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HomeMy WebLinkAboutCity of San Luis Obispo RFP - MissionSquare ResponseCity of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 1 City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services Proposal Due: June 12, 2006 Contact: Dayla Cabeza de Vaca Vice President, Institutional Sales Phone: (771) 210-7110 Email: daylacdv@missionsquare.com Corporate Headquarters: 777 North Capitol Street, NE Suite 600 Washington, DC 20002-4240 (202) 962-4600 City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org Table of Contents Executive Summary …………………………………………………………………………………3 Cover Letter …………………………………………………………………………………………..7 Proposal Questionnaire …………………………………………………………………………….8 Suggested Language Regarding City of San Luis Obispo Terms & Conditions ……….43 J. Proposal Form: References …………………………………………………………………...46 K Proposal Form: Statement of Past Contract Disqualifications ………………………….47 L Proposal Form: Pricing Request ……………………………………………………………...48 Fixed Product Data MissionSquare PLUS Fund R10 Share Class ………………………...58 Fixed Product Data MissionSquare PLUS Fund R1 Share Class ………………………….60 Fixed Product Data MissionSquare PLUS Fund S11 Share Class ………………………...62 MissionSquare Pricing for City of San Luis Obispo …………………………………………64 Appendix List ………………………………………………………………………………………..68  Certificate of Insurance …………………………………(Please see separate attached document)  MissionSquare ASA with City of San Luis Obispo …………………………………………………69  MissionSquare PLUS Fund R10 Fact Sheet Q1 2026 ………………………………………………82  MissionSquare PLUS Fund R1 Fact Sheet Q1 2026 ………………………………………………..85  MissionSquare PLUS Fund S11 Fact Sheet Q1 2026 ………………………………………………88  Sample participant Annual Fee Disclosure ………………………………………………………….91  Sample plan sponsor Fee Disclosure Report ……………………………………………………….102  VantageTrust Funds’ Fact Sheets and Disclosure Memorandum (VT I Funds Disclosure Memorandum) ……………………………………………………………………………………………118 Executive Summary For more than 40 years, the partnership between the City of San Luis Obispo and MissionSquare has been proven and unwavering, grounded in our shared mission to serve those who serve their communities. With a deep understanding of your goals, we’re as committed today as we were in 1984 to simplify your plan administration and equip your employees with the resources and the confidence to achieve financial wellness and the retirement they deserve. Making a Measurable Impact Our solutions are designed to meet your participants where they are — whether they’re exploring their options, actively building their savings mid-career, fine-tuning their strategy as retirement approaches, or enjoying retirement, they have and can continue to count on us to help them make the most of every stage. 9.7 Out of 10 participant satisfaction score for Nick Dalafu in 2025 34% Increase in average participant contribution growth1 $124K 457(b) average balance for your participants (20% growth)1 Delivering Trusted Service and Responsiveness To support a smooth and successful experience, Mary Rorvik will continue serving as your Relationship Manager, responding quickly to your needs and providing consultative support as your primary point of contact. She is focused on enhancing what already works, while identifying opportunities to strengthen the plan. She will implement strategies to continue increasing plan effectiveness, deepening participant engagement, and driving meaningful results. Nick Dalafu will continue serving as your Retirement Plans Specialist, providing day-to-day support to your participants. His participant education meetings have greatly enhanced engagement and the overall participant experience. He works directly with employees to deliver education, answer questions, and guide key decisions around enrollment, retirement readiness, and distributions. He’ll continue collaborating with your staff to support communications, coordinate on-site meetings, and boost engagement. Zoran Lozo,your CERTIFIED FINANCIAL PLANNER®professional (CFP®)2, will continue providing individualized consultations to understand each participant’s goals and deliver personalized financial guidance. He supports participants through a consistent mix of touchpoints, including emails, targeted education campaigns, weekly CFP®-led webinars, and a dedicated financial planning webpage for easy meeting scheduling. 1 Time period January 2021 to December 2025. 2 CFP®professionals are registered representatives and investment adviser representatives of MissionSquare Wealth Management. MissionSquare Retirement is an SEC-registered investment adviser and the parent company of MissionSquare Wealth Management. MissionSquare Wealth Management is a FINRA-registered broker-dealer, SEC-registered investment adviser, and member of SIPC. MissionSquare is an affiliate of MissionSquare Wealth Management, and both are wholly owned by MissionSquare Retirement and an affiliate of MissionSquare Investments and VantageTrust Company, LLC. San Luis Obispo, CA Executive Summary | 2 Moving Forward with Technology We’re excited to share that MissionSquare is entering a new era with a refreshed brand and redesigned website, launching soon. MissionSquare.com will offer an elegant experience for plan sponsors, individuals, and financial professionals, featuring intuitive account opening tools and enhanced account management capabilities. Our participant and plan sponsor websites provide easy access to account information and tools to help plan for retirement. Tools and Resources for Your Employees Retirement modeling tools to project income and test different savings scenarios. AI-powered search that understands intent and prioritizes results based on relevance, behavior, and content quality. Streamlined navigation and search by topic, type, and audience. Smart 401 page/error correction that offers alternative content on error pages, corrects user spelling, and provides quick “type-ahead” suggested content. Enhanced tools, including a simple compound interest calculator. Redesigned enrollment and account management. Tools and Support for You Easy dashboard to view key plan stats. Participant engagement tracking to measure utilization of education and tools. Secure plan sponsor website with real-time access to plan data and administrative tools. Comprehensive reporting and analytics on participation, deferral rates, and plan health. Streamlined payroll and administrative tools to reduce operational complexity. Link to payroll page. Plan contacts. San Luis Obispo, CA Executive Summary | 3 Instilling Confidence with Communication and Education With a combination of personalized experiences and advanced tools — calculators, pension estimators, and account aggregation — we want to continue helping your employees take informed control of their finances. Financial Wellness Center The Financial Wellness Center offers 100+ resources on topics from credit card debt and budget management to investing and retirement planning basics. Each participant’s experience is tailored to their interests and designed to maximize engagement. As participants update their information, topic recommendations change accordingly. Calls to action encourage them to act on a variety of financial behaviors like saving more or updating beneficiaries. Center learning sections include: Quiz & Wellness Score Curriculum Modules –Allows assessment of financial wellness with education on numerous topics and action items. Points Module –Game-based interactions include completing a financial assessment quiz, viewing education content, and setting and reaching milestones. Ask –Presents a variety of content in response to free-form questions like “How much do I need to retire?” or “How soon can I pay off my debt?” Discover –Walks participants through life stage paths viewing a multitude of experiences, including articles, 30+ calculators, tutorials, videos, and interactive charts. Your Recommended Content –Delivers content, questions, and topics pertinent to participants’ interests, considering things like learning style and knowledge level. My Finances –Lets participants link outside financial accounts to view together in one place. Grow Your Savings Calculator San Luis Obispo, CA Executive Summary | 4 Additional Tools & Resources Our digital participant newsletter discusses investment performance, market trends, new plan features and services, regulatory developments, and other topics. Versions are produced for early, mid-, late career, and retirees. Quarterly goal-based education programs provide consistent educational themes and include messages and calls to action relevant to where participants are on their retirement journey. Financial Planning Services Our CFP®professionals help ensure participants receive the best possible education tailored to their needs through financial planning, education, and tools, including: weekly webinars on essential financial management skills and retirement basics, consultations with a CFP®professional, and Personal Financial Goal Plans. Surveys from participants who have engaged with a CFP® professional demonstrate the high quality of service. For 2025, the overall participant satisfaction score was 4.89 out of 5, and the Net Promoter Score®(NPS) was 85.1 NPS scores above 80 are considered world-class service. Over 97% of respondents said they would recommend a CFP®, and over 95% felt more confident about their financial plans and decisions after a consultation.2 Proving Success We have a long history of recognition for impactful work with our clients. Since 2010, we’ve received 300+ marketing and communications awards for collaborative communication programs, client mobile and web applications, and participant education campaigns. Already in 2026, we’ve won 17 awards, including 7 with California clients: American Business Association Stevie Awards Gold, City of Oakland, “Savings Grand Prix,” Achievement in Government/Institutional/Recruitment Bronze, City of Long Beach, “Wheel of Savings,” Achievement in Omni Channel Marketing Communicator Awards Excellence, City of Long Beach, “Wheel of Savings,” Financial Services Campaign Distinction, Bay Area Rapid Transit (BART), “Dive Into Financial Wellness,” Financial Services Campaign Distinction, City of Oakland, “Savings Grand Prix,” Financial Services Marketing Campaign Hermes Creative Awards Honorable Mention, City of Long Beach – “Wheel of Savings,” Integrated Marketing Campaign Pensions & Investments (P&I) Eddy Awards First Place, City of Long Beach, “How Well Do You Know Your Deferred Compensation Plan,” Special Projects, Public Plans Category 1,000-5,000 participants Focusing on the Future The City is at a pivotal moment in determining the retirement plan provider who will move with you into the future. Our proven record of responsiveness, clarity, and results reflects the dedication of your already established team and the trust we’ve built with you. We want you to make the right choice and believe that choice is to consolidate your retirement plans and services with MissionSquare. 1 Widely used across industries worldwide, NPS is a customer loyalty metric used to measure how likely customers are to recommend a company, product, or service to others. It was created by Bain & Company as a simple, standardized way to gauge customer satisfaction and predict business growth. 2 Data from January 1, 2025, to December 31, 2025. Over 97% of respondents said they would recommend a CFP®. MissionSquare 777 N. Capitol Street, NE, Washington, DC 20002 (800) 326-7272 missionsquare.com June 12, 2026 Department of Finance 990 Palm Street San Luis Obispo, CA 93401 Re: Proposal for Qualified Plan Recordkeeping and Administration Services Dear, Kate Auslen: For 42 years, MissionSquare has been your trusted partner.From creating partnerships and strategies that help enhance retirement planning and outcomes, to delivering personalized education and engagement, we’ve focused on what matters most — the success of you and your employees. Now, as you work to streamline providers, we’re energized to continue driving meaningful employee engagement and strong plan outcomes with you through: x Quality investments x Uncompromised personal service x Actionable financial education x Innovative technology We have submitted the following forms with our proposal: x J. Proposal Form - References x K. Proposal Form - Statement of Past Contract Disqualifications x L. Proposal Form Pricing Request MissionSquare meets all minimum requirements listed in section C. Minimum Requirements of the RFP. Let’s move forward together with no question as to where our commitment is. It’s with you. If you have any questions,please contact Dayla Cabeza de Vaca, Vice President, Institutional Sales–Western U.S., at (771) 210-7110 or daylacdv@missionsquare.com. The undersigned has the authority to submit this proposal (including this cover letter) on behalf of MissionSquare in response to the City’s Request for Proposal. Respectfully, Larissa Powell Assistant Secretary City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 2 D. PROPOSALCONTENT Proposals must include the following information: Submittal Forms 1. Cover letter a. Submit a letter on your company letterhead that includes a list of all forms submitted. The letter should be signed by an officer authorized to bind the proposer to all content in the proposal, an affirmative statement that all minimum requirements are met, and shall include the name, address, phone number and e-mail address of the person(s) to contact who will be authorized to represent the proposal. Please see the attached cover letter. 2. Recordkeeper Profile a. Please provide a record-keeper profile, including: i. Firm name, address, and contact information. (Please designate a single point of contact for purposes of interactions involving this RFP.) Firm Name MissionSquare Firm Address 777 North Capitol Street, NE Washington, DC 20002-4240 Proposal Single Point of Contact Dayla Cabeza de Vaca, VP, Institutional Sales MissionSquare (771) 210-7110 daylacdv@missionsquare.com ii. Type of firm: individual, partnership, corporation, or other entity. MissionSquare is formed as a corporation and is a nonstock, nonprofit, mission-focused, financial services company. iii. History of the firm, including number of years in existence, number of years providing record-keeping services to public agencies, location of offices, etc. MissionSquare has been in existence for 54 years. We were established in 1972 by the International City/County Management Association, with the City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 3 assistance of a Ford Foundation grant, to provide a portable retirement plan enabling accumulated retirement assets to be portable between employers. We administered the first nationally available governmental deferred compensation plan in 1972 and first offered public sector employers 401 plans in 1985. We pioneered a new concept for offering defined contribution retirement health savings to the public sector through our Retirement Health Savings (RHS) Plans, which we introduced in 2000. In 2004, we introduced the Employer Investment Program (EIP) to address the specific needs of employer expenses for retiree health funding. Based on the same integral part trust as the RHS Plan, the assets set aside in EIP can directly offset the OPEB liability created by retiree health expenses. We began offering 403(b) plan services to clients in 2019. We helped elevate the importance of retirement savings by serving as a leading industry advocate for the establishment of National Retirement Security Week. We consistently work with legislators and political groups to maintain the integrity and unique qualities that separate public sector plans from other retirement plans. As of March 31, 2026, with our wholly owned subsidiaries, MissionSquare's overall assets under management and administration total more than $71.4 billion.1 We serve more than 4,570 public sector employers representing more than 1 million participant accounts. As of December 31, 2025 2, MissionSquare had 634 employees, 627 of which work to support public sector retirement plans. MissionSquare’s headquarters is in Washington, DC. 3. Qualification and Experience Summary a. Please provide an explanation of how you meet each of the minimum qualifications set forth in Section C: Minimum Qualifications. C. MINIMUM REQUIREMENTS Plan Sponsor has the following expectations for the successful respondent. 