ࡱ> q (bjbjt+t+ %AA#%]RRRRRRRffff8f"${RkRRkkkRRffRRRRkpk,hRRf\`UBff} Optional Retirement Program Performance Report State Retirement and Pension System of Maryland (as of March 31, 2006) Investment OptionsExpensesAverage Annual Rates of ReturnMoney MarketM & E RatioFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Money Market Fund0.55%0.56%1.11%2.711.651.110.971.20Fidelity Cash Reserves NA0.43%0.43%3.442.411.881.762.03TIAA-CREF Money Market Account.005%.415%0.42%3.422.381.821.711.95Lehman 3-month Treasury Bill Index3.562.592.081.972.24Stable ValueM & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Fixed Account Plus FundNANANA4.253.724.084.654.92TIAA-CREF Traditional Guaranteed AnnuityNANANA4.754.494.736.046.32Lehman 3-month Treasury Bill Index + 1.25%5.584.694.344.324.84Core Fixed IncomeM & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Capital Conservation Fund0.80%0.68%1.48%1.310.651.893.803.68Fidelity U.S Bond Index NA0.32%0.32%2.261.673.105.255.22TIAA-CREF Bond Market Account.005%.465%0.47%2.141.582.814.975.01Lehman Aggregate Bond Index2.261.712.935.055.11BalancedM & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Asset Allocation Fund0.80%0.68%1.48%7.675.7111.014.994.11Fidelity Balanced Fund NA0.64%0.64%16.8311.4218.7910.119.48TIAA-CREF Social Choice Account.005%.435%0.44%9.916.9412.456.195.3760% Russell 1000/40% Lehman Aggregate Index8.756.8112.095.895.38Large-Cap Blend Equity (Passive)M & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Stock Index Fund0.80%0.38%1.18%10.467.9515.903.702.77Fidelity Spartan U.S. Equity Index NA0.10%0.10%11.659.0917.104.813.83S&P 500 Index11.739.1817.224.923.97TIAA-CREF Equity Index Account.005%.425%0.43%5.6710.2018.605.834.92Russell 3000 Index14.2810.6219.146.245.33 Optional Retirement Program Performance Report State Retirement and Pension System of Maryland (as of March 31, 2006) Investment OptionsExpensesAverage Annual Rates of ReturnLarge-Cap Blend Equity (Active)M & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Core Equity Fund0.80%0.85%1.65%7.986.0414.072.621.44Fidelity Contrafund NA0.91%0.91%21.3516.2122.3612.0210.27S&P 500 Index11.739.1817.224.923.97TIAA-CREF Stock Account.005%.475%0.48%16.3312.2220.947.645.91Russell 3000 Index14.2810.6219.146.245.33Large-Cap Growth EquityM & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC American Century Ultra Fund 0.84%1.00%1.84%6.823.8512.121.771.73Fidelity Blue Chip Growth Fund NA0.64%0.64%10.885.8412.861.641.09TIAA-CREF Growth Account.005%.495%0.50%14.226.7314.121.600.51Russell 1000 Growth Index13.146.9814.802.601.66AIG-VALIC Nasdaq-100 Index Fund0.80%0.81%1.61%13.807.7217.492.990.52Nasdaq-100 Index15.409.2519.084.351.84Large-Cap Value EquityM & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Vanguard Windsor II Fund 1.05%0.43%1.48%9.3210.7119.956.925.97Fidelity Equity Income Fund NA0.69%0.69%13.3610.3019.746.466.13TIAA-CREF American Funds Washington Mutual Fund 0.00%0.67%0.67%9.718.1516.305.295.60Russell 1000 Value Index13.3113.2421.778.667.79Mid-Cap EquityM & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Mid