PERAC Memo #21 - 2006: Investment Manager List

Memorandum # 21/2006
M E M O R A N D U M TO: All Retirement Boards FROM: Robert A. Dennis, Investment Director RE: Investment Manager List

DATE: April 6, 2006

In accordance with 840 CMR 19.01, the following is the updated list of investment managers who have been approved for exemption in the asset classes of international equity, international fixed income, real estate, and alternative investments. The list consists of investment managers who have been the subject of approved applications for exemption on or before the effective date of the new investment regulations (7/10/98) and managers who have been approved after that date. The list includes only managers or funds that remain open to new investors; managers/funds that are closed will either not appear on this list or will be deleted upon closure.

The significance of this list is that, for retirement boards that have been previously granted an exemption for the particular asset class, they need not apply for an exemption in order to retain managers on this list. In hiring managers on this list, boards are still required to submit to PERAC 1) a Competitive Process Notification Form, 2) a Vendor Certification Form, and 3) a Disclosure Form in accordance with 840 CMR 17.04 8(a) and (b) and to receive acknowledgement from PERAC prior to transfer of funds. Retirement boards are also free to consider managers not on this list and to request exemptions for such managers.

Please note that, in accordance with 840 CMR 19.02 (5), exemptions are not required for the hiring of managers in the asset classes of domestic equity and fixed income. Only the submission of the three documents noted above is required. Accordingly, this list does not include managers in these asset classes.

Please note that the list of managers who have been subject to an exemption (waiver) is a separate and distinct list from the listing of Investment Managers, Consultants, and Custodians.

PERAC will update this list on a quarterly basis and will make this list available on the PERAC Home Page. If you have any questions, please call Rose Cipriani at 617-666-4446 ext. 931.

Enclosure

PERAC LIST OF INVESTMENT MANAGERS AS OF 3/31/06

INTERNATIONAL EQUITY MANAGERS

Acadian Asset Management Acadian International All Cap Fund Acadian International Equity Fund Acadian International Small Cap Fund, LLC Alliance Bernstein Emerging Markets Value Account Arrowstreet Capital, L.P. Baring Full Active/Passive Equity (Lending) Fund G Boston Company Emerging Markets Pooled Fund Boston Company International ACWI Equity Fund Boston Company International Core Equity Fund Boston Company International Equity Fund Boston Company International Small Cap Equity Fund Brandes International Equity Trust Brandywine International Equity Value Fund Capital International Emerging Markets Growth Fund Denver International Small Cap Equity Fund Deutsche Asset Management EuroPacific Growth Fund Fidelity International Growth Commingled Pool Fisher Investments, Inc. Fisher Investments Foreign Equity Fund Foreign & Colonial Emerging Markets Limited Frank Russell International Fund Freedom International Fund GlobeFlex International Small Cap Equity Fund GMO ERISA Pool HIS International Growth Fund Hotchkis and Wiley International Equity Group Trust INVESCO Global Asset Management (N.A.), Inc. IRT International Equity Fund Jarislowsky Fraser International Equity Fund Julius Baer International Equity Fund II Julius Baer International Equity Strategy Fund KBC Investment Trust Lazard Asset Management, LLC Lazard Emerging Markets Equity Portfolio Lazard Freres International Equity Fund LSV International Value Equity Fund Mellon Global Alpha I Fund

INTERNATIONAL EQUITY MANAGERS (cont’d)

MFS Institutional Advisors, Inc. MFS Institutional International Equity Fund OFITC Emerging Markets Equity Fund PanAgora Asset Management Rexiter Active Emerging Markets Fund Sanderson International Value Group Trust SSGA Active International Small Cap SL Common Trust Fund SSGA All International Allocation Common Trust Fund SSGA Daily Active Emerging Markets Fund SSGA Daily EAFE Securities Lending Fund SSGA Daily International Alpha Securities Lending Fund SSGA International Growth Opportunities Fund SSGA MSCI-EAFE Index Fund SSGA Passive MSCI-EAFE Fund Templeton Foreign Equity Series Fund Templeton Institutional Funds, Foreign Equity Series Primary Shares Vontobel Asset Management Wells Capital Management Emerging Markets Fund WTC-CIF International Growth Portfolio WTC-CIF International Research Equity Portfolio WTC-CIF Pacific Basin Fund

INTERNATIONAL FIXED INCOME MANAGERS

Aberdeen International Bond Portfolio Baring International Group Trust Fund F Colchester Global Bond Fund Delaware Pooled Trust Global Fixed Income Portfolio Delaware Pooled Trust International Fixed Income Portfolio Lazard Emerging Income Fund Loomis, Sayles & Company, L.P. McDonnell Investment Management, LLC Mellon Global Alpha I Fund PIMCO All Asset Fund RiverSource Investments, LLC Rogge International Bond Fund SSGA Passive World Government Bond Ex-US Index SL Common Trust Standish Mellon International Fixed Income Fund WTC-CIF International Bond Unhedged Portfolio

REAL ESTATE INVESTMENT MANAGERS

AEW Partners V, L.P. AFL-CIO Housing Investment Trust Allegis Value Trust (AVT) Fund

REAL ESTATE INVESTMENT MANAGERS (cont’d)

Arsenal Real Estate Fund IA, L.P. Bailard Real Estate Investment Trust I BlackRock Apartment Value Fund III, L.P. Boston Capital Fixed Income Mortgage Fund I LLC Carey Corporate Properties Associates Fund 15 Clarion Lion Properties Fund Duff & Phelps Real Estate Securities Trust Fidelity Real Estate Growth Fund II, L.P. Fidelity Real Estate Growth Fund, L.P. GFP Institutional Global Timber Investors VI Ltd. GPA Government Properties Fund I Guggenheim Real Estate Plus Fund Hancock Timberland VII Hearthstone – MSII Homebuilding Investors Hearthstone Multi-State Residential Value Added Fund III Heitman Value Partners, L.P. Intercontinental Real Estate Investment Fund IV, LLC INVESCO Core Real Estate Fund IRT Equity Real Estate Securities Fund L&B Realty Investment Program LaSalle Income & Growth Fund III Lend Lease Value Enhancement Fund V MetLife Tower Fund Morgan Stanley Prime Property Fund Multi-Employer Property Trust New Boston Institutional Fund, L.P. VI Principal U.S. Property Account Prudential Real Estate Investors (PRISA) Fund RMK Balanced Timberland Fund B RMK Select Timberland Investment Fund I, LLC RREEF America REIT II Sentinel Realty Partners VI SSGA Active REIT Fund SSGA/Tuckerman Group Multi-Family Development Program III SSGA/Tuckerman Group Property Redevelopment & Renovation Fund SSGA/Tuckerman Group Residential Income and Value Added (RIVA) Fund TA Realty Associates Fund VII UBS Real Estate Separate Account (RESA) Urdang & Associates Real Estate Advisors

ALTERNATIVE INVESTMENT MANAGERS

Audax Mezzanine Fund II DCM Private Equity Fund II DN Partners II, L.P.

ALTERNATIVE INVESTMENT MANAGERS (cont’d)

Globespan Capital Partners V, L.P. Levine Leichtman Capital Partners Deep Value Fund, L.P. Lexington Capital Partners VI, L.P. Mesirow Financial Capital Partners IX MTDC Heritage Fund North American Strategic Partners 2006, L.P. Northstar Mezzanine Partners IV Siguler Guff Distressed Opportunities Fund II