STANDARD INVESTMENT REPORTS. Table of Contents

Transcription

1 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 of Funds from SURS Cash Flow Account History of Allocations Summary of Asset Turnover Alternative Investments Brokerage Cost Review: April 1, 2015, through March 31, 2016 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

2 HOLDINGS As of March 31, 2016 SHORT FIXED REAL MARKET % OF TERM EQUITY INCOME ESTATE VALUE FUND Northern Trust Asset Management $32,982 $1,583,554 $0 $0 $1,616, % RhumbLine Advisers , , % Total Passive U.S. Equity 33,505 2,554, ,587, % Passive % of U.S. Equity 57.4% CastleArk Management 2,453 98, , % Channing Capital Management 2, , , % EARNEST Partners 1, , , % Fiduciary Management Associates 3,760 99, , % Holland Capital Management 2, , , % Lombardia Capital Partners 4,555 92, , % Piedmont Investment Advisors 1, , , % PIMCO StocksPlus , , % Progress Emerging Manager 7, , , % T. Rowe Price 3, , , % Total Active U.S. Equity 31,186 1,688, , ,908, % Active % of U.S. Equity 42.3% Cash Overlay Exposure 0 14, , % TOTAL U.S. EQUITY 64,691 4,257, , ,510, % BTC Emerging Markets Fund 0 152, , % BTC International Equity Fund 0 1,180, ,180, % Total Passive Non-U.S. Equity 0 1,333, ,333, % Passive % of Non-U.S. Equity 42.6% Ativo Capital Management , , % BTC International Alpha Tilts Fund 0 430, , % Fidelity Inst Asset Mgt (fka Pyramis) 5, , , % GlobeFlex Capital 3, , , % Progress Emerging Manager 4, , , % Strategic Global Advisors 1, , , % Total Active Non-U.S. Equity 18,376 1,685, ,703, % Active % of Non-U.S. Equity 54.5% Cash Overlay Exposure 0 92, , % TOTAL NON-U.S. EQUITY 18,376 3,110, ,129, % Mondrian Investment Partners 4, , , % T. Rowe Price 2, , , % Wellington Management 3, , , % Total Active Global Equity 11,390 1,082, ,094, % Active % of Global Equity 85.2% Parametric Clifton 0 261, % 261, % Total Passive Global Equity 0 261, , % Passive % of Global Equity 20.4% Cash Overlay Exposure 0 (72,169) 0 0 (72,169) -0.4% TOTAL GLOBAL EQUITY 11,390 1,271, ,283, % Adams Street Venture Partnerships 0 104, , % Adams Street 2015 Global Fund 0 6, , % Adams Street 2014 Global Fund 0 33, , % Adams Street 2013 Global Fund 0 44, , % Adams Street 2012 Global Fund 0 45, , % Adams Street 2009 Global Offering 0 78, , % Adams Street 2008 Global Offering 0 78, , % Adams Street 2007 Global Oppor Ptf 0 63, , % Adams Street Global Opp Secondary 0 4, , % Adams Street Secondary Fund 5 0 8, , % Adams Street Non-U.S. Fund 0 18, , % Fairview Lincoln Fund I 0 15, , % Muller and Monroe ILPEFF 0 8, , % Muller and Monroe MPEFF 0 11, , % Schedule A

3 HOLDINGS As of March 31, 2016 SHORT FIXED REAL MARKET % OF TERM EQUITY INCOME ESTATE VALUE FUND Pantheon Europe Fund VII 0 22, , % Pantheon Europe Fund VI 0 25, , % Pantheon Europe Fund III 0 14, , % Pantheon Global % Pantheon Global Secondary II 0 5, , % Pantheon Multi-Strategy Prog , , % Pantheon USA IX 0 58, , % Pantheon USA VIII 0 86, , % Pantheon Ventures Inc , , % TOTAL PRIVATE EQUITY 0 938, , % TOTAL EQUITY 94,457 9,578, , ,862, % Passive % of Total Equity 39.8% Active % of Total Equity 57.2% Cash $40,217 $0 $0 $0 $40, % Cash Overlay Exposure (154,375) (154,375) -0.9% Total Cash (114,158) (114,158) -0.7% Cash % of Total Fixed Inc -2.8% State Street Global Advisors 4, , , % Total Passive Fixed Income 4, , , % Passive % of Total Fixed Income 10.4% Chicago Equity Partners , , % Garcia Hamilton & Associates 1, , , % LM Capital Group , , % Neuberger Berman 10, , , % PIMCO Total Return 3, , , % Progress Emerging Manager 7, , , % Pugh Capital Management 4, , , % Smith Graham & Company 5, , , % TCW MetWest 52, , , % Total Active Fixed Income 87, ,243, ,331, % Active % of Total Fixed Income 57.6% Longfellow Investment Mgmt , , % New Century Advisors , , % PIMCO US TIPS 2, , , % Total Active TIPS 3, , , % TIPS Active % of Total Fixed Income 16.6% BlueBay Emerging Mkts Select Debt , , % Colchester Local Markets Debt Fund , , % Progress Emerging Manager 3, , , % Prudential Emerg Mkts Debt Blend , , % Total Active Emerging Mrkt Debt 3, , , % EMD Active % of Total Fixed Income 12.6% PIMCO Unconstrained Bond 3, , , % Absolute Return Fixed Income 3, , , % Absolute Return % of Total Fixed Inc 10.6% Cash Overlay Exposure 0 0 (203,411) 0 (203,411) -1.2% TOTAL FIXED INCOME (11,449) 0 4,056, ,044, % Schedule A

