Public Funds
  Summit East
"Navigate the Future"

July 9-11, 2008
Hyatt Regency Newport, Newport, RI
TEXT AGENDA (as of 07-08-2008)

Partner, ALTIUS ASSOCIATES
Executive Director, ARKANSAS TEACHERS RETIREMENT SYSTEM
President, Board of Trustees, CITY OF AURORA POLICE MONEY PURCHASE PENSION PLAN
Chairman, AUSTIN (TX) POLICE RETIREMENT FUND
Attorney-Advisor, BARGE CONSULTING-SCA GROUP
Trustee, CITY OF BOSTON PENSION FUND
Deputy Executive Officer, BOSTON RETIREMENT BOARD
Financial Analyst, BOSTON (MA) WATER & SEWER COMMISSION
Director of Finance, BOSTON (MA) WATER & SEWER COMMISSION
Truste, BRAINTREE RETIREMENT BOARD
Trustee, TOWN OF BRAINTREE
Executive Director, BROCKTON RETIREMENT BOARD
Principal & Consulting Actuary, BUCK CONSULTANTS
Plan Manager & CEO, CAAT PENSION PLAN
Trustee, CAMBRIDGE RETIREMENT SYSTEM
Executive Director, CAMBRIDGE RETIREMENT SYSTEM
Managing Director, CANTERBURY CONSULTING
Executive Director, CHICAGO PARK EMPLOYEES' ANNUITY & BENEFIT FUND
Senior Institutional Consultant, CITIGROUP CONSULTING
Trustee, CONCORD RETIREMENT BOARD
Executive Vice President/Senior Consultant, CONSULTING SERVICES GROUP LLC
Finance Director, CITY OF CRANSTON (RI)
City Controller, CITY OF CRANSTON (RI)
City Internal Auditor, CITY OF CRANSTON
Trustee, EMPLOYEES' RETIREMENT FUND OF THE CITY OF DALLAS
Trustee, DEKALB COUNTY (GA) EMPLOYEE RETIREMENT SYSTEM
Principal and Vice President of Marketing, FIDUCIARY INVESTMENT ADVISORS, LLC
Chairman, EUROPEAN PARLIAMENT PENSION FUND
Chairman of the Board, HAMPDEN COUNTY RETIREMENT SYSTEM
Manager Research Analyst, HAMILTON & COMPANY
Chairman, HOUSTON POLICE OFFICER'S PENSION SYSTEM
State Treasurer, THE STATE OF IDAHO
Vice President for Business Development/Consultant, INDEPENDENT FIDUCIARY SERVICES
State Treasurer, THE STATE OF IOWA
Executive Director-Administrator, JACKSONVILLE POLICE & FIRE PENSION FUND
Controller, TOWN OF JOHNSTON (RI)
Trustee, KANSAS CITY (MO) EMPLOYEES RETIREMENT SYSTEM
Pension Officer, LINCOLN FIREMEN'S & POLICEMEN'S RETIREMENT SYSTEM
Executive Director, MANCHESTER EMPLOYEES' CONTRIBUTORY RETIREMENT SYSTEM
Consultant, MARCO CONSULTING GROUP
Vice President, MARQUETTE ASSOCIATES, INC
Consultant, MARCO CONSULTING GROUP
Investment Director, COMMONWEALTH OF MASSACHUSETTS, PUBLIC EMPLOYEE RETIREMENT
Board Member, MassPRIM
Director, Retirement Board, MASSACHUSETTS WATER RESOURCES AUTHORITY RETIREMENT
Treasury Board, MASSACHUSETTS WATER RESOURCES AUTHORITY
Executive Secretary, MASSACHUSETTS HOUSING FINANCE AGENCY EMPOLYEES' RETIREMENT SYSTEM
Investment Director, COMMONWEALTH OF MASSACHUSETTS, PUBLIC EMPLOYEE RETIREMENT
Consultant, MEKETA INVESTMENT GROUP
Senior Associate, MERCER INVESTMENT CONSULTING
Senior Investment Consultant, MERCER INVESTMENT CONSULTANTS
Senior Consultant, MERCER INVESTMENT CONSULTING
Vice Chairman, MIDDLESEX RETIREMENT SYSTEM

