Montana State University
Room 275, Strand/Student Union Building
Bozeman, MT

Thursday, September 16, 2004

AGENDA

I. CALL TO ORDER 9:00 a.m.
A. Roll Call
B. Approval of the August 26, 2004 Regular Meeting Minutes

II. PUBLIC COMMENT 9:05 a.m.
A. Public Comment on Board-Related Items

III. EXECUTIVE DIRECTOR REPORTS - Carroll South 9:10 a.m.
A. Presentation - Venture Capital - Credit Suisse First Boston
B. Board Member Travel Request

IV. BOND PROGRAM - Louise Welsh 10:30 a.m.
A. INTERCAP
1. Activity Report
2. Staff Approved Loans Report
3. Loan Requests

V. CHIEF INVESTMENT OFFICER REPORTS - Bob Bugni, CFA 10:45 a.m.
A. Performance Review for Period Ending 6/30/2004
B. Asset Allocation - Handout

VI. MONTANA LOAN PROGRAM - Delrene Rasmussen 11:15 a.m.
A. Consider Commercial/Multi-Family Loans
1. Fox Meadows, LLC.
B. Pension Mortgage Program Activity Report - July
C. Coal Tax Loan Program Activity Report - July

ADJOURN FOR LUNCH - Hosted by MSU Business School 11:50 a.m.

RECONVENE 1:00 p.m.

PRESENTATION - Schroder's Asset Management 1:05 p.m.
Ms. Louise Croset, Director, Pacific Basin Portfolio Manager
Ms. Connie Moak Mazur, Senior Vice President, Marketing and Client Services
Mr. Richard Sennitt, Regional Fund Manager, Pacific Basin Team

VII. INVESTMENT ACTIVITY - Equity 2:00 p.m.
A. Domestic Equities (Montcomp) - Rande Muffick, CFA
1. Domestic Equity Restructuring Update and Portfolio Management
Presentation - Rande Muffick and David Ewer
2. Transactions - July
3. Holdings Report
4. Strategy
B. Montana Private Equity Pool (MPEP) - Ed Kelly
1. MPEP Plan
2. Transactions - July
3. Holdings Report
C. Montana International Equity Pool (MTIP) - Rich Cooley, CFA
1. MTIP Plan

VIII. INVESTMENT ACTIVITY - Fixed Income 3:00 p.m.
A. Intermediate Funds - Rich Cooley, CFA
1. Treasurer's Fund Transactions - July
2. Treasurer's Fund Holdings Report
3. State Fund Transactions - July
4. State Fund Holdings Report
5. Strategy
B. Long Term Funds - Bob Bugni, CFA and Rich Cooley, CFA
2. Transactions - July
3. Strategy

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

X. ADJOURNMENT 4:30 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.