1. Respondents must have a minimum of ten (10) years of experience administering governmental Section 457 deferred compensation plans and must currently provide sole-provider administration to a minimum of twenty (20) Section 457 deferred compensation retirement plans with average assets of at least $50 million each. Confirmed. 1 Includes 457, 401, 403(b), Retirement Health Savings (RHS) plans, Employer Investment Program (EIP) plans, and affiliated IRAs. 2 Human Resources statistical data is calculated on an annual basis. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 4 We administered the first nationally available governmental deferred compensation plan in 1972 and have 54 years of experience administering governmental Section 457 plans. As of March 31, 2026, we provide sole- provider administration to more than 100 Section 457 deferred compensation retirement plans that each have $50 million or more in plan assets. 2. Any contract or service agreement must stipulate that there will be no front-end charges and/or no back-end charges. In addition, there will be no restrictions or penalties associated with any Plan- or participant- initiated transfers or withdrawals (including contract termination), with the exception of capital preservation (stable value and/or Fixed or General Account) equity wash and/or put provisions. Confirmed. There are no back-end charges or financial market value adjustments of any kind. Funds may assess redemption fees for assets that have been invested for less than a period of time defined in the fund prospectus or disclosure documents. We retain full discretion to release employer-initiated MissionSquare PLUS Fund withdrawals in an orderly manner over a period of up to 12 months from the date we receive written notification from the employer that it is initiating withdrawals from the MissionSquare PLUS Fund, regardless of whether the market-to-book value ratio of the MissionSquare PLUS Fund is above or below 100%. This restriction on employer withdrawals from the MissionSquare PLUS Fund does not apply to participant-directed withdrawals from the Fund. In the case of an employer-initiated total withdrawal, participant transfers of MissionSquare PLUS Fund assets to other investment options will be restricted, and participants will not be able to make additional investments in the PLUS Fund during this 12-month period. The MissionSquare PLUS Fund remains benefit- responsive to participants eligible to take participant-directed withdrawals from the Fund. Transfers to another provider will be restricted if an employer elects to replace the MissionSquare PLUS Fund. Additionally, proposals are required to "buy-out" any MVA that exists (see the plan chart above). Your proposal must clearly describe the product and process used to "buy-out" the MVA as well as any recovery periods or other product provisions required as part of the "buy-out", and the initial net rate must be clearly provided. Also note that the Fixed Account for 457(b) Record Keeper #3 will require 6 payments over 5-years and Record Keeper #l's 12-month Put for all plans was initiated 4/13/2026. Confirmed. Please see our response to the attached Pricing Request Excel spreadsheet and the MissionSquare Pricing for City of San Luis Obispo Word document. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 5 3. The Proposing Firm must accurately and fully disclose all fund expense and revenue sharing arrangements associated with all funds being offered within the Plans. Fixed or General Account products will not be excluded from this requirement. Proposing Firms offering such products must provide an accurate assessment of product expenses and revenue remitted to the Proposing Firm. Confirmed. We provide fee information to plan sponsors and participants to support knowledgeable decisions regarding plan investments. While public retirement plans are not required to follow Department of Labor fee disclosure regulations that became effective in 2012, MissionSquare’s disclosures substantially comply with Rule 408(b)(2) under ERISA for fee disclosures to plan fiduciaries and Rule 404(a)(5) under ERISA for fee disclosures to participants. Fee Disclosures for Plan Participants:We provide an Annual Fee Disclosure to participants that includes: 1) administration and service fees that may be charged against participant accounts; 2) investment-related disclosures on each fund made available by the plan (including the asset category, performance (fund and benchmark), fees/expenses, dollar cost per $1,000 invested and other fund fees/other restrictions); and 3) a website address with additional information and a glossary. Annual disclosures are made available online and are provided in hard copy upon participant request. A sample Annual Fee Disclosure is provided in the Appendix. Managed Accounts fees are initially disclosed to participants in our “Part 2A of Form ADV: Firm Brochure for Guided Pathways Advisory Services” and “Guided Pathways Fund Advice and Managed Accounts Investment Advisory Agreement.” After enrollment in Managed Accounts, participants are provided with an enrollment summary report that includes a reminder of Managed Accounts fees. Managed Accounts fees are included in the Annual Fee Disclosure. In addition, fees that are deducted directly from participant accounts are detailed on quarterly statements and are available via our participant website. Fund expenses are disclosed online and in fund prospectuses or disclosure documents. For VantageTrust Funds this disclosure is made through the VantageTrust Funds’ Fact Sheets and Disclosure Memorandum (VT I Funds Disclosure Memorandum), which are enclosed in the Appendix. Fee Disclosures to Plan Fiduciaries:We provide an annual Fee Disclosure Report that provides your plan’s fees in a simplified manner. It outlines the investment fees, plan administrative fees, revenue retained by MissionSquare, and fees for supplemental services selected individually by your participants. A sample Fee Disclosure Report to plan sponsors that discloses fees and revenue to plans administered by MissionSquare has been included in the Appendix. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 6 4. The Proposing Firm must accurately and fully disclose all expenses and revenue associated with any service made available under the Plans. This includes services such as managed accounts, investment advice, financial planning, and/or self-directed brokerage accounts. Confirmed. Please see our response to question 3 above for details. 5. The Proposing Firm must agree, under contract, not to sell and/or promote products not directly affiliated with the Plan(s) unless given specific, written authorization by the City to do so. Confirmed. MissionSquare representatives will not solicit ancillary services to participants without the express written consent of the plan sponsor. We will block participants from receiving any information about products and services not associated with the plan sponsor’s retirement plan. 6. Respondents must commit to providing at least four (4) full days annually of virtual one-on-one sessions, with the ability to provide additional virtual one-on-one sessions upon plan sponsor request. Respondent must also commit to two (2) on-site education days at time of the plan conversion/consolidation. Confirmed. MissionSquare commits to providing at least four (4) full days annually of virtual one-on-one sessions, with the ability to provide additional virtual one-on-one sessions upon plan sponsor request, as well as two (2) on-site education days at time of the plan conversion/consolidation. 