STANDARD INVESTMENT REPORTS. Table of Contents

Transcription

1 STANDARD INVESTMENT REPORTS Table of Contents As of June 30, 2012 Title Schedule Holdings Reconciliation of Market Values Investment Income Statement of Investment Expenses Investment Expense Variance Investment Fee Schedule Allocation of Funds from SURS Cash Flow Account History of Allocations Summary of Asset Turnover Alternative Investments Brokerage Cost Review: July 1, 2011, through June 30, 2012 Domestic Equities International Equities Global Equities REITs Fixed Income TIPS Schedule of Pending Class Action Claims Schedule of Class Action Proceeds Received Schedule of Self-Managed Plan Investment Allocation A B C D E F G H I J K L M N O P Q R S

2 HOLDINGS As of June 30, 2012 SHORT FIXED REAL MARKET % OF TERM EQUITY INCOME ESTATE VALUE FUND Northern Trust Investments $10,928 $1,345,877 $0 $0 $1,356, % RhumbLine Advisers 871 1,029, ,030, % Total Passive U.S. Equity 11,799 2,375, ,387, % Passive % of U.S. Equity 58.4% Channing Capital Management 1,015 66, , % EARNEST Partners 1,625 64, , % Fiduciary Management Associates 2,257 64, , % Holland Capital Management 1,536 63, , % Jacobs Levy Equity Management , , % Lombardia Capital Partners 2,646 65, , % NCM Capital Management 2,366 62, , % Piedmont Investment Advisors 1, , , % PIMCO StocksPlus , , % Profit Investment Management , , % Progress Emerging Manager 7, , , % T. Rowe Price 1, , , % Total Active U.S. Equity 23,005 1,419, , ,703, % Active % of U.S. Equity 41.6% TOTAL U.S. EQUITY 34,804 3,795, , ,090, % BTC Emerging Markets 0 127, , % BTC International 0 965, , % Total Passive Non-U.S. Equity 0 1,092, ,092, % Passive % of Non-U.S. Equity 44.7% Ativo Capital Management , , % BTC Alpha Tilts 0 299, , % GlobeFlex Capital 3, , , % Herndon Capital Management 2, , , % Martin Currie International 1, , , % Progress Emerging Manager 3, , , % Pyramis Global Advisors 7, , , % Strategic Global Advisors , , % Total Active Non-U.S. Equity 20,589 1,329, ,350, % Active % of Non-U.S. Equity 55.3% TOTAL NON-U.S. EQUITY 20,589 2,422, ,443, % Aberdeen Asset Management 7, , , % Calamos Investments 18, , , % Mondrian Investment Partners 4, , , % T. Rowe Price 16, , , % Wellington Management 3, , , % Total Active Global Equity 51,328 1,289, ,341, % Active % of Global Equity 100.0% TOTAL GLOBAL EQUITY 51,328 1,289, ,341, % Adams Street Acquisition Fund II % Adams Street Partnerships 0 289, , % Adams Street 2012 Offering 0 1, , % Adams Street 2009 Offering 0 36, , % Adams Street 2008 Offering 0 50, , % Adams Street 2007 Global Oppor Ptf 0 82, , % Adams Street Global Secondary 0 12, , % Adams Street Non-U.S. Fund 0 43, , % Muller and Monroe ILPEFF 0 12, , % Muller and Monroe MPEFF 0 18, , % Pantheon Europe Fund III 0 50, , % Pantheon Europe Fund VI 0 21, , % Pantheon Global 0 1, , % Pantheon Global Secondary II 0 10, , % Pantheon USA , , % Pantheon Ventures Inc , , % Progress Investment 0 1, , % TOTAL PRIVATE EQUITY 0 1,128, ,128, % TOTAL EQUITY 106,721 8,636, , ,003, % Schedule A Passive % of Total Equity 38.7% Active % of Total Equity 61.3%

3 HOLDINGS As of June 30, 2012 SHORT FIXED REAL MARKET % OF TERM EQUITY INCOME ESTATE VALUE FUND Cash $230,623 $0 $0 $0 $230, % State Street Global Advisors 6, , , % Total Passive Fixed Income 237, , , % Passive % of Total Fixed Income 21.4% Chicago Equity Partners 9, , , % Garcia Hamilton & Associates , , % LM Capital Group 1, , , % Metropolitan West Asset Mgmt 39, , , % Neuberger Berman 60, , , % PIMCO Total Return 311, , , % Progress Emerging Manager 6, , , % Pugh Capital Management , , % Smith Graham & Company 10, , , % Taplin Canida & Habacht 3, , , % Total Active Fixed Income 443, ,701, ,144, % Active % of Total Fixed Income 63.2% Longfellow Investment Mgmt , , % New Century Advisors , , % PIMCO US TIPS 16, , , % Total Active TIPS 16, , , % TIPS Active % of Total Fixed Income 15.3% TOTAL FIXED INCOME 697, ,694, ,391, % Dune Capital Management ,884 27, % Franklin Templeton EMREFF ,997 15, % Franklin Templeton FTPREF ,483 2, % Mesirow MFIRE II ,800 4, % RREEF America II Fund , , % RREEF America III Fund ,429 13, % UBS Trumbull Property Fund , , % Total Direct Real Estate , , % BTC REIT ,797 95, % CBRE Clarion Real Estate Securities 1, , , % RREEF America REIT 1, , , % RREEF % Total U.S. REITs 2, , , % BTC International REIT ,278 66, % CBRE Clarion Real Estate Securities 2, ,953 79, % RREEF Global REIT ,562 74, % Total Non-U.S. REITs 3, , , % TOTAL REAL ESTATE 6, , , % Angelo Gordon GECC , , % Oaktree Capital Management , , % RLJ Western , , % Alinda Capital Partners 0 24, , % Macquarie Capital 0 41, , % Private Opportunities Fund 0 1, , % TOTAL OPPORTUNITY FUND 0 67, , , % TOTAL FUND $809,950 $8,703,169 $3,088,401 $971,645 $13,573, % % OF TOTAL FUND 6.0% 64.1% 22.8% 7.2% 100.0% ANALYSIS OF SHORT-TERM HOLDINGS Allocated Short-Term Holdings $614, % Unallocated Short-Term Holdings 195, % TOTAL SHORT-TERM HOLDINGS $809, % Schedule A