Cap Value Fund 0.55%1.05%1.60%18.2914.4226.6411.4211.54TIAA-CREF Mid Cap Value Fund 0.00%0.78%0.78%19.0118.7530.27NANARussell Mid Cap Value Index20.3019.3129.2314.7514.69Fidelity Mid Cap Stock Fund NA0.70%0.70%36.5217.9825.288.736.07Russell Mid Cap Index21.5417.7327.8713.1812.52Optional Retirement Program Performance Report State Retirement and Pension System of Maryland (as of March 31, 2006) Investment OptionsExpensesAverage Annual Rates of ReturnSmall-Cap EquityM & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Small Cap Fund0.80%0.95%1.75%22.1915.5125.529.059.74Fidelity Small Cap Stock Fund NA0.97%0.97%26.9616.0529.1313.2214.97TIAA-CREF Small Cap Equity Fund 0.00%0.48%0.48%24.3114.6029.34NANARussell 2000 Index25.8515.1829.5312.2412.59International/Global EquityM & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC International Growth Fund0.80%1.01%1.81%25.5216.6024.909.634.73Fidelity Diversified International Fund NA1.10%1.10%28.3620.0532.4617.9714.37TIAA-CREF American Funds EuroPacific Growth Fund 0.00%0.88%0.88%30.2520.8331.8815.2211.41MSCI EAFE Index24.4119.6431.1314.709.63TIAA-CREF Global Equities Account.005%.515%0.52%18.5313.5723.008.755.60MSCI All-Country World Index Free19.7115.2124.4810.027.18Socially ResponsibleM & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Socially Responsible Fund 0.55%0.56%1.11%9.887.1315.353.402.71Fidelity Domini Social Equity Fund NA0.95%0.95%10.726.3514.933.812.91S&P 500 Index11.739.1817.224.923.97TIAA-CREF Social Choice Account.005%.435%0.44%9.916.9412.456.195.3760% Russell 3000 Index/40% Lehman Aggregate Bond Index9.387.0812.586.215.76Lifecycle FundsM & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearAIG-VALIC Vanguard Lifestrategy Conservative Growth Fund 1.05%0.25%1.30%7.095.109.675.044.69AIG-VALIC Vanguard Lifestrategy Moderate Growth Fund 1.05%0.26%1.31%9.917.3913.686.085.31AIG-VALIC Vanguard Lifestrategy Growth Fund 1.05%0.26%1.31%12.979.6917.686.805.63 Optional Retirement Program Performance Report State Retirement and Pension System of Maryland (as of March 31, 2006) Investment OptionsExpensesAverage Annual Rates of ReturnLifecycle Funds (Continued)M & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearFidelity Freedom Income Fund NA0.56%0.56%5.703.765.443.983.95Fidelity Freedom 2000 Fund NA0.58%0.58%6.324.236.434.304.09Fidelity Freedom 2005 Fund NA0.68%0.68%10.066.69NANANAFidelity Freedom 2010 Fund NA0.69%0.69%10.466.9611.196.295.48Fidelity Freedom 2015 Fund NA0.71%0.71%12.848.49NANANAFidelity Freedom 2020 Fund NA0.75%0.75%14.649.7316.017.346.07Fidelity Freedom 2025 Fund NA0.75%0.75%15.3910.24NANANAFidelity Freedom 2030 Fund NA0.77%0.77%16.8611.1518.367.636.12Fidelity Freedom 2035 Fund NA0.78%0.78%17.1811.51NANANAFidelity Freedom 2040 Fund NA0.79%0.79%17.6811.8619.907.756.07 This space intentionally left blank. Optional Retirement Program Performance Report State Retirement and Pension System of Maryland (as of March 31, 2006) Investment OptionsExpensesAverage Annual Rates of ReturnLifecycle Funds (Continued)M & E ExpenseFund