7. Upon award of the contract, the selected Proposing Firm must be duly qualified to do business in the State of California. Confirmed. MissionSquare is duly qualified to do business in the State of California. 8. The Proposing Firm must be able to transition and continue administration of existing Plan loans and must commit to not charge set up fees on transferred loans. Confirmed. MissionSquare can transition and continue administration of existing Plan loans and will not charge set up fees on transferred loans. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 7 9. The Proposing Firm must be able to transition and continue administration of existing systematic distributions to participants and must commit to not charge set-up fees (if applicable) on transferred directives. Confirmed. MissionSquare can transition and continue administration of existing systematic distributions to participants and will not charge set-up fees on transferred directives. 10. The organization must be able to offer a self-directed brokerage option. Confirmed. MissionSquare’s self-directed brokerage account program, MissionSquare Brokerage, provides participants with access to additional investment options, including numerous mutual funds, exchange-traded funds (ETFs), and other types of securities, such as stocks and bonds. Brokerage services are provided by Charles Schwab & Co., Inc 1. a registered broker-dealer and member of FINRA/SIPC. 11. The Proposing Firm must be able to accommodate the joint administration of the Plans as applicable and must be able to facilitate appropriate payroll processing, applicable account transfers, and separate recordkeeping for each of the Plans. Confirmed. MissionSquare can accommodate the joint administration of the Plans as applicable and is able to facilitate appropriate payroll processing, applicable account transfers, and separate recordkeeping for each of the Plans. 12. The Proposing Firm must be willing to have representatives attend Committee meetings one time per year virtually. Confirmed. MissionSquare commits to having representatives attend Committee meetings one time per year virtually. 1 Charles Schwab & Co., Inc. and MissionSquare are not affiliated and are not responsible for the products and services provided by the other. Schwab Personal Choice Retirement Account®(PCRA) is offered through Charles Schwab & Co., Inc. (Member SIPC), the registered broker/dealer, which also provides other brokerage and custody services to its customers. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 8 13. The Proposing Firm must have knowledge of and comply with all applicable County, State of California and federal regulations regarding governmental retirement plans and investment options. All applicable laws of the City and the State of California, whether substantive or procedural, shall apply to this contract, and all statutory, charter, and ordinance provisions that are applicable to City contracts shall be followed with respect to this contract. Confirmed. MissionSquare has knowledge of and administers plans in accordance with the applicable federal laws and regulations governing the governmental retirement plans and investment options we make available. We work with our many California clients to comply with applicable California state and local laws, statutes, ordinances, and rules and regulations regarding the governmental retirement plans and investment options MissionSquare makes available. It is assumed that, by submitting a response to this RFP, your organization will conform to the Minimum Qualifications and specifications (unless specifically adjusted/waived per written addendum). Proposing Firms must clearly indicate any requests for additions, modifications, or deletions as part of this process. The City will respond to such submittals but does not guarantee any waiving of these minimum requirements. Confirmed. b. Please describe examples of your experience as a record keeper for the plan types listed above, and how many years have you been providing record keeping services for each plan type. MissionSquare is proud to have provided plan recordkeeping services to the City for more than 40 years. We administered the first nationally available governmental deferred compensation plan in 1972 and first offered public sector employers 401 plans in 1985. We pioneered a new concept for offering defined contribution retirement health savings to the public sector through our Retirement Health Savings (RHS) Plans, which we introduced in 2000. As of March 31, 2026: ƒWe have provided 457(b) deferred compensation plan administration and recordkeeping services for 54 years. We administer 4,326 section 457(b) plans representing more than 524,000 participant accounts and $47.9 billion in assets, as well as 82 part-time seasonal 457(b) plans representing $195.9 million in assets and more than 97,000 participant accounts. ƒWe have provided 401(a) defined contribution plan administration and recordkeeping for 41 years. We administer 1,979 section 401(a) plans representing more than 210,000 participant accounts and $13.6 billion in assets. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 9 ƒWe have provided Retirement Health Savings (RHS) Plan administration and recordkeeping for 26 years. We administer 1,195 section RHS plans representing more than 167,000 participant accounts and $2.4 billion in assets. c. Please describe why you believe your firm would be a good fit as the City's Recordkeeper. For more than 40 years, the partnership between the City and MissionSquare has been proven and unwavering, grounded in our shared mission to serve those who serve their communities. With a deep understanding of your goals, we’re as committed today as we were in 1984 to simplify your plan administration and equip your employees with the resources and the confidence to achieve financial wellness and the retirement they deserve. As your plan provider, we have brought the City increased service levels to enhance both the City and the participants’ experience and benefit from the plans. These include: ƒWe have strengthened the plan’s support structure by adding a dedicated Relationship Manager, Mary Rorvik. She has responded quickly to the plan’s needs and provided meaningful consultative support, including guidance on plan design and amendments, SECURE 2.0 education, and comprehensive plan reviews. ƒYour Retirement Plans Specialist Nick Dalafu has brought significant and tangible results through his participant education meetings, greatly enhanced engagement, and overall participant experience. He has provided clear, effective presentations and information about retirement and the specific features and benefits of your plan. Nick has visited your locations to conduct seminars about relevant topics and met individually with participants: 2026 -40 meetings with participants (through May) -2 on-site meeting days -2 group seminars -Attendance at benefits fair 2025 -69 meetings with participants -3 on-site meeting days -2 group seminars -Attendance at benefits fair ƒMissionSquare and your dedicated service team continue to demonstrate strong value as a solid plan administration partner — delivering SECURE 2.0 education, supporting provision enhancements, fee transparency, and ensuring the City has the information needed to make informed decisions. