2005 1st Quarter

The trustee of a series of labor-sensitive commingled real estate funds hired IFS as an independent fiduciary to opine as to whether the proposed merger of several of those funds-- which invest only in particular states-- into a more broadly diversified fund-- which invests across a larger geographic area-- is in the collective interest of the investors of each state fund. We submitted our opinion in January regarding all four of the state funds.

IFS recently completed a search for a long-duration fixed income investment fund manager for the Plans.

Andrew (Andy) Irving presented a session called "DoL Class Exemption 2003-39" at the January 6 program on Employee Benefits in Aspen. CO. This exemption requires use of an independent fiduciary when a plan seeks to release a party in interest from legal liability, e.g., when a plan that owns employer stock is a member of a class of plaintiff investors in that stock, settling claims against the employer for securities fraud.

Lamont (Monte) E. Tarbox participated on a panel of five consultants who each presented a forecast of long term capital markets and recommended asset allocations for trustees to consider over the coming years.

Jeanna M. Cullins presented a session on "Fiduciary Responsibilities and Ethics" at the February 8th Annual Trustee Retreat

The Bureau of Asset Management for the New York City Retirement Systems plans to nearly double its internal investment staff by hiring 40 additional people over the next 18 months to oversee the Systems' allocations to private equity, real estate and possibly hedge funds…. Adam Blumenthal, the city's first deputy comptroller/CFO who also helps oversee the city's $88 billion Systems, said a recent audit conducted by Independent Fiduciary Services suggested that additional personnel were needed.

Montana Board of Investments, Helena, is reviewing Independent Fiduciary Services' preliminary report, which evaluates the investment program and practices of the $6.2 billion system, said Carroll South, executive director. He said the report includes recommendations about the Board's asset allocation as well as proposed additions to its investment policy.

Independent Fiduciary Services, is performing a one-time Operational Review of the $6.2 billion pension system, Montana Board of Investments, and is slated to present its final report at the April meeting of the board.