2006-01 - Securities Litigation Consultant
2006-02 - Corporate Action Agency Committee
2006-03 - Sovereign Bancorp, Inc
2006-04 - Catterton Partners VI, L.P.
2006-05 - Lubert-Adler Real Estate Fund V, L.P.
2006-06 - Strategic Partners Value Enhancement Fund
2006-07 - The Fourth Cinven Fund, L.P.
2006-08 - Blackstone Real Estate Partners V, L.P.
2006-09 - ProLogis North American Industrial Fund, L.P.
2006-10 - Atlanta Airport Marriott Hotel
2006-11 - Accounts of Theodore Kirsch, Jacob Steinberg Thomas Doyle, and William Gormley (Claimants)
2006-12 - 2006/07 Asset Allocation Plan
2006-13 - Hiring of Investment Managers
2006-14 - Cerberus Institutional Partners, L.P. Series Four
2006-15 - The Fourth Cinven Fund, L.P.
2006-16 - Fortress Investment Fund IV
2006-17 - Final 2006 Health Options Program Budget
2006-18 - Qwest Communications International, Inc.
2006-19 - Re: AOL/Time Warner
2006-20 - Developmental Fund Policy
2006-21 - Permira IV, L.P.
2005-22 - LEM Real Estate Mezzanine Fund II, L.P.
2006-23 - Apollo Real Estate Finance Corporation
2006-24 - TPG Partners V, L.P.
2006-25 - Gleacher Mezzanine Fund II, L.P.
2006-26 - Quaker BioVentures II, L.P.
2006-27 - ARCap Real Estate Special Situation Mortgage Fund,L.L.C.
2006-28 - Termination of Investment Manager
2006-29 - HOP Plan Year 2007
2006-30 - Longevity/General Pay Increase
2006-31 - Investment Office Staff Promotions
2006-32 - Structural Compensation Change
2006-33 - Investment Incentive Compensation Pay Policy
2006-34 - Classification Analysis
2006-35 - Bear Stearns Banking
2006-36 - Catterton Partners VI, L.P.
2006-37 - Cerberus Institutional Partners , L.P. Series Four
2006-38 - Actuarial Audit Review
2006-39 - Currency Program
2006-40 - Commodity Program
2006-41 - Investment Policy Statement
2006-42 - Investment Objectives and Guidelines
2006-43 - KKR 2006 Fund L.P.
2006-44 - First Reserve Fund CI, L.P.
2006-45 - Windjammer Senior Equity Fund III, L.P.
2006-46 - Avenue Asia Special Situations Fund IV, L.P.
2006-47 - PNC Equity Partners II, L.P.
2006-48 - Actuarial and Pension Plan Consulting Services
2006-49 - HOP Pharmacy Benefit Manager
2006-50 - Revisions to HOP 2007 Plan Design
2006-51 - Investment Policy Statement, Objectives and Guidelines
2006-52 - Publicly Traded Real Estate Securities Program
2006-53 - Avenue Real Estate Fund, L.P.
2006-54 - Broadway Partners Real Estate Fund II, L.P.
2006-55 - Landmark Equity Partners XIII, L.P.
2006-56 - Modifications to Resolution 2005-28 - GSC Recovery III, L.P.
2006-57 - Modifications to Resolution 2006-24 - TPG Partners V, L.P.
2006-58 - 2006 PSERS Committee and Board Meeting Dates
2006-59 - Carlyle Realty Partners V, L.P.
2006-60 - New York Life Investment Management Mezzanine Partners II, L.P.
2006-61 - Modifications to Resolution 2004-70 - Quadrangle Capital Partners II, L.P.
2006-62 - Sudan Investments
2006-63 - Health Options Program - Basic Option Change
2006-64 - Health Options Program - Pharmacy Plan Design Change for 2006
2006-65 - Health Options Program - Enhanced and Basic Medicare Rx Option and Fee for Service Plan year 2007 Rates
2006-66 - 2007-2008 Administrative Budget and Directed Commissions Restricted Revenue Budgets
2006-67 - Psilos Group Partners III, L.P.
2006-68 - 3355 W. Alabama, Houston, TX
2006-69 - Investment Office Classification Study
2006-70 - PA Department of Auditor General Performance Audit and Independent Fiduciary Services, Inc. Performance Review
2006-71 - Financial Statements and Independent Auditor's Report
2006-72 - Accounts of Theodore Kirsch, Jacob Steinberg, Thomas Doyle, and William Gormley: Order Adopting Stipulation and Rescinding Remand
2006-73 - Robert P. Casey, Susan L. Clapper, Gerald A. Katona, Roger H. May
2006-74 - Accounts of Theodore Kirsch, Jacob Steinberg, Thomas Doyle, and William Gormley
2007-75 - BGI Emerging Markets Strategic Index Fund
2006-76 - Internally-Managed LIBOR-Plus Short-Term Investment Pool
2006-77 - Providence Equity Partners VI, L.P.
2006-78 - RCG Longview Equity Fund, L.P.
2006-79 - O'Connor North American Property Partners II, L.P.
2006-80 - Morgan Stanley Real Estate Fund VI International, L.P.
2006-81 - Atlanta Airport Marriott Hotel
2006-82 - 2007 Health Options Program Budget
2006-83 - Investment Incentive Compensation Plan Policy - Amendment
2006-84 - Actuarial Valuation
2006-85 - Accounts of Theodore Kirsch, Jacob Steinberg, Thomas Doyle, and William Gormley

