Small Capitalization Stock Index Investment Fund

Thrift Savings Plan

S Fund
Key Features

Fund Information
As of December 31, 2010
$28.0 billion

Net Assets

• The S Fund offers the opportunity to earn a potentially high investment return over the long term by investing in the stocks of small and medium-sized U.S. companies. • The objective of the S Fund is to match the performance of the Dow Jones U.S. Completion Total Stock Market (TSM) Index, a broad market index made up of stocks of U.S. companies not included in the S&P 500 Index. • There is a risk of loss if the Dow Jones U.S. Completion TSM Index declines in response to changes in overall economic conditions (market risk). • Earnings consist of gains (or losses) in the prices of stocks, and dividend income.

2010 Administrative Expenses
$0.24 per $1,000 account balance, .024% (2.4 basis points)

Benchmark Index
Dow Jones U.S. Completion TSM Index www.djindexes.com

S Fund Returns*
50 40

Asset Manager

Inception – 2010

Percent Return

BlackRock Institutional Trust Company, N.A.

30 20 10 0 −10 −20 −30 −40 2001 2010

Returns
S Fund*
1-Year 3-Year 5-Year 10-Year Since Inception
May 1, 2001

29.06% 2.39% 5.48% N/A 7.14%

Dow Jones U.S. Completion TSM Index 28.62% 2.53% 5.54% 6.20% 7.22%

*The 2001 rate of return is a blended return using the return of the Dow Jones U.S. Completion TSM Index (without
deductions for management fees, trading costs, or administrative expenses) for the period prior to the S Fund’s inception on May 1, 2001.

*After expenses

Dow Jones U.S. Completion TSM Index
Top Ten Holdings
Company
Las Vegas Sands Corp. General Motors Co. BlackRock, Inc. Lyondell Basell Industries The Mosaic Co. Crown Castle Intl. Corp. Annaly Capital Management, Inc. Southern Copper Corp. Marvell Technology Group Ltd. Delta Airlines, Inc.

as of December 31, 2010

Growth of $100
Since Inception

3/11

S Fund FactS
By law, the S Fund must be invested in a portfolio designed to replicate the performance of an index of U.S. common stocks, excluding those that are held in the C Fund. The Federal Retirement Thrift Investment Board has chosen as its benchmark the Dow Jones U.S. Completion Total Stock Market Index, which tracks the performance of the actively traded non-S&P 500 stocks in the U.S. stock market. The Dow Jones U.S. Completion Total Stock Market Index is an index of all actively traded U.S. common stocks that are not included in the S&P 500 Index. The index is designed to be the broadest measure of the non-S&P 500 domestic stock markets. As of December 31, 2010, the index was comprised of 3,385 common stocks. The Dow Jones U.S. Completion TSM Index made up approximately 25% of the market value of the U.S. stock markets; the S&P 500 accounted for the other 75%. Thus, the combined S Fund and C Fund cover virtually the entire U.S. stock market. The Dow Jones U.S. Completion TSM Index is weighted by float-adjusted market capitalization, in which a company’s market value and its weighting in the index are calculated using the number of shares that are freely traded, rather than all outstanding shares. Shares that are not freely traded, such as the holdings of controlling shareholders and their families, company management, and other companies, are excluded from the calculation. A company’s weighting in the index is the float-adjusted market value of the company (that is, the share price multiplied by the number of freely traded shares outstanding) as a percentage of the combined float-adjusted market value of all companies in the index. As of December 31, 2010, the largest 100 companies in the Dow Jones U.S. Completion TSM Index represented 23.7% of the index.

Dow Jones U.S. Completion TSM Index
Major Industry Groups December 31, 2010
Consumer Discretionary 15.3% Health Care 11.2%

Energy 7.0% Materials 7.2% Utilities 3.7% Consumer Staples 3.2% Telecom Services 1.6%