4 HOLDINGS As of March 31, 2016 SHORT FIXED REAL MARKET % OF TERM EQUITY INCOME ESTATE VALUE FUND Brookfield Strategic RE Partners II ,057 2, % Crow Holdings Realty Partners VII ,253 11, % Dune Capital Management DREF II ,793 33, % Dune Real Estate Fund III ,395 60, % Franklin Templeton EMREFF ,772 48, % Franklin Templeton FTPREF ,816 23, % Franklin Templeton MDP RE ,811 2, % Heitman HART , , % JPMCB Strategic Property Fund , , % Courtland/Pru RE Global Ptnrshp II ,716 43, % RREEF America III Fund ,434 2, % UBS Trumbull Property Fund , , % Total Direct Real Estate , , % BTC Global REIT Fund , , % CBRE Clarion Real Estate Securities 5, , , % Total Global REITs 5, , , % TOTAL REAL ESTATE 5, ,649,101 1,654, % Parametric Clifton Cash Overlay , , % TOTAL CASH OVERLAY , , % KKR Prisma Codlin Fund 0 273, , % PAAMCO Newport Monarch Fund 0 195, , % TOTAL HEDGED STRATEGIES 0 468, , % Alinda Capital Partners 0 45, , % Macquarie Infrastructure Partners II 0 30, , % Macquarie Infrastructure Partners III 0 9, , % Total Infrastructure 0 85, , % Cash Overlay Exposure , , % Total Commodities , , % TOTAL OPPORTUNITY FUND 0 85, , , % TOTAL FUND $88,235 $10,133,011 $4,699,496 $1,649,101 $16,569, % % OF TOTAL FUND 0.5% 61.2% 28.4% 10.0% 100.0% ANALYSIS OF SHORT-TERM HOLDINGS Allocated Short-Term Holdings $315, % Unallocated Short-Term Holdings (227,506) -1.4% TOTAL SHORT-TERM HOLDINGS $88, % Schedule A

5 RECONCILIATION OF MARKET VALUES July 1, 2015 to March 31, 2016 ( $ in thousands) 7/1/2015 Net Net 3/31/2016 Market Value Contributions Income Appreciation Market Value Adams Street Acquisition Fund II $ 9 $ (9) $ - $ - $ - Adams Street 2015 Global Fund - 5, ,068 6,818 Adams Street 2014 Global Fund 20,011 10, ,208 33,610 Adams Street 2013 Global Fund 31,735 9, ,864 44,697 Adams Street 2012 Global Fund 36,999 4, ,027 45,216 Adams Street 2009 Global Offering 74,824 (3,811) 611 6,676 78,300 Adams Street 2008 Global Offering 78,041 (9,085) 640 9,391 78,988 Adams Street 2007 Global Opportunities 74,559 (13,598) 1,039 1,696 63,697 Adams Street Secondary Fund 5 8, (708) 8,438 Adams Street Global Opportunities Second 5,184 (1,742) ,461 Adams Street 2004 Non-U.S. Fund 22,046 (5,047) 169 1,683 18,851 Adams Street Partnerships 130,048 (23,291) 716 (2,952) 104,522 Alinda Capital Partners 43,218 (1,261) 930 2,556 45,442 Ativo Capital Management 133,069 74,660 2,274 (5,181) 204,822 BlueBay Emerging Mkts Select Debt 170,428 (819) 1,703 (2,803) 168,509 Brookfield Strategic Real Estate Partners II - 2, ,057 BTC Emerging Markets Fund 174, (21,979) 152,484 BTC International Equity Fund 1,299, (119,073) 1,180,683 BTC International Alpha Tilts Fund 467, (37,292) 430,391 BTC Global REIT Fund 266, , , ,538 BTC REIT Index Fund 123,016 (129,698) 3 6,679 (0) Calamos Investments 340,245 (335,322) 1,867 (6,160) 630 Cash 210,189 (173,377) ,496 CastleArk Management 120, (20,456) 101,366 CBRE Clarion Real Estate Securities 145,316 (149,525) 3,056 1,153 0 CBRE Clarion Real Estate Securities Global 102, ,781 4,694 21, ,794 Channing Capital Management 125,968-1,461 (6,043) 121,386 Chicago Equity Partners 320,059-6,073 7, ,232 Colchester Local Markets Debt Fund 101,086 (382) 4,996 (8,566) 97,134 Courtland/Pru RE Global Partnership Fd II 39,242 1,269 2,031 1,175 43,716 Crow Holdings Realty Partners VII - 11,941 - (688) 11,253 Dune Real Estate Fund II 31,155 (1,806) 438 4,007 33,793 Dune Real Estate Fund III 45,858 10, ,267 60,395 EARNEST Partners 108,676-1,078 (2,982) 106,772 Fairview Lincoln Fund I 10,545 4, (274) 15,634 Fiduciary Management Associates 111,054-1,047 (9,280) 102,821 Franklin Templeton EMREFF 54,644 (12,519) 3,300 3,348 48,772 Franklin Templeton FTPREF 29,267 (9,000) 2, ,816 Franklin Templeton MDP RE , (534) 2,811 Garcia Hamilton & Associates 99,558 49,832 2,876 2, ,916 GlobeFlex Capital 218,726-3,389 (12,629) 209,485 Heitman HART Fund 165,987 (643) 4,058 8, ,513 Herndon Capital Management 159,421 (152,173) 892 (7,639) 501 Holland Capital Management 106, (4,242) 103,092 Jacobs Levy Equity Management 325,661 (286,748) 3,856 (42,769) 0 JPMCB Strategic Property Fund 171,188 (1,939) 6,897 9, ,216 KKR Prisma Codlin Fund - 275,000 - (1,616) 273,384 LM Capital Group 152,051-4,214 2, ,648 Lombardia Capital Partners 107,279-1,768 (12,051) 96,997 Schedule B

