ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 8-12-09

LACERA

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

9:00 A.M.

1. APPROVAL OF THE MINUTES
   1. APPROVAL OF THE MINUTES OF THE MEETING OF THE BOARD OF INVESTMENTS OF JUNE 10, 2009.
   2. APPROVAL OF THE MINUTES OF THE MEETING OF THE BOARD OF INVESTMENTS OF JULY 8, 2009.
2. PUBLIC COMMENT
3. REPORT ON CLOSED SESSION ITEMS
4. REPORTS
   1. Manager Reviews – Fixed Income

      Robert Z. Santos, Investment Officer (Memo dated July 28, 2009.)

      LM Capital Management
      Luis Maizel, Co-Founder and Senior Managing Director
      John Chalker, Co-Founder and Managing Director
      Richard Deary, Director Business Development

   2. Manager Reviews – Fixed Income

      Shannon O’Connell, Senior Investment Analyst, Fixed Income (Memo dated July 30, 2009.)

      BlackRock, Inc.
      Diane E. Parish, Managing Director
      Andrew J. Phillips, Managing Director

   3. Performance Review as of June 30, 2009

      Lisa Mazzocco, Chief Investment Officer

      Wilshire Associates Incorporated
      William Bensur, CFA, Managing Director

   4. Trust Universe Comparison Services (TUCS) Data

      Lisa Mazzocco, Chief Investment Officer (For information only.)

   5. Real Estate Performance Measurement Quarter Ended March 31, 2009

      John McClelland, Principal Investment Officer, Real Estate (Memo dated August 3, 2009.) (For information only.)

      The Townsend Group
      Micolyn Yalonis, Principal

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 Resource
      John Nogales, Senior Human Resources Analyst
      Sharon Norton, Senior Human Resources Analyst
      Robb Van Der Volgen, 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 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.

8/7/09