4 RECONCILIATION OF MARKET VALUES July 1, 2011, to June 30, 2012 ( $ in thousands) 7/1/2011 Net Net 6/30/2012 Market Value Contributions Income Appreciation Market Value Aberdeen Asset Management $ 368,581 $ (77,996) $ 9,018 $ (14,725) $ 284,879 Adams Street Acquisition Fund II Adams Street 2012 Offering - 1,636 (4) - 1,632 Adams Street 2009 Offering 21,528 10, ,904 36,199 Adams Street 2008 Offering 41,732 4, ,728 50,606 Adams Street 2007 Global Opportunity 69,008 6, ,684 82,607 Adams Street Global Secondary 16,486 (4,406) 220 (189) 12,110 Adams Street Non-U.S. Fund 54,751 (11,364) ,967 Adams Street Partnerships 329,015 (64,773) 7,880 17, ,868 Alinda Capital Partners 15,476 7,749 1,346 (193) 24,377 Angelo Gordon GECC 69,131 (16,455) 3,837 (4,985) 51,528 Ativo Capital Management 23,676 49,862 2,072 (1,334) 74,276 BTC Emerging Markets Fund 200,671 (39,066) 4 (34,022) 127,587 BTC International Equity Fund 918, , (118,128) 965,346 BTC International Alpha Tilts Fund 384,038 (26,959) 18 (57,890) 299,207 BTC International REIT Fund 70, (3,950) 66,278 BTC REIT Index Fund 84, ,831 95,797 Buford, Dickson, Harper and Sparrow 21,286 (21,079) 131 (338) 0 Calamos Investments 165, ,451 4,301 (11,808) 261,892 Cash 166,709 62, ,392 CBRE Clarion Real Estate Securities 145,445 (50,000) 4,523 11, ,876 CBRE Clarion Real Estate Securities Global 78,229 (19) 2,641 (1,464) 79,387 Channing Capital Management 45,620 20, ,341 67,870 Chicago Equity Partners 252, ,933 11, ,721 Dune Capital Management 16,581 7, ,328 27,884 EARNEST Partners 36,104 27, ,054 65,896 Fiduciary Management Associates 35,218 29, ,073 67,041 Franklin Templeton EMREFF 0 17, (1,673) 15,997 Franklin Templeton FTPREF 0 2,938 (208) (248) 2,483 Garcia Hamilton & Associates 30, , ,417 GlobeFlex Capital 104,969 53,301 3,558 (13,203) 148,626 Herndon Capital Management 86,331 44,031 3,777 (12,169) 121,970 Holland Capital Management 38,447 24, ,249 65,116 Jacobs Levy Equity Management 333,716 (86,003) 4,621 (9,272) 243,061 LM Capital Group 51, ,250 1,838 55,242 Lombardia Capital Partners 62,958 5,000 1,443 (1,071) 68,330 Longfellow Investment Management 110, ,124 9, ,601 Macquarie Capital 27,022 10, ,446 41,568 Martin Currie Inc. 269,409 (81,535) 3,667 (40,475) 151,066 Mesirow MFIRE II 0 4, ,800 Metropolitan West Asset Management 381,342 (29,199) 15,924 13, ,656 Mondrian Investment Partners 231,144 46,417 8,491 (12,910) 273,142 Muller & Monroe ILPEFF 13,693 (1,113) 546 (375) 12,751 Muller & Monroe MPEFF 14,921 2, ,554 NCM Capital Management 52,173 15, (3,204) 64,531 Schedule B

5 RECONCILIATION OF MARKET VALUES July 1, 2011, to June 30, 2012 ( $ in thousands) 7/1/2011 Net Net 6/30/2012 Market Value Contributions Income Appreciation Market Value Neuberger Berman 259, ,662 11, ,337 New Century Advisors 83, ,495 8,627 93,692 Northern Trust Investments 1,787,580 (477,000) 30,778 15,447 1,356,804 Oaktree Capital Management 9,033 12, ,633 22,997 Pantheon Europe Fund III 64,617 (15,234) ,125 Pantheon Europe Fund VI 20,266 2,028 0 (1,126) 21,168 Pantheon Global Secondary II 14,467 (1,497) 55 (1,422) 11,604 Pantheon USA 8 34,809 19, ,225 60,085 Pantheon Ventures Inc. 451,769 (59,239) 11,536 24, ,902 Pantheon Ventures Sub Trust 6, ,107 Payden & Rygel 180,420 (157,355) 176 (23,234) 7 Piedmont Investment Advisors 70, ,232 3,646 21, ,683 PIMCO StocksPlus 580,569 (295,000) (12,714) (11,987) 260,868 PIMCO Total Return 852,264 (75,000) 28,949 14, ,576 PIMCO US TIPS 339,587 (74,856) 6,601 32, ,730 Private Opportunities Fund * 2,807 (1,738) ,223 Profit Investment Management 50,573 17, (4,765) 63,453 Progress Emerging - Fixed Income 91,496 (3,000) 3,860 3,365 95,721 Progress Emerging - Non-U.S. Equity 73,183 54,512 3,164 (7,731) 123,128 Progress Emerging - U.S. Equity 200,340 38,362 3,572 3, ,521 Progress Investment Management 1,451 (252) 2 (160) 1,041 Pugh Capital Management 77, ,299 2,976 83,981 Pyramis Global Advisors 278, ,544 8,221 (34,521) 369,476 RhumbLine Advisers 1,019,315 (30,000) 20,759 20,662 1,030,735 RLJ Western 59,876 (3,594) 3,594 (1,585) 58,291 RREEF America II Fund 111,903 (7,655) 13,290 1, ,145 RREEF America III Fund 9,033 (114) (622) 5,133 13,429 RREEF America REIT Fund 133,804 (25,000) 3,803 8, ,605 RREEF Global REIT Fund 73,452 (31) 2,309 (1,253) 74,477 Smith Graham & Company 50, ,505 2,186 54,237 State Street Global Advisors 559,097 (100,000) 5,083 32, ,608 Strategic Global Advisors 22,904 38,121 1,729 (140) 62,614 Taplin, Canida & Habacht 61, ,655 3,463 67,592 T. Rowe Price 228,330 4,000 4,650 8, ,796 T. Rowe Price Global Equity 358,361 (79,999) 4,405 (26,382) 256,386 UBS Trumbull Property Fund 233,835 (7,432) 7,178 10, ,546 Wellington Management 412,386 (119,490) 6,456 (34,413) 264,939 Transition Account , (52,605) 5 Terminated Managers 1,764 (426) 67 (33) 1,372 Totals $ 14,308,951 $ (819,520) $ 282,228 $ (198,494) $ 13,573,165 *Formerly Van Wagoner Opportunities Fund. Schedule B