6 RECONCILIATION OF MARKET VALUES July 1, 2015 to March 31, 2016 ( $ in thousands) 7/1/2015 Net Net 3/31/2016 Market Value Contributions Income Appreciation Market Value Longfellow Investment Management 164,571-1,658 2, ,492 Macquarie Infrastructure Partners II 28,404 (311) 311 2,123 30,527 Macquarie Infrastructure Partners III 6,222 2, ,830 Mondrian Investment Partners 374,822-6,846 (16,834) 364,834 Muller & Monroe ILPEFF 9,301 (1,176) 120 (172) 8,074 Muller & Monroe MPEFF 14,721 (4,370) 224 1,103 11,678 Neuberger Berman 320,288-7,303 1, ,766 New Century Advisors 162, , ,313 Northern Trust Asset Management 1,786,181 (150,000) 25,951 (45,597) 1,616,536 PAAMCO Newport Monarch Fund - 195, ,000 Pantheon Europe Fund III 22,652 (7,699) 166 (577) 14,542 Pantheon Europe Fund VI 27,581 (4,641) 196 2,067 25,203 Pantheon Europe Fund VII 18,516 2, ,132 22,130 Pantheon Global 508 (236) (0) Pantheon Global Secondary II 6,386 (1,198) 156 (185) 5,159 Pantheon Multi-Strategy Program ,625 5, (476) 11,660 Pantheon USA Fund VIII 86,755 (4,919) 1,190 3,008 86,034 Pantheon USA Fund IX 47,604 7, ,144 58,738 Pantheon Ventures Inc. 243,788 (49,574) 1,341 (3,730) 191,825 Parametric Clifton Cash Overlay 123,572 40, (32,751) 130,975 Parametric Clifton Transition - 272, (10,928) 261,528 Piedmont Investment Advisors 412,022-7,102 (3,963) 415,161 PIMCO StocksPlus 261,847 (60,000) (1,030) (12,101) 188,717 PIMCO Total Return 443,870 (75,000) 9, ,285 PIMCO US TIPS 328,266-3,616 2, ,248 PIMCO Unconstrained Bond 439,628-11,604 (21,040) 430,192 Private Opportunities Fund * 317 (39) (67) Progress Emerging - Emerging Market Debt 68,011 (243) 2,893 (2,848) 67,813 Progress Emerging - Fixed Income 135,829-3,406 1, ,597 Progress Emerging - Non-U.S. Equity 185, ,296 (17,401) 170,697 Progress Emerging - U.S. Equity 361,985 (454) 4,276 (20,777) 345,030 Progress Investment Management 387 (30) Prudential Emerging Mkts Debt Blend 172,214 (422) 8,948 (4,252) 176,489 Pugh Capital Management 152,657-3,890 2, ,826 Pyramis Global Advisors 509, ,700 (58,042) 457,098 RhumbLine Advisers 1,168,039 (200,000) 17,332 (14,032) 971,339 RREEF America III Fund 8,620 (6,874) ,434 Smith Graham & Company 98,210-2,180 2, ,569 State Street Global Advisors 405,861-2,560 12, ,910 Strategic Global Advisors 165,786 74,604 3,302 (12,022) 231,670 Taplin, Canida & Habacht 129,548 (126,674) 2,839 (5,530) 183 T. Rowe Price 321,968-4, ,333 T. Rowe Price - Global 381,558-2,733 (10,326) 373,965 TCW MetWest 482,853 77,434 9,385 5, ,474 UBS Trumbull Property Fund 326,468 (765) 7,104 13, ,220 Wellington Management 373,935 1,120 4,522 (24,373) 355,204 Transition Account 154 (2,925) 62 3, Terminated Managers 1,524 (1,236) (6) (24) 258 Totals $ 17,350,980 $ (584,719) $ 241,620 $ (438,039) $ 16,569,843 Schedule B

7 INVESTMENT INCOME July 1, 2015, through March 31, 2016 DIVIDENDS INTEREST TOTAL Adams Street 2015 Global Fund $ - $ 364,204 $ 364,204 Adams Street 2014 Global Fund 72, , ,619 Adams Street 2013 Global Fund - 523, ,125 Adams Street 2012 Global Fund 7, , ,548 Adams Street 2009 Global Offering - 610, ,917 Adams Street 2008 Global Offering - 640, ,226 Adams Street 2007 Global Oppor Portfolio 1,039,492-1,039,492 Adams Street Global Secondary Fund 5 59, , ,247 Adams Street Global Opportunities Secondary - 86,334 86,334 Adams Street Non-U.S. Fund 24, , ,117 Adams Street Partnerships 716, ,485 Alinda Capital Partners 581, , ,714 Ativo Capital Management 2,265,111 8,473 2,273,584 BlueBay Emerging Markets Select Debt - 1,702,844 1,702,844 BTC Emerging Markets - 14,168 14,168 BTC International Equity - 88,882 88,882 BTC International Alpha Tilts - 20,392 20,392 BTC Global REIT BTC REIT - 2,782 2,782 Calamos Investments 1,310, ,172 1,866,566 Cash - 547, ,006 CastleArk Management 889,205 5, ,494 CBRE Clarion Real Estate Securities 3,055,091 1,010 3,056,102 CBRE Clarion Real Estate Securities Global 4,683,569 10,461 4,694,030 Channing Capital Management 1,456,769 4,427 1,461,196 Chicago Equity Partners - 6,072,725 6,072,725 Colchester Local Markets Debt Fund - 4,995,566 4,995,566 Courtland/Pru RE Global Partnership Fund II - 2,030,722 2,030,722 Dune Real Estate Fund II - 437, ,680 Dune Real Estate Fund III - 666, ,766 EARNEST Partners 1,070,656 7,254 1,077,910 Fairview Lincoln Fund I 289,425 78, ,254 Fiduciary Management Associates 1,039,567 6,966 1,046,534 Franklin Templeton EMREFF - 3,299,757 3,299,757 Franklin Templeton FTPREF - 2,901,648 2,901,648 Franklin Templeton MDP RE ,067 37,067 Garcia Hamilton & Associates (694) 2,876,814 2,876,120 GlobeFlex Capital 3,377,997 10,648 3,388,645 Heitman America Real Estate Trust - 4,058,478 4,058,478 Herndon Capital Management 887,635 4, ,015 Holland Capital Management 630,232 7, ,045 Jacobs Levy Equity Management 3,834,611 21,765 3,856,376 JPMCB Strategic Property Fund - 6,897,104 6,897,104 LM Capital Group (1,818) 4,215,605 4,213,787 Lombardia Capital Partners 1,759,826 8,583 1,768,410 Longfellow Investment Management - 1,657,532 1,657,532 Macquarie Infrastructure Partners II - 310, ,574 Macquarie Infrastructure Partners III (2,092) 388, ,566 Schedule C

