INVESTMENTS Page 65
The top 10 international equity holdings as of June 30, 2011 follow and represent 8.8 percent of the total
international equity holdings. These investments are diversified geographically and include companies that are
dominant within their industry and familiar to the U.S. economy.
Top 10 International Holdings at June 30, 2011
Firm Country
Market Value
(USD)
Vodafone Group PLC United Kingdom $84,158,994
Nestle SA Switzerland 76,035,292
Eni SpA Italy 70,285,072
Sanofi France 66,288,356
Novartis AG Switzerland 64,903,517
GlaxoSmithKline PLC United Kingdom 62,278,476
BP plc United Kingdom 60,658,270
Canon, Inc. Japan 59,400,334
British American Tobacco PLC United Kingdom 57,948,439
HSBC Holdings PLC United Kingdom 54,378,094
Total $656,334,844
Source: State Street Bank and Trust and TRS
At June 30, 2011, 19.7 percent of the TRS investment portfolio was assigned to international equity managers.
TRS employed the following international equity managers during FY11.
International Equity Managers and Assets Under Management
(inception date of account)
Large Cap Core
Aberdeen Asset Management, Inc. (7/10) $526,832,162
Northern Trust Investments, N.A. (8/10) 1,439,838,944
Large Cap Growth
Jarislowsky, Fraser Limited (8/05) 389,316,100
McKinley Capital Management, Inc. (8/05) 885,358,353
Trilogy Global Advisors, L.L.C. (8/07) 393,807,362
Large Cap Value
Brandes Investment Partners, L.P. (2/98) 805,476,528
Mondrian Investment Partners Limited (4/93) 860,291,096
Small/Mid Cap
American Century Global Investment Management, Inc. (6/08) 206,538,214
Dimensional Fund Advisors, L.P. (6/08) 242,990,758
Putnam Advisory Company, L.L.C. (3/09) 201,371,790
State Street Global Markets (8/07) 145,382,932
Emerging Manager
Strategic Global Advisors, L.L.C. (3/11) 25,298,085
Emerging Markets
Aberdeen Asset Management, Inc. (3/08) 329,728,897
Grantham, Mayo, Van Otterloo & Co., L.L.C. (3/03) 901,508,102
Note: The list does not include managers terminated prior to June 30, 2011 with residual assets in the account.
