The University of California Retirement Savings Programs
Investment Model Portfolios

The University of California Retirement Savings Programs (UCRSP) consist of Defined Contribution Plan, Supplemental Defined Contribution
Plan, the Tax-Deferred 403(b) Plan and the 457(b) Deferred Compensation Plan. The investment options are as follows (based on UCRP 2008-2009 annual report):

Investment Options
Currently, participants in the UCRSP have several investment options:

•  the UC Core Funds—investment options for single diversified investments including the Balanced Growth Fund and the Pathway Funds; primary asset class investment options for general asset allocation – all managed by the Chief Investment Officer; and, specialized asset class options for additional asset allocation managed by independent investment advisors appointed by the Chief Investment Officer;
•  the Fidelity Investments mutual fund lineup;
• Calvert socially responsible mutual funds; and
• thousands of other mutual funds, through the Fidelity brokerage window.

The UC Core Funds currently consist of the following:

• UC Balanced Growth Fund, which seeks to provide longterm growth and income through a balanced portfolio of equity and fixed income securities held within UC Funds. Policy benchmark: Consists of 65% of the Equity Fund benchmark; 30% of the Bond Fund benchmark; and, 5% of the TIPS Fund benchmark. Evergreen Plans proxy fund: Vanguard Balanced Index Fund (VBINX).
•  UC Equity Fund, which seeks to maximize long-term capital appreciation with a moderate level of risk. Policy benchmark: Consists of 85% less the actual private equity weight from the prior month end times the Russell 3000 TF Index, 15% MSCI ACWI ex US Index (Net) and the actual private equity weight of the previous month end times actual PE returns; Historical: S&P 500 Index. Evergreen Plans proxy fund: Vanguard 500 Index Fund (VFINX).
• UC Domestic Equity Index Fund, which seeks to provide investment results approximating the total return performance of the securities included in the Russell 3000 Index. Policy benchmark: Russell 3000 Tobacco Free (TF) Index. Evergreen Plans proxy fund: iShares Russell 3000 Index ETF (IWV).
• UC International Equity Index Fund, which seeks to provide investment results approximating the total return performance of the securities included in the MSCI EAFE + Canada Index. Policy benchmark: MSCI EAFE + Canada Index. Evergreen Plans proxy fund: iShares MSCI EAFE index ETF (EFA).
•  UC Bond Fund, which seeks to maximize interest income returns, while protecting principal, in order to provide a safe low-risk investment, with attractive and stable returns. Policy benchmark: Barclays Capital U.S. Aggregate Bond Index Index. Prior to June 2000 the Policy Benchmark was the Barclays Capital U.S. Long Term Gov/Credit Index. Evergreen Plans proxy fund: Vanguard Total Bond Index Fund (VBMFX).
• UC Savings Fund, which seeks to maximize interest income returns, while protecting principal, in order to provide a stable, low-risk investment, with attractive returns. Policy benchmark: 2-Yr U.S. Treasury Notes. Evergreen Plans proxy fund: Vanguard Short Term Treasury Fund (VFISX).
•  UC ICC Fund, which seeks to maximize interest income, while protecting principal. Policy benchmark: 5-Yr U.S. Treasury Notes. Evergreen Plans proxy fund: Vanguard Intermediate Term Treasury Fund (VFITX).
• UC TIPS Fund, which seeks to provide long-term return and inflation protection consistent with an investment in U.S. Government inflation-indexed securities. Policy benchmark: Barclays Capital U.S. TIPS Index. The Fund seeks to provide a total return that matches the Index. Evergreen Plans proxy fund: iShares Barclays TIPS bond (TIP).
• Vanguard Small Cap Index Fund, which seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. Evergreen Plans proxy fund: Vanguard Small Cap Index Fund (NAESX).
•  Dimensional Emerging Markets Portfolio, which seeks long-term capital appreciation. The Portfolio pursues its objective by investing in emerging markets equity securities that Dimensional deems to be large company stocks at the time of purchase. Evergreen Plans proxy fund: DFA Emerging Markets (DFEMX).
• Vanguard REIT Index Fund, which seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs. Evergreen Plans proxy fund: Vanguard REIT Index Fund (VGSIX).
• Vanguard FTSE Social Index Fund, seeks to track the performance of a benchmark index that measures the investment return of large- and mid-capitalization stocks. Evergreen Plans proxy fund: Vanguard FTSE Social Index Fund (VFTSX).
• Dreyfus Treasury Prime Cash Management Fund, seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. Evergreen Plans proxy fund: CASH.

In addition to the above funds, 13 target date funds are also provided. They are UC Pathway Income Fund, Pathway 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2060. These funds are not used in this Evergreen Plans. Participants are encouraged to compare performances between a Pathway fund and the customized Evergreen Plans model portfolio.

Since UC core funds do not have publicly available historical performance, Evergreen Plans models UC core funds using theiry corresponding proxy funds that best match their policy benchmarks. It should be noted that thus the model portfolios are approximation to the actual portfolios.

For participants using Fidelity brokerage link window, Fidelity Fund Picks plan could be used to invest based on a selected list of mutual funds suggested by Fidelity. Another option is to use a general ETF plan such as Fidelity Commission Efficient ETFs.