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 10 Features that Distinguish MissionSquare from Other Providers With our plan recordkeeping and administration business focused primarily on public sector retirement plans and participants, our unwavering aim is to deliver the highest quality service customized to your specific needs. As a nonstock, mission-focused, financial services company, we focus on helping public sector employees build retirement security. Features that distinguish MissionSquare from other providers: ƒPublic Sector Expertise with a Long Track Record.We have 54 years of experience delivering the highest quality service to public sector retirement plans of every size, many of similar size to the City. Nationally, we administer public sector retirement plans for more than 4,500 clients.1 Our local professionals and home office teams understand current federal legislation regarding such plans and have the knowledge and expertise to serve your plan with administrative efficiency. Our 22-year 98%+ client retention rate 2 is a testament to the integrity with which we serve our clients and the trust they have developed in us. Our Individual Retirement Accounts (IRAs) and Retirement Health Savings (RHS) plan services further enhance the retirement planning options available to public sector employees. ƒBroader Retirement Education.We are a national leader in educating public sector employees about retirement planning and investments. We offer multifaceted educational programs consisting of a broad range of topics geared toward helping participants make informed decisions concerning their retirement assets. Additionally, we have supplemented our regional service and education professionals with a national team of CERTIFIED FINANCIAL PLANNER® professionals who provide broader financial planning education through weekly webinars on various financial planning topics. MissionSquare and our plan sponsors have a long history of consistently being recognized for impactful work. We’ve received 300+ marketing and communications awards for collaborative client and participant communication programs, client-specific mobile and web applications, plan conversion, and participant education campaigns since 2010. ƒClient-focused Technology.Our continuously updated participant website is focused solely on the public sector. We are committed to using the power of robust online and mobile resources to enhance participant knowledge regarding their accounts and investments and to allow them to easily manage their savings. Our website provides participants with easy access to account management and educational services. Our mobile services include a mobile app with transaction capability, and Text Access allows participants to quickly obtain their account information via a text message. In addition, our plan sponsor website provides a highly flexible suite of reports and analytics to perform real-time due diligence and easy transaction tools to maximize efficiency. Our toll-free self-service phone line offers additional information and services 24/7. 1 As of March 31, 2026. 2 For the period ending December 31, 2025. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 11 ƒPlan Health Dashboard.Our interactive, web-based portal provides plan sponsors and financial advisors with plan-level key performance indicators to evaluate overall plan health and identify areas for improvement. The dashboard enables plan sponsors to measure the health of the retirement plan performance to similar peer plans, understand key drivers of performance, and view recommended plan improvements. The dashboard includes: -Analytics-based modeling and recommendations -Interactive and intuitive tablet-friendly design -Views of historical plan performance -Ability to compare a plan against similar plans -Opportunities to learn about plan improvements -Suggested action on recommended improvements ƒHigh-quality Service.We focus on quality customer service provided through a number of channels, including our website; US based contact center representatives; and our toll-free, automated self-service phone line. We monitor the quality of our service delivery through annual client satisfaction surveys. MissionSquare Retirement Health Savings (RHS) Plan As a proud provider of RHS plan services to the City, we would like to describe the advantages of our RHS plan capabilities. The plan is our employer-sponsored health benefit savings vehicle that allows employees to accumulate assets to pay for qualified medical expenses (e.g., health insurance, co-pays, prescription expenses, etc.) at retirement tax-free. The plan broke new ground for health care savings in the public sector and is offered through a concept we pioneered. RHS is similar in some ways to other defined contribution plans in that it allows employees to invest dollars through employer contributions on a pre-tax basis for financial needs during retirement (or when otherwise eligible). RHS offers additional benefits, including tax-deferred accumulation of earnings and, because account assets are used to pay for tax-qualified medical benefits for participants, their spouses and/or eligible dependents, these plans have the additional benefit of tax- free withdrawals. Key Features ƒAllows for flexibility in plan design to meet employer/employee needs. ƒEmployers may make tax-free contributions to employee accounts. ƒEmployers may require mandatory, pre-tax employee contributions from compensation or from accrued sick, vacation, and other leave. ƒAll earnings grow tax-deferred; and withdrawals used to pay for qualified medical benefits for participants, their spouses, and/or eligible dependents are tax-free. ƒPlan assets remaining at the time of the employee's death can continue to be used for qualified medical expenses by the employee's surviving spouse and/or eligible dependents. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 12 Supplemental services such as investment advice services, loans, financial plans, and QDROs 1 are not applicable to RHS. Benefits to Employees ƒConvenience: Once an employee is eligible to participate in RHS, the employee only has to make decisions regarding investment of RHS funds. Contributions are made directly by the employer or through converting employee leave. ƒTax-advantaged savings: Contributions are pre-tax, and assets grow in a tax- deferred account. ƒTax-free withdrawals: Withdrawals are tax-free when used for the participant’s (including spouse and eligible dependents) qualified medical expenses as allowed by the employer’s RHS plan. ƒFlexibility:Participants may use RHS assets to pay qualified medical expenses for themselves, their spouses, and eligible dependents. ƒContinued use by survivors:At the death of the participant, the account balance is available for the surviving spouse and/or eligible dependents to use for their own qualified medical expenses. Benefits to the Employer Continuing medical inflation, particularly for services not covered by Medicare or employer-sponsored retiree health plans, means retirees are increasingly responsible for growing medical costs. The RHS program enables you and your employees to save in advance for these costs. ƒNo unfunded liability:Existing retiree medical programs, offered through a retirement system or by you directly, may burden employers with unfunded liabilities, particularly for the Governmental Accounting Standards Board reporting requirements for Other Post-Employment Benefits. RHS offers a way to pre-fund some or all these costs. ƒCompetitively priced:RHS provides the ability to offer a competitively priced employee benefit that complements your current retirement savings package. Also, employer and employee contributions are not subject to FICA and unemployment taxes, resulting in savings to the employer. ƒEasy administration:By using our plan sponsor website, RHS is offered with limited administrative effort by you. ƒRetention:RHS can help you attract and retain valued employees. ƒSecurity:RHS allows you to provide additional security to employees saving for their retirement health needs. Similar to a defined contribution retirement plan, it also provides employees with greater responsibility and control over saving for retirement health needs. 