STATE UNIVERSITIES RETIREMENT SYSTEM. INVESTMENTS DISCLOSURE Information as of June 30, 2016

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1 PRIVATE EQUITY MANAGERS: Adams Street Venture Partnerships * $ 92,193,000 $ 677,688 FIRST Invested $75,000, % Adams Street 2015 Global Fund * / ** (Jun 2015 inception) $ 7,082,000 $ 495,496 Based on Subscription Amount of $125,000,000 FIRST $25,000, % OVER $150,000, % Adams Street 2014 Global Fund * / ** $ 34,845,000 $ 512,811 FIRST $25,000, % OVER $150,000, % Adams Street 2013 Global Fund * / ** $ 47,157,000 $ 697,500 FIRST $75,000, % Adams Street 2012 Global Fund * / ** $ 46,710,000 $ 737,360 Based on Subscription Amount of $80,000,000 FIRST $75,000, % Adams Street 2009 Global Offering * / ** $ 77,510,000 $ 793,883 FIRST $75,000, % Adams Street 2008 Global Offering * / ** $ 77,603,000 $ 829,616 FIRST $75,000, % Adams Street 2007 Global Opportunities Portfolio * / ** $ 58,809,000 $ 467,500 FIRST $25,000, % NEXT $100,000, % OVER $150,000, % Fee TailDown % Page 1

2 Adams Street Secondary Fund 5 * / ** $ 8,678,000 $ 150,000 Based on Subscription Amount of $20,000,000 FIRST $25,000, % OVER $150,000, % Fairview Lincoln Fund I * / ** $ 16,923,000 $ 99,010 Based on Subscription Amount of $75,000,000 Fee applied to 25% commitment tranches over first 4 years YEARS % YEAR % YEAR % YEARS % YEAR % YEAR % YEARS % Muller and Monroe ILPEFF * / ** $ 7,732,000 $ 38,295 Based on Commitment Amount of $25,000, % Muller and Monroe MPEFF * / ** $ 11,267,000 $ 142,799 Based on Commitment Amount of $25,000, % Pantheon Ventures * $ 172,355,000 $ 962,374 FIRST Invested $750,000, % NEXT $250,000, % OVER $1,000,000, % Pantheon MultiStrategy Program 2014 * / ** $ 16,034,000 $ 550,404 Based on Commitment Amount of $100,000, % Pantheon Europe Fund VI * / ** $ 25,721,000 $ 259,862 Based on Commitment Amount of $31,000, % Pantheon Europe Fund VII * / ** $ 23,933,000 $ 254,917 Based on Commitment Amount of $31,000, % Pantheon Global Secondary Fund II * / ** $ 5,143,000 $ 159,686 Based on Commitment Amount of $25,000, % Fee TailDown, % Fee TailDown, % Pantheon USA Fund VIII * / ** $ 87,733,000 $ 774,688 Based on Commitment Amount of $103,000, % Pantheon USA Fund IX * / ** $ 62,282,000 $ 637,500 Based on Commitment Amount of $85,000, % U.S. EQUITY MANAGERS: CastleArk Management $ 139,624,000 $ 739,389 FIRST $20,000, % NEXT $65,000, % OVER $85,000, % Page 2

3 Channing Capital Management $ 156,547,000 $ 687,265 all assets 0.225% If greater than Russell MidCap Value plus 22.5 bps Then pay 17.5% of the excess return above 22.5 bps Maximum Performance Fee 0.661% Maximum Total Fee 0.886% EARNEST Partners $ 110,930,000 $ 650,260 all assets 0.225% If greater than Russell MidCap plus 22.5 bps Then pay 17.5% of the excess return above 22.5 bps Maximum Performance Fee 0.661% Maximum Total Fee 0.886% Holland Capital Management $ 103,694,000 $ 284,440 FIRST $5,000, % NEXT $10,000, % NEXT $10,000, % OVER $25,000, % Lombardia Capital Partners $ 96,861,000 $ 217,590 all assets 0.225% If greater than Russell 2000 Value Index plus 22.5 bps Then pay 17.5% of the excess return above 22.5 bps Maximum Performance Fee 0.661% Maximum Total Fee 0.886% Mesirow Financial Investment Mgmt (formerly FMA) $ 141,228,000 $ 648,924 FIRST $10,000, % NEXT $40,000, % NEXT $25,000, % OVER $75,000, % Northern Trust Asset Management $ 1,658,879,000 $ 162,249 ALL ASSETS 0.010% Piedmont Investment Advisors $ 460,821,000 $ 670,728 FIRST $100,000, % OVER $100,000, % RhumbLine Advisers $ 998,001,000 $ 129,167 FIRST $1,000,000, % OVER $1,000,000, % T. Rowe Price $ 335,666,000 $ 925,478 all assets < $100 million FIRST $50,000, % NEXT $50,000, % all assets between $100$200 million $100,000, % all assets > $200 million $200,000, % Page 3

