2011 - Division of Administration - Louisiana

State of Louisianaany one issuer (other than those issued or guaranteed bythe U.S. government) that represented more than 5% of itstotal investments.The following table details the total fair market value ofinvestments in debt securities exposed to credit risk atJune 30, 2011 for each of the state’s retirement systems.Fair Value (in thousands)Rating LSERS LASERS TRSLA LSPRSAAA $37,578 $594,553 $273,706 $569AA+ 27,309 3,681 757,588 51,305 320,111 1,104AA 3,050 6,013 51,946 863AA- 1,246 77,703 1,124A+ 10,227 85,563 818A 34,405 89,600 10,987A- 20,498 30,081 3,757A-1 363,159 26,256A-2 48,206A-3 42,290AA1 20,036AA2 20,543AA3 36,714BBB+ 17,092 21,188 1,412BBB 18,802 37,159 887BBB- 12,538 45,745 874BB+ 1,707 23,538BB 6,565 66,548BB- 924 80,794B+ 925 79,104B 5,389 97,925B- 1,372 65,520B1 28,205B2 31,617B3 31,888BA1 6,850BA2 12,090BA3 39,123BAA1 50,700BAA2 36,053BAA3 11,753CA 500CAA1 15,208CAA2 14,253CAA3 1,604CCC+ 2,819 49,307CCC 11,066 148,369CCC- 1,373 4,118CC 2,453 30,490C 78 1D 2,399 52,381NA 1,192,353P-1VMIG1-3 1,548Not Rated 158,953 790,001 102,994Sec. LendingCollat. Pool 13,908Total $358,025 $2,950,083 $2,044,491 $22,395F. FOREIGN CURRENCY RISKState TreasuryThe State Treasury limits the foreign currency risk of theState’s investments by prohibiting investing in instrumentsdenominated in foreign currencies. Also, the State has nodeposits held by the State Treasury denominated inforeign currencies.Retirement Systems and Other TrustsLouisiana School Employees' Retirement System’s(LSERS) investment policy targets 10% of its portfolio tobe invested in foreign marketable securities. However, atJune 30, 2011, the current position is 8% and totals$184,498,417. The Louisiana State Employees'Retirement System (LASERS) held foreign marketablesecurities with a fair value of $1,697,188,039 at June 30,2011, the Teachers' Retirement System of Louisiana(TRSLA) held $3,521,427,827, and the Louisiana StatePolice Retirement System (LSPRS), $23,402,219.LSPRS’ investment policy allows no more than 15.0% oftheir portfolio to be international equities. The followingtable illustrates the total exposure to foreign currency riskat June 30, 2011 of $5,426,516,552 by currencydenomination and investment type:Fair Value (U.S. dollars)(in thousands)) StocksCurrency Bonds & OtherAustralian dollar $48,186 $275,860Brazilian real 15,485 13,488British pound 14,736 64,886 886,514 17,704Canadian dollar 68,494 28,257 488,275 125,695Czech koruna 10,536 9,065 101,839 441Danish krone 51,052Euro 291,726 1,384,582 40,279Hong Kong dollar 339,697 932,543 305,563Hungarian forint 11,377 145,491Indonesian rupiah 14,220International pooled funds 9,051 23,402Israeli shekel 17,392 11,857Japanese yen 194,870 736,8736Malaysian ringgit 129,309 25,278 616,138 5,189Mexican new peso 19,271 59,7941,971 7,468New Turkish lira 30,541 14,511 4,621New Zealand dollar 15,905 14,760 6,192Norwegian krone 15,652 18,846 25,269 705Peruvian pen 2,404 15,922Polish zloty 59,996171Singapore dollar 54,340 105,234 663South African rand 16,825 53,782 4,561South Korean won 10,402 19,752 25,585 7,571Swedish krona 22,220 140,646 23,189Swiss franc 18,757 348,874 80,985Total $919,092 17,149783,820204,659$4,507,424- 61 -