Industrials 14.3%

Financials 20.6%

Information Technology 15.9%

BlackRock’s Extended Market Index Fund — The S Fund is invested in BlackRock’s Extended Market Index Fund. The Dow Jones U.S. Completion TSM Index
contains a large number of stocks, including illiquid stocks with low trading volume and stocks with prices lower than $1.00 per share. Therefore, it is not efficient for BlackRock’s Extended Market Index Fund to invest in every stock in the index. The BlackRock fund holds the stocks of most of the companies in the index with market values greater than $1 billion. However, a mathematical sampling technique is used to select among the smaller stocks. BlackRock’s mathematical model considers size and industry group to match the industry weights in the index. Within each industry group, BlackRock selects stocks that, together, are expected to produce a return that is very close to the industry’s return in the Dow Jones U.S. Completion TSM Index. The performance of the Extended Market Index Fund is evaluated on the basis of how closely its returns match those of the Dow Jones U.S. Completion TSM Index. A portion of Extended Market Index Fund assets is reserved to meet the needs of daily client activity. This liquidity reserve is invested in futures contracts of the S&P 400 and Russell 2000 (other broad equity indexes). The S Fund invests in the Extended Market Index Fund by purchasing shares of the Extended Market Index Fund “E,” which, in turn, holds a liquidity pool and shares of the Extended Market Index Master Fund. As of December 31, 2010, S Fund holdings constituted $27.2 billion of the Extended Market Index Master Fund, which itself held $35.3 billion in securities. Note: Participants’ interfund transfer (IFT) requests redistribute their existing account balances among the TSP funds. For each calendar month, the first two IFTs can redistribute money among any or all of the TSP funds. After that, for the remainder of the month, IFTs can only move money into the G Fund. (For participants with more than one TSP account, this rule applies to each account separately.)
Page 2 TSPLF14S

Thrift Savings Plan

Fixed Income Index Investment Fund

F Fund
Key Features

Fund Information
As of December 31, 2010

Net Assets
$19.7 billion

• The F Fund offers the opportunity to earn rates of return that exceed
those of money market funds over the long term (particularly during periods of declining interest rates), with relatively low risk.

2010 Administrative Expenses
$0.25 per $1,000 account balance, .025% (2.5 basis points)

• The objective of the F Fund is to match the performance of the Barclays
Capital U.S. Aggregate Bond Index, a broad index representing the U.S. bond market.

Average Duration
4.5 years

• The risk of nonpayment of interest or principal (credit risk) is relatively
low because the fund includes only investment-grade securities and is broadly diversified. However, the F Fund has market risk (the risk that the value of the underlying securities will decline) and prepayment risk (the risk that the security will be repaid before it matures).

Average Current Yield
4.01%

Barclays Capital U.S. Aggregate Bond Index www.barcap.com BlackRock Institutional Trust Company, N.A.

Benchmark Index

• Earnings consist of interest income on the securities and gains (or
losses) in the value of securities.

Asset Manager

F Fund Returns*
Inception – 2010
20

Returns
F Fund*
1-Year 3-Year 5-Year 10-Year Since Inception
January 29, 1988

Percent Return

Barclays U.S. Aggregate Index
6.54% 5.90% 5.80% 5.84% 7.34%

15 10 5 0 −5

6.71% 6.05% 5.93% 5.91% 7.09%

*After expenses

Growth of $100
Since Inception

1988

2010

* 1988 return shown is a partial-year return.

3/11

F Fund Facts
By law, the F Fund must be invested in fixed-income securities. The Federal Retirement Thrift Investment Board has chosen to invest the F Fund in an index fund that tracks the Barclays Capital U.S. Aggregate (U.S. Aggregate) Bond Index, formerly the Lehman Brothers U.S. Aggregate Index, a broadly diversified index of the U.S. bond market. The U.S. Aggregate Index consists of high quality fixed-income securities with maturities of more than one year. The index is comprised of Treasury and Agency bonds, asset-backed securities, and corporate and non-corporate bonds. On December 31, 2010, the index included 7,994 notes and bonds. Its average current yield was 4.03%, which means that, on an annual basis, interest income Bond Market Sectors equaled approximately 4.03% of the December 31, 2010 return of the U.S. Aggregate Index. The average duration (a measure of interest rate risk) of the U.S. Aggregate Index was 4.54 years, which means that a 1% inGovernment/ crease (decrease) in interest rates could Government-Related be expected to result in a 4.54% de41% Credit crease (increase) in the price of a secu24% rity. New issues are added continuously to the U.S. Aggregate Index, and older issues drop out as they move to within one year of maturity.

Barclays Capital U.S. Aggregate Index

BlackRock’s U.S. Debt Index Fund — The F Fund is invested in the U.S. Debt Index Fund. Because the U.S. Aggregate Index contains such a large number of securities, it is not feasible Asset-Backed for the U.S. Debt Index Fund to invest Securities in each security in the index. Instead, 35% BlackRock selects a large representative sample of the various types of mortgage-backed, U.S. Government, corporate, and foreign government securities included in the overall index. Within each sector, BlackRock selects securities that, as a whole, are designed to match important index characteristics such as duration, yield, and credit rating. The performance of the U.S. Debt Index Fund is evaluated on the basis of how closely its returns match those of the U.S. Aggregate Index. The F Fund invests in the U.S. Debt Index Fund by purchasing shares of the U.S. Debt Index Fund “E,” which, in turn, holds shares of the U.S. Debt Index Master Fund. As of December 31, 2010, F Fund holdings constituted $19.1 billion of the U.S. Debt Index Master Fund, which itself held $36.1 billion in securities. Note: Participants’ interfund transfer (IFT) requests redistribute their existing account balances among the TSP funds. For each calendar month, the first two IFTs can redistribute money among any or all of the TSP funds. After that, for the remainder of the month, IFTs can only move money into the G Fund. (For participants with more than one TSP account, this rule applies to each account separately.)