Senior Consultant, NEW ENGLAND
PENSION CONSULTANTS
Investment Officer/Hedge Fund Analyst, NEW JERSEY DIVISION OF INVESTMENT
General Counsel, NYC POLICE PENSION FUND
Director of Investments/Pension Policy, NYCERS TRUSTEE, NYC PUBLIC ADVOCATE
Trustee, NEW ORLEANS MUNICIPAL EMPLOYEES’ RETIREMENT SYSTEM
Chairman, NEW ORLEANS MUNICIPAL EMPLOYEES’ RETIREMENT SYSTEM
Secretary, CITY OF NEWPORT
Senior Accountant, CITY OF NEWPORT
Trustee, CITY OF NEWPORT
Commissioner, NEWPORT'S TRUST AND INVESTMENT COMMISSION
Portfolio Manager, NEW MEXICO STATE INVESTMENT COUNCIL
County Treasurer, NORFOLK COUNTY RETIREMENT BOARD
Partner, NORTH POINT ADVISORS
Chairperson, OLD SAYBROOK RETIREMENT BOARD
Trustee, OLD SAYBROOK RETIREMENT BOARD
Battalion Chief, Vice Chairman, OMAHA POLICE & FIRE PENSION SYSTEM
Trustee, OMAHA (NE) POLICE & FIRE PENSION SYSTEM
Board Member, ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
Co-Chair, OMERS SPONSOR CORPORATION, ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
Chief Executive Officer, PARADIGM CONSULTING SERVICES
Managing Director, PENSION CONSULTING ALLIANCE INC.
Vice Chairman, PHILADELPHIA BOARD OF PENSIONS
Trustee, PLYMOUTH COUNTY RETIREMENT ASSOCIATION
President, Trustee, PRINCE GEORGE'S COUNTY, MARYLAND
Trustee, PRINCE GEORGE'S COUNTY, MARYLAND
Trustee, PRINCE GEORGE'S COUNTY, MARYLAND
Pension Administrator, PROVIDENCE EMPLOYEES RETIREMENT SYSTEM
State Treasurer, STATE OF PENNSYLVANIA
Director of Communication, STATE OF PENNSYLVANIA
Deputy Executive Vice President, PENNSYLVANIA STATE MUNICIPAL RETIREMENT
President, PENSION FUND EVALUATIONS
City Finance Director , PROVIDENCE EMPLOYEES' RETIREMENT SYSTEM
Vice President, PUNTER SOUTHALL & CO, LLC
Managing Director, ROGERSCASEY
Executive Director, RICHMOND (VA) EMPLOYEES' RETIREMENT SYSTEM
Vice Chairman & Trustee, SAN ANTONIO FIREMEN'S & POLICEMEN'S FUND
Board Member, SAUGUS RETIREMENT BOARD
Senior Consultant, SEGAL ADVISORS, INC.
Institutional Director, SMITH BARNEY CONSULTING GROUP
Treasurer, CITY OF SOUTHFIELD MICHIGAN
Chairperson, VERMONT STATE TEACHERS RETIREMENT SYSTEM
Trustee, VIRGINIA RETIREMENT SYSTEM
Board Member, State Investment Commission, STATE OF RHODE ISLAND EMPLOYEES PENSION FUND
Finance Director, EMPLOYEES' RETIREMENT SYSTEM OF RHODE ISLAND
Pension/Benefits Manager, TOWN OF WEST HARTFORD PENSION
Trustee, WEST PALM BEACH (FL) POLICE OFFICERS PENSION FUND
Deputy Treasurer, WEST VIRGINIA STATE
TREASURER'S OFFICE

Wednesday, July 9, 2008

8:00a

AMERICA’S CUP SAILBOAT REGATTA

Sponsored By:
THOR ASSET MANAGEMENT USA, LLC.
WORLD GOLD COUNCIL
PERMAL CAPITAL MANAGEMENT
WORLDCLINIC
CLEARBRIDGE ADVISORS

11:00

Registration

12:55p

Opening Remarks

1:00

“SECURITIES LENDING - CASH COLLATERAL, SUCCESSFUL STRATEGIES FOR CHALLENGING MARKETS”
• Is your securities lending agent your largest asset manager?
• How effective is your cash collateral strategy in this current market environment?
___Cash and credit issues
___Flight to quality and market liquidity issues
___Credit risk versus market risk
• Balancing risk and return: Managing cash collateral effectively in a risk re-assessed environment
• 130/30 strategies...are the long assets yours to lend?