6 INVESTMENT INCOME July 1, 2011, through June 30, 2012 DIVIDENDS INTEREST TOTAL Aberdeen Asset Management $ 9,007,159 $ 11,034 $ 9,018,193 Adams Street 2007 Global Oppor Ptf 943, ,150 Adams Street 2012 Offering (3,609) - (3,609) Adams Street 2009 Offering - 837, ,500 Adams Street 2008 Offering - 975, ,000 Adams Street Global Secondary 219, ,540 Adams Street Non-U.S. Fund 159, ,063 Adams Street Partnerships 7,879,667-7,879,667 Alinda Capital Partners 341,914 1,003,785 1,345,699 Angelo Gordon GECC 3,237, ,000 3,837,098 Ativo Capital Management 2,073,876 (1,828) 2,072,048 BTC Emerging Markets - 3,855 3,855 BTC International - 136, ,522 BTC International Alpha Tilts - 17,966 17,966 BTC International REIT - 7,577 7,577 BTC REIT - 5,316 5,316 Buford Dickson Harper & Sparrow 130, ,852 Calamos Investments 2,254,881 2,046,283 4,301,164 Cash - 593, ,344 CBRE Clarion Real Estate Securities 4,521,491 1,813 4,523,304 CBRE Clarion Real Estate Securities - Global 2,619,734 21,365 2,641,099 Channing Capital Management 907,480 1, ,868 Chicago Equity Partners - 9,932,635 9,932,635 Dune Capital Management - 520, ,940 EARNEST Partners 735,202 2, ,612 Fiduciary Management Associates 746,904 2, ,462 Franklin Templeton EMREFF 327,438 93, ,286 Franklin Templeton FTPREF - (207,522) (207,522) Garcia Hamilton & Associates (329) 1,720,271 1,719,942 GlobeFlex Capital 3,554,693 3,441 3,558,134 Herndon Capital Management 3,770,832 6,223 3,777,055 Holland Capital Management 417,460 1, ,379 Jacobs Levy Equity Management 4,619,603 1,738 4,621,341 LM Capital Group (1,662) 2,251,478 2,249,816 Lombardia Capital Partners 1,440,928 2,258 1,443,186 Longfellow Investment Mgmt - 2,123,576 2,123,576 Macquarie Capital - 600, ,000 Martin Currie Investment Management 3,259, ,060 3,666,806 Metropolitan West Asset Mgmt - 15,924,352 15,924,352 Mondrian Investment Partners 8,481,765 8,821 8,490,586 Muller and Monroe ILPEFF 443, , ,231 Muller and Monroe MPEFF 205, , ,514 NCM Capital Management 560,807 1, ,276 Neuberger Berman (27,487) 7,689,360 7,661,873 New Century Advisors (949) 1,495,774 1,494,825 Northern Trust Investments 30,763,211 14,438 30,777,649 Oaktree Capital Management - 68,225 68,225 Pantheon Europe Fund III 183, ,513 Pantheon Global 11, ,278 Pantheon Global Secondary II 43,735-43,735 Schedule C

7 INVESTMENT INCOME July 1, 2011, through June 30, 2012 DIVIDENDS INTEREST TOTAL Pantheon USA 8 425, ,494 Pantheon Ventures 11,511,570 24,184 11,535,754 Payden & Rygel 10, , ,179 Piedmont Investment Advisors 3,644,918 1,257 3,646,175 PIMCO StocksPlus 55,447 (12,769,781) (12,714,334) PIMCO Total Return 787,877 28,161,548 28,949,425 PIMCO US TIPS (11,968) 6,613,127 6,601,159 Private Opportunities Fund - 37,500 37,500 Profit Investment Management 643,377 1, ,109 Progress Emerging - Fixed Income (4,096) 3,864,548 3,860,452 Progress Emerging - Non-U.S. Equity 3,161,096 3,363 3,164,459 Progress Emerging - U.S. Equity 3,565,195 6,830 3,572,025 Progress Investment 2,158-2,158 Pugh Capital Management (1,324) 3,300,732 3,299,408 Pyramis Global Advisors 8,208,947 11,686 8,220,633 RhumbLine Advisers 20,756,821 2,213 20,759,034 RLJ Western 3,343, ,450 3,593,900 RREEF America II Fund - 13,290,021 13,290,021 RREEF America III Fund - (622,457) (622,457) RREEF America REIT 3,802,327 1,111 3,803,438 RREEF Global REIT 2,270,833 37,924 2,308,757 Smith Graham & Company (12,270) 1,517,069 1,504,799 State Street Global Advisors - 5,082,895 5,082,895 Strategic Global Advisors 1,728, ,729,303 T. Rowe Price 4,648,207 1,485 4,649,692 T. Rowe Price - Global 4,384,232 21,179 4,405,411 Taplin Canida & Habacht (2,770) 2,657,818 2,655,048 Terminated Managers (405) 67,125 66,720 Transition Account 876,163 (30,376) 845,787 UBS Trumbull Property Fund - 7,178,352 7,178,352 Wellington Management 6,451,426 4,623 6,456,049 Sub-Total $ 174,073,550 $ 108,154,710 $ 282,228,260 Securities Lending - 5,641,433 5,641,433 Total $ 174,073,550 $ 113,796,142 $ 287,869,692 Schedule C

8 STATEMENT OF INVESTMENT EXPENSES Fiscal Year 2012 Investment Management Fees: 1st QTR 2nd QTR 3rd QTR 4th QTR TOTALS BUDGET BALANCE Aberdeen Asset Management $ 356,440 $ 306,645 $ 331,712 $ 322,379 $ 1,317,176 $ 1,702,000 $ 384,824 Adams Street Partners 1,079,457 1,042,817 1,020,246 1,025,606 4,168,126 3,089,000 (1,079,126) Alinda Capital Partners 164, , , ,311 1,003, ,000 (303,785) Angelo Gordon GECC 150, , , , , , ,000 Ativo Capital Management 22,759 44,818 80,518 78, , ,000 (121,105) BlackRock Institutional Trust Company (BTC) 391, , ,571 1,062,785 2,207,980 1,782,000 (425,980) Buford, Dickson, Harper & Sparrow 10,332 10,624-9,529 30,486 54,000 23,514 Calamos Investments 226, , , ,865 1,264,907 1,052,000 (212,907) CBRE Clarion Real Estate Securities (formerly ING) 260, , , ,563 1,122,009 1,160,000 37,991 Channing Capital Management 22,603 35,226 50,462 38, , ,000 (34,677) Chicago Equity Partners 113, , , , , ,000 (2,562) Dune Real Estate Parallel Fund II 130,831 (131,001) 391, , , ,000 80,068 EARNEST Partners 18,193 32,488 38,244 37, ,480 - (126,480) Fiduciary Management Associates 53,077 97, , , ,507 - (369,507) Franklin Templeton , , ,000 73,729 Garcia Hamilton & Associates 16,163 16,212 16,609 16,826 65,811 65,000 (811) GlobeFlex Capital 187, , , , , ,000 (256,325) Herndon Capital Management 81, , , , , ,000 (14,700) Holland Capital Management 28,803 42,584 47,781 47, , ,000 (35,725) Jacobs Levy Equity Management 247, , , ,767 1,284,842 1,461, ,158 LM Capital Group 28,986 29,258 29,704 29, , ,000 12,063 Lombardia Capital Partners 116, , ,791 58, , ,000 (276,277) Longfellow Investment Management 16,463 16,639 16,800 16,990 66,892 65,000 (1,892) Macquarie Capital 150, , , , , ,000 (431,000) Martin Currie 255, , , , ,791 1,064, ,209 Metropolitan West Asset Management 76,660 76,444 96, , , ,000 (63,504) Mondrian Investment Partners 194,289 24, , , , , ,699 Muller and Monroe 89,181 88,592 88,592 79, , , ,446 NCM Capital Management 25,557 35,217 38,192 36, , ,000 (8,797) Neuberger Berman 134, , , , , ,000 (5,313) New Century Advisors 35,900 36,484 36,916 37, , ,000 (5,729) Northern Trust Investments 39,589 36,849 37,296 35, , ,000 11,630 Oaktree Capital Management 5,135 15,890 23,135 24,065 68, , ,775 Pantheon Ventures 705, , , ,279 2,600,961 2,829, ,039 Payden & Rygel 161,000 60, , , ,599 Schedule D