8 INVESTMENT INCOME July 1, 2015, through March 31, 2016 DIVIDENDS INTEREST TOTAL Mondrian Investment Partners 6,835,316 11,127 6,846,444 Muller & Monroe ILPEFF 85,596 34, ,173 Muller & Monroe MPEFF 37, , ,595 Neuberger Berman (10,852) 7,313,395 7,302,543 New Century Advisors (2,444) 960, ,176 Northern Trust Asset Management 25,912,023 38,933 25,950,956 Pantheon Europe Fund III 166,216 (286) 165,930 Pantheon Europe Fund VI (7) 196, ,165 Pantheon Europe VII - 192, ,042 Pantheon Global (0) (10) (10) Pantheon Global Secondary II 33, , ,312 Pantheon Multi-Strategy Program , ,800 Pantheon USA VIII 609, ,016 1,190,177 Pantheon USA IX - 478, ,125 Pantheon Ventures Inc. 1,341,258 (67,368) 1,273,891 Parametric Clifton Cash Overlay (36,997) 191, ,972 Parametric Clifton Transition (57,436) 402, ,308 Piedmont Investment Advisors 7,099,269 2,927 7,102,196 PIMCO StocksPlus - (1,029,961) (1,029,961) PIMCO Total Return - 9,279,916 9,279,916 PIMCO US TIPS - 3,616,289 3,616,289 PIMCO Unconstrained Bond - 11,604,387 11,604,387 Progress Emerging - EMD (1,874) 2,894,735 2,892,861 Progress Emerging - Fixed Income (5,962) 3,411,711 3,405,749 Progress Emerging - Non-U.S. Equity 2,287,634 7,908 2,295,541 Progress Emerging - U.S. Equity 4,270,329 15,860 4,286,189 Progress Investment Prudential Emerging Mkts Debt Blend - 8,948,341 8,948,341 Pugh Capital Management (1,111) 3,891,131 3,890,020 Pyramis Global Advisors 5,680,704 18,833 5,699,537 RhumbLine Advisers 17,329,073 3,401 17,332,473 RREEF America III Fund - 185, ,514 Smith Graham & Company (3,396) 2,183,693 2,180,297 State Street Global Advisors - 2,559,806 2,559,806 Strategic Global Advisors 3,298,328 3,345 3,301,673 T. Rowe Price 4,704,593 4,711 4,709,304 T. Rowe Price Global Focused Growth 2,720,801 12,125 2,732,926 Taplin, Canida & Habacht (3,521) 2,842,582 2,839,060 TCW MetWest - 9,385,484 9,385,484 Terminated Managers (2,008) (3,774) (5,782) Transition Account 51, ,041 UBS Trumbull Property Fund - 7,104,498 7,104,498 Wellington Management 4,514,300 7,234 4,521,534 Sub-Totals $ 115,898,977 $ 125,721,394 $ 241,620,370 Securities Lending - 2,959,055 2,959,055 Totals $ 115,898,977 $ 128,680,448 $ 244,579,425 Schedule C

9 n STATE UNIVERSITIES RETIREMENT SYSTEM STATEMENT OF INVESTMENT EXPENSES Fiscal Year 2016 to Date July 1, 2015 through March 31, 2016 Investment Management Fees: 1st QTR 2nd QTR 3rd QTR TOTALS BUDGET BALANCE Adams Street Partners $ 1,495,685 $ 1,415,286 $ 1,386,133 $ 4,297,104 $ 5,430,000 $ 1,132,896 Alinda Capital Partners 108, , , , , ,931 Ativo Capital Management 119, , , , ,000 87,623 BlackRock Institutional Trust Company (BTC) 541,809 3,593, ,029 4,630,145 2,503,000 (2,127,145) BlueBay Asset Management 239, , , ,778 1,120, ,222 Blue Vista , ,000 Brookfield , ,000 Calamos Investments 357, ,167 (25,605) 451,863 1,591,000 1,139,137 CastleArk Management 187, , , , , ,797 CBRE Clarion Real Estate Securities 324, , ,294 1,038,951 1,523, ,049 Channing Capital Management 269, ,594 64, , ,000 (308,254) Chicago Equity Partners 137, , , , , ,692 Colchester Global Investors 129, , , , , ,791 Courtland/Pru Real Estate Global Partnership Fund II 82,500 72,188 72, , , ,124 Crow Holdings , ,000 Dune Real Estate 325, , , ,121 1,850, ,879 EARNEST Partners 141, , , , ,000 (269,589) Fairview Capital Partners 16,082 31,371 31,371 78,824 63,000 (15,824) Fiduciary Management Associates 159, , , , ,000 87,600 Franklin Templeton 117, , , , , ,932 Garcia Hamilton & Associates 42,229 42,359 48, , ,000 41,928 GlobeFlex Capital 547, , ,698 1,670, ,000 (977,971) Heitman HART Fund - 643, ,090 1,510, ,910 Herndon Capital Management 130,357 65,963 (32,982) 163, , ,661 Holland Capital Management 72,427 72,577 67, , ,000 95,145 Jacobs Levy Equity Management 357, , , ,577 1,185, ,423 JP Morgan Strategic Property Fund 369, ,899 1,187,059 1,938,628 1,570,000 (368,628) LM Capital Group 66,701 67,026 68, , ,000 72,155 Lombardia Capital Partners 55,890 55,312 51, , ,000 91,501 Longfellow Investment Management 20,095 20,022 20,275 60,391 82,000 21,609 Macquarie Infrastructure Partners 232, , , ,229 1,155, ,771 Mondrian Investment Partners 86, , , ,188 1,413, ,812 Muller and Monroe 58,277 80,949 80, , , ,825 Neuberger Berman 110, , , , , ,459 Schedule D

10 n STATE UNIVERSITIES RETIREMENT SYSTEM STATEMENT OF INVESTMENT EXPENSES Fiscal Year 2016 to Date July 1, 2015 through March 31, 2016 Investment Management Fees: 1st QTR 2nd QTR 3rd QTR TOTALS BUDGET BALANCE New Century Advisors 54,569 54,295 55, , ,000 60,876 Northern Trust Asset Management 41,905 40,522 38, , ,000 35,927 Pantheon Ventures 1,656, , ,786 2,832,203 3,604, ,797 Parametric Clifton 104, , , , ,000 31,659 Piedmont Investment Advisors 156, , , , ,000 55,116 PIMCO 514, ,573 1,002,183 2,012,810 3,775,000 1,762,190 Progress Investment Management 853, , ,671 2,605,790 3,719,000 1,113,210 Prudential 20, , , , ,258 Pugh Capital Management 59,780 59,905 60, , ,000 63,672 Pyramis 571, , ,012 1,585,156 1,062,000 (523,156) RhumbLine Advisers 32,183 32,733 33,063 97, ,000 30,021 RREEF 21,101 14,968 8,259 44,327 72,000 27,673 Smith Graham & Company 41,497 41,684 42, , ,000 45,439 State Street Global Advisors 15,230 15,244 15,435 45,910 62,000 16,090 Strategic Global Advisors 154, , , , , ,968 T. Rowe Price 624, , ,444 1,970,093 2,585, ,907 Taplin, Canida & Habacht 51,335 51,027 16, , ,000 93,715 TCW MetWest 211, , , , , ,123 UBS - 1,558,297 (793,612) 764,685 2,298,000 1,533,315 Wellington Management Company 778, , ,424 2,224,106 1,172,000 (1,052,106) Commodities ,658,000 1,658,000 Hedge Fund of Funds ,498,000 2,498,000 Short Term Invested Funds 70,579 97,316 86, , ,600 45,856 Performance Fees - 4,287,900 4,287,900 Securities Lending Expense 94,954 84,920 86, , , ,485 Total Investment Management Fees $ 13,031,933 $ 17,021,178 $ 12,266,794 $ 42,319,905 $ 63,481,300 $ 21,161,395 Investment Administrative Expenditures: Investment Consultant (includes Legal Counsel) $ 139,308 $ 291,921 $ 143,263 $ 574,492 $ 739,000 $ 164,508 Custody, Performance & Databases 349, , , ,533 1,322, ,567 Resources, Travel 14,086 71,271 24, , , ,386 Total Investment Administrative Expenditures $ 502,697 $ 678,932 $ 487,930 $ 1,669,559 $ 2,315,020 $ 645,461 Total Investment Expenditures $ 13,534,629 $ 17,700,110 $ 12,754,724 $ 43,989,464 $ 65,796,320 $ 21,806,856 Schedule D

