Teachers' Retirement Division, Department of Administration Financial-Compliance Audit for the Two Fiscal Years Ended June 30 .. 2002

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The unit value on August 31, 2000 prior to the split was $1,014, while the unit value after the spilt was $507. Value at June 30, 2002 and June 30, 2001 was $317 per unit and $406 per unit respectively.
OWENS-CORNING COMPLAINT The BOI received a summons and complaint, dated October 1 1, 2002, regarding the bankruptcy of Owens-Coming. The company seeks a determination that the dividend payments paid fi-om October 1996 through July 2000 represent "fraudulent transfers under Chapter 1 1 Bankruptcy
... provisions and applicable state law, and are, therefore, voidable." The complaint states the Montana Board of Investments was the "recipient of dividends in the amount of $357,099 for the relevant period." Page A-9 2. MTIP portfolio includes equity investments in four funds - BOI Internal International, Pyrford International, Schroder Investment Management NA and SG Pacific Assets Management. The four funds may invest in securities of foreign-based corporations listed on legal and recognized foreign exchanges as well as domestic exchanges.

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