9 STATEMENT OF INVESTMENT EXPENSES Fiscal Year 2012 Investment Management Fees: 1st QTR 2nd QTR 3rd QTR 4th QTR TOTALS BUDGET BALANCE Piedmont Investment Advisors 30,472 59, , , , ,000 (158,477) PIMCO 532, ,872 2,500,138 1,689,662 5,285,258 2,403,000 (2,882,258) Private Opportunities Fund 18,750 18, ,500 75,000 37,500 Profit Investment Management 24,026 30,603 37,484 35, ,086 93,000 (35,086) Progress Investment Management 407, , , ,520 1,967,006 1,842,000 (125,006) Pugh Capital Management 34,348 45,901 40,766 41, , ,000 (25,189) Pyramis 124, , , , , ,000 (58,951) RhumbLine Advisers 55,585 35,813 47,414 46, , ,000 (1,946) RLJ Western 62,313 62,997 62,997 62, , ,000 52,550 RREEF 490, , ,808 1,043,602 2,652,956 2,302,000 (350,956) Smith Graham & Company 23,706 23,909 24,332 24,640 96,587 96,000 (587) State Street Global Advisors 18,527 17,874 17,207 17,374 70,982 77,000 6,018 Strategic Global Advisors 31,175 47,501 86,032 82, , ,000 (92,649) T. Rowe Price 500, , , ,523 1,964,201 2,527, ,799 Taplin, Canida & Habacht 28,121 28,553 29,156 29, , ,000 (3,404) UBS , ,964 2,307,000 1,758,036 Wellington Management Company 189, , , ,428 1,490, ,000 (599,520) Short Term Invested Funds 54,877 63,706 52,194 53, , ,100 22,577 Performance Fees - 8,876,800 8,876,800 Securities Lending Expense 160, , , , , ,000 (62,132) Total Investment Management Fees $ 8,385,725 $ 8,233,084 $ 12,371,234 $ 11,522,198 $ 40,512,240 $ 46,452,900 $ 5,940,660 Investment Administrative Expenditures: Investment Consultant (includes Legal Counsel) $ 1,956 $ 95,677 $ 125,866 $ 410,571 $ 634,070 $ 652,000 $ 17,930 Custody, Performance & Databases * 103, ,490 (81,800) 569, , ,300 (52,200) Personnel 308, , , ,109 1,121,359 1,101,200 (20,159) Resources, Travel 56,418 46,695 (16,675) 56, , ,200 65,219 Total Investment Administrative Expenditures $ 470,456 $ 744,495 $ 284,596 $ 1,290,363 $ 2,789,910 $ 2,800,700 $ 10,790 Total Investment Expenditures $ 8,856,180 $ 8,977,579 $ 12,655,830 $ 12,812,561 $ 43,302,151 $ 49,253,600 $ 5,951,449 * Includes custody fee reimbursement from Credit Suisse of $262,500 Schedule D

10 INVESTMENT EXPENSE VARIANCE Fiscal Year 2012 Investment Manager Management Fees Budget (Over)/Under Budget % (Over)/Under Reason for Variance 1 The following managers do not have performance based fee schedules. Their budget variances are generally caused by actual assets during the year differing from the budgeted amounts due to adjusting funding, asset class return different from projected, or termination. Aberdeen Asset Management $ 1,317,176 $ 1,702,000 $ 384,824 23% Asset Size Adams Street Partnerships 4,168,126 3,089,000 (1,079,126) -35% Commitment Size Alinda Capital Partners 1,003, ,000 (303,785) -43% Commitment Size Angelo Gordon GECC 600, , ,000 17% Commitment Size Ativo Capital Management 226, ,000 (121,105) -115% Asset Size BTC Emerging Markets Index 221, ,000 99,113 31% Asset Size BTC International Equity Index 558, ,000 18,838 3% Asset Size BTC US REIT Index 93, ,000 26,492 22% Asset Size BTC International REIT 106, ,000 11,677 10% Asset Size Calamos Investments 1,264,907 1,052,000 (212,907) -20% Asset Size Chicago Equity Partners 463, ,000 (2,562) 0% Asset Size Dune Real Estate Parallel Fund II 519, ,000 80,068 13% Asset Size EARNEST Partners 126,480 0 (126,480) 0% Asset Size Fiduciary Management Associates 369,507 0 (369,507) 0% Asset Size Franklin Templeton 301, ,000 73,729 20% Commitment Size Garcia Hamilton & Associates 65,811 65,000 (811) -1% Asset Size Herndon Capital 415, ,000 (14,700) -4% Asset Size Holland Capital Management 166, ,000 (35,725) -27% Asset Size ING Clarion CRA Securities 650, ,000 18,164 3% Asset Size ING Clarion Global REIT 471, ,000 19,827 4% Asset Size Jacobs Levy 1,284,842 1,461, ,158 12% Asset Size LM Group 117, ,000 12,063 0% Asset Size Longfellow Investment Management 66,892 65,000 (1,892) -3% Asset Size Macquarie Capital 600, ,000 (431,000) -255% Commitment Size Martin Currie 778,791 1,064, ,209 27% Asset Size Mondrian Investment Partners 517, , ,699 44% Asset Size Muller and Monroe 345, , ,446 31% Commitment Size Neuberger Berman 547, ,000 (5,313) 0% Asset Size New Century Advisors 146, ,000 (5,729) -4% Asset Size Northern Trust Investments 149, ,000 11,630 7% Asset Size Oaktree Capital Management 68, , ,775 66% Commitment Size Pantheon Ventures 2,600,961 2,829, ,039 8% Asset Size Payden & Rygel 221, , ,599 75% Asset Size Piedmont Investments 302, ,000 (158,477) -110% Asset Size Private Opportunities Fund 37,500 75,000 37,500 50% Asset Size Progress Emerging 1,953,023 1,831,000 (122,023) -7% Asset Size Progress Venture 13,983 11,000 (2,983) -27% Asset Size Pugh Capital Management 162, ,000 (25,189) -18% Asset Size RhumbLine Advisers 184, ,000 (1,946) -1% Asset Size RLJ Western 250, ,000 52,550 17% Commitment Size RREEF America II Fund 1,370,958 1,111,000 (259,958) -23% Asset Size RREEF America III Fund 114, ,000 13,837 11% Asset Size Smith Graham & Company 96,587 96,000 (587) -1% Asset Size State Street Global Advisors 70,982 77,000 6,018 0% Asset Size Strategic Global Advisors 247, ,000 (92,649) -60% Asset Size T. Rowe Price 1,964,201 2,527, ,799 22% Asset Size Taplin, Canida & Habacht 115, ,000 (3,404) -3% Asset Size UBS 548,964 2,307,000 1,758,036 76% Asset Size $ 27,989,768 $ 29,972,000 $ 1,982,232 7% Schedule E

