Optional Retirement Program Performance Report
State Retirement and Pension System of Maryland
(as of September 30, 2007)
Investment Options
Money Market
AIG-VALIC Money Market Fund
Fidelity Cash Reserves
TIAA-CREF Money Market Account
Lehman 3-month Treasury Bill Index
Stable Value
AIG-VALIC Fixed Account Plus Fund
TIAA-CREF Traditional Guaranteed Annuity
Lehman 3-month Treasury Bill Index + 1.25%
Core Fixed Income
AIG-VALIC Capital Conservation Fund
Fidelity U.S Bond Index
TIAA-CREF Bond Market Account
Lehman Aggregate Bond Index
Balanced
AIG-VALIC Asset Allocation Fund
Fidelity Balanced Fund
TIAA-CREF Social Choice Account
60% Russell 1000/40% Lehman Aggregate Index
Large-Cap Blend Equity (Passive)
AIG-VALIC Stock Index Fund
Fidelity Spartan U.S. Equity Index
S&P 500 Index
TIAA-CREF Equity Index Account
Russell 3000 Index
Expenses
Average Annual Rates of Return
M&E
Ratio
0.55%
Fund
Expense
0.56%
Total Annual
Expense
1.11%
NA
.005%
0.43%
.415%
0.43%
0.42%
M&E
Expense
NA
NA
Fund
Expense
NA
NA
Total Annual
Expense
NA
NA
M&E
Expense
0.80%
NA
Fund
Expense
0.70%
0.32%
Total Annual
Expense
1.50%
0.32%
.005%
.465%
0.47%
M&E
Expense
0.80%
NA
.005%
Fund
Expense
0.72%
0.64%
.435%
Total Annual
Expense
1.52%
0.64%
0.44%
M&E
Expense
0.80%
NA
Fund
Expense
0.36%
0.10%
Total Annual
Expense
1.16%
0.10%
.005%
.425%
0.43%
1
1 Year
2 Year
3 Year
4 Year
5 Year
4.26%
3.96%
3.18%
2.39%
1.95%
5.10
4.99
5.28
4.76
4.68
4.90
3.96
3.91
4.13
3.18
3.12
3.37
2.75
2.68
2.95
1 Year
2 Year
3 Year
4 Year
5 Year
5.00%
5.15
6.53
4.04%
4.83
6.15
3.71%
4.48
5.38
3.66%
4.66
4.62
3.92%
5.04
4.20
2.87%
4.25
2.87%
4.03
2.45%
3.58
2.43%
3.65
2.83%
4.21
4.54
5.13
3.95
4.39
3.55
3.86
3.53
3.82
3.95
4.13
12.36%
16.40
10.35
12.14
9.93%
12.80
8.68
9.85
9.18%
14.05
9.13
9.78
9.10%
13.64
9.27
9.82
10.45%
15.82
10.95
11.24
15.11%
16.37
16.44
12.30%
13.52
13.58
11.86%
13.07
13.14
12.03%
13.23
13.32
14.14%
15.35
15.45
16.01
16.52
12.85
13.33
13.25
13.74
13.40
13.87
15.67
16.18
Optional Retirement Program Performance Report
State Retirement and Pension System of Maryland
(as of September 30, 2007)
Investment Options
Expenses
Average Annual Rates of Return
M&E
Expense
0.80%
Fund
Expense
0.85%
Total Annual
Expense
1.65%
NA
0.91%
0.91%
.005%
.475%
0.48%
M&E
Expense
0.80%
NA
Fund
Expense
0.93%
0.64%
Total Annual
Expense
1.73%
0.64%
TIAA-CREF Growth Account
Russell 1000 Growth Index
.005%
.495%
AIG-VALIC Nasdaq-100 Index Fund
Nasdaq-100 Index
0.80%
Large-Cap Blend Equity (Active)
AIG-VALIC Large Cap Core Fund
Fidelity Contrafund
S&P 500 Index
TIAA-CREF Stock Account
Russell 3000 Index
Large-Cap Growth Equity
AIG-VALIC Ultra Fund
Fidelity Blue Chip Growth Fund
Large-Cap Value Equity
