analysis of investment performance · **performance reported as of q2 2014 because q3 2014 and q4...

Copyright © 2015 by The Segal Group, Inc. All rights reserved.

Kansas Board of Regents

ANALYSIS OF INVESTMENT PERFORMANCE

Mandatory Retirement Plan December 2014 Craig Chaikin, CFA Senior Consultant

This performance report ("Report") is based upon information obtained by Segal RogersCasey ("SRC") from third parties over which SRC does not exercise any control. Although the information collected by SRC is believed to be reliable, SRC cannot verify or guarantee the accuracy or validity of such information or the uniformity of the manner in which such information was prepared. The rates of return reflected herein are time weighted and geometrically linked on a monthly basis using a modified Dietz method. Monthly valuations and returns are calculated based on the assumptions that all transactions and prices are accurate from the custodian and /or investment manager. The client to whom Segal RogersCasey delivers this Report ("Client") agrees and acknowledges that this Report has been prepared solely for the benefit of Client. SRC disclaims any and all liability that may arise in connection with Client’s conveyance (whether or not consented to by SRC) of the this Report (in whole or in part) to any third party. Client further agrees and acknowledges that SRC shall have no liability, whatsoever, resulting from, or with respect to, errors in, or incompleteness of, the information obtained from third parties. Client understands that the prior performance of an investment and /or investment manager is not indicative of such investment 's and/or investment manager's future performance. This Report does not constitute an offer or a solicitation of an offer for the purchase or sale of any security nor is it an endorsement of any custodian , investment and/or investment manager.

Ta b l e o f C o n t e n t s ANALYSIS OF INVESTMENT PERFORMANCE

Section

Financial Market Conditions ............................................................................................................................................................ 1

Total Fund Review .......................................................................................................................................................................... 2

ING .................................................................................................................................................................................................. 3

TIAA-CREF ...................................................................................................................................................................................... 4

Frozen Vendors ............................................................................................................................................................................... 5

Investment Detail ING.................................................................................................................................................................... 6

Investment Detail TIAA-CREF....................................................................................................................................................... 7

1

Fourth Quarter 2014 Investment Performance: Summary by Asset Class This section provides data on investment performance for select market indices mostly for the fourth quarter (Q4) 2014, as well as Segal Rogerscasey’s commentary.

World equity markets were positive in Q4. On a global factor* basis, Growth, Sentiment, and Quality performed well, while Value and Risk performed poorly.

U.S. fixed income gained during Q4, but international fixed income fell. In the U.S., long-term Treasury yields decreased, while short-term rates increased. Corporate spreads widened during December.

Commodities ended Q4 in negative territory. On a sector basis, Grains outperformed, while Energy and Softs notably underperformed.

Hedge fund of funds performed positively overall. With regard to direct hedge funds, Q4 returns were mixed. Equity Hedge and Macro posted gains, while Event-Driven, Relative Value, and Emerging Markets declined.

*Factors are attributes that explain differences in equity performance. Stocks are sorted based on their exposure to a particular factor, with the factor return being the difference in returns between stocks with high exposure and low exposure to a particular attribute.

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Commodities* Real Estate Private Equity** Funds of HedgeFunds

QTD 1-Year

Asset Class Summary: Quarter-to-Date (QTD) and One-Year Returns

Asset Class Indices QTD YTD 1-Year 3-Year 5-Year 10-Year

Equities MSCI World (Net of dividends) 1.01 4.94 4.94 15.47 10.20 6.03

Russell 3000 5.24 12.56 12.56 20.51 15.63 7.94

MSCI EAFE (Net of dividends) -3.57 -4.90 -4.90 11.06 5.33 4.43

MSCI EM (Net of dividends) -4.50 -2.19 -2.19 4.04 1.78 8.43

Fixed Income Barclays Capital Aggregate 1.79 5.97 5.97 2.66 4.45 4.71

Citigroup Non-U.S. WGBI (Unhedged) -2.91 -2.68 -2.68 -1.94 0.85 2.64

Other Commodity Splice* -19.89 -25.04 -25.04 -11.15 -6.04 -3.33

NCREIF NPI 3.04 11.82 11.82 11.11 12.14 8.38

Thomson Reuters Private Equity** 4.47 8.18 23.63 14.52 17.67 12.98

HFRI Fund of Funds Composite 0.79 3.19 3.19 5.62 3.26 3.02

*Commodity Splice, a Segal Rogerscasey index, blends the Bloomberg Commodity Index, formerly known as the DJ UBS Commodity Index (50%) and the S&P GSCI Index (50%), rebalanced monthly.

**Performance reported as of Q2 2014 because Q3 2014 and Q4 2014 performance data is not yet available. Sources: eVestment Alliance, Hueler Analytics, Thomson One and Hedge Fund Research, Inc.

Investment Synopsis Review of Q4 2014 page 1

1

World Economy: Key Indicators This section provides data on select U.S. and global economic indicators for Q4 2014 along with Segal Rogerscasey’s commentary.

U.S. GDP Growth: Annualized Quarterly and Year-over-Year (YoY) Rolling (%)

Target Rates: U.S. and Eurozone

GDP Growth Real GDP grew at an annualized rate of 2.6 percent in Q4. The adjacent graph shows annualized GDP growth, along with the year-over-year (YoY) rolling percentage change in GDP. Positive contributors for the quarter included consumption, fixed residential and nonresidential investment, and inventories. Net exports and government were detractors from GDP growth. Lower oil prices and a strong U.S. dollar (USD) aided consumer spending. Continued USD strength may hamper exports in the future.

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Sources: Segal Rogerscasey using data from the Federal Reserve Board and the European Central Bank


At its December meeting, the Federal Open Market Committee (FOMC) stated that it expects inflation to gradually rise to 2 percent with continued labor market improvement and energy price normalization from recent low levels. The Federal Funds Rate will remain between 0.0 and 0.25 percent toward the objectives of maximum employment and price stability. In an effort to maintain accommodative financial conditions, the FOMC will continue to reinvest principal payments from its agency debt and agency mortgage-backed securities holdings and roll over maturing Treasury securities at auction. The European Central Bank (ECB) continued on course in December, holding its target refinancing rate at 0.05 percent, as well as its marginal lending rate at 0.30 and deposit rate at -0.20. The Eurozone continued to grapple with weak recovery, high levels of unemployment, and very low inflation. The Bank of Japan (BoJ) maintained its quantitative and qualitative easing policy in December, with the goal of increasing the monetary base by approximately 80 trillion yen on an annual basis.

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Headline CPI and Core CPI: Percentage Change YoY

10-Year Break-Even Inflation Rate

Inflation

Break-Even Inflation

The adjacent graph shows the 10-year break-even inflation rate, which measures the difference in yield between a nominal 10-year Treasury bond and a comparable 10-year Treasury inflation-protected security bond (TIPS). The break-even inflation rate is an indicator of the market’s inflation expectations over the horizon of the bond. The 10-year break-even rate decreased from 1.97 percent in Q3 to 1.68 percent in Q4. As noted on page 3 (see “Monetary Policy”), the Federal Reserve expects inflation to gradually rise to 2 percent.

Source: Bloomberg


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The headline seasonally adjusted Consumer Price Index (CPI)* was down 0.62 percent in Q4, and advanced 0.66 percent on a YoY basis. Seasonally adjusted Core CPI, which excludes both food and energy prices, rose 0.28 percent in Q4, bringing YoY Core CPI to 1.61 percent. On an unadjusted 12 months basis ending December 2014, the energy component fell the most at -10.60 percent. Commodities less food and energy commodities was also slightly negative. Services less energy services and food were positive.

* Headline CPI is the CPI-U, the CPI for all urban consumers.

Source: U.S. Bureau of Labor Statistics

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Unemployment and Nonfarm Payrolls

U.S. Consumer Sentiment

Labor Market and the Unemployment Rate

The U.S. unemployment rate fell from 5.9 percent in Q3 to 5.6 percent in Q4. Nonfarm payroll employment increased by 252,000 jobs in December, which was in-line with consensus expectations. In Q4, goods-producing industries, services, and private industries each contributed about the same percentage to total nonfarm payroll gains as in Q3. The one-month diffusion index* rose from 63.4 in September to 63.6 in December. The labor force participation stood unchanged from September at 62.7. *Per the Bureau of Labor Statistics, figures represent the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.

Consumer Sentiment

The University of Michigan Index of U.S. Consumer Sentiment is an economic indicator that measures individuals’ confidence in the stability of their incomes as well as the state of the economy. The Consumer Sentiment Index rose from 84.6 in September 2014 to 93.6 in December, its strongest level since January 2007. Views on both present conditions and expectations increased from Q3. Healthier household financial conditions and greater economic optimism combined with lower gasoline prices and increased job growth helped propel the advance in sentiment. Inflation expectations declined on a one-year basis and on a five-year basis remained unchanged from Q3.

Source: U.S. Bureau of Labor Statistics

Source: Moody’s Economy.com using data from the Thomson Reuters/University of Michigan Consumer Sentiment Index


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4

Investor Sentiment: Mutual Fund Flows This page presents mutual fund flows across equity and fixed-income funds. Flow estimates are derived from data collected covering more than 95 percent of industry assets and are adjusted to represent industry totals.

Monthly Mutual Fund Net Flows ($ Millions) Q4 2014

Mutual Fund Flows vs. ETFs ($ Millions): New Net Cash Flows

Net Mutual Fund Flows

The adjacent graph shows net flows into equity and fixed-income mutual funds. In Q4, mutual funds experienced net outflows of approximately $19.8 billion, a significant slowdown from Q3. Both equity and fixed income mutual funds had net outflows to end the quarter, which were primarily driven by negative flows in December. Treasury rates trended lower in the first two months of Q4; in December, short rates increased following an indication by the Fed that interest rates may rise in the latter half of 2015. The Treasury curve flattened significantly, as the 10-year Treasury note ended Q4 at 2.2 percent, 32 bps lower than Q3. Equity mutual funds experienced approximately $14.1 billion in outflows during Q4, driven by domestic mutual fund outflows of $20.9 billion. International mutual funds experienced $6.8 billion in inflows. Hybrid mutual funds experienced outflows of $7.2 billion.

Mutual Fund Flows vs. Exchange-Traded Funds

While mutual funds* had over $25.4 billion in net outflows during Q4, ETFs experienced net inflows totaling $68.9 billion during October and November 2014 (December numbers have not yet been reported). In the year through November 2014, ETF issuance totaled $190.0 billion. ETF assets totaled about $2.0 trillion, up from around $1.6 trillion in November 2013. All types of ETFs experienced inflows from October to November. *Includes domestic equity, foreign equity, taxable bond, municipal bond and hybrid mutual funds.

Source: Investment Company Institute http://www.ici.org

Source: Investment Company Institute http://www.ici.org


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5

Investment Performance: U.S. Equities This section presents data and Segal Rogerscasey’s commentary on U.S. equity index returns and sector performance for Q4 2014.

The graph below illustrates Q4 2014 rates of return for selected U.S. equity indices. The table shows returns for the latest quarter, year-to-date, one-year, three-year, five-year and 10-year annualized timeframes. All data in the table are percentages.

S&P 500 Index® Sector Performance – Q4 2014

U.S. Equity Index Returns

Index and Sector Performance A rally in Q4 led to full year numbers, shown in the table above, that were better than long-term averages might lead one to expect. Granted, 2014 represented a significant slowdown when compared to the prior two years, but all were very helpful in regaining losses sustained during the financial crisis. Normally in a move as positive as Q4, one might expect cyclical sectors to lead the way and defensive stocks to trail, but Q4’s leader in the S&P 500 was Utilities (13.2 percent), while the laggard was Energy (-10.7 percent). Although companies charged with producing commodities suffered, the resultant price drop in consumables used to produce goods, heat homes, and power automobiles was a boon for a number of stocks as well as consumers. Small caps had a tremendous quarter, but poor returns in the first nine months of 2014 led to a year end result that was positive but disappointing. That said, the longer term figures show small caps trailed large caps only slightly over three years and were slightly ahead over five and ten years.

Sources: Standard & Poor’s and Russell Investments

This table shows quarter-to-date and year-to-date price changes for each sector. Source: Standard & Poor's


Equity Indices QTD YTD 1 Year 3 Year 5 Year 10 Year

S&P 500® Index 4.93 13.69 13.69 20.41 15.45 7.67

Russell 1000 4.88 13.24 13.24 20.62 15.64 7.96

Russell 1000 Growth 4.78 13.05 13.05 20.26 15.81 8.49

Russell 1000 Value 4.98 13.45 13.45 20.89 15.42 7.30

Russell 2000 9.73 4.89 4.89 19.21 15.55 7.77

Russell 2000 Growth 10.06 5.60 5.60 20.14 16.80 8.54

Russell 2000 Value 9.40 4.22 4.22 18.29 14.26 6.89

Russell 3000 5.24 12.56 12.56 20.51 15.63 7.94

QTD (%) YTD (%)

Consumer Discretionary 8.7 9.7

Consumer Staples 8.2 16.0

Energy -10.7 -7.8

Financials 7.2 15.2

Healthcare 7.5 25.3

Industrials 6.8 9.8

Information Technology 5.2 20.1

Materials -1.8 6.9

Telecommunications Services -4.2 3.0

Utilities 13.2 29.0

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Investment Performance: U.S. Equities This section presents Segal Rogerscasey’s commentary on U.S. equity earnings and growth- vs. value-stock performance for Q4 2014.

Growth Stocks vs. Value Stocks (Rolling 3-Year)

U.S. Equity Market Earnings and Volatility

Growth vs. Value The adjacent graph depicts the growth versus value differential for both large- and small-cap stocks over rolling three-year intervals. The large-cap calculation uses the Russell 1000 Growth (R1000G) versus the Russell 1000 Value (R1000V) and the small-cap differential is composed of the Russell 2000 Growth (R2000G) versus the Russell 2000 Value (R2000V). An interesting dynamic in recent years has been that growth and value have largely been irrelevant in driving large cap equity returns, as the spread between the growth and value benchmarks has been quite narrow. Small caps have shown some preference for growth, but nowhere near the extremes experienced earlier in the millennium.

Source: Standard & Poor’s

Source: Russell Investments


The adjacent graph compares the total cumulative return and the earnings per share of companies in the S&P 500 Index since 1989. While earnings per share growth does not align perfectly with the growth of stock prices, there does appear to be a directional linkage, something upon which many investors count. Earnings are perhaps the single most studied metric in a company's financial statements because they show a company's profitability. A company's quarterly and annual earnings are typically compared to analysts’ estimates and guidance provided by the company itself. In most situations, when earnings do not meet either of those estimates, a company's stock price will tend to drop. On the other hand, when actual earnings beat estimates by a significant amount, the share price will likely surge. At the aggregate level, these swings tend to be more muted.

S&P 500® Index: Earnings Per Share and Growth of 1$

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Investment Performance: Non-U.S. Equities This section presents data and Segal Rogerscasey’s commentary on international equity returns and sector performance for Q4 2014.

The graph below illustrates Q4 2014 rates of return for selected non-U.S. equity indices. The table shows returns for the latest quarter, year-to-date, one-year, three-year, five-year and 10-year annualized timeframes. All data in the table are percentages.

MSCI EAFE Sector Performance – Q4 2014

MSCI Non-U.S. Equity Index Returns

Index and Sector Performance

The MSCI World Index (1.0 percent) posted a gain in Q4 due to strong U.S. economic growth and positive news from Hong Kong following the end of the pro-Democracy street protests. The MSCI EAFE Index (-3.6 percent) declined amid persistent economic weakness in Europe and falling oil prices. Stagnant European GDP growth data and re-emerging concerns about a possible Eurozone breakup caused investor sentiment to drop in the latter part of Q4. In addition, investors were disappointed following the ECB’s December meeting that no additional measures to boost growth were announced. The MSCI Pacific ex-Japan Index (-1.5 percent) fell slightly less than other regions due to positive returns in New Zealand (2.5 percent) and Hong Kong (3.1 percent). All sectors fell except Consumer Discretionary (2.8 percent). Consumer spending increased as lower oil prices translated into higher discretionary income. Not surprisingly, Energy was the worst performing sector, both in Q4 (-19.8 percent) and all of 2014 (-21.9 percent). OPEC’s decision not to limit crude output has created an oversupply and lower demand scenario.

Source: Morgan Stanley Capital International

This table shows quarter-to-date and year-to-date price changes for each sector. Source: Morgan Stanley Capital International


MSCI Indices QTD YTD 1 Year 3 Year 5 Year 10 Year

World 1.01 4.94 4.94 15.47 10.20 6.03

Europe, Australasia and Far East (EAFE)

-3.57 -4.90 -4.90 11.06 5.33 4.43

Europe except U.K. -4.40 -6.55 -6.55 13.10 4.48 4.61

Pacific except Japan -1.52 -0.47 -0.47 9.36 5.93 8.40

United Kingdom -4.24 -5.39 -5.39 9.58 6.88 4.60

Japan -2.42 -4.02 -4.02 9.71 5.48 2.29

QTD (%) YTD (%)

Consumer Discretionary 2.8 -6.5

Consumer Staples -1.9 -4.9

Energy -19.8 -21.9

Financials -3.5 -8.4

Healthcare -5.5 3.7

Industrials -3.6 -9.6

Information Technology -0.7 -2.3

Materials -5.4 -12.9

Telecommunications Services -0.9 -7.4

Utilities -4.4 0.4

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Investment Performance: Emerging Market Equities This section presents data and commentary on emerging market (EM) equity returns and sector performance for Q4 2014.

The graph below illustrates Q4 2014 rates of return for selected emerging market equity indices. The table shows returns for the latest quarter, year-to-date, one-year, three-year, five-year, and 10-year annualized timeframes. All data in the table are percentages.

MSCI EM Sector Performance – Q4 2014

MSCI Emerging Market Equity Index Returns

Index and Sector Performance The MSCI Emerging Markets (EM) Index (-4.5 percent) continued to slide in Q4, largely due to weak December performance (-4.6 percent). The sharp decline in emerging markets was driven by the rapid fall of commodity prices, particularly oil, which triggered the worst economic crisis in Russia since its default in 1998. Currency had a material impact on Q4 performance, as the MSCI EM Index was flat in local currency terms. All regions posted negative returns. Latin America (-13.4 percent) fell the most, followed by EMEA (-10.2 percent) and Asia (-0.3 percent). Turkey (11.6 percent) and China (7.2 percent) were the top performing EM countries, while Russia (-32.9 percent) and Greece (-28.8 percent) fell the most. Brazil (-15.9 percent) also fell sharply, hurt by falling commodity prices, the depreciation of the real, weak economic growth, and the re-election of Dilma Rousseff, which dampened hopes for reform. Financials (1.6 percent) and Information Technology (1.4 percent) were the only sectors to post positive returns. In Q4 and for the year 2014, defensive sectors such as Healthcare (-0.9 percent) fared better than cyclical sectors such as Energy (-24.5 percent) and Materials (-12.3 percent).

Source: Morgan Stanley Capital International

This table shows quarter-to-date and year-to-date price changes for each sector. Source: Morgan Stanley Capital International


MSCI EM Indices QTD YTD 1 Year 3 Year 5 Year 10 Year

Emerging Markets (All) -4.50 -2.19 -2.19 4.04 1.78 8.43

Asia -0.28 4.89 4.89 8.93 4.89 9.43

Europe, Middle East and Africa (EMEA)

-10.18 -15.18 -15.18 -0.66 -0.72 4.68

Latin America -13.44 -12.3 -12.3 -6.19 -5.26 9.34

QTD (%) YTD (%)

Consumer Discretionary -2.7 -1.5

Consumer Staples -5.0 -4.9

Energy -24.5 -26.8

Financials 1.6 5.2

Healthcare -0.9 19.5

Industrials -4.3 -2.9

Information Technology 1.4 9.9

Materials -12.3 -19.6

Telecommunications Services -6.7 -1.8

Utilities -5.9 2.4

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-2%

0%

EmergingMarkets

Asia EMEA Latin America

9

Investment Performance: U.S. Fixed Income This section presents select U.S. fixed-income index data along with commentary on option-adjusted spreads (OAS) during Q4 2014.

The graph below illustrates Q4 2014 rates of return for selected U.S. fixed-income indices. The table shows returns for the latest quarter, year-to-date, one-year, three-year, five-year and 10-year annualized timeframes. All data in the table are percentages.

OAS* in Bps

U.S. Fixed Income Index Returns

Option-Adjusted Spreads

Most sectors of the bond market posted positive results in Q4 despite the mixed showing of option-adjusted spreads. The mortgage market experienced a slight spread contraction, as gross mortgage-backed security issuance fell throughout the year. By contrast, weak global growth outside of the U.S. along with heavy supply causing corporate spreads to widen across all sectors. Industrials lagged financials and utilities, as falling oil prices adversely impacted energy-related sectors. Widening was most pronounced in the high yield market where spreads ticked up 59 bps, contributing to a 1.0 percent drawdown for Q4.

Sources: Barclays Capital, Citigroup and Hueler Analytics

*OAS is the yield spread of bonds versus Treasury yields taking into consideration differing bond options. Source: Barclays Capital


Fixed-Income Indices QTD YTD 1 Year 3 Year 5 Year 10 Year BarCap Aggregate 1.79 5.97 5.97 2.66 4.45 4.71 BarCap Govt/Credit 1.82 6.01 6.01 2.76 4.69 4.70 BarCap Int Govt/Credit 0.89 3.13 3.13 2.03 3.54 4.09 BarCap Long Govt/Credit 5.60 19.31 19.31 5.77 9.81 7.36 BarCap Government 1.86 4.92 4.92 1.40 3.70 4.29 BarCap Credit 1.76 7.53 7.53 4.84 6.25 5.46 BarCap Inv Grade CMBS 1.49 4.21 4.21 4.74 8.13 5.04 BarCap Mortgage 1.79 6.08 6.08 2.37 3.73 4.75 BarCap U.S. Corporate High Yield -1.00 2.45 2.45 8.43 9.03 7.74 Citi Non-U.S. WGBI** (Unhdg) -2.91 -2.68 -2.68 -1.94 0.85 2.64 Citi 3-Month T-Bill 0.00 0.02 0.02 0.06 0.07 1.46 Hueler Stable Value 0.44 1.69 1.69 1.93 2.32 3.34

09/30/14 12/31/14 Change in

OAS 10-Year Average

U.S. Aggregate Index 43 48 5 68

U.S. Agency (Non-mortgage) Sector 39 52 3 42

Securitized Sectors:

Mortgage-Backed Securities 30 27 -3 55

Asset-Backed Securities 56 58 2 137

Commercial Mortgage-Backed Securities

99 98 -1 238

Corporate Sectors:

U.S. Investment Grade 112 131 19 169

Industrial 115 140 25 155

Utility 106 119 13 159

Financial Institutions 107 117 10 193

U.S. High Yield 424 483 59 561

1.8% 1.8% 0.9%

5.6%

1.9% 1.8% 1.5% 1.8%

-1.0%

3.1%

0.0% 0.4%

-2%

0%

2%

4%

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Bar

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10

Investment Performance: U.S. Fixed Income This section presents commentary on the U.S. Treasury yield curve and credit spreads during Q4 2014.

Barclays Capital Corporate Bond Spreads

Yield Curve

Credit Spreads

Investment grade corporate spreads widened by 19 bps during Q4 and ended the quarter with an option-adjusted spread of 131 bps over Treasuries, as shown in the adjacent graph. From a historical perspective, spreads have widened to 38 bps below the 10-year average of 169 bps. High yield bond spreads widened by 59 bps during Q4, ending December with an OAS of 4.8 percent, which is 78 bps below the 10-year average of 561 bps.

Source: Bloomberg

Source: Barclays Capital


The U.S. Treasury Curve flattened during Q4. The yield gap between 2-year and 10-year Treasuries fell from 1.91 percent to 1.51 percent. At the short end of the curve, yields rose in response to the anticipated Federal Funds rate hike in 2015. At the long end of the curve, yields fell due to declining energy prices and weak global growth. The 10-year U.S. Treasury yield ended Q4 at 2.2 percent, 32 bps below Q3.

U.S. Treasury Yield Curve

0.0%0.4%0.8%1.2%1.6%2.0%2.4%2.8%3.2%3.6%4.0%

1Y 2Y 3Y 5Y 7Y 10Y 30Y

Yie

ld

Maturity

09/30/2014 12/31/2014

0200400600800

1,0001,2001,4001,6001,8002,000

Jun-

03D

ec-0

3Ju

n-04

Dec

-04

Jun-

05D

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5Ju

n-06

Dec

-06

Jun-

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n-08

Dec

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n-12

Dec

-12

Jun-

13D

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Bps

Inv-Grade OAS High Yield OAS10-Year Average 10-Year Average

11

Country Local

Currency Return (Qtr)

Currency Effect

Unhedged Total

Return (Qtr) United States 1.9 - 1.9 Canada 2.6 -3.6 -1.0 Australia 4.8 -6.8 -2.0 Japan 2.5 -8.7 -6.2 Austria 3.2 -4.3 -1.1 Belgium 3.1 -4.3 -1.2 France 2.9 -4.4 -1.5 Germany 2.8 -4.4 -1.6 Italy 2.6 -4.3 -1.7 Netherlands 2.8 -4.3 -1.5 Spain 2.8 -4.4 -1.6 United Kingdom 6.8 -4.1 2.7 Non-U.S. Govt. Bond 3.1 -6.0 -2.9 World Govt. Bond 2.7 -4.2 -1.5

Investment Performance: Non-U.S. Fixed Income This page focuses on international fixed-income asset class data and information on EM debt (EMD) for Q4 2014.

J.P. Morgan EMBI Global Index Best and Worst-Performing Markets

International Fixed Income

Emerging Market Debt

In Q4, EMD posted negative performance across external, corporate, and local sectors. In general, dollar-denominated issues held up better than local issues due to the strength of the USD. The corporate JPMorgan CEMBI Broad Diversified Index (-1.2 percent) fell. Concerns over the conflict in Eastern Ukraine put pressure on both Ukrainian (-19.9 percent) and Russian (-13.3 percent) issues, dragging down the index returns, while Mongolian (8.5 percent) issues aided performance. The hard currency sovereign sector declined, as measured by the JPMorgan EMBI Global Index (-1.7 percent). Once again, Ukraine (-27.3 percent) was among the worst performers, as was Venezuela (-28.8 percent), whose economic health has been in decline as a result of government mismanagement. The local JPMorgan GBI-EM Global Diversified Index fell USD unhedged terms (-5.7 percent). Currency impact was the primary reason for the drawdown, as the index gained in local terms (2.3 percent). Once again, the geopolitical tensions in Eastern Europe dragged down the index returns, with Russian (-12.1 percent) issues posting a double-digit decline during Q4.

Sources: Citigroup and Barclays Capital

Source: J.P. Morgan


In Q4, global sovereign bonds, as measured by the Citigroup World Government Bond Index (WGBI), gained in local currency terms (2.7 percent), but lost in unhedged terms (-1.5 percent). The BarCap Global Aggregate Index (-1.0 percent), which includes spread sectors, beat the sovereign-only Citigroup WGBI Index by roughly 50 bps on an unhedged basis. Non-U.S. government bonds, as measured by the Citigroup Non-U.S. WGBI, outperformed U.S. government bonds by roughly 40 bps in local currency terms, but lagged by 140 bps in unhedged currency terms. Currency themes dominated the return profile for Q4, as the strong USD dampened international bond returns. On an unhedged basis, most WGBI components finished the quarter in negative territory. Two notable underperformers during Q4 were Norway (-10.8 percent) and Japan (-6.2 percent), who both suffered from the currency impact. The Norwegian krone slid on lower oil prices and the JPY weakened after the BoJ unexpectedly expanded its stimulus spending program.

Citigroup WGBI: Returns of Major Constituents (%)

4.7% 4.5% 4.4%

-1.7%

-14.2%

-27.3% -28.8% -35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

Phi

lippi

nes

Uru

guay

Rom

ania

EM

BI G

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l

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Ven

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la

12

Investment Performance: Commodities and Currencies This section presents performance information about commodities and major world currencies as of Q4 2014.