ExpenseTotal Annual Expense1 Year2 Year3 Year4 Year5 YearTIAA-CREF Lifecycle 2010 Fund 0.00%0.66%0.66%8.83NANANANATIAA-CREF Lifecycle 2015 Fund 0.00%0.67%0.67%9.52NANANANATIAA-CREF Lifecycle 2020 Fund 0.00%0.68%0.68%10.47NANANANATIAA-CREF Lifecycle 2025 Fund 0.00%0.68%0.68%11.27NANANANATIAA-CREF Lifecycle 2030 Fund 0.00%0.68%0.68%12.25NANANANATIAA-CREF Lifecycle 2035 Fund 0.00%0.68%0.68%12.88NANANANATIAA-CREF Lifecycle 2040 Fund 0.00%0.68%0.68%13.85NANANANA *Fidelity will charge a quarterly administrative fee of $3 ($12 annually). This amount will be deducted from participants accounts and will appear as a deduction on the quarterly account statements. Fidelity may also charge an annual recordkeeping fee, depending on the amount of total assets administered by Fidelity in the ORP at the end of each year. This fee will be deducted from Fidelity ORP participants accounts on a quarterly basis beginning in 2006. The table below shows the annual amount of the fee at various asset levels for the ORP. Asset Level at End of Calendar YearAnnual Per Participant Fee (Fidelity participants only)$6.7 million - $13.3 million$59$13.3 million - $20 million$25> $20 million$0 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.     PAGE  PAGE 5 0wx&` a o % & ( W Xn:6s.uv,6x\[\ Z [ !!!!!!!!!!!! CJOJQJ6B*CJOJQJB*CJOJQJB*CJOJQJ CJOJQJOJQJOJQJQ0`wx |$B$$l tF"<9h" $$$  0`wx /5;AFKPUZ[sv|    !&'4:BGOdkry DEFGLQV c/5;AFKPUZu rmmmmmmmm$$$$$l  t  "&*/4<9hj  Z[sv||wwwwwwww$$$$$l  t  "&*/4<9hj   ,|wwwwwwww||$$$$$l  t  "&*/4<9hj   !&'4:BGOw$$l  t  "&*/4<9hj$$$ Odkrypm$$$l  t  "&*/4<9hj $$  z0w$$$l  t  "&*/4<9hj$$ DEFGLQV[`asz wwwzw$$$l  t  "&*/4<9hj$$ V[`asy 039?DINSXYw}   # * 1 8 9 Y _ e k p u {      D E  csyp@m$$$l  t  "&*/4<9hj $$  039?zw$$$l  t  "&*/4<9hj$$ ?DINSXYw}z(w$$$l  t  "&*/4<9hj$$ zwzt$$$l  t  "&*/4<9hj$$    # * 1 8 9 m4$$l  t  "&*/4<9hj $$$ 9 Y _ e k p u { w$$l  t  "&*/4<9hj$$$   z4w$$$l  t  "&*/4<9hj$$     D E F G L Q W \ a z(w$$$l  t  "&*/4<9hj$$ E F G L Q W \ a b      D G M S Y ^ d i n o } ~        % & ' W    + 2 9 @ G  ca b |wwwwwwwwww$$$$$l  t  "&*/4<9hj      u$rmmmmmmmm$$$$$l  t  "&*/4<9hj   D G M S Y ^ d i n o } ~ <|wwwwwwww|w$$$$$l  t  "&*/4<9hj ~  z(w$$$l  t  "&*/4<9hj$$ z4w$$$l  t  "&*/4<9hj$$       % & ' zwwwzu$$$l  t  "&*/4<9hj$$ ' W    + 2 9 @ G N $B$$l tF"<9h" $$$$  G N O j p v |      )/5;AGMRWXklmntz$*05:@EJKkntz cN O j p v | u rmmmmmmmm$$$$$l  t  "&*/4<9hj   |wwwwwwww|w$$$$$l  t  "&*/4<9hj     z(w$$$l  t  "&*/4<9hj$$  )/5;AGMRzw$$$l  t  "&*/4<9hj$$ RWXklmntzzwzw$$$l  t  "&*/4<9hj$$ pPm$$$l  t  "&*/4<9hj $$ $*05:@EJKkntzz,w$$$l  t  "&*/4<9hj$$ zzw$$$l  t  "&*/4<9hj$$   @FLRX]chmn -39?DJPUZ[x{$*05:;JP c zw$$$l  t  "&*/4<9hj$$  @F(|wwwwwwww8|w$$$$$l  t  "&*/4<9hj FLRX]chmnzw$$$l  t  "&*/4<9hj$$ zw$$$l  t  "&*/4<9hj$$  -39?DJPUpHm$$$l  t  "&*/4<9hj $$ UZ[x{z$wzxw$$$l  t  "&*/4<9hj$$ zwww$$$l  t  "&*/4<9hj$$ $*05:;JPX]ezzw$$$l  t  "&*/4<9hj$$ PX]ez #)/256RSTU[agmstuvwxyz{|}~.^uv06<BHNTY^ cp<m$$$l  t  "&*/4<9hj $$  #)/256z$wz$$$l  t  "&*/4<9hj$$ 6RSTU[agmstuvww($$l  t  "&*/4<9hj$$$ wxyz{|}~z$w$$$l  t  "&*/4<9hj$$ zw$$$l  t  "&*/4<9hj$$ .