Amend SB 1447 (committee printing) as follows:                               
	(1)  In SECTION 1 of the bill, strike the recital and amended 
Subsection (a) and proposed Subsection (a-1), Section 825.301, 
Government Code (page 1, lines 11 through 47), and substitute:
	SECTION 1.  Section 825.301, Government Code, is amended by 
adding Subsections (a-1), (a-2), (a-3), and (b-1) and amending 
Subsection (b) to read as follows:
	(a-1)  This subsection expires September 1, 2012, and 
applies to the investment and reinvestment of assets of the 
retirement system only if the investment or reinvestment is made 
before September 1, 2012. In addition to any investment or 
reinvestment authorized by Subsection (a), the board of trustees 
may buy and sell the following, only to efficiently manage and 
reduce the risk of the overall investment portfolio:
		(1)  futures contracts;                                                
		(2)  options;                                                          
		(3)  options on futures contracts;                                     
		(4)  forward contracts;                                                
		(5)  swap contracts, including swap contracts with 
embedded options; 
		(6)  any instrument or contract intended to manage 
transaction or currency exchange risk in purchasing, selling, or 
holding investments; and
		(7)  any other instrument commonly used by 
institutional investors to manage institutional investment 
portfolios.
	(2)  In SECTION 1 of the bill, in proposed Subsection (a-2), 
Section 825.301, Government Code, strike the first sentence of that 
subsection (page 1, lines 48 through 51) and substitute "The board 
of trustees may delegate investment authority and contract with one 
or more private professional investment managers for investment and 
management of not more than 30 percent of the total assets held in 
trust by the retirement system.".
	(3)  In SECTION 1 of the bill, in proposed Subsection (a-2), 
Section 825.301, Government Code, following the second sentence 
(page 1, line 55), insert "The board of trustees may not contract 
under this subsection for investment and management services to be 
performed on or after September 1, 2012.".
	(4)  In SECTION 1 of the bill, in proposed Subsection (a-3), 
Section 825.301, Government Code, following "(a-3)" (page 1, line 
56), strike "The board of trustees" and substitute "For the purpose 
of carrying out policy decisions made by the board of trustees, the 
board".