ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 3-11-09

1. APPROVAL OF THE MINUTES
   1. APPROVAL OF THE MINUTES OF THE REGULAR MEETING OF THE BOARD OF INVESTMENTS OF FEBRUARY 11, 2009.
2. PUBLIC COMMENT
3. REPORT ON CLOSED SESSION ITEMS
4. CONSENT AGENDA
   1. Recommendation as submitted by Stuart Mesnik, Senior Investment Analyst: Approve attendance of Board Members to attend the 2009 Wilshire Consulting Client Conference; and approve reimbursement of all applicable travel costs associated with attendance at the conference in accordance with the Travel Policy. (Memo dated March 2, 2009.)
   2. Recommendation as submitted by June H. Kim, Senior Investment Officer, Equities: Approve attendance of staff as designated by the Chief Executive Officer, at the Elkind Emerging Markets Forum; and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. (Memo dated February 25, 2009.)
   3. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer: Approve attendance of Board members, and staff as designated by the Chief Executive Officer, to attend The Labor and Worklilfe Program at Harvard Law School; and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. (Memo dated March 6, 2009.)
5. ACTION ITEMS
   1. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer: (1) Determine whether to ratify attendance by Board member John Barger at the CFA Institute’s conference Asset and Risk Allocation 2009; and (2) If attendance is ratified, approve reimbursement of all conference fees and travel costs associated with conference attendance according to LACERA’s Education and Travel Policy. (Memo dated March 4, 2009.) (Placed on the Agenda at the request of Mr. Barger.)
   2. Recommendation as submitted by Lisa Mazzocco, Chief Investment Officer: Adopt the proposed changes to the Investment Policy Statement. (Memo dated March 4, 2009.)
   3. Recommendation as submitted by Robert Z. Santos, Investment Officer, Fixed Income, and Shannon O’Connell, Senior Investment Analyst: Adopt the Barclays Capital U.S. Universal Index as the new benchmark for the fixed income composite, effective March 31, 2009. (Memo dated March 2, 2009.)
   4. Recommendation as submitted by June Kim, Senior Investment Officer, Equities, and Shannon O’Connell, Senior Investment Analyst: Authorize Staff to terminate American Century Investment Management’s small capitalization core mandate. (Memo dated March 3, 2009.)
   5. Recommendation as submitted by David L. Muir, Chief Counsel: Approve the attached ballot insert entitled “POWERS AND DUTIES OF INVESTMENTS BOARD MEMBERS” to be included with the ballot materials for the election of the Third Member of the Board of Investments. (Memo dated February 24, 2009.)
   6. Recommendation as submitted by Cynthia Lau, Legislative Affairs Officer: That your Board adopt a “Watch” position on HR 710. (Memo dated February 26, 2009.)
   7. Recommendation as submitted by Cynthia Lau, Legislative Affairs Officer: That your Board adopt a “Watch” position on AB 137. (Memo dated February 23, 2009.)
6. REPORTS
   1. Implementation of New Fixed Income Structure Vache Mahseredjian, Principal Investment Officer (Memo dated March 1, 2009.) (For information only.)
   2. Annual Report on Securities Litigation Michael D. Herrera, Senior Staff Counsel (Memo dated February 20, 2009.) (For information only.)
   3. Assembly Concurrent Resolution 4 Cynthia Lau, Legislative Affairs Officer (Memo dated February 23, 2009.) (For information only.)
   4. Update on Corporate Governance Items Dale Johnson, Senior Investment Analyst – Equities (For information only.)
7. GOOD OF THE ORDER

   (For discussion purposes only.)

8. ADJOURNMENT

Documents subject to public disclosure that relate to an agenda item for an open session of the Board of Investments that are distributed to members of the Board of Investments less than 72 hours prior to the meeting will be available for public inspection at the time they are distributed to a majority of the Board of Investments Members at LACERA’s offices at 300 N. Lake Avenue, Suite 820, Pasadena, CA 91101, during normal business hours of 9:00 a.m. to 5:00 p.m. Monday through Friday.

Listening Devices are available at days notice before the meeting date. Persons requiring an alternative format of this public notice pursuant to Section 202 of the Americans with Disabilities Act of 1990 may request one by contacting Cynthia Guider at (626) 564-6000, x3327 from 8:30 a.m. to 5:00 p.m. Monday through Friday, but no later than 48 hours prior to the time the meeting is to commence.

2/9/09