pas 278 assets held 8-11:layout 1
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West Midlands Pension Fund
Description of Assets Held31 March 2011
The West Midlands Pension Fund holds a wide range of assets in accordance with its investment strategy setout in its Statement of Investment Principles.
1) Quoted EquitiesThe Fund has direct major holdings of quoted equities in the UK, US, Europe, Japan and Pacific Basin. The numberand amount of individual stocks held will vary according to investment decisions taken on a day to day basis, but itis likely at any point in time the Fund will hold over 1,800 stocks. In respect of the UK, US, Europe and Japan, theFund will hold the majority of the significant quoted stocks as reflected in the major stock market indices.
2) Equities FundsThe Fund has interests in the following specialist funds:
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3) Specialist VehiclesThe Fund has interests in the following specialist vehicles:
� Principle Capital Investment Trust� TT International UK Equity Fund� Blackrock Ascent Life European Equity Fund� Blackrock Global Active Equity Strategy� Impax Environmental Markets (Ireland) Fund� Pictet Funds (LUX) - Emerging Markets
Investment Fund� Capital International Emerging Markets Fund� Emerging Markets Strategic Fund� Schroders Emerging Markets Fund
� Templeton Emerging Markets Investment Trust� Nomura Global Emerging Markets Fund� Aberdeen Emerging Markets Fund� Go European Focus Fund LP� Legal and General UK Smaller Companies
Index Fund� Old Mutual Global Statistical Arbitrage Fund� Sarasin Oekesar Global Fund
Infrastructure� EISER Global Infrastructure Fund�Alterna Core Capital Asset Fund LP�Aqua Resources Fund�Arcus European Infrastructure Fund I LP� Barclays European Infrastructure Fund� EQT Infrastructure Fund�Global Infrastructure Partners�Goldman Sachs International Infrastructure
Partners I�Henderson PFI Secondary Fund�Hg Renewable Power Partners� Infracapital Partners� Innisfree PFI Fund III� Innisfree PFI Secondary Fund
� Pictet Clean Energy Fund� Riverstone/Carlyle Renewable and
Alternative Energy Fund II� Sarasin New Power Fund� SteelRiver Infrastructure Fund North America� Impax New Energy Investors� Khosla Ventures III�Waste Resources Fund� JP Morgan Asian Infrastructure &
Related Resources Opportunity Fund� Impax New Energy II�AMP Capital Asian Giants Infrastructure Fund� Blackstone Cleantech� First Reserve Energy Fund
Absolute Returns� BlueCrest Mercantile Fund� BlueTrend Fund Limited�CF Ruffer Total Return Fund�Coriolis Horizon Fund�Coriolis Mistral Fund� Threadneedle Absolute Bond Fund�Advent Global Phoenix Convertible Strategy Fund�Aspect Diversified Fund�Capula Global Relative Value Fund�Davidson Kempner International �Dorchester Capital Secondaries Offshore Fund�Duet Global Opportunities Fund
�Goldman Sachs Opportunity Partners Offshore�Goodhart Partners Longitude Fund�Oak Hill Advisors Strategic Credit Fund�Oaktree Principal Fund V�Owl Creek Overseas Fund� Sciens Aviation Special Opportunities Offshore
Investment Fund� Taconic Opportunity Offshore Fund� Pru M&G UK Companies Fund� Baillie Gifford Diversified Growth Fund�Newton Global Dynamic Bond Fund�City Financial Asian Absolute Growth Fund
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Emerging Market Debt�Capital International Emerging Markets Fund�Ashmore EMLIP� Pioneer Emerging Market Debt Fund
� Bluebay Feeder Funds Emerging MarketOpportunity Fund
Commodities�Goldman Sachs Commodities Fund Offshore�Wellington Commodities�Zephyr Commodity Fund
� Investec Global Commodities and Resources Fund�Harewood Oscillator Fund�Mesirow Financial Commodities Management
Property�AEW Value Investors Asia�AEW European Property Investors Special
Opportunities Fund� Blackrock Global Real Estate Opportunity Fund� Blackrock Residential Opportunity Fund�Dune Real Estate Fund II�Goldman Sachs Developing Markets Real Estate�Goldman Sachs Whitehall International Real Estate