Page 2

TSPLF14F

L Funds
Lifecycle Funds
Thrift Savings Plan

Fund Information
As of December 31, 2010
$34.9 billion

Key Features
• The L Funds diversify participant accounts among the G, F, C, S, and I
Funds using professionally determined investment mixes (allocations) that are tailored to different time horizons. The L Funds are rebalanced to their target allocations each business day. The investment mix of each fund adjusts quarterly to more conservative investments as the fund’s time horizon shortens.

Net Assets

2010 Administrative Expenses
$0.25 per $1,000 account balance, .025% (2.5 basis points)

• The objective of the L Funds is to provide the highest possible rate of
return for the amount of risk taken.

Investment Objective
Fund
L 2050 L 2040 L 2030 L 2020 L Income

• Investing in the L Funds is not a guarantee against loss and does not
eliminate risk. The L Funds are subject to the risks inherent in the underlying funds, and can have periods of gain and loss.

Growth
High High Moderate/High Moderate Low

Preservation of Assets
Very Low Low Low Moderate High

• The L Funds’ returns will be approximately equal to the weighted average of the G, F, C, S, and I Funds’ returns. Earnings are calculated daily, and there is a daily share price for each L Fund.

Allocation Targets
January 2011
L Income
6% F G 74% 7% 12% C S I 3% 5% 30% F

Time Horizons
(when you expect to need the money)

L 2020
10%
S C G 36% I 17%

Choose:
L L L L L 2050 2040 2030 2020 Income

If your time horizon is:
2045 or later 2035 through 2044 2025 through 2034 2015 through 2024 Now withdrawing or withdrawing soon

Inception
The first L Funds were introduced August 1, 2005
L 2030
14% S 36% C F 8% 20% I G 22% 40%

L 2040
17% S C I F G 9  % 11% 44% 23%

L 2050
19% S C I F G 3% 7% 27%

3/11

L Fund Facts
The L Funds are intended to meet the investment needs of TSP participants with time horizons that fall into five different date ranges, as shown on the front. The five L Funds were designed for the TSP by Mercer Investment Consulting, Inc. The asset allocations are based on Mercer’s assumptions regarding future investment returns, inflation, economic growth, and interest rates. The TSP reviews these assumptions at least annually to determine whether changes to the allocations are warranted. L 2050, L 2040, L 2030, and L 2020 are for participants with time horizons that fall within the defined date ranges. The asset allocations of these funds are adjusted quarterly, moving to a more conservative mix, gradually approaching that of the L Income Fund. Between quarterly adjustments, the asset allocation of each fund is maintained through daily rebalancing to that fund’s target allocation. When a fund reaches its horizon, it will roll into the L Income Fund, and a new fund will be added with a more distant time horizon. For example, in 2010, the L 2010 Fund rolled into the L Income Fund, and shortly thereafter the L 2050 Fund was created. The L Income Fund is designed to produce current income for participants who are already receiving money from their accounts through monthly payments and for participants who plan to withdraw or to begin withdrawing from their accounts in the near future. The asset allocation of the L Income Fund does not change over time; it is maintained through daily rebalancing. The pie charts on the front show the January 2011 target allocations of the L Income, L 2020, L 2030, L 2040, and L 2050 Funds in each of the five underlying TSP funds. The allocation to the G Fund, which has the least amount of risk, is largest in the L Income Fund, and becomes successively smaller with the more distant target dates. In contrast, the allocations to the F, C, S, and I Funds, which carry varying degrees of risk, but also the potential for higher returns, are largest in L 2050 and smallest in the L Income Fund. The graph below depicts the expected return and risk associated with each of the five L Funds based on the target allocations in January 2011. The expected returns are derived from Mercer’s economic assumptions and are not guaranteed. Expected variability of the investment returns is a measure of risk in investing. For each risk level, there is one “optimal” asset allocation that provides the highest expected return. The collection of optimal asset allocations make up the “Efficient Frontier,” which is shown by the curve. Asset allocations that are below the Efficient Frontier are less than optimal, because there is an asset allocation along the frontier that provides a higher return for the same level of risk, or lower risk for the same expected return. The five TSP L Funds have asset allocations that correspond to points shown on the Efficient Frontier. Putting your entire TSP account into one of the L Funds will help you to achieve the best expected return for the amount of expected risk that is appropriate for your time horizon.