11 INVESTMENT FEE SCHEDULE Fiscal Year 2016 COMMINGLED FUND MANAGERS: ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE BTC EMERGING MARKETS INDEX FUND $ 152,484,000 $ 228,726 $ 228,726 FIRST $200,000, % 0.150% 0.150% OVER $200,000, % BTC INTERNATIONAL INDEX FUND $ 1,180,683,000 $ 672,273 $ 672,273 FIRST $1,000,000, % 0.057% 0.057% OVER $1,000,000, % BTC GLOBAL REAL ESTATE SECURITIES INDEX FUND $ 434,538,000 $ 436,084 $ 436,084 FIRST $50,000, % 0.100% 0.100% NEXT $50,000, % OVER $100,000, % BTC INTERNATIONAL ALPHA TILTS FUND A $ 430,391, % $ 731,665 $ 2,883,620 $ 3,615,284 Base Fee 0.170% 0.670% 0.840% 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 $ 104,522,000 $ 971,415 $ 971,415 FIRST Invested $75,000, % 0.929% 0.929% NEXT $50,000, % NEXT $50,000, % OVER $175,000, % ADAMS STREET 2015 GLOBAL FUND $ 6,818,000 $ 975,000 $ 975,000 Based on Commitment Amount of $125,000, % 0.780% FIRST $25,000, % NEXT $25,000, % NEXT $50,000, % NEXT $50,000, % OVER $150,000, % ADAMS STREET 2014 GLOBAL FUND $ 33,610,000 $ 850,000 $ 850,000 Based on Commitment Amount of $100,000, % 0.850% FIRST $25,000, % NEXT $25,000, % NEXT $50,000, % NEXT $50,000, % OVER $150,000, % ADAMS STREET 2013 GLOBAL FUND $ 44,697,000 $ 937,500 $ 937,500 Based on Commitment Amount of $100,000, % 0.938% FIRST $75,000, % NEXT $50,000, % NEXT $50,000, % OVER $175,000, % ADAMS STREET 2012 GLOBAL FUND $ 45,216,000 $ 787,500 $ 787,500 Based on Commitment Amount of $80,000, % 0.984% FIRST $75,000, % NEXT $50,000, % NEXT $50,000, % OVER $175,000, % Schedule E

12 INVESTMENT FEE SCHEDULE Fiscal Year 2016 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE ADAMS STREET 2009 GLOBAL OFFERING $ 78,300,000 $ 937,500 $ 937,500 Based on Commitment Amount of $100,000, % 0.938% FIRST $75,000, % NEXT $50,000, % NEXT $50,000, % OVER $175,000, % ADAMS STREET 2008 GLOBAL OFFERING $ 78,988,000 $ 937,500 $ 937,500 Based on Commitment Amount of $100,000, % 0.938% FIRST $75,000, % NEXT $50,000, % NEXT $50,000, % OVER $175,000, % ADAMS STREET 2007 GLOBAL OPPORTUNITIES PORTFOLIO $ 63,697,000 $ 425,000 $ 425,000 Based on Commitment Amount of $100,000, % 0.425% FIRST $25,000, % NEXT $25,000, % NEXT $100,000, % OVER $150,000, % Fee Tail-Down % ADAMS STREET GLOBAL SECONDARY FUND 5 $ 8,438,000 $ 200,000 $ 200,000 Based on Commitment Amount of $20,000, % 1.000% FIRST $25,000, % NEXT $25,000, % NEXT $50,000, % NEXT $50,000, % OVER $150,000, % FAIRVIEW LINCOLN FUND I (MDP) $ 15,634,000 $ 262,500 $ 262,500 Based on Commitment Amount of $75,000, % 0.350% Fee applied to 25% commitment tranches over first 4 years YEARS % YEAR % YEAR % YEARS % YEAR % YEAR % YEARS % MULLER AND MONROE ILPEFF (MDP) $ 8,074,000 $ 250,000 $ 250,000 Based on Commitment Amount of $25,000, % 1.000% 1.000% MULLER AND MONROE MPEFF (MDP) $ 11,678,000 $ 250,000 $ 250,000 Based on Commitment Amount of $25,000, % 1.000% 1.000% PANTHEON VENTURES $ 192,129,000 $ 960,645 $ 960,645 FIRST Invested $750,000, % 0.500% 0.500% NEXT $250,000, % OVER $1,000,000, % PANTHEON MULTI-STRATEGY PROGRAM 2014 $ 11,660,000 $ 550,000 $ 550,000 Based on Commitment Amount of $100,000, % 0.550% 0.550% PANTHEON EUROPE FUND VI $ 25,203,000 $ 232,500 $ 232,500 Based on Commitment Amount of $31,000, % 0.750% 0.750% PANTHEON EUROPE FUND VII $ 22,130,000 $ 232,500 $ 232,500 Based on Commitment Amount of $31,000, % 0.750% 0.750% PANTHEON GLOBAL SECONDARY FUND II $ 5,159,000 $ 150,000 $ 150,000 Based on Commitment Amount of $25,000, % 0.600% 0.600% Fee Tail-Down, % Schedule E