Corporation 2008� Igloo Regeneration Partnership�Morgan Stanley AIP Phoenix Global Real Estate
Secondaries Fund� Pramerica PLA Residential Fund III
� Rockspring Pan European PUT� Rockspring Pan European PUT AFF� RREEF European Value Added Fund I�Vision Brazil Real Estate Opportunities Fund I� Bluehouse Accession Property III�High Street Real Estate Fund III�Mansford Opportunity Fund III�Morgan Stanley Real Estate Fund VII Global� Beacon Capital Strategic Partners� Bridges Sustainable Property Fund� Phoenix Asia IV� Brazil Real Estate Opportunities Fund II� Sveafastigheter Fund III
Money Market�Northern Trust Global Sterling Fund�AIM Global Sterling Fund
�HSBC Sterling Liquidity Fund�NatWest Liquidity Select Account
Fixed Interest� Legal & General Investment Management Limited� Schroder Investment Management� European Credit Management
�Citi Bank Debt Investment Fund�Highbridge Principle Strategies Senior Loan Fund II� Jupiter Convertible Bond Fund
The Fund also has funds on a segregated basis with the following managers:
�MFS Investment Management�Nomura Asset Management (Japan)� Schroders Asia Pacific ex Japan
� Janus International Ltd (Intech)� Bache Commodities Ltd� Royal London Asset Management
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4. PRIVATE EQUITY
The Fund’s interests in current closed private equity funds is as follows:
SCHEDULE OF INVESTMENTS FOR 1990
Fund Commitment (m)Local Currency
MDC European $4.38 Causeway Third Fund £4.00 Apax Ventures IV £3.00 Apax CR III ¤ €3.04 Italian Private Equity Fund ¤ €1.80 Permira UK Venture Fund III £1.00 ECI Capital Partners £1.50
SCHEDULE OF INVESTMENTS FOR 1991
Fund Commitment (m)Local Currency
Cambria 1990 Exempt Unit Trust ¤ €1.10 Granville III £1.50 Schroder Spanish Venture Fund ¤ €1.20 Candover 1991 Fund £3.00 HarbourVest Partners Asia Unit Trust $4.00
SCHEDULE OF INVESTMENTS FOR 1992
Fund Commitment (m)Local Currency
Advent Atlantic & Pacific II $2.00 Midland Montagu Investment ¤ €2.28 Pantheon USA Fund $10.00
SCHEDULE OF INVESTMENTS FOR 1995
Fund Commitment (m)Local Currency
Candover 1994 Fund £3.00Morgan Grenfell Equity Partners £3.00Thompson Clive International £2.00Apax Ventures V £3.00Pantheon USA II $10.00
4) Private EquityThe Fund has interests in the following specialist funds:
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SCHEDULE OF INVESTMENTS FOR 1996
Fund Commitment (m)Local Currency
Advent Atlantic & Pacific III $3.40Doughty Hanson & Co Fund II €3.80Permira UK Fund IV £3.00 Italian Private Equity Fund II ¤ €2.58
SCHEDULE OF INVESTMENTS FOR 1997
Fund Commitment (m)Local Currency
Menlo Ventures VII $2.50Vestar Capital Partners II $3.00HarbourVest Partners Global Select Fund $6.00MTI 3 £1.00 Enterprise Partners IV $0.50 Apax Germany II ¤ €2.55 Permira Europe I ¤ €7.50 HarbourVest Partners V – Partnership Fund $7.00 HarbourVest Partners V – Direct Fund $3.00 Charterhouse VI £3.00 Vencap Post Venture Equities $3.00 Doughty Hanson & Co Fund III $7.50 Apax Ventures VI £3.00 Alchemy Investment Plan £1.00
SCHEDULE OF INVESTMENTS FOR 1998
Fund Commitment (m)Local Currency
Candover 1997 Fund £5.00 LGV Private Equity Fund 1998 £2.00 European Acquisition Capital II ¤ €5.00 APA Excelsior V $5.00 Thoma Cressey VI $5.00 Bridgepoint Europe I £7.50 Olympus Growth Fund III $5.00 Hicks Muse Tate & First Fund IV $10.00 ECI 6 £3.00 BC European Capital VI ¤ €5.00 Pantheon USA Fund III $15.00 Apax France V ¤ €3.80Geocapital Eurofund $5.00 Geocapital V $5.00 Alchemy Investment Plan £2.00
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SCHEDULE OF INVESTMENTS FOR 1999
Fund Commitment (m)Local Currency
Apax Europe IV ¤ 10.00 Granville VI – UK £3.00 Granville VI – Germany ¤ €2.80 LGV 1999 £2.00 Menlo Ventures VIII $4.00 Advent Atlantic & Pacific IV $5.00 Columbia Capital II $7.50 HarbourVest Partners VI – Partnership $15.00 Weiss Peck & Greer V $7.00 Graphite Capital Partners V £3.50 Quadriga Capital Fund II ¤ €4.10 Italian Private Equity Fund III ¤ €7.50 Vestar Capital Partners IV $6.00 Advanced Technology Ventures VI $5.00 Alchemy Investment Plan £2.00