L Funds and the Efficient Frontier

Over time, the L Funds (except for the L Income Fund) will “roll down” the Efficient Frontier. That means that, as their allocations are adjusted each quarter, the funds shift left on the line, becoming less risky, until they eventually merge into the L Income Fund.

10%

8%

2020 The administrative expenses associated with the L Funds are 6% those of the underlying G, F, C, S, Income and I Funds, calculated in proportion to their allocations in each L Fund. The L Funds do not have 4% any additional charges. There are no restrictions on investing in the L Funds. You may invest any part 2% of your TSP account in any L Fund, and even invest in more than one L Fund. But it is recommended that you put your entire TSP ac0% 0% 5% 10% 15% count into just one L Fund — the one with the target date that is closest to your time horizon. Expected Risk (Standard Deviation) Any other strategy may result in an asset allocation that is less than optimal (i.e., not on the Efficient Frontier), or which is not suited to your investment time horizon.

Expected Return

2030

2040

2050

G Fund F Fund C Fund S Fund I Fund

  

20%

Remember, however, that risk and expected return are based on assumptions about future economic conditions and investment performance. There is no guaranteed rate of return for any period, either short-term or long-term. Note: Participants’ interfund transfer (IFT) requests redistribute their existing account balances among the TSP funds. For each calendar month, the first two IFTs can redistribute money among any or all of the TSP funds. After that, for the remainder of the month, IFTs can only move money into the G Fund. (For participants with more than one TSP account, this rule applies to each account separately.)
Page 2  TSPLF14L

International Stock Index Investment Fund
Thrift Savings Plan

I Fund
Key Features

Fund Information
As of December 31, 2010
$25.1 billion

• The I Fund offers the opportunity to earn a potentially high investment
return over the long term by investing in the stocks of companies in developed countries outside the United States.

Net Assets

• The objective of the I Fund is to match the performance of the Morgan
Stanley Capital International EAFE (Europe, Australasia, Far East) Index.

2010 Administrative Expenses
$0.25 per $1,000 account balance, .025% (2.5 basis points)

• There is a risk of loss if the EAFE Index declines in response to changes
in overall economic conditions (market risk) or in response to in reases c in the value of the U.S. dollar (currency risk).

Benchmark Index
Morgan Stanley Capital International EAFE Stock Index www.msci.com

• Earnings consist of gains (or losses) in the prices of stocks, currency
changes relative to the U.S. dollar, and dividend income.

I Fund Returns*
Inception – 2010
40 30 20 10 0 −10 −20 −30 −40 −50 2001 2010

Asset Manager

Returns
I Fund*
1-Year 3-Year 5-Year 10-Year Since Inception
May 1, 2001

EAFE Index
7.75% −7.02% 2.46% 3.50% 4.49%

7.94% −6.86% 2.61% N/A 4.43%

Percent Return

BlackRock Institutional Trust Company, N.A.

*The 2001 rate of return is a blended return using the return of the EAFE Index (without deductions for man­
agement fees, trading costs, or administrative expenses) for the period prior to the I Fund’s inception on May 1, 2001.

*After expenses

MSCI EAFE Top Ten Holdings
as of December 31, 2010
Company
Nestlé S.A. HSBC Holdings (GB) PLC BHP Billiton Ltd. BP PLC Vodafone Group PLC Novartis AG Royal Dutch Shell PLC Total S.A. Toyota Motor Corp. Roche Holding Genuss

Growth of $100
Since Inception

3/11

I Fund Facts
By law, the I Fund must be invested in a portfolio designed to track the performance of an index of common stocks repre enting ins ternational stock markets outside of the United States. The Federal Retirement Thrift Investment Board has chosen as its benchmark the Morgan Stanley Capital International EAFE (Europe, Austral sia, Far East) Index, which tracks the overall performance of the maa jor companies and industries in the European, Australian, and Asian stock markets. A significant component of the return of the EAFE Index (and the I Fund) results from changes in the value of the U.S. dollar relative to the currencies of the countries represented in the index. For example, the EAFE Index returned 7.75% in 2010, but that return included a decrease in the value of the U.S. dollar which increased the return by 2.93%. The EAFE Index, published by Morgan Stanley Capital International (MSCI), is an index of the equity markets of the developed world outside of the United States and Canada. It is the most widely used international stock index. As of December 31, 2010, the index covered the equity markets of 22 countries, as shown in the table. The companies in the EAFE Index are large companies. The index is weighted by float-adjusted market capitalization, in which a company’s market value and its weighting in the index are calculated using the number of shares that are freely traded, rather than all outstanding shares. Shares that are not freely traded, such as the holdings of controlling shareholders and their families, company management, and other companies, are excluded from the calculation. Also excluded are shares subject to foreign ownership limitations imposed by governments or companies. Within each country, a company’s weighting is the float-adjusted market value of the company (that is, the share price multiplied by the number of freely traded shares outstanding) as a percentage of the combined float-adjusted market value of all companies in the index. Similarly, a country’s weighting in the EAFE Index is the float-adjusted market value of its stock market as a percentage of the combined float-adjusted market value of all stock markets included in the EAFE Index.