AIG-VALIC Vanguard Windsor II Fund
Fidelity Equity Income Fund
TIAA-CREF American Funds Washington Mutual Fund
1 Year
2 Year
3 Year
4 Year
5 Year
17.73
24.38
16.44
12.60
16.29
13.58
13.66
18.20
13.14
13.41
18.02
13.32
14.70
17.67
15.45
19.48
16.52
15.41
13.33
15.81
13.74
15.59
13.87
17.58
16.18
20.55
17.22
7.60
10.51
7.37
10.20
7.80
9.53
9.83
11.85
0.50%
22.22
19.35
12.12
12.50
12.01
12.20
10.79
11.01
13.39
13.84
0.61%
1.41%
25.29%
27.00%
13.25%
14.78%
12.91%
12.98%
11.49%
14.46%
19.15%
20.64%
M&E
Expense
1.05%
NA
Fund
Expense
0.34%
0.69%
Total Annual
Expense
1.39%
0.69%
14.78%
16.03
12.29%
15.47
13.69%
14.31
15.48%
14.88
16.27%
16.71
0.00%
0.65%
0.65%
16.61
14.45
14.67
14.53
12.56
15.25
13.52
16.54
14.90
18.07
M&E
Expense
0.55%
0.00%
Fund
Expense
1.05%
0.78%
Total Annual
Expense
1.60%
0.78%
18.81%
20.70
13.75
15.22%
16.48
13.01
16.08%
19.95
17.22
16.74%
21.15
19.27
19.87%
23.47
21.02
0.00%
0.78%
0.78%
25.54
21.22
13.39
13.91
16.73
17.01
15.91
16.17
20.52
20.39
Russell 1000 Value Index
Mid-Cap Equity
AIG-VALIC Mid Cap Value Fund
TIAA-CREF Mid Cap Value Fund
Russell Mid Cap Value Index
TIAA-CREF Mid Cap Growth Fund
Russell Mid Cap Growth Index
2
Optional Retirement Program Performance Report
State Retirement and Pension System of Maryland
(as of September 30, 2007)
Investment Options
Mi Mid-Cap Equity (continued)
Fidelity Mid Cap Stock Fund
Russell Mid Cap Index
S Small –Cap Equity
AI AIG-VALIC Small Cap Fund
Fi Fidelity Small Cap Stock Fund
TI TIAA-CREF Small Cap Equity Fund
Russell 2000 Index
In International/Global Equity
AI
F
TI
F
AIG-VALIC International Growth Fund
Fidelity Diversified International Fund
TIAA-CREF American Funds EuroPacific
Growth Fund
MSCI EAFE Index
TI TIAA-CREF Global Equities Account
MSCI All-Country World Index Free
S Socially Responsible
AI AIG-VALIC Socially Responsible Fund
Fi Fidelity Domini Social Equity Fund
S S&P 500 Index
TI TIAA-CREF Social Choice Account
60% Russell 3000 Index/40% Lehman
Aggregate Bond Index
Expenses
M&E
Expense
NA
Average Annual Rates of Return
Fund
Expense
0.70%
Total Annual
Expense
0.70%
M&E
Expense
0.80%
NA
0.00%
Fund
Expense
0.95%
0.97%
0.78%
Total Annual
Expense
1.75%
0.97%
0.78%
M&E
Expense
0.80%
NA
Fund
Expense
1.01%
1.10%
0.00%
0.83%
1 Year
2 Year
3 Year
4 Year
5 Year
20.23
17.87
17.42
13.64
19.29
17.34
16.91
18.13
19.13
20.90
7.46
18.99
7.06
12.34
4.15
12.84
8.42
11.13
9.39
14.86
10.98
13.36
11.33
16.12
14.19
14.69
13.85
19.09
17.57
18.75
Total Annual
Expense
1.81%
1.10%
27.95
27.92
23.62
22.53
23.01
24.00
20.91
23.23
19.33
24.77
0.83%
27.55
23.70
25.27
23.97
24.28
24.86
21.98
23.24
22.95
23.55
21.57
24.01
17.18
19.21
17.62
19.59
17.31
19.06
18.80
20.45
13.90
11.63
16.44
12.91
10.05
13.58
11.91