SCHEDULE OF INVESTMENTS FOR 2000
Fund Commitment (m)Local Currency
JAFCO America Technology Fund III $7.50 MTI 4 £5.00 Permira Europe II ¤ €20.00 Prism Ventures III $7.50 BC Partners VII ¤ €15.00 Thomas H Lee V $20.00 Apax France VI ¤ €7.50 Columbia Capital Partners III $5.00 Apax Excelsior VI $15.00 Alchemy Investment Plan £2.00 Menlo Ventures IX $15.00 The First Cambridge Gateway £3.00Weston Presidio IV $15.00ECI VII £5.00Weiss, Peck & Greer VI $5.60Advent Private Equity Fund III £7.00Pantheon USA IV $20.00
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SCHEDULE OF INVESTMENTS FOR 2001
Fund Commitment (m)Local Currency
Apax Europe V $25.00Advanced Technology Ventures VII $15.00Bridgepoint Europe II €15.00Candover 2001 €15.00European Acquisition Capital III €15.00Prism Ventures IV $7.00Primary Capital II £5.00Quester Venture Partnership £3.00Alchemy Investment Plan £2.00
SCHEDULE OF INVESTMENTS FOR 2002
Fund Commitment (m)Local Currency
Globespan Ventures IV $7.00JP Morgan Italian Fund III €13.00Bridges Development Fund £1.00The Resolute Fund $10.00Indigo Capital IV €8.00Alchemy Investment Plan £2.00
SCHEDULE OF INVESTMENTS FOR 2003
Fund Commitment (m)Local Currency
Italian Private Equity Fund IV €8.00Graphite Capital VI £8.00Olympus Growth Fund IV £10.00Altor 2003 Fund €5.00Doughty Hanson & Co Fund IV €15.00Permira Europe III €15.00Pfingsten Executive Fund II $10.00Barclay’s European Infrastructure Fund £10.00Alchemy Investment Plan £2.00
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SCHEDULE OF INVESTMENTS FOR 2004
Fund Commitment (m)Local Currency
Gresham III Fund ‘A’ ¤ £5.00 Pantheon Global Secondaries II $25.00 Exponent Private Equity Partners £8.00 Innisfree PFI Fund III £15.00 Sprout Healthcare $10.00 Industri Kapital 2004 €12.00TA Advent Atlantic & Pacific V $8.00Henderson PFI Secondary Fund £17.50Advent Private Equity Fund IV £7.00Apax Europe VI €15.00Alchemy Investment Plan £3.00
SCHEDULE OF INVESTMENTS FOR 2005
Fund Commitment (m)Local Currency
Pantheon USA VI $45.00 Weston Presidio Capital V $12.00 ECI 8 ¤ €7.00 BC European Capital VIII €20.00 Bridgepoint Europe III ¤ €15.00 Menlo Ventures X $13.00 Pomona Capital VI ¤ $10.00 Vestar Capital Partners V $15.00 Candover 2005 €15.00 Scottish Equity Partners III £7.00 HgCapital 5 £11.00 Primary Capital III £8.00Chicago Growth Partners VIII $10.00HgCapital Renewable Energy Fund €14.50Alchemy Investment Plan £3.00
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SCHEDULE OF INVESTMENTS FOR 2006
Fund Commitment (m)Local Currency
ABN AMRO Infrastructure Capital Equity Fund €20.00Alchemy Investment Plan £5.00Altor Fund II €7.00Apax US VII $17.00Bridges Community Development Venture Fund II £3.00Corpfin Capital III €10.00 Francisco Partners II $15.00Globespan Fund V ¤ $15.00 Gresham 4 ¤ £13.00 HarbourVest Asia Pacific and Rest of World V $25.00Impax New Energy Fund €10.00Madison Dearborn V ¤ $15.00 Opus Capital Venture Partners $13.00 Pantheon Global Secondaries Fund III $30.00Permira IV €30.00 Thomas H. Lee VI $25.00 HarbourVest Partners VIII $20.00Alchemy Special Opportunities Feeder Fund £15.00Goldman Sachs Infrastructure Fund I $25.00Private Equity Partners IV €18.00Doughty Hanson and Co Fund V €20.00 Gartmore Private Equity Asia $20.00GB Deutschland €20.00
SCHEDULE OF INVESTMENTS FOR 2007
Fund Commitment (m)Local Currency
Apax Europe VII €35.00Blackstone Capital Partners V $30.00Graphite Capital Partners VII £16.00Indigo Capital V €12.00The Resolute Fund II $20.00Olympus Growth Fund V $20.00 Key Capital Partners I £2.00Climate Change Capital €10.00 Pantheon Asia V $25.00 Astorg IV €15.00Industri Kapital 2007 €20.00MVM III £7.00 Alven Capital III €10.00Exponent PEP II £12.00
