Molly Janczyk, Steve Mitchell: Foreign investments

From Steve Mitchell, June 1, 2006

Subject: RE: Investments

Molly-

STRS has approximately 25.5% of investment assets in International Equities broken out between 20% in developed countries (Europe, Japan, Canada, etc.) and 5.5% in emerging market countries (Latin America, China, Korea, etc.). So far in Fiscal 2006 (11 months through May 31st), International has provided STRS with excellent returns of 29%; this includes the tough month of May's decline in International of -5%.

Steve

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From Molly Janczyk, June 1, 2006

Subject: RE: Investments

I am on vacation in June. Is it correct that we ARE well invested in foreign markets such as Asia and Latin Am. and Europe? I seem to recall it being said they are doing well for us earlier this year.