Country Composition December 31, 2010
Country
Europe Austria Belgium Denmark Finland France Germany Greece Ireland Israel Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom Europe Australasia/Far East Australia Hong Kong Japan New Zealand Singapore Australasia/Far East Total EAFE Index

EAFE Index
Percent of Index*
0.3 0.9 1.0 1.1 9.5 8.2 0.2 0.2 0.8 2.6 2.5 0.8 0.3 3.3 3.2 8.0 21.3 64.4% 8.8

Number of Companies
8 14 11 17 76 54 8 5 14 29 21 9 9 28 33 37 107 480 72

2.9 41 BlackRock’s EAFE Index Fund — The BlackRock Fund 22.1 340 holds common stocks of all the companies represented 0.1 5 in the EAFE Index in virtually the same weights that they 1.7 31 have in the index. The return on the BlackRock Fund (and 35.6% 489 on the I Fund) will differ from that of the EAFE Index on 100.0% 969 days when BlackRock makes a “fair valuation” adjustment *Weight as a percentage of index (based on foreign inclusion factor, to reprice the securities held by the fund. Fair valuation which reflects the free float available to foreign investors). adjustments are made on days when there are large movements in either U.S. equity markets or currency exchange Source: Morgan Stanley Capital International rates after the foreign markets have closed. Fair valuation prevents traders from exploiting “stale” prices, thus diluting the returns of other TSP participants who invest in the I Fund.

The performance of the EAFE Equity Index Fund is evaluated on the basis of how closely its returns match those of the EAFE Index. A portion of EAFE Equity Index Fund assets is reserved to meet the needs of daily client activity. This liquidity reserve is invested in futures contracts. The I Fund invests in the EAFE Equity Index Fund by purchasing shares of the EAFE Equity Index Fund “E,” which, in turn, holds a liquidity pool and shares of the EAFE Index Master Fund. As of December 31, 2010, I Fund holdings constituted $24.3 billion of the EAFE Equity Index Master Fund, which itself held $68.0 billion in securities. Note: Participants’ interfund transfer (IFT) requests redistribute their existing account balances among the TSP funds. For each calendar month, the first two IFTs can redistribute money among any or all of the TSP funds. After that, for the remainder of the month, IFTs can only move money into the G Fund. (For participants with more than one TSP account, this rule applies to each account separately.)
Page 2 TSPLF14I

Government Securities Investment Fund
Thrift Savings Plan

G Fund
Key Features

Fund Information
As of December 31, 2010
$128.6 billion

Net Assets

• The G Fund offers the opportunity to earn rates of interest similar to
those of long-term Government securities but without any risk of loss of principal and very little volatility of earnings.

2010 Administrative Expenses
$0.25 per $1,000 account balance, .025% (2.5 basis points)

• The objective of the G Fund is to maintain a higher return than inflation
without exposing the fund to risk of default or changes in market prices.

• The G Fund is invested in short-term U.S. Treasury securities specially
issued to the TSP. Payment of principal and interest is guaranteed by the U.S. Government. Thus, there is no “credit risk.”

• The interest rate resets monthly and is based on the weighted average
yield of all outstanding Treasury notes and bonds with 4 or more years to maturity.

• Earnings consist entirely of interest income on the securities.

Returns
After Expenses

• Interest on G Fund securities has, over time, outpaced inflation and
90-day T-bills.

