ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 7-8-09

LACERA

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

9:00 A.M.

1. APPROVAL OF THE MINUTES OF THE SPECIAL MEETING OF THE BOARD OF INVESTMENTS OF MAY 27, 2009.
2. PUBLIC COMMENT
3. REPORT ON CLOSED SESSION ITEMS
4. 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, at the Corporate Library’s 2009 Public Funds Forum from September 8 –10, 2009, at the Hotel Del Coronado, in San Diego, 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 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 Forum for Institutional Investor 2009 at the New York Palace Hotel in New York City on October 23 and 24, 2009, 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. Schneider (Memo dated June 3, 2009.)
   3. Recommendation as submitted by June Kim, Senior Investment Officer, Equities and Esmeralda V. del Bosque, Senior Investment Analyst, Equities: (1) Adjust the allocation range for U.S. equity emerging manager mandates from 2 – 4% to 0 – 5%; and (2) Authorize Staff to approve variances from LACERA’s sub-manager selection criteria on a case-by-case basis. (Memo dated June 29, 2009.)
   4. Recommendation as submitted by Cynthia Lau, Legislative Affairs Officer: That your Board continue its “Support” position on AB 1584. (Memo dated June 24, 2009.)
5. REPORTS
   1. Manager Reviews – Fixed Income Robert Z. Santos, Investment Officer, Shannon O’Connell, Senior Investment Analyst, Fixed Income (Memo dated June 26, 2009.)

      Goldman Sachs Asset Management
      Michael Swell, Managing Director, Co-Head of U.S. Fixed Income
      Pat Sullivan, Managing Director and Head of the Public Funds Group

      Loomis, Sayles & Company
      John Hyll, Vice President, Fixed Income Portfolio Manager
      Stephanie S. Lord, CFA, CIC, Vice President, Client Portfolio Manager

      Principal Global Investors
      David Blake, Executive Director, Fixed Income
      William Armstrong, Portfolio Manager
      Paul Stover, Senior Relationship Manager

   2. Private Equity Annual Report Christopher J. Wagner, Senior Investment Officer, Private Equity (Memo dated June 16, 2009.)

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 LACERAs 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.

Assistive Listening Devices are available at the meeting upon request. American Sign Language (ASL) Interpreters are available with at least three business 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