2401 Colonial Drive, 3rd Floor
Helena, Montana
Thursday, December 2, 2004

AGENDA

I. CALL TO ORDER 9:00 a.m.
A. Roll Call
B. Approval of the October 21, 2004 Regular Meeting Minutes

PRESENTATION - Adams Street Partners 9:15 a.m.
" Bon French, CFA - CEO & CIO
" Kevin Callahan, CFA & CPA - Partner
" Molly Veneziano, CFA - Partner
1. Recommendation - Adams Street Partners

C. Administrative Business 10:15 a.m.
1. Board of Investments Service Pin Awards
2. Personnel Committee Report
3. Audit Committee Charter Discussion

II. PUBLIC COMMENT 11:00 a.m.
A. Public Comment on Board-Related Items

III. BOND PROGRAM - Louise Welsh 11:05 a.m.
A. INTERCAP
1. Activity Report
2. Staff Approved Loans Report
3. Loan Requests

IV. MONTANA LOAN PROGRAM - Delrene Rasmussen 11:15 a.m.
A. Consider Commercial/Multi-Family Loans
1. Sunrise Properties
2. Gateway Economic Development Corp.
B. Coal Tax Loan Program Activity Report - September and October
C. Pension Mortgage Program Activity Report - September and October

ADJOURN FOR LUNCH 11:30 a.m.
RECONVENE 12:30 p.m.

V. CHIEF INVESTMENT OFFICER REPORTS - Bob Bugni, CFA 12:35 p.m.
A. Quarterly Performance Reports - 9/30/2004
B. Asset Allocation
1. 10/31/2004 Review
2. Recommendation for MDEP
3. Rebalancing Guidelines - Retirement Funds
C. Proxy Guidelines
D. NASIO Summary
E. Educational Opportunities/Conferences/Seminars

VI. INVESTMENT ACTIVITY - Equity 1:30 p.m.
A. Domestic Equities (Montcomp) - Rande Muffick, CFA
1. Transactions - September and October
2. Holdings Report
3. Strategy
B. Montana Private Equity Pool (MPEP) - Ed Kelly

PRESENTATION - Odyssey Investment Partners
" William Hopkins, Managing Principal
" Muzzi Mirza, Managing Principal
1. Recommendation - Odyssey Investment Partners
2. Transactions - September and October
3. Holdings Report
C. Montana International Equity Pool (MTIP) - Rich Cooley, CFA
1. MTIP Overview

VII. INVESTMENT ACTIVITY - Fixed Income
A. Intermediate Funds - Rich Cooley, CFA
1. Treasurer's Fund Transactions - September and October
2. Treasurer's Fund Holdings Report
3. State Fund Transactions - September and October
4. State Fund Holdings Report
5. Strategy

B. Long Term Funds - Rich Cooley, CFA and Bob Bugni, CFA
2. Transactions - September and October
3. Strategy

VIII. INVESTMENT ACTIVITY - FYI Items
A. STIP Transactions/Holdings Report
B. Security Lending Report

IX. ADJOURNMENT 4:00 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.