The calculations of the IRR and investment multiple in the attached report have been performed by TCDRS or a vendor employed by TCDRS and are not supplied by or attributable to the funds. These unaudited amounts (a) do not necessarily accurately reflect the current or expected future performance of each fund, (b) should not be used to compare returns among multiple private equity funds, and (c) have not been calculated, reviewed, verified or in any way sanctioned or approved by the general partners of the funds, the investment advisor of each fund or any of their affiliates. We only calculate the IRR on funds that are 24 months old or older, so the younger funds display NM in place of an IRR.

Partnership

(A)Commitment

AmountUnfunded

Amount

(D)Fair

Value

(C+D)TotalValue

(B)Cumulative

Contributions Net IRR

(C)Cumulative

Distributions

(C+D-B)

Gain/Loss

Texas County & District Retirement System

Performance Summary12/31/2010As of

Strategy

(in thousands)

Total Value toPaid inCapital

(B) / (A)

% DrawnBench -

mark

Vintage Year 2006

Blackstone Capital Partners V 23,773 1,300 22,57428,000 0.97x-1.05%10123,874Buyout 4,227 84.90 %Blackstone Capital Partners V 1.42 %Centerbridge Capital Partners, L.P. 23,190 5,565 28,29625,000 1.46x18.82%10,67133,861Buyout 1,810 92.76 %Centerbridge Capital Partners, L.P. 1.42 %Madison Dearborn Capital Partners V, L 17,384 1,442 14,27420,000 0.90x-3.07%-1,66815,716Buyout 2,616 86.92 %Madison Dearborn Capital Partners V,L.P.

1.42 %

TA X, L.P. 14,475 3,225 11,37715,000 1.01x0.34%12714,602Buyout 525 96.50 %TA X, L.P. 1.42 %EnCap Energy Capital VI, L.P. 8,362 3,667 10,17310,000 1.66x24.65%5,47813,840Energy 1,638 83.62 %EnCap Energy Capital VI, L.P. 2.51 %First Reserve Fund XI, L.P. 15,669 1,198 15,46720,000 1.06x2.29%99516,665Energy 4,331 78.35 %First Reserve Fund XI, L.P. 2.51 %TA Subordinated Debt Fund II L.P. 4,075 1,600 3,0575,000 1.14x6.42%5824,657Mezzanine 925 81.50 %TA Subordinated Debt Fund II L.P. 1.42 %Coller International Partners V, L.P. 16,094 3,440 14,97125,000 1.14x7.25%2,31718,411Secondary 8,906 64.38 %Coller International Partners V, L.P. -1.93 %M/C Venture Partners VI, L.P. 11,957 0 14,35615,000 1.20x6.93%2,39914,356Venture Capital 3,043 79.71 %M/C Venture Partners VI, L.P. -1.88 %Oak Investment Partners XII, L.P. 12,448 1,562 11,65415,000 1.06x2.49%76813,216Venture Capital 2,552 82.99 %Oak Investment Partners XII, L.P. -1.88 %Thomas, McNerney & Partners II, L.P. 5,625 555 4,42110,000 0.88x-5.48%-6494,976Venture Capital 4,375 56.25 %Thomas, McNerney & Partners II, L.P. -1.88 %

34,948 153,052 150,620 174,174 21,122188,000 23,553 4.97% 1.13xVintage Year 2006 Total 81.41 % 0.55%