Senior Managing Director and CIO, Global Cash, STATE STREET GLOBAL MARKETS

1:20

OPPORTUNITIES AND THE PITFALLS IN THE CORPORATE CREDIT CYCLE

Speaker:
Frank Benevento, Director of Client Service, GOLDENTREE ASSET MANAGEMENT

1:40

Practices and Techniques for Public Fund Investing In An Evolving Global Economy

Moderator:
Chairman, NEW ORLEANS MUNICIPAL EMPLOYEES’ RETIREMENT SYSTEM

Panelists:
Chairperson, VERMONT STATE TEACHERS RETIREMENT SYSTEM
Senior Consultant, NEW ENGLAND PENSION CONSULTANTS
Board Member, State Investment Commission, STATE OF RHODE ISLAND EMPLOYEES PENSION FUND
Battalion Chief, Vice Chairman, OMAHA POLICE & FIRE PENSION SYSTEM

2:45

Traditional vs. Alternative Investment; Are Public Funds Beginning to Shift Their Focus?
• Are the prevailing sources of returns from asset allocation due to benchmark based management?
• Is the definition of the Alternative Investing Sector evolving? If so, how far could it go?
• The evolving definition of the Alternative Investing Sector
• Long Only vs. Long/Short Emerging Markets

Moderator:
Vice President, PUNTER SOUTHALL & CO, LLC

Panelists:
Institutional Director, SMITH BARNEY CONSULTING GROUP
Plan Manager & CEO, CAAT PENSION PLAN
Vice President/Senior Portfolio Manager, TURNER INVESTMENT PARTNERS

3:30

Refreshment Break

3:45

State Treasurer Roundtable

Panelists:
State Treasurer, THE STATE OF IDAHO
State Treasurer, STATE OF PENNSYLVANIA
State Treasurer, STATE OF IOWA

4:45

Alpha vs. Beta - Are They Shifting in Relative Importance?
• Are investors coming to a realization that relying on easily attainable beta can be a risky proposition?
• While Alpha may be more costly and complex to attain, can it truly be less risky?
• Is Beta loosing its dominance as source of future returns?
• Looking at a range of instruments in achieving and transporting Alpha
• Creating portable alpha with emerging market equities
• Achieving variable beta management and portfolio composition with hedge funds and fund of funds?

Moderator:
Trustee, VIRGINIA RETIREMENT SYSTEM

Panelists:
Senior Consultant, SEGAL ADVISORS, INC.
Associate, AQUEDUCT CAPITAL GROUP, LLC
President & Partner, ALEXANDRA INVESTMENT MANAGEMENT
Chief Risk Officer, ROCK MAPLE FUNDS

5:45

Roundtable Discussion: Trustees, The Evolving Roles, Duties and Continuing Fiduciary Education Requirements
• How to make the most out of your relationships and extract the most value out of your consultants
• Keep up with and interpreting fiduciary responsibilities
• Avoiding and overcoming conflicts of interest
• How to best address the need for fiduciary education
• Increasing trustees role in manager evaluation and selection
• The growing expectations and requirements of trustees serving on Public Fund Boards

Moderator:
Pension/Benefits Manager, TOWN OF WEST HARTFORD PENSION

Panelists:
Chairman, EUROPEAN PARLIAMENT PENSION FUND
Executive Officer/Trustee, MASSACHUSETTS WATER RESOURCES AUTHORITY RETIREMENT
Co-Chair, OMERS Sponsor Corporation, ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM

6:30

Cocktail Reception

Thursday, July 10, 2008

7:15a

Continental Breakfast

8:00

Addressing Pension Funds’ Challenges: New Developments in Investment Solutions
• Current challenges
• Risk management
• New investments to consider

Managing Director, BNP PARIBAS

8:20

“Private Equity: An Approach to Manager Selection”

Speaker:
President & CEO, PERMAL CAPITAL MANAGEMENT

8:40

An In-Depth Evaluation of 130/30 Strategies and How They Can Benefit Public Funds
• 130/30 Short Extension Strategies
• Do 130/30 strategies capture the single greatest advantage in short selling?
• Where do 130/30 strategies fit in a public pension plan’s portfolio?
• Gaining Alpha through 130/30
• Which managers are best equipped to manage such 130-30 strategies?
• What are the risks involved?

