TRS 2011 Comprehensive Annual Financial Report

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TEACHER RETIREMENT SYSTEM OF TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT 2011 (continued) Schedule of Fees and Commissions INVESTMENT PENSION TRUST SECTION FUND FOR THE FISCAL YEAR ENDED AUGUST 31, 2011 External Manager *** Fees Acadian Asset Management, LLC $ $874,705 Alliance Bernstein, L.P. 885,780 Artio Global Investment Management, LLC**** (1,036) Artisan Partners Limited Partnership 3,933,137 Barclays Capital Fund Solutions - Americas 163,580 Baring International Investment LTD 3,513,211 BlackRock Financial Management, Inc. 6,757,453 BME Investment Partners, LLC 374,304 Brandes Investment Partners, L.P. 3,020,878 Cantillion Pacific LTD 3,201,790 DePrince Race & Zolllo, Inc. 3,003,335 Dimensional Fund Advisors, L.P. 7,377,092 Eaton Vance Management 5,276,314 GMO, LLC 1,234,127 Goldman Sachs Asset Management, L.P. 1,261,083 Independent Franchise Partners, LLP 392,134 Jennison Associates, LLC 2,458,120 JP Morgan Asset Management, Inc. 17,023,093 Knight Vinke Asset Management, LLC 2,203,727 Lazard Asset Management, LLC 4,700,714 Marathon Asset Management 7,186,414 Mondrian Investment Partners LTD 744,201 Morgan Stanley Investment Management, Inc. 7,592,636 Neuberger Berman, LLC 17,052,365 Omega Advisors, Inc. 19,472,146 P2 Capital Partners, LLC **** (599,002) Penn Capital Management Co., Inc. 638,045 Platinum Investment Management LTD 3,566,607 Sasco Capital, Inc. 2,278,491 Security Capital Research & Management, Inc. 805,314 Stephens Investment Management Group 1,237,896 Vaughan Nelson Investment Management, L.P. 1,962,708 Wellington Management Company, LLP 5,985,636 Westwood Management Corp. 2,377,057 Total $ 137,954,055 *** Fees are accrued or paid to external investment managers based on assets under management and the performance of the investment manager. TRS calculates returns for these managers net of all fees. **** Negative balances are equal to the refund in the current year of expenses accrued in the prior year. 96 INVESTMENT SECTION
TEACHER RETIREMENT SYSTEM OF TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT 2011 Schedule of Fees and Commissions INVESTMENT PENSION TRUST SECTION FUND FOR THE FISCAL YEAR ENDED AUGUST 31, 2011 Average Shares Commissions Commission Brokerage Firm - Domestic Traded Paid per Share Abel Noser Corporation 18,900 $ 283 $ 0.015 ABN AMRO Bank N.V. 92,935 4,036 0.045 Access Securities, Inc. 44,780 1,343 0.030 Allen & Company, LLC 4,778 177 0.037 American Technology Research, Inc. 441,033 16,149 0.037 Ancora Securities, Inc. 151,460 6,058 0.040 Assent, LLC 95,500 1,537 0.020 Atlantic Equities, L.P. 128,850 2,148 0.017 Auerbach Grayson & Co. 51,760 1,812 0.035 Avondale Partners, LLC 284,040 11,362 0.040 Barclays Capital, Inc. 600,302,521 4,871,740 0.027 Bear Stearns Securities Corp. 460,008 18,353 0.040 Bley Investment Group 4,055,172 117,266 0.027 Bloomberg Tradebook, LLC 8,042,796 139,676 0.015 BMO Capital Markets 11,187,726 339,248 0.034 BMO Nesbitt Burns, Inc. 104,336 5,386 0.047 BNP Paribas Securities Corp. 41,500 1,824 0.066 BNY Convergex 21,825,859 893,371 0.039 BNY Mellon 247,205 9,551 0.039 BOE Securities, Inc./Broadcort Cap Corp. 1,965,102 49,080 0.026 Brean Murray, Carret & Co., LLC 177,003 6,965 0.038 Bridge Trading Company 35,690 1,428 0.040 Broadcort Capital Corp. 130,800 5,232 0.040 Brockhouse & Cooper, Inc. 120,697 2,136 0.019 Brown Brothers Harriman & Co. 19,200 768 0.040 Brunswick Warburg Nominees 4,843,548 21,883 0.004 BTIG, LLC 7,849,263 110,504 0.019 B-Trade Services, LLC 4,466,491 89,330 0.020 Buckingham Research Group, Inc. 85,660 3,286 0.039 Cabrera Capital Markets 586,262 17,588 0.030 Canaccord Genuity, Inc. 1,136,499 39,787 0.037 Canadian Imperial Bank of Commerce 58,643 2,595 0.057 Cantor Fitzgerald & Co. 25,580,765 775,570 0.032 Capital Institutional Services, Inc. 5,894,528 145,655 0.020 Caris & Company, Inc. 78,906 2,629 0.036 Carr Securities Corp. 713 21 0.029 (continued) INVESTMENT SECTION 97
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