Vintage Year 2007

Carlyle Partners V, L.P. 23,265 43 27,37750,000 1.18x7.95%4,15627,420Buyout 26,735 46.53 %Carlyle Partners V, L.P. 7.27 %Hellman & Friedman Capital Partners VI 18,794 2,830 19,16321,750 1.17x6.95%3,19921,992Buyout 2,956 86.41 %Hellman & Friedman Capital Partners VI 7.27 %KRG Capital Fund IV, L.P. 15,115 530 14,05630,000 0.96x-3.78%-52914,586Buyout 14,885 50.38 %KRG Capital Fund IV, L.P. 7.27 %Kelso Investment Associates VIII, L.P. 17,818 973 15,92150,000 0.95x-6.24%-92516,894Buyout 32,182 35.64 %Kelso Investment Associates VIII, L.P. 7.27 %Nautic Partners VI, L.P. 17,098 269 15,92530,000 0.95x-2.49%-90516,193Buyout 12,902 56.99 %Nautic Partners VI, L.P. 7.27 %Providence Equity Partners VI, L.P. 24,998 48 26,14935,000 1.05x2.02%1,19826,196Buyout 10,002 71.42 %Providence Equity Partners VI, L.P. 7.27 %Sun Capital Partners V, L.P. 10,459 0 11,94626,777 1.14x5.90%1,48711,946Buyout 16,318 39.06 %Sun Capital Partners V, L.P. 7.27 %TPG Asia V, LP 19,988 2,325 18,21440,000 1.03x2.39%55120,539Buyout 20,012 49.97 %TPG Asia V, LP -4.80 %The Resolute Fund II, L.P. 17,323 2,431 14,98750,000 1.01x0.23%9517,417Buyout 32,677 34.65 %The Resolute Fund II, L.P. 7.27 %EnCap Energy Capital VII, L.P. 17,581 4,330 18,22830,000 1.28x17.98%4,97722,558Energy 12,419 58.60 %EnCap Energy Capital VII, L.P. 6.62 %Quantum Energy Partners IV, L.P. 3,867 967 2,90410,000 1.00x0.05%43,871Energy 6,133 38.67 %Quantum Energy Partners IV, L.P. 6.62 %JMI Equity Fund VI, L.P. 24,334 0 26,21626,250 1.08x4.93%1,88226,216Venture Capital 1,916 92.70 %JMI Equity Fund VI, L.P. -1.66 %OrbiMed Private Investments III, LP 8,445 1,023 9,12710,000 1.20x8.52%1,70410,149Venture Capital 1,555 84.45 %OrbiMed Private Investments III, LP -1.66 %

190,693 219,084 220,210 235,978 16,893409,777 15,767 4.15% 1.08xVintage Year 2007 Total 53.46 % 3.41%

Vintage Year 2008

CVC European Equity Partners V 22,941 382 24,43246,382 1.08x7.71%1,87324,813Buyout 24,569 49.46 %CVC European Equity Partners V -3.82 %Candover 2008 Fund L.P. 6,505 171 4,2938,770 0.69x-16.28%-2,0424,464Buyout 2,710 74.17 %Candover 2008 Fund L.P. -3.82 %Carlyle Asia Partners III, LP 13,864 56 17,28730,000 1.25x23.00%3,47817,342Buyout 16,136 46.21 %Carlyle Asia Partners III, LP -3.82 %Exponent Private Equity Fund II, L.P. 18,297 243 12,72838,670 0.71x-12.50%-5,32612,971Buyout 23,904 47.32 %Exponent Private Equity Fund II, L.P. -3.82 %Madison Dearborn Capital Partners VI, L 7,942 0 7,41430,000 0.93x-4.38%-5297,414Buyout 22,058 26.47 %Madison Dearborn Capital Partners VI,L.P.

5.81 %

Nordic Capital Fund VII 22,468 -191 20,50846,382 0.90x-7.36%-2,15220,317Buyout 25,221 48.44 %Nordic Capital Fund VII -3.82 %Onex Partners III, L.P. 16,582 1 14,35250,000 0.87x-23.70%-2,22814,354Buyout 33,418 33.16 %Onex Partners III, L.P. 5.81 %TPG Partners VI, LP 17,372 339 16,06750,000 0.94x-5.63%-96516,407Buyout 32,628 34.74 %TPG Partners VI, LP 5.81 %First Reserve Fund XII, LP 24,575 2,126 18,36750,000 0.83x-11.44%-4,08220,493Energy 25,425 49.15 %First Reserve Fund XII, LP 5.81 %Quantum Energy Partners V, L.P. 2,000 16 82330,000 0.42x-32.63%-1,161839Energy 28,000 6.67 %Quantum Energy Partners V, L.P. 5.81 %R/C Global Energy & Power Fund IV 24,735 1,969 29,04240,000 1.25x18.16%6,27631,011Energy 15,265 61.84 %R/C Global Energy & Power Fund IV 5.81 %R/C Renewable and Alt. Energy II 14,403 164 16,09630,000 1.13x6.68%1,85716,260Energy 15,597 48.01 %R/C Renewable and Alt. Energy II 5.81 %Austin Ventures X, L.P. 10,850 0 10,41330,000 0.96x-3.41%-43710,413Venture Capital 19,150 36.17 %Austin Ventures X, L.P. -6.52 %Essex Woodlands Health Ventures VIII 8,500 1,114 6,39025,000 0.88x-11.34%-9967,504Venture Capital 16,500 34.00 %Essex Woodlands Health Ventures VIII -6.52 %Technology Crossover Ventures VII, L.P 12,136 0 12,29140,000 1.01x1.19%15512,291Venture Capital 27,864 30.34 %Technology Crossover Ventures VII,L.P.