PSERB Resolution 2006-01
Re:  Securities Litigation Consultant
January 20, 2006

RESOLVED, that the Public School Employees Retirement Board hereby selects Reinhart Boerner Van Deuren SC and Berman Devalerio Pease Tobacco Burt & Pucillo, as the Securities Litigation Consultants for the period beginning with the execution of the contract through December 31, 2007, renewable on a year-to-year basis thereafter upon the mutual consent of the parties for up to three additional years, subject to negotiation of terms and conditions satisfactory to the Chief Investment Officer, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-02
Re:  Corporate Action Agency Committee
January 20, 2006

RESOLVED, that Public School Employees Retirement Board hereby concurs in the creation of PSERS Corporate Action Agency Committee, in accordance with the recommendation of Jeffrey B. Clay dated January 5, 2006. 

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PSERB Resolution 2006-03
Re: Sovereign Bancorp, Inc.
January 20, 2006

RESOLVED, that the Public School Employees Retirement Board hereby directs staff to send letters to the Securities Exchange Commission and the New York Stock Exchange regarding Sovereign Bancorp, Inc. (Sovereign), expressing its request that they investigate Sovereigns practices regarding shareholders rights with respect to the pending Santander/ICBC transaction.

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PSERB Resolution 2006-04
Re:  Catterton Partners VI, L.P.
January 20, 2006

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in Catterton Partners VI, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-05
Re:  Lubert-Adler Real Estate Fund V, L.P. 
January 20, 2006

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in Lubert-Adler Real Estate Fund V, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-06
Re:  Strategic Partners Value Enhancement Fund 
January 20, 2006

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25% of the committed capital, up to $62.5 million, but not less than $55.0 million, plus management fees and reasonable normal investment expenses, in Strategic Partners Value Enhancement Fund, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-07
Re:  The Fourth Cinven Fund, L.P.
January 20, 2006

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 85 million Euros plus reasonable normal investment expenses, in The Fourth Cinven Fund, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-08
Re:  Blackstone Real Estate Partners V, L.P. 
January 20, 2006

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $200 million plus management fees and reasonable normal investment expenses, in Blackstone Real Estate Partners V, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-09
Re:  ProLogis North American Industrial Fund, L.P.
January 20, 200

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to $200 million plus reasonable normal investment expenses in ProLogis North American Industrial Fund, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director. 

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PSERB Resolution 2006-10
Re:  Atlanta Airport Marriott Hotel
January 20, 2006

RESOLVED, that the Public School Employees Retirement Board hereby approves the proposed sale of PSERS investment in the Atlanta Airport Marriott Hotel, Atlanta, Georgia, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 19, 2006.  The final terms and conditions of the sale must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director. 

