1999 IMRF Comprehensive Annual Financial Report

Investments SectionSchedule of Investment Fees1999 1998Assets underAssets undermanagementmanagementat year end Basis at year end BasisFees (in thousands) Points Fees (in thousands) PointsInvestment manager feesFixed income managers $3,677,589 $3,353,474 11 $3,407,249 $2,710,393 13Stock managers 19,345,015 7,213,967 27 15,236,412 5,539,503 28International managers 12,676,930 4,393,751 29 12,818,160 3,991,520 32Real Estate managers 4,687,258 492,216 95 5,938,834 598,112 99Alternativeinvestment managers 2,017,735 361,975 56 2,222,419 247,268 90$42,404,527 $15,815,383 $39,623,074 $13,086,796Other investment feesMaster trustee fees $823,155 $737,448Total investment fees 43,227,682 40,360,522Non-fee investment expenses 46,311 61,669Total direct investmentexpenses $43,273,993 $40,422,191Securities lending feesRebated earnings $62,775,039 $70,163,997Bank fees and commissions 1,412,750 1,349,195$64,187,789 $71,513,192Fees paid with directed commissionsIMRF pays for some consulting services with directed commissions or “soft dollars.”These are a form of payment for services through brokerage commissions generated through trades with specialdirected brokerages.Investment consulting fees $481,868 $329,800Master trustee fees 46,250 100,000$528,118 $429,80050 Illinois Municipal Retirement Fund