-6.52 %

Section C - 1CLIFFWATER LLC

Partnership

(A)Commitment

AmountUnfunded

Amount

(D)Fair

Value

(C+D)TotalValue

(B)Cumulative

Contributions Net IRR

(C)Cumulative

Distributions

(C+D-B)

Gain/Loss

Texas County & District Retirement System

Performance Summary12/31/2010As of

Strategy

(in thousands)

Total Value toPaid inCapital

(B) / (A)

% DrawnBench -

mark

Vintage Year 2008

328,445 223,171 210,502 216,892 -6,279545,205 6,389 -2.09% 0.97xVintage Year 2008 Total 40.93 % 1.16%

Vintage Year 2009

Charlesbank Equity Fund VII, L.P. 4,195 970 3,62525,000 1.10xN/M4004,595Buyout 20,805 16.78 % N/MCharlesbank Equity Fund VII, L.P.Charterhouse Capital Partners IX 8,632 0 8,52746,382 0.99x-1.21%-1058,527Buyout 37,962 18.61 %Charterhouse Capital Partners IX -2.99 %Lincolnshire Equity Fund IV, L.P. 2,521 0 1,27730,000 0.51x-65.41%-1,2441,277Buyout 27,479 8.40 %Lincolnshire Equity Fund IV, L.P. -9.19 %Odyssey Investment Partners IV 8,775 36 9,78630,000 1.12x10.96%1,0479,822Buyout 21,225 29.25 %Odyssey Investment Partners IV -9.19 %Kayne Anderson Energy Fund V, L.P. 1,800 0 82230,000 0.46x-65.47%-978822Energy 28,200 6.00 %Kayne Anderson Energy Fund V, L.P. 12.08 %Resource Capital Fund V 5,700 -27 12,42825,000 2.18xN/M6,70012,400Energy 19,300 22.80 % N/MResource Capital Fund VSummit Partners Subordinated Debt Fun 1,862 0 1,95213,300 1.05x6.74%901,952Mezzanine 11,438 14.00 %Summit Partners Subordinated DebtFund IV

-9.19 %

Khosla Ventures III 7,950 6 8,99015,000 1.13xN/M1,0478,997Venture Capital 7,050 53.00 % N/MKhosla Ventures IIINew Enterprise Associates 13 10,400 962 9,78340,000 1.03x3.78%34510,745Venture Capital 29,600 26.00 %New Enterprise Associates 13 -5.23 %

203,059 51,836 57,189 59,137 7,301254,682 1,948 16.42% 1.14xVintage Year 2009 Total 20.35 % 2.83%

Vintage Year 2010

Advent Latin America PE Fund V Ltd. 750 0 4125,000 0.06xN/M-70941Buyout 24,250 3.00 % N/MAdvent Latin America PE Fund V Ltd.Baring Asia Private Equity Fund V 0 0 040,000 N/AN/M00Buyout 40,000 0.00 % N/MBaring Asia Private Equity Fund VCDH Fund IV, L.P. 1,702 11 1,57020,000 0.93xN/M-1211,581Buyout 18,298 8.51 % N/MCDH Fund IV, L.P.Summit Partners Europe Private Equity 4,544 0 4,66922,157 1.03x4.83%1254,669Buyout 17,394 20.51 %Summit Partners Europe Private EquityFund

