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California State Teachers' Retirement System Management’S Discussion and Analysis (Unaudited) June 30, 2012

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California State Teachers' Retirement System Management’S Discussion and Analysis (Unaudited) June 30, 2012 California State Teachers’ Retirement System (A Component Unit of the State of California) Report of Independent Auditors, Basic Financial Statements, Required Supplementary Information, and Other Supplemental Information For the Fiscal Year Ended June 30, 2012 California State Teachers’ Retirement System (A Component Unit of the State of California) For the Fiscal Year Ended June 30, 2012 Table of Contents Report of Independent Auditors ............................................................................................................. 1-2 Management’s Discussion and Analysis .............................................................................................. 3-17 Basic Financial Statements: Statement of Fiduciary Net Assets ............................................................................................................. 18 Statement of Changes in Fiduciary Net Assets ........................................................................................... 19 Notes to the Basic Financial Statements ................................................................................................ 20-51 Required Supplementary Information (Unaudited): Schedule of Funding Progress… ........................................................................................................... 53-54 Schedule of Contributions from Employers and Other Contributing Entities ....................................... 55-57 Other Supplemental Information: Schedule of Administrative Expenses ......................................................................................................... 59 Schedule of Investment Expenses .......................................................................................................... 60-63 Schedule of Consultant and Professional Services Expenses ................................................................ 64-66 Crowe Horwath LLP Independent Member Crowe Horwath International REPORT OF INDEPENDENT AUDITORS Teachers’ Retirement Board of the California State Teachers’ Retirement System Sacramento, California We have audited the accompanying basic financial statements of the California State Teachers’ Retirement System (the System), a component unit of the State of California, as of and for the year ended June 30, 2012, as listed in the table of contents. These financial statements are the responsibility of the System’s management. Our responsibility is to express an opinion on these financial statements based on our audit. The prior year summarized comparative information has been derived from the System’s 2011 financial statements and, in our report dated October 7, 2011, we expressed an unqualified opinion on those financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the System’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the fiduciary net assets of the California State Teachers’ Retirement System as of June 30, 2012, and the changes in fiduciary net assets for the year then ended in conformity with the accounting principles generally accepted in the United States of America. As described in Note 3, based on the most recent actuarial valuation as of June 30, 2011, the System’s independent actuaries determined that, at June 30, 2011, the value of the Defined Benefit Program’s actuarial accrued obligation exceeded the actuarial value of its assets by $64 billion. The most recent actuarial value of assets as of June 30, 2011 does not include either deferred investment losses or gains that will be recognized in the future. The financial statements include investment securities valued at approximately $45 billion as of June 30, 2012, for which fair value has been estimated by general partners and investment advisors, and reviewed and approved by CalSTRS management, in the absence of readily ascertainable market values. Because of the inherent uncertainty of valuation, the estimate of values may differ from the values that would have been used had a ready market existed for the investment securities, and the differences could be material. 1 In accordance with Government Auditing Standards, we have also issued our report dated October 5, 2012 on our consideration of the California State Teachers’ Retirement System’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis on pages 3-17 and the Schedule of Funding Progress, and the Schedule of Contributions from Employers and Other Contributing Entities on pages 53-57 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing procedures generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s response to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the System’s basic financial statements as a whole. The other supplemental information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The other supplemental information listed in the table of contents has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the other supplemental information listed in the table of contents is fairly stated in all material respects in relation to the basic financial statements as a whole. Crowe Horwath LLP October 5, 2012 Sacramento, California 2 California State Teachers' Retirement System Management’s Discussion and Analysis (Unaudited) June 30, 2012 MANAGEMENT’S DISCUSSION AND ANALYSIS Management’s Discussion and Analysis of the California State Teachers’ Retirement System’s (CalSTRS) financial performance provides an overview of financial activities for the fiscal year ended June 30, 2012. This discussion and analysis focuses on the year’s activities, resulting changes, and currently known facts. This discussion is more meaningful when read in conjunction with the CalSTRS financial statements and accompanying notes to the financial statements. In addition to historical information, this discussion and analysis includes some forward-looking statements that involve uncertainties and risks. CalSTRS actual results, performance and achievements expressed or implied in these statements are subject to changes in interest rates, securities markets, general economic conditions, legislation, regulations, and other factors. CalSTRS is primarily responsible
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