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New York State Teachers' Retirement System
January 27, 2011 Board Meeting
Summary of Actions

Re-elected R. Michael Kraus as president of the Board and Sheila J. Salenger as vice president.

Considered a private equity investment in Cortec Group Fund V L.P., and authorized the System to invest up to $50 million in that fund, subject to the satisfactory completion of due diligence.

Considered a real estate investment in Artemis Real Estate Partners Fund I L.P., and authorized the System to invest up to $50 million in that fund, subject to the satisfactory completion of due diligence.

Renewed the agreement with Black Rock Financial Management Inc. to manage a portion of the System's assets in Commercial Mortgage Backed Securities (CMBS), for one year, effective April 3, 2011.

Renewed the agreement with Torchlight Investors L.L.C. to manage a portion of the System's assets in Commercial Mortgage Backed Securities (CMBS), for one year, effective March 30, 2011.

Renewed the agreement with Iridian Asset Management L.L.C. to manage a portion of the System's portfolio as an active domestic mid capitalization equity manager, for one year, effective April 1, 2011.

Authorized the Executive Director to reallocate, at his discretion as circumstances warrant, up to $2 billion in assets between the System's passively managed domestic equity portfolios and the System's passively managed international equity portfolios.

Authorized the Executive Director to invest in exchange traded futures as necessary to minimize certain asset allocation risk and to minimize implementation costs and improve efficiencies when rebalancing the domestic equity portfolio, with exposure in such instruments not to exceed $2 billion at any one time.

Approved an amended Internal Audit Department charter.

Honored Ruth Cramer (Continual Contribution to Excellence) and Jacqueline Rymanowski (Significant Contribution for the Year) as NYSTRS' 2010 Excellence Award winners.