that is, non-

Massachusetts law include publicly traded) investments

a responsibility to seek out in domestic and international

investment opportunities venture capital and special

that will benefit the equity. The Alternative

economic climate of the Investment portfolio is

Commonwealth as a whole, designed to enhance the

provided that such total Fund performance by

investments are consistent generating a long-term rate

with the Board’s obligations of return equal to or greater

to the members and than 5% over the long-term

beneficiaries of its performance of the S&P 500

participating retirement index, and by providing the

systems. See M.G.L. ch. 32, Fund with added

sec. 23(2A)(h)) diversification.









N - but' investing in Y- see Impacting Y- see Impacting Y - see Alternative

Colorado' policy includes Colorado's Economy Colorado's Economy Investments Portfolio

investments in Colorado weblink (pdf) weblink (pdf) weblink (pdf)

Housing and Finance

Committee, resulting in the

provision of affordable

housing in 14 counties.

N - for Investment N N N N

Operations Manual see

http://www.sra.state.md.us/i

nvestments/invest_op_man

ual.pdf.







N N - although LACERA N - However, on October 1, Print Partners page from Y - see partners.

invests, through its real 1992, LACERA's Board of CAFR.

estate portfolio, in Urban Investments adopted the

America, America’s pre- MHLP (Member Home

eminent vehicle for fiscally Loan Program) to provide

and socially prudent eligible members (active,

investment in inner city retired, and survivors of

commercial real estate. See deceased LACERA

http://www.urbanamerica.co members) with competitive

m/ for details of the vehicle. home loan financing.









N N N N N









N N Y - Where Real estate partnerships - Y - see Summary of SERS

investementcharacteristics, weblink (pdf) Investment Program -

including yield, risk and http://www.sers.state.pa.us/s

liquidity are equivilant, the ers/lib/sers/Tab10SumSERS

Board's policy favours _Invest_IO.pdf- pgs. 13-17

investments which have a

postive impact on the

economy of Pennsylvania

(pdf weblink).









N N N N N

N - but see analysis of Bill N N Y - see Investments section Y - see Investments section

725 on untilizing Chicago of 2003 CAFR (pdf of 2003 CAFR (pdf weblink).

Stock Exchange (weblink) weblink).









N N - but there is reference in Y - for investments in South Not given. Y - Alt investments may

the 2003 CAFR to the Carolina (weblink) consist of, but not limited to,

System's real estate mezzanine financing, LBO's,

investment policy. Projects in venture capital, limited

progress include the RSA partnerships, futures,

Battle House Hotel and office commmodities, and

complex in Mobile, "to assist derivative investments.

in the revitalization of

downtown Mobile. See p.4 of

the CAFR on

http://www.rsa.state.al.us/Pu

blications%20and%20Forms

/Reports/Introductory%20Se

ction2003.pdf.









N N N N









N - but, in addition to Y - While maintaining the Y Y - not listed but managed N

prudence, State law states that principles of prudent (for private equity) through

the Treasurer may consider the invesment standards…the the Private Investment

social, economic and

CRPTF may, as a matter of Fund (PIF)

environmental implications of

its investments (Section 3-

policy, channel a portion of

13(a) of the Connecticut its investments into…into

General Statues). underserved urban and rural

markets with a special

interest in investment

opportunity targetd in

Connecticut... see p. 25 of

the Investment Policy:

http://www.state.ct.us/ott/pen

siondocs/IPS.pdf

N - but the ERS invests in the N Y - see Texas Growth Not stated. N

Texas Growth Fund, Fund.

established under The Texas

Constitution, Article 16 -

GENERAL PROVISIONS,

Section 70 - TEXAS GROWTH

FUND:

All investments of the fund

shall be directly related to the

creation, retention, or

expansion of employment

opportunity and economic

growth in Texas. See

AboutERS/ers_statutes_links.h

tm.









N - Statute 38-719 puts forth a N N N N

maximum eligible that ASRS

may invest in economic

development in Arizona, and

the ASRS currently has a zero

percent allocation to those

types of investments. See

Board Meeting Minutes from

August 17, 2001:

http://www.asrs.state.az.us/we

b/pdf/minutes/20010817.pdf.







