2401 Colonial Drive, 3rd Floor
Helena, Montana

Thursday, August 26, 2004

AGENDA

I. CALL TO ORDER 8:30 a.m.
A. Roll Call
B. Approval of the June 14, 2004 Regular Meeting Minutes

II. PUBLIC COMMENT 8:35 a.m.
A. Public Comment on Board-Related Items

III. EXECUTIVE DIRECTOR REPORTS - Carroll South 8:40 a.m.
A. Department of Revenue Loan Increase
B. Emerald Bio Science & Tech Loan Modification
C. Soft Dollar Report/Discussion
D. Broker Allocation Process
E. Investment Policy Statements Procedures
F. External Investment Manager Report
G. Out-of-State Travel Requests

IV. BOND PROGRAM - Louise Welsh 9:30 a.m.
A. INTERCAP
1. Activity Report
2. Staff Approved Loans Report
3. Loan Requests

V. CHIEF INVESTMENT OFFICER REPORTS - Bob Bugni, CFA 9:45 a.m.
A. Total Fund Breakdowns
B. Retirement Funds - Peer Comparisons
C. Retirement Funds - Asset Allocation Plan
D. Educational Opportunities/Conferences/Seminars

VI. MONTANA LOAN PROGRAM - Delrene Rasmussen 10:30 a.m.
A. Residential Mortgage Loan Program Discussion
B. Coal Tax Loan Program Activity Report - May and June
C. Pension Mortgage Program Activity Report - May and June
D. Commercial Loan Delinquency Report - June 2004
E. Residential Loan Delinquency Report - June 2004
F. Value-Added, Infrastructure and IRP Loan Report - June 2004

VII. INVESTMENT ACTIVITY - Equity 11:00 a.m.
A. Domestic Equities (Montcomp) - Rande Muffick, CFA
1. Domestic Equity Presentation
2. Transactions - May and June
3. Holdings Report
4. Strategy

B. Montana Private Equity Pool (MPEP) - Ed Kelly
1. Transactions - May and June
2. Holdings Report
3. MPEP Plan
C. Montana International Equity Pool (MTIP) - Rich Cooley, CFA
1. MTIP Plan

VIII. INVESTMENT ACTIVITY - Fixed Income
A. Intermediate Funds - Rich Cooley, CFA
1. Treasurer's Fund Transactions - May and June
2. Treasurer's Fund Holdings Report
3. State Fund Transactions - May and June
4. State Fund Holdings Report
5. Strategy
B. Long Term Funds - Bob Bugni, CFA and Rich Cooley, CFA
1. Transactions - May and June
2. Non-Investment Grade Holdings as of June 30
3. Retirement Fund Bond Pool Holdings Report
4. Trust Fund Bond Pool Holdings Report
3. Strategy

IX. INVESTMENT ACTIVITY - FYI Items
A. STIP Transactions/Holdings Report
B. Security Lending Report
C. Market Perspectives

X. Adjourn for Lunch 11:30 a.m.

XI. Reconvene 12:45 p.m.

XII. PRESENTATION - RFP Candidates
Presentation - RFP Respondent Ennis Knupp 1:00 p.m.
Presentation - RFP Respondent Independent Fiduciary Services 1.45 p.m.
Presentation - RFP Respondent Mercer Investment Consulting 2:30 p.m.
Presentation - RFP Respondent RV Kuhns 3:15 p.m.
Board Discussion/Recommend Selection of Consultant 4:00 p.m.

X. ADJOURNMENT 5:00 p.m.

The Board of Investments makes reasonable accommodations for any known disability that may interfere with a person's ability to participate in public meetings. Persons needing an accommodations must notify the Board (call 444-0001) or write to P.O. Box 200126, Helena, Montana 59620) no later than three days prior to the meeting to allow adequate time to make needed arrangements.