11 INVESTMENT EXPENSE VARIANCE Fiscal Year 2012 Investment Manager Management Fees Budget (Over)/Under Budget % (Over)/Under Reason for Variance b The following managers have performance based fee schedules. Their budget variances are generally caused by a combination of performance based fees paid, actual assets during the year differing from the budgeted amounts due to adjusting funding, asset class return different from projected, or termination. Investment Manager Management Fees Budget (Over)/Under Budget % (Over)/Under Performance Based Fees BTC International Alpha Tilts 1,228, ,000 (582,101) -90% 0 Buford, Dickson, Harper & Sparrow 30,486 54,000 23,514 44% 0 Channing Capital Management 146, ,000 (34,677) -31% 11,587 GlobeFlex Capital 587, ,000 (256,325) -77% 341,119 Lombardia Capital Partners 432, ,000 (276,277) -177% 285,654 Metropolitan West 455, ,000 (63,504) -16% 302,449 NCM Capital Management 135, ,000 (8,797) -7% 0 PIMCO StocksPlus 3,658, ,000 (2,919,232) -395% 5,196,623 PIMCO TIPS 481, ,000 (3,285) -1% 14,048 PIMCO Total Return 1,145,741 1,186,000 40,259 3% 165,906 Profit Investment Management 128,086 93,000 (35,086) -38% 29,886 Pyramis 647, ,000 (58,951) -10% 0 RREEF REIT 742, ,000 (58,051) -8% 233,624 RREEF Global REIT 425, ,000 (46,784) -12% 69,452 Wellington Management Company 1,490, ,000 (599,520) -67% 457,301 $ 11,735,817 $ 6,857,000 $ (4,878,817) -71% $ 7,107,649 Performance Based Fees $ 8,876,800 $ 1,769,151 Short Term Invested Funds (STIF) Fee $ 224,523 $ 247,100 $ 22,577 Securities Lending Expense $ 562,132 $ 500,000 $ (62,132) 3 Other Investment Expenses includes Consulting and Custody fees, as well as Personnel costs such as travel, resources and salaries. Other Investment Expenses $ 2,789,910 $ 2,800,700 $ 10,790 0% $ 43,302,151 $ 49,253,600 $ 5,951,449 12% Schedule E

12 INVESTMENT FEE SCHEDULE Fiscal Year 2012 COMMINGLED FUND MANAGERS: ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE BTC EMERGING MARKETS INDEX FUND $ 127,587,000 $ 191,381 $ 191,381 FIRST $200,000, % 0.150% 0.150% OVER $200,000, % BTC INTERNATIONAL INDEX FUND $ 965,346,000 $ 579,208 $ 579,208 ALL ASSETS 0.060% 0.060% 0.060% BTC U.S. REAL ESTATE SECURITIES INDEX FUND $ 95,797,000 $ 130,797 $ 130,797 FIRST $50,000, % 0.137% 0.137% NEXT $50,000, % OVER $100,000, % BTC INTERNATIONAL REAL ESTATE SECURITIES INDEX FUND $ 66,278,000 $ 109,534 $ 109,534 FIRST $50,000, % 0.165% 0.165% NEXT $50,000, % OVER $100,000, % BTC INTERNATIONAL ALPHA TILTS FUND A $ 299,207,000 $ 508,652 $ 508,652 Base Fee 0.170% 0.170% all assets 0.170% Performance above the benchmark applied to average assets over rolling one year If greater than MSCI EAFE Free Index plus 17 bps Then pay 20% of the excess return above 17 bps > MSCI EAFE Free % of excess ==> % Maximum Performance Fee 0.670% PRIVATE EQUITY MANAGERS: ADAMS STREET SEPARATE PARTNERSHIPS $ 289,868,000 $ 1,662,170 $ 1,662,170 FIRST $75,000, % 0.573% 0.573% NEXT $50,000, % NEXT $50,000, % OVER $175,000, % Fee Tail-Down 0.000% ADAMS STREET NON-U.S. PARTNERSHIPS $ 43,967,000 $ 105,342 $ 105,342 Based on Commitment Amount of $36,237, % 0.291% FIRST $25,000, % NEXT $25,000, % OVER $50,000, % Fee Tail-Down % ADAMS STREET 2012 OFFERING $ 1,632,000 $ 787,500 $ 787,500 Based on Subscription Amount of $80,000, % 0.984% FIRST $75,000, % NEXT $50,000, % NEXT $50,000, % OVER $175,000, % ADAMS STREET 2009 OFFERING $ 36,199,000 $ 937,500 $ 937,500 Based on Subscription Amount of $100,000, % 0.938% FIRST $75,000, % NEXT $50,000, % NEXT $50,000, % OVER $175,000, % Schedule F

13 INVESTMENT FEE SCHEDULE Fiscal Year 2012 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE ADAMS STREET 2008 OFFERING $ 50,606,000 $ 937,500 $ 937,500 Based on Subscription Amount of $100,000, % 0.938% FIRST $75,000, % NEXT $50,000, % NEXT $50,000, % OVER $175,000, % ADAMS STREET 2007 GLOBAL OPPORTUNITIES PORTFOLIO $ 82,607,000 $ 850,000 $ 850,000 Based on Subscription Amount of $100,000, % 0.850% FIRST $25,000, % NEXT $25,000, % NEXT $100,000, % OVER $150,000, % MULLER AND MONROE ILPEFF $ 12,751,000 $ 250,000 $ 250,000 Based on Commitment Amount of $25,000, % 1.000% 1.000% MULLER AND MONROE MPEFF $ 18,554,000 $ 250,000 $ 250,000 Based on Commitment Amount of $25,000, % 1.000% 1.000% PANTHEON VENTURES $ 578,990,000 $ 2,894,950 $ 2,894,950 FIRST $750,000, % 0.500% 0.500% NEXT $250,000, % OVER $1,000,000, % PROGRESS INVESTMENT MANAGEMENT $ 1,041,000 $ 10,410 $ 10,410 ALL ASSETS 1.000% 1.000% 1.000% U.S. EQUITY MANAGERS: JACOBS LEVY $ 243,061,000 $ 1,129,183 $ 1,129,183 FIRST $200,000, % 0.465% 0.465% NEXT $300,000, % OVER $500,000, % NORTHERN TRUST INVESTMENTS $ 1,356,804,000 $ 135,680 $ 135,680 ALL ASSETS % 0.010% 0.010% PIEDMONT INVESTMENTS $ 245,683,000 $ 491,366 $ 491,366 FIRST $100,000, % 0.200% 0.200% OVER $100,000, % PIMCO STOCKS PLUS $ 260,868, % $ 260,868 $ 2,452,159 $ 2,713,027 Base Fee 0.100% 0.940% 1.040% all assets 0.100% Performance above the benchmark applied to average assets during the Measurement Period If greater than Russell 3000 Index Then pay 20% of the excess return % Maximum Fee 1.500% Minimum Fee 0.100% PROGRESS EMERGING MANAGER $ 245,521,000 $ 1,153,949 $ 1,153,949 ALL ASSETS % 0.470% 0.470% RHUMBLINE ADVISERS $ 1,030,735,000 $ 184,610 $ 184,610 FIRST $100,000, % 0.018% 0.018% NEXT $300,000, % OVER $400,000, % Schedule F