1 Typically, MissionSquare will not recognize requests for assignment of all or part of a participant's RHS account under a domestic relations or other court order. However, we do ask the employer or participant to contact our QDRO Specialist should such an order be presented. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 13 ƒFlexibility:Employers can design the RHS plan to best fit the needs of employee groups, including collective bargaining units. ƒUnused leave:RHS provides employers with additional flexibility in the payout of accrued vacation, sick, or other leave. Employers can structure an RHS program to reward the responsible use of a sick and vacation leave program and discourage its abuse. ƒFICA Savings:Contributions made to the RHS plan are exempt from FICA taxation, saving the employer up to 7.65% of the amount contributed. d. How many governmental plan transitions has your firm completed from the following record-keepers in the last 24 months: Cal PERS, Nationwide, Empower, MSQ, Nationwide, Lincoln and Voya. Please segregate by record- keeper, plan sponsor and combined plan assets of >$50m, $50m-$100m, $100m-$250m, and $250m+. In the past 24 months, MissionSquare has completed the following plan transitions from these recordkeepers. Recordkeeper Plan Transitions CalPERS > $50M 4 Empower > $50M 11 Lincoln > $50M 1 Nationwide > $50M 13 Voya > $50M 2 Grand Total 31 e. How many governmental plan transitions has your firm lost to the following recordkeepers in the last 24 months: CalPERS, Nationwide, Empower, MSQ, Lincoln and Voya. by record-keeper, plan sponsor and combined plan assets of >$50m, $50m-$100m, $100m-$250m, and $250m+. In the past 24 months, MissionSquare has lost the following number of plans from these recordkeepers. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 14 Record-keeper Loss Empower 155 > $50M 138 $50M - $100M 10 $100M - $250M 5 $250M+ 2 Lincoln 19 < $50M 16 $50M - $100M 3 Nationwide 78 > $50M 70 $50M - $100M 4 $100M - $250M 4 Voya 40 > $50M 35 $100M - $250M 1 $250M+ 4 Grand Total 292 f. Please acknowledge whether your proposed services can satisfy each of the following: i. Ability to provide open architecture platforms, websites, phone apps, and service representatives Confirmed. Open Architecture Platform In addition to our broad family of proprietary collective investment trusts, the MissionSquare Funds, we make available a mutual fund platform through our third-party mutual fund settlement and clearing agent. Through this platform, we have access to approximately 700 fund families and more than 25,000 funds/share classes. Should you desire a fund not currently on our platform, and that fund is currently open and available to retirement plans, we will work with the fund City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 15 family to add the fund to our platform. Additional investment options need to be NSCC-eligible and meet our operational requirements. Internet Capabilities for Plan Sponsors and Participants We are committed to making it easy for your participants to engage in retirement planning and easy for you to manage the benefits you offer them. Online services are a key driver of this simplicity, and we make continuous investments to ensure they remain top-notch. Employee Online Services Our website and mobile app provide your participants with easy access to account information, as well as tools that can help them plan more effectively for and during their retirement years. New capabilities are added regularly as a result of feedback from usability testing, industry experts, and insight we gain as a leading retirement plan provider for public sector employees. Some of the most popular website and mobile app services include: ƒFinancial Wellness Center – Engages participants in their preferred learning style with a robust set of educational opportunities, ranging from games to articles matched to their particular interests and needs.Watch a short video on our Financial Wellness Center. ƒTransactions – Fund transfers, withdrawals, loans, and more. ƒPersonal Information Updates – Including address, email, phone, and beneficiary changes. ƒText Access – Easy access to balance, contribution amount, rate of return, last disbursement, pending disbursement, outstanding loan, or last 3 transactions via text. ƒAccount Aggregation – Ability to link outside accounts, including credit card, checking, savings, brokerage, defined benefit plans, and retirement accounts in a portfolio view. The information is then used in our financial wellness tools and assessments to help participants make more informed decisions toward a secure retirement. ƒGuided Pathways®Advisory Services – Website access to our investment advisory and financial planning services, including our Managed Accounts offering. Employer Online Services Our plan sponsor website makes it easy for you to manage contributions, enrollments, employee changes, distribution requests, and other transactions. Comprehensive reporting capabilities also help you stay on top of plan activity and trends. Some features of the plan sponsor site include: ƒComprehensive Reporting – Helps you administer, monitor, and analyze plan and investment activity. Online report formats are highly flexible, and data can be downloaded to an Excel spreadsheet file. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 16 ƒPerformance Indicators – Available for 457 and 401(k) plans, the Plan Health Dashboard is an interactive page that provides plan-level key performance indicators to evaluate overall plan health and identify areas for improvement. The dashboard enables you to measure plan performance against similar peer plans, understand key performance drivers, and view recommended plan improvements. It includes: -Analytics-based modeling and recommendations -Interactive and intuitive tablet-friendly design -Views of historical plan performance -Ability to compare a plan against similar plans -Opportunities to learn about plan improvements -Options to act on recommended improvements Mobile App and Participant Website Features/Transaction Capabilities Our fully transactional mobile app available from the App Store®and Google Play™ lets participants easily manage their accounts and view educational resources. They can perform certain transactions and view fund balances, personal performance information, year-to-date account activity, brief messages as applicable, and more. Features and transaction capabilities include: ƒAlerts and notifications ƒBeneficiary maintenance ƒContact, password, user ID, and bank information maintenance ƒContribution set and/or change ƒDisbursements request and/or change ƒEnroll in plan ƒFund-to-fund transfers/exchanges ƒStatements/financial activity, including custom time periods ƒInvestment allocations rebalancing, elections maintenance ƒLoan modeling and initiation ƒPayroll contribution amount and rate maintenance ƒPlan-specific documents, including investments, services, contact information ƒPortfolio balance, contribution, personalized performance information ƒRetirement planning and financial wellness tools and educational content City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 17 Self-Service Phone Line and Contact Center Interactive Virtual Assistant (IVA) MissionSquare uses a system that is part of a flexible platform and technologies, supporting industry and regulatory requirements, and assisting more than 14 million callers annually. Intuitive and simple, the participant experience includes: ƒGreeting ƒLanguage