4 NONU.S. EQUITY MANAGERS: Ativo Capital Management $ 234,892,000 $ 575,993 FIRST $100,000, % OVER $100,000, % BlackRock Institutional Trust Company Emerging Markets Index Fund ** $ 153,461,000 $ 214,000 FIRST $200,000, % OVER $200,000, % BlackRock Institutional Trust Company International Equity Index Fund ** $ 1,174,880,000 $ 708,395 FIRST $1,000,000, % OVER $1,000,000, % BlackRock Institutional Trust Company International Alpha Tilts Fund ** $ 421,411,000 $ 3,788,155 all assets 0.170% If greater than MSCI EAFE Free Index plus 17 bps Then pay 20% of the excess return above 17 bps > MSCI EAFE Free Maximum Performance Fee 0.670% Fidelity Institutional Asset Management (formerly Pyramis Global Advisors) $ 455,645,000 $ 2,010,621 all assets 0.200% applied to average assets over rolling three years If greater than MSCI ACWI ExUS Index plus 20 bps Then pay 13.31% of the excess return above 20 bps Standard Fee per asset size FIRST $25,000, % NEXT $25,000, % NEXT $50,000, % NEXT $100,000, % OVER $200,000, % Standard Fee Maximum Performance Fee 2x Standard Fee less GlobeFlex Capital $ 236,555,000 $ 2,037,846 all assets 0.300% If greater than MSCI ACWI ExUS Index plus 30 bps Then pay 15% of the excess return above 30 bps Maximum Performance Fee 0.800% Maximum Total Fee 1.100% Progress Investment Manager of Managers Program $ 167,910,000 $ 809,652 ALL ASSETS 0.470% Strategic Global Advisors $ 261,227,000 $ 777,370 FIRST $25,000, % NEXT $75,000, % OVER $100,000, % Page 4

5 GLOBAL EQUITY MANAGERS: Mondrian Investment Partners $ 371,267,000 $ 833,359 Less Emerging Markets Fund $48,300,000 FIRST $50,000, % NEXT $150,000, % OVER $200,000, % Parametric Clifton Transition $ 234,584,000 $ 132,919 FIRST $50,000, % NEXT $100,000, % NEXT $350,000, % NEXT $500,000, % OVER $1,000,000, % T. Rowe Price $ 381,283,000 $ 1,677,980 all assets < $100 million FIRST $50,000, % NEXT $50,000, % all assets between $100$200 million $100,000, % all assets > $200 million $200,000, % Wellington Management $ 361,206,000 $ 2,854,681 all assets 0.300% applied to average assets over rolling three years If greater than MSCI ACWI Index Then pay 12.5% of the excess return Maximum Fee 1.050% FIXED INCOME MANAGERS: Chicago Equity Partners $ 339,888,000 $ 555,785 FIRST $25,000, % NEXT $75,000, % OVER $100,000, % Garcia Hamilton & Associates $ 158,253,000 $ 193,232 FIRST $5,000, % NEXT $10,000, % NEXT $10,000, % NEXT $75,000, % OVER $100,000, % LM Capital Group $ 161,596,000 $ 271,180 FIRST $25,000, % NEXT $25,000, % OVER $50,000, % Neuberger Berman $ 337,216,000 $ 487,342 FIRST $100,000, % NEXT $100,000, % NEXT $300,000, % OVER $500,000, % Page 5

6 PIMCO Total Return $ 386,720,000 $ 916,939 Allocation based on total assets invested with PIMCO 0.218% FIRST $600,000, % NEXT $700,000, % OVER $1,300,000, % PIMCO Unconstrained Bond $ 437,875,000 $ 999,980 Allocation based on total assets invested with PIMCO 0.418% FIRST $600,000, % NEXT $700,000, % OVER $1,300,000, % Progress Investment Manager of Managers Program $ 143,989,000 $ 729,684 ALL ASSETS 0.470% Pugh Capital Management $ 162,566,000 $ 241,732 FIRST $40,000, % NEXT $40,000, % NEXT $20,000, % OVER $100,000, % Smith Graham & Company $ 104,601,000 $ 168,572 FIRST $5,000, % NEXT $10,000, % NEXT $10,000, % NEXT $25,000, % NEXT $50,000, % OVER $100,000, % State Street Global Advisors $ 430,344,000 $ 61,539 FIRST $100,000, % OVER $100,000, % Minimum Fee $50,000 TCW MetWest $ 538,550,000 $ 863,161 FIRST $500,000, % OVER $500,000, % TIPS MANAGERS: Longfellow Investment Management $ 171,370,000 $ 80,915 FIRST $50,000, % NEXT $50,000, % OVER $100,000, % New Century Advisors $ 170,277,000 $ 220,270 FIRST $25,000, % NEXT $25,000, % OVER $50,000, % PIMCO U.S. TIPS $ 340,079,000 $ 721,322 Allocation based on total assets invested with PIMCO 0.218% FIRST $600,000, % NEXT $700,000, % OVER $1,300,000, % Page 6