Nominal Broad Dollar Index: USD vs. Basket of Major Trading Partners

Commodities

Currencies The adjacent graph shows the USD against a basket of 16 major market currencies, including those listed in the table below: the Canadian dollar (CAD), the euro (EUR), the Japanese yen (JPY), the Swiss franc (CHF), and the British pound-sterling (GBP). In Q4, the U.S. Nominal Broad Dollar Index strengthened by 6.39 percent. The USD should continue to benefit from higher relative economic growth, the potential for higher interest rates, and an improving trade deficit.

The graph above shows the major commodity indices, the S&P GSCI* Index and the Bloomberg Commodity Index** * The S&P GSCI Index is calculated primarily on a world production-weighted basis and is composed of the principal physical commodities that are the subject of active, liquid futures markets. ** The Bloomberg Commodity Index is composed of futures contracts on physical commodities, with weighting restrictions on individual commodities and commodity groups to promote diversification. Sources: eVestment Alliance and Deutsche Bank

Sources: Federal Reserve and Bloomberg


Commodities experienced a dramatic decline in value during Q4. The S&P GSCI (-27.7 percent) and Bloomberg Commodity Index (-12.1 percent) each posted double-digit losses. Energy was the worst performer of Q4, posting a -38.9 percent return in the S&P GSCI Index and a -36.6 percent return in the Bloomberg Commodity Index. This steep decline is largely attributable to a precipitous drop in oil prices caused by high inventories, weak global demand and a strong U.S. dollar (USD). Industrial Metals and Livestock also performed poorly, each falling into negative territory by more than 5 percent in both indices. A strong USD also continued to exert downward pressure on commodity prices. Agriculture, which climbed 8.7 percent and 5.6 percent in the S&P GSCI and the Bloomberg Commodity Index, respectively, was the only sector to end the quarter in positive territory. Corn, soybeans and wheat performed especially well in Q4, but these gains were not enough to offset poor returns caused by near ideal growing conditions during the rest of 2014.

Monthly Commodity Returns, Growth of $100: December 2004 – December 2014

70

90

110

130

150

Dec

-02

Jun-

03D

ec-0

3Ju

n-04

Dec

-04

Jun-

05D

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5Ju

n-06

Dec

-06

Jun-

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Dec

-08

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Dec

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Jun-

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Dec

-12

Jun-

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ec-1

3Ju

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Dec

-14

Nom

inal

Bro

ad D

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r Ind

ex

USD Major Trading Partners Pairs Q4 Level YTD

5-Year Average

Canada USD/CAD 1.1621 9.39% 1.0331 Eurozone USD/EUR 0.8266 13.59% 0.7522 Japan USD/JPY 119.7800 13.74% 90.2733 Switzerland USD/CHF 0.9943 11.36% 0.9395 U.K. USD/GBP 0.6419 6.27% 0.6291

050

100150200250300

Dec

-04

Jun-

05

Dec

-05

Jun-

06

Dec

-06

Jun-

07

Dec

-07

Jun-

08

Dec

-08

Jun-

09

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-09

Jun-

10

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11

Dec

-11

Jun-

12

Dec

-12

Jun-

13

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-13

Jun-

14

Dec

-14

S&P GSCI Total Return Index Bloomberg Commodity Index

13

Investment Performance: Hedge Funds This section provides an overview of hedge fund results along with an analysis of strategy performance during Q4 2014.

Hedge Fund Industry Performance

HFRI Index Returns – Q4 2014 (%)

Hedge Fund Overview The Hedge Fund Research, Inc. (HFRI) Fund Weighted Composite Index gained 0.5 percent in Q4. Hedge funds broadly posted losses in October, finished higher in November, and recorded modest gains in December. Two out of the five major hedge fund strategies gained in Q4. The strongest performer was Global Macro (2.3 percent), followed by Equity Hedge (0.2 percent). Meanwhile, Emerging Markets (-3.8 percent) and Event Driven (-1.2 percent) were the worst performing strategies. Longer-term results are positive. Hedge funds recorded a gain of 6.3 percent over the three-year period ending December 31, 2014, as measured by the HFRI Fund Weighted Composite Index. Hedge funds of funds gained in Q4, as represented by the HFRI Fund of Funds (FOF) Composite Index (0.9 percent). The HFRI FOF: Conservative Index returned 0.5 percent and the HFRI FOF: Diversified Index gained 0.8 percent.

Strategy Analysis The HFRI Global Macro Index (2.3 percent) posted the strongest performance of the major hedge fund strategies during Q4 and for the year 2014. Most managers reported positive quarterly results, including Multi-Strategy, Systematic Diversified, Currency, Commodity, and Active Trading managers. Meanwhile, Discretionary managers posted modest losses during the period. The HFRI Equity Hedge Index (0.2 percent) rose in Q4, as gains in November offset losses during October and December. Energy/Basic Materials managers detracted the most from performance, falling 9.3 percent. Fundamental Growth, Short Bias managers also ended Q4 with losses. Meanwhile, Equity Market Neutral, Fundamental Value, Multi-Strategy, Technology/Healthcare, and Quantitative Directional managers produced gains. The HFRI Emerging Markets Index (-3.8 percent) fell in Q4. Latin American and Russian/Eastern European managers led the index lower, following Q4 losses of -5.7 percent and -17.1 percent, respectively. Additionally, Global and MENA managers also finished the period lower. Meanwhile, Asia ex-Japan, China, and India managers all reported gains for Q4. The HFRI Event-Driven Index (-1.2 percent) decreased. Distressed/Restructuring detracted the most from performance, with a -3.4 percent loss for Q4. Elsewhere, Credit Arbitrage, Multi-Strategy, and Special Situations manager also declined. Meanwhile, Activist and Merger Arbitrage managers gained. The HFRI Relative Value Index (-0.7 percent) posted a loss in Q4. Fixed Income Asset Backed and Multi-Strategy managers gained, while Fixed Income Convertible Arbitrage and Fixed Income Corporate, Fixed Income Sovereign, Volatility, and Yield Alternatives managers fell.

* Distressed funds focus on companies that are close to or in bankruptcy. **Relative-value funds focus on arbitrage opportunities between equity and fixed income securities. Source: Hedge Fund Research, Inc.

Source: Hedge Fund Research, Inc.


-4%-2%0%2%4%6%8%

10%

Hed

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otal

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ndof

Fun

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Equ

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Glo

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Rel

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eV

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**

Ret

urns

(%)

YTD (%)1-Year (%)3-Year (%)

Oct Nov Dec QTD YTD

Fund of Funds Composite -0.6 1.3 0.3 0.9 3.4

FOF: Conservative -0.9 0.8 0.6 0.5 3.4

FOF: Diversified -0.6 1.4 0.1 0.8 3.2

Fund Weighted Composite -0.4 0.8 0.1 0.5 3.3

Equity Hedge (Total) -0.1 0.4 -0.2 0.2 2.1

Equity Market Neutral 0.1 1.0 0.6 1.6 3.5

Short Bias -1.4 -0.9 0.0 -2.2 -4.0

Event-Driven (Total) -1.8 0.4 0.2 -1.2 1.4

Distressed/Restructuring -1.9 -0.4 -1.3 -3.4 -1.0

Merger Arbitrage -1.4 1.0 0.4 0.0 1.7

Relative Value (Total) -0.6 0.3 -0.3 -0.7 4.2

FI-Convertible Arbitrage -1.1 0.4 0.5 -0.2 2.0

Global Macro (Total) -0.2 2.3 0.8 2.3 6.2

Emerging Markets (Total) -1.0 -0.9 -2.0 -3.8 -2.3

14

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Q3

2014

$ M

illio

ns

Other (Includes fund of funds, mezzanine, and secondaries)VentureBuyout/Corporate Finance

Investment Performance: Private Equity This section provides data on private equity industry performance, fundraising, buyout funds, initial public offering (IPO) activity and venture capital. The information in this section reflects the most recent private equity data available.

Private Equity Performance by Vintage Year and Investment Horizon: All Regions

Private Equity Commitments: United States

Private Equity Industry Performance

The adjacent graph shows private equity fund performance for Q2 2014, calculated as pooled internal rates of return (IRRs) of funds reporting to Thomson One. Performance for 2008 through 2012 vintage-year funds, as well as one-, five-, 10- and 20-year returns is calculated for funds in the following categories: all private equity, venture capital and buyouts. While venture and buyout strategies are posting positive returns for these vintage years, venture funds are outperforming buyout strategies over each vintage year. Private equity funds for all regions returned approximately 4.6 percent in Q2 2014 and 24.17 percent over the one-year period. This includes performance across all private equity strategies. Over a 20-year period, all private equity, venture capital and buyout funds generated double-digit returns of 15.4 percent, 27.4 percent and 13.6 percent, respectively. *“Vintage year” refers to the first year capital was committed in a particular fund. Vintage-year performance is calculated as the median percentile returns of all funds reporting as pooled IRRs.

Private Equity Overview According to The Private Equity Analyst, private equity firms experienced a modest drop in fundraising in Q3, collecting $59.1 billion, a 3 percent decrease from one year earlier. Fundraising fell despite strong distributions, which may reflect investor concerns over dry powder and valuations. The fall in fundraising is largely attributable to a decline in buyout and corporate finance fundraising, as 97 funds raised $44.87 billion, a 9 percent decrease from Q2. Within this market segment, traditional buyout, co-investment and distressed funds fared worse than in Q2, while fundraising for industry-focused and growth equity funds increased. Venture capital raised $6.5 billion in Q3 amidst a robust exit environment and attractive returns. The $24.6 billion raised thus far in 2014 eclipses the total for all of 2013. Secondary funds and fund of funds experienced steep drops in fundraising in Q3, while mezzanine fundraising increased more than 45 percent over Q3 2013. In Q3, 23 venture-backed IPOs raised $2.6 billion in aggregate, 18 percent less in listings and 48 percent less in dollars than Q2. The biotech sector accounted for 18 of the 23 offerings. There were 119 venture-backed M&A deals in Q3, representing $7.9 billion in deal value, the highest in two years. Buyout exit activity decreased from Q2 for M&As and IPOs. Venture capital firms placed $9.9 billion in 1,023 deals during Q3, as venture capital investing outpaced 2013 totals. Buyout deal activity increased, as firms completed 536 transactions in Q3 compared to 504 in Q2. Aggregate deal value increased 26 percent to $72 billion from $36 billion in Q2, largely due to the add-on acquisition of Tim Horton’s for $11.5 billion.

* Includes fund of funds, mezzanine, and secondaries. Sources: The Private Equity Analyst, Preqin


0%3%5%8%

10%13%15%18%20%23%25%28%30%33%

2012

2011

2010

2009

2008

1 Y

ear

5 Y

ear

10 Y

ear

20 Y

ear

Hor

izon

Ret

urns

(Poo

led

IRR

s)

Vintage Year

Total PE Venture Capital Buyouts

Investment Horizon

Source: Thomson Reuters

15

Investment Performance: Real Estate This page presents data and Segal Rogerscasey’s commentary on private and public real estate.

National Property Index Sector and Region Performance

Regional Real Estate Securities Performance

Private Real Estate

Public Real Estate

The FTSE EPRA/NAREIT Global Developed Real Estate Index total market capitalization increased to $1.3 trillion in Q4, broken down as follows: North America $705 billion, Europe $195 billion, and Asia $354 billion. Lower sovereign debt yields globally as well as strong operating performance and transaction activity in the U.S. contributed to an 8.1 percent gain on a global basis in Q4. The U.S. (14.2 percent) outperformed Europe (3.8 percent) and Asia (1.2 percent) as measured by the FTSE EPRA/NAREIT indices. Sector performance in the U.S. was positive across the board: Manufactured Home Communities (21.2 percent), Healthcare (17.0 percent), Lodging (16.4 percent), Primary CBD Office (16.4 percent), Apartments (16.1 percent), Student Apartments (16.0 percent), Industrial (15.8 percent), and Shopping Centers (15.6 percent) were notable outperformers. Net Lease (4.3 percent), Diversified/Financial (5.4 percent), and Secondary CBD/Suburban Office (8.9 percent) posted strong gains, but underperformed the broader index. Property stocks in Europe were supported by the possibility of quantitative easing. Asia rose modestly, its return subdued by economic concerns and currency weakness. In Europe, Germany (11.0 percent), Sweden (8.0 percent), and the U.K. (5.7 percent) outperformed, while Greece (-19.5 percent), Norway (-9.1 percent), Finland (-6.1 percent), Spain (-5.3 percent), Italy (-2.2 percent), France (-1.9 percent), Austria (-0.8 percent), and the Netherlands (-0.3 percent) lagged. In Asia, New Zealand (9.6 percent), Hong Kong (5.4 percent), and Australia (4.3 percent) outperformed, while Japan (-2.5 percent) and Singapore (-0.1 percent) fell.

Source: National Association of Real Estate Investment Trusts


-20%

-10%

0%

10%

20%

Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14

U.S. Europe Asia

Source: National Council of Real Estate Investment Fiduciaries

Returns as of Q4 2014

Ending

Weight (%) QTD (%) 1 Year (%) NCREIF NPI Total Return 100.0 3.0 11.8 Sector Apartment 24.4 2.8 10.3 Hotel 1.6 4.3 11.1 Industrial 13.5 3.9 13.4 Office 37.3 3.1 11.5 Retail 23.2 2.7 13.1 NCREIF Region East 34.2 2.5 9.3 Midwest 9.3 3.0 11.4 South 20.6 3.2 13.2 West 35.9 3.5 13.6

The National Council of Real Estate Investment Fiduciaries (NCREIF) Property Index (NPI), which tracks private real estate in the U.S., gained 3.0 percent during Q4. The total return is composed of 1.3 percent income and 1.8 percent property-level appreciation**. Over the trailing one-year period, the Index gained 11.8 percent, composed of 6.2 percent property-level appreciation and 5.4 percent income**. In the regions of the U.S., the West performed the best during Q4 and over the last 12 months, as shown in the adjacent table. Strong operating fundamentals continued due, in part, to modest new supply across most sectors in the U.S. Shorter-lease-term sectors such as apartments, hotels, storage and high-end malls have generated the strongest operating performance over the past few years. Investor demand for high-quality assets with secure income streams remained strong even at lower return expectation levels, while secondary assets continued to experience wide, but narrowing, bid-ask spreads across most markets*. *A “bid” is the offer price from a buyer and an “ask” is the requested price from a seller. Currently, the bid-ask spread, or the difference between the two, is large enough that few secondary asset transactions have been taking place.

**Figures may not add to total due to rounding.

16

48% 46% 45%

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Investment Performance: Real Estate This page presents data and Segal Rogerscasey’s commentary on value-added and opportunistic real estate. The information in this section reflects the most recent data available.

Strategies Targeted in 2015 by Private Real Estate Investors

Closed-End Private Real Estate Fund Since Inception Return by Vintage Year and Strategy

Value-Added and Opportunistic Real Estate

Private real estate investors indicated that in 2015 they would continue to target higher risk/higher return strategies such as value-added, opportunistic, core and, to a lesser extent, core-plus, as shown in the graph at right. These strategies have generated attractive returns in recent years. The strong performance of value-added and opportunistic funds, particularly for the last few vintage years for which the data is meaningful, is illustrated in the graph below. According to Preqin, private real estate assets under management reached an all-time high of $742 billion in 2014, and the uncalled capital available for investment (i.e., dry powder) also set a record high of $221 billion. Additionally, investors’ average target allocation to real estate was 9.6 percent versus an average actual allocation of 7.6 percent. Lastly, as shown in the graph below at right, funds raising less than $250 million have outperformed their larger counterparts for vintage years 2000 to 2011. In part, this outperformance is likely due to the niche strategies executed by some of these funds, as well as smaller deal sizes. With smaller deals, there is often less competition, which results in a higher percentage of exclusive transactions.

Source (this page): Preqin Real Estate Online


Closed-End Private Real Estate Fund Risk and Return by Fund Size for Vintage Years 2000 to 2011

17.5% 18.2%

16.2% 15.7%

11.6%

7.4% 6.7%

5.1%

0%

5%

10%

15%

20%

Less than $250m $250-$500m $500m-$1b More than $1b

Standard Deviation of Net IRR Median Net IRR

-5%

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30%

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2011

Value-Added Median Net IRR Opportunistic Median Net IRR

17

Noteworthy Developments Segal Rogerscasey finds the developments discussed in this section to be noteworthy for investors.

Percentage of Category Net Assets Invested in Passively Managed Open-End Funds and ETFs

Percentage of Category Net Assets Invested in Passively Managed Open-End Funds and ETFs Over the past decade, we have seen a significant increase in the use of passive management among investors in the U.S. equity market. We would attribute this phenomenon to the mixed results delivered by active managers and the increase in the popularity of exchange traded funds (ETFs), which are predominantly passively managed vehicles. The increase in passive management is most predominant in the large cap segment of the market, where historically alpha has been harder to generate, and least predominant in the small cap segment, where active managers have had a stronger track record.


Source: Morningstar

*The calculation of the actuarial balance includes the cost of accumulating a target trust fund reserve equal to 100 percent of annual cost at the end of the period. Note: Totals do not necessarily equal the sums of rounded components. Source: Social Security Administration, 2014 Annual Social Security and Medicare Trust Fund Reports

In 2003 (as of November 1)

In 2013 (as of November 30)

Large 5% 41% 5% Large 16% 64% 10%

Mid 3% 27% 1% Mid 20% 57% 6%

Small 26% 31% 3% Small 36% 49% 13%

Value Blend Growth Value Blend Growth

The Social Security Deficit It is not new news that the U.S. Social Security program cannot sustain itself over the long-term under its current schedule of financing. According to the Social Security and Medicare Boards of Trustees’ 2014 Annual Report, the cost of Social Security benefits will grow significantly faster than GDP growth through the middle of the 2030s, hitting a projected apex of 6.16 percent of GDP in 2035 (compared to 4.92 percent in 2014), due to baby boomer retirement. At the same time, the program will receive less tax money from those employed that are of “lower-birth-rate-generations.” Social Security includes two trust funds: Old Age and Survivors Insurance (OASI) and Disability Insurance (DI). Social Security’s cost has exceeded non-interest income of OASI and DI combined since 2010, and the Annual Report estimates that the cost-to-non-interest-income disparity will continue on the same trajectory over a 75-year period. Trust fund assets will be redeemed as needed to offset the cash-flow deficit until the reserves are depleted around 2033. After the depletion of the funds, taxpayer income into the program would only cover approximately three-quarters of Social Security benefits over the 75-year period examined. The report calculated an actuarial deficit, which is the average change in income or cost needed throughout the 75-year period in order to fulfill program obligations. The projected 75-year actuarial deficit for the combined trust funds is 2.88 percent of taxable payroll, or more than $11 trillion, as shown in the adjacent table.

A. Non-interest income $50,969

B. Cost $64,299

C. Cost minus non-interest income $13,300

D. Trust fund asset reserves at start of period

$2,764

E. Open group unfunded obligation (C minus D)

$10,565

F. Ending target trust fund* 582

G. A minus B plus D minus F = -E minus F -$11,148

H. Taxable Payroll $386,884

Percent of taxable payroll – Actuarial balance (100 x G divided by H)

-2.88%

Components of 75-Year Actuarial Balance as of January 2014 ($billions)

18

Noteworthy Developments Segal Rogerscasey finds the developments discussed in this section to be noteworthy for investors.


Source: Federal Reserve Bank of St. Louis

Oil Prices and U.S. High Yield Bond Market Crude Oil Price vs. High Yield Option-Adjusted Spread In recent years, investors have turned to high-yield bonds because interest rates on higher-quality fixed income investments have been relatively low. For instance, the 10-year Treasury note yielded 2.2 percent as of December 31, 2014, while the Bank of America Merrill Lynch U.S. High Yield Master II OAS ended the year at 5.0 percent. Expansion of U.S. oil production has increased energy’s weight in that index. Many smaller oil-related companies opened shop in the late 2000s in response to high oil prices and borrowed at higher interest rates due to their uncharted credit history. The recent fall in the West Texas Intermediate (WTI) crude oil price from a 2014 high of $107.95 per barrel on June 20, 2014, to $53.45 per barrel on December 31, 2014, the lowest price since May 2009, put pressure on the profitability of many of these companies. Thus, their loans became riskier because of the greater possibility of default. Investors started selling off their issues, causing the option-adjusted spread to widen by 168 bps from June 20 to December 31. While the oversized return potential on these riskier high yield bonds might sound like an attractive investment opportunity at present, investors should exercise caution in the near term. The floor for oil prices is unknown, and how long prices will stay low is uncertain.

Inflation Picture in World Economies

Data as of December 2014 Source: Trading Economics

-4 -2 0 2 4 6 8 10 12

GreeceIsrael

EurozoneBritain

South KoreaUnited States

ChinaCanada

AustraliaJapanIndia

BrazilRussia

Inflation Target Headline CPI Core CPI

The Looming Threat of Deflation The adjacent chart depicts one of the more pressing issues facing the global economy, which is the threat of widespread deflation and persistent low inflation. These can hinder economic growth and increase the real value of debt. This chart shows that inflation is falling short of target levels in several of the world’s larger economies. The Eurozone, plagued by lackluster growth and difficult policy decisions, dipped into deflation in December, as inflation fell to -0.20 percent on a year-over-year basis. While the problem is more profound in the periphery, even the relatively stronger Euro-countries, such as Germany, are experiencing deflationary pressure. Elsewhere, inflation in China is below 2 percent, a five-year low, compared with a 4 percent target, which suggests a continued slowdown in the Chinese economy. Conversely, Russia is facing escalating inflation due to the dramatic depreciation of the ruble. While some deflation can be benign, or even have a positive impact if it results from enhanced productivity or a decline in oil prices, the current bout of deflation is largely the result of a global economic malaise, a notion reinforced by the presence of negative output gaps in many of these countries.

0.0

5.0

10.0

15.0

20.0

25.0

0

20

40

60

80

100

120

140

160

Dec

-06

Jun-

07

Dec

-07

Jun-

08

Dec

-08

Jun-

09

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11

Jun-

12

Dec

-12

Jun-

13

Dec

-13

Jun-

14

Dec

-14

Percent

Dol

lars

per

Bar

rel

WTI Crude Oil Price BofA ML U.S. High Yield Master II OAS

19

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Best26.81 14.03 16.56 56.28 31.47 34.54 35.93 39.78 5.24 79.02 29.09 13.56 18.64 43.30 30.38

522.83 12.83 13.11 48.54 25.95 14.02 32.59 11.81 1.80 58.21 28.47 8.68 18.53 38.82 13.45

14.41 10.36 10.27 47.25 22.25 12.11 26.86 11.63 -2.35 37.21 26.85 8.46 18.05 34.52 13.24

13.15 8.43 6.48 46.03 20.70 10.74 23.48 11.63 -10.91 34.47 24.50 7.84 17.90 33.48 13.05

11.63 7.89 3.65 39.17 18.33 7.05 22.25 7.05 -20.30 32.46 19.20 4.98 17.78 33.11 5.97

7.01 5.27 1.70 36.75 16.49 6.27 18.37 6.97 -26.16 28.61 16.71 2.64 17.51 32.53 5.60

5.97 4.08 -1.37 30.03 14.31 5.66 15.46 6.28 -28.92 28.43 16.10 1.50 16.42 23.29 5.53

3.42 2.49 -6.00 29.89 11.75 5.26 13.35 5.77 -33.79 28.19 15.51 0.39 16.35 7.90 4.89

-3.02 1.35 -11.43 29.75 11.40 4.71 11.86 4.74 -36.85 27.17 15.12 0.06 15.81 7.44 4.22

-5.86 -2.37 -15.52 28.96 11.14 4.55 9.86 1.87 -37.60 24.67 13.16 -2.44 15.26 2.47 3.80

-7.79 -5.59 -15.66 25.68 8.46 4.15 9.07 1.81 -37.98 20.58 12.06 -2.91 14.59 0.06 3.64

-13.96 -9.23 -20.48 11.53 8.20 3.01 8.99 -0.17 -38.44 19.69 8.21 -4.18 8.18 -2.02 2.45

-22.42 -12.45 -21.65 8.39 6.30 2.84 4.76 -1.57 -38.54 11.41 6.54 -5.50 6.98 -2.27 0.02

6-22.43 -20.42 -27.88 4.11 4.34 2.74 4.34 -9.78 -43.06 5.93 6.31 -11.73 4.21 -6.58 -1.82

Worst-30.61 -21.21 -30.26 1.09 1.24 2.43 0.49 -16.81 -53.18 0.16 0.10 -18.17 0.09 -8.61 -4.48

Russell1000Index

Russell1000ValueIndex

Russell1000

GrowthIndex

Russell2000Index

Russell2000ValueIndex

Russell2000

GrowthIndex

MSCIEAFEIndex

MSCIEmergingMarkets

Index

MSCIU.S. REIT

Index

BarclaysAgg.

BarclaysU.S.