Panelists:
Managing Director, MERRILL LYNCH
Partner, ALPHA EQUITY MANAGEMENT, LLC
Managing Director, ROTHSCHILD ASSET MANAGEMENT

9:30

Hedge Funds, Fund of Funds and Multi-strategy - The differences, Similarities and Advantages. What is in store for the future?
• What criteria are leading FOFs using to select managers? Are the criteria evolving?
• How do FOF and Multi-strategy differ?
• What traditional managers can learn from hedge fund
• Diversification with hedge funds: benefits and trade-offs
• What to consider when choosing a hedge fund manager
• Forecasting trends in the hedge fund industry and the effects of institutionalization
• How can Public Funds ensure they are selecting a FOF that will deliver high value alpha strategies?
• What to look for when choosing the FOF that is right for your Pension Fund?
• What presently makes up best practice in FOF and Multi-strategy risk management?

Moderator:
Investment Officer/Hedge Fund Analyst, NEW JERSEY DIVISION OF INVESTMENT

Panelists:
Partner/Director of Research, MUIRFIELD CAPITAL MANAGEMENT LLC
Partner, MERIDIAN CAPITAL PARTNERS

10:15

Outlook for Distressed Investing

Moderator:
Vice Chairman, PHILADELPHIA BOARD OF PENSIONS

Panelists:
Senior Vice President, PAULSON & CO INC.

11:00

REFRESHMENT BREAK

11:15

Latest Trends in Private Equity and How They are Impacting Public Funds
• Should public funds be investing in first time funds
• Are hedge funds able to compete in a PE operational format?
• Distressed Investing in today’s economy
• The impact of globalization on limited partner and general partner relationships
• Exit Strategies which are hot: Buyouts, Roll-ups, M&A and IPO's,
• Fund Raising For Private Equity Funds
• Fund Commitment Decision Making, and Due Diligence Process

Moderator:
Trustee, CITY OF BOSTON PENSION FUND

Panelists:
Executive Director, ARKANSAS TEACHERS RETIREMENT SYSTEM
Partner, ALTIUS ASSOCIATES
County Treasurer, NORFOLK COUNTY RETIREMENT BOARD
Managing Director, VCFA GROUP

12:15P

Real Estate & Real Assets - What’s in Store for the Future?
• Which areas are producing the greatest returns?
• Investing in Real Estate today and tomorrow
• Distressed Real Estate, today’s distressed market vs. the past
• Are there opportunities in international real estate? If so, how to invest?
• Effective Strategies for investing in REITS
• Looking to the future with renewable energy technologies
• What are the risk-return and return prediction characteristics of real assets?
• What’s sparking all the excitement in Timber
• What is infrastructure and how can it fit in an Pension Plans portfolio?

Moderator:
Chairman, AUSTIN (TX) POLICE RETIREMENT FUND

Panelists:
CEO, INTERCONTINENTAL REAL ESTATE CORPORATION
Senior Vice President, NEW BOSTON REAL ESTATE INVESTMENTS
President & CEO, PERSEUS REALTY PARTNERS
Chief Executive Officer, TIMBERVEST

1:15

Luncheon

Speaker
Director, Official Sector, WORLD GOLD COUNCIL

2:30

Manager Selection
• Identifying advantages & risks when choosing a fund manager
• Common Mistakes
• What does the research on Emerging Managers show?
• Emerging Managers - what to look for and where to find them?
• Emerging managers - what is their role in an institutional portfolio?
• Criteria which define an Emerging Manager
• Who should be looking to invest in Emerging Managers?
• Is Direct Investment prudent for a first time Emerging Manager investor?
• What function do consultants play in Emerging Manager selection and oversight?

