MSRPS Maryland State Retirement and Pension System

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Post-Retirement Health Benefits Trust

Asset classes by market value, allocation. 03/31/2013

Asset Class	Market Value ($millions)	Actual Allocation (%)*	Long-Term Policy Allocation (%)
Total Fund	234.8	100	100
Total Public Equity	155.4	66.2	65.0
Fixed Income	33.4	14.2	15.0
Real Return	22.3	9.5	10.0
Real Estate	23.6	10.0	10.0
Cash	0.0	0.0	0.0

* May not add due to rounding

Investment performance to 03/31/2013

Fiscal YTD	13.47%
1 Year	10.34%
3 Years	8.86%
Since Inception 07/01/2008	5.68%

Please Note: The Board of Trustees of the Maryland Retirement System is responsible only for investment of those monies deposited by the State of Maryland into the Postemployment Health Benefits Trust Fund (the "Trust"). Under State law:

1. The assets of the Trust are maintained in a tax-exempt trust established in accordance with Section 115 of the Internal Revenue Code. These assets are not commingled with those of the various defined benefit plans administered by the Board of Trustees.
2. The State Department of Budget and Management is responsible for the administration of all health benefits available to retired State workers. Questions regarding retiree health benefits should be directed to the Department of Budget and Management’s Office of Personnel Services and Benefits, Employee Benefits Division, 301 West Preston Street, Room 510, Baltimore, MD 21201, telephone: (410) 767-4775; 1-800-30-STATE (Outside Baltimore); (410) 333-7104 Fax.
3. The State of Maryland, through the Office of the State Comptroller, receives investment performance information from the Retirement System regarding the Trust and is responsible for utilizing this information in order to produce financial, accounting and other reports regarding the Trust and is responsible for arranging for audits of the Trust. Questions regarding such matters should be directed to the Comptroller of Maryland, General Accounting Division, Office of the Director, Louis L Goldstein Treasury Building, 80 Calvert St., Room 200, Annapolis, MD 21404-0746, telephone: (410) 260-7820.