Treasury:U.S. TIPS

BarclaysU.S.Corp:

High Yield

JPMEMBIGlobal(USD)

HFRI RV:Multi-

StrategyIndex

Citigroup3 Month

T-Bill

Team RSW Annual Asset Class Performance

As of December 31, 2014

20

VOYA

21


FundBeginning Balance

July 1, 2014 Contributions Withdrawals ExchangesIntra Vendor

Transfers FeesInvestment

EarningsEnding Balance

December 31, 2014

Difference Between

Beginning & Ending Values

Voya Fixed Plus 67,494,870$ 1,856,427$ (3,917,931)$ 677,596$ 1,836,734$ -$ 1,011,376$ 68,959,072$ 1,464,202$

Voya Money Market 3,157,672$ 134,950$ (486,278)$ 1,716,126$ 18,014$ -$ 512$ 4,540,997$ 1,383,325$

VY T. Rowe Price Capital Appreciation 22,404,133$ 936,007$ (823,366)$ 107,909$ 713,484$ -$ 1,116,853$ 24,455,020$ 2,050,887$

PIMCO Total Return Admin 16,874,138$ 712,412$ (1,453,602)$ 7,343,169$ 436,569$ -$ 176,959$ 24,089,645$ 7,215,507$

PIMCO Real Return Admin 12,103,274$ 465,576$ (777,223)$ (492,705)$ 121,263$ -$ (347,862)$ 11,072,323$ (1,030,951)$

Blackrock Equity Dividend 9,545,369$ 361,801$ (193,565)$ (838,583)$ 240,865$ -$ 401,907$ 9,517,795$ (27,574)$

American Funds Fundamental Investors 47,799,259$ 1,212,318$ (1,269,844)$ (1,656,819)$ 249,701$ -$ 1,553,208$ 47,887,824$ 88,565$

SSgA S&P 500 Index 6,818,825$ 232,637$ (794,874)$ 375,681$ 35,144$ -$ 449,084$ 7,116,498$ 297,672$

Parnassus Equity Income I 8,917,811$ 536,450$ (158,438)$ 1,666,111$ 319,085$ -$ 625,771$ 11,906,791$ 2,988,980$

Voya Large Cap Growth 48,891,420$ 1,341,491$ (1,376,529)$ (1,995,800)$ 393,803$ -$ 3,590,250$ 50,844,635$ 1,953,215$

AmCent Mid Cap Value A 16,854,746$ 425,961$ (348,244)$ (550,545)$ 57,590$ -$ 899,597$ 17,339,105$ 484,359$

Vanguard Mid Cap Index Instl 22,969,691$ 798,898$ (631,069)$ 558,450$ 296,019$ -$ 1,284,176$ 25,276,164$ 2,306,474$

VY FMR SM Diversified Mid Cap 6,100,760$ 254,736$ (235,333)$ (163,999)$ 25,743$ -$ 58,883$ 6,040,789$ (59,971)$

Amer Beacon Small Cap Value 2,342,118$ 77,901$ (158,968)$ (110,033)$ 47,990$ -$ (8,942)$ 2,190,065$ (152,054)$

Vanguard Small Cap Index Instl 17,563,466$ 708,671$ (385,857)$ 168,800$ 284,704$ -$ 180,423$ 18,520,209$ 956,742$

VY Baron Small Cap Growth 18,355,685$ 558,305$ (605,592)$ (925,096)$ 76,312$ -$ 628,378$ 18,087,991$ (267,694)$

American Funds EuroPacific Growth 31,505,893$ 1,030,841$ (927,799)$ (1,209,998)$ 177,806$ -$ (1,827,223)$ 28,749,521$ (2,756,373)$

VY Oppenheimer Global 14,755,277$ 591,155$ (437,203)$ 514,795$ 172,165$ -$ (344,223)$ 15,251,966$ 496,689$

Oppenheimer Developing Markets 7,491,738$ 520,698$ (257,614)$ 242,543$ 83,031$ -$ (786,511)$ 7,293,884$ (197,854)$

Voya Real Estate 18,040,987$ 619,877$ (480,766)$ 157,723$ 163,675$ -$ 1,888,921$ 20,390,416$ 2,349,429$

Vanguard Target Rtmt Income 28,780,186$ 665,765$ (701,240)$ (7,254,570)$ 412,414$ (37,886)$ 196,655$ 22,061,324$ (6,718,862)$

Vanguard Target Rtmt 2010 877,431$ 4,855$ -$ 10,641$ 220,449$ (1,762)$ 13,923$ 1,125,538$ 248,107$

Vanguard Target Rtmt 2015 6,189,484$ 233,716$ (250,590)$ (72,329)$ 5,565$ (10,455)$ 70,633$ 6,166,024$ (23,460)$

Vanguard Target Rtmt 2020 1,936,384$ 99,888$ (6,058)$ (1,026)$ -$ (3,533)$ 28,771$ 2,054,426$ 118,042$

Vanguard Target Rtmt 2025 8,742,415$ 350,833$ (593,634)$ (441,198)$ -$ (14,059)$ 107,753$ 8,152,108$ (590,306)$

Vanguard Target Rtmt 2030 935,014$ 85,112$ (12,901)$ 67,641$ -$ (1,850)$ 11,066$ 1,084,083$ 149,069$



Vanguard Target Rtmt 2045 5,947,383$ 348,099$ (343,073)$ (95,221)$ -$ (10,340)$ 45,494$ 5,892,341$ (55,042)$

Vanguard Target Rtmt 2050 750,367$ 128,878$ (110,291)$ 425$ -$ (1,341)$ 5,893$ 773,932$ 23,565$ Totals 460,879,006$ 15,760,671$ (17,815,485)$ (2,382,482)$ 6,388,124$ (93,361)$ 11,095,301$ 473,831,775$ 12,952,769$

Plan Activity - VoyaJuly 1, 2014 through December 31, 2014

22



July 1, 2014Ending Balance

December 31, 2014 Six Month Return

Voya Fixed Plus 67,494,870$ 68,959,072$ 1.48%

Voya Money Market 3,157,672$ 4,540,997$ 0.01%

VY T. Rowe Price Capital Appreciation 22,404,133$ 24,455,020$ 4.84%

PIMCO Total Return Admin 16,874,138$ 24,089,645$ 0.82%

PIMCO Real Return Admin 12,103,274$ 11,072,323$ -3.03%

Blackrock Equity Dividend 9,545,369$ 9,517,795$ 4.40%

American Funds Fundamental Investors 47,799,259$ 47,887,824$ 3.39%

SSgA S&P 500 Index 6,818,825$ 7,116,498$ 6.04%

Parnassus Equity Income I 8,917,811$ 11,906,791$ 5.71%

Voya Large Cap Growth 48,891,420$ 50,844,635$ 7.59%

AmCent Mid Cap Value A 16,854,746$ 17,339,105$ 5.51%

Vanguard Mid Cap Index Instl 22,969,691$ 25,276,164$ 5.42%

VY FMR SM Diversified Mid Cap 6,100,760$ 6,040,789$ 0.97%

Amer Beacon Small Cap Value 2,342,118$ 2,190,065$ -0.06%

Vanguard Small Cap Index Instl 17,563,466$ 18,520,209$ 0.99%

VY Baron Small Cap Growth 18,355,685$ 18,087,991$ 3.65%

American Funds EuroPacific Growth 31,505,893$ 28,749,521$ -5.94%

VY Oppenheimer Global 14,755,277$ 15,251,966$ -2.29%

Oppenheimer Developing Markets 7,491,738$ 7,293,884$ -9.97%

Voya Real Estate 18,040,987$ 20,390,416$ 10.34%

Vanguard Target Rtmt Income 28,780,186$ 22,061,324$ 1.12%

Vanguard Target Rtmt 2010 877,431$ 1,125,538$ 1.14%

Vanguard Target Rtmt 2015 6,189,484$ 6,166,024$ 1.20%



Vanguard Target Rtmt 2030 935,014$ 1,084,083$ 1.11%




Vanguard Target Rtmt 2050 750,367$ 773,932$ 0.79%Totals / Weighted Average Return 460,879,006$ 473,831,775$ 2.50%

Totals / Weighted Average Variable Funds Return 2.99%Totals / Weighted Average Fixed Income Return 0.79%

Plan Performance - VoyaDecember 31, 2014

23


Fund Ticker Percent of Balance Expense Ratio

Voya Fixed Plus N/A 14.6% 0.38%

Voya Money Market N/A 1.0% 0.64%

VY T. Rowe Price Capital Appreciation ITCSX 5.2% 0.90%

PIMCO Total Return Admin PTRAX 5.1% 0.71%

PIMCO Real Return Admin PARRX 2.3% 0.70%

Blackrock Equity Dividend MADVX 2.0% 0.74%

American Funds Fundamental Investors RFNEX 10.1% 0.66%

SSgA S&P 500 Index SVSPX 1.5% 0.18%

Parnassus Equity Income I PRBLX 2.5% 0.90%

Voya Large Cap Growth IEOHX 10.7% 0.60%

AmCent Mid Cap Value A ACLAX 3.7% 1.26%

Vanguard Mid Cap Index Instl VMCIX 5.3% 0.08%

VY FMR SM Diversified Mid Cap IFDSX 1.3% 0.90%

Amer Beacon Small Cap Value AVPAX 0.5% 1.20%

Vanguard Small Cap Index Instl VSCIX 3.9% 0.08%

VY Baron Small Cap Growth IBGIX 3.8% 1.00%

American Funds EuroPacific Growth REREX 6.1% 0.85%

VY Oppenheimer Global IGMIX 3.2% 0.75%

Oppenheimer Developing Markets ODVYX 1.5% 1.05%

Voya Real Estate CRARX 4.3% 0.89%

Vanguard Target Rtmt Income VTINX 4.7% 0.51%

Vanguard Target Rtmt 2010 VTENX 0.2% 0.51%

Vanguard Target Rtmt 2015 VTXVX 1.3% 0.51%

Vanguard Target Rtmt 2020 VTWNX 0.4% 0.51%

Vanguard Target Rtmt 2025 VTTVX 1.7% 0.52%

Vanguard Target Rtmt 2030 VTHRX 0.2% 0.52%

Vanguard Target Rtmt 2035 VTTHX 1.3% 0.53%

Vanguard Target Rtmt 2040 VFORX 0.2% 0.53%

Vanguard Target Rtmt 2045 VTIVX 1.2% 0.53%

Vanguard Target Rtmt 2050 VFIFX 0.2% 0.53%

Total / Weighted Average Expense Ratio 100.0% 0.63%Total / Weighted Average Expense Ratio ex-Stable Value 0.57%

The Vanguard Retirement Funds expense ratio includes an annual administrative expense of 0.35%

Weighted Average Expense Ratio - VoyaDecember 31, 2014

24

Kansas Board of Regents Voya

Stable Value 14.6%

Money Market 1.0%

Balanced 5.2%

Fixed Income 7.4%

Large Cap Value 2.0%

Large Cap Core 14.1%

Large Cap Growth 10.7%Mid Cap Value 3.7%

Mid Cap Core 5.3%

Mid Cap Growth 1.3%

Small Cap Value 0.5%

Small Cap Core 3.9%

Small Cap Growth 3.8%

International / Global 10.8%

Real Estate 4.3%LifeCycle 11.5%

Asset Allocation as of December 31, 2014

Stable Value 14.6%

Money Market 0.7%

Balanced 4.9%

Fixed Income 6.3%



Large Cap Growth 10.6%Mid Cap Value 3.7%

Mid Cap Core 5.0%

Mid Cap Growth 1.3%


Small Cap Core 3.8%



Real Estate 3.9%

LifeCycle 13.2%Asset Allocation as of July 1, 2014

25

Kansas Board of Regents Voya

Stable Value 11.8%Money Market 0.9%

Balanced 5.9%

Fixed Income 7.5%



Large Cap Growth 8.5%

Mid Cap Value 2.7%Mid Cap Core 5.1%

Mid Cap Growth 1.6%


Small Cap Core 4.5%



Real Estate 3.9%

LifeCycle 15.1%

Plan Contributions - 7/1/14 through 12/31/14

Stable Value 15.5%

Money Market 0.8%

Balanced 5.3%

Fixed Income 6.1%




Mid Cap Value 2.5%Mid Cap Core 4.0%

Mid Cap Growth 1.4%Small Cap Value 0.5%

Small Cap Core 4.1%



Real Estate 3.7%

LifeCycle 13.6%


26

Expense Ratio

Allocation

Market Value($000) %

Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

VOYA 473,832 100.00

Voya Fixed Account 68,959 14.55 0.75 3.00 3.00 3.00 3.00Hueler Stable Value 0.44 1.69 1.69 1.93 2.32

Voya Money Market Fund 4,541 0.96 0.01 0.01 0.01 0.00 0.00 0.67

90 Day U.S. Treasury Bill 0.00 0.04 0.04 0.06 0.08

VY T Rowe Price Capital Appreciation 24,455 5.16 4.73 12.15 12.15 16.20 12.98 0.8960 S&P 500 / 40 Barclays Agg 3.67 10.62 10.62 13.12 11.18

IM All Balanced (MF) Median 1.54 4.75 4.75 10.64 8.65

VY T Rowe Price Capital Appreciation Rank 3 2 2 4 2

PIMCO Total Return Admin 24,090 5.08 1.25 4.43 4.43 4.00 4.88 0.71

Barclays U.S. Aggregate 1.79 5.97 5.97 2.66 4.45

IM U.S. Broad Market Core Fixed Income (MF) Median 1.35 5.54 5.54 3.09 4.69

PIMCO Total Return Admin Rank 60 83 83 18 42

PIMCO Real Return Admin 11,072 2.34 -0.78 3.16 3.16 0.66 4.07 0.70Barclays U.S. Treasury: U.S. TIPS -0.03 3.64 3.64 0.44 4.11

IM U.S. TIPS (MF) Median -0.70 2.14 2.14 -0.02 3.36

PIMCO Real Return Admin Rank 55 20 20 15 9

BlackRock Equity Dividend 9,518 2.01 4.24 9.35 9.35 15.21 12.90 0.74Russell 1000 Value Index 4.98 13.45 13.45 20.89 15.42

IM U.S. Large Cap Value Equity (MF) Median 4.20 10.87 10.87 19.48 13.46

BlackRock Equity Dividend Rank 49 78 78 96 66

American Funds Fundamental Investors 47,888 10.11 2.91 8.90 8.90 18.80 13.40 0.66

S&P 500 4.93 13.69 13.69 20.41 15.45

IM U.S. Large Cap Core Equity (MF) Median 4.49 11.41 11.41 19.30 13.78

American Funds Fundamental Investors Rank 85 85 85 60 61

Kansas Board of Regents Comparative Performance


27



Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

SSgA S&P 500 Index 7,116 1.50 4.87 13.50 13.50 20.28 15.30 0.17

S&P 500 4.93 13.69 13.69 20.41 15.45


SSgA S&P 500 Index Rank 35 19 19 29 21

Parnassus Core Equity 11,907 2.51 6.30 14.48 14.48 20.98 14.74 0.87

S&P 500 4.93 13.69 13.69 20.41 15.45


Parnassus Core Equity Rank 8 11 11 19 29

Voya Large Cap Growth 50,845 10.73 5.19 13.61 13.61 20.67 15.59 0.60Russell 1000 Growth Index 4.78 13.05 13.05 20.26 15.81

IM U.S. Large Cap Growth Equity (MF) Median 4.79 10.50 10.50 19.68 14.07

Voya Large Cap Growth Rank 34 17 17 31 19

American Century Mid Cap Value 17,339 3.66 6.50 16.04 16.04 20.45 15.60 1.26

Russell Midcap Value Index 6.05 14.75 14.75 21.98 17.43

IM U.S. Mid Cap Value Equity (MF) Median 5.55 9.81 9.81 20.27 15.41

American Century Mid Cap Value Rank 19 1 1 48 46

Vanguard Mid Cap Index Instl 25,276 5.33 6.64 13.78 13.78 21.29 17.06 0.08

MSCI US Mid Cap 450 Index 6.23 13.38 13.38 21.51 17.21

IM U.S. Mid Cap Core Equity (MF) Median 5.58 9.04 9.04 19.48 15.00

Vanguard Mid Cap Index Instl Rank 26 8 8 17 7

VY FMR SM Diversified Mid Cap 6,041 1.27 4.30 6.03 6.03 18.24 13.57 0.89Russell Midcap Growth Index 5.84 11.90 11.90 20.71 16.94

IM U.S. Mid Cap Growth Equity (MF) Median 5.32 7.53 7.53 18.69 15.01

VY FMR SM Diversified Mid Cap Rank 70 70 70 56 82

American Beacon Small Cap Value 2,190 0.46 7.58 4.33 4.33 19.14 15.23 1.20

Russell 2000 Value Index 9.40 4.22 4.22 18.29 14.26

IM U.S. Small Cap Value Equity (MF) Median 8.02 3.63 3.63 18.32 14.89

American Beacon Small Cap Value Rank 56 40 40 31 39

28



Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

Vanguard Small Cap Index Instl 18,520 3.91 6.83 7.53 7.53 20.56 16.90 0.08

MSCI US Small Cap 1750 6.95 6.08 6.08 20.37 16.74

IM U.S. Small Cap Core Equity (MF) Median 9.58 4.47 4.47 18.88 15.46

Vanguard Small Cap Index Instl Rank 80 10 10 19 22

VY Baron Small Cap Growth 18,088 3.82 6.70 4.54 4.54 20.42 17.80 1.00Russell 2000 Growth Index 10.06 5.60 5.60 20.14 16.80

IM U.S. Small Cap Growth Equity (MF) Median 8.43 1.67 1.67 18.07 15.45

VY Baron Small Cap Growth Rank 73 16 16 23 18

American Funds EuroPacific Growth 28,750 6.07 -1.72 -2.66 -2.66 11.72 5.68 0.84

MSCI EAFE (Net) -3.57 -4.90 -4.90 11.06 5.33

IM International Large Cap Core Equity (MF) Median -4.10 -6.00 -6.00 10.38 4.79

American Funds EuroPacific Growth Rank 9 19 19 24 22

VY Oppenheimer Global 15,252 3.22 -0.32 2.32 2.32 16.54 11.04 0.76MSCI World (Net) 1.01 4.94 4.94 15.47 10.20

IM Global Large Cap Core Equity (MF) Median 0.02 3.45 3.45 14.78 8.95

VY Oppenheimer Global Rank 76 65 65 9 4

Oppenheimer Developing Markets 7,294 1.54 -6.69 -4.55 -4.55 7.95 5.66 1.05MSCI Emerging Markets Index -4.44 -1.82 -1.82 4.42 2.12

IM Emerging Markets Equity (MF) Median -4.58 -3.01 -3.01 4.30 1.75

Oppenheimer Developing Markets Rank 79 70 70 16 8

Voya Real Estate 20,390 4.30 13.98 29.77 29.77 15.27 16.53 0.89MSCI U.S. REIT Index 14.34 30.38 30.38 16.31 17.05

IM U.S. REIT (SA+CF) Median 14.59 31.50 31.50 16.63 17.84

Voya Real Estate Rank 74 80 80 89 87

Vanguard Target Rtmt Income 22,061 4.66 1.52 5.54 5.54 6.54 6.84 0.16

Vanguard Target Income Composite Index 1.58 5.76 5.76 6.73 6.97

IM Mixed-Asset Target Alloc Consv (MF) Median 0.95 4.00 4.00 6.97 6.51

Vanguard Target Rtmt Income Rank 19 21 21 60 40

29



Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

Vanguard Target Rtmt 2010 1,126 0.24 1.68 5.93 5.93 8.37 7.95 0.16

Vanguard Target 2010 Composite Index 1.72 6.13 6.13 8.53 8.05

IM Mixed-Asset Target 2010 (MF) Median 1.03 4.10 4.10 8.01 7.05

Vanguard Target Rtmt 2010 Rank 7 7 7 40 25

























30



Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years





Vanguard Target Rtmt 2050 774 0.16 2.33 7.19 7.19 15.49 11.58 0.18




31



July 1, 2014 Contributions Withdrawals ExchangesIntra Vendor

Transfers FeesInvestment

EarningsPlan Servicing

CreditEnding Balance

December 31, 2014

Difference Between Beginning & Ending

Values

TIAA TRADITIONAL 861,388,576$ 5,635,567$ (21,768,457)$ 5,285,255$ (687,269)$ (62,208)$ 18,968,931$ (171,031)$ 868,589,363$ 7,200,787$

TIAA STABLE VALUE 32,080,161$ 538,516$ (1,263,815)$ 1,386,196$ (299,517)$ -$ 276,399$ 18,052$ 32,735,991$ 655,830$

CREF MONEY MARKET 53,563,928$ 737,578$ (2,344,428)$ 1,049,461$ 12,987$ -$ (0)$ 30,503$ 53,050,029$ (513,899)$

CREF SOCIAL CHOICE 83,705,650$ 1,336,692$ (2,131,510)$ 1,740,427$ (141,893)$ -$ 950,805$ 44,951$ 85,505,122$ 1,799,472$

CREF STOCK 676,822,952$ 5,923,569$ (26,003,330)$ (17,617,166)$ (1,216,572)$ -$ 2,966,279$ 359,206$ 641,234,937$ (35,588,015)$

CREF BOND MARKET 80,562,632$ 1,266,956$ (2,949,789)$ (134,696)$ (97,337)$ -$ 1,140,683$ 43,610$ 79,832,059$ (730,573)$

CREF INFLATION-LINKED BOND 49,071,400$ 918,997$ (2,760,183)$ (19,221)$ (63,934)$ -$ (1,094,899)$ 26,652$ 46,078,813$ (2,992,588)$

TIAA CREF LG CAP VAL INST $ 45,161,106 $ 891,468 $ (2,069,987) $ 1,852,769 $ (26,310) $ - $ 1,372,572 $ 24,688 47,206,306$ 2,045,200$

CREF EQUITY INDEX $ 80,192,038 $ 1,199,389 $ (2,386,090) $ (1,274,171) $ 0 $ - $ 3,920,456 $ 42,849 81,694,471$ 1,502,434$

TIAA CREF S&P 500 IDX INST 24,387,313$ 851,465$ (685,125)$ 4,729,447$ (29,007)$ -$ 1,668,538$ 14,205$ 30,936,837$ 6,549,524$

WELLS FARGO ADVANTAGE GROWTH 23,773,257$ 522,652$ (351,188)$ (1,723,475)$ (42,012)$ -$ 893,493$ 12,678$ 23,085,406$ (687,851)$

CREF GROWTH 94,038,159$ 1,591,465$ (1,362,133)$ 1,879,421$ (96,582)$ -$ 7,374,073$ 51,740$ 103,476,142$ 9,437,983$

TIAA CREF MID CAP VAL INST 47,646,842$ 959,831$ (1,625,692)$ 1,184,959$ (7,670)$ -$ 1,458,382$ 25,806$ 49,642,458$ 1,995,616$

TIAA CREF MID CAP GR INST 12,996,774$ 396,274$ (256,561)$ (245,702)$ (5,613)$ -$ 514,898$ 6,919$ 13,406,989$ 410,215$

ROYCE OPPORTUNITY FD 6,784,424$ 208,143$ (559,815)$ (621,310)$ (311)$ -$ (275,605)$ 3,347$ 5,538,873$ (1,245,551)$

TIAA CREF SM CAP BL IDX INST 24,086,936$ 540,492$ (719,029)$ 826,937$ 1,535$ (35)$ 457,747$ 12,906$ 25,207,488$ 1,120,552$

ALLIANCE BERNSTEIN SMALL CAP GROWTH 9,065,173$ 280,229$ (346,958)$ (273,652)$ (91,258)$ -$ (310,629)$ 4,750$ 8,327,655$ (737,518)$

AF EUROPACIFIC GROWTH FUND R6 31,994,151$ 791,784$ (1,316,298)$ 3,674,426$ 20,198$ -$ (1,919,552)$ 17,775$ 33,262,483$ 1,268,332$

DFA EMERGING MARKETS 8,069,690$ 272,724$ (220,000)$ 1,048,878$ (40,288)$ -$ (723,789)$ 4,873$ 8,412,090$ 342,400$

TIAA CREF INTL EQ IDX INST 38,970,003$ 804,982$ (1,106,077)$ (1,944,039)$ (30,668)$ (900)$ (3,808,596)$ 20,152$ 32,904,857$ (6,065,146)$

CREF GLOBAL EQUITIES 88,542,383$ 1,406,789$ (1,617,893)$ (2,011,152)$ (145,348)$ -$ (373,788)$ 47,024$ 85,848,015$ (2,694,368)$

TIAA REAL ESTATE 97,376,194$ 1,885,727$ (2,765,721)$ 2,014,932$ (4,917)$ -$ 6,008,437$ 54,679$ 104,569,332$ 7,193,137$

TIAA CREF LFCYLE RTMT INC INST 1,541,353$ 69,727$ (32,267)$ 326,121$ -$ -$ 10,526$ 1,120$ 1,916,580$ 375,227$

TIAA CREF LIFECYCLE 2010 INST 7,053,061$ 273,804$ (40,273)$ (75,175)$ -$ -$ 16,531$ 3,795$ 7,231,742$ 178,681$

TIAA CREF LIFECYCLE 2015 INST 14,851,511$ 834,862$ (574,998)$ (327,805)$ -$ -$ 45,832$ 7,822$ 14,837,223$ (14,288)$

TIAA CREF LIFECYCLE 2020 INST 15,821,248$ 1,093,004$ (213,420)$ (216,826)$ (63,376)$ -$ 49,929$ 8,524$ 16,479,083$ 657,835$

TIAA CREF LIFECYCLE 2025 INST 21,767,800$ 1,425,744$ (267,584)$ (202,609)$ -$ -$ 59,512$ 11,667$ 22,794,530$ 1,026,730$

TIAA CREF LIFECYCLE 2030 INST 22,391,959$ 1,919,012$ (171,173)$ (375,647)$ 182,257$ -$ 31,513$ 12,173$ 23,990,095$ 1,598,137$

TIAA CREF LIFECYCLE 2035 INST 25,490,766$ 2,152,960$ (524,451)$ 538,644$ -$ -$ 32,262$ 14,189$ 27,704,370$ 2,213,603$

TIAA CREF LIFECYCLE 2040 INST 40,264,668$ 3,372,251$ (496,470)$ (433,038)$ (5,236)$ -$ 19,135$ 21,848$ 42,743,158$ 2,478,490$

TIAA CREF LIFECYCLE 2045 INST 13,986,453$ 2,596,064$ (279,074)$ (63,299)$ -$ -$ 20,137$ 7,843$ 16,268,125$ 2,281,671$

TIAA CREF LIFECYCLE 2050 INST 6,903,683$ 1,706,665$ (161,537)$ (58,560)$ (20,004)$ -$ 9,982$ 3,943$ 8,384,173$ 1,480,489$

Totals 2,640,352,247$ 44,405,383$ (79,371,323)$ (79,670)$ (2,898,146)$ (63,144)$ 39,760,192$ 789,254$ 2,642,894,795$ 2,542,547$

Plan Activity - TIAA CREFJuly 1, 2014 through December 31, 2014

32



July 1, 2014Ending Balance

December 31, 2014 Six Month Return

TIAA TRADITIONAL 861,388,576$ 868,589,363$ 1.48%

TIAA STABLE VALUE 32,080,161$ 32,735,991$ 0.86%

CREF MONEY MARKET 53,563,928$ 53,050,029$ 0.00%

CREF SOCIAL CHOICE 83,705,650$ 85,505,122$ 1.11%

CREF STOCK 676,822,952$ 641,234,937$ 0.50%

CREF BOND MARKET 80,562,632$ 79,832,059$ 1.43%

CREF INFLATION-LINKED BOND 49,071,400$ 46,078,813$ -2.26%

TIAA CREF LG CAP VAL INST 45,161,106$ 47,206,306$ 3.00%

CREF EQUITY INDEX 80,192,038$ 81,694,471$ 5.08%

TIAA CREF S&P 500 IDX INST 24,387,313$ 30,936,837$ 6.06%

WELLS FARGO ADVANTAGE GROWTH 23,773,257$ 23,085,406$ 4.21%

CREF GROWTH 94,038,159$ 103,476,142$ 7.61%

TIAA CREF MID CAP VAL INST 47,646,842$ 49,642,458$ 3.03%

TIAA CREF MID CAP GR INST 12,996,774$ 13,406,989$ 4.05%

ROYCE OPPORTUNITY FD 6,784,424$ 5,538,873$ -3.30%

TIAA CREF SM CAP BL IDX INST 24,086,936$ 25,207,488$ 1.80%

ALLIANCE BERNSTEIN SMALL CAP GROWTH 9,065,173$ 8,327,655$ -3.27%

AF EUROPACIFIC GROWTH FUND R6 31,994,151$ 33,262,483$ -5.77%

DFA EMERGING MARKETS 8,069,690$ 8,412,090$ -7.75%

TIAA CREF INTL EQ IDX INST 38,970,003$ 32,904,857$ -9.87%

CREF GLOBAL EQUITIES 88,542,383$ 85,848,015$ -0.39%

TIAA REAL ESTATE 97,376,194$ 104,569,332$ 6.14%

TIAA CREF LFCYLE RTMT INC INST 1,541,353$ 1,916,580$ 0.29%

TIAA CREF LIFECYCLE 2010 INST 7,053,061$ 7,231,742$ 0.23%








TIAA CREF LIFECYCLE 2050 INST 6,903,683$ 8,384,173$ -0.03%

Totals / Weighted Average Return 2,640,352,247$ 2,642,894,795$ 1.33%Totals / Weighted Average Variable Funds Return 1.40%