1-Year 3-Year 5-Year 10-Year Since Inception
April 1, 1987

2.81% 3.18% 3.86% 4.26% 5.93%

G Fund Returns
1988 – 2010

Growth of $100
Since Inception

Percent Return

3/11

G Fund Facts
By law, the G Fund must be invested in nonmarketable U.S. Treasury securities specially issued to the TSP. The G Fund investments are kept by electronic entries which do not involve any transaction costs to the TSP. The G Fund rate is set once a month by the U.S. Treasury based on a statutorily prescribed formula (described below), and all G Fund investments earn that interest rate for the month. (The G Fund rate is also used in other Government programs, such as the Social Security and Medicare trust funds and the Civil Serv ce Retirement and Disability Fund.) i Although the securities in the G Fund earn a long-term interest rate, the Board’s investment in the G Fund is redeemable on any business day with no risk to principal. The value of G fund securities does not fluctuate; only the interest rate changes. Thus, when the monthly G Fund interest rate goes up, G Fund earnings accrue faster; when the G Fund interest rate declines, G Fund earnings accrue more slowly. Calculation of G Fund Rate — G Fund securities earn a statutory interest rate equal to the average market yield on outstanding marketable U.S. Treasury securities with 4 or more years to maturity. The G Fund rate is calculated by the U.S. Treasury as the weighted average yield of approximately 110 U.S. Treasury securities on the last day of the previous month. The yield of the security has a weight in the G Fund rate calculation based on the amount April 1987 – December 2010 outstanding. (The larger the dollar amount of a security outstanding, the larger its weight in the calculation.) The Treasury securities used in the G Fund rate calculation have a weighted average maturity of approximately 10 years.

G Fund Yield Advantage

The G Fund Yield AdvanThe G Fund rate tage —  calculation described above results in a long-term rate being earned on short-term securities. Because longterm interest rates are generally higher than short-term rates, G Fund securities usually earn a higher rate of return than do short-term marketable Treasury securities. In the chart above, the G Fund rate is compared with the rate of return on 3-month marketable Treasury sec rities (T-bills). From January 1988 through December 2010, the G Fund rate was, on average, 1.77 percentage u points higher per year than the 3-month T-bill rate.

Page 2

Percent Return

TSPLF14G

Common Stock Index Investment Fund
Thrift Savings Plan

C Fund
Key Features

Fund Information
As of December 31, 2010
$79.5 billion

• The C Fund offers the opportunity to earn a potentially high investment
return over the long term from a broadly diversified portfolio of stocks of large and medium-sized U.S. companies.

Net Assets

• The objective of the C Fund is to match the performance of the Standard & Poor’s 500 (S&P 500) Index, a broad market index made up of stocks of 500 large to medium-sized U.S. companies.

2010 Administrative Expenses
$0.25 per $1,000 account balance, .025% (2.5 basis points)

• There is a risk of loss if the S&P 500 Index declines in response to
changes in overall economic conditions (market risk).

Standard & Poor’s 500 Stock Index www.standardandpoors.com

Benchmark Index

• Earnings consist of gains (or losses) in the prices of stocks, and
dividend income.

Asset Manager
BlackRock Institutional Trust Company, N.A.
40 30

C Fund Returns*
Inception – 2010

Percent Return

20 10 0 −10 −20 −30 −40 1988 2010

Returns
C Fund*
1-Year 3-Year 5-Year 10-Year Since Inception
January 29, 1988

S&P 500 Index
15.06% −2.86% 2.29% 1.41% 9.78%

15.06% −2.80% 2.34% 1.42% 9.55%

* 1988 return shown is a partial-year return.

*After expenses

S&P 500 Top Ten Holdings
as of December 31, 2010
Company
Exxon Mobil Corp. Apple, Inc. Microsoft Corp. General Electric Co. Chevron Corp. International Business Machines Corp. Proctor & Gamble AT&T, Inc. Johnson & Johnson JP Morgan Chase & Co. 3/11

Growth of $100
Since Inception

C Fund FaCts
By law, the C Fund must be invested in a portfolio designed to replicate the performance of an index of stocks representing the U.S. stock market. The Federal Retirement Thrift Investment Board has chosen as its benchmark the Standard & Poor’s 500 (S&P 500) Index, which tracks the perform nce of major U.S. companies and industries. a The S&P 500 Index is an index of 500 large to medium-sized U.S. companies that are traded in the U.S. stock markets. The index was designed by Standard & Poor’s Corporation (S&P) to provide a representative measure of U.S. stock market performance. The companies in the index represent 132 sub-industries classified into the 10 major industry groups shown in the chart. The stocks in the S&P 500 Index represent approximately 75% of the market value of the U.S. stock markets. The S&P 500 is considered a “big company” index. As of December 31, 2010, the largest 100 companies in the S&P 500 represented approximately 65% of the index’s market value. The S&P 500 Index includes 401 securities traded on the New York Stock Exchange and 99 securities that are traded on NASDAQ. The market value of the largest company in the index is approximately $369 billion; the market value of the smallest company is approximately $1.3 billion.