^uvvssqlll$$$$  $$l  t  "&*/4<9hj$$$B$$l tF"<9h"  06<BHNTY^u rmmmmmmmm$$$$$l  t  "&*/4<9hj  ^_~    &,-IOW\dy"(.4:@FGy % c^_~4|wwwwwwww0|w$$$$$l  t  "&*/4<9hj    zwww$$$l  t  "&*/4<9hj$$  &,-IOW\dyzw$$$l  t  "&*/4<9hj$$ pLm$$$l  t  "&*/4<9hj $$ "(.4:@FGyz\wzw$$$l  t  "&*/4<9hj$$ yzwww$$$l  t  "&*/4<9hj$$ z(www$$$l  t  "&*/4<9hj$$  %+056zDwz $$$l  t  "&*/4<9hj$$ %+056XYZ[agmsxy #).34X[agmrx}>?@AFKQV[\lrz c6XYZ[agmsxyw$$l  t  "&*/4<9hj$$$  pHm$$$l  t  "&*/4<9hj $$ #).34X[agmrz<w$$$l  t  "&*/4<9hj$$ rx}zwww$$$l  t  "&*/4<9hj$$ (|||wwwwww4|w$$$$$l  t  "&*/4<9hj >?@AFzTwww$$$l  t  "&*/4<9hj$$ FKQV[\lrzzw$$$l  t  "&*/4<9hj$$   pm$$$l  t  "&*/4<9hj $$   %&\bhnsx~D[\ox&)/5:?DINOkntz 7:@FLQTWZ c %&\bhnsx~zwzlw$$$l  t  "&*/4<9hj$$ Dzxol$$  $$l  t  "&*/4<9hj$$ D[\ox$B$$l tF"<9h" $$$&)/5:?DINurmmmmmmmm$$$$$l t  "&*/4<9hj  NOkntz|wwwwwwww|w$$$$$l  t  "&*/4<9hj zw$$$l  t  "&*/4<9hj$$  7:@FLQTWzw$$$l  t  "&*/4<9hj$$ WZ[wzzwzw$$$l  t  "&*/4<9hj$$ Z[wz %*+GJPV\behkl C Z [ n w !!'!-!3!9!>!A!D!G!J!K!k!q!w!}!!!! cz w$$$l  t  "&*/4<9hj$$  %*+GJPV\bezw$$$l  t  "&*/4<9hj$$ ehklz wz$$$l  t  "&*/4<9hj$$  C Z [ n w B$$l tF"<9h" $$$$   !!m$$l t  "&*/4<9hj $$$ !'!-!3!9!>!A!D!G!J!K!k!q!w!w$$l  t  "&*/4<9hj$$$ w!}!!!!!!!!!!!!!zw$$$l  t  "&*/4<9hj$$ !!!!!!!!!!!!!!!!"" """"""9"?"E"K"Q"T"W"Z"]"^"~"""""""""""""""""""""""""%%%:%U%r%s%%%%%%%%%%%%&2&&'((((   T!!!!!!!"" """""zw$$$l  t  "&*/4<9hj$$ !!!!!""""""""S"T"V"W"Y"Z"\"]"""""""""""""""""""""%%r%s%%%%%%%%%H&S&''''''''''(((( (((((((ƾ0JmH0J j0JU jU6B*CJOJQJ CJOJQJ5>*OJQJ56>*OJQJOJQJ CJOJQJK""9"?"E"K"Q"T"W"Z"]"^"~""|wwwwwwww|w$$$$$l  t  "&*/4<9hj """"""""""""""zw$$$l  t  "&*/4<9hj$$ """""""""zxsp$$$$$l  t  "&*/4<9hj$$"""%%%:%U%r%s%%%%%%%%%ܤH0$$l t0j &  $$$$#$$l t0hN97%%%%&2&&'''''''''((((&`#$ & Fv v & F0 v0$$l t0j &  ((((( & Fv v(( CJOJQJ#1h0= /!"#$% [8@8 NormalCJ_HaJmH sH tH <A@< Default Paragraph Font, @, Footer  !&)@&  Page NumberRY"R  Document Map-D M CJOJQJ^JaJ$ $$$'!((pwZ Os?9  a  ~ ' N RzFU6w^y6rF DNWe !w!!""""%(( !"#$%&')*+,-./12345678:;<=>?@ACDEFGHIJLMNOPQRSUVWXYZ[\^_`abcdeghijklmoqrstuvVE G P^%Z!((09BKT]fn  '!!8@0(  B S  ? `k9E""l#y##############$$$$`acv^_atDEGZCDFYU""#############$$$$Central Computer FacilityE:\Mar_31_06PERF_FINAL.doc/R \+La(R \W|E_FKJX'Qh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hH^`OJPJQJ^Jo(^`OJQJ^Jo(hHopp^p`OJQJo(hH@ @ ^@ `OJQJo(hH^`OJQJ^Jo(hHo^`OJQJo(hH^`OJQJo(hH^`OJQJ^Jo(hHoPP^P`OJQJo(hHKJ/+La(W|EF@xn$`@GzTimes New Roman5Symbol3& zArial?& Arial Black5& zTahoma;Wingdings?5 zCourier New"1h..f2?]A0dd$#"ORP performance chart  DRAFT 9/14MSRACentral Computer FacilityOh+'0 8D ` l x #ORP performance chart DRAFT 9/14sRP MSRAerfSRASRA Normal.dotaCentral Computer FacilityAF2ntMicrosoft Word 8.0c@@H @4B@4B2՜.+,D՜.+,p, hp  !Maryland State Retirement Agency ?d$1 #ORP performance chart DRAFT 9/14 Title 6> _PID_GUIDAN{5EF2C185-CF1C-4666-9ADB-AB4C0EF98E85}  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxz{|}~Root Entry FB@DZB1Tabley#WordDocument%SummaryInformation(DocumentSummaryInformation8CompObjjObjectPool@DZB@DZB  FMicrosoft Word Document MSWordDocWord.Document.89q