ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 9-9-09

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 AUGUST 12, 2009.
2. PUBLIC COMMENT
3. REPORT ON CLOSED SESSION ITEMS
4. ACTION ITEMS
   1. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer: That your Board approve attendance of Board members and staff as designated by the Chief Executive Officer, at the Relational Investors Client Conference and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. (Memo dated September 2, 2009.) (Placed on the Agenda at the request of Ms. Sandoval.)
   2. Recommendation as submitted by John D. McClelland, Principal Investment Officer, Real Estate and Earl W. Buehner, Senior Staff Counsel: (1) Approve attendance of Board members, and staff as designated by the Chief Executive Officer, at INVESCO Real Estate’s 6th Annual Client Conference on November 3-5, 2009, at the Lodge at Torrey Pines in La Jolla, California; (2) Approve payment to INVESCO for its actual costs of providing meals and associated programs to LACERA’s representatives attending the conference; and (3) Approve reimbursement of all other costs associated with conference attendance in accordance with LACERA’s Education and Travel Policy. (Memo dated August 25, 2009.)
   3. Recommendation as submitted by Lisa Mazzocco, Chief Investment Officer: Reschedule the Wednesday, November 11, 2009, Board of Investments meeting to Wednesday, November 18, 2009. (Memo dated August 26, 2009.)
   4. Recommendation as submitted by John McClelland, CRE, Principal Investment Officer, Real Estate: Adopt the 2009-2010 Real Estate Investment Plan as presented. (Memo dated September 1, 2009.)
   5. Recommendation as submitted by John D. McClelland, Principal Investment Officer, Real Estate: Adopt the revised Real Estate Strategic Plan as presented. (Memo dated August 26, 2009.)
   6. Recommendation as submitted by Lisa Mazzocco, Chief Investment Officer, and June Kim, Senior Investment Officer, Equities: Provide Staff with direction regarding LACERA’s holding companies identified as having operations or investments in Iran. (Memo dated September 1, 2009.)
   7. G. Recommendation as submitted by Earl W. Buehner, Senior Staff Counsel: Consent to the assignment of the Investment Management Agreement from PENN Capital Management Company, Inc. a New Jersey corporation, to PENN Capital Management Company, Inc., a Delaware corporation, and authorize staff to execute such consents and other documents to effect the assignment as reviewed and approved by the LACERA Legal Office. (Memo dated August 25, 2009.)
   8. Recommendation as submitted by Michael D. Herrera, Senior Staff Counsel: That your Board authorize the Legal Office to retain the Grant & Eisenhofer law firm on a pro bono basis to file an amicus curiae brief on behalf of LACERA in Merck & Co. Inc. v. Reynolds. (Memo dated August 31, 2009.)
5. REPORTS
   1. Manager Review – Fixed Income Robert Z. Santos, Investment Officer, (Memo dated August 31, 2009.)

      Post Advisory Group

      Larry Post, Vice Chairman
      Allen Schweitzer, Chief Investment Officer
      Ralph Canada, Managing Director, Marketing
6. EXECUTIVE SESSION
   1. Public Employee Performance Evaluation (Government Code Section 54957)
      Title: Chief Investment Officer
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 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.

9/4/09