Totals / Weighted Average Fixed Income Return 1.22%

Plan Performance - TIAA CREFDecember 31, 2014

33


Fund Ticker Percent of Balance Expense Ratio

TIAA TRADITIONAL N/A 32.9% 0.55%

TIAA STABLE VALUE N/A 1.2% 0.84%

CREF MONEY MARKET N/A 2.0% 0.40%

CREF SOCIAL CHOICE N/A 3.2% 0.41%

CREF STOCK N/A 24.3% 0.46%

CREF BOND MARKET N/A 3.0% 0.45%

CREF INFLATION-LINKED BOND N/A 1.7% 0.41%

TIAA CREF LG CAP VAL INST TRLIX 1.8% 0.45%

CREF EQUITY INDEX N/A 3.1% 0.39%

TIAA CREF S&P 500 IDX INST TISPX 1.2% 0.06%

WELLS FARGO ADVANTAGE GROWTH SGRNX 0.9% 0.75%

CREF GROWTH N/A 3.9% 0.42%

TIAA CREF MID CAP VAL INST TIMVX 1.9% 0.45%

TIAA CREF MID CAP GR INST TRPWX 0.5% 0.47%

ROYCE OPPORTUNITY FD ROFIX 0.2% 1.04%

TIAA CREF SM CAP BL IDX INST TISBX 1.0% 0.16%

ALLIANCE BERNSTEIN SMALL CAP GROWTH QUAIX 0.3% 0.92%

AF EUROPACIFIC GROWTH FUND R6 RERGX 1.3% 0.49%

DFA EMERGING MARKETS DFEMX 0.3% 0.57%

TIAA CREF INTL EQ IDX INST TCIEX 1.2% 0.07%

CREF GLOBAL EQUITIES N/A 3.2% 0.47%

TIAA REAL ESTATE N/A 4.0% 0.87%

TIAA CREF LFCYLE RTMT INC INST TLRIX 0.1% 0.38%

TIAA CREF LIFECYCLE 2010 INST TCTIX 0.3% 0.39%

TIAA CREF LIFECYCLE 2015 INST TCNIX 0.6% 0.40%

TIAA CREF LIFECYCLE 2020 INST TCWIX 0.6% 0.41%

TIAA CREF LIFECYCLE 2025 INST TCYIX 0.9% 0.43%

TIAA CREF LIFECYCLE 2030 INST TCRIX 0.9% 0.44%

TIAA CREF LIFECYCLE 2035 INST TCIIX 1.0% 0.45%

TIAA CREF LIFECYCLE 2040 INST TCOIX 1.6% 0.46%

TIAA CREF LIFECYCLE 2045 INST TTFIX 0.6% 0.46%

TIAA CREF LIFECYCLE 2050 INST TFTIX 0.3% 0.46%

Total / Weighted Average Expense Ratio 100.0% 0.49%

Total / Weighted Average Expense Ratio ex-Stable Value 0.29%

Weighted Average Expense Ratio - TIAA CREFDecember 31, 2014

34

Kansas Board of Regents TIAA-CREF

Stable Value 34.1%

Money Market 2.0%

Balanced 3.2%

Global Equity 24.3%

Fixed Income 4.8% Large Cap Value 1.8%Large Cap Core 4.3%


Mid Cap Value 1.9%Mid Cap Growth 0.5%


Small Cap Core 1.0%



Real Estate 4.0%

LifeCycle 6.9%

Asset Allocation as of December 31, 2014

Stable Value 33.8%

Money Market 2.0%Balanced 3.2%

Global Equity 25.6%

Fixed Income 4.9% Large Cap Value 1.7%Large Cap Core 4.0%


Mid Cap Value 1.8%

Mid Cap Growth 0.5%


Small Cap Core 0.9%

Small Cap Growth 0.3%International / Global 6.3%

Real Estate 3.7%

LifeCycle 6.4%

Asset Allocation as of July 1, 2014

35

Kansas Board of Regents TIAA-CREF

Stable Value 13.9%

Money Market 1.7%

Balanced 3.0%

Global Equity 13.3%Fixed Income 4.9%

Large Cap Value 2.0%Large Cap Core 4.6%


Mid Cap Value 2.2%Mid Cap Growth 0.9%


Small Cap Core 1.2%


International / Global 7.4%Real Estate 4.2%

LifeCycle 34.8%


Stable Value 13.9%

Money Market 2.0%Balanced 3.4%

Global Equity 14.1%Fixed Income 5.7%

Large Cap Value 2.1%Large Cap Core 4.2%


Mid Cap Value 2.2%

Mid Cap Growth 1.0%


Small Cap Core 1.3%Small Cap Growth 0.6%


Real Estate 5.0%LifeCycle 31.8%


36

Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

TIAA-Cref 2,642,895 100.00

TIAA Traditional TDA 868,589 32.87 0.75 3.00 3.00 3.00 3.04Hueler Stable Value 0.44 1.69 1.69 1.93 2.32

TIAA Stable Value 32,736 1.24 0.43 1.81 1.81 N/A N/A

Hueler Stable Value 0.44 1.69 1.69 1.93 2.32

CREF Money Market Account 53,050 2.01 0.00 0.00 0.00 0.00 0.00 0.4090 Day U.S. Treasury Bill 0.00 0.04 0.04 0.06 0.08

CREF Social Choice Account 85,505 3.24 2.03 6.83 6.83 11.42 9.53 0.4160% Russell 3000 / 40% Barclays Agg 3.86 9.96 9.96 13.18 11.31

IM All Balanced (MF) Median 1.54 4.75 4.75 10.64 8.65

CREF Social Choice Account Rank 31 19 19 44 35

CREF Stock Account 641,235 24.26 2.36 6.41 6.41 16.84 11.90 0.4670% R3000 / 30% MSCI ACWI ex US 2.47 7.56 7.56 17.17 12.38

IM Global Large Cap Equity (MF) Median 0.42 3.18 3.18 15.05 10.15

CREF Stock Account Rank 13 16 16 20 6

CREF Bond Market Account 79,832 3.02 1.46 5.52 5.52 2.87 4.44 0.45Barclays U.S. Aggregate 1.79 5.97 5.97 2.66 4.45

IM U.S. Broad Market Core Fixed Income (MF) Median 1.35 5.54 5.54 3.09 4.69

CREF Bond Market Account Rank 40 53 53 60 60

CREF Inflation-Linked Bond Account 46,079 1.74 -0.14 3.33 3.33 0.01 3.69 0.41Barclays U.S. Treasury: U.S. TIPS -0.03 3.64 3.64 0.44 4.11

IM U.S. TIPS (MF) Median -0.70 2.14 2.14 -0.02 3.36

CREF Inflation-Linked Bond Account Rank 16 16 16 49 29

TIAA-Cref Large Cap Value Instl 47,206 1.79 3.89 9.16 9.16 20.65 14.38 0.45Russell 1000 Value Index 4.98 13.45 13.45 20.89 15.42

IM U.S. Large Cap Value Equity (MF) Median 4.20 10.87 10.87 19.48 13.46

TIAA-Cref Large Cap Value Instl Rank 57 79 79 27 28



37



Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

CREF Equity Index Account 81,694 3.09 5.15 12.17 12.17 20.05 15.19 0.39Russell 3000 Index 5.24 12.56 12.56 20.51 15.63

IM U.S. Multi-Cap Equity (MF) Median 4.44 10.18 10.18 19.58 14.38

CREF Equity Index Account Rank 35 29 29 43 35

TIAA-Cref S&P 500 Index Retire Instl 30,937 1.17 4.92 13.60 13.60 20.32 15.35 0.06S&P 500 4.93 13.69 13.69 20.41 15.45


TIAA-Cref S&P 500 Index Retire Instl Rank 33 19 19 29 20

Wells Fargo Advantage Growth 23,085 0.87 4.81 4.12 4.12 17.71 17.53 0.75

Russell 1000 Growth Index 4.78 13.05 13.05 20.26 15.81


Wells Fargo Advantage Growth Rank 50 98 98 85 3

CREF Growth Account 103,476 3.92 5.75 13.65 13.65 21.14 15.65 0.42Russell 1000 Growth Index 4.78 13.05 13.05 20.26 15.81


CREF Growth Account Rank 20 16 16 23 18

TIAA-Cref Mid Cap Value Instl 49,642 1.88 5.96 12.85 12.85 20.37 15.64 0.45Russell Midcap Value Index 6.05 14.75 14.75 21.98 17.43

IM U.S. Mid Cap Value Equity (MF) Median 5.55 9.81 9.81 20.27 15.41

TIAA-Cref Mid Cap Value Instl Rank 33 22 22 49 46

TIAA-Cref Mid Cap Growth Instl 13,407 0.51 5.32 7.74 7.74 20.24 16.18 0.47Russell Midcap Growth Index 5.84 11.90 11.90 20.71 16.94

IM U.S. Mid Cap Growth Equity (MF) Median 5.32 7.53 7.53 18.69 15.01

TIAA-Cref Mid Cap Growth Instl Rank 50 47 47 26 22

Royce Opportunity Instl 5,539 0.21 6.22 -0.41 -0.41 20.64 15.45 1.04

Russell 2000 Value Index 9.40 4.22 4.22 18.29 14.26

IM U.S. Small Cap Value Equity (MF) Median 8.02 3.63 3.63 18.32 14.89

Royce Opportunity Instl Rank 68 82 82 14 30

38



Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

TIAA-Cref Small Cap Blend Index Instl 25,207 0.95 9.82 5.15 5.15 19.45 15.68 0.16Russell 2000 Index 9.73 4.89 4.89 19.21 15.55

IM U.S. Small Cap Core Equity (MF) Median 9.58 4.47 4.47 18.88 15.46

TIAA-Cref Small Cap Blend Index Instl Rank 31 37 37 36 45

AllianceBern Small Cap Growth 8,328 0.32 3.14 -1.41 -1.41 18.36 19.02 0.92Russell 2000 Growth Index 10.06 5.60 5.60 20.14 16.80

IM U.S. Small Cap Growth Equity (MF) Median 8.43 1.67 1.67 18.07 15.45

AllianceBern Small Cap Growth Rank 95 72 72 47 5

American Funds EuroPacific Growth R6 33,262 1.26 -1.63 -2.29 -2.29 12.12 6.05 0.49MSCI EAFE (Net) -3.57 -4.90 -4.90 11.06 5.33


American Funds EuroPacific Growth R6 Rank 9 19 19 19 16

DFA Emerging Markets 8,412 0.32 -4.49 -1.71 -1.71 4.30 2.68 0.57

MSCI Emerging Markets Index -4.44 -1.82 -1.82 4.42 2.12

IM Emerging Markets Equity (MF) Median -4.58 -3.01 -3.01 4.30 1.75

DFA Emerging Markets Rank 49 39 39 51 35

TIAA-Cref International EQ Idx Instl 32,905 1.25 -4.06 -5.51 -5.51 11.13 5.36 0.07MSCI EAFE (Net) -3.57 -4.90 -4.90 11.06 5.33


TIAA-Cref International EQ Idx Instl Rank 49 35 35 31 29

CREF Global Equities Account 85,848 3.25 1.50 4.17 4.17 16.24 10.22 0.47MSCI World (Net) 1.01 4.94 4.94 15.47 10.20

IM Global Large Cap Core Equity (MF) Median 0.02 3.45 3.45 14.78 8.95

CREF Global Equities Account Rank 20 37 37 12 15

CREF Real Estate 104,569 3.96 3.73 12.22 12.22 10.63 11.63 0.87NCREIF Property Index 3.04 11.82 11.82 11.11 12.14

NCREIF ODCE Equal Weighted (Net) 2.88 11.42 11.42 11.21 12.68

39



Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years

TIAA-Cref Lifecycle Retire Inc Instl 1,917 0.07 1.38 4.52 4.52 9.21 8.18 0.38

TIAA-CREF LifeCycle Retirement Inc BM 1.89 6.35 6.35 8.16 7.69

IM Mixed-Asset Target Alloc Consv (MF) Median 0.95 4.00 4.00 6.97 6.51

TIAA-Cref Lifecycle Retire Inc Instl Rank 23 38 38 10 12

TIAA-Cref Lifecycle 2010 Instl 7,232 0.27 1.52 4.59 4.59 10.83 9.14 0.39

TIAA-CREF LifeCycle 2010 BM 1.96 6.46 6.46 9.30 8.34


TIAA-Cref Lifecycle 2010 Instl Rank 16 27 27 1 1





















40



Expense Ratio

Allocation


Performance (%)

1Quarter

Year ToDate

1Year

3Years

5Years













41


FundEnding BalanceJune 30, 2014

Ending BalanceDecember 31, 2014 Expense Ratio

Lincoln Money Market 219,181$ 218,102$ 0.37%

Lincoln Fixed Account 9,396,645$ 9,043,672$ 0.00%

Lincoln Bond Fund 1,248,931$ 1,221,094$ 0.31%

LVIP BlackRock Equity Dividend RPM Fund1 1,670,255$ 1,644,707$ 0.75%

Lincoln Value Series 1,055,818$ 1,071,552$ 0.65%

Lincoln Growth & Income Fund 7,011,922$ 7,096,263$ 0.35%

Lincoln Social Awareness Fund 6,472,089$ 6,684,332$ 0.39%

Lincoln UBS Large Cap Growth2 2,530,183$ 2,646,068$ 0.75%

Lincoln Special Opportunities Fund 8,246,723$ 8,016,886$ 0.40%

Lincoln T.Rowe Price Structured Mid-Cap 1,942,544$ 1,948,115$ 0.73%

Delaware Small Midcap Growth3 4,613,819$ 5,040,802$ 0.75%

Lincoln Mondrian International Fund 4,159,690$ 3,601,822$ 0.75%

Lincoln Delaware Foundation Conservative Alloc Fund 2,826,156$ 2,753,974$ 0.75%

Lincoln Delaware Foundation Aggressive Alloc Fund 1,045,137$ 1,004,396$ 0.75%Totals / Weighted Average Expense Ratio 52,439,092$ 51,991,783$ 0.45%

Fixed Fund Estimated Management Fee 100 basis pointsSix Month Return -0.85%

1 Formally VIP Wells Fargo Instrinsic Fund2 Formally Capital Appreciation Fund3 Formally Lincoln Trend Series Fund

Plan Balances - LincolnDecember 31, 2014

42


FundEnding BalanceJune 30, 2014

Ending BalanceDecember 31, 2014 Expense Ratio

Guggenheim VIF Money Market 207,667$ 175,086$ 0.71%

Guggenheim VIF Mgd Asset Alloc 664,287$ 626,539$ 1.37%

Guggenheim VIF Long Short Eq - 18,816$ 1.75%

Guggenheim VIF Alpha Opp - 318,311$ 2.07%

Fixed Accounts 4,904,732$ 4,531,668$ 1.00%

Guggenheim VIF High Yield 2,078,892$ 830,286$ 0.95%

Guggenheim VIF Total Return Bd 353,639$ 1,524,020$ 0.81%

Guggenheim VIF Lg Cap Value 481,733$ 324,835$ 0.83%

Guggenheim VIF StylePlus LC Core 1,547,335$ 1,583,675$ 0.98%

Guggenheim VIF StylePlus LC Growth - 501,426$ 1.05%

Guggenheim VIF Mid Cap Value 7,896,887$ 6,637,838$ 0.98%

Guggenheim VIF StylePlus MC Growth 2,198,482$ 2,399,683$ 0.99%

Guggenheim VIF All Cap Value - 5,367,754$ 0.89%

Guggenheim VIF Small Cap Value - 908,475$ 1.17%

Guggenheim VIF StylePlus SC Growth 1,397,451$ 1,306,549$ 1.18%

Guggenheim VIF World Equity Inc 2,391,805$ 2,296,793$ 1.14%Totals / Weighted Average Expense Ratio 24,122,910$ 29,351,754$ 1.00%

Fixed Fund Estimated Management Fee 100 basis pointsSix Month Return 21.68%

Plan Balances - Securities BenefitDecember 31, 2014

43


Asset Class Current Fund Line-Up Voya Proposed Alternative Investment Options Segal Rogerscasey Recommendations

Domestic Fixed Income PIMCO Total Return None

Voya recommends keeping PIMCO Total Return on the watchlist but not replacing at this time.

Segal Rogerscasey concurs with Voya's recommendation. While outflows have been significant, the level was not

unexpected and PIMCO has maintained sufficient liquidity. Personel turnover has also not been outside of norms.

Pricing Scenario I N/A

- Reduce Voya's revenue target from 0.30% to 0.28%

- Reduce the add-on to the Vanguard Target Retirement Funds from 0.35% to

0.15%

Pricing Scenario II N/A

- Reduce Voya's revnue target from 0.30% to 0.18%

- Move to the Voya Fixed Account with a guaranteed minimum floor of 1.0%: Voya

would guarantee rates for 2015 (3.0%), 2016 (3.0%), 2017 (2.75%)

- Move to lower share class for several investment options

- Reduce the add-on to the Vanguard Target Retirement Funds from 0.35% to

0.15%

Asset Class Current Fund Line-Up TIAA-CREF Proposed Alternative Investment Options Segal Rogerscasey Recommendations

Multiple CREF Accounts CREF Accounts - lower share class

TIAA CREF is not making any formal recommendations for change. However, TIAA CREF is introducing multiple share classes of the CREF Accounts on April 24, 2015.

KBOR is eligible for the new R3 share class, and will automatically move. The expense ratios for all eight

CREF Accounts will decline:

CREF Stock: 0.455% to 0.370% CREF Global Equities: 0.465% to 0.390%

CREF Growth: 0.415% to 0.335%CREF Equity Index: 0.391% to 0.305%CREF Bond Market: 0.450% to 0.370%

CREF Inflation-Linked Bond: 0.405% to 0.325%CREF Social Choice: 0.405% to 0.340%CREF Money Market: 0.395% to 0.320%

Segal Rogerscasey does not have any additional recommendations.

Recordkeeper Fund Line-up RecommendationsDecember 31, 2014

Segal Rogerscasey would recommend Pricing Scenario II for the following reasons:

- Participants receive lower, overall fees with the reduction in Voya's required revenue and subsequent expense ratio

reduction- Voya is guaranteeing competitive rates for the next 3 years; rates are expected to increase over that time, so

the Large Case Credit in 2018 may not be as badly impacted; the 1.0% minimum guarantee is consistent with

new, industry contracts

Funds with lower share classes would be:VY T. Rowe Price Capital Appreciation: 0.90% to 0.65%

American Funds Fundamental: 0.66% to 0.36%VY FMR Diversified Mid Cap Portfolio: 0.90% to 0.65%

American Century Mid Cap Value: 1.26% to 0.81%American Beacon Small Cap Value: 1.20% to 0.84%American Funds EuroPacific Growth: 0.85% to 0.55%

44

ING

45

Peer Group Analysis - IM All Balanced (MF)

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

1 Qtr YTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs

VY T Rowe Price Capital Appreciation 4.73 (3) 12.15 (2) 12.15 (2) 16.20 (4) 12.98 (2) 8.56 (1) 8.65 (1)¢£

60 S&P 500 / 40 Barclays Agg 3.67 (5) 10.62 (3) 10.62 (3) 13.12 (28) 11.18 (10) 6.63 (5) 6.77 (12)Å�

5th Percentile 3.60 9.30 9.30 15.93 11.76 6.63 7.27

1st Quartile 2.19 6.27 6.27 13.39 10.14 5.18 6.14

Median 1.54 4.75 4.75 10.64 8.65 4.35 5.38

3rd Quartile 0.69 3.45 3.45 7.74 7.08 3.36 4.61

95th Percentile -1.65 0.17 0.17 3.78 4.41 1.79 3.20

VY T Rowe Price Capital Appreciation

Kansas Board of RegentsDecember 31, 2014

46


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

VY T Rowe Price Capital Appreciation 22.20 (19) 14.48 (25) 2.89 (12) 14.02 (26) 33.24 (14) -27.51 (42) 4.39 (74)¢£

60 S&P 500 / 40 Barclays Agg 17.56 (40) 11.31 (60) 4.69 (5) 12.13 (53) 18.40 (86) -22.06 (22) 6.22 (47)Å�

5th Percentile 25.84 16.84 4.63 16.50 37.16 -12.68 11.72

1st Quartile 20.68 14.40 1.17 14.06 30.51 -23.28 7.85

Median 15.18 12.16 -1.46 12.31 26.03 -29.62 6.03

3rd Quartile 8.36 9.86 -3.76 10.41 20.90 -35.63 4.28

95th Percentile 0.56 5.40 -7.33 6.86 12.76 -41.00 0.82



47

Peer Group Scattergram (01/01/10 to 12/31/14) Up Down Market Capture

Historical Statistics (01/01/10 - 12/31/14) *

* Monthly periodicity used.

ReturnStandardDeviation

SharpeRatio Alpha Beta R-Squared

TrackingError

InformationRatio

ExcessRisk

InceptionDate

VY T Rowe Price Capital Appreciation 12.98 11.33 1.13 3.52 0.86 0.33 9.35 0.21 11.33 01/01/2005

60 S&P 500 / 40 Barclays Agg 11.18 7.51 1.45 0.00 1.00 1.00 0.00 N/A 7.51 01/01/2005

90 Day U.S. Treasury Bill 0.08 0.02 N/A 0.08 0.00 0.01 7.51 -1.45 0.00 01/01/2005

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

97.4107.2

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

10.7

87.8

0.0

4.0

8.0

12.0

16.0

Re

turn

(%)

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0Risk (Standard Deviation %)


VY T Rowe Price Capital Appreciation 12.98 11.33¢£

60 S&P 500 / 40 Barclays Agg 11.18 7.51Å�

Median 8.65 9.14¾



48

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (MF)

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Re

turn


PIMCO Total Return Admin 1.25 (60) 4.43 (83) 4.43 (83) 4.00 (18) 4.88 (42) 6.03 (4) 5.73 (2)¢£

Barclays U.S. Aggregate 1.79 (7) 5.97 (27) 5.97 (27) 2.66 (68) 4.45 (60) 4.77 (46) 4.71 (35)Å�

5th Percentile 1.82 7.45 7.45 5.08 6.19 5.96 5.50

1st Quartile 1.57 6.01 6.01 3.77 5.24 5.28 4.90

Median 1.35 5.54 5.54 3.09 4.69 4.68 4.43

3rd Quartile 0.99 4.73 4.73 2.51 4.13 4.12 3.84

95th Percentile 0.22 2.53 2.53 1.60 3.13 2.53 2.60

PIMCO Total Return Admin


49


-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

PIMCO Total Return Admin -2.16 (61) 10.10 (3) 3.91 (95) 8.57 (21) 13.53 (43) 4.56 (15) 8.82 (1)¢£

Barclays U.S. Aggregate -2.02 (55) 4.21 (81) 7.84 (11) 6.54 (69) 5.93 (90) 5.24 (10) 6.97 (9)Å�

5th Percentile -0.17 9.61 8.20 10.45 20.69 6.03 7.34

1st Quartile -1.29 7.29 7.37 8.29 15.84 2.54 6.22

Median -1.94 6.04 6.66 7.25 12.24 -3.79 5.27

3rd Quartile -2.45 4.85 5.73 6.37 7.95 -8.68 4.09

95th Percentile -3.44 3.35 3.82 5.06 4.96 -19.84 2.19



50


Fund Information

Fund Investment Policy



Fund Name : PIMCO Funds: PIMCO Total Return Fund; Administrative ClassShares

Portfolio Assets : $162,810 Million

Fund Family : PIMCO Portfolio Manager : Mather/Kiesel/Worah

Ticker : PTRAX PM Tenure : 2014--2014--2014

Inception Date : 09/08/1994 Fund Style : IM U.S. Broad Market Core Fixed Income (MF)

Fund Assets : $23,191 Million Style Benchmark : Barclays U.S. Aggregate

Portfolio Turnover : 227%

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management. The Fund seeks to achieve its investment objective by investing in adiversified portfolio of fixed income instruments. The average portfolio duration normally varies within a three-to-six year time frame.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

PIMCO Total Return Admin 4.88 3.55 1.34 0.36 1.02 0.58 2.29 0.19 3.55 10/01/1994

Barclays U.S. Aggregate 4.45 2.66 1.62 0.00 1.00 1.00 0.00 N/A 2.66 10/01/1994


2.0

4.0

6.0

8.0

Re

turn

(%)

1.8 2.1 2.4 2.7 3.0 3.3 3.6 3.9 4.2Risk (Standard Deviation %)


PIMCO Total Return Admin 4.88 3.55¢£

Barclays U.S. Aggregate 4.45 2.66Å�

Median 4.69 2.75¾

Up Market Capture

0.0

50.0

100.0

150.0

200.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

136.1113.4

Down Market Capture

0.0

50.0

100.0

150.0

200.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

121.0 121.3



51


-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Re

turn


PIMCO Real Return Admin -0.78 (100) 3.16 (94) 3.16 (94) 0.66 (99) 4.07 (79) 4.42 (66) 4.43 (50)¢£


5th Percentile 1.82 7.45 7.45 5.08 6.19 5.96 5.50

1st Quartile 1.57 6.01 6.01 3.77 5.24 5.28 4.90

Median 1.35 5.54 5.54 3.09 4.69 4.68 4.43

3rd Quartile 0.99 4.73 4.73 2.51 4.13 4.12 3.84

95th Percentile 0.22 2.53 2.53 1.60 3.13 2.53 2.60

PIMCO Real Return Admin


52


-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

PIMCO Real Return Admin -9.27 (100) 8.98 (9) 11.30 (1) 7.55 (40) 18.70 (14) -6.63 (64) 11.31 (1)¢£


5th Percentile -0.17 9.61 8.20 10.45 20.69 6.03 7.34

1st Quartile -1.29 7.29 7.37 8.29 15.84 2.54 6.22

Median -1.94 6.04 6.66 7.25 12.24 -3.79 5.27

3rd Quartile -2.45 4.85 5.73 6.37 7.95 -8.68 4.09

95th Percentile -3.44 3.35 3.82 5.06 4.96 -19.84 2.19



53


Fund Information




Fund Name : PIMCO Funds: PIMCO Real Return Fund; Administrative Class Shares Portfolio Assets : $14,710 Million

Fund Family : PIMCO Portfolio Manager : Mihir Worah

Ticker : PARRX PM Tenure : 2007

Inception Date : 04/28/2000 Fund Style : IM U.S. Broad Market Core Fixed Income (MF)

Fund Assets : $978 Million Style Benchmark : Barclays U.S. Aggregate


The Fund seeks to maximize real return consistent with preservation of real capital and prudent investment management. The Fund is an actively managed bond portfolio that investsprimarily in inflation indexed securities.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

PIMCO Real Return Admin 4.07 5.63 0.73 -3.12 1.67 0.62 3.89 -0.06 5.63 02/01/1997



2.0

4.0

6.0

8.0

Re

turn

(%)



PIMCO Real Return Admin 4.07 5.63¢£


Median 4.69 2.75¾

Up Market Capture

0.0

50.0

100.0

150.0

200.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

143.2 137.3

Down Market Capture

0.0

100.0

200.0

300.0

400.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

265.7236.6



54

Peer Group Analysis - IM U.S. Large Cap Value Equity (MF)

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


BlackRock Equity Dividend 4.24 (49) 9.35 (78) 9.35 (78) 15.21 (96) 12.90 (66) 6.08 (39) 8.83 (2)¢£

Russell 1000 Value Index 4.98 (21) 13.45 (8) 13.45 (8) 20.89 (22) 15.42 (13) 6.45 (29) 7.30 (23)Å�

5th Percentile 5.85 14.07 14.07 22.14 16.29 7.91 8.31

1st Quartile 4.90 12.10 12.10 20.72 14.47 6.60 7.22

Median 4.20 10.87 10.87 19.48 13.46 5.64 6.40

3rd Quartile 2.91 9.60 9.60 17.65 12.49 4.57 5.55

95th Percentile 1.01 6.41 6.41 15.47 10.98 3.15 4.10

BlackRock Equity Dividend


55


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

BlackRock Equity Dividend 24.67 (99) 12.18 (88) 5.92 (5) 13.26 (44) 22.18 (62) -32.57 (11) 14.78 (1)¢£

Russell 1000 Value Index 32.53 (47) 17.51 (24) 0.39 (23) 15.51 (19) 19.69 (74) -36.85 (49) -0.17 (62)Å�

5th Percentile 39.25 19.62 5.45 18.22 38.58 -30.84 9.00

1st Quartile 34.92 17.34 0.21 14.93 28.16 -34.84 3.60

Median 32.31 15.46 -2.29 12.71 24.28 -36.97 1.29

3rd Quartile 30.52 13.60 -4.62 11.36 19.50 -40.72 -1.77

95th Percentile 26.84 9.87 -8.48 9.23 14.96 -47.23 -6.95



56


Fund Information




Fund Name : BlackRock Equity Dividend Fund; Institutional Shares Portfolio Assets : $29,058 Million

Fund Family : BlackRock Inc Portfolio Manager : Kathleen M. Anderson

Ticker : MADVX PM Tenure : 2001

Inception Date : 11/29/1988 Fund Style : IM U.S. Large Cap Value Equity (MF)

Fund Assets : $15,481 Million Style Benchmark : Russell 1000 Value Index


The Fund seeks to provide shareholders with long-term total return by investing primarily in a diversified portfolio of dividend paying common stocks which yield more than the S&P 500Composite Stock Price Index.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

BlackRock Equity Dividend 12.90 11.49 1.11 -0.02 0.84 0.95 3.33 -0.74 11.49 12/01/1988