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PSERB Resolution 2006-11
Re: Accounts of Theodore Kirsch, Jacob Steinberg Thomas Doyle, and William Gormley (Claimants)
January 20, 2006

RESOLVED, that the Public School Employees Retirement Board (the Board) hereby grants the Claimants application for a remand to the Hearing Examiner; and that this matter shall be remanded to a Hearing Examiner to open the record and consider and make a recommendation to the Board regarding the actuarial costs and financial impact of Claimants appeal and such other issues as shall be raised by the parties that are relevant to the matter.

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PSERB Resolution 2006-12
Re:  2006/07 Asset Allocation Plan
March 10, 2006

RESOLVED, the Public School Employees Retirement Board  hereby adopts the proposed the 2006/07 Asset Allocation Plan for the Public School Employees Retirement Fund as proposed by Wilshire Associates Incorporated in its presentation material dated March 9, 2006 :

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PSERB Resolution 2006-13
Re:  Hiring of Investment Managers
March 10, 2006

RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed Investment Manager Hirings pursuant to the presentation and recommendations of Wilshire Associates Incorporated in its presentation material dated March 9, 2006 as follows:

• Batterymarch Financial Management, Inc. Emerging Market Equity Portfolio

• Wellington Management Company, LLP - Emerging Market Equity Portfolio

• William Blair & Company, LLC Emerging Market Equity Portfolio

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PSERB Resolution 2006-14
Re:  Cerberus Institutional Partners, L.P. Series Four
March 10, 2006

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $200 million plus reasonable normal investment expenses, in Cerberus Institutional Partners, L.P. Series Four, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated March 9, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-15
Re:  The Fourth Cinven Fund, L.P.
March 10, 2006

RESOLVED, that the Public School Employees Retirement Board hereby modifies the terms of its investment in The Fourth Cinven Fund, L.P., by increasing the amount of its investment from 85 million Euros to 150 million Euros plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated January 20, 2006 as amended March 9, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-16
Re:  Fortress Investment Fund IV
March 10, 200

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $200 million plus reasonable normal investment expenses, in Fortress Investment Fund IV and its related co-investment fund(s), in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated March 9, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director. 

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PSERB Resolution 2006-17
Re: Final 2006 Health Options Program Budget
March 10, 2006

RESOLVED, the Public School Employees' Retirement Board  hereby adopts the proposed final Budget for the Health Options Program for the Plan Year 2006 in the amount of $160,526,000 as presented by mark F. Schafer at the March 9, 2006 Health Care Meeting.                          

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PSERB Resolution 2006-18
Re:   Qwest Communications International, Inc.
March 10, 2006

RESOLVED, that the Public School Employees Retirement Board  hereby authorizes the Executive Director, acting on behalf of the Public School Employees Retirement System (PSERS), to cause PSERS to opt out of the class in the action commenced in the United States District Court for the District of Colorado, Case No. 01-CV-1451-REB-CBS against Qwest Communications International, Inc. and other named defendants (Defendants), and to initiate a separate case on behalf of PSERS against Defendants, provided there are no legal impediments to doing so, in accordance with the recommendation of Jeffrey B. Clay, Executive Director, Alan Van Noord, Chief Investment Officer and Gerald Gornish, Chief Counsel.  Staff is directed to request the appointment of outside counsel by the Office of General Counsel and seek delegation of authority from the Attorney General for said litigation.  The terms and conditions of the legal services contract must be satisfactory to the Office of Chief Counsel and the Executive Director.

PSERB Resolution 2006-19
Re: AOL/Time Warner
March 30, 2006

RESOLVED, that the Public School Employees Retirement Board hereby delegates to the Executive Director, Chief Investment Officer, and Chief Counsel the authority to settle PSERS pending securities litigation with AOL/Time Warner, filed in the Philadelphia Court of Common Pleas, in accordance with the recommendation of Gerald Gornish dated March 21, 2006.  Said delegation shall include the authority to execute any and all documents necessary to implement the settlement, provided that the final terms of the settlement shall be satisfactory to the Executive Director, Chief Investment Officer and Office of Chief Counsel.

PSERB Resolution 2006-20
Re:  Developmental Fund Policy
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed revisions to the Developmental Fund Policy for the Public School Employees Retirement System pursuant to the presentation and recommendations of Luke M. Jacobs, Investment Analyst, dated April 27, 2006.