7 EMERGING MARKET DEBT MANAGER: BlueBay Emerging Markets Select Debt ** $ 174,694,000 $ 1,096,404 ALL ASSETS 1.250% Rebate 0.700% Custody 0.090% Colchester Local Markets Debt Fund ** $ 102,108,000 $ 519,059 FIRST $25,000, % NEXT $25,000, % NEXT $55,000, % Progress Emerging Manager $ 70,822,000 $ 236,654 ALL ASSETS 0.470% Prudential Emerging Markets Debt Blend ** $ 184,309,000 $ 617,763 FIRST $50,000, % NEXT $100,000, % NEXT $25,000, % Custody 0.060% REAL ESTATE MANAGERS: Blue Vista Real Estate Partners IV * / ** (April 2016 inception) $ 8,540,000 $ Based on Commitment Amount of $35,000, % Brookfield Strategic Real Estate Partners II * / ** (Feb 2016 inception) $ 10,741,000 $ Based on Commitment Amount of $35,000, % Courtland/Pru RE Global Partnership Fund II (fka MFIRE II) * / ** $ 44,674,000 $ 299,063 Based on Commitment Amount of $60,000, % Crow Holdings Realty Partners VII * / ** (Jan 2016 inception) $ 14,756,000 $ Based on Commitment Amount of $35,000, % Dune Real Estate Parallel Fund II * / ** $ 30,883,000 $ 341,627 Based on Commitment Amount of $40,000, % Dune Real Estate Parallel Fund III * / ** $ 66,807,000 $ 840,901 Based on Commitment Amount of $100,000, % Franklin Templeton EMREFF * / ** $ 48,589,000 $ 273,827 Based on Commitment Amount of $75,000, % Franklin Templeton FTPREF * / ** $ 24,895,000 $ 173,876 Based on Commitment Amount of $50,000, % Franklin Templeton MDP RE 2015 * / ** (Sep 2015 inception) $ 3,056,000 $ 73,731 Based on Commitment Amount of $90,000, % Heitman America Real Estate Trust (HART) * / ** $ 185,329,000 $ 1,323,380 Based on Commitment Amount of $150,000,000 FIRST $10,000, % NEXT $15,000, % NEXT $25,000, % NEXT $50,000, % OVER $100,000, % Page 7

8 JPMCB Strategic Property Fund * / ** $ 188,547,000 $ 756,680 Based on Commitment Amount of $150,000,000 FIRST $40,000, % OVER $65,000, % RREEF America III Fund * / ** $ 1,734,000 $ 50,158 ALL ASSETS Invested 1.500% UBS Trumbull Property Fund * / ** $ 358,045,000 $ 3,986,336 FIRST $10,000, % NEXT $15,000, % NEXT $25,000, % NEXT $50,000, % NEXT $150,000, % OVER $250,000, % BlackRock Institutional Trust Company Global Real Estate Securities Index Fund ** $ 409,128,000 $ 357,372 FIRST $50,000, % NEXT $50,000, % OVER $100,000, % CBRE Clarion Real Real Estate Securities Global $ 287,863,000 $ 946,380 FIRST $50,000, % NEXT $50,000, % NEXT $50,000, % OVER $100,000, % CASH OVERLAY MANAGER: Parametric Clifton $ 66,052,000 $ 333,609 Based on Overlay exposures $675,000,000 FIRST $50,000, % NEXT $100,000, % NEXT $350,000, % NEXT $500,000, % OVER $1,000,000, % HEDGED STRATEGIES MANAGERS: KKR Prisma Codlin Fund (March 2016 inception) ** $ 270,189,000 $ ALL ASSETS 0.550% PAAMCO Newport Monarch Fund (March 2016 inception) ** $ 196,097,000 $ ALL ASSETS 1.000% COMMODITIES MANAGERS: Invesco Balanced Risk Commodity Trust (June 2016 inception) ** $ 255,670,000 $ 100,868 FIRST $100,000, % OVER $100,000, % PIMCO Commodity Alpha Fund (May 2016 inception) ** $ 83,218,000 $ 102,675 ALL ASSETS 1.350% OPPORTUNITY FUND MANAGERS: Alinda Capital Partners * / ** $ 45,518,000 $ 460,621 Based on Commitment Amount of $40,000, % Page 8

9 Macquarie Infrastructure Partners II * / ** $ 31,216,000 $ 414,711 Based on Commitment Amount of $40,000, % Macquarie Infrastructure Partners III * / ** $ 20,222,000 $ 525,430 Based on Commitment Amount of $50,000,000 Uninvested capital 0.750% Invested capital 1.500% SECURITIES LENDING Deutsche Bank $ 379,368 INVESTMENT CONSULTING NEPC $ 566,500 MASTER TRUSTEE / PERFORMANCE MEASUREMENT Northern Trust Company $ 1,220,000 * Expense information is lagged one quarter. ** Commingled fund Page 9

STANDARD INVESTMENT REPORTS. Table of Contents

STANDARD INVESTMENT REPORTS. Table of Contents STANDARD INVESTMENT REPORTS Table of Contents As of March 31, 2016 Title Schedule Holdings Reconciliation of Market Values Investment Income Statement of Investment Expenses Investment Fee Schedule Allocation