Russell 1000 Value Index 15.42 13.32 1.14 0.00 1.00 1.00 0.00 N/A 13.32 12/01/1988


8.0

10.0

12.0

14.0

16.0

18.0

Re

turn

(%)

8.0 10.0 12.0 14.0 16.0 18.0Risk (Standard Deviation %)


BlackRock Equity Dividend 12.90 11.49¢£

Russell 1000 Value Index 15.42 13.32Å�

Median 13.46 13.79¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

78.9 83.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

91.982.9



57

Peer Group Analysis - IM U.S. Large Cap Core Equity (MF)

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


American Funds Fundamental Investors 2.91 (85) 8.90 (85) 8.90 (85) 18.80 (60) 13.40 (61) 6.04 (59) 8.57 (9)¢£

S&P 500 4.93 (33) 13.69 (18) 13.69 (18) 20.41 (27) 15.45 (19) 7.27 (23) 7.67 (27)Å�

5th Percentile 6.53 15.51 15.51 22.37 16.46 8.48 9.05

1st Quartile 5.24 13.08 13.08 20.48 14.94 7.21 7.72

Median 4.49 11.41 11.41 19.30 13.78 6.35 6.99

3rd Quartile 3.36 10.01 10.01 17.79 12.83 5.43 6.36

95th Percentile 1.97 6.93 6.93 15.30 11.27 3.93 5.31

American Funds Fundamental Investors


58


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

American Funds Fundamental Investors 31.47 (56) 17.13 (22) -1.92 (68) 14.02 (36) 33.31 (14) -39.70 (76) 13.51 (7)¢£

S&P 500 32.39 (41) 16.00 (39) 2.11 (24) 15.06 (22) 26.46 (49) -37.00 (51) 5.49 (55)Å�

5th Percentile 36.82 19.78 6.56 17.84 40.64 -29.32 14.64

1st Quartile 33.66 16.78 1.85 14.74 30.48 -34.22 9.22

Median 31.86 15.35 -0.34 13.10 26.08 -36.94 5.88

3rd Quartile 29.71 13.20 -2.64 11.30 21.71 -39.64 3.38

95th Percentile 25.34 9.57 -8.49 7.93 17.44 -44.34 -3.68



59


Fund Information




Fund Name : Fundamental Investors, Inc; Class R-4 Shares Portfolio Assets : $71,670 Million

Fund Family : American Funds Portfolio Manager : Team Managed

Ticker : RFNEX PM Tenure :

Inception Date : 07/25/2002 Fund Style : IM U.S. Large Cap Core Equity (MF)

Fund Assets : $2,686 Million Style Benchmark : S&P 500


The Fund seeks to provide income over time by investing primarily in common stocks of large, established companies that offer growth potential at reasonable prices. The Fund mayalso invest significantly in non-US securities.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Funds Fundamental Investors 13.40 13.42 1.00 -2.13 1.03 0.97 2.27 -0.77 13.42 08/01/2002

S&P 500 15.45 12.89 1.18 0.00 1.00 1.00 0.00 N/A 12.89 08/01/2002


9.0

12.0

15.0

18.0

Re

turn

(%)

9.9 10.8 11.7 12.6 13.5 14.4 15.3 16.2Risk (Standard Deviation %)


American Funds Fundamental Investors 13.40 13.42¢£

S&P 500 15.45 12.89Å�

Median 13.78 13.25¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

96.0 96.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

105.1 106.8



60


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


SSgA S&P 500 Index 4.87 (35) 13.50 (19) 13.50 (19) 20.28 (29) 15.30 (21) 7.13 (28) 7.53 (32)¢£

S&P 500 4.93 (33) 13.69 (18) 13.69 (18) 20.41 (27) 15.45 (19) 7.27 (23) 7.67 (27)Å�

5th Percentile 6.53 15.51 15.51 22.37 16.46 8.48 9.05

1st Quartile 5.24 13.08 13.08 20.48 14.94 7.21 7.72

Median 4.49 11.41 11.41 19.30 13.78 6.35 6.99

3rd Quartile 3.36 10.01 10.01 17.79 12.83 5.43 6.36

95th Percentile 1.97 6.93 6.93 15.30 11.27 3.93 5.31

SSgA S&P 500 Index


61


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

SSgA S&P 500 Index 32.14 (46) 16.03 (39) 1.86 (25) 14.94 (23) 26.22 (49) -37.03 (52) 5.41 (56)¢£

S&P 500 32.39 (41) 16.00 (39) 2.11 (24) 15.06 (22) 26.46 (49) -37.00 (51) 5.49 (55)Å�

5th Percentile 36.82 19.78 6.56 17.84 40.64 -29.32 14.64

1st Quartile 33.66 16.78 1.85 14.74 30.48 -34.22 9.22

Median 31.86 15.35 -0.34 13.10 26.08 -36.94 5.88

3rd Quartile 29.71 13.20 -2.64 11.30 21.71 -39.64 3.38

95th Percentile 25.34 9.57 -8.49 7.93 17.44 -44.34 -3.68

SSgA S&P 500 Index


62


Fund Information




Fund Name : SSgA Funds: SSgA S&P 500 Index Fund; Class N Shares Portfolio Assets : $3,284 Million

Fund Family : State Street Bank and Trust Company Portfolio Manager : Team Managed

Ticker : SVSPX PM Tenure :




The Fund seeks to replicate as closely as possible the performance of the Standard & Poor's 500 Index. The Fund seeks to achieve its objective by investing substantially all of itsinvestable assets in a corresponding portfolio that uses a passive management strategy designed to track the performance of the Index.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

SSgA S&P 500 Index 15.30 12.89 1.17 -0.14 1.00 1.00 0.13 -1.09 12.89 01/01/1993

S&P 500 15.45 12.89 1.18 0.00 1.00 1.00 0.00 N/A 12.89 01/01/1993


9.0

12.0

15.0

18.0

Re

turn

(%)



SSgA S&P 500 Index 15.30 12.89¢£

S&P 500 15.45 12.89Å�

Median 13.78 13.25¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.4 99.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.3 100.0

SSgA S&P 500 Index


63


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


Parnassus Core Equity 6.30 (8) 14.48 (11) 14.48 (11) 20.98 (19) 14.74 (29) 10.19 (2) 10.23 (2)¢£

S&P 500 4.93 (33) 13.69 (18) 13.69 (18) 20.41 (27) 15.45 (19) 7.27 (23) 7.67 (27)Å�

5th Percentile 6.53 15.51 15.51 22.37 16.46 8.48 9.05

1st Quartile 5.24 13.08 13.08 20.48 14.94 7.21 7.72

Median 4.49 11.41 11.41 19.30 13.78 6.35 6.99

3rd Quartile 3.36 10.01 10.01 17.79 12.83 5.43 6.36

95th Percentile 1.97 6.93 6.93 15.30 11.27 3.93 5.31

Parnassus Core Equity


64


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Parnassus Core Equity 34.01 (23) 15.43 (49) 3.13 (18) 8.89 (91) 28.73 (35) -22.95 (1) 14.13 (6)¢£

S&P 500 32.39 (41) 16.00 (39) 2.11 (24) 15.06 (22) 26.46 (49) -37.00 (51) 5.49 (55)Å�

5th Percentile 36.82 19.78 6.56 17.84 40.64 -29.32 14.64

1st Quartile 33.66 16.78 1.85 14.74 30.48 -34.22 9.22

Median 31.86 15.35 -0.34 13.10 26.08 -36.94 5.88

3rd Quartile 29.71 13.20 -2.64 11.30 21.71 -39.64 3.38

95th Percentile 25.34 9.57 -8.49 7.93 17.44 -44.34 -3.68



65


Fund Information




Fund Name : Parnassus Income Funds: Parnassus Core Equity Fund; InvestorShares


Fund Family : Parnassus Investments Portfolio Manager : Ahlsten/Allen

Ticker : PRBLX PM Tenure : 2001--2012




The Fund seeks current income and capital appreciation. The Fund also screens all investments using social responsibility criteria.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Parnassus Core Equity 14.74 11.88 1.22 0.97 0.89 0.93 3.53 -0.21 11.89 09/01/1992

S&P 500 15.45 12.89 1.18 0.00 1.00 1.00 0.00 N/A 12.89 09/01/1992


9.0

12.0

15.0

18.0

Re

turn

(%)



Parnassus Core Equity 14.74 11.88¢£

S&P 500 15.45 12.89Å�

Median 13.78 13.25¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

97.7 92.0

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

83.9 88.0



66

Peer Group Analysis - IM U.S. Large Cap Growth Equity (MF)

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


American Funds Growth Fund of America 2.72 (89) 9.26 (67) 9.26 (67) 20.80 (29) 13.49 (68) 6.40 (63) 8.05 (37)¢£

Russell 1000 Growth Index 4.78 (51) 13.05 (23) 13.05 (23) 20.26 (39) 15.81 (15) 8.41 (17) 8.49 (24)Å�

5th Percentile 6.58 15.23 15.23 22.45 16.70 9.46 9.66

1st Quartile 5.45 12.81 12.81 20.98 15.17 7.99 8.43

Median 4.79 10.50 10.50 19.68 14.07 6.89 7.60

3rd Quartile 3.83 8.67 8.67 18.31 13.09 5.83 6.78

95th Percentile 1.63 5.77 5.77 15.75 11.22 4.22 5.59

American Funds Growth Fund of America


67


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

American Funds Growth Fund of America 33.82 (50) 20.56 (5) -4.87 (81) 12.29 (74) 34.54 (52) -39.07 (44) 10.87 (73)¢£

Russell 1000 Growth Index 33.48 (54) 15.26 (48) 2.64 (11) 16.71 (31) 37.21 (38) -38.44 (39) 11.81 (66)Å�

5th Percentile 42.82 20.42 4.33 22.25 55.32 -33.93 24.66

1st Quartile 36.25 17.51 0.75 17.28 40.99 -37.43 18.17

Median 33.79 14.96 -1.77 15.21 34.75 -39.72 13.57

3rd Quartile 31.32 13.08 -4.36 12.15 30.77 -43.04 10.39

95th Percentile 28.38 10.62 -7.63 8.82 22.74 -48.52 4.22



68


Fund Information




Fund Name : Growth Fund of America; Class R-4 Shares Portfolio Assets : $143,064 Million


Ticker : RGAEX PM Tenure :

Inception Date : 05/28/2002 Fund Style : IM U.S. Large Cap Growth Equity (MF)

Fund Assets : $7,644 Million Style Benchmark : Russell 1000 Growth Index


The Fund seeks to provide growth of capital. The Fund invests primarily in common stocks in companies that appear to offer superior opportunities for growth of capital. The Fund seeksto invest in attractively valued companies that, it the Adviser's opinion, represent good, long-term investment opportunities.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Funds Growth Fund of America 13.49 13.55 1.00 -1.91 0.99 0.96 2.62 -0.77 13.55 06/01/2002

Russell 1000 Growth Index 15.81 13.38 1.16 0.00 1.00 1.00 0.00 N/A 13.38 06/01/2002


9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



American Funds Growth Fund of America 13.49 13.55¢£

Russell 1000 Growth Index 15.81 13.38Å�

Median 14.07 14.55¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.0 94.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

89.4104.4



69


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


Voya Large Cap Growth 5.19 (34) 13.61 (17) 13.61 (17) 20.67 (31) 15.59 (19) 11.48 (1) N/A¢£


5th Percentile 6.58 15.23 15.23 22.45 16.70 9.46 9.66

1st Quartile 5.45 12.81 12.81 20.98 15.17 7.99 8.43

Median 4.79 10.50 10.50 19.68 14.07 6.89 7.60

3rd Quartile 3.83 8.67 8.67 18.31 13.09 5.83 6.78

95th Percentile 1.63 5.77 5.77 15.75 11.22 4.22 5.59

Voya Large Cap Growth


70


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Voya Large Cap Growth 30.94 (78) 18.11 (20) 2.49 (11) 14.58 (56) 42.73 (20) -27.33 (1) 11.92 (65)¢£


5th Percentile 42.82 20.42 4.33 22.25 55.32 -33.93 24.66

1st Quartile 36.25 17.51 0.75 17.28 40.99 -37.43 18.17

Median 33.79 14.96 -1.77 15.21 34.75 -39.72 13.57

3rd Quartile 31.32 13.08 -4.36 12.15 30.77 -43.04 10.39

95th Percentile 28.38 10.62 -7.63 8.82 22.74 -48.52 4.22



71



* Quarterly periodicity used.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Voya Large Cap Growth 15.59 15.15 1.04 -0.63 1.03 0.99 1.84 -0.07 15.15 01/01/2006



Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.1 100.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

111.8 104.2

9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



Voya Large Cap Growth 15.59 15.15¢£


Median 14.07 15.62¾



72

Peer Group Analysis - IM U.S. Mid Cap Value Equity (MF)

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

36.0

Re

turn


American Century Mid Cap Value 6.50 (19) 16.04 (1) 16.04 (1) 20.45 (48) 15.60 (46) 10.57 (9) N/A¢£

Russell Midcap Value Index 6.05 (29) 14.75 (8) 14.75 (8) 21.98 (19) 17.43 (9) 9.14 (27) 9.43 (10)Å�

5th Percentile 7.86 15.15 15.15 24.23 17.61 11.01 10.08

1st Quartile 6.11 12.23 12.23 21.42 16.28 9.22 8.93

Median 5.55 9.81 9.81 20.27 15.41 8.22 8.09

3rd Quartile 4.51 6.97 6.97 18.60 14.03 7.05 6.98

95th Percentile 0.86 1.21 1.21 17.10 12.35 4.68 5.73

American Century Mid Cap Value


73


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

American Century Mid Cap Value 29.70 (99) 16.11 (56) -0.97 (19) 19.27 (93) 29.97 (79) -24.68 (1) -2.39 (73)¢£

Russell Midcap Value Index 33.46 (78) 18.51 (23) -1.38 (21) 24.75 (29) 34.21 (54) -38.44 (58) -1.42 (65)Å�

5th Percentile 41.74 20.20 0.01 28.81 48.20 -28.45 12.02

1st Quartile 37.58 18.25 -1.66 25.73 39.78 -35.14 5.95

Median 36.11 16.35 -4.05 22.48 35.67 -37.45 0.77

3rd Quartile 33.61 14.84 -6.56 20.38 31.14 -42.04 -3.16

95th Percentile 30.98 9.61 -8.16 16.73 25.97 -49.69 -9.67



74


Fund Information




Fund Name : American Century Capital Portfolios, Inc: Mid Cap Value Fund; ClassA Shares


Fund Family : American Century Investment Mgmt Inc Portfolio Manager : Team Managed

Ticker : ACLAX PM Tenure :

Inception Date : 01/13/2005 Fund Style : IM U.S. Mid Cap Value Equity (MF)

Fund Assets : $1,424 Million Style Benchmark : Russell Midcap Value Index


The Fund seeks long-term capital growth. Income is a secondary objective. Under normal market conditions, the Fund will invest at least 80% of its assets in medium size companies.In selection stocks for the Fund, the portfolio managers look for companies whose stock price may not reflect the company's value.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Century Mid Cap Value 15.60 11.89 1.28 1.38 0.81 0.97 3.51 -0.55 11.89 02/01/2005

Russell Midcap Value Index 17.43 14.46 1.19 0.00 1.00 1.00 0.00 N/A 14.46 02/01/2005


9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



American Century Mid Cap Value 15.60 11.89¢£

Russell Midcap Value Index 17.43 14.46Å�

Median 15.41 15.16¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

91.4 85.7

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

85.7 81.6



75

Peer Group Analysis - IM U.S. Mid Cap Core Equity (MF)

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


Vanguard Mid Cap Index Instl 6.64 (26) 13.78 (8) 13.78 (8) 21.29 (17) 17.06 (7) 8.75 (25) 9.51 (11)¢£

Russell Midcap Index 5.94 (39) 13.22 (12) 13.22 (12) 21.40 (14) 17.19 (6) 8.91 (21) 9.56 (11)Å�

5th Percentile 8.02 14.60 14.60 23.18 17.20 9.68 9.94

1st Quartile 6.64 11.44 11.44 20.86 16.03 8.75 9.10

Median 5.58 9.04 9.04 19.48 15.00 7.80 8.11

3rd Quartile 3.80 6.20 6.20 17.29 13.86 5.88 6.96

95th Percentile 1.03 2.44 2.44 14.55 9.82 3.14 5.85

Vanguard Mid Cap Index Instl


76

Peer Group Analysis - IM U.S. Mid Cap Core Equity (MF)

-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Vanguard Mid Cap Index Instl 35.17 (42) 16.01 (49) -1.96 (33) 25.67 (21) 40.51 (17) -41.76 (68) 6.22 (47)¢£

Russell Midcap Index 34.76 (48) 17.28 (34) -1.55 (26) 25.47 (24) 40.48 (17) -41.46 (65) 5.60 (50)Å�

5th Percentile 42.50 24.08 2.06 28.60 58.50 -29.04 19.91

1st Quartile 37.60 17.91 -1.40 25.25 38.30 -36.79 9.55

Median 34.46 15.93 -3.59 23.15 33.11 -38.95 5.41

3rd Quartile 31.15 12.71 -5.85 20.18 30.06 -42.20 1.03

95th Percentile 28.35 7.01 -11.02 16.16 17.92 -50.47 -4.11



77


Fund Information




Fund Name : Vanguard Index Funds: Vanguard Mid-Cap Index Fund; InstitutionalShares


Fund Family : Vanguard Group Inc Portfolio Manager : Donald M. Butler

Ticker : VMCIX PM Tenure : 1998

Inception Date : 05/20/1998 Fund Style : IM U.S. Mid Cap Core Equity (MF)

Fund Assets : $11,534 Million Style Benchmark : Russell Midcap Index


The Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The Fund employs a "passive management" approachdesigned to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of medium-size U.S. companies.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Vanguard Mid Cap Index Instl 17.06 14.91 1.13 -0.25 1.01 1.00 0.79 -0.11 14.92 04/01/2007

Russell Midcap Index 17.19 14.75 1.15 0.00 1.00 1.00 0.00 N/A 14.75 04/01/2007


6.0

9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



Vanguard Mid Cap Index Instl 17.06 14.91¢£

Russell Midcap Index 17.19 14.75Å�

Median 15.00 15.49¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.6 100.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.3 102.5



78

Peer Group Analysis - IM U.S. Mid Cap Growth Equity (MF)

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


VY FMR SM Diversified Mid Cap 4.30 (70) 6.03 (70) 6.03 (70) 18.24 (56) 13.57 (82) 6.95 (51) 9.14 (32)¢£

Russell Midcap Growth Index 5.84 (37) 11.90 (12) 11.90 (12) 20.71 (18) 16.94 (12) 8.59 (18) 9.43 (27)Å�

5th Percentile 8.43 12.97 12.97 22.62 18.63 9.56 10.76

1st Quartile 6.35 10.15 10.15 20.24 16.03 8.32 9.45

Median 5.32 7.53 7.53 18.69 15.01 6.97 8.51

3rd Quartile 4.08 5.36 5.36 16.82 13.95 5.44 7.33

95th Percentile 1.99 1.14 1.14 14.53 12.05 3.51 5.02

VY FMR SM Diversified Mid Cap


79


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

VY FMR SM Diversified Mid Cap 36.02 (47) 14.62 (46) -10.95 (93) 28.36 (28) 39.18 (58) -39.14 (15) 14.49 (60)¢£

Russell Midcap Growth Index 35.74 (51) 15.81 (30) -1.65 (28) 26.38 (49) 46.29 (25) -44.32 (43) 11.43 (74)Å�

5th Percentile 44.82 20.39 2.99 33.52 57.98 -35.41 31.37

1st Quartile 38.09 16.13 -1.28 28.64 46.08 -41.00 21.28

Median 35.76 14.22 -4.65 26.11 40.65 -45.39 15.86

3rd Quartile 31.54 11.91 -7.93 22.75 31.69 -47.98 11.18

95th Percentile 26.90 8.81 -13.17 17.63 23.88 -51.51 2.49



80






TrackingError

InformationRatio

ExcessRisk

InceptionDate

VY FMR SM Diversified Mid Cap 13.57 15.90 0.88 3.66 0.62 0.36 14.04 -0.20 15.90 01/01/2005

Russell Midcap Growth Index 16.94 15.34 1.10 0.00 1.00 1.00 0.00 N/A 15.34 01/01/2005


Up Market Capture

0.0

25.0

50.0

75.0

100.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

78.672.2

Down Market Capture

0.0

20.0

40.0

60.0

80.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

48.4

59.1

9.0

12.0

15.0

18.0

21.0

Re

turn

(%)

12.0 14.0 16.0 18.0 20.0Risk (Standard Deviation %)


VY FMR SM Diversified Mid Cap 13.57 15.90¢£

Russell Midcap Growth Index 16.94 15.34Å�

Median 15.01 16.08¾



81

Peer Group Analysis - IM U.S. Small Cap Value Equity (MF)

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn


American Beacon Small Cap Value 7.58 (56) 4.33 (40) 4.33 (40) 19.14 (31) 15.23 (39) 9.28 (14) 7.69 (27)¢£


5th Percentile 11.23 8.00 8.00 21.76 16.76 9.92 8.52

1st Quartile 9.74 5.55 5.55 19.59 15.63 8.82 7.79

Median 8.02 3.63 3.63 18.32 14.89 7.85 7.05

3rd Quartile 5.92 1.56 1.56 16.83 13.88 6.64 5.86

95th Percentile 1.54 -5.96 -5.96 12.56 11.66 5.13 4.61

American Beacon Small Cap Value


82


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

American Beacon Small Cap Value 39.63 (29) 16.08 (56) -4.41 (55) 25.67 (47) 34.94 (24) -32.11 (50) -6.64 (48)¢£

Russell 2000 Value Index 34.52 (65) 18.05 (33) -5.50 (66) 24.50 (61) 20.58 (76) -28.92 (22) -9.78 (67)Å�

5th Percentile 45.04 22.23 0.87 33.26 61.27 -26.85 1.61

1st Quartile 40.26 19.42 -0.94 28.13 34.46 -29.65 -4.08

Median 36.05 16.59 -4.00 25.40 27.89 -32.13 -6.98

3rd Quartile 33.79 13.71 -6.42 23.33 21.10 -39.62 -12.96

95th Percentile 28.04 10.00 -13.25 18.77 12.69 -45.69 -17.26



83


Fund Information




Fund Name : American Beacon Funds: American Beacon Small Cap Value Fund;Investor Class Shares


Fund Family : American Beacon Advisors Inc Portfolio Manager : Wyatt Crumpler

Ticker : AVPAX PM Tenure : 2007

Inception Date : 03/01/1999 Fund Style : IM U.S. Small Cap Value Equity (MF)

Fund Assets : $854 Million Style Benchmark : Russell 2000 Value Index


The Fund seeks long-term capital appreciation and current income by investing primarily in equity securities. Ordinarily, at least 80% of the total assets of the Fund are invested in equitysecurities of US companies with market capitalizations of $2 billion or less at the time of investment.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Beacon Small Cap Value 15.23 18.02 0.88 0.74 1.01 0.97 2.89 0.32 18.02 04/01/1999



10.0

12.0

14.0

16.0

18.0

20.0

Re

turn

(%)

12.0 14.0 16.0 18.0 20.0 22.0 24.0Risk (Standard Deviation %)


American Beacon Small Cap Value 15.23 18.02¢£


Median 14.89 17.35¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.8 103.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.1 100.6



84

Peer Group Analysis - IM U.S. Small Cap Core Equity (MF)

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn


Vanguard Small Cap Index Instl 6.83 (80) 7.53 (10) 7.53 (10) 20.56 (19) 16.90 (22) 9.65 (11) 9.17 (4)¢£

Russell 2000 Index 9.73 (42) 4.89 (43) 4.89 (43) 19.21 (44) 15.55 (47) 8.18 (33) 7.77 (34)Å�

5th Percentile 11.45 8.32 8.32 22.72 18.66 10.12 8.95

1st Quartile 9.98 5.71 5.71 20.08 16.76 8.65 8.03

Median 9.58 4.47 4.47 18.88 15.46 7.59 7.19

3rd Quartile 7.22 2.23 2.23 16.58 14.03 6.69 6.19

95th Percentile 4.64 -3.75 -3.75 12.46 8.38 4.04 4.95

Vanguard Small Cap Index Instl


85


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Vanguard Small Cap Index Instl 37.80 (59) 18.26 (19) -2.65 (46) 27.95 (26) 36.40 (18) -35.98 (49) 1.29 (22)¢£

Russell 2000 Index 38.82 (48) 16.35 (30) -4.18 (61) 26.85 (38) 27.17 (49) -33.79 (32) -1.57 (39)Å�

5th Percentile 46.63 21.60 1.64 34.17 58.97 -28.26 7.18

1st Quartile 41.73 17.04 -1.47 28.12 33.31 -33.03 0.60

Median 38.64 15.22 -3.04 25.78 26.94 -36.22 -3.00

3rd Quartile 35.60 12.37 -5.35 22.15 23.03 -39.86 -7.57

95th Percentile 30.27 5.47 -13.29 17.13 13.07 -47.46 -12.10



86


Fund Information




Fund Name : Vanguard Index Funds: Vanguard Small-Cap Index Fund; InstitutionalShares


Fund Family : Vanguard Group Inc Portfolio Manager : Michael H. Buek

Ticker : VSCIX PM Tenure : 1997

Inception Date : 07/07/1997 Fund Style : IM U.S. Small Cap Core Equity (MF)

Fund Assets : $9,795 Million Style Benchmark : Russell 2000 Index


The Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. The Fund employs an indexing investment approachdesigned to track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small U.S. companies.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Vanguard Small Cap Index Instl 16.90 17.08 1.00 1.85 0.95 0.99 2.16 0.48 17.08 01/01/2007

Russell 2000 Index 15.55 17.83 0.90 0.00 1.00 1.00 0.00 N/A 17.83 01/01/2007


5.0

10.0

15.0

20.0

25.0

Re

turn

(%)



Vanguard Small Cap Index Instl 16.90 17.08¢£

Russell 2000 Index 15.55 17.83Å�

Median 15.46 17.80¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

96.2 97.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

81.9 89.7



87

Peer Group Analysis - IM U.S. Small Cap Growth Equity (MF)

-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

38.0

Re

turn


VY Baron Small Cap Growth 6.70 (73) 4.54 (16) 4.54 (16) 20.42 (23) 17.80 (18) 8.84 (33) 9.12 (14)¢£


5th Percentile 12.91 13.54 13.54 22.70 18.90 10.55 9.73

1st Quartile 9.42 3.56 3.56 20.28 17.27 9.30 8.31

Median 8.43 1.67 1.67 18.07 15.45 7.93 7.27

3rd Quartile 6.38 -2.33 -2.33 15.82 13.50 3.30 5.59

95th Percentile 3.01 -8.80 -8.80 10.63 9.01 -0.55 2.07

VY Baron Small Cap Growth


88


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

VY Baron Small Cap Growth 39.23 (69) 19.96 (1) 2.44 (6) 26.83 (48) 35.49 (44) -41.12 (35) 6.37 (54)¢£

Russell 2000 Growth Index 43.30 (53) 14.59 (26) -2.91 (26) 29.09 (28) 34.47 (49) -38.54 (15) 7.05 (52)Å�

5th Percentile 59.50 18.16 3.22 35.81 54.23 -34.98 19.75

1st Quartile 51.90 14.61 -2.71 29.61 44.65 -39.66 11.96

Median 43.55 11.77 -5.00 26.70 34.14 -42.69 7.44

3rd Quartile 38.25 9.56 -8.45 21.64 27.04 -45.82 2.36

95th Percentile 26.84 2.10 -13.76 14.90 16.08 -52.60 -5.00



89






TrackingError

InformationRatio

ExcessRisk

InceptionDate

VY Baron Small Cap Growth 17.80 17.51 1.03 7.84 0.61 0.40 15.35 0.05 17.51 01/01/2005



Up Market Capture

0.0

25.0

50.0

75.0

100.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

76.6 73.8

Down Market Capture

0.0

15.0

30.0

45.0

60.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

38.445.2

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn

(%)



