Retirement Services Division October 1, 2008 INVESTMENT SUBCOMMITTEE MEETING MINUTES


Date: October 1, 2008 Time: 2:00 p.m.

X Regularly Scheduled ____ Special

Was a quorum present? Yes
Commission Other Attendees
Peter Blum Kay Carey-Reid (ING)
Charlie Casella Lisa Gelardi (ING)
Mary Marcial
Robert Baas (by telephone)
Comptroller's Office
Thomas Woodruff, Division Director
Margaret Haering, Assistant Director
Araceli Alvarez, Employee Benefits Unit
Scott Anderson, Assistant Director

Matters Discussed:
Kay Carey Reid reviewed the reasons for adding the DFA Real Estate Fund to the plans' investment line-up and provided information about Vanguard REIT Fund redemption fees assessed against participant accounts in 2007 and 2008.

Bud Hancock from ING's Fixed Income group provided an analysis of the current financial conditions and its impact on securities in the Stable Value Fund. Bud responded to questions from subcommittee members about the Stable Value Fund's composition and intended investment of inflows.

We also discussed the proposed elimination of the Vanguard FTSE Social Choice fund due to poor performance and a change in its investment strategy and index.

Materials Reviewed:
The subcommittee reviewed information on the top ten holdings in the DFA Real Estate Fund and the Vanguard REIT fund. Tom Woodruff shared the contents of an email from Steve Greatorex concurring in the proposed changes in the plans' investment line-up.

Decisions voted upon:

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