9.59
13.14
11.65
9.97
13.32
14.11
12.78
15.45
10.35
8.68
9.13
9.27
10.95
11.92
9.74
9.77
9.86
11.37
.005%
.515%
0.52%
M&E
Expense
0.55%
NA
Fund
Expense
0.56%
0.95%
Total Annual
Expense
1.11%
0.95%
.005%
.435%
0.44%
3
Optional Retirement Program Performance Report
State Retirement and Pension System of Maryland
(as of September 30, 2007)
Investment Options
Lifecycle Funds
AIG-VALIC Vanguard Lifestrategy Conservative
Growth Fund
AIG-VALIC Vanguard Lifestrategy Moderate Growth
Fund
AIG-VALIC Vanguard Lifestrategy Growth Fund
Fidelity Freedom Income Fund
Fidelity Freedom 2000 Fund
Fidelity Freedom 2005 Fund
Fidelity Freedom 2010 Fund
Fidelity Freedom 2015 Fund
Fidelity Freedom 2020 Fund
Fidelity Freedom 2025 Fund
Fidelity Freedom 2030 Fund
Fidelity Freedom 2035 Fund
Fidelity Freedom 2040 Fund
Expenses
Average Annual Rates of Return
M&E
Expense
Fund
Expense
Total Annual
Expense
1 Year
2 Year
3 Year
4 Year
5 Year
1.05%
0.26%
1.31%
10.15
8.40
7.97
7.87
9.14
1.05%
0.27%
1.32%
13.12
10.62
10.51
10.49
12.11
1.05%
NA
NA
NA
NA
0.26%
0.56%
0.58%
0.68%
0.69%
1.31%
0.56%
0.58%
0.68%
0.69%
16.06
7.40
8.52
12.68
12.98
12.93
6.25
6.85
9.72
9.95
13.06
5.80
6.43
9.46
9.76
13.06
5.33
5.97
N/A
9.24
14.96
5.63
6.50
N/A
10.43
NA
NA
NA
NA
NA
NA
0.71%
0.75%
0.75%
0.77%
0.78%
0.79%
0.71%
0.75%
0.75%
0.77%
0.78%
0.79%
14.10
16.22
16.64
18.47
18.63
19.02
10.98
12.40
12.74
13.94
14.11
14.43
11.14
12.64
13.16
14.30
14.56
14.99
N/A
12.08
N/A
13.62
N/A
14.38
N/A
13.92
N/A
15.68
N/A
16.73
This space intentionally left blank.
4
Optional Retirement Program Performance Report
State Retirement and Pension System of Maryland
(as of September 30, 2007)
Investment Options
Expenses
Average Annual Rates of Return
TIAA-CREF Lifecycle 2010 Fund
M&E
Expense
0.00%
Fund
Expense
0.66%
Total Annual
Expense
0.66%
TIAA-CREF Lifecycle 2015 Fund
TIAA-CREF Lifecycle 2020 Fund
TIAA-CREF Lifecycle 2025 Fund
TIAA-CREF Lifecycle 2030 Fund
TIAA-CREF Lifecycle 2035 Fund
TIAA-CREF Lifecycle 2040 Fund
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.68%
0.68%
0.68%
0.68%
0.68%
0.68%
0.68%
0.68%
0.68%
0.68%
0.68%
0.68%
Lifecycle Funds (Continued)
*
1 Year
2 Year
3 Year
4 Year
5 Year
12.21
13.60
14.23
15.18
16.07
16.91
17.93
9.22
10.15
10.71
11.32
12.06
12.69
13.40
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Fidelity will deduct a quarterly administrative fee of $3 ($12 annually). This amount will be deducted from participant’s accounts and will appear as a deduction
on the quarterly account statements. The administrative fee is utilized by the Board of Trustees to fund the administrative obligations of the Optional Retirement
Plan.
Other 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.
5