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

Elected David P. Keefe vice president of the Retirement Board.

Authorized a commitment of up to €100 million in Oaktree European Principal Fund III, L.P., subject to the satisfactory completion of due diligence.

Authorized a commitment of up to $250 million in Marathon Asset Management (doing business in the United States as Marathon-London) to manage a portion of the System's assets as an active EAFE international equity manager, for one year, subject to the satisfactory completion of due diligence.

Authorized a commitment of up to $250 million in AQR Capital Management to manage a portion of the System's assets as an active EAFE international equity manager, for one year, subject to the satisfactory completion of due diligence.

Renewed the agreement with Cohen & Steers Capital Management Inc. to actively manage a portion of the System's portfolio in the preferred securities of real estate investment trusts (REITs) and real estate operating companies (REOCs), for one year, effective Sept. 13, 2011.

Renewed the agreement with Blackrock Institutional Trust Co. N.A. to manage a portion of the System's assets as a passive international equity manager, for one year, effective Sept. 21, 2011.

Renewed the agreement with William Blair & Company LLC to manage a portion of the System's equity portfolio as an international equity all cap growth manager, for one year, effective September 22, 2011.

Renewed the agreement with Prima Capital Advisors LLC to actively manage a portion of the System's portfolio in commercial mortgage backed securities (CMBS) and investment-grade REIT bonds, for one year, effective Oct. 1, 2011.

Renewed the agreement with T. Rowe Price Associates to manage a portion of the System's equity portfolio as a domestic equity enhanced passive manager, for one year, effective Oct. 30, 2011.

Renewed the agreement with Progress Investment Management Company to manage a portion of the System's equity portfolio as a fund of funds manager for a domestic equity all cap strategy, for one year, effective Nov. 15, 2011.  

Authorized the addition of a new asset class, Global Bonds, and the rebalancing of the System's asset allocations, effective immediately, with new targets and ranges as follows:     

Asset Domestic Equity International Equity Private Equity Real Estate	Target 37% 18% 7% 10% Total Equity	Range 32%-42% 14%-22% 4%-12% 6%-14% 72%
Asset Domestic Fixed Global Bonds Mortgages Cash Equivalents	Target 18% 2% 8% 0% Total Fixed Income	Range 13%-23% 0%-3% 5%-11% 0%-5% 28%

Adopted the ACWI ex-US index as the benchmark used for the international equity portfolio and authorized the development and implementation of a plan for the transition of the System's passively managed international equity portfolios from the EAFE index to the ACWI ex-US index.

Adopted a resolution appointing Robert Levine to the Investment Advisory Committee for a term ending Dec. 31, 2012.

Authorized the appointment of Susan M. Landauer as the financial expert to the Audit Committee for a term ending Dec. 31, 2012.

Adopted resolutions of recognition honoring former Board Member Michael R. Corn; Managing Director of Public Equities Lillyn Teh; and, Investment Advisory Committee Member Jack V. Malvey for their exemplary service to the Retirement System and its members.

Adopted amendments to the Executive Director/Chief Investment Officer charter.

Adopted an employer contribution rate applicable to 2011-12 payrolls of 11.11%.  

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