VY Baron Small Cap Growth 17.80 17.51¢£


Median 15.45 18.45¾



90

Peer Group Analysis - IM International Large Cap Core Equity (MF)

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn


American Funds EuroPacific Growth -1.72 (9) -2.66 (19) -2.66 (19) 11.72 (24) 5.68 (22) 1.24 (16) 6.69 (13)¢£

MSCI EAFE (Net) -3.57 (40) -4.90 (29) -4.90 (29) 11.06 (31) 5.33 (29) -0.47 (31) 4.43 (34)Å�

5th Percentile 0.33 1.22 1.22 13.30 6.84 2.28 7.56

1st Quartile -2.63 -4.44 -4.44 11.63 5.53 -0.25 4.79

Median -4.10 -6.00 -6.00 10.38 4.79 -0.79 4.19

3rd Quartile -4.52 -6.49 -6.49 9.45 4.22 -1.39 3.75

95th Percentile -6.53 -7.17 -7.17 6.10 3.43 -2.40 2.99

American Funds EuroPacific Growth


91


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

American Funds EuroPacific Growth 20.17 (51) 19.22 (27) -13.61 (65) 9.39 (25) 39.13 (14) -40.56 (14) 18.87 (6)¢£

MSCI EAFE (Net) 22.78 (10) 17.32 (65) -12.14 (34) 7.75 (43) 31.78 (30) -43.38 (56) 11.17 (51)Å�

5th Percentile 24.48 22.14 -4.88 13.46 44.23 -38.91 19.39

1st Quartile 21.65 19.30 -10.77 9.15 33.71 -41.57 14.75

Median 20.23 18.06 -13.00 7.54 28.94 -42.71 11.18

3rd Quartile 17.65 16.68 -14.58 6.37 25.99 -45.87 9.75

95th Percentile 8.49 11.53 -17.61 2.80 20.92 -49.83 4.94



92


Fund Information




Fund Name : EuroPacific Growth Fund; Class R-4 Shares Portfolio Assets : $121,383 Million


Ticker : REREX PM Tenure :

Inception Date : 06/07/2002 Fund Style : IM International Large Cap Core Equity (MF)

Fund Assets : $13,164 Million Style Benchmark : MSCI EAFE (Net)


The Fund seeks to provide long-term growth of capital by investing in companies based outside the United States. The Fund Invests in companies based chiefly in Europe and thePacific Basin, ranging from small firms to large corporations.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Funds EuroPacific Growth 5.68 15.80 0.42 0.65 0.93 0.96 3.53 0.06 15.80 07/01/2002

MSCI EAFE (Net) 5.33 16.59 0.39 0.00 1.00 1.00 0.00 N/A 16.59 07/01/2002


2.0

4.0

6.0

8.0

Re

turn

(%)



American Funds EuroPacific Growth 5.68 15.80¢£

MSCI EAFE (Net) 5.33 16.59Å�

Median 4.79 16.96¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

92.3 92.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

81.7 89.0



93

Peer Group Analysis - IM Global Large Cap Core Equity (MF)

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn


VY Oppenheimer Global -0.32 (76) 2.32 (65) 2.32 (65) 16.54 (9) 11.04 (4) 5.00 (1) 7.22 (26)¢£

MSCI World (Net) 1.01 (26) 4.94 (27) 4.94 (27) 15.47 (37) 10.20 (16) 3.27 (39) 6.03 (72)Å�

5th Percentile 2.31 8.61 8.61 17.50 10.91 4.22 7.67

1st Quartile 1.05 5.23 5.23 15.78 9.58 3.49 7.27

Median 0.02 3.45 3.45 14.78 8.95 2.95 6.65

3rd Quartile -0.29 -0.13 -0.13 13.63 8.18 2.09 5.79

95th Percentile -4.45 -3.40 -3.40 7.55 5.91 -0.56 3.28

VY Oppenheimer Global


94


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

VY Oppenheimer Global 27.13 (28) 21.70 (2) -8.12 (61) 16.06 (4) 39.76 (11) -40.37 (60) 6.57 (97)¢£

MSCI World (Net) 26.68 (34) 15.83 (68) -5.54 (31) 11.76 (21) 29.99 (80) -40.71 (63) 9.04 (86)Å�

5th Percentile 38.04 21.10 4.56 15.77 60.72 -37.70 36.07

1st Quartile 28.24 19.12 -4.14 11.40 33.79 -38.60 17.76

Median 24.84 17.93 -7.60 10.23 32.23 -39.57 16.56

3rd Quartile 23.50 14.91 -8.36 7.69 31.16 -44.46 10.67

95th Percentile 11.78 9.19 -15.93 6.80 25.74 -46.14 7.34



95






TrackingError

InformationRatio

ExcessRisk

InceptionDate

VY Oppenheimer Global 11.04 17.67 0.68 4.05 0.76 0.37 14.46 0.09 17.66 01/01/2005

MSCI World (Net) 10.20 14.18 0.75 0.00 1.00 1.00 0.00 N/A 14.18 01/01/2005


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

85.0 87.9

Down Market Capture

0.0

25.0

50.0

75.0

100.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

41.1

69.6

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

(%)



VY Oppenheimer Global 11.04 17.67¢£

MSCI World (Net) 10.20 14.18Å�

Median 8.95 14.39¾



96

Peer Group Analysis - IM Emerging Markets Equity (MF)

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Re

turn


Oppenheimer Developing Markets -6.69 (79) -4.55 (70) -4.55 (70) 7.95 (16) 5.66 (8) 3.25 (3) N/A¢£

MSCI Emerging Markets Index -4.44 (49) -1.82 (40) -1.82 (40) 4.42 (48) 2.12 (44) -1.02 (36) 8.78 (20)Å�

5th Percentile -0.54 5.49 5.49 12.04 6.79 2.60 10.75

1st Quartile -3.22 -0.24 -0.24 6.55 3.63 -0.17 8.52

Median -4.58 -3.01 -3.01 4.30 1.75 -1.87 7.69

3rd Quartile -6.37 -5.20 -5.20 2.08 0.16 -3.30 6.81

95th Percentile -12.04 -11.81 -11.81 -1.67 -3.77 -6.17 4.79

Oppenheimer Developing Markets


97


-100.0

-50.0

0.0

50.0

100.0

150.0

200.0

-150.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Oppenheimer Developing Markets 8.68 (15) 21.29 (21) -17.85 (30) 27.39 (9) 82.10 (23) -47.84 (16) 34.30 (65)¢£

MSCI Emerging Markets Index -2.27 (55) 18.64 (53) -18.17 (33) 19.20 (42) 79.02 (26) -53.18 (41) 39.78 (35)Å�

5th Percentile 15.14 28.28 -11.36 28.71 104.40 -45.81 46.11

1st Quartile 2.68 20.73 -17.41 22.10 79.17 -50.75 41.09

Median -1.45 18.77 -19.49 18.32 72.85 -54.66 36.94

3rd Quartile -4.78 15.43 -23.08 16.55 67.04 -57.38 32.72

95th Percentile -8.39 8.44 -28.22 11.47 49.94 -64.88 26.88



98


Fund Information




Fund Name : Oppenheimer Developing Markets Fund; Class Y Shares Portfolio Assets : $39,070 Million

Fund Family : OppenheimerFunds Inc Portfolio Manager : Justin Leverenz

Ticker : ODVYX PM Tenure : 2007

Inception Date : 09/07/2005 Fund Style : IM Emerging Markets Equity (MF)

Fund Assets : $19,270 Million Style Benchmark : MSCI Emerging Markets Index


The Fund seeks aggressive capital appreciation by investing in common stocks of issuers in emerging and developing markets throughout the world. The Fund will invest at least 80% ofits total assets in equity securities of companies with high growth potential in at least three developing markets.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Oppenheimer Developing Markets 5.66 17.79 0.39 3.61 0.93 0.93 4.81 0.69 17.79 10/01/2005

MSCI Emerging Markets Index 2.12 18.38 0.20 0.00 1.00 1.00 0.00 N/A 18.38 10/01/2005


-10.0

-5.0

0.0

5.0

10.0

Re

turn

(%)



Oppenheimer Developing Markets 5.66 17.79¢£

MSCI Emerging Markets Index 2.12 18.38Å�

Median 1.75 18.60¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.1 101.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

80.0 87.1



99

Peer Group Analysis - IM U.S. REIT (SA+CF)

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

38.0

44.0

50.0

Re

turn


Voya Real Estate 13.98 (74) 29.77 (80) 29.77 (80) 15.27 (89) 16.53 (87) 8.92 (65) 8.86 (69)¢£

NCREIF ODCE Equal Weighted 3.11 (100) 12.38 (100) 12.38 (100) 12.25 (99) 13.76 (98) 2.44 (100) 6.73 (99)Å�

5th Percentile 16.86 37.45 37.45 20.95 19.72 12.73 11.63

1st Quartile 15.25 32.99 32.99 17.48 18.27 9.97 9.89

Median 14.59 31.50 31.50 16.63 17.84 9.20 9.41

3rd Quartile 13.92 30.22 30.22 16.16 17.28 8.71 8.65

95th Percentile 11.98 24.28 24.28 14.31 15.34 6.59 7.48

Voya Real Estate


100

Peer Group Analysis - IM U.S. REIT (SA+CF)

-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Voya Real Estate 2.09 (64) 15.61 (94) 9.76 (54) 27.83 (71) 30.00 (53) -34.89 (30) -16.28 (55)¢£

NCREIF ODCE Equal Weighted 13.36 (1) 11.03 (99) 15.96 (2) 16.14 (100) -30.65 (100) -10.37 (1) 16.09 (1)Å�

5th Percentile 9.37 25.14 13.02 33.54 49.96 -24.06 -9.09

1st Quartile 3.57 18.65 11.35 30.34 34.32 -34.57 -14.15

Median 2.59 17.78 10.10 29.10 30.61 -37.83 -15.70

3rd Quartile 1.58 17.24 8.68 26.91 27.87 -40.45 -17.53

95th Percentile -0.05 14.54 6.26 23.96 22.59 -47.12 -21.57

Voya Real Estate


101


Fund Information




Fund Name : Voya Equity Trust: Voya Real Estate Fund; Institutional Shares Portfolio Assets : $1,507 Million

Fund Family : Voya Investments LLC Portfolio Manager : Ferguson/Smith

Ticker : CRARX PM Tenure : 1997--2005

Inception Date : 01/01/1997 Fund Style : IM U.S. REIT (SA+CF)

Fund Assets : $1,092 Million Style Benchmark : NCREIF ODCE Equal Weighted


The Fund seeks total return through investment in real estate securities. The Fund invests primarily in income-producing equity securities of publicly traded companies principallyengaged in the real estate industry.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Voya Real Estate 16.53 16.60 1.01 25.17 -0.45 0.02 18.38 0.20 16.60 02/01/1997

NCREIF ODCE Equal Weighted 13.76 5.73 2.28 0.00 1.00 1.00 0.00 N/A 5.72 02/01/1997


12.0

15.0

18.0

21.0

Re

turn

(%)



Voya Real Estate 16.53 16.60¢£

NCREIF ODCE Equal Weighted 13.76 5.73Å�

Median 17.84 16.45¾

Up Market Capture

0.0

50.0

100.0

150.0

200.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

129.0 127.8

Down Market Capture

No data found.

Voya Real Estate


102

Peer Group Analysis - IM Mixed-Asset Target Alloc Consv (MF)

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn


Vanguard Target Rtmt Income 1.52 (19) 5.54 (21) 5.54 (21) 6.54 (60) 6.84 (40) 5.11 (30) 5.36 (24)¢£

Vanguard Target Income Composite Index 1.58 (18) 5.76 (18) 5.76 (18) 6.73 (56) 6.97 (36) 5.14 (28) 5.38 (23)Å�

5th Percentile 2.66 8.62 8.62 9.68 9.01 6.25 6.17

1st Quartile 1.34 5.20 5.20 8.07 7.34 5.21 5.25

Median 0.95 4.00 4.00 6.97 6.51 4.50 4.64

3rd Quartile 0.31 3.19 3.19 5.63 5.37 3.36 3.88

95th Percentile -1.55 1.19 1.19 3.60 3.88 1.78 2.61

Vanguard Target Rtmt Income


103


-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Vanguard Target Rtmt Income 5.87 (63) 8.23 (73) 5.25 (4) 9.39 (61) 14.28 (85) -10.93 (14) 8.17 (4)¢£

Vanguard Target Income Composite Index 6.03 (62) 8.42 (70) 5.30 (4) 9.42 (61) 14.33 (85) -11.34 (16) 8.10 (4)Å�

5th Percentile 12.29 13.47 4.80 13.40 30.53 -6.58 7.91

1st Quartile 8.85 10.65 2.71 10.99 23.46 -14.32 6.22

Median 6.86 9.48 1.73 9.92 20.02 -18.02 4.80

3rd Quartile 4.46 8.10 0.70 8.48 16.32 -21.71 3.27

95th Percentile -2.10 5.67 -1.25 5.97 8.22 -27.47 0.17



104


Fund Information




Fund Name : Vanguard Chester Funds: Vanguard Target Retirement Income Fund;Investor Class Shares


Fund Family : Vanguard Group Inc Portfolio Manager : Buek/Coleman/Nejman

Ticker : VTINX PM Tenure : 2013--2013--2013

Inception Date : 10/27/2003 Fund Style : IM Mixed-Asset Target Alloc Consv (MF)

Fund Assets : $11,467 Million Style Benchmark : Vanguard Target Income Composite Index


The Fund seeks to provide current income and some capital appreciation The Fund is a fund-of-funds with an asset allocation strategy designed is for investors currently in retirement.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Vanguard Target Rtmt Income 6.84 4.29 1.55 -0.10 1.00 1.00 0.20 -0.61 4.29 11/01/2003

Vanguard Target Income Composite Index 6.97 4.30 1.58 0.00 1.00 1.00 0.00 N/A 4.30 11/01/2003


2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)



Vanguard Target Rtmt Income 6.84 4.29¢£

Vanguard Target Income Composite Index 6.97 4.30Å�

Median 6.51 5.53¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.2 99.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.9 100.9



105

Peer Group Analysis - IM Mixed-Asset Target 2010 (MF)

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn


Vanguard Target Rtmt 2010 1.68 (7) 5.93 (7) 5.93 (7) 8.37 (41) 7.95 (25) 4.79 (7) N/A¢£

Vanguard Target 2010 Composite Index 1.72 (4) 6.13 (4) 6.13 (4) 8.53 (38) 8.05 (23) 4.80 (6) N/AÅ�

5th Percentile 1.71 6.02 6.02 9.89 8.63 4.91 5.79

1st Quartile 1.42 4.63 4.63 8.90 7.93 4.17 4.84

Median 1.03 4.10 4.10 8.01 7.05 3.39 4.40

3rd Quartile 0.55 3.32 3.32 6.48 5.92 2.59 4.09

95th Percentile -0.03 2.30 2.30 3.63 4.61 1.84 3.37

Vanguard Target Rtmt 2010


106


-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Vanguard Target Rtmt 2010 9.10 (51) 10.12 (47) 3.37 (6) 11.43 (35) 19.32 (81) -20.67 (21) 7.70 (8)¢£

Vanguard Target 2010 Composite Index 9.32 (47) 10.19 (43) 3.28 (10) 11.53 (32) 19.28 (81) -20.93 (22) 7.75 (8)Å�

5th Percentile 11.95 12.78 3.52 13.11 29.27 -12.76 8.11

1st Quartile 10.68 11.34 1.95 11.81 25.11 -21.67 6.74

Median 9.10 9.83 0.75 10.80 23.34 -25.97 5.86

3rd Quartile 6.62 8.57 -0.41 9.92 21.06 -29.01 4.99

95th Percentile 1.67 5.76 -1.71 7.89 12.85 -32.90 2.89



107


Fund Information




Fund Name : Vanguard Chester Funds: Vanguard Target Retirement 2010 Fund;Investor Class Shares



Ticker : VTENX PM Tenure : 2013--2013--2013

Inception Date : 06/07/2006 Fund Style : IM Mixed-Asset Target 2010 (MF)

Fund Assets : $7,151 Million Style Benchmark : Vanguard Target 2010 Composite Index


The Fund seeks capital appreciation and current income consistent with its current asset allocation. The Fund is a fund-of-funds with the asset allocation becoming more conservativeover time. The allocation strategy designed is for investors planning to retire in or within a few years of 2010.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Vanguard Target Rtmt 2010 7.95 6.34 1.23 -0.07 1.00 1.00 0.25 -0.37 6.34 07/01/2006

Vanguard Target 2010 Composite Index 8.05 6.35 1.24 0.00 1.00 1.00 0.00 N/A 6.35 07/01/2006


2.0

4.0

6.0

8.0

10.0

Re

turn

(%)



Vanguard Target Rtmt 2010 7.95 6.34¢£

Vanguard Target 2010 Composite Index 8.05 6.35Å�

Median 7.05 7.28¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.3 99.2

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.2 99.8



108


-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Re

turn


Vanguard Target Rtmt 2015 1.93 (13) 6.55 (7) 6.55 (7) 10.27 (20) 8.93 (14) 5.06 (7) 5.92 (14)¢£

Vanguard Target 2015 Composite Index 2.03 (11) 6.78 (5) 6.78 (5) 10.47 (17) 9.03 (12) 5.07 (7) 5.94 (9)Å�

5th Percentile 2.24 6.65 6.65 11.12 9.20 5.09 6.12

1st Quartile 1.61 5.26 5.26 10.04 8.44 4.49 5.49

Median 1.26 4.35 4.35 8.94 7.72 3.80 4.29

3rd Quartile 0.73 3.58 3.58 7.37 6.77 2.83 3.17

95th Percentile -0.12 2.39 2.39 4.63 5.29 1.79 2.49



109


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007



5th Percentile 14.49 13.53 3.07 13.88 31.29 -5.72 8.99

1st Quartile 12.78 12.39 1.34 12.79 26.95 -25.42 7.42

Median 10.44 10.79 -0.23 11.51 25.34 -29.25 6.12

3rd Quartile 6.57 9.61 -1.25 10.54 21.76 -33.20 5.30

95th Percentile 0.72 7.41 -3.87 6.60 8.48 -36.10 1.89



110


Fund Information







Ticker : VTXVX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




4.0

6.0

8.0

10.0

12.0

Re

turn

(%)





Median 7.72 7.88¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.6 99.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.0 100.1



111


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

Re

turn




5th Percentile 2.54 6.68 6.68 12.32 9.88 5.16 6.02

1st Quartile 1.86 5.61 5.61 11.23 8.97 4.29 5.16

Median 1.49 4.73 4.73 9.34 7.96 3.73 4.77

3rd Quartile 1.15 4.02 4.02 8.00 7.14 3.13 4.23

95th Percentile 0.09 2.93 2.93 4.73 5.33 2.07 3.21



112


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007



5th Percentile 17.44 14.48 9.06 14.46 32.47 -16.53 8.86

1st Quartile 15.31 13.15 1.02 13.49 28.62 -27.47 7.80

Median 12.03 11.53 -0.51 12.27 25.92 -31.95 6.23

3rd Quartile 8.66 10.37 -1.62 11.17 22.47 -34.03 4.64

95th Percentile 1.73 8.67 -4.05 9.54 11.91 -38.25 2.26



113


Fund Information







Ticker : VTWNX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




4.0

6.0

8.0

10.0

12.0

Re

turn

(%)





Median 7.96 8.71¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.5 99.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.8 101.5



114


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn




5th Percentile 2.89 7.07 7.07 14.18 10.85 5.58 6.59

1st Quartile 2.01 6.32 6.32 12.75 10.00 4.86 5.95

Median 1.61 5.16 5.16 11.32 9.21 4.20 5.35

3rd Quartile 1.29 4.35 4.35 10.20 8.23 3.61 4.56

95th Percentile 0.18 2.72 2.72 5.85 7.58 2.19 3.92



115


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Vanguard Target Rtmt 2025 18.14 (24) 13.29 (46) -0.37 (18) 13.84 (39) 24.81 (80) -30.05 (16) 7.59 (45)¢£


5th Percentile 20.61 15.87 0.84 15.14 35.57 -26.67 9.43

1st Quartile 17.87 14.59 -0.96 14.19 31.80 -31.48 8.35

Median 15.86 13.00 -2.03 13.42 28.95 -35.04 7.17

3rd Quartile 13.13 11.74 -2.86 12.57 25.40 -36.15 5.32

95th Percentile 4.78 10.37 -5.46 10.93 20.62 -40.09 1.86



116


Fund Information







Ticker : VTTVX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




6.0

8.0

10.0

12.0

Re

turn

(%)





Median 9.21 10.40¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.5 99.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.6 101.5



117


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn




5th Percentile 3.11 7.38 7.38 14.98 11.31 5.58 6.48

1st Quartile 2.16 6.09 6.09 13.47 10.16 4.46 5.47

Median 1.84 5.27 5.27 12.19 9.36 3.84 5.13

3rd Quartile 1.36 4.15 4.15 10.46 8.39 3.27 4.65

95th Percentile 0.26 2.55 2.55 6.30 6.22 2.33 4.40



118


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007


Vanguard Target 2030 Composite Index 20.88 (25) 14.31 (40) -0.89 (17) 14.58 (30) 27.02 (71) -33.27 (19) 7.64 (38)Å�

5th Percentile 23.05 16.76 2.99 16.44 35.89 -31.22 9.91

1st Quartile 20.80 15.09 -1.41 14.82 31.77 -33.90 8.77

Median 18.02 13.66 -2.57 13.60 28.79 -36.49 6.43

3rd Quartile 15.26 12.41 -3.71 12.63 26.64 -38.99 5.42

95th Percentile 3.99 10.46 -6.33 11.18 20.74 -41.06 1.86



119


Fund Information







Ticker : VTHRX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

(%)





Median 9.36 11.34¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.4 99.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.0 101.2



120


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn




5th Percentile 3.38 7.56 7.56 15.91 11.71 5.82 6.98

1st Quartile 2.19 6.51 6.51 14.63 10.85 5.00 6.35

Median 1.88 5.40 5.40 13.35 10.19 4.47 5.63

3rd Quartile 1.50 4.27 4.27 12.18 9.61 3.78 5.06

95th Percentile 0.47 2.65 2.65 7.89 8.67 2.14 4.58



121


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007



5th Percentile 24.72 18.00 -0.86 16.09 36.34 -34.05 10.47

1st Quartile 22.78 15.75 -2.41 15.21 32.84 -35.25 9.04

Median 20.80 14.75 -3.34 14.57 30.99 -36.09 7.49

3rd Quartile 18.74 13.59 -4.35 13.46 27.65 -39.32 5.72

95th Percentile 9.88 12.39 -7.02 12.08 20.80 -41.34 1.50



122


Fund Information







Ticker : VTTHX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




6.0

8.0

10.0

12.0

14.0

Re

turn

(%)





Median 10.19 12.27¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.4 99.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

101.8 101.0



123


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn




5th Percentile 3.41 7.95 7.95 16.50 11.95 5.80 6.75

1st Quartile 2.32 6.56 6.56 14.94 10.88 4.70 5.84

Median 2.03 5.54 5.54 13.71 10.14 3.92 5.37

3rd Quartile 1.56 4.25 4.25 12.27 9.15 3.30 5.05

95th Percentile 0.52 2.63 2.63 6.92 7.06 2.36 4.53



124


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007



5th Percentile 26.05 17.80 1.34 16.92 36.67 -34.77 9.36

1st Quartile 23.81 15.87 -2.82 15.46 33.82 -35.98 8.32

Median 21.68 14.92 -3.93 14.63 30.70 -38.09 6.55

3rd Quartile 18.66 13.80 -4.96 13.04 28.33 -40.16 5.51

95th Percentile 3.56 10.45 -7.49 11.89 23.84 -41.24 1.27



125


Fund Information







Ticker : VFORX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

(%)





Median 10.14 12.61¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.5 99.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.1 101.0



126


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn




5th Percentile 3.53 8.09 8.09 16.51 12.03 6.00 7.20

1st Quartile 2.38 6.68 6.68 15.28 11.32 5.15 6.82

Median 2.02 5.56 5.56 14.36 10.65 4.51 6.13

3rd Quartile 1.59 4.24 4.24 13.64 9.97 3.75 5.44

95th Percentile 0.51 2.64 2.64 11.85 8.98 2.31 5.07



127


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007



5th Percentile 25.95 18.34 -1.48 16.44 36.60 -33.77 11.04

1st Quartile 24.49 16.29 -2.97 15.65 33.57 -35.64 9.27

Median 23.08 15.49 -4.03 15.03 31.12 -38.51 6.84

3rd Quartile 20.66 14.70 -4.91 13.41 28.74 -40.43 5.58

95th Percentile 13.38 12.99 -7.78 11.96 20.64 -41.71 1.19



128


Fund Information







Ticker : VTIVX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




8.0

10.0

12.0

14.0

Re

turn

(%)





Median 10.65 13.08¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.5 99.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.2 101.1



129


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn




5th Percentile 3.59 8.61 8.61 16.70 12.02 5.95 N/A

1st Quartile 2.45 6.70 6.70 15.36 11.21 4.94 N/A

Median 2.06 5.66 5.66 14.45 10.41 4.15 N/A

3rd Quartile 1.65 4.31 4.31 13.15 9.24 3.35 N/A

95th Percentile 0.37 1.69 1.69 7.20 7.26 2.17 N/A



130


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007



5th Percentile 26.17 18.08 9.37 16.86 38.81 -34.46 9.74

1st Quartile 24.93 16.36 -3.54 15.66 34.26 -37.52 7.49

Median 23.08 15.54 -4.38 14.80 31.42 -39.08 6.62

3rd Quartile 20.12 14.52 -5.36 13.38 29.35 -39.77 5.88

95th Percentile 2.68 10.37 -8.12 12.11 27.70 -42.32 0.61



131


Fund Information







Ticker : VFIFX PM Tenure : 2013--2013--2013







TrackingError

InformationRatio

ExcessRisk

InceptionDate




4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

(%)





Median 10.41 13.25¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.5 99.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

102.1 100.9



132

TIAA-CREF

133


-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn


CREF Social Choice Account 2.03 (31) 6.83 (19) 6.83 (19) 11.42 (44) 9.53 (35) 5.73 (14) 6.00 (30)¢£

60% Russell 3000 / 40% Barclays Agg 3.86 (4) 9.96 (4) 9.96 (4) 13.18 (27) 11.31 (9) 6.82 (4) 6.95 (9)Å�

5th Percentile 3.60 9.30 9.30 15.93 11.76 6.63 7.27

1st Quartile 2.19 6.27 6.27 13.39 10.14 5.18 6.14

Median 1.54 4.75 4.75 10.64 8.65 4.35 5.38

3rd Quartile 0.69 3.45 3.45 7.74 7.08 3.36 4.61

95th Percentile -1.65 0.17 0.17 3.78 4.41 1.79 3.20

CREF Social Choice Account


134


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

CREF Social Choice Account 16.67 (44) 10.98 (64) 1.82 (20) 11.94 (56) 22.42 (68) -23.46 (26) 4.81 (70)¢£

60% Russell 3000 / 40% Barclays Agg 18.19 (37) 11.55 (58) 4.07 (6) 13.25 (36) 19.48 (82) -22.24 (22) 6.02 (51)Å�

5th Percentile 25.84 16.84 4.63 16.50 37.16 -12.68 11.72

1st Quartile 20.68 14.40 1.17 14.06 30.51 -23.28 7.85

Median 15.18 12.16 -1.46 12.31 26.03 -29.62 6.03

3rd Quartile 8.36 9.86 -3.76 10.41 20.90 -35.63 4.28

95th Percentile 0.56 5.40 -7.33 6.86 12.76 -41.00 0.82



135






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Social Choice Account 9.53 8.15 1.16 -1.30 0.97 0.97 1.46 -1.13 8.15 10/01/2001

60% Russell 3000 / 40% Barclays Agg 11.31 8.28 1.34 0.00 1.00 1.00 0.00 N/A 8.29 10/01/2001