13 INVESTMENT FEE SCHEDULE Fiscal Year 2016 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE PANTHEON USA FUND VIII $ 86,034,000 $ 772,500 $ 772,500 Based on Commitment Amount of $103,000, % 0.750% 0.750% PANTHEON USA FUND IX $ 58,738,000 $ 637,500 $ 637,500 Based on Commitment Amount of $85,000, % 0.750% 0.750% U.S. EQUITY MANAGERS: CASTLEARK MANAGEMENT $ 101,366,000 $ 675,606 $ 675,606 FIRST $20,000, % 0.667% 0.667% NEXT $65,000, % OVER $85,000, % CHANNING CAPITAL MANAGEMENT (MDP) $ 121,387,000 $ 273,121 $ 273,121 Base Fee 0.225% 0.225% all assets 0.225% 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 (MDP) $ 106,771, % $ 240,235 $ 429,753 $ 669,988 Base Fee 0.225% 0.403% 0.628% all assets 0.225% 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 (MDP) $ 102,821,000 $ 619,105 $ 619,105 FIRST $10,000, % 0.602% 0.602% NEXT $40,000, % NEXT $25,000, % OVER $75,000, % HOLLAND CAPITAL MANAGEMENT (MDP) $ 103,092,000 $ 285,230 $ 285,230 FIRST $5,000, % 0.277% 0.277% NEXT $10,000, % NEXT $10,000, % OVER $25,000, % LOMBARDIA CAPITAL PARTNERS (MDP) $ 96,997,000 $ 218,243 $ 218,243 Base Fee 0.225% 0.225% all assets 0.225% Performance above the benchmark applied to average assets over rolling one year 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% NORTHERN TRUST ASSET MANAGEMENT $ 1,616,536,000 $ 161,654 $ 161,654 ALL ASSETS 0.010% 0.010% 0.010% PIEDMONT INVESTMENTS (MDP) $ 415,161,000 $ 672,742 $ 672,742 FIRST $100,000, % 0.162% 0.162% OVER $100,000, % Schedule E

14 INVESTMENT FEE SCHEDULE Fiscal Year 2016 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE PIMCO STOCKS PLUS $ 188,717,000 $ 188,717 $ 188,717 Base Fee 0.100% 0.100% 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% PROGRESS EMERGING MANAGER $ 344,969,000 $ 1,621,354 $ 1,621,354 ALL ASSETS 0.470% 0.470% 0.470% RHUMBLINE ADVISERS $ 971,340,000 $ 122,134 $ 122,134 FIRST $1,000,000, % 0.013% 0.013% OVER $1,000,000, % T. ROWE PRICE $ 327,333,000 $ 981,999 $ 981,999 all assets < $100 million 0.300% 0.300% FIRST $50,000, % NEXT $50,000, % all assets between $100-$200 mil $100,000, % all assets > $200 million $200,000, % NON-U.S. EQUITY MANAGERS: ATIVO CAPITAL MANAGEMENT (MDP) $ 204,822,000 $ 629,644 $ 629,644 FIRST $100,000, % 0.307% 0.307% OVER $100,000, % FIDELITY INSTITUTIONAL ASSET MANAGEMENT $ 457,099, % $ 914,198 $ 851,758 $ 1,765,956 Base Fee 0.200% 0.186% 0.386% 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 % Standard Fee per asset size FIRST $25,000, % NEXT $25,000, % NEXT $50,000, % NEXT $100,000, % OVER $200,000, % Standard Fee $1,492,748 Maximum Performance Fee 2x Standard Fee less Base Fee $2,071,297 GLOBEFLEX CAPITAL (MDP) $ 209,485, % $ 628,455 $ 1,675,880 $ 2,304,335 Base Fee 0.300% 0.800% 1.100% all assets 0.300% 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 % Maximum Performance Fee 0.800% Maximum Total Fee 1.100% Schedule E

15 INVESTMENT FEE SCHEDULE Fiscal Year 2016 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE PROGRESS EMERGING MANAGER $ 170,495,000 $ 801,327 $ 801,327 ALL ASSETS 0.470% 0.470% 0.470% STRATEGIC GLOBAL ADVISORS (MDP) $ 231,670,000 $ 820,010 $ 820,010 FIRST $25,000, % 0.354% 0.354% NEXT $75,000, % OVER $100,000, % GLOBAL EQUITY MANAGERS: MONDRIAN INVESTMENT PARTNERS $ 364,834,000 $ 845,952 $ 845,952 Less EMERGING MKTS FUND $48,300, % 0.232% FIRST $50,000, % NEXT $150,000, % OVER $200,000, % PARAMETRIC CLIFTON TRANSITION $ 261,528,000 $ 230,764 $ 230,764 FIRST $50,000, % 0.088% 0.088% NEXT $100,000, % NEXT $350,000, % NEXT $500,000, % OVER $1,000,000, % T. ROWE PRICE $ 373,964,000 $ 1,121,892 $ 1,121,892 all assets < $100 million 0.300% 0.300% FIRST $50,000, % NEXT $50,000, % all assets between $100-$200 mil $100,000, % all assets > $200 million $200,000, % WELLINGTON MANAGEMENT $ 355,204, % $ 1,065,612 $ 1,420,816 $ 2,486,428 Base Fee 0.300% 0.400% 0.700% all assets 0.300% Performance above the benchmark 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 $ 333,232,000 $ 562,348 $ 562,348 FIRST $25,000, % 0.169% 0.169% NEXT $75,000, % OVER $100,000, % GARCIA HAMILTON & ASSOCIATES (MDP) $ 154,916,000 $ 238,891 $ 238,891 FIRST $5,000, % 0.154% 0.154% NEXT $10,000, % NEXT $10,000, % NEXT $75,000, % OVER $100,000, % LM CAPITAL GROUP (MDP) $ 158,648,000 $ 275,472 $ 275,472 FIRST $25,000, % 0.174% 0.174% NEXT $25,000, % OVER $50,000, % Schedule E

