ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 6-10-09

LACERA

300 N. Lake Ave., Suite 810
Pasadena, CA 91101

9:00 A.M.

1. PUBLIC COMMENT
2. REPORT ON CLOSED SESSION ITEMS
3. ACTION ITEMS
   1. 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 2009 Real Estate Investment World Latin America, to be held at The Biltmore Hotel, in Coral Gables, Florida, and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. Placed on the Agenda at the request of Mr. Santos. (Memo dated June 2, 2009.)

   2. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer:

      Approve attendance of Board members and staff as designated by the Chief Executive Officer at the World Pension Forum State of the States Conference, to be held at The St. Regis Hotel, in Laguna Beach, California, and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. Placed on the Agenda at the request of Mr. Santos. (Memo dated June 3, 2009.)

   3. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer:

      Adopt the LACERA Fiscal Year 2009-2010 Administrative and Retiree Health Care Benefits Budgets. (Memo dated May 26, 2009.)

   4. Recommendation as submitted by Lisa Mazzocco Chief Investment Officer:

      Adopt Alternative Two (Table Two on page seven) as LACERA’s new Asset Allocation Policy, which reduces LACERA’s fixed income exposure by two percent and increases the global equity and commodity allocations by one percent each. (Memo dated June 1, 2009.)

   5. Recommendation as submitted by Vache Mahseredjian, Principal Investment Officer, Robert Z. Santos, Investment Officer, Fixed Income, and Shannon O’Connell, Senior Investment Analyst, Fixed Income:

      Hire Goldman Sachs Agency Lending (GSAL) to provide agency-based securities lending services for LACERA’s U.S. Equity and Corporate Bond Portfolios. (Memo dated June 3, 2009.)

   6. Recommendation as submitted by Cynthia Lau, Legislative Affairs Officer:

      Adopt a “Support” position on AB 1584, which relates to conflicts of interest. (Memo dated May 28, 2009.)

4. REPORTS
   1. Manager Review - Dodge & Cox

      Robert Z. Santos, Investment Officer, Fixed Income (Memo dated May 29, 2009.)

      Dodge & Cox
      Dana M. Emery, Senior Vice President

   2. Private Equity Annual Report

      Christopher J. Wagner, Senior Investment Officer, Private Equity (Memo dated June 3, 2009.)

5. EXECUTIVE SESSION
   1. CONFERENCE WITH LABOR NEGOTIATORS (Government Code Section 54957.6)

      Agency designated representatives:
      Gregg Rademacher, Chief Executive Officer
      Janice Golden, Assistant Executive Officer
      Robert Hill, Assistant Executive Officer
      Robert Proctor, Director of Human Resources
      David Muir, Chief Counsel
      Employee organization:
      Service Employees International Union (SEIU), Local 721

6. GOOD OF THE ORDER (For discussion purposes only.)
7. 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.

6/8/09