S&P 500 Index
Major Industry Groups December 31, 2010
Industrials 11.0% Energy 12.0%

Health Care 10.9% Consumer Discretionary 10.6%

The S&P 500 Index is weighted Financials 16.1% by float-adjusted market capitalization, in which a company’s Materials 3.7% market value and its weighting Utilities 3.3% in the index are calculated using the number of shares that Telecom Services 3.1% Information are freely traded, rather than all Technology outstanding shares. Shares that 18.7% are not freely traded, such as the holdings of controlling shareholders and their families, company management, and other companies, are excluded from the calculation. A company’s weighting in the index is the float-adjusted market value of the company (that is, the share price multiplied by the number of freely traded shares outstanding) as a percentage of the combined float-adjusted market value of all companies in the index. BlackRock’s Equity Index Fund — The C Fund is invested in the Equity Index Fund. The C Fund holds all the stocks included in the S&P 500 Index in virtually the same weights that they have in the index. The performance of the Equity Index Fund is evaluated on the basis of how closely its returns match those of the S&P 500 Index. A portion of the Equity Index Fund assets is reserved to meet the needs of daily client activity. This liquidity reserve is invested in S&P 500 Index futures contracts. The C Fund invests in the Equity Index Fund by purchasing shares of the Equity Index Fund “E,” which, in turn, holds shares of the Equity Index Master Fund along with a liquidity pool. As of December 31, 2010, C Fund holdings constituted $77.1 billion of the Equity Index Master Fund, which itself held $90.8 billion in securities. Note: Participants’ interfund transfer (IFT) requests redistribute their existing account balances among the TSP funds. For each calendar month, the first two IFTs can redistribute money among any or all of the TSP funds. After that, for the remainder of the month, IFTs can only move money into the G Fund. (For participants with more than one TSP account, this rule applies to each account separately.)

Consumer Staples 10.6%

Page 2

TSPLF14C

BlackRock Financial Management
New York, NY
September 30, 2006
Andrew Phillips Robert Capaldi Portfolio Manager Relationship Manager

Enhanced MBS/ABS
andrew.phillips@blackrock.com robert.capaldi@blackrock.com

(212) 810-5559 (212) 810-5312

MOSERS' Specific Information Market Value (MV) Inception Date % of MOSERS Total Fund Andrew Phillips
Firm Background t BlackRock was established in March 1988 to provide fixed income investment management services to investors worldwide. The firm was founded on the belief that experienced investment professionals using a disciplined investment process and highly sophisticated analytical tools will consistently add value to client portfolios. Accordingly, BlackRock has assembled a team of investment professionals with expertise in fixed income, liquidity, equity and alternative, including real estate, asset classes and continues to make investments in technology and analytics.

$145,710,394 January, 1995 2.04%

Robert Capaldi
Investment Philosophy t BlackRock applies a controlled duration, relative value sector rotation and security selection style to the management of all its fixed income mandates. The distinguishing feature of BlackRock’s investment management style is the ability to generate alpha within a risk-controlled framework. Real-time analysis of a vast array of risk measures allows them to assess the potential impact of various sector and security strategies on total return. As a result, consistent value is added and performance volatility is controlled.

Blackrock MBS & ABS
Number of Holdings Duration (yrs) Avg. Credit Quality Avg. Life (yrs) Avg. YTM (%) Avg. Current Yield (%) Avg. Coupon (%) 141 2.6 Govt/Govt 4.9 5.5 5.4 5.2

Lehman MBS/ABS Composite
948 3.4 Aaa/AAA 5.4 5.6 5.3 5.3
Performance (Annualized)

Top Five Holdings Security
FNMA 30YR TBA 5.000% 10/12/06 FNMA 15YR 2002 PROD 6.000% 4/1/21 FNMA 30YR 2004 PROD 5.500% 10/1/34 FNMA 30YR TBA 6.500% 10/12/06 FNMA 15YR 2003 PROD 5.000% 2/1/18

Rating Agency Agency Agency Agency Agency

Market Value $16,650,349 $12,451,582 $10,034,462 $8,367,673 $5,967,139

11.0 Blackrock MBS & ABS 9.0 Mosers Hybrid 67/33 Percent (%) 7.0 5.0 3.14 3.0 1.0 -1.0 1 Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception 3.37 4.24 4.18 4.55 4.43 3.56 3.63 6.16 6.02 6.52 6.28 7.16 6.93

BlackRock to Earn $71 Million to Oversee Maiden Lane (Update1)
By Sree Vidya Bhaktavatsalam and Christopher Condon - July 14, 2009 10:04 EDT

BlackRock Inc. headquarters July 14 (Bloomberg) -- BlackRock Inc., the biggest publicly traded U.S. money manager, will get at least $71 million in the first year of contracts to oversee assets previously owned by Bear Stearns Cos. and American International Group Inc. BlackRock is set to receive $45.3 million this year for running the Maiden Lane holdings that the Federal Reserve took over from Bear Stearns, based on contract terms released by the New York Fed. The company will get $25.5 million to manage the Maiden Lane II and Maiden Lane III investments that the Fed purchased from AIG. BlackRock, co-founded by Chief Executive Officer Laurence Fink in 1988, has won more government contracts to evaluate and price distressed securities than any other fund manager. The New York-based company was among nine investment firms picked last week by the Treasury to purchase devalued real-estate assets from banks. BlackRock, Pacific Investment Management Co. and two others were chosen in December to run a $500 billion mortgage- backed securities program.