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

90.6 90.3

Down Market Capture

0.0

100.0

200.0

300.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

212.6

110.1

0.0

3.0

6.0

9.0

12.0

15.0

Re

turn

(%)



CREF Social Choice Account 9.53 8.15¢£

60% Russell 3000 / 40% Barclays Agg 11.31 8.28Å�

Median 8.65 9.64¾



136

Peer Group Analysis - IM Global Large Cap Equity (MF)

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn


CREF Stock Account 2.36 (13) 6.41 (16) 6.41 (16) 16.84 (20) 11.90 (6) 4.90 (26) 6.64 (60)¢£

70% R3000 / 30% MSCI ACWI ex US 2.47 (12) 7.56 (7) 7.56 (7) 17.17 (15) 12.38 (2) 5.26 (16) 7.32 (37)Å�

5th Percentile 3.26 8.03 8.03 17.80 12.00 6.10 8.40

1st Quartile 1.68 5.41 5.41 16.46 11.12 4.92 7.60

Median 0.42 3.18 3.18 15.05 10.15 4.09 6.90

3rd Quartile -0.14 1.43 1.43 13.43 9.03 2.63 5.91

95th Percentile -4.34 -3.20 -3.20 8.89 7.15 0.95 4.45

CREF Stock Account


137

Peer Group Analysis - IM Global Large Cap Equity (MF)

-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

CREF Stock Account 27.83 (30) 17.26 (49) -4.94 (37) 15.72 (8) 32.04 (40) -39.68 (46) 7.99 (71)¢£

70% R3000 / 30% MSCI ACWI ex US 28.06 (29) 16.79 (52) -3.45 (26) 15.40 (10) 32.45 (36) -39.68 (46) 8.67 (64)Å�

5th Percentile 35.67 23.10 5.77 16.01 49.32 -30.68 24.50

1st Quartile 28.79 19.81 -3.27 13.29 34.55 -38.06 16.52

Median 25.84 17.08 -6.82 11.33 31.21 -40.29 10.82

3rd Quartile 23.76 13.62 -8.40 9.33 25.45 -44.58 7.64

95th Percentile 14.75 9.80 -14.71 6.08 18.82 -53.14 5.17

CREF Stock Account


138






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Stock Account 11.90 15.31 0.82 -0.86 1.04 1.00 0.78 -0.44 15.31 07/01/2001

70% R3000 / 30% MSCI ACWI ex US 12.38 14.72 0.88 0.00 1.00 1.00 0.00 N/A 14.72 07/01/2001


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.9 100.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

111.8 106.1

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

(%)



CREF Stock Account 11.90 15.31¢£

70% R3000 / 30% MSCI ACWI ex US 12.38 14.72Å�

Median 10.15 14.92¾

CREF Stock Account


139


-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Re

turn


CREF Bond Market Account 1.46 (40) 5.52 (53) 5.52 (53) 2.87 (60) 4.44 (60) 4.34 (67) 4.27 (58)¢£


5th Percentile 1.82 7.45 7.45 5.08 6.19 5.96 5.50

1st Quartile 1.57 6.01 6.01 3.77 5.24 5.28 4.90

Median 1.35 5.54 5.54 3.09 4.69 4.68 4.43

3rd Quartile 0.99 4.73 4.73 2.51 4.13 4.12 3.84

95th Percentile 0.22 2.53 2.53 1.60 3.13 2.53 2.60

CREF Bond Market Account


140


-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

CREF Bond Market Account -2.01 (54) 5.29 (67) 6.95 (38) 6.72 (64) 7.01 (81) 1.24 (31) 5.97 (33)¢£


5th Percentile -0.17 9.61 8.20 10.45 20.69 6.03 7.34

1st Quartile -1.29 7.29 7.37 8.29 15.84 2.54 6.22

Median -1.94 6.04 6.66 7.25 12.24 -3.79 5.27

3rd Quartile -2.45 4.85 5.73 6.37 7.95 -8.68 4.09

95th Percentile -3.44 3.35 3.82 5.06 4.96 -19.84 2.19



141






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Bond Market Account 4.44 2.80 1.55 0.34 0.92 0.94 0.71 -0.02 2.80 10/01/2001



Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

106.399.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

101.1 98.7

2.0

4.0

6.0

8.0

Re

turn

(%)



CREF Bond Market Account 4.44 2.80¢£


Median 4.69 2.88¾



142

Peer Group Analysis - IM U.S. TIPS (MF)

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Re

turn


CREF Inflation-Linked Bond Account -0.14 (16) 3.33 (16) 3.33 (16) 0.01 (49) 3.69 (29) 3.70 (37) 3.92 (39)¢£

Barclays U.S. Treasury: U.S. TIPS -0.03 (9) 3.64 (7) 3.64 (7) 0.44 (24) 4.11 (6) 4.17 (12) 4.38 (9)Å�

5th Percentile 0.18 3.89 3.89 1.74 4.17 4.33 4.61

1st Quartile -0.29 2.98 2.98 0.41 3.73 3.85 4.08

Median -0.70 2.14 2.14 -0.02 3.36 3.42 3.67

3rd Quartile -1.47 0.27 0.27 -0.44 2.65 2.71 3.11

95th Percentile -2.60 -2.32 -2.32 -1.28 1.61 0.55 0.83

CREF Inflation-Linked Bond Account


143

Peer Group Analysis - IM U.S. TIPS (MF)

-36.0

-28.0

-20.0

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

CREF Inflation-Linked Bond Account -9.02 (63) 6.40 (49) 13.16 (17) 5.89 (48) 9.58 (67) -1.78 (34) 11.05 (32)¢£

Barclays U.S. Treasury: U.S. TIPS -8.61 (43) 6.98 (23) 13.56 (7) 6.31 (30) 11.41 (23) -2.35 (47) 11.63 (9)Å�

5th Percentile -0.46 9.98 13.80 7.81 18.52 -0.32 11.82

1st Quartile -5.82 6.89 12.93 6.42 11.22 -1.38 11.20

Median -8.75 6.35 11.93 5.87 10.26 -2.56 10.64

3rd Quartile -9.30 5.47 9.20 5.21 9.19 -4.23 9.81

95th Percentile -10.80 3.21 4.43 3.88 6.28 -18.34 5.35



144






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Inflation-Linked Bond Account 3.69 5.31 0.70 -0.46 1.01 1.00 0.24 -1.74 5.31 10/01/2001

Barclays U.S. Treasury: U.S. TIPS 4.11 5.24 0.79 0.00 1.00 1.00 0.00 N/A 5.24 10/01/2001


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

94.6 96.7

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

105.1 107.7

0.0

1.0

2.0

3.0

4.0

5.0

Re

turn

(%)



CREF Inflation-Linked Bond Account 3.69 5.31¢£

Barclays U.S. Treasury: U.S. TIPS 4.11 5.24Å�

Median 3.36 5.27¾



145


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


TIAA-Cref Large Cap Value Instl 3.89 (57) 9.16 (79) 9.16 (79) 20.65 (27) 14.38 (28) 6.37 (32) 6.98 (33)¢£


5th Percentile 5.85 14.07 14.07 22.14 16.29 7.91 8.31

1st Quartile 4.90 12.10 12.10 20.72 14.47 6.60 7.22

Median 4.20 10.87 10.87 19.48 13.46 5.64 6.40

3rd Quartile 2.91 9.60 9.60 17.65 12.49 4.57 5.55

95th Percentile 1.01 6.41 6.41 15.47 10.98 3.15 4.10

TIAA-Cref Large Cap Value Instl


146


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

TIAA-Cref Large Cap Value Instl 34.43 (31) 19.68 (5) -5.67 (83) 18.18 (6) 30.87 (17) -39.85 (70) -0.06 (61)¢£

Russell 1000 Value Index 32.53 (47) 17.51 (24) 0.39 (23) 15.51 (19) 19.69 (74) -36.85 (49) -0.17 (62)Å�

5th Percentile 39.25 19.62 5.45 18.22 38.58 -30.84 9.00

1st Quartile 34.92 17.34 0.21 14.93 28.16 -34.84 3.60

Median 32.31 15.46 -2.29 12.71 24.28 -36.97 1.29

3rd Quartile 30.52 13.60 -4.62 11.36 19.50 -40.72 -1.77

95th Percentile 26.84 9.87 -8.48 9.23 14.96 -47.23 -6.95



147






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Large Cap Value Instl 14.38 14.61 0.99 -2.02 1.08 0.98 2.43 -0.30 14.61 11/01/2002



Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.7 102.2

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

104.8 110.8

8.0

10.0

12.0

14.0

16.0

18.0

Re

turn

(%)



TIAA-Cref Large Cap Value Instl 14.38 14.61¢£


Median 13.46 13.79¾



148

Peer Group Analysis - IM U.S. Multi-Cap Equity (MF)

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


CREF Equity Index Account 5.15 (35) 12.17 (29) 12.17 (29) 20.05 (43) 15.19 (35) 7.14 (40) 7.53 (47)¢£

Russell 3000 Index 5.24 (33) 12.56 (23) 12.56 (23) 20.51 (34) 15.63 (26) 7.54 (32) 7.94 (37)Å�

5th Percentile 7.49 15.14 15.14 23.72 17.64 10.39 10.05

1st Quartile 5.72 12.42 12.42 21.06 15.66 7.82 8.34

Median 4.44 10.18 10.18 19.58 14.38 6.68 7.35

3rd Quartile 3.27 6.95 6.95 17.51 12.90 5.15 6.41

95th Percentile 0.64 2.54 2.54 13.70 10.32 3.02 4.48

CREF Equity Index Account


149

Peer Group Analysis - IM U.S. Multi-Cap Equity (MF)

-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

CREF Equity Index Account 32.98 (61) 15.98 (43) 0.66 (24) 16.46 (50) 27.86 (68) -37.50 (31) 4.70 (60)¢£

Russell 3000 Index 33.55 (55) 16.42 (37) 1.03 (20) 16.93 (47) 28.34 (66) -37.31 (30) 5.14 (58)Å�

5th Percentile 43.09 22.21 5.14 25.81 53.93 -29.25 23.25

1st Quartile 37.09 17.66 0.46 19.98 40.13 -36.64 12.61

Median 34.10 15.46 -2.20 16.37 31.66 -40.34 6.39

3rd Quartile 31.07 12.52 -5.70 13.36 25.88 -43.68 1.01

95th Percentile 24.07 8.59 -11.39 9.76 15.73 -50.62 -6.13



150






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Equity Index Account 15.19 14.63 1.05 -0.34 1.00 1.00 0.06 -6.86 14.63 10/01/2001

Russell 3000 Index 15.63 14.68 1.08 0.00 1.00 1.00 0.00 N/A 14.69 10/01/2001


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

98.1 98.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

102.0 100.8

6.0

9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



CREF Equity Index Account 15.19 14.63¢£


Median 14.38 15.87¾



151


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


TIAA-Cref S&P 500 Index Retire Instl 4.92 (33) 13.60 (19) 13.60 (19) 20.32 (29) 15.35 (20) 7.22 (25) 7.61 (29)¢£

S&P 500 4.93 (33) 13.69 (18) 13.69 (18) 20.41 (27) 15.45 (19) 7.27 (23) 7.67 (27)Å�

5th Percentile 6.53 15.51 15.51 22.37 16.46 8.48 9.05

1st Quartile 5.24 13.08 13.08 20.48 14.94 7.21 7.72

Median 4.49 11.41 11.41 19.30 13.78 6.35 6.99

3rd Quartile 3.36 10.01 10.01 17.79 12.83 5.43 6.36

95th Percentile 1.97 6.93 6.93 15.30 11.27 3.93 5.31

TIAA-Cref S&P 500 Index Retire Instl


152


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

TIAA-Cref S&P 500 Index Retire Instl 32.24 (44) 15.94 (41) 2.01 (25) 14.93 (23) 26.46 (49) -36.92 (50) 5.40 (56)¢£

S&P 500 32.39 (41) 16.00 (39) 2.11 (24) 15.06 (22) 26.46 (49) -37.00 (51) 5.49 (55)Å�

5th Percentile 36.82 19.78 6.56 17.84 40.64 -29.32 14.64

1st Quartile 33.66 16.78 1.85 14.74 30.48 -34.22 9.22

Median 31.86 15.35 -0.34 13.10 26.08 -36.94 5.88

3rd Quartile 29.71 13.20 -2.64 11.30 21.71 -39.64 3.38

95th Percentile 25.34 9.57 -8.49 7.93 17.44 -44.34 -3.68



153






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref S&P 500 Index Retire Instl 15.35 12.88 1.17 -0.08 1.00 1.00 0.08 -1.19 12.88 11/01/2002

S&P 500 15.45 12.89 1.18 0.00 1.00 1.00 0.00 N/A 12.89 11/01/2002


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.7 99.7

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

99.9 100.0

9.0

12.0

15.0

18.0

Re

turn

(%)



TIAA-Cref S&P 500 Index Retire Instl 15.35 12.88¢£

S&P 500 15.45 12.89Å�

Median 13.78 13.25¾



154


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


Wells Fargo Advantage Growth 4.81 (50) 4.12 (98) 4.12 (98) 17.71 (85) 17.53 (3) 10.34 (2) 11.75 (1)¢£


5th Percentile 6.58 15.23 15.23 22.45 16.70 9.46 9.66

1st Quartile 5.45 12.81 12.81 20.98 15.17 7.99 8.43

Median 4.79 10.50 10.50 19.68 14.07 6.89 7.60

3rd Quartile 3.83 8.67 8.67 18.31 13.09 5.83 6.78

95th Percentile 1.63 5.77 5.77 15.75 11.22 4.22 5.59

Wells Fargo Advantage Growth


155


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Wells Fargo Advantage Growth 33.72 (51) 17.14 (29) 8.44 (1) 26.83 (1) 48.27 (10) -40.11 (54) 28.24 (4)¢£


5th Percentile 42.82 20.42 4.33 22.25 55.32 -33.93 24.66

1st Quartile 36.25 17.51 0.75 17.28 40.99 -37.43 18.17

Median 33.79 14.96 -1.77 15.21 34.75 -39.72 13.57

3rd Quartile 31.32 13.08 -4.36 12.15 30.77 -43.04 10.39

95th Percentile 28.38 10.62 -7.63 8.82 22.74 -48.52 4.22



156


Fund Information




Fund Name : Wells Fargo Funds Trust: Wells Fargo Advantage Growth Fund;Institutional Class Shares


Fund Family : Wells Fargo Funds Management LLC Portfolio Manager : Ognar/Olson/Eberhardy

Ticker : SGRNX PM Tenure : 2002--2005--2008

Inception Date : 02/24/2000 Fund Style : IM U.S. Large Cap Growth Equity (MF)

Fund Assets : $3,748 Million Style Benchmark : Russell 1000 Growth Index


The Fund seeks capital growth by focusing on stocks of companies that have favorable prospects for accelerating growth of earnings but are selling at reasonable valuations based onearnings, cash flow, or asset value. The portfolio can include stocks of any size.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Wells Fargo Advantage Growth 17.53 15.79 1.10 0.27 1.10 0.87 5.89 0.31 15.79 03/01/2000



9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



Wells Fargo Advantage Growth 17.53 15.79¢£


Median 14.07 14.55¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

101.1112.4

Down Market Capture

0.0

50.0

100.0

150.0

200.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

129.6113.3



157


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


CREF Growth Account 5.75 (20) 13.65 (16) 13.65 (16) 21.14 (23) 15.65 (18) 7.89 (28) 8.25 (32)¢£


5th Percentile 6.58 15.23 15.23 22.45 16.70 9.46 9.66

1st Quartile 5.45 12.81 12.81 20.98 15.17 7.99 8.43

Median 4.79 10.50 10.50 19.68 14.07 6.89 7.60

3rd Quartile 3.83 8.67 8.67 18.31 13.09 5.83 6.78

95th Percentile 1.63 5.77 5.77 15.75 11.22 4.22 5.59

CREF Growth Account


158


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

CREF Growth Account 35.00 (37) 15.87 (41) 1.19 (22) 14.99 (53) 36.56 (40) -39.78 (51) 16.72 (35)¢£


5th Percentile 42.82 20.42 4.33 22.25 55.32 -33.93 24.66

1st Quartile 36.25 17.51 0.75 17.28 40.99 -37.43 18.17

Median 33.79 14.96 -1.77 15.21 34.75 -39.72 13.57

3rd Quartile 31.32 13.08 -4.36 12.15 30.77 -43.04 10.39

95th Percentile 28.38 10.62 -7.63 8.82 22.74 -48.52 4.22

CREF Growth Account


159






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Growth Account 15.65 15.09 1.05 -0.58 1.03 1.00 1.14 -0.06 15.09 10/01/2001



Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

104.0 100.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

101.3 104.1

9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



CREF Growth Account 15.65 15.09¢£


Median 14.07 15.62¾

CREF Growth Account


160


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

36.0

Re

turn


TIAA-Cref Mid Cap Value Instl 5.96 (33) 12.85 (22) 12.85 (22) 20.37 (49) 15.64 (46) 7.77 (61) 9.21 (16)¢£

Russell Midcap Value Index 6.05 (29) 14.75 (8) 14.75 (8) 21.98 (19) 17.43 (9) 9.14 (27) 9.43 (10)Å�

5th Percentile 7.86 15.15 15.15 24.23 17.61 11.01 10.08

1st Quartile 6.11 12.23 12.23 21.42 16.28 9.22 8.93

Median 5.55 9.81 9.81 20.27 15.41 8.22 8.09

3rd Quartile 4.51 6.97 6.97 18.60 14.03 7.05 6.98

95th Percentile 0.86 1.21 1.21 17.10 12.35 4.68 5.73

TIAA-Cref Mid Cap Value Instl


161


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

TIAA-Cref Mid Cap Value Instl 32.55 (89) 16.60 (46) -2.17 (30) 21.20 (62) 37.39 (42) -40.59 (70) 6.30 (25)¢£

Russell Midcap Value Index 33.46 (78) 18.51 (23) -1.38 (21) 24.75 (29) 34.21 (54) -38.44 (58) -1.42 (65)Å�

5th Percentile 41.74 20.20 0.01 28.81 48.20 -28.45 12.02

1st Quartile 37.58 18.25 -1.66 25.73 39.78 -35.14 5.95

Median 36.11 16.35 -4.05 22.48 35.67 -37.45 0.77

3rd Quartile 33.61 14.84 -6.56 20.38 31.14 -42.04 -3.16

95th Percentile 30.98 9.61 -8.16 16.73 25.97 -49.69 -9.67



162






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Mid Cap Value Instl 15.64 14.37 1.08 -1.30 0.99 0.98 1.90 -0.82 14.37 11/01/2002

Russell Midcap Value Index 17.43 14.46 1.19 0.00 1.00 1.00 0.00 N/A 14.46 11/01/2002


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

94.5 95.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

98.0 100.8

9.0

12.0

15.0

18.0

21.0

Re

turn

(%)



TIAA-Cref Mid Cap Value Instl 15.64 14.37¢£

Russell Midcap Value Index 17.43 14.46Å�

Median 15.41 15.16¾



163


-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

32.0

Re

turn


TIAA-Cref Mid Cap Growth Instl 5.32 (50) 7.74 (47) 7.74 (47) 20.24 (26) 16.18 (22) 7.62 (36) 8.91 (39)¢£

Russell Midcap Growth Index 5.84 (37) 11.90 (12) 11.90 (12) 20.71 (18) 16.94 (12) 8.59 (18) 9.43 (27)Å�

5th Percentile 8.43 12.97 12.97 22.62 18.63 9.56 10.76

1st Quartile 6.35 10.15 10.15 20.24 16.03 8.32 9.45

Median 5.32 7.53 7.53 18.69 15.01 6.97 8.51

3rd Quartile 4.08 5.36 5.36 16.82 13.95 5.44 7.33

95th Percentile 1.99 1.14 1.14 14.53 12.05 3.51 5.02

TIAA-Cref Mid Cap Growth Instl


164


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

TIAA-Cref Mid Cap Growth Instl 36.78 (38) 17.96 (14) -5.23 (55) 28.50 (27) 46.92 (22) -46.25 (59) 17.35 (42)¢£

Russell Midcap Growth Index 35.74 (51) 15.81 (30) -1.65 (28) 26.38 (49) 46.29 (25) -44.32 (43) 11.43 (74)Å�

5th Percentile 44.82 20.39 2.99 33.52 57.98 -35.41 31.37

1st Quartile 38.09 16.13 -1.28 28.64 46.08 -41.00 21.28

Median 35.76 14.22 -4.65 26.11 40.65 -45.39 15.86

3rd Quartile 31.54 11.91 -7.93 22.75 31.69 -47.98 11.18

95th Percentile 26.90 8.81 -13.17 17.63 23.88 -51.51 2.49



165






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Mid Cap Growth Instl 16.18 16.22 1.01 -1.29 1.05 0.98 2.46 -0.21 16.22 11/01/2002

Russell Midcap Growth Index 16.94 15.34 1.10 0.00 1.00 1.00 0.00 N/A 15.34 11/01/2002


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.7 103.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

116.0 111.2

9.0

12.0

15.0

18.0

21.0

Re

turn

(%)

12.0 14.0 16.0 18.0 20.0Risk (Standard Deviation %)


TIAA-Cref Mid Cap Growth Instl 16.18 16.22¢£

Russell Midcap Growth Index 16.94 15.34Å�

Median 15.01 16.08¾



166


-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn


Royce Opportunity Instl 6.22 (68) -0.41 (82) -0.41 (82) 20.64 (14) 15.45 (30) 8.83 (25) 8.26 (11)¢£


5th Percentile 11.23 8.00 8.00 21.76 16.76 9.92 8.52

1st Quartile 9.74 5.55 5.55 19.59 15.63 8.82 7.79

Median 8.02 3.63 3.63 18.32 14.89 7.85 7.05

3rd Quartile 5.92 1.56 1.56 16.83 13.88 6.64 5.86

95th Percentile 1.54 -5.96 -5.96 12.56 11.66 5.13 4.61

Royce Opportunity Instl


167


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

Royce Opportunity Instl 43.69 (12) 22.70 (3) -12.86 (92) 34.07 (3) 62.23 (3) -45.66 (95) -1.89 (12)¢£

Russell 2000 Value Index 34.52 (65) 18.05 (33) -5.50 (66) 24.50 (61) 20.58 (76) -28.92 (22) -9.78 (67)Å�

5th Percentile 45.04 22.23 0.87 33.26 61.27 -26.85 1.61

1st Quartile 40.26 19.42 -0.94 28.13 34.46 -29.65 -4.08

Median 36.05 16.59 -4.00 25.40 27.89 -32.13 -6.98

3rd Quartile 33.79 13.71 -6.42 23.33 21.10 -39.62 -12.96

95th Percentile 28.04 10.00 -13.25 18.77 12.69 -45.69 -17.26



168


Fund Information




Fund Name : Royce Fund: Royce Opportunity Fund; Institutional Class Shares Portfolio Assets : $2,303 Million

Fund Family : Royce & Associates LLC Portfolio Manager : Zaino/Hench

Ticker : ROFIX PM Tenure : 2001--2004

Inception Date : 12/12/2001 Fund Style : IM U.S. Small Cap Value Equity (MF)

Fund Assets : $791 Million Style Benchmark : Russell 2000 Value Index


The Fund seeks long-term growth of capital. The Fund invests primarily in the equity securities of small-cap and micro-cap companies in an attempt to take advantage of what itbelieves are opportunistic situations for undervalued securities. Normally, the Fund invests at least 65% of its net assets in equity securities.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

Royce Opportunity Instl 15.45 21.14 0.79 -0.94 1.18 0.96 5.19 0.34 21.14 01/01/2002



10.0

12.0

14.0

16.0

18.0

20.0

Re

turn

(%)



Royce Opportunity Instl 15.45 21.14¢£


Median 14.89 17.35¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

111.0 116.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

108.9119.7



169


-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Re

turn


TIAA-Cref Small Cap Blend Index Instl 9.82 (31) 5.15 (37) 5.15 (37) 19.45 (36) 15.68 (45) 8.29 (30) 7.82 (31)¢£

Russell 2000 Index 9.73 (42) 4.89 (43) 4.89 (43) 19.21 (44) 15.55 (47) 8.18 (33) 7.77 (34)Å�

5th Percentile 11.45 8.32 8.32 22.72 18.66 10.12 8.95

1st Quartile 9.98 5.71 5.71 20.08 16.76 8.65 8.03

Median 9.58 4.47 4.47 18.88 15.46 7.59 7.19

3rd Quartile 7.22 2.23 2.23 16.58 14.03 6.69 6.19

95th Percentile 4.64 -3.75 -3.75 12.46 8.38 4.04 4.95

TIAA-Cref Small Cap Blend Index Instl


170


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

TIAA-Cref Small Cap Blend Index Instl 38.98 (46) 16.61 (27) -4.12 (61) 26.78 (39) 26.83 (52) -33.54 (28) -1.46 (38)¢£

Russell 2000 Index 38.82 (48) 16.35 (30) -4.18 (61) 26.85 (38) 27.17 (49) -33.79 (32) -1.57 (39)Å�

5th Percentile 46.63 21.60 1.64 34.17 58.97 -28.26 7.18

1st Quartile 41.73 17.04 -1.47 28.12 33.31 -33.03 0.60

Median 38.64 15.22 -3.04 25.78 26.94 -36.22 -3.00

3rd Quartile 35.60 12.37 -5.35 22.15 23.03 -39.86 -7.57

95th Percentile 30.27 5.47 -13.29 17.13 13.07 -47.46 -12.10



171






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Small Cap Blend Index Instl 15.68 17.79 0.91 0.15 1.00 1.00 0.13 0.85 17.79 11/01/2002

Russell 2000 Index 15.55 17.83 0.90 0.00 1.00 1.00 0.00 N/A 17.83 11/01/2002


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.3 100.1

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

99.2 99.5

5.0

10.0

15.0

20.0

25.0

Re

turn

(%)



TIAA-Cref Small Cap Blend Index Instl 15.68 17.79¢£


Median 15.46 17.80¾



172


-22.0

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

38.0

Re

turn


AllianceBern Small Cap Growth 3.14 (95) -1.41 (72) -1.41 (72) 18.36 (47) 19.02 (5) 9.46 (23) N/A¢£


5th Percentile 12.91 13.54 13.54 22.70 18.90 10.55 9.73

1st Quartile 9.42 3.56 3.56 20.28 17.27 9.30 8.31

Median 8.43 1.67 1.67 18.07 15.45 7.93 7.27

3rd Quartile 6.38 -2.33 -2.33 15.82 13.50 3.30 5.59

95th Percentile 3.01 -8.80 -8.80 10.63 9.01 -0.55 2.07

AllianceBern Small Cap Growth


173


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

AllianceBern Small Cap Growth 45.72 (44) 15.42 (23) 4.53 (2) 37.77 (3) 42.87 (30) -44.82 (67) 14.61 (16)¢£

Russell 2000 Growth Index 43.30 (53) 14.59 (26) -2.91 (26) 29.09 (28) 34.47 (49) -38.54 (15) 7.05 (52)Å�

5th Percentile 59.50 18.16 3.22 35.81 54.23 -34.98 19.75

1st Quartile 51.90 14.61 -2.71 29.61 44.65 -39.66 11.96

Median 43.55 11.77 -5.00 26.70 34.14 -42.69 7.44

3rd Quartile 38.25 9.56 -8.45 21.64 27.04 -45.82 2.36

95th Percentile 26.84 2.10 -13.76 14.90 16.08 -52.60 -5.00



174


Fund Information




Fund Name : AllianceBernstein Cap Fund, Inc: AllianceBernstein Small Cap GrowthPortfolio; Class I Shares


Fund Family : AllianceBernstein LP Portfolio Manager : Team Managed

Ticker : QUAIX PM Tenure :

Inception Date : 03/01/2005 Fund Style : IM U.S. Small Cap Growth Equity (MF)

