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

Authorized the investment of up to €100 million in The Fifth Cinven Fund, subject to the satisfactory completion of due diligence.

Authorized the investment of up to $75 million in PCCP First Mortgage II LP, subject to the satisfactory completion of due diligence.

Authorized the investment of up to $50 million in FCP Fund II LP, subject to the satisfactory completion of due diligence.

Renewed the agreement with Leading Edge Investment Advisors to manage a portion of the System’s equity portfolio as a manager of managers with a domestic equity all cap mandate, for one year, effective Nov. 22, 2011.

Renewed the agreement with LaSalle Investment Management (Securities) LP to manage a portion of the System’s portfolio as an international ex-U.S. real estate securities investment manager, for one year, effective Dec. 1, 2011.

Renewed the agreement with RREEF America LLC to manage a portion of the System’s portfolio as an international ex-U.S. real estate securities investment manager, for one year, effective Dec. 1, 2011.

Renewed the agreement with EII Realty Securities Inc. to manage a portion of the System’s portfolio as an international ex-U.S. real estate securities investment manager, for one year, effective Dec. 7, 2011.

Renewed the agreement with Aberdeen Asset Management to manage a portion of the System’s equity portfolio as an active ACWI ex-U.S. international manager, for one year, effective Dec. 15, 2011.

Renewed the agreement with Callan Associates Inc. to act as a real estate consultant, for one year, effective Feb. 1, 2012.

Renewed the agreement with StepStone Group LLC to serve as a private equity consultant, for one year, effective Feb. 1, 2012.

Renewed the agreement with Hewitt EnnisKnupp to act as a general investment consultant, for one year, effective Feb. 1, 2012.

Renewed the agreement with State Street Global Advisors to manage a portion of the System’s portfolio as a passive international equity manager, for one year, effective Feb. 18, 2012.

Authorized the Executive Director & CIO to reallocate funds on a quarterly basis between the System’s passively managed domestic equity and international equity portfolios to ensure the System achieves its targeted allocations for domestic and international equities.

Appointed Mansco Perry III to a three-year term on the Investment Advisory Committee, effective Jan. 1, 2012.

Reappointed Robert G. Wade Jr. to a three-year term on the Investment Advisory Committee, effective Jan. 1, 2012.

Reappointed Paul J. Dolinoy, Blake Eagle and Thomas P. Mahoney to three-year terms on the Real Estate Advisory Committee, effective Jan. 1, 2012.

Accepted the report of KPMG LLP on the financial statements of the Retirement System as of June 30, 2011, and for the plan year ended on that date.

Accepted the Investment Policy Manual, reflecting updates approved by the Retirement Board through the July 2011 Board Meeting.

Approved amendments to the System’s code of ethics, policy governing the receipt of gifts, and annual disclosure statement.

Approved, based on the recommendation of the System’s Actuary, changes to the actuarial assumptions used to determine the System’s liabilities, with the new assumptions to be used commencing with the actuarial valuation as of June 30, 2011.

Approved the System’s 2012 legislative program.

Adopted resolutions acknowledging Morrea Foote for 60 years of service to NYSTRS and Daniel J. Bukowski for his decade of service on the System’s Investment Advisory Committee.

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