ABOUT LACERA

BOARD OF INVESTMENTS AGENDA 2-10-10

LACERA

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

9:00 AM

1. APPROVAL OF THE MINUTES
   1. APPROVAL OF THE MINUTES OF THE REGULAR MEETING OF THE BOARD OF INVESTMENTS OF JANUARY 13, 2010.
2. PUBLIC COMMENT
3. REPORT ON CLOSED SESSION ITEMS
4. ACTION ITEMS
   1. Recommendation as submitted by Gregg Rademacher, Chief Executive Officer:

      Ratify attendance by Board member John Barger at the Turnaround Management Association Conference, held January 27-29, 2010, and approve reimbursement of all conference fees and travel costs associated with conference attendance according to LACERA s’ Education and Travel Policy. (Memo dated January 19, 2010.) (Placed on the Agenda at the request of Mr. Barger.)

   2. 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 Klausner and Kaufman’s 12th Annual Client Conference on March 21-24, 2010, and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. (Memo dated February 2, 2010.) (Placed on the Agenda at the request of Mr. Pryor.)

   3. Recommendation as submitted by John D. McClelland, Principal Investment Officer, Real Estate:

      Approve attendance of Board Members, and staff as designated by the Chief Executive Officer, at the NCREIF 2010 Annual Winter Conference to be held on February 23-26, 2010, and approve reimbursement of all travel costs incurred in accordance with LACERA’s Education and Travel Policy. (Memo dated January 12, 2010.)

   4. Recommendation as submitted by John D. McClelland, Principal Investment Officer, Real Estate.

      Approve attendance of Board members at the RREEF Americas Real Estate Fund Conference on March 17 and 18, 2010, and approve reimbursement of all costs incurred in accordance with LACERA’s Education and Travel Policy. (Memo dated February 2, 2010. (Placed on the agenda at the request of Ms. Sandoval and Mr. Schneider.)

   5. Recommendation as submitted by Lisa Mazzocco, Chief Investment Officer:

      (1) Reschedule the April 14, 2010, Board of Investments meeting to April 28, 2010; and (2) Reschedule the May 12, 2010, Board of Investments meeting to May 26, 2010. (Memo dated February 1, 2010.)

   6. Recommendation as submitted by the Corporate Governance Committee:

      Adopt LACERA’s Non-U.S. Proxy Voting Guidelines. (Memo dated January 21, 2010.)

5. REPORTS
   1. Performance Review as of December 31, 2009

      Lisa Mazzocco, Chief Investment Officer
      Investment Staff

   2. Investment Staff Goals 2010/11

      Lisa Mazzocco, Chief Investment Officer (Memo dated February 3, 2010.)

   3. Real Estate Performance Measurement for Quarter Ended September 30, 2009 J

      ohn McClelland, Principal Investment Officer, Real Estate (Memo dated January 29, 2010.)
      (For information only.)

   4. Third Quarter Private Equity Portfolio Update

      Christopher J. Wagner, Senior Investment Officer, Private Equity (Memo dated February 2, 2010.)
      (For information only.)

   5. Wilshire Consulting Investment Performance Analysis – December 31, 2009

      (For Information only.)

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.

Persons requiring an alternative format of this agenda pursuant to Section 202 of the Americans with Disabilities Act of 1990 may request one by calling Cynthia Guider at (626)-564-6000, 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. Assistive Listening Devices are available upon request. American Sign Language (ASL) Interpreters are available with at least three (3) business days notice before the meeting date.

2/5/10