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New York State Teachers' Retirement System
November 2, 2007 Board Meeting
Summary of Actions

Approved a resolution acknowledging retiring NYSTRS Executive Director George M. Philip for his 37 years of exemplary service to the Retirement System.  

Ratified the action taken by the Retirement Board via mail vote to appoint Cohen & Steers to manage a portion of the System's portfolio by investing in preferred securities issued by real estate investment trusts (REITs) and real estate operating companies (REOCs), and to allocate up to $100 million to this manager for this purpose.

Ratified the following actions taken by the Retirement Board's Finance Committee since the previous Board meeting:

• An investment of $175 million (a 50% share) in a first mortgage of Financial Square, 32 Old Slip, New York, N.Y.
• A commitment of up to $100 million to Technology Crossover Ventures VII L.P., subject to the satisfactory completion of due diligence.
• A withdrawal of up to $150 million from the UBS Real Estate Separate Account (RESA), subject to the completion of due diligence.
• A withdrawal of up to $75 million from the Prudential Property Investment Separate Account (PRISA I), subject to the completion of due diligence.
• A $35 million increase in the System's mortgage loan for 225-233 Park Avenue South, New York, N.Y.

Ratified the following actions taken by the Executive Director since the previous Board meeting:

• An investment of $75 million, or an amount not to exceed 20% of the fund's capital commitments, in Walton Street Capital Real Estate Fund VI L.P., subject to the satisfactory completion of due diligence.
• An investment of $75 million, or an amount not to exceed 20% of the fund's capital commitments, in DLJ Real Estate Capital Partners IV L.P., subject to the satisfactory completion of due diligence.
• An investment of $75 million, or an amount not to exceed 20% of the fund's capital commitments, in Guggenheim Structured Real Estate III L.P., subject to the satisfactory completion of due diligence.
• An investment of $50 million, or an amount not to exceed 20% of the fund's capital commitments, in CB Richard Ellis Strategic Partners U.S. Opportunity 5 L.P., subject to the satisfactory completion of due diligence.
• An investment of $50 million, or an amount not to exceed 20% of the fund's capital commitments, in CB Richard Ellis Strategic Partners U.S. Value 5 L.P., subject to the satisfactory completion of due diligence.
• An investment of $50 million, or an amount not to exceed 20% of the fund's capital commitments, in LaSalle Asia Opportunity Fund III, subject to the satisfactory completion of due diligence.

Renewed the agreement with Citigroup Alternative Investments LLC to manage a portion of the System's portfolio as an international (non-U.S.) real estate investment manager, for one year, effective Dec.1, 2007.

Renewed the agreement with EII Realty Securities Inc. to manage a portion of the System's portfolio as an international (non-U.S.) real estate investment manager, for one year, effective Dec. 7, 2007.

Renewed the agreement with LaSalle Investment Management (Securities) L.P. to manage a portion of the System's portfolio as an international (non-U.S.) real estate investment manager, for one year, effective Dec. 1, 2007.

Renewed the agreement with RREEF America L.L.C. to manage a portion of the System's portfolio as an international (non-U.S.) real estate investment manager, for one year, effective Dec. 1, 2007.

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, 2008.

Renewed the agreement with Callan Associates Inc. to act as a general investment, real estate and private equity consultant, for one year, effective Feb. 1, 2008.

Reappointed David L. Brigham to a three-year term on the Investment Advisory Committee, effective Jan. 1, 2008.

Reappointed Carol A. Zipkin to a three-year term on the Investment Advisory Committee, effective Jan. 1, 2008.

Reappointed Herman E. Bulls to a three-year term on the Real Estate Advisory Committee, effective Jan. 1, 2008.

Reappointed Glen E. Coverdale to a three-year term on the Real Estate Advisory Committee, effective Jan. 1, 2008.

Appointed James W. O'Keefe to the Real Estate Advisory Committee for the remainder of Brian Reed's unexpired term ending Dec. 31, 2009.

Accepted the report of KPMG LLC expressing an unqualified opinion of the System's financial statements as of June 30, 2007, and for the 2006-2007 plan year ended on that date.

Authorized the establishment of a NYSTRS Retired Employee Health Benefits Trust, in accordance with Governmental Accounting Standards Board (GASB) Statements 43 and 45 requirements.

Approved the System's 2008 legislative program.

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