14 INVESTMENT FEE SCHEDULE Fiscal Year 2012 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE T. ROWE PRICE $ 245,796,000 $ 737,388 $ 737,388 all assets < $100 million 0.300% 0.300% FIRST $50,000, % NEXT $50,000, % all assets between $100-$200 million $100,000, % all assets > $200 million $200,000, % NON-U.S. EQUITY MANAGERS: ATIVO CAPITAL MANAGEMENT $ 74,276,000 $ 311,959 $ 311,959 FIRST $100,000, % 0.420% 0.420% OVER $100,000, % PYRAMIS GLOBAL ADVISORS $ 369,476,000 $ 738,952 $ 738,952 Base Fee 0.200% 0.200% all assets 0.200% Performance above the benchmark applied to average assets over rolling three years If greater than MSCI ACWI Ex-US Index plus 20 bps Then pay 13.31% of the excess return above 20 bps Maximum Fee 0.679% GLOBEFLEX CAPITAL $ 148,626,000 $ 445,878 $ 445,878 Base Fee 0.300% 0.300% all assets % Performance above the benchmark applied to average assets over rolling one year If greater than MSCI ACWI Ex-US Index plus 30 bps Then pay 15% of the excess return above 30 bps 15.00% Maximum Performance Fee 0.800% Minimum Fee 0.300% MARTIN CURRIE $ 151,066,000 $ 642,031 $ 642,031 ALL ASSETS 0.425% 0.425% 0.425% PROGRESS EMERGING MANAGER $ 123,128,000 $ 578,702 $ 578,702 ALL ASSETS % 0.470% 0.470% GLOBAL EQUITY MANAGERS: ABERDEEN ASSET MANAGEMENT $ 284,879,000 $ 1,289,516 $ 1,289,516 FIRST $100,000, % 0.453% 0.453% OVER $100,000, % CALAMOS INVESTMENTS $ 261,892,000 $ 1,459,460 $ 1,459,460 FIRST $100,000, % 0.557% 0.557% OVER $100,000, % MONDRIAN INVESTMENT PARTNERS $ 273,142,000 $ 1,026,369 $ 1,026,369 FIRST $50,000, % 0.376% 0.376% NEXT $150,000, % OVER $200,000, % T. ROWE PRICE $ 256,386,000 $ 1,153,737 $ 1,153,737 all assets < $100 million 0.450% 0.450% FIRST $50,000, % NEXT $50,000, % all assets between $100-$200 million $100,000, % all assets > $200 million $200,000, % Schedule F

15 INVESTMENT FEE SCHEDULE Fiscal Year 2012 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE WELLINGTON MANAGEMENT $ 264,939, % $ 794,817 $ 629,230 $ 1,424,047 Base Fee 0.300% 0.238% 0.538% all assets 0.300% Performance above the benchmark applied to average assets over rolling three years If greater than MSCI World Index Then pay 12.5% of the excess return Maximum Fee 1.050% FIXED-INCOME MANAGERS: CHICAGO EQUITY PARTNERS $ 273,721,000 $ 473,082 $ 473,082 FIRST $25,000, % 0.173% 0.173% NEXT $75,000, % OVER $100,000, % METROPOLITAN WEST ASSET MANAGEMENT $ 381,656, % $ 381,656 $ 572,484 $ 954,140 Base Fee 0.100% 0.150% 0.250% all assets 0.100% Performance above the benchmark applied to average assets over rolling one year If greater than Barclays Capital Aggregate Index Then pay 20% of the excess return Maximum Fee 0.400% Minimum Fee 0.100% NEUBERGER BERMAN $ 278,337,000 $ 559,672 $ 559,672 FIRST $100,000, % 0.201% 0.201% NEXT $100,000, % NEXT $300,000, % OVER $500,000, % PIMCO TOTAL RETURN $ 820,576,000 $ 1,148,806 $ 1,148,806 Base Fee 0.140% 0.140% all assets 0.140% Performance above the benchmark applied to average assets over rolling one year If greater than Barclays Capital Aggregate Index plus 14 bps Then pay 3% of excess return above 14 bps to a maximum of 150 bps, and If greater than Barclays Capital Aggregate Index plus 14 bps and 150 bps Then pay 2% of the excess return above 14 bps and 150 bps Maximum Fee 0.250% Minimum Fee 0.140% PROGRESS EMERGING MANAGER $ 95,721,000 $ 449,889 $ 449,889 ALL ASSETS % 0.470% 0.470% STATE STREET GLOBAL ADVISORS $ 496,609,000 $ 69,661 $ 69,661 FIRST $100,000, % 0.014% 0.014% OVER $100,000, % Minimum Fee $50,000 TAPLIN, CANIDA & HABACHT $ 67,592,000 $ 118,888 $ 118,888 FIRST $5,000, % 0.176% 0.176% NEXT $10,000, % NEXT $10,000, % NEXT $75,000, % OVER $100,000, % Schedule F

16 INVESTMENT FEE SCHEDULE Fiscal Year 2012 TIPS MANAGERS: ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE PIMCO US TIPS $ 303,730, % $ 425,222 $ 86,563 $ 511,785 Base Fee 0.140% 0.029% 0.169% all assets 0.140% Performance above the benchmark applied to average assets over rolling one year If greater than Barclays Capital Aggregate U.S. TIPS Index plus 14 bps Then pay 3% of excess return above 14 bps to a maximum of 150 bps, and If greater than Barcl Cap Aggr U.S. TIPS Index plus 14 bps and 150 bps Then pay 2% of the excess return above 14 bps and 150 bps Maximum Fee 0.250% Minimum Fee 0.140% REAL ESTATE MANAGERS: DUNE $ 27,884,000 $ 600,000 $ 600,000 Based on Commitment Amount of $40,000, % 1.500% 1.500% FRANKLIN TEMPLETON EMREFF $ 15,997,000 $ 375,000 $ 375,000 Based on Commitment Amount of $75,000, % 0.500% 0.500% FRANKLIN TEMPLETON FTPREF $ 2,483,000 $ 300,000 $ 300,000 Based on Commitment Amount of $50,000, % 0.600% 0.600% MESIROW MFIRE II $ 4,800,000 $ 330,000 $ 330,000 Based on Commitment Amount of $60,000, % 0.550% 0.550% RREEF AMERICA II FUND $ 119,145,000 $ 1,191,450 $ 1,191,450 ALL ASSETS 1.000% 1.000% 1.000% RREEF AMERICA III FUND $ 13,429,000 $ 201,435 $ 201,435 ALL ASSETS 1.500% 1.500% 1.500% UBS TRUMBULL PROPERTY FUND $ 244,546,000 $ 2,445,460 $ 2,445,460 ALL ASSETS 1.000% 1.000% 1.000% CBRE CLARION REAL ESTATE SECURITIES - U.S. $ 111,876,000 $ 522,504 $ 522,504 FIRST $50,000, % 0.467% 0.467% NEXT $50,000, % NEXT $50,000, % NEXT $25,000, % OVER $175,000, % CBRE CLARION REAL ESTATE SECURITIES - NON-U.S. $ 79,387,000 $ 486,629 $ 486,629 FIRST $50,000, % 0.613% 0.613% NEXT $50,000, % OVER $100,000, % RREEF REIT $ 121,605, % $ 608,025 $ 24,315 $ 632,340 Base Fee 0.500% 0.020% 0.520% all assets % Performance above the benchmark applied to average assets over rolling three years 124,690,000 If greater than Dow Jones US Select Real Estate Sec Index Then pay 13.33% of the excess return > DJ US Select Real Estate Sec % of excess ==> % Maximum Fee 0.900% Minimum Fee 0.500% Schedule F

