ORP performance chart – DRAFT 9/14



Optional Retirement Program Performance ReportState Retirement and Pension System of Maryland(As of March 31, 2014)Investment OptionsExpensesAverage Annual Rates of ReturnMoney MarketM & ERatioFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity Cash Reserves NA0.37%0.37%0.010.010.010.020.08TIAA-CREF Money Market Account0.005%0.405%0.41%0.000.000.000.000.00Citigroup 3-month Treasury Bill Index0.050.060.060.080.09Stable ValueM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearTIAA-CREF Traditional Retirement AnnuityNANANA3.023.013.903.994.19Citigroup 3-month Treasury Bill Index + 1.25%1.31.311.311.331.34Core Fixed Income/ Intermediate-Term BondM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity Spartan U.S Bond Index - PassiveNA0.10%0.10%-0.381.723.663.964.64TIAA-CREF Vanguard Total Bond Market Index Fund - Passive0.00%0.07%0.07%-0.201.793.734.064.74Fidelity - PIMCO Total Return Institutional - ActiveNA0.46%0.46%-1.243.244.154.826.87TIAA-CREF Bond Market Account - Active0.005%0.435%0.44%0.102.173.824.195.05BC Aggregate Bond Index-0.101.823.754.094.80Inflation-Linked BondM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity BlackRock Inflation Protected Bond Instl. NA0.45%0.45%-5.93-0.513.134.244.74TIAA-CREF BlackRock Inflation Protected Bond Instl.0.00%0.45%0.45%-5.93-0.513.134.244.74Barclay’s US TIPS Index-4.93-0.612.173.303.97BalancedM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity Balanced Fund NA0.57%0.57%16.0912.7810.6511.4216.55TIAA-CREF Social Choice Account0.005%0.44%0.445%11.3410.979.209.7114.4460% Russell 1000/40% BC Aggregate Index13.0311.6210.4710.9514.98Large-Cap Blend Equity (Passive)M & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity Spartan 500 Index NA0.06%0.06%21.7917.7914.6014.8521.12TIAA-CREF - Vanguard Institutional Index0.00%0.04%0.04%21.8117.8114.6314.8721.15S&P 500 Index21.8617.8414.6614.9021.16TIAA-CREF Equity Index Account.005%0.415%0.42%22.1118.0614.1714.8621.45Russell 3000 Index22.6118.5214.6115.3121.93Optional Retirement Program Performance ReportState Retirement and Pension System of Maryland(As of March 31, 2014)Investment OptionsExpensesAverage Annual Rates of ReturnLarge-Cap Blend Equity (Active)M & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity Contrafund NA0.74%0.74%23.4516.7514.2515.2820.37S&P 500 Index21.8617.8414.6614.9021.16TIAA-CREF Stock 0.005%0.48%0.485%19.4715.7011.0312.3319.77Russell 3000 Index22.6118.5214.6115.3121.93Large-Cap Growth EquityM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity Blue Chip Growth Fund NA0.74%0.74%30.6218.8615.5716.5624.41TIAA-CREF Growth 0.005%0.455%0.46%24.2016.5314.3314.9921.00Russell 1000 Growth Index23.2216.4714.6215.5221.68Large-Cap Value EquityM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearBlackRock Equity Dividend Fund NA0.72%0.72%16.3914.4812.0413.2118.47TIAA-CREF American Funds Washington Mutual R60.00%0.30%0.30%22.9718.8315.4015.63Russell 1000 Value Index21.5720.1614.8014.8921.75Large-Cap Foreign Large Blend – PassiveM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity Spartan Global ex- U.S. Index FundNA0.18%0.18%12.1010.03TIAA-CREF - Vanguard Total International Stock Index Fund0.00%0.12%0.12%12.8110.714.45MSCI ACWI ex US NR12.3110.324.156.3315.52Mid-Cap EquityM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearTIAA-CREF Mid Cap Value Premier 0.00%0.60%0.60%22.3719.6013.5415.31Russell Mid Cap Value Index22.9522.2215.1716.9026.35TIAA-CREF Mid Cap Growth Premier0.00%0.62%0.62%24.6017.8312.3216.42Russell Mid Cap Growth Index24.2218.3513.5216.6524.73Optional Retirement Program Performance ReportState Retirement and Pension System of Maryland(As of March 31, 2014)Investment OptionsExpensesAverage Annual Rates of ReturnMi Mid-Cap Equity (continued)M & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity Mid Cap Stock Fund NA0.63%0.63%27.7521.0414.8315.8726.07Russell Mid Cap Index23.5120.3714.3916.7825.55S Small –Cap