Fund Assets : $423 Million Style Benchmark : Russell 2000 Growth Index


The Fund seeks long-term growth of capital. The Fund invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations. Under normal circumstances,the Fund invests at least 80% of its net assets in any type of equity securities of smaller companies in any company and industry.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

AllianceBern Small Cap Growth 16.60 14.41 1.14 -2.71 0.98 0.86 5.45 -0.59 14.41 10/01/2012



0.0

8.0

16.0

24.0

32.0

Re

turn

(%)



AllianceBern Small Cap Growth 16.60 14.41¢£


Median 17.94 14.03¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

93.3 100.9

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

93.9 90.8



175


-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn


American Funds EuroPacific Growth R6 -1.63 (9) -2.29 (19) -2.29 (19) 12.12 (19) 6.05 (16) N/A N/A¢£

MSCI EAFE (Net) -3.57 (40) -4.90 (29) -4.90 (29) 11.06 (31) 5.33 (29) -0.47 (31) 4.43 (34)Å�

5th Percentile 0.33 1.22 1.22 13.30 6.84 2.28 7.56

1st Quartile -2.63 -4.44 -4.44 11.63 5.53 -0.25 4.79

Median -4.10 -6.00 -6.00 10.38 4.79 -0.79 4.19

3rd Quartile -4.52 -6.49 -6.49 9.45 4.22 -1.39 3.75

95th Percentile -6.53 -7.17 -7.17 6.10 3.43 -2.40 2.99

American Funds EuroPacific Growth R6


176


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

American Funds EuroPacific Growth R6 20.58 (42) 19.64 (22) -13.31 (59) 9.76 (22) N/A N/A N/A¢£

MSCI EAFE (Net) 22.78 (10) 17.32 (65) -12.14 (34) 7.75 (43) 31.78 (30) -43.38 (56) 11.17 (51)Å�

5th Percentile 24.48 22.14 -4.88 13.46 44.23 -38.91 19.39

1st Quartile 21.65 19.30 -10.77 9.15 33.71 -41.57 14.75

Median 20.23 18.06 -13.00 7.54 28.94 -42.71 11.18

3rd Quartile 17.65 16.68 -14.58 6.37 25.99 -45.87 9.75

95th Percentile 8.49 11.53 -17.61 2.80 20.92 -49.83 4.94



177






TrackingError

InformationRatio

ExcessRisk

InceptionDate

American Funds EuroPacific Growth R6 6.05 15.80 0.45 1.01 0.93 0.96 3.52 0.16 15.80 06/01/2009

MSCI EAFE (Net) 5.33 16.59 0.39 0.00 1.00 1.00 0.00 N/A 16.59 06/01/2009


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

93.3 93.2

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

80.8 88.1

2.0

4.0

6.0

8.0

Re

turn

(%)



American Funds EuroPacific Growth R6 6.05 15.80¢£


Median 4.79 16.96¾



178


-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Re

turn


DFA Emerging Markets -4.49 (49) -1.71 (39) -1.71 (39) 4.30 (51) 2.68 (35) -0.06 (22) 8.55 (24)¢£

MSCI Emerging Markets Index -4.44 (49) -1.82 (40) -1.82 (40) 4.42 (48) 2.12 (44) -1.02 (36) 8.78 (20)Å�

5th Percentile -0.54 5.49 5.49 12.04 6.79 2.60 10.75

1st Quartile -3.22 -0.24 -0.24 6.55 3.63 -0.17 8.52

Median -4.58 -3.01 -3.01 4.30 1.75 -1.87 7.69

3rd Quartile -6.37 -5.20 -5.20 2.08 0.16 -3.30 6.81

95th Percentile -12.04 -11.81 -11.81 -1.67 -3.77 -6.17 4.79

DFA Emerging Markets


179


-100.0

-50.0

0.0

50.0

100.0

150.0

200.0

-150.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

DFA Emerging Markets -3.12 (62) 19.16 (46) -17.41 (25) 21.82 (27) 71.77 (54) -49.20 (20) 36.02 (57)¢£

MSCI Emerging Markets Index -2.27 (55) 18.64 (53) -18.17 (33) 19.20 (42) 79.02 (26) -53.18 (41) 39.78 (35)Å�

5th Percentile 15.14 28.28 -11.36 28.71 104.40 -45.81 46.11

1st Quartile 2.68 20.73 -17.41 22.10 79.17 -50.75 41.09

Median -1.45 18.77 -19.49 18.32 72.85 -54.66 36.94

3rd Quartile -4.78 15.43 -23.08 16.55 67.04 -57.38 32.72

95th Percentile -8.39 8.44 -28.22 11.47 49.94 -64.88 26.88



180


Fund Information




Fund Name : DFA Investment Dimensions Group Inc: Emerging Markets Portfolio;Institutional Class Shares


Fund Family : Dimensional Fund Advisors LP Portfolio Manager : Team Managed

Ticker : DFEMX PM Tenure :

Inception Date : 04/25/1994 Fund Style : IM Emerging Markets Equity (MF)

Fund Assets : $3,992 Million Style Benchmark : MSCI Emerging Markets Index


The Fund seeks to achieve long-term capital appreciation by investing in a Master Fund that invests in stocks of large emerging market companies.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

DFA Emerging Markets 2.68 18.35 0.23 0.59 0.99 0.98 2.44 0.23 18.35 05/01/1994

MSCI Emerging Markets Index 2.12 18.38 0.20 0.00 1.00 1.00 0.00 N/A 18.38 05/01/1994


-10.0

-5.0

0.0

5.0

10.0

Re

turn

(%)



DFA Emerging Markets 2.68 18.35¢£

MSCI Emerging Markets Index 2.12 18.38Å�

Median 1.75 18.60¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.4 100.6

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

99.8 98.2



181


-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Re

turn


TIAA-Cref International EQ Idx Instl -4.06 (49) -5.51 (35) -5.51 (35) 11.13 (31) 5.36 (29) -0.39 (30) 4.46 (34)¢£

MSCI EAFE (Net) -3.57 (40) -4.90 (29) -4.90 (29) 11.06 (31) 5.33 (29) -0.47 (31) 4.43 (34)Å�

5th Percentile 0.33 1.22 1.22 13.30 6.84 2.28 7.56

1st Quartile -2.63 -4.44 -4.44 11.63 5.53 -0.25 4.79

Median -4.10 -6.00 -6.00 10.38 4.79 -0.79 4.19

3rd Quartile -4.52 -6.49 -6.49 9.45 4.22 -1.39 3.75

95th Percentile -6.53 -7.17 -7.17 6.10 3.43 -2.40 2.99

TIAA-Cref International EQ Idx Instl


182


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

TIAA-Cref International EQ Idx Instl 21.96 (18) 19.09 (28) -12.09 (33) 7.63 (45) 29.59 (47) -42.17 (39) 11.08 (52)¢£

MSCI EAFE (Net) 22.78 (10) 17.32 (65) -12.14 (34) 7.75 (43) 31.78 (30) -43.38 (56) 11.17 (51)Å�

5th Percentile 24.48 22.14 -4.88 13.46 44.23 -38.91 19.39

1st Quartile 21.65 19.30 -10.77 9.15 33.71 -41.57 14.75

Median 20.23 18.06 -13.00 7.54 28.94 -42.71 11.18

3rd Quartile 17.65 16.68 -14.58 6.37 25.99 -45.87 9.75

95th Percentile 8.49 11.53 -17.61 2.80 20.92 -49.83 4.94



183






TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref International EQ Idx Instl 5.36 16.80 0.39 0.03 1.00 0.98 2.14 0.03 16.80 11/01/2002

MSCI EAFE (Net) 5.33 16.59 0.39 0.00 1.00 1.00 0.00 N/A 16.59 11/01/2002


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

100.0 101.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

99.4 101.6

2.0

4.0

6.0

8.0

Re

turn

(%)



TIAA-Cref International EQ Idx Instl 5.36 16.80¢£


Median 4.79 16.96¾



184


-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

Re

turn


CREF Global Equities Account 1.50 (20) 4.17 (37) 4.17 (37) 16.24 (12) 10.22 (15) 3.21 (41) 6.01 (73)¢£

MSCI World (Net) 1.01 (26) 4.94 (27) 4.94 (27) 15.47 (37) 10.20 (16) 3.27 (39) 6.03 (72)Å�

5th Percentile 2.31 8.61 8.61 17.50 10.91 4.22 7.67

1st Quartile 1.05 5.23 5.23 15.78 9.58 3.49 7.27

Median 0.02 3.45 3.45 14.78 8.95 2.95 6.65

3rd Quartile -0.29 -0.13 -0.13 13.63 8.18 2.09 5.79

95th Percentile -4.45 -3.40 -3.40 7.55 5.91 -0.56 3.28

CREF Global Equities Account


185


-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

CREF Global Equities Account 27.28 (28) 18.45 (34) -7.73 (56) 12.24 (17) 32.92 (33) -42.29 (66) 10.08 (82)¢£

MSCI World (Net) 26.68 (34) 15.83 (68) -5.54 (31) 11.76 (21) 29.99 (80) -40.71 (63) 9.04 (86)Å�

5th Percentile 38.04 21.10 4.56 15.77 60.72 -37.70 36.07

1st Quartile 28.24 19.12 -4.14 11.40 33.79 -38.60 17.76

Median 24.84 17.93 -7.60 10.23 32.23 -39.57 16.56

3rd Quartile 23.50 14.91 -8.36 7.69 31.16 -44.46 10.67

95th Percentile 11.78 9.19 -15.93 6.80 25.74 -46.14 7.34



186






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Global Equities Account 10.22 15.43 0.71 -0.38 1.05 0.99 1.39 0.09 15.43 10/01/2001

MSCI World (Net) 10.20 14.70 0.74 0.00 1.00 1.00 0.00 N/A 14.70 10/01/2001


Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

103.2 101.9

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

Years

Time Periods

93.3103.1

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

(%)



CREF Global Equities Account 10.22 15.43¢£

MSCI World (Net) 10.20 14.70Å�

Median 8.95 14.95¾



187






TrackingError

InformationRatio

ExcessRisk

InceptionDate

CREF Real Estate 11.63 3.01 3.72 -10.00 1.86 0.85 1.73 -0.25 2.99 10/01/2001

NCREIF Property Index 12.14 1.49 7.83 0.00 1.00 1.00 0.00 N/A 1.48 10/01/2001

90 Day U.S. Treasury Bill 0.08 0.03 N/A -0.05 0.01 0.38 1.48 -7.83 0.00 10/01/2001

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

95.9 96.3

Down Market Capture

No data found.11.4

11.6

11.8

12.0

12.2

12.4

Re

turn

(%)



CREF Real Estate 11.63 3.01¢£

NCREIF Property Index 12.14 1.49Å�

Median N/A N/A¾

CREF Real Estate


188


-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Re

turn


TIAA-Cref Lifecycle Retire Inc Instl 1.38 (23) 4.52 (38) 4.52 (38) 9.21 (10) 8.18 (12) 5.20 (26) N/A¢£

TIAA-CREF LifeCycle Retirement Inc BM 1.89 (13) 6.35 (14) 6.35 (14) 8.16 (24) 7.69 (18) 5.23 (25) N/AÅ�

5th Percentile 2.66 8.62 8.62 9.68 9.01 6.25 6.17

1st Quartile 1.34 5.20 5.20 8.07 7.34 5.21 5.25

Median 0.95 4.00 4.00 6.97 6.51 4.50 4.64

3rd Quartile 0.31 3.19 3.19 5.63 5.37 3.36 3.88

95th Percentile -1.55 1.19 1.19 3.60 3.88 1.78 2.61

TIAA-Cref Lifecycle Retire Inc Instl


189


-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

TIAA-Cref Lifecycle Retire Inc Instl 9.85 (17) 13.45 (6) 2.78 (23) 10.69 (31) 16.32 (75) -17.26 (47) N/A¢£

TIAA-CREF LifeCycle Retirement Inc BM 8.79 (27) 9.37 (53) 4.03 (9) 10.02 (49) 15.18 (81) -14.36 (26) N/AÅ�

5th Percentile 12.29 13.47 4.80 13.40 30.53 -6.58 7.91

1st Quartile 8.85 10.65 2.71 10.99 23.46 -14.32 6.22

Median 6.86 9.48 1.73 9.92 20.02 -18.02 4.80

3rd Quartile 4.46 8.10 0.70 8.48 16.32 -21.71 3.27

95th Percentile -2.10 5.67 -1.25 5.97 8.22 -27.47 0.17



190


Fund Information




Fund Name : TIAA-CREF Funds: Lifecycle Retirement Income Fund; InstitutionalClass Shares

Portfolio Assets : $333 Million

Fund Family : TIAA-CREF Portfolio Manager : Erickson/Cunniff

Ticker : TLRIX PM Tenure : 2007--2007

Inception Date : 11/30/2007 Fund Style : IM Mixed-Asset Target Alloc Consv (MF)

Fund Assets : $112 Million Style Benchmark : TIAA-CREF LifeCycle Retirement Inc BM


The Fund seeks high total return over time consistent with an emphasis on both capital growth and income. The Fund seeks to invest in a diversified portfolio consisting of about 40%stocks and 60% bonds.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Lifecycle Retire Inc Instl 8.18 6.13 1.30 -0.12 1.08 0.97 1.23 0.40 6.13 12/01/2007

TIAA-CREF LifeCycle Retirement Inc BM 7.69 5.57 1.35 0.00 1.00 1.00 0.00 N/A 5.57 12/01/2007


2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)



TIAA-Cref Lifecycle Retire Inc Instl 8.18 6.13¢£

TIAA-CREF LifeCycle Retirement Inc BM 7.69 5.57Å�

Median 6.51 5.53¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

111.1 107.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

107.7 108.9



191


-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Re

turn


TIAA-Cref Lifecycle 2010 Instl 1.52 (16) 4.59 (27) 4.59 (27) 10.83 (1) 9.14 (1) 5.12 (2) N/A¢£

TIAA-CREF LifeCycle 2010 BM 1.96 (1) 6.46 (2) 6.46 (2) 9.30 (19) 8.34 (11) 4.92 (5) N/AÅ�

5th Percentile 1.71 6.02 6.02 9.89 8.63 4.91 5.79

1st Quartile 1.42 4.63 4.63 8.90 7.93 4.17 4.84

Median 1.03 4.10 4.10 8.01 7.05 3.39 4.40

3rd Quartile 0.55 3.32 3.32 6.48 5.92 2.59 4.09

95th Percentile -0.03 2.30 2.30 3.63 4.61 1.84 3.37

TIAA-Cref Lifecycle 2010 Instl


192


-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

TIAA-Cref Lifecycle 2010 Instl 11.99 (4) 16.23 (1) 1.69 (27) 11.84 (24) 19.52 (79) -23.33 (33) N/A¢£

TIAA-CREF LifeCycle 2010 BM 11.14 (15) 10.37 (41) 3.12 (11) 10.87 (48) 17.81 (85) -20.43 (21) 6.69 (26)Å�

5th Percentile 11.95 12.78 3.52 13.11 29.27 -12.76 8.11

1st Quartile 10.68 11.34 1.95 11.81 25.11 -21.67 6.74

Median 9.10 9.83 0.75 10.80 23.34 -25.97 5.86

3rd Quartile 6.62 8.57 -0.41 9.92 21.06 -29.01 4.99

95th Percentile 1.67 5.76 -1.71 7.89 12.85 -32.90 2.89



193


Fund Information




Fund Name : TIAA-CREF Funds: Lifecycle 2010 Fund; Institutional Class Shares Portfolio Assets : $1,069 Million


Ticker : TCTIX PM Tenure : 2007--2007


Fund Assets : $500 Million Style Benchmark : TIAA-CREF LifeCycle 2010 BM


The Fund seeks high total return over time through a combination of capital appreciation and income by investing in Underlying Funds according to an asset allocation strategy designedfor investors planning to retire in or within a few years of 2040.



TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Lifecycle 2010 Instl 9.14 7.54 1.19 0.01 1.09 0.95 1.83 0.43 7.54 02/01/2007

TIAA-CREF LifeCycle 2010 BM 8.34 6.71 1.22 0.00 1.00 1.00 0.00 N/A 6.71 02/01/2007


2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)



TIAA-Cref Lifecycle 2010 Instl 9.14 7.54¢£

TIAA-CREF LifeCycle 2010 BM 8.34 6.71Å�

Median 7.05 7.28¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

115.5 110.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

114.2 111.5



194


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

Re

turn




5th Percentile 2.24 6.65 6.65 11.12 9.20 5.09 6.12

1st Quartile 1.61 5.26 5.26 10.04 8.44 4.49 5.49

Median 1.26 4.35 4.35 8.94 7.72 3.80 4.29

3rd Quartile 0.73 3.58 3.58 7.37 6.77 2.83 3.17

95th Percentile -0.12 2.39 2.39 4.63 5.29 1.79 2.49



195


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

TIAA-Cref Lifecycle 2015 Instl 13.96 (8) 17.01 (1) 0.74 (33) 12.69 (28) 21.55 (76) -26.78 (37) N/A¢£


5th Percentile 14.49 13.53 3.07 13.88 31.29 -5.72 8.99

1st Quartile 12.78 12.39 1.34 12.79 26.95 -25.42 7.42

Median 10.44 10.79 -0.23 11.51 25.34 -29.25 6.12

3rd Quartile 6.57 9.61 -1.25 10.54 21.76 -33.20 5.30

95th Percentile 0.72 7.41 -3.87 6.60 8.48 -36.10 1.89



196


Fund Information






Ticker : TCNIX PM Tenure : 2007--2007







TrackingError

InformationRatio

ExcessRisk

InceptionDate

TIAA-Cref Lifecycle 2015 Instl 9.67 8.56 1.12 -0.03 1.09 0.96 1.84 0.42 8.56 02/01/2007



2.0

4.0

6.0

8.0

10.0

12.0

Re

turn

(%)





Median 7.72 7.88¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

113.9 109.4

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

113.4 110.4



197


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn




5th Percentile 2.54 6.68 6.68 12.32 9.88 5.16 6.02

1st Quartile 1.86 5.61 5.61 11.23 8.97 4.29 5.16

Median 1.49 4.73 4.73 9.34 7.96 3.73 4.77

3rd Quartile 1.15 4.02 4.02 8.00 7.14 3.13 4.23

95th Percentile 0.09 2.93 2.93 4.73 5.33 2.07 3.21



198


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007

TIAA-Cref Lifecycle 2020 Instl 16.50 (11) 18.33 (1) -0.29 (47) 13.45 (28) 23.37 (68) -30.10 (43) N/A¢£


5th Percentile 17.44 14.48 9.06 14.46 32.47 -16.53 8.86

1st Quartile 15.31 13.15 1.02 13.49 28.62 -27.47 7.80

Median 12.03 11.53 -0.51 12.27 25.92 -31.95 6.23

3rd Quartile 8.66 10.37 -1.62 11.17 22.47 -34.03 4.64

95th Percentile 1.73 8.67 -4.05 9.54 11.91 -38.25 2.26



199


Fund Information






Ticker : TCWIX PM Tenure : 2007--2007


Fund Assets : $1,242 Million Style Benchmark : TIAA-CREF LifeCycle 2020 BM





TrackingError

InformationRatio

ExcessRisk

InceptionDate




4.0

6.0

8.0

10.0

12.0

Re

turn

(%)





Median 7.96 8.71¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

112.4 108.3

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

111.3 108.6



200


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

Re

turn




5th Percentile 2.89 7.07 7.07 14.18 10.85 5.58 6.59

1st Quartile 2.01 6.32 6.32 12.75 10.00 4.86 5.95

Median 1.61 5.16 5.16 11.32 9.21 4.20 5.35

3rd Quartile 1.29 4.35 4.35 10.20 8.23 3.61 4.56

95th Percentile 0.18 2.72 2.72 5.85 7.58 2.19 3.92



201


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007



5th Percentile 20.61 15.87 0.84 15.14 35.57 -26.67 9.43

1st Quartile 17.87 14.59 -0.96 14.19 31.80 -31.48 8.35

Median 15.86 13.00 -2.03 13.42 28.95 -35.04 7.17

3rd Quartile 13.13 11.74 -2.86 12.57 25.40 -36.15 5.32

95th Percentile 4.78 10.37 -5.46 10.93 20.62 -40.09 1.86



202


Fund Information






Ticker : TCYIX PM Tenure : 2007--2007







TrackingError

InformationRatio

ExcessRisk

InceptionDate




6.0

8.0

10.0

12.0

Re

turn

(%)





Median 9.21 10.40¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

112.9 108.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

112.7 109.6



203


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn




5th Percentile 3.11 7.38 7.38 14.98 11.31 5.58 6.48

1st Quartile 2.16 6.09 6.09 13.47 10.16 4.46 5.47

Median 1.84 5.27 5.27 12.19 9.36 3.84 5.13

3rd Quartile 1.36 4.15 4.15 10.46 8.39 3.27 4.65

95th Percentile 0.26 2.55 2.55 6.30 6.22 2.33 4.40



204


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007


TIAA-CREF LifeCycle 2030 BM 22.56 (6) 14.19 (43) -0.29 (10) 13.41 (56) 25.30 (88) -33.52 (22) 5.41 (76)Å�

5th Percentile 23.05 16.76 2.99 16.44 35.89 -31.22 9.91

1st Quartile 20.80 15.09 -1.41 14.82 31.77 -33.90 8.77

Median 18.02 13.66 -2.57 13.60 28.79 -36.49 6.43

3rd Quartile 15.26 12.41 -3.71 12.63 26.64 -38.99 5.42

95th Percentile 3.99 10.46 -6.33 11.18 20.74 -41.06 1.86



205


Fund Information






Ticker : TCRIX PM Tenure : 2007--2007







TrackingError

InformationRatio

ExcessRisk

InceptionDate




3.0

6.0

9.0

12.0

15.0

Re

turn

(%)





Median 9.36 11.34¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

109.2 106.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

112.5 108.5



206


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn




5th Percentile 3.38 7.56 7.56 15.91 11.71 5.82 6.98

1st Quartile 2.19 6.51 6.51 14.63 10.85 5.00 6.35

Median 1.88 5.40 5.40 13.35 10.19 4.47 5.63

3rd Quartile 1.50 4.27 4.27 12.18 9.61 3.78 5.06

95th Percentile 0.47 2.65 2.65 7.89 8.67 2.14 4.58



207


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007



5th Percentile 24.72 18.00 -0.86 16.09 36.34 -34.05 10.47

1st Quartile 22.78 15.75 -2.41 15.21 32.84 -35.25 9.04

Median 20.80 14.75 -3.34 14.57 30.99 -36.09 7.49

3rd Quartile 18.74 13.59 -4.35 13.46 27.65 -39.32 5.72

95th Percentile 9.88 12.39 -7.02 12.08 20.80 -41.34 1.50



208


Fund Information






Ticker : TCIIX PM Tenure : 2007--2007







TrackingError

InformationRatio

ExcessRisk

InceptionDate




6.0

8.0

10.0

12.0

14.0

Re

turn

(%)





Median 10.19 12.27¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

110.0 106.5

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

111.7 107.6



209


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

26.0

Re

turn




5th Percentile 3.41 7.95 7.95 16.50 11.95 5.80 6.75

1st Quartile 2.32 6.56 6.56 14.94 10.88 4.70 5.84

Median 2.03 5.54 5.54 13.71 10.14 3.92 5.37

3rd Quartile 1.56 4.25 4.25 12.27 9.15 3.30 5.05

95th Percentile 0.52 2.63 2.63 6.92 7.06 2.36 4.53



210


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007



5th Percentile 26.05 17.80 1.34 16.92 36.67 -34.77 9.36

1st Quartile 23.81 15.87 -2.82 15.46 33.82 -35.98 8.32

Median 21.68 14.92 -3.93 14.63 30.70 -38.09 6.55

3rd Quartile 18.66 13.80 -4.96 13.04 28.33 -40.16 5.51

95th Percentile 3.56 10.45 -7.49 11.89 23.84 -41.24 1.27



211


Fund Information






Ticker : TCOIX PM Tenure : 2007--2007







TrackingError

InformationRatio

ExcessRisk

InceptionDate




3.0

6.0

9.0

12.0

15.0

Re

turn

(%)





Median 10.14 12.61¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

109.1 106.2

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

110.9 107.3



212


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn




5th Percentile 3.53 8.09 8.09 16.51 12.03 6.00 7.20

1st Quartile 2.38 6.68 6.68 15.28 11.32 5.15 6.82

Median 2.02 5.56 5.56 14.36 10.65 4.51 6.13

3rd Quartile 1.59 4.24 4.24 13.64 9.97 3.75 5.44

95th Percentile 0.51 2.64 2.64 11.85 8.98 2.31 5.07



213


-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

Re

turn

2013 2012 2011 2010 2009 2008 2007


TIAA-CREF LifeCycle 2045 BM 25.61 (8) 15.56 (48) -1.40 (5) 14.07 (68) 26.99 (90) -35.18 (13) N/AÅ�

5th Percentile 25.95 18.34 -1.48 16.44 36.60 -33.77 11.04

1st Quartile 24.49 16.29 -2.97 15.65 33.57 -35.64 9.27

Median 23.08 15.49 -4.03 15.03 31.12 -38.51 6.84

3rd Quartile 20.66 14.70 -4.91 13.41 28.74 -40.43 5.58

95th Percentile 13.38 12.99 -7.78 11.96 20.64 -41.71 1.19



214


Fund Information






Ticker : TTFIX PM Tenure : 2007--2007




The Fund seeks high total return over time through a combination of capital appreciation and income. The Fund seeks to allocate approximately 90% of its assets to equity UnderlyingFunds and 10% of its assets to fixed-income Underlying Funds.



TrackingError

InformationRatio

ExcessRisk

InceptionDate




8.0

10.0

12.0

14.0

Re

turn

(%)





Median 10.65 13.08¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

108.6 105.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

110.0 106.9



215


-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn




5th Percentile 3.59 8.61 8.61 16.70 12.02 5.95 N/A

1st Quartile 2.45 6.70 6.70 15.36 11.21 4.94 N/A

Median 2.06 5.66 5.66 14.45 10.41 4.15 N/A

3rd Quartile 1.65 4.31 4.31 13.15 9.24 3.35 N/A

95th Percentile 0.37 1.69 1.69 7.20 7.26 2.17 N/A



216


-85.0

-70.0

-55.0

-40.0

-25.0

-10.0

5.0

20.0

35.0

50.0

65.0

80.0

Re

turn

2013 2012 2011 2010 2009 2008 2007


TIAA-CREF LifeCycle 2050 BM 25.61 (14) 15.56 (50) -1.40 (9) 14.07 (61) 26.99 (98) -35.18 (7) N/AÅ�

5th Percentile 26.17 18.08 9.37 16.86 38.81 -34.46 9.74

1st Quartile 24.93 16.36 -3.54 15.66 34.26 -37.52 7.49

Median 23.08 15.54 -4.38 14.80 31.42 -39.08 6.62

3rd Quartile 20.12 14.52 -5.36 13.38 29.35 -39.77 5.88

95th Percentile 2.68 10.37 -8.12 12.11 27.70 -42.32 0.61



217


Fund Information




Fund Name : TIAA-CREF Funds: Lifecycle 2050 Fund; Institutional Class Shares Portfolio Assets : $658 Million


Ticker : TFTIX PM Tenure : 2007--2007




The Fund seeks high total return over time through a combination of capital appreciation and income. The Fund seeks to allocate approximately 90% of its assets to equity UnderlyingFunds and 10% of its assets to fixed-income Underlying Funds.



TrackingError

InformationRatio

ExcessRisk

InceptionDate




4.0

6.0

8.0

10.0

12.0

14.0

Re

turn

(%)





Median 10.41 13.25¾

Up Market Capture

0.0

50.0

100.0

150.0

Up

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

108.7 105.8

Down Market Capture

0.0

50.0

100.0

150.0

Do

wn

Mk

t

Ca

p R

ati

o (%

)

3

Years

5

YearsTime Periods

110.6 107.0



218

analysis of investment performance · **performance reported as of q2 2014 because q3 2014 and q4...

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