Selection ƒEnter Social Security Number > Enter Personal Identification Number ƒStatement Available Message ƒPlan Welcome Message ƒAccount Balance and Date of Last Contribution Participants can choose to access one of the following from the main menu: ƒBalances and Recent Transactions (Total Account Balance, Balance by Investments) ƒLoan Information (Payoff Amount, Loan Payments) At any time, participants can access additional help via: ƒReturn to Main Menu ƒTransfer to Contact Center Representative ƒReplay Last Spoken Message ƒBypass Current Message IVA and Contact Center Integration Transfer to a Representative — The system sends a packet of data to the representative with information about the call and the caller, along with the phone call, to facilitate intelligently routed transfers and screen pops. Call Routing — For intelligent call routing, the system leverages data elements such as the last step taken in the IVA, authentication method, phone number, account number, and VIP flag. Screen Pop — System screen pops participant information into the representative’s desktop application. To enable this, a computer telephony integration tray app on each representative’s device receives the packet of data from the system and pops it into the desktop application. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 18 Workflow via Business Process Management Solution — Our business process management (BPM) solution maintains a history of what takes place during phone calls. Inquiries and activities are displayed as records with our BPM so representatives can quickly access a snapshot of a participant's recent activities as well as compliance verification for audit purposes. Security — Industry-leading fraud detection technology Pindrop analyzes calls in real time — device type, carrier, background noise, spoofing indicators — before callers reach a contact center representative. This helps route risky calls differently or block them. When a caller reaches a representative, Pindrop continues evaluating risk signals and can surface a fraud score to the representative. Contact Center MissionSquare provides inbound and outbound contact center support for participants to ensure that your unique products and services are handled by 100% U.S.-based employees trained and familiar with service expectations relating to your plan. The support is fulfilled using a command center that assists the team with forecasting, scheduling, research support, and quality assurance. Call monitoring, scoring, coaching, and transaction inspection are critical functions performed within the group, as well as ongoing training and the use of our online knowledge management platform. Our customer relationship management (CRM) desktop solution is an efficient front-end user interface to support contact center and back office electronic forms-based processing. The CRM and BPM solutions are integrated, providing a blended contact delivery model, which presents incoming calls, as well as callbacks, mail, faxes, emails, etc., to Plan Services representatives. Designed by ergonomic experts, the CRM solution presents a majority of participant or plan information on the home page and allows users to access most account information within 1-2 clicks. CRM Features ƒPlan-Specific Features and Services ƒBalance and Financial/Maintenance History Inquiry ƒPrevious Contact Center or Web Interactions with Participants ƒParticipant Setup and Maintenance, including Contact Information, Employment Service History, Beneficiaries, and Other Census Details ƒFinancial Transaction Processing ƒAdjustments ƒPIN/Password Resets ƒPaperless Communications Settings City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 19 Contact Center Hours of Operation MissionSquare Plan Services contact center representatives work remotely across the United States, in addition to a contingency of office-based staff in Braintree, MA. Representatives are available for: ƒParticipants — (800) 669-7400, Monday-Friday, 5:30 a.m.- 6:00 p.m. PT on business days the New York Stock Exchange is open. ƒPlan sponsors — (800) 326-7272, Monday-Friday, 5:30 a.m.- 4:30 p.m. PT on business days the New York Stock Exchange is open. ii. Provide Certified Financial Planning (CFP) services Confirmed. MissionSquare’s Financial Planning Services are designed to help participants as they navigate their careers to retirement and beyond. Our team of CERTIFIED FINANCIAL PLANNER®(CFP®) professionals works with participants to better understand their values and goals and to help drive behaviors toward those goals as they change over time. Participants learn of our financial planning services through a mix of engaging touchpoints, including bimonthly emails and education campaigns; a variety of weekly CFP®-led webinars; our dedicated financial planning webpage with consultation and webinar scheduling; and ongoing in-person and virtual conversations and group presentations from our Retirement Plans Specialists. CFP®Consultations Your CFP®professional, Zoran Lozo, will continue providing individualized consultations to understand each participant’s goals and deliver personalized financial guidance. He’ll continue supporting your participants through a consistent mix of touchpoints, including emails, targeted education campaigns, weekly CFP®-led webinars, and a dedicated financial planning webpage for easy meeting scheduling. We also reach out to current and retired employees via targeted digital marketing, inviting them to schedule a convenient meeting time. We use the same digital format to send invitations for our financial planning webinars. Online scheduling is available for consultations and webinars, and we provide confirmations and reminder emails to help keep track of appointments. We survey everyone who participates in a consultation to encourage feedback about the CFP®professional’s knowledge, professionalism, responsiveness, and friendliness. They also ask for additional feedback on the effectiveness of the participant’s financial plan if applicable. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 20 Personal Financial Goals Plans Zoran can deliver financial plans based on information provided by participants. Plans are goals-based and include strategies for retirement planning, college funding, elder care management, major purchases, net worth and asset allocation, cash flow review, Social Security and Medicare/health care costs, insurance planning, and more. Plans analyze each goal, determine any existing gaps, and provide strategies for the participant to use toward achieving the goal(s). Financial plans include what-if scenarios to show alternative strategies that would lead to different outcomes (i.e., different retirement ages, savings rates, spending amounts, etc.). Plans are provided at no cost to participants when they reach a balance of $100,000 or more. Financial Planning Webinars At no cost, Zoran and our team of CERTIFIED FINANCIAL PLANNER®professionals conduct weekly national webinars open to all employees covering a range of financial planning topics, such as retirement planning, Social Security, long- term care, health and medical insurance concerns, estate planning basics, and more. Your employees can sign up for any of these webinars from the scheduling page on our website. The mobile-friendly scheduling tool makes it easy to view options and register, it integrates seamlessly with employees’ calendars, and it sends a text reminder before the webinar begins. Most Popular Webinars ƒ10 Questions for a Successful Retirement: A Guide for the Retiree ƒEffective Estate Planning: Protecting Your Assets for the Future ƒHow to Pay Off and Prevent Debt ƒNavigating the Next Chapter: Preparing for Your Retirement ƒRoth IRA: A Flexible and Tax-Efficient Way to Save for Retirement ƒSocial Security: Understanding your Retirement Benefit Options ƒTax Laws and Your