Equity M & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFi Fidelity Small Cap Stock Fund NA0.69%0.69%19.2113.715.268.9521.10TI TIAA-CREF Small Cap Equity Premier 0.00%0.70%0.70%26.5619.6612.7016.02 Russell 2000 Index24.9020.5213.1816.2124.31S Small –Cap Blend IndexM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFi Fidelity Spartan Small Cap Index FundNA0.12%0.12%25.1220.62Fi TIAA-CREF Small-Cap Blend Index Fund0.00%0.16%0.16%25.0820.7613.3716.3324.35 Russell 2000 Index24.9020.5213.1816.2124.31In International/Global Equity – ActiveM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearF Fidelity Diversified International Fund NA0.92%0.92%18.9314.757.418.6515.94TI TIAA-CREF American Funds EuroPacific Growth R60.00%0.50%0.50%17.9713.706.748.22 MSCI EAFE Index (Net)17.5614.367.218.0116.02M Fidelity Mutual Global Discovery FundNA1.02%1.02%18.6216.5511.0510.8714.33TI TIAA-CREF Global Equities 0.005%0.52%0.525%19.2815.5610.2811.0718.66 MSCI All-Country World Index Free16.5513.518.559.9117.80S Socially ResponsibleM & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearF Fidelity – Neuberger Berman Socially Responsive FundNA0.87%0.87%20.7418.1411.9014.4720.61S S&P 500 Index21.8617.8414.6614.9021.16TI TIAA-CREF Social Choice Account0.005%0.44%0.445%11.3410.979.209.7114.44 60% Russell 3000 Ind/40% BC Agg Bond Index13.1411.7110.4011.0015.11Optional Retirement Program Performance ReportState Retirement and Pension System of Maryland(As of March 31, 2014)Investment OptionsExpensesAverage Annual Rates of ReturnLifecycle Funds M & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity Freedom Income Fund NA0.51%0.51%3.954.374.074.877.85Fidelity Freedom 2000 Fund NA0.51%0.51%4.064.384.074.938.04Fidelity Freedom 2005 Fund NA0.58%0.58%6.436.215.046.4211.24Fidelity Freedom 2010 Fund NA0.62%0.62%8.317.876.237.6512.63Fidelity Freedom 2015 Fund NA0.66%0.66%8.958.276.477.8813.05Fidelity Freedom 2020 Fund NA0.69%0.69%9.838.976.758.3914.44Fidelity Freedom 2025 FundNA0.73%0.73%12.0010.517.579.2815.55Fidelity Freedom 2030 Fund NA0.79%0.79%13.0811.177.859.5516.27Fidelity Freedom 2035 Fund NA0.81%0.81%14.7612.288.2510.0516.89Fidelity Freedom 2040 Fund NA0.81%0.81%15.0812.488.3610.1417.18Fidelity Freedom 2045 FundNA0.82%0.82%15.3812.738.4210.2617.40Fidelity Freedom 2050 FundNA0.82%0.82%15.5312.828.3110.2517.65Fidelity Freedom 2055 FundNA0.82%0.82%16.0013.16Optional Retirement Program Performance ReportState Retirement and Pension System of Maryland(As of March 31, 2014)Investment OptionsExpensesAverage Annual Rates of ReturnLifecycle Funds (Continued)M & EExpenseFundExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearTIAA-CREF Lifecycle Retirement Income Premier NA0.53%0.53%7.767.977.388.08TIAA-CREF Lifecycle 2010 Premier NA0.55%0.55%9.178.927.858.75TIAA-CREF Lifecycle 2015 Premier NA0.56%0.56%10.329.738.229.25TIAA-CREF Lifecycle 2020 Premier NA0.57%0.57%12.1311.028.899.99TIAA-CREF Lifecycle 2025 Premier NA0.59%0.59%13.8712.199.4710.60TIAA-CREF Lifecycle 2030 Premier NA0.60%0.60%15.6613.3010.0211.26TIAA-CREF Lifecycle 2035 Premier NA0.62%0.62%17.1814.2710.5011.79TIAA-CREF Lifecycle 2040 Premier NA0.62%0.62%18.3014.9910.9212.18TIAA-CREF Lifecycle 2045 Premier NA0.62%0.62%18.2715.0010.8912.14TIAA-CREF Lifecycle 2050 Premier NA0.62%0.62%18.2414.9610.9012.13TIAA-CREF Lifecycle 2055 Premier NA0.62%0.62%18.2914.96Other Notes:All returns are reported net of all expenses.Returns greater than one year are annualized.Indexes are listed in red italics. They are intended to reflect the performance of the overall market in each investment category, and should be used for comparison purposes only.The Mortality & Expense is applicable to variable annuities only. It pays for the guaranteed death benefits and annuity payments upon annuitization of the contract for the life of the annuitant. Please contact a vendor representative for a more complete explanation. ................
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