Y - H.C.R. 16 N - see resolution H.C.R. 16 N Y

RESOLUTION URGING

RETIREMENT SYSTEM

SUPPORT OF ECONOMIC

DEVELOPMENT (weblink)









N N N - The System will oppose N N

investment policies or

strategies which seek to

promote specific social

issues or agendas through

investment or divestment in

IPER's assets. To act

otherwise would be

construed as a violation of

fiduciary duty.

N N N N N









N N N N Y









N









N N N Y - see Investment Policy Y - see Investment Policy

(weblink) (weblink)

N N N N Y









N N N Not stated. Y

Women and Minority Owned

Private Equity Policy Business Policy Responsible Contractor Policy

Y - web link Y - web link









The Fund's private equity portfolio is The fund uses minority and women- N

designed to provide returns that owned brokerage service providers

exceed those of public equities. The when trading for the internally

added return is accompanied by managed assets. For the fiscal year

increased risk and illiquidity; as a (2003), these brokers accounted for

result, private equity makes up a approximately 38% of the total

realtively small portion of the Fund's commissions. In addition, the Fund's

total investments. Strategies include external equity managers used

investment in venture capital, women and minority-owned brokers

corporate finance, real estate for 16% of their commission total. The

opportunity funds, special situations Fund also utilized women and minority

funds, and international venture owned firms to execute 53% of all long

capital and corporate finance term trades in implementing their fixed

strategies in the Fund's international income policy, and less than 1% of all

portfolio. The Fund also invests in short term trades. See 2003 Annual

funds-of-funds, which are pooled Report.

investments in a portfolio of private

equity funds. See 2003 Annual

Report.





Y - within the Alterantive Investments N N

and Real Estate classes.

See Alternative Invsestments. N N









Y Yes - HUB No









Y - 7 new private partnerships in N N

2003/03 , committing $400 million.









Investment in private equities. N N









N N









N

Y - weblink. N N









Y N N









Y- weblink (PDF)









Y - investments in private equity, N N

primarily through limited partnerships.

See Alternative Investments. The board will also give consideration N

to investments that involve minority-

owned and minority controlled firms

and firms owned or controlled by

women.









N N N









N N N









N N N









N N N

Y- Investments are made in Private N N

Equity Pool. See 2003 Annual Report,

p22.









Y - OPERS invests in private equity. N N

See 2003 Annual Report, Financial

Section.









Y- See Alt Investments N N









Y- Aims to maintain 10% target for N N

Alternative Investments, with an

interim target of 7%.









Y - see Alt Investments & Impacting N N

Colorado's Economy weblinks

N N N









Y - see partners. N Y - no specific policy statement found

but referenced in Board meeting

minutes.









N N N









Y - see partnerships (weblink). Y - Women/Minority Investment N

Advisor and Broker Report (pdf

weblink).









N N N

Y - see Investments section of 2003 Y - weblink. Y - weblink.

CAFR (pdf weblink).









N N N









Y - Contract negotiations with a N N

private equity manager to invest a

portion of the 3% target allocation in

corporate buyouts, venture capital and

private debt were completed.









Y - see Investment Policy (pdf N N

welbink).

N N N









N N N









Y N N









Y - weblink (PDF) N N

N N N









N N N









N N N

Y - weblink (PDF) N N









Y N N

Useful Websites

URL Organisation

http://www.investmentseek.com/II/public.htm InvestmentSeek.com

Benefits

http://benefitslink.com/index/governmentplans/index.html Link

Useful Websites

Description

Public fund listings with links to fund websites

Website with collected news releases on PFs

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URL Organisation





http://articles.findarticles.com/p/articles/mi_m4130/is_3_27/ai_53649449 Financial Management







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http://www.uwm.edu/Dept/CED/publications/targetinvesting.html Economic Development









http://www.heartlandnetwork.org/steelasp/newsletter/art_view.asp?art_id=24 Heartland Network









http://www.cato.org/pubs/pas/pa-236.html Cato Institute









Social Science Research

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1895 Network









http://www.laborers.org/PlanSponsor_Ullico_5-96.htm Laborers.Org

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