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SCHEDULE OF INVESTMENTS FOR 2008
Fund Commitment (m)Local Currency
Virgin Green Fund I $20.00Doughty Hanson & Co Technology II ¤15.00Atomico Ventures II ¤25.00Clessidra II ¤25.00ECI 9 £15.00Altor Fund III ¤25.00HgCapital 6 £25.00Candover 2008 ¤8.00Alchemy Investment Plan £3.00InterWest Partners X $20.00Madison Dearborn VI $30.00Pfingsten IV $30.00Thoma Bravo Fund IX $15.00Weston Presidio VI $20.00Cressey & Co Fund IV $15.00Carlyle Partners V $25.00Industry Ventures V $20.00Pomona VII $30.00Capital Dynamics Asia $150.00Carlyle Asia Partners III $25.00HIPEP VI - Asia Pacific $30.00HIPEP VI - Emerging Markets $20.00
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SCHEDULE OF INVESTMENTS FOR 2009
Fund Commitment (m)Local Currency
CBPE Capital VIII £15.00Charterhouse IX ¤20.00Advent Life Sciences V £15.00Highbridge Principal Strategies - Mezzanine Partners $40.00Alchemy Investment Plan £3.00Triton III ¤25.00Unigestion Secondary Opportunity II ¤20.00Park Square Capital Partners II ¤30.00DCM VI $20.00Francisco Partners III $30.00New Enterprise Associates 13 $25.00Dominus Capital I $20.00CD&R Fund VIII $25.00MS Global Secondary Opportunity Fund I $25.00Lexington Middle Market Investors II $30.00Newbury Equity Partners II $30.00Ashmore Special Situations Fund 5 $30.00Axiom Asia Fund II $30.00Robeco SAM Fund of Funds III $15.00Robeco SAM Co-Investment Fund III $20.00Robeco SAM Secondary Fund III $25.00
SCHEDULE OF INVESTMENTS FOR 2010
Fund Commitment (m)Local Currency
Advent LAPEF V $25.00ASOF II Feeder Fund £20.00Atomico Ventures II $25.00Blackstone Capital Partners VI $30.00Key Capital Partners IV £2.00Montagu IV ¤15.00Opus Capital VI $20.00Pomona Capital Secondary Co-Investment $35.00
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PAS 278 Assets Held 8-11:Layout 1 23/9/11 13:13 Page 12
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13
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PAS 278 Assets Held 8-11:Layout 1 23/9/11 13:13 Page 13
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14
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15
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16
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18
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19
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21
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Property�Cleveland Estate� Backford & Wincham Estate� Stagsden Land� Butlers Marston Estate
Industrial� Birmingham (Garretts Green)�Gloucester (Barnwood Industrial Estate)� Leicester (Meridian Business Park)� Southampton (Canberra Rd)� Leeds (Waterside Business Park)� Edinburgh (S.Gyle Cr. Lane)�Horsham (Parsonage Way)�Weybridge (Brooklands Industrial Estate)� Bristol (Kingswood Industrial Estate)� Birmingham (Midpoint Park)�Manchester (Northbank Industrial Estate)�Hayes (Elystan BC Unit)� Birmingham (Merlin Park)� Birmingham (Premier House)� London (Powergate Business Park)
Offices� Bath (Manvers St)� Birmingham (Newhall St)�Crawley (Birchmead)�Uxbridge (Otter House)�Oxford (Westway)� London (Wardour St)�Warwick (Warwick Tech Park)
� London (Lower Regent St)� London (25 Wellington St)� Leeds (Bank House)�Manchester (Quay St)�Manchester (Byrom St)� London (15 Exeter St)
Supermarkets� Birmingham (Great Barr)�Morrisons (Wood Green)
Retail Warehouses�Ashford (Ashford Retail Park)�Hayes (Uxbridge Road Retail Park)� Birmingham (The Fort)� Pontefract (Racecourse Retail Park)�Oxford (Botley Road)�Clifton Moor
Shopping Centres�Oxford (Clarendon Centre)� Bury St Edmunds (ARC)
Shops�Carlisle (55-59 English St)�Newcastle (N’land St)� Brighton (Western Rd)�Glasgow (Buchanan St)
Overseas Unit Trust� Rockspring Pan European PUT
22
5) Property
6) Fixed InterestA range of government and company bonds are held, the content varying according to market conditions and investment policy.
PAS 278 Assets Held 8-11:Layout 1 23/9/11 13:13 Page 22