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PSERB Resolution 2006-21
Re:  Permira IV, L.P.
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 300 million Euros plus reasonable normal investment expenses, in Permira IV, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-22
Re: LEM Real Estate Mezzanine Fund II, L.P.
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board  hereby invests an amount equal to 25% of the committed capital, but not to exceed $75 million plus reasonable normal investment expenses, in LEM Real Estate Mezzanine Fund II, L.P., in accordance with the r ecommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-23
Re: Apollo Real Estate Finance Corporation
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25% of the committed capital, but not to exceed $150 million plus reasonable normal investment expenses, in Apollo Real Estate Finance Corporation, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERS Resolution 2006-24
Re:  TPG Partners V, L.P.
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board (the Board) hereby invests an amount equal to 25% of the committed capital, but not to exceed $200 million plus reasonable normal investment expenses, in TPG Partners V, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

PSERB Resolution 2006-25
Re:  Gleacher Mezzanine Fund II, L.P.
April 28, 2006  

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $112.5 million plus reasonable normal investment expenses, in Gleacher Mezzanine Fund II, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-26
Re:  Quaker BioVentures II, L.P.
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25% of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in Quaker BioVentures II, L.P. in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-27
Re: ARCap Real Estate Special Situation Mortgage Fund, L.L.C.
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $100 million plus reasonable normal investment expenses, in ARCap Real Estate Special Situation Mortgage Fund, L.L.C., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated April 27, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-28
Re:  Termination of Investment Manager
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby terminates Longwood Investment Advisors, Inc. pursuant to the recommendation of Wilshire Associates Incorporated dated April 10, 2006 and James H. Grossman, Director of External Public Markets, Risk & Compliance.

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PSERB Resolution 2006-29
Re: Plan year 2007
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board (the Board) hereby recommends that the Board adopt the 2007 Plan Year Health Option Program Plan Design, as presented by Messrs. Mark J. Schafer and Ross Konigsburg on April 27, 2006, and in their report dated April 2006. 

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PSERB Resolution 2006-30
Re:  Longevity/General Pay Increase
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby grants a 2.25% longevity increase to all Investment Professional Staff, effective July 8, 2006, a 3.5% general pay increase effective January 1, 2007, and a longevity increase of 2.25% effective January 6, 2007.  Said increase shall be included as part of their base salary as of the respective effective dates.

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PSERB Resolution 2006-31
Re:  Investment Office Staff Promotions
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby promotes Luke Jacobs and Marc Brickman from Junior Level to Mid Level (pay group 9 to 10), effective July 1, 2006, and adjust Mr. Jacobs base salary by 3.4% and Mr. Brickmans base salary by 3.5%.  Said increases shall be prior to the longevity increase effective July 8, 2006. 

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PSERB Resolution 2006-32
Re:  Structural Compensation Change
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby increases the salary of Steven Derr by 3.5% of his base salary effective July 1, 2006 based on Mr. Derrs increased responsibilities.  Said increase shall be prior to the longevity increase effective July 8, 2006.

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PSERB Resolution 2006-33
Re:  Investment Incentive Compensation Plan Policy
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby approves the Investment Incentive Compensation Plan Policy for the fiscal year ending June 30, 2007, in accordance with the recommendation of Alan H. Van Noord, CFA, Chief Investment Officer and Jeffrey B. Clay, Executive Director, dated April 27, 2006.

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PSERB Resolution 2006-34
Re:  Classification Analysis
April 28, 2006

RESOLVED, that the Public School Employees Retirement Board hereby enlists the services of a consultant to analyze the classification and pay structure and responsibilities of the PSERS Investment Staff as well as other personnel related issues, in accordance with the recommendation of Alan H. Van Noord, CFA, Chief Investment Officer and Jeffrey B. Clay, Executive Director, dated April 27, 2006.  Specific issues to be reviewed would include, but not be limited to:

A)  The structure and methodology of moving individuals through the  system (from junior level to senior level) and changing the current classification and pay system to align appropriately with the three levels; 

B)  The appropriate pay level commensurate with responsibility 

C)  Refinements to the incentive compensation program; 

D)  Recommendations pertaining to staffing levels; 

E)  Recommendations pertaining to succession planning; and 

F)  Recommendations pertaining to a formal training program.