16 INVESTMENT FEE SCHEDULE Fiscal Year 2016 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE NEUBERGER BERMAN $ 328,766,000 $ 630,272 $ 630,272 FIRST $100,000, % 0.192% 0.192% NEXT $100,000, % NEXT $300,000, % OVER $500,000, % PIMCO TOTAL RETURN $ 378,285,000 $ 825,363 $ 825,363 Allocation based on total assets invested with PIMCO 0.218% 0.218% 0.218% FIRST $600,000, % NEXT $700,000, % OVER $1,300,000, % PROGRESS EMERGING MANAGER $ 140,596,000 $ 660,801 $ 660,801 ALL ASSETS 0.470% 0.470% 0.470% PUGH CAPITAL MANAGEMENT (MDP) $ 158,826,000 $ 243,826 $ 243,826 FIRST $40,000, % 0.154% 0.154% NEXT $40,000, % NEXT $20,000, % OVER $100,000, % SMITH GRAHAM & COMPANY (MDP) $ 102,569,000 $ 170,840 $ 170,840 FIRST $5,000, % 0.167% 0.167% NEXT $10,000, % NEXT $10,000, % NEXT $25,000, % NEXT $50,000, % OVER $100,000, % STATE STREET GLOBAL ADVISORS $ 420,910,000 $ 62,091 $ 62,091 FIRST $100,000, % 0.015% 0.015% OVER $100,000, % Minimum Annual Fee $50,000 TCW METWEST $ 575,474,000 $ 975,474 $ 975,474 FIRST $500,000, % 0.170% 0.170% OVER $500,000, % TIPS MANAGERS: LONGFELLOW INVESTMENT MANAGEMENT (MDP) $ 168,492,000 $ 81,798 $ 81,798 FIRST $50,000, % 0.049% 0.049% NEXT $50,000, % OVER $100,000, % NEW CENTURY ADVISORS (MDP) $ 167,313,000 $ 223,563 $ 223,563 FIRST $25,000, % 0.134% 0.134% NEXT $25,000, % OVER $50,000, % PIMCO US TIPS $ 334,248,000 $ 729,281 $ 729,281 Allocation based on total assets invested with PIMCO 0.218% 0.218% 0.218% FIRST $600,000, % NEXT $700,000, % OVER $1,300,000, % Schedule E

17 INVESTMENT FEE SCHEDULE Fiscal Year 2016 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE EMERGING MARKET DEBT MANAGERS: BLUEBAY EMERGING MARKETS SELECT DEBT $ 168,509,000 $ 1,078,458 $ 1,078,458 ALL ASSETS 1.250% 0.640% 0.640% Rebate % Custody 0.090% COLCHESTER LOCAL MARKETS DEBT FUND $ 97,134,000 $ 526,036 $ 526,036 FIRST $25,000, % 0.542% 0.542% NEXT $25,000, % NEXT $55,000, % PROGRESS EMERGING MANAGER $ 67,813,000 $ 318,721 $ 318,721 ALL ASSETS 0.470% 0.470% 0.470% PRUDENTIAL EMERGING MARKETS DEBT BLEND $ 176,489,000 $ 936,849 $ 936,849 FIRST $50,000, % 0.531% 0.531% NEXT $100,000, % NEXT $25,000, % Custody 0.060% ABSOLUTE RETURN FIXED INCOME MANAGERS: PIMCO UNCONSTRAINED BOND $ 430,192,000 $ 1,799,001 $ 1,799, % 0.418% 0.418% FIRST $600,000, % NEXT $700,000, % OVER $1,300,000, % REAL ESTATE MANAGERS: BROOKFIELD STRATEGIC RE PARTNERS II $ 2,057,000 $ 525,000 $ 525,000 Based on Commitment Amount of $35,000, % 1.500% 1.500% CROW HOLDINGS REALTY PARTNERS VII $ 11,253,000 $ 525,000 $ 525,000 Based on Commitment Amount of $35,000, % 1.500% 1.500% DUNE DREF II $ 33,793,000 $ 600,000 $ 600,000 Based on Commitment Amount of $40,000, % 1.500% 1.500% DUNE DREF III $ 60,395,000 $ 1,250,000 $ 1,250,000 Based on Commitment Amount of $100,000, % 1.250% 1.250% FRANKLIN TEMPLETON EMREFF (MDP) $ 48,772,000 $ 375,000 $ 375,000 Based on Commitment Amount of $75,000, % 0.500% 0.500% FRANKLIN TEMPLETON FTPREF $ 23,816,000 $ 300,000 $ 300,000 Based on Commitment Amount of $50,000, % 0.600% 0.600% FRANKLIN TEMPLETON MDP RE 2015 (MDP) $ 2,811,000 $ 360,000 $ 360,000 Based on Commitment Amount of $90,000, % 0.400% 0.400% HEITMAN AMERICA REAL ESTATE TRUST (HART) $ 177,513,000 $ 1,356,211 $ 1,356,211 Based on Commitment Amount of $150,000, % 0.904% FIRST $10,000, % NEXT $15,000, % NEXT $25,000, % NEXT $50,000, % OVER $100,000, % Schedule E

18 INVESTMENT FEE SCHEDULE Fiscal Year 2016 ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE JPMCB STRATEGIC PROPERTY FUND $ 185,216,000 $ 1,646,836 $ 1,646,836 Based on Commitment Amount of $150,000, % 1.098% FIRST $40,000, % NEXT $25,000, % OVER $65,000, % COURTLAND/PRU RE GLOBAL PTNRSHP FD II (fka MFIRE II) $ 43,716,000 $ 330,000 $ 330,000 Based on Commitment Amount of $60,000, % 0.550% 0.550% RREEF AMERICA III FUND $ 2,434,000 $ 36,510 $ 36,510 ALL Invested 1.500% 1.500% 1.500% UBS TRUMBULL PROPERTY FUND $ 346,220,000 $ 2,397,820 $ 2,397,820 FIRST $10,000, % 0.693% 0.693% NEXT $15,000, % NEXT $25,000, % NEXT $50,000, % NEXT $150,000, % OVER $250,000, % CBRE CLARION REAL ESTATE SECURITIES - GLOBAL $ 281,794,000 $ 1,552,176 $ 1,552,176 FIRST $50,000, % 0.551% 0.551% NEXT $50,000, % NEXT $50,000, % OVER $100,000, % CASH OVERLAY MANAGER: PARAMETRIC CLIFTON $ 130,975,000 $ 402,500 $ 402,500 Based on Overlay Exposures $675,000, % 0.060% FIRST $50,000, % NEXT $100,000, % NEXT $350,000, % NEXT $500,000, % OVER $1,000,000, % HEDGED STRATEGIES MANAGERS: KKR PRISMA CODLIN FUND $ 273,384,000 $ 1,503,612 $ 1,503,612 ALL ASSETS 0.550% 0.550% 0.550% PAAMCO NEWPORT MONARCH FUND $ 195,000,000 $ 1,950,000 $ 1,950,000 ALL ASSETS 1.000% 1.000% 1.000% OPPORTUNITY FUND MANAGERS: ALINDA CAPITAL PARTNERS $ 45,442,000 $ 700,000 $ 700,000 Based on Commitment Amount of $40,000, % 1.750% 1.750% MACQUARIE INFRASTRUCTURE PARTNERS II $ 30,527,000 $ 600,000 $ 600,000 Based on Commitment Amount of $40,000, % 1.500% 1.500% MACQUARIE INFRASTRUCTURE PARTNERS III $ 9,830,000 $ 448,725 $ 448,725 Based on Commitment Amount of $50,000, % 0.897% Uninvested capital 0.750% Invested capital 1.500% Schedule E