17 INVESTMENT FEE SCHEDULE Fiscal Year 2012 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE RREEF REIT - GLOBAL $ 74,477,000 $ 372,385 $ 372,385 Base Fee 0.500% 0.500% all assets % Performance above the benchmark applied to average assets over rolling three years 67,688,000 If greater than FTSE EPRA/NAREIT Developed Index Then pay 13.33% of the excess return > FTSE EPRA/NAREIT Developed % of excess ==> % Maximum Fee 0.900% Minimum Fee 0.500% OPPORTUNITY FUND MANAGERS: ANGELO GORDON GECC $ 51,528,000 $ 515,280 $ 515,280 ALL ASSETS 1.000% 1.000% 1.000% OAKTREE CAPITAL MANAGEMENT $ 22,997,000 $ 229,970 $ 229,970 ALL ASSETS 1.000% 1.000% 1.000% RLJ WESTERN $ 58,291,000 $ 291,455 $ 291,455 ALL ASSETS 0.500% 0.500% 0.500% ALINDA CAPITAL PARTNERS $ 24,377,000 $ 700,000 $ 700,000 Based on Commitment Amount of $40,000, % 1.750% 1.750% MACQUARIE CAPITAL $ 41,568,000 $ 150,000 $ 150,000 Based on Commitment Amount of $40,000, % 0.375% 0.375% PRIVATE OPPORTUNITIES FUND $ 1,223,000 $ - $ - Flat Fee: no longer assessed as of January 1, % 0.000% SURS MANAGER DIVERSITY PROGRAM MANAGERS: CHANNING CAPITAL MANAGEMENT $ 67,870,000 $ 152,708 $ 152,708 Base Fee 0.225% 0.225% all assets % Performance above the benchmark applied to average assets over rolling one year If greater than Russell Mid-Cap 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 $ 65,896,000 $ 148,266 $ 148,266 Base Fee 0.225% 0.225% all assets % Performance above the benchmark applied to average assets over rolling one year If greater than Russell Mid-Cap 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% FIDUCIARY MANAGEMENT ASSOCIATES $ 67,041,000 $ 432,246 $ 432,246 FIRST $10,000, % 0.645% 0.645% NEXT $40,000, % NEXT $25,000, % OVER $75,000, % Schedule F

18 INVESTMENT FEE SCHEDULE Fiscal Year 2012 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE HOLLAND CAPITAL MANAGEMENT $ 65,116,000 $ 190,290 $ 190,290 FIRST $5,000, % 0.292% 0.292% NEXT $10,000, % NEXT $10,000, % OVER $25,000, % LOMBARDIA CAPITAL PARTNERS $ 68,330, % $ 153,743 $ 84,499 $ 238,242 Base Fee 0.225% 0.124% 0.349% all assets % Performance above the benchmark applied to average assets over rolling one year $64,380,300 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% NCM CAPITAL MANAGEMENT $ 64,531,000 $ 145,195 $ 145,195 Base Fee 0.225% 0.225% all assets % Performance above the benchmark applied to average assets over rolling one year If greater than Russell Mid-Cap Growth 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% PROFIT INVESTMENT MANAGEMENT $ 63,453,000 $ 142,769 $ 142,769 Base Fee 0.225% 0.225% all assets % Performance above the benchmark applied to average assets over rolling one year If greater than Russell 2000 Growth 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% HERNDON CAPITAL MANAGEMENT $ 121,970,000 $ 512,274 $ 512,274 FIRST $100,000, % 0.420% 0.420% OVER $100,000, % STRATEGIC GLOBAL ADVISORS $ 62,614,000 $ 406,991 $ 406,991 FIRST $25,000, % 0.650% 0.650% OVER $25,000, % GARCIA HAMILTON & ASSOCIATES $ 33,417,000 $ 67,626 $ 67,626 FIRST $5,000, % 0.202% 0.202% NEXT $10,000, % NEXT $10,000, % NEXT $25,000, % LM CAPITAL GROUP $ 55,242,000 $ 120,363 $ 120,363 FIRST $25,000, % 0.218% 0.218% NEXT $25,000, % OVER $50,000, % PUGH CAPITAL MANAGEMENT $ 83,981,000 $ 168,981 $ 168,981 FIRST $40,000, % 0.201% 0.201% NEXT $40,000, % NEXT $20,000, % OVER $100,000, % Schedule F

19 INVESTMENT FEE SCHEDULE Fiscal Year 2012 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE SMITH GRAHAM & COMPANY $ 54,237,000 $ 98,856 $ 98,856 FIRST $5,000, % 0.182% 0.182% NEXT $10,000, % NEXT $10,000, % NEXT $25,000, % ABOVE $50,000, % LONGFELLOW INVESTMENT MANAGEMENT $ 122,601,000 $ 68,030 $ 68,030 FIRST $50,000, % 0.055% 0.055% NEXT $50,000, % OVER $100,000, % NEW CENTURY ADVISORS $ 93,692,000 $ 149,942 $ 149,942 FIRST $25,000, % 0.160% 0.160% NEXT $25,000, % OVER $50,000, % INVESTMENT CONSULTING / MASTER TRUSTEE/PERFORMANCE MEASUREMENT CALLAN ASSOCIATES $ 314,500 $ 314,500 NORTHERN TRUST COMPANY $ 13,573,165,000 $ 1,085,100 $ 1,085, % 0.008% Total Annual Fees Based On March-12 Market Value $ 13,573,165,000 $ 40,043,753 $ 3,849,250 $ 43,893,004 Does not include assets for which fees are not paid % 0.028% 0.323% Schedule F

20 ALLOCATION OF FUNDS FROM SURS CASH FLOW ACCOUNT April 1 through June 30, 2012 BEGINNING BALANCE $188,933,037 CASH INTO ACCOUNT ADAMS STREET GLOBAL SECONDARY 1,026,091 Partnership Distributions ADAMS STREET NON-U.S. VENTURE 1,653,595 Partnership Distributions ADAMS STREET VENTURE 18,048,526 Partnership Distributions ADAMS STREET 2008 OFFERING 420,777 Partnership Distributions ALINDA CAPITAL PARTNERS 164,154 Partnership Distributions ANGELO GORDON GECC 4,428,000 Partnership Distributions CBRE CLARION 50,000,000 Withdrawal for Benefit Payments MULLER AND MONROE (ILPEFF) 73,715 Partnership Distributions MULLER AND MONROE (MPEFF) 698,317 Partnership Distributions NORTHERN TRUST INVESTMENTS 75,000,000 Withdrawal for Benefit Payments PANTHEON EUROPE FUND III 4,444,193 Partnership Distributions PANTHEON GLOBAL 92,560 Partnership Distributions PANTHEON GLOBAL SECONDARY II 250,000 Partnership Distributions PANTHEON VENTURES 23,014,137 Partnership Distributions PIMCO TIPS 25,000,000 Withdrawal for Benefit Payments PROGRESS INVESTMENT PRIVATE EQUITY 165,958 Partnership Distributions RLJ WESTERN 601,002 Partnership Distributions RREEF AMERICA II 1,545,236 Income Distribution T. ROWE PRICE 20,000,000 Withdrawal for Benefit Payments UBS TRUMBULL PROPERTY FUND 1,907,408 Income Distribution WELLINGTON MANAGEMENT 20,000,000 Withdrawal for Benefit Payments CONTRIBUTIONS 479,990 Funds from Closed Accounts INCOME 1,203,792 Interest on Cash Balance TOTAL TRANSFERS $250,217,453 CASH OUT OF ACCOUNT ADAMS STREET 2007 GLOBAL OPPORT (2,271,517) To Fund Partnerships (Capital Calls) ADAMS STREET 2012 OFFERING (1,635,609) To Fund Partnerships (Capital Calls) ADAMS STREET 2009 OFFERING (1,732,563) To Fund Partnerships (Capital Calls) ADAMS STREET 2008 OFFERING (1,605,276) To Fund Partnerships (Capital Calls) ADAMS STREET VENTURE (1,828,600) To Fund Partnerships (Capital Calls) DUNE CAPITAL (2,813,967) To Fund Partnerships (Capital Calls) FRANKLIN TEMPLETON EMREFF (711,853) To Fund Partnerships (Capital Calls) FRANKLIN TEMPLETON FTPREF (2,938,233) To Fund Partnerships (Capital Calls) MESIROW MFIRE II (4,800,000) To Fund Partnerships (Capital Calls) MULLER AND MONROE (ILPEFF) (251,885) To Fund Partnerships (Capital Calls) MULLER AND MONROE (MPEFF) (641,485) To Fund Partnerships (Capital Calls) OAKTREE CAPITAL MANAGEMENT (8,184,949) To Fund Partnerships (Capital Calls) PANTHEON EUROPE 6 (781,875) To Fund Partnerships (Capital Calls) PANTHEON USA 8 (5,681,060) To Fund Partnerships (Capital Calls) PANTHEON VENTURES (2,066,715) To Fund Partnerships (Capital Calls) NET CONTRIBUTIONS (171,827,485) Contributions less Benefit Payments TOTAL ALLOCATION ($209,773,072) ENDING BALANCE $229,377,418 Schedule G