PSERB Resolution 2006-35
RE:  Modifications to Resolution 2005-56
Bear Stearns Merchant Banking Partners III, L.P.
May 5, 2006

RESOLVED, that the Public School Employees Retirement Board hereby modifies Resolution 2005-56 dated December 9, 2005, by increasing the committed capital in Bear Stearns Merchant Banking Partners III, L.P. from $150 million plus reasonable normal investment expenses, to $200 million plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated May 1, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-36
RE:  Modifications to Resolution 2006-04
Catterton Partners VI, L.P.
May 5, 2006 

RESOLVED, that the Public School Employees Retirement Board hereby modifies Resolution 2006-04 dated January 20, 2006, by increasing the committed capital in Catterton Partners VI, L.P. from $100 million plus reasonable normal investment expenses, to $150 million plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated May 1, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-37
RE:  Modifications to Resolution 2006-14
Cerberus Institutional Partners, L.P. Series Four
May 5, 2006 

RESOLVED, that the Public School Employees Retirement Board hereby modifies Resolution 2006-14 dated March 10, 2006, by increasing the committed capital in Cerberus Institutional Partners, L.P. Series Four from $200 million plus reasonable normal investment expenses, to $400 million plus reasonable normal investment expenses, in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated May 1, 2006.  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-38
Re: Actuarial Audit Review
May 17, 2006

 RESOLVED, that the Public School Employees Retirement Board hereby accepts the Actuarial Findings for year ended June 30, 2005, and Five Year Experience Study for the period ended June 30, 2005, as presented by Mr. Scott Porter, Milliman Consultants and Actuaries, in its report dated May 8, 2006.   

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PSERB Resolution 2006-39
Re:  Currency Program
June 9, 2006

RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed Currency Program pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer, and the presentation and recommendation of Wilshire Associates Incorporated in its presentation material dated June 8, 2006, as follows:

• Investment Manager Hirings 

Active Currency Hedging Overlay Manager  - 
To manage the 30% International Equity Hedge, or a notional value equal to 9% of the Fund 

• Pareto - account will be funded as necessary to fund losses or any collateral needs; gains will be swept as received. 

Active Currency Overlay Managers - 
Each to manage a portable alpha strategy with a tracking error of 4% and a notional amount of $1 billion 

• Goldman Sachs Asset Management allocation of 0.25% of the Fund 

• FX Concepts - account will be funded as necessary to fund losses or any collateral needs; gains will be swept as received. 

• Mellon Capital Management - account will be funded as necessary to fund losses or any collateral needs; gains will be swept as received. 

The final terms and conditions must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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PSERB Resolution 2006-40
Re:  Commodity Program
June 9, 2006

RESOLVED, that the Public School Employees Retirement Board hereby adopts the proposed Commodity Program pursuant to the recommendation of Alan H. Van Noord, Chief Investment Officer, and the presentation and recommendation of Wilshire Associates Incorporated in its presentation material dated June 8, 2006, as follows:

• Investment Manager Hirings

Full Discretion Commodity Managers

• Deutsche Asset Management 
  Allocation of 1.67% of the Fund 
  

• Wellington Management Company, LLP 
  Allocation of 1.67% of the Fund Enhanced Commodity Index Manager 
  

• Credit Suisse 
  Allocation of 1.66% of the Fund 

The final terms and conditions must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director. PSERB Resolution 2006-41Re:Investment Policy Statement.

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RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $300 million plus reasonable normal investment expenses, in KKR 2006 Fund L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated June 8, 2006 (attached).  The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.

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RESOLVED, that the Public School Employees Retirement Board hereby invests an amount equal to 25 percent of the committed capital, but not to exceed $300 million plus reasonable normal investment expenses, in Avenue Asia Special Situations Fund IV, L.P., in accordance with the recommendation of Charles J. Spiller, Director of Alternative Investments, dated June 8, 2006 (attached).   The final terms and conditions of the investment must be satisfactory to the Investment Office, the Office of Chief Counsel, and the Executive Director.