N/A

TA XI, L.P. 2,625 0 2,63925,000 1.01xN/M142,639Buyout 22,375 10.50 % N/MTA XI, L.P.EnCap Energy Capital VIII, L.P. 840 0 90240,000 1.07xN/M62902Energy 39,160 2.10 % N/MEnCap Energy Capital VIII, L.P.Draper Fisher Jurveston X, LP 2,938 1 2,48825,000 0.85xN/M-4482,489Venture Capital 22,063 11.75 % N/MDraper Fisher Jurveston X, LPHighland Capital Partners VIII, L.P. 4,375 0 3,77125,000 0.86xN/M-6043,771Venture Capital 20,625 17.50 % N/MHighland Capital Partners VIII, L.P.Institutional Venture Partners XIII 2,500 0 2,34725,000 0.94xN/M-1532,347Venture Capital 22,500 10.00 % N/MInstitutional Venture Partners XIIIOak Investment Partners XIII, L.P. 4,126 0 3,95230,000 0.96xN/M-1753,952Venture Capital 25,874 13.75 % N/MOak Investment Partners XIII, L.P.Orbimed Private Investments IV, LP 2,040 0 1,89220,000 0.93xN/M-1481,892Venture Capital 17,960 10.20 % N/MOrbimed Private Investments IV, LPSpectrum Equity VI 1,063 0 97725,000 0.92x-8.05%-86977Venture Capital 23,938 4.25 %Spectrum Equity VI N/A

294,435 27,502 25,248 25,259 -2,242322,157 11 -19.94% 0.92xVintage Year 2010 Total 8.54 % 0.00%

Vintage Year 2011

Blackstone Capital Partners VI, LP 0 0 030,000 N/AN/M00Buyout 30,000 0.00 %Blackstone Capital Partners VI, LP N/ACenterbridge Capital Partners II, L.P. 0 0 050,000 N/AN/M00Buyout 50,000 0.00 % N/MCenterbridge Capital Partners II, L.P.GTCR X, L.P. 0 0 035,000 N/AN/M00Buyout 35,000 0.00 % N/MGTCR X, L.P.Hellman & Friedman Cap Partners VII 0 0 050,000 N/AN/M00Buyout 50,000 0.00 % N/MHellman & Friedman Cap Partners VIIJMI Equity Fund VII, L.P. 0 0 027,692 N/AN/M00Venture Capital 27,692 0.00 % N/MJMI Equity Fund VII, L.P.

192,692 0 0 0 0192,692 0 N/A N/AVintage Year 2011 Total 0.00 % 0.00%

Portfolio Total: 3.08%1,244,272 674,645 663,770 711,439 36,7941,912,513 1.05x47,66935.28 % 1.66%

Portfolio Strategy Totals

Buyout 786,527 502,823 283,704 20,002 277,204 297,206 13,502 2.26% 1.04x36.07 %

Energy 315,000 195,468 119,532 14,409 125,251 139,660 20,129 9.53% 1.17x37.95 %

Section C - 2CLIFFWATER LLC

Partnership

(A)Commitment

AmountUnfunded

Amount

(D)Fair

Value

(C+D)TotalValue

(B)Cumulative

Contributions Net IRR

(C)Cumulative

Distributions

(C+D-B)

Gain/Loss

Texas County & District Retirement System

Performance Summary12/31/2010As of

Strategy

(in thousands)

Total Value toPaid inCapital

(B) / (A)

% DrawnBench -

mark

Mezzanine 18,300 12,363 5,937 1,600 5,009 6,609 672 6.45% 1.11x32.44 %

Venture Capital 403,942 274,255 129,687 5,222 129,068 134,290 4,603 2.43% 1.04x32.11 %

Non-US 388,744 259,362 135,786 6,436 127,239 133,675 -2,111 -1.09% 0.98x34.93 %

Portfolio Total: 1,244,2721,912,513 674,645 47,669 663,770 711,439 36,794 3.08% 1.05x35.28 % 1.66%

Section C - 3CLIFFWATER LLC