Moderator:
Executive Director-Administrator, JACKSONVILLE POLICE & FIRE PENSION FUND

Panelists:
Partner, NORTH POINT ADVISORS
Consultant, MEKETA INVESTMENT GROUP
Managing Principal & Managing Attorney-Advisor, BARGE CONSULTING-SCA GROUP
President & CEO, CIRCLE PEAK CAPITAL LLC

3:30

Developments in the Fixed Income sector
• Fixed Income’s role in a Public Pension Plan’s Portfolio
• The Economics of Interest Rates
• Interest Rates, what and where next? Pitfalls to avoid!
• Event Risk and the implications for corporate bondholders
• International Fixed Income
• How today’s economic environment affects your portfolio
• Evaluating Fixed Income Strategies and predicting future trends
• Projecting defaults and default rates

Moderator:
Managing Director, ROGERSCASEY

Panelists:
Executive Vice President, HARTFORD INVESTMENT MANAGEMENT
President, Director of Research, MIDWEST ASSET MANAGEMENT, INC
First VP Investments, GOODSON, KIEFFER & CARTER ASSET MANAGEMENT GROUP OF WACHOVIA SECURITIES

4:15

Refreshment Break

4:30

Ethics and Fiduciary Responsibility Facing Plan Sponsors Today
• Examining the Fiduciary Obligations of Trustees
• Class Action/Securities Litigation
• Key responsibility issues facing Fund Managers today
• Re-examining Trustee Ethics
• What constitutes “Conflicts of Interest”
• Changes in Investment Policy & Development

Moderator:
Executive Director, HOLYOKE CONTRIBUTORY RETIREMENT

Panelists:
Director of Investments/Pension Policy, NYCERS TRUSTEE, NYC PUBLIC ADVOCATE
General Counsel, NYC POLICE PENSION FUND
President, Board of Trustees, CITY OF AURORA POLICE MONEY PURCHASE PENSION PLAN
Managing Director, INSIGHT EMPLOYEE BENEFIT COMMUNICATIONS

5:30

Equity Investing
• Domestic vs. International Equity
• Enhanced equity strategies
• What to look for when selecting an equity manager
• Understanding the true impact of trade costs on Fund performance
• Practical applications of trade cost analysis, that help improve Fund management and returns

Moderator:
Portfolio Manager, NEW MEXICO STATE INVESTMENT COUNCIL

Panelists:
CFA, Director, Portfolio Manager, CLEARBRIDGE ADVISORS
Senior Vice President, Head, PLEXUS PLAN SPONSOR GROUP, INC.
Vice President & Portfolio Specialist, FISHER INVESTMENTS

6:30

Cocktail Reception

Friday, July 11, 2008

7:15a

Continental Breakfast

7:45

Co-Chair Welcoming Remarks

8:15

Securities Finance

Incremental Income or Incremental Risk
• Utilizing securities finance as a means to create incremental income with minimal risk
• Reinvestment of capital - how to reduce cash re-investment risks

Securities Lending versus Matched Book
• What is it? Who does it? Why should this be considered as a viable strategy?
• Risk Profiles
• Hybrid Programs

Speakers:
Managing Director, Chief Executive Officer, KELLNER DILEO & CO.
Director Business Development, KDC Securities Finance, KELLNER DILEO & CO.
Head of Credit & Risk, KDC Securities Finance, KELLNER DILEO & CO.

8:45

CONSULTANTS ROUNDTABLE

Panelists:
Managing Director, CANTERBURY CONSULTING
Institutional Consulting Director, CITI INSTITUTIONAL CONSULTING
President, PENSION FUND EVALUATIONS
Chief Executive Officer, PARADIGM CONSULTING SERVICES
Managing Director, PENSION CONSULTING ALLIANCE, INC.

10:00

The Evolving Landscape of the Pension Fund Sector
• Congressional and Regulatory Outlook
• Impact of SEC Adviser Registration
• Class Action/Securities Litigation
• How can pension plans remain independent from their state's deficit problems
• Best practices and compliance concerns for the hedge funds and fund of funds
• New federal legislation and regulatory developments
• What should pension funds be on the look out for when investing in offshore funds

Moderator:
Trustee, DEKALB COUNTY (GA) EMPLOYEE RETIREMENT SYSTEM

Panelists:
Vice President, mCAPITOL MANAGEMENT
Principal and Executive Vice President, FIDUCIARY INVESTMENT ADVISORS, LLC

11:00

Socially Responsible Investing

Moderator:
Chairperson, OLD SAYBROOK RETIREMENT BOARD

Panelists:
Chairman, EUROPEAN PARLIAMENT PENSION FUND
Executive Director, MANCHESTER (NH) EMPLOYEES CONTRIBUTORY RETIREMENT
Managing Director, AEQUITAS CAPITAL MANAGEMENT

11:45

Co-Chair Closing Remarks / Conference Concludes