TRS 2011 Comprehensive Annual Financial Report

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TEACHER RETIREMENT SYSTEM OF TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT 2011 Comparative Schedule of Investing Activity Expenses PENSION TRUST FUND FOR THE FISCAL YEAR ENDED AUGUST 31, 2011 (With Comparative Data for August 31, 2010) 2011 2010 S C H E D U L E 3 Direct Expenses: Salaries and Other Personnel Costs $ 29,476,277 $ 16,283,310 Professional Fees and Services 3,767,718 5,232,615 Consumable Supplies 35,633 41,972 Travel 506,220 490,522 Building Lease 1,019,436 1,486,486 Copier Rentals 75,000 74,039 Dues, Fees and Staff Development 27,648 41,146 Subscriptions and Reference Materials 36,796 40,989 Reproduction and Printing Services 12,721 Software Upgrades 150,796 196,123 Telecommunication and Data Services 322,907 357,760 Furniture and Equipment - Expensed 40,086 246,601 Depreciation - Leasehold Improvements 516,031 516,031 Total Direct Expenses $ 35,987,269 $ 25,007,594 Indirect Expenses: Depreciation $ 200,523 $ 173,164 Executive Management Support 1,030,719 827,413 Legal Support 1,515,794 1,585,381 Audit Support 761,710 1,442,557 Human Resources Support 609,223 558,432 Fiscal Management Support 1,531,627 1,505,945 Information Technology Support 2,339,344 2,643,578 Staff Services Support 1,057,415 1,191,293 Other Support Services 382,096 408,159 Total Indirect Expenses $ 9,428,451 $ 10,335,922 Total Internal Administrative Investing Activity Expenses* $ 45,415,720 $ 35,343,516 External Manager Fees ** $ 137,954,055 $ 76,575,138 Total Investing Activity Expenses (Exh. II) *** $ 183,369,775 $ 111,918,654 * Not netted against or included in performance calculations. ** Performance calculations net of External Manager Fees *** The investing activity expenses do not include the following expenditures: During fiscal year 2011, the system paid commissions to various brokers totaling $58,304,167. A portion of the total commissions was paid to soft dollar brokers generating $6,516,399 of soft dollar credits. Soft dollar credits were spent during fiscal year 2011 in accordance with Section 28(e) of the Securities Exchange Act of 1934 totaling $6,155,201. Unspent soft dollar credits (totaling $2,428,236) are held by the receiving broker and will be utilized in the new fiscal year. Another portion of the total commissions was paid through various Commission Sharing Arrangements (CSA) generating $11,036,887 in CSA proceeds. These proceeds were used to acquire research services from various investment related firms totaling $14,536,387. Unspent CSA proceeds (totaling $6,396,266) are held by either State Street Bank and Trust Company as the system’s CSA agent or by the CSA broker as a reserve for future expenses. Through its contractual agreements with various firms, the system benefited from $6,773,218 in vendor paid expenses and contractual allowances. Vendor paid expenses are legal arrangements that are used to acquire investment related items other than those paid for with Soft Dollar credits and CSA proceeds. In addition to the commission expenses mentioned above, $416,378,165 was paid to various Alternative and Pooled Investment General Partners for a total of $474,712,229 in fees and commissions which are not included in Investing Activities Expense on Exhibit II. These amounts are reported in the Schedule of Fees and Commissions and are netted against investment performance on Exhibit II in the Net Appreciation in Fair Value of Investments amount. Custodial management fees were netted against income from securities lending activities. 78 FINANCIAL SECTION
TEACHER RETIREMENT SYSTEM OF TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT 2011 Schedule of Professional and Consulting Fees - Budgetary Basis FOR THE FISCAL YEAR ENDED AUGUST 31, 2011 Individual or Firm Nature of Service Amount Fulbright & Jaworski, LLP Legal Services $ 1,320,839 Gabriel, Roeder, Smith, & Company Actuarial Services and Health Care Consulting 1,000,319 Hewitt Ennis Knupp, Inc. Consulting Services 675,000 Albourne America, LLC Consulting Services 400,070 Grant Thornton, LLP Consulting Services 334,950 State Auditors Office Audit Services 298,341 Akin Gump Strauss Hauer & Feld, LLP Legal Services 286,676 Reinhart Boerner Van Deuren, SC Legal Services 255,228 Duff & Phelps, LLC Audit Services 239,017 Jackson Walker, LLP Legal Services 215,796 Austin Project Group Consulting Services 165,374 Ernst & Young Financial and Accounting Services 152,635 Sagebrush Solutions, Inc. Audit Services 150,000 Clifton Gunderson, LLP Audit Services 140,000 SR Batliboi & Company Financial and Accounting Services 130,456 VR Election Services DBA Voice Retrieval Board Election Services 125,000 Seyfarth Shaw, LLP Legal Services 100,000 Easyvista, Inc. Consulting Services 59,137 Keith C. Brown Consulting Services 48,000 Cooley Godward Kronish, LLP Legal Services 39,300 Alice D. Cox, MD Medical Services 33,300 James Allen Reinarz, MD Medical Services 33,300 Larry Wilson, MD Medical Services 33,300 Provaliant Holdings, LLC Consulting Services 30,850 Ice Miller Legal Services 30,326 Sourcepulse, LLC Consulting Services 25,500 Career Management Associates of Iowa, LLC Temporary Employment Services 18,127 Workers Assistance Program, Inc. Other Professional Services 16,012 SHI Government Solutions Other Professional Services 15,307 MACTEC Engineering and Consulting, Inc. Architectural/Engineering Services 13,939 Korn/Ferry International Consulting Services 12,742 RFD & Associates, Inc. Consulting Services 9,600 Bickerstaff Heath Delgado Acosta, LLP Legal Services 7,176 Texas Facilities Commission Consulting Services 7,000 INX, Inc. Consulting Services 4,995 Allied Consultants, Inc. Consulting Services 4,080 SFW, LLC Consulting Services 2,900 Workplace Dynamics, LLC Consulting Services 2,883 Terracon Consultants, Inc. Consulting Services 1,915 The Network, Inc. Financial and Accounting Services 1,830 Jaster-Quintanilla & Associates, Inc. Architectural/Engineering Services 642 John W Peavy III Ph.D., CFA Educational/Training Services 600 Riva Jackson Educational/Training Services 555 J. Robert Anderson Landscape Architects Architectural/Engineering Services 231 Karen A. Knowlton Medical Services 200 MWM Design Group, Inc. Architectural/Engineering Services 61 The Townsend Group, Inc. Consulting Services 47 Timothy Wei Other Professional Services 31 Ysabel Soliz Medical Services 25 TOTAL PROFESSIONAL AND CONSULTING FEES $ 6,443,612 METHOD OF FINANCE: Fiduciary Funds: Pension Trust Fund $ 4,777,632 TRS-Care (Retired Plan) 799,865 Total Fiduciary Funds 5,577,497 Proprietary Fund: TRS-ActiveCare 866,115 Total Proprietary Fund 866,115 TOTAL METHOD OF FINANCE $ 6,443,612 S C H E D U L E 4 FINANCIAL SECTION 79
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TRS 2011 Comprehensive Annual Financial Report

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