Investment Policy Statement投资政策声明

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1、INVESTMENTPOLICYSTATEMENTLosAngelesCountyEmployeesRetirementAssociationRevised11/13/12LOSANGELESCOUNTYEMPLOYEESRETIREMENTASSOCIATIONINVESTMENTPOLICYSTATEMENTINTRODUCTIONThisdocumentprovidestheframeworkforthemanagementofLACERA'sassets(thePlan).ThepurposeoftheInvestmentPolicyistoassisttheBoard

2、ofInvestmentsandStaffineffectivelysupervisingandmonitoringtheLACERAassets.Specifically,itaddressesthefollowingissues:•Thegeneralgoalsoftheinvestmentprogram.•Specificassetclassallocations,targets,andranges.•Performanceobjectives.•Theinvestmentpoliciesandstructuresforthemanagementoftheassets.•

3、Responsiblepartiesandduties.TheBoardestablishesthisinvestmentpolicyinaccordancewithapplicablelocal,State,andFederallaws.TheBoardmembersexerciseauthorityandcontroloverthemanagementofthePlan,bysettingpolicywhichtheInvestmentStaffexecuteseitherinternallyorthroughtheuseofexternalprudentexperts.T

4、heBoardoverseesandguidesthePlansubjecttothefollowingbasicfiduciaryresponsibilities:•Solelyintheinterestof,andfortheexclusivepurposeofprovidingeconomicbenefitsto,participantsandtheirbeneficiaries.•Withthecare,skill,prudence,anddiligenceunderthecircumstancesthenprevailingthataprudentpersonacti

5、nginalikecapacityandfamiliarwiththesematterswoulduseintheconductofanenterpriseofalikecharacterwithlikeobjectives.•DiversifytheinvestmentsofthePlansoastominimizetheriskoflossandtomaximizetherateofreturn,unlessunderthecircumstances,itisclearlyprudentnottodoso.Diversificationisapplicabletothede

6、ploymentoftheassetsasawhole.Thispolicystatementisdesignedtoallowforsufficientflexibilityinthemanagementoversightprocesstocaptureinvestmentopportunitiesastheymayoccur,whilesettingforthreasonableparameterstoensureprudenceandcareintheexecutionoftheinvestmentprogram.Page1of15Incorporatedbyrefere

7、nceandattachedtothisdocumentarethefollowing:AttachmentsACashandCashEquivalentsInvestmentPolicy•EnhancedCashInvestmentBFixedIncomeInvestmentPolicy•InvestmentGuidelines:CoreandCorePlusBondManagers•InvestmentGuidelines:HighYieldBondManagersCU.S.Equity