21 HISTORY OF ALLOCATIONS October 30, 1981 Trustees authorized an ongoing allocation of 60 percent of monthly cash flow to be divided equally between the fixedincome investment managers, American Fletcher National Bank and Pacific Investment Management Company. Forty percent of the monthly cash flow was accumulated for future allocation. The total amount allocated to each manager was $27,592,000. February 10, 1983 Trustees authorized a one-time investment of $10 million to each small-capitalization manager: American National Bank- Market Expansion Fund and Dimensional Fund Advisors-Small Company Fund. May 11, 1983 Trustees terminated American Fletcher National Bank which had assets of $382 million as of May 31, Fayez Sarofim was reduced in size by $119 million, leaving assets under management of approximately $200 million. These assets were redistributed to three new managers; Batterymarch, Criterion and Lehman on June 1, 1983, with the exception of American Fletcher's GICs which are to be held to maturity at the Master Trustee. Trustees authorized the two small-capitalization managers to receive 50 percent of the monthly cash flow, to be divided equally, and for the remaining 50 percent of cash flow be accumulated for future allocation. The total amount allocated to each manager was $25,832,000. November 18, 1983 Trustees authorized real estate investments over three years of approximately $60 million annually to Rosenberg Real Estate Equity Funds (RREEF): $100 million to USA-III, $20 million each to MidAmerica/East-IV and V, and West VI and VII. The MidAmerica/East-V commitment was increased to $25 million on May 17, Investments were made on a periodic call basis. The West VI commitment was withdrawn on December 10, The final call was made on August 15, Total investment: $165 million. February 10, 1984 Trustees directed that a transfer of up to $14 million per quarter be made to Batterymarch until its portion of the total fund reached 10 percent. May 10, 1984 Trustees directed that $110 million in cash and/or securities be removed from Alliance Capital Management to be transferred to American National Bank. These funds were invested in the S&P 500 Fund and the Market Expansion Fund, with assets in the two funds to be balanced so as to emulate the Wilshire 5000 Stock Index. This transaction was completed in July October 6, 1984 Trustees directed that income would no longer be removed from Fayez Sarofim, PIMCO and Lehman. Alliance was the only manager having income removed, as Batterymarch and Lehman were already retaining income. November 16, 1984 Trustees allocated $40 million each from the cash flow account to Lehman and PIMCO. Trustees terminated funding of Batterymarch, as the asset allocation model projected that by continuing this policy beyond the October allocation, the equity portion of the fund could exceed the 50 percent boundary set by investment policy. The total allocation to Batterymarch was $37,333,333. Trustees authorized staff to transfer funds from the cash flow account to the passively managed accounts at ANB when the equity portion of the fund falls below 50 percent. May 17, 1985 Trustees terminated Alliance Capital Management Company, transferring the funds to the S&P 500 Index Fund at ANB. These assets were managed separately from the "Wilshire" emulation fund. Schedule H

22 May 17, 1986 Restructured the portfolio by terminating four managers: American National Bank Criterion Investment Management Company Dimensional Fund Advisors Lehman Management Company Allocated assets to passive management at Wells Fargo Investment Advisors: 5 percent of total fund to EAFE Index 55 percent of total fund, less EAFE, Batterymarch and Fayez to be indexed tracking the Wilshire Total fund less equity, real estate, cash needs and active fixed income to be indexed to the Salomon Brother Broad Investment Grade Index. Increased real estate commitment: 34 million to purchase positions in the existing RREEF funds. 5 million additional commitment to RREEF MidAmerica/East-V. $50 million to open-end real estate in Aetna Realty Investors-Real Estate Separate Account Adopted a one year program of portfolio insurance through Wells Fargo to cover all U.S. marketable securities with a -7.5% loss floor. ANB was unable to transfer the assets of the Market Expansion Fund out in-kind. Rather than incur transaction costs, they were left under ANBs management. Twenty million in cash was transferred from ANB on July 1, 1986 to fund the RREEF purchase. Eighteen million in cash from ANB was transferred to Wells on January 8, 1987, when an opportunity arose to buy into the extended fund at no cost. March 31, 1987 The remaining assets at ANB were transferred in-kind to Wells Fargo. The Market Expansion Fund was $59 million at the time of the transfer. September 18, 1987 Authorized investment of $10 million in PIMCO StocksPLUS limited partnership and $50 million in real estate through JMB-Cadillac Fairview. December 10, 1987 Withdrew the $20 million commitment to RREEF West VII and invested a like amount in Aetna's Real Estate Separate Account. March 10, 1988 Authorized investment of $75 million in Equitable's Real Estate Separate Account. October 8, 1988 Fayez Sarofim was reduced by $75 million to help alleviate a large cap bias and more evenly distribute the active management. The $75 million was invested in the Wells Fargo Extended Market Fund. March 9, 1989 Authorized increasing foreign allocation to 10% of total fund. New foreign investment must comply with Illinois Statutes' prohibition on new investments in South Africa. April 28, 1989, began currency hedge on foreign investments. Funding of the South Africa Free EAFE was completed on January 31, June 9, 1989 Began a one year program of internal management. $20 million funded from from Fayez Sarofim on July 18, March 9, 1990 Hired Brinson Partners, as a venture investment program manager to invest $100 million over the next five years. July 6, 1990 Terminated Batterymarch Financial Management. Transferred $285 million in assets from Batterymarch to Wells Fargo Nikko, U.S. Equity Fund. December 7, 1990 Hired Ariel Capital Management, Inc., Chicago, Illinois to manage $25 million in equities effective December 31, Schedule H