³The important thing, in my opinion, would be the reputational enhancement,´ Jeffrey Hopson, an analyst with Stifel Nicolaus & Co. in St. Louis, said in an interview. Contracts with the U.S. government are ³impressive to anyone that they¶re potentially seeking as a client,´ he said. The New York Fed posted copies of its contracts with BlackRock and other investment managers in June without disclosing fees. It subsequently published the information on its Web site. Devalued Assets The U.S. government is relying on money-management firms such as BlackRock to help manage and dispose of devalued assets after the collapse of the subprime mortgage market in 2007 triggered about $1.47 trillion of writedowns and credit losses at financial companies. BlackRock could earn an additional $50 million or more under the Maiden Lane agreements, which are set to run at least three years. Its fees, based on assets, will shrink as the portfolios decrease in size. Bobbie Collins, a spokeswoman for BlackRock, declined to comment on the Fed contracts. Calvin Mitchell, a spokesman for the New York Fed, didn¶t return a call seeking comment. Bear Stearns, once the fifth-largest U.S. securities firm, agreed in March 2008 to sell itself to JPMorgan Chase & Co. at a fraction of its market value to avert a collapse. The Fed took over $30 billion worth of the New York-based firm¶s assets. AIG, formerly the world¶s largest insurer by assets, was bailed out by the U.S. after losses tied to home loans last year. The New York-based insurer sold securities with a face value of $39.3 billion to the Maiden Lane facility. Maiden Lane was named for a Manhattan street that borders the New York Federal Reserve. Congressional Questions Lawmakers including U.S. Senator Charles Grassley, an Iowa Republican, have questioned the Bear Stearns and AIG contracts with BlackRock, which were awarded without competing bids. BlackRock, which manages $1.3 trillion in assets, reported about $5 billion in revenue last year. About 88 percent came from investment-management and performance fees.

³Being in the flow of information -- pricing information, knowing who¶s buying and selling, the market knowledge -- will ultimately be more important than the actual fees,´ Charles Peabody, a partner and research analyst at Portales Partners LLC in New York, said in an interview. ³Relative to the size of the company, those fees are immaterial.´ To contact the reporters on this story: Sree Vidya Bhaktavatsalam in Boston at sbhaktavatsa@bloomberg.net; Christopher Condon in Boston at ccondon4@bloomberg.net

Blackrock MBS-ABS New York, NY
Manager Information
Asset Allocation
Public Debt Core Bonds High Yield Bonds Market Nuetral TIPS

41%

27%

Beta-Alpha Program - Core Fixed Income
32%

BlackRock Enhanced MBS-ABS
Alternatives Public Debt Public Equity

NISA Fixed Income - Coporate Bonds

BlackRock Enhanced MBS1.68% as of 10-31-2008 ABS's % of Total Fund:
Investment Philosophy BlackRock utilizes technology and research staff to add incremental value through extensive quantitative analysis. They implement strategies through a very active trading approach, in which sector rotation and security selection play a very important role. The investment strategy group (comprised of BlackRock’s most senior executives) meets weekly to determine overall investment strategy. Within the parameters established by the investment strategy group, the portfolio managers implement the process of sector and security selection, while adhering to well defined duration constraints. Policy Allocation Purpose Mortgage-backed securities (MBS) are highly liquid instruments that are also very high in quality due to the dual backing of both the issuer’s credit worthiness as well as the underlying mortgage collateral (primarily residential but some commercial). Asset-backed securities (ABS) are very high quality (typically the highest investment grade rating) securities due to their backing by over-collateralized liquid assets such as car loans and credit card receivables to name a few examples. These core fixed income securities are intended to provide a source of current income and reduce overall fund volatility. In addition, the portfolio is expected to perform well during periods of disinflation and/or outright deflation. Value Added Allocation Purpose BlackRock’s goal is to add value over the index with a risk profile commensurate to that of the benchmark. BlackRock has been remarkably consistent in achieving modest levels of alpha over a long time period—there has never been a significant period of time in which returns have fallen short of the benchmark.