19 INVESTMENT FEE SCHEDULE Fiscal Year 2016 INVESTMENT CONSULTANT / MASTER TRUSTEE/PERFORMANCE MEASUREMENT ACCOUNT EXCESS STANDARD PERFORMANCE TOTAL SIZE RETURN FEE FEE FEE NEPC $ 391,500 $ 391,500 NORTHERN TRUST COMPANY $ 16,569,843,000 $ 1,220,000 $ 1,220, % 0.007% Total Annual Fees Based On March-16 Market Value $ 16,569,843,000 $ 55,316,277 $ 7,261,827 $ 62,578, % 0.044% 0.378% Does not include assets for which fees are not paid. Schedule E

20 ALLOCATION OF FUNDS FROM SURS CASH FLOW ACCOUNT January 1 through March 31, 2016 BEGINNING BALANCE $ 82,521,117 CASH INTO ACCOUNT ADAMS STREET GLOBAL OPPORTUNITIES SEC $ 818,928 Partnership Distributions ADAMS STREET VENTURE 5,249,597 Partnership Distributions ADAMS STREET 2004 NON-U.S. FUND 2,032,360 Partnership Distributions ADAMS STREET 2007 GLOBAL OPPORT PFOLIO 3,357,979 Partnership Distributions ADAMS STREET 2008 GLOBAL OFFERING 312,385 Partnership Distributions ADAMS STREET 2009 GLOBAL OFFERING 428,114 Partnership Distributions ALINDA CAPITAL PARTNERS 77,733 Partnership Distributions FAIRVIEW LINCOLN FUND I 179,018 Partnership Distributions FRANKLIN TEMPLETON EMREFF 5,072,877 Partnership Distributions FRANKLIN TEMPLETON FTPREF 4,342,905 Partnership Distributions JACOBS LEVY EQUITY MANAGEMENT 286,714,549 Terminated Manager Distributions JPMCB STRATEGIC PROPERTY FUND 21 Partnership Distributions MACQUARIE INFRASTRUCTURE PARTNERS III 314,671 Partnership Distributions MULLER & MONROE IL PRIV EQ FUND OF FUNDS 246,820 Partnership Distributions PANTHEON EUROPE FUND III 2,353,102 Partnership Distributions PANTHEON EUROPE FUND VI 1,395,003 Partnership Distributions PANTHEON GLOBAL 138,716 Partnership Distributions PANTHEON VENTURES 9,965,863 Partnership Distributions PIMCO STOCKSPLUS 60,000,000 Withdrawal for Benefit Payments PIMCO TOTAL RETURN 75,000,000 Withdrawal for Benefit Payments PRU INVESTMENTS RE GLOBAL PARTNERSHIP II 1,803,846 Partnership Distributions RHUMBLINE ADVISERS 100,000,000 Withdrawal for Benefit Payments RREEF AMERICA III FUND 999,524 Partnership Distributions INCOME 733,795 Net Income, Interest on Cash Balance TOTAL TRANSFERS $ 561,537,805 CASH OUT OF ACCOUNT ADAMS STREET GLOBAL SECONDARY FUND 5 $ (826,532) To Fund Partnerships (Capital Calls) ADAMS STREET VENTURE (105,901) To Fund Partnerships (Capital Calls) ADAMS STREET 2009 GLOBAL OFFERING (628,561) To Fund Partnerships (Capital Calls) ADAMS STREET 2013 GLOBAL FUND (2,165,127) To Fund Partnerships (Capital Calls) ADAMS STREET 2014 GLOBAL FUND (5,703,612) To Fund Partnerships (Capital Calls) ADAMS STREET 2015 GLOBAL FUND (2,375,000) To Fund Partnerships (Capital Calls) BROOKFIELD STRATEGIC RE PARTNERS II (2,056,623) Initial Funding CROW HOLDINGS REALTY PARTNERS VII (11,940,719) Initial Funding DUNE REAL ESTATE PARALLEL FUND II (1,259,818) To Fund Partnerships (Capital Calls) FAIRVIEW LINCOLN FUND I (29,570) To Fund Partnerships (Capital Calls) FRANKLIN TEMPLETON MDP RE 2015 (986,781) To Fund Partnerships (Capital Calls) KKR PRISMA CODLIN FUND (275,000,000) Initial Funding MACQUARIE INFRASTRUCTURE PARTNERS III (3,529,438) To Fund Partnerships (Capital Calls) MULLER & MONROE IL PRIV EQ FUND OF FUNDS (56,976) To Fund Partnerships (Capital Calls) PAAMCO NEWPORT MONARCH FUND (195,000,000) Initial Funding PANTHEON EUROPE FUND III (25) To Fund Partnerships (Capital Calls) PANTHEON EUROPE FUND VI (34) To Fund Partnerships (Capital Calls) PANTHEON EUROPE FUND VII (663,515) To Fund Partnerships (Capital Calls) PANTHEON GLOBAL (9) To Fund Partnerships (Capital Calls) PANTHEON MULTI-STRATEGY PROGRAM 2014 (2,125,000) To Fund Partnerships (Capital Calls) PANTHEON USA FUND IX (2,040,000) To Fund Partnerships (Capital Calls) PANTHEON VENTURES (270,775) To Fund Partnerships (Capital Calls) NET CONTRIBUTIONS (98,975,469) Contributions less Benefit Payments TOTAL ALLOCATION $ (605,739,483) ENDING BALANCE $ 38,319,439 Schedule F

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 fixed-income 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 G

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 G