Retirement ƒUnderstanding Roth Conversions Full Webinar Lineup ƒ10 Questions for a Successful Retirement: A Guide for the Retiree ƒEffective Estate Planning: Protecting Your Assets for the Future ƒFinancial Planning Basics: How to Set and Achieve Your Goals ƒHow Health Can Affect Your Wealth ƒHow to Pay Off and Prevent Debt ƒMaking Every Dollar Count: Tips for Smart Spending ƒManaging Your Investments: Helping to Keep Your Retirement on Track City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 21 ƒNavigating the Next Chapter: Preparing for Your Retirement ƒPlanning for the Future: The Fundamentals of Retirement Investing ƒQuarterly Economic Overview ƒRequired Minimum Distributions (RMDs): What, How, and When ƒRetirement 101: A Comprehensive Overview ƒRetirement Income Planning: Tips to Help Make Your Money Last ƒRoth IRA: A Flexible and Tax-Efficient Way to Save for Retirement ƒSaving for College: Tips and Strategies to Plan for Your Child’s Future ƒSocial Security: Understanding Your Retirement Options ƒTax Laws and Your Retirement ƒThe Importance of Long-Term Care Planning in Retirement ƒThe Medicare Puzzle: Understanding Your Medicare Options ƒUnderstanding Qualified Charitable Distributions ƒWomen and Money: Preparing for Future Finances Educational Resources and Financial Planning Services Zoran has access to timely information on market and economic updates, articles, fact statements, and informational handouts to provide to all participants following a webinar, individual consultation, or other daily encounters. Services Available to All Participants ƒFinancial Wellness Center (within the participant website) ƒInvitations to CFP®webinars ƒVirtual consultations with a CFP®professional (now and through retirement) ƒPersonalized financial plan at no additional cost for participants with account balances greater than $100,000 Services Available to Participants with Account Balances Greater than $1M (automatically enrolled)* ƒA dedicated CFP® professional ƒFinancial Wellness Center (within the participant website) ƒInvitations to CFP®webinars ƒVirtual consultations with a dedicated CFP® professional (now and through retirement) ƒPersonalized financial plan at no additional cost ƒFocused communications specific to financial topics of interest ƒExclusive webinars relevant to participants’ various life stages City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 22 ƒKiplinger Retirement Report complimentary monthly subscription covering investing, retirement planning, health care, estate planning, insurance, taxes, travel, and more *Or included by invitation Asset Retention Our Personal Planning Services target high-balance current and retired participants, as on average 40% of plan assets are currently held by retirees and subject to rollouts. As part of this service, current and retired participants have access to an ongoing relationship with a dedicated CFP®professional and personalized financial plans. iii. Quarterly onsite in-person visits by a local representative Confirmed. Your Retirement Plans Specialist Nick Dalafu will be on-site quarterly to conduct group educational seminars and individual educational meetings with plan participants. Nick is at the core of your retirement education program. He’ll continue providing clear, effective presentations and information about retirement and the specific features and benefits of your plan. In collaboration with you, Nick will visit your locations to conduct seminars about relevant topics and meet individually with participants. Our online meeting scheduling tool allows employees to sign up for individual and group meetings and gives all employees equal access to this important resource. Nick blocks time for pre-scheduled meetings, maintains a schedule of participants he is meeting with, and provides marketing materials to promote the meetings and ensure strong awareness and participation. All participants who schedule a meeting online and talk with Nick are sent a post-appointment survey. Nick’s average participant satisfaction score for 2025 was 9.7 out of 10. Additional topic areas Nick will continue discussing with your participants include: ƒEnrollment. Assistance enrolling in the plan via the secure MissionSquare website or mobile app. ƒBenefit and Tax-Savings Illustrations. Illustrations are based on the employee’s age, salary, pre-tax deferral rate (if applicable), amount required at retirement, and disbursement schedule. Effects that various contribution and investment allocation scenarios can have on potential benefits are demonstrated. ƒInvestment Education. Assistance determining which options, investment strategies, or resources are best for the employee, based on risk tolerance and time until retirement. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 23 ƒAm I On Track?This tool helps the employee establish retirement goals, identify gaps, set a path forward, and execute an action plan. Watch a short video on the tool. The Retirement Roadmap: Engage, Build, Realize ƒEngage is for current participants and employees not yet enrolled. Discussions include the benefits of tax-deferred savings and an introduction of plan features. Interactive calculators show the cost of delayed saving, the growth of savings over time, how small changes in savings rates can add up, and estimated savings based on the employee’s current paycheck. ƒBuild focuses on assessing how well participants are doing at meeting their savings goals, and how they could close any gaps by increasing contributions or applying more effective investment strategies. Interactive calculators depict the potential growth of savings over time and the impact of changes in contributions. A paycheck calculator and a Roth analyzer help determine whether a Roth IRA would be beneficial. ƒRealize helps participants at or near retirement, as well as those already enjoying retirement. Nick helps participants determine whether they’re ready for retirement and can discuss income replacement and withdrawal strategies during retirement. iv. Compliance with all County, State and Federal regulations Confirmed. We have knowledge of and administer plans in accordance with the applicable federal laws and regulations governing the governmental retirement plans and investment options we make available. We work with our many California clients to comply with applicable California state and local laws, statutes, ordinances, and rules and regulations regarding the governmental retirement plans and investment options MissionSquare makes available. v. No selling or promoting other record-keeper products unless previously approved by City Confirmed. Our representatives will not solicit ancillary services to your participants without your express written consent. We will block participants from receiving any information about products and services not associated with your retirement plan. vi. No plan set-up or termination fees There are no plan set-up fees. We charge a $500 deconversion processing fee. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 24 vii. No additional fee for access to all available 40 Act mutual funds Confirmed. viii. Plan level and participant fee transparency and disclosures as if the plans are subject to ERISA Confirmed. We provide fee information to you and your participants to support knowledgeable decisions regarding plan investments. While public retirement plans are not required to follow Department of Labor fee disclosure regulations that became effective in 2012, our disclosures substantially comply with Rule 408(b)(2) under ERISA for fee disclosures to plan fiduciaries and Rule 404(a)(5) under ERISA for fee disclosures to participants. Fee Disclosures for Plan Participants:We provide an Annual Fee Disclosure to participants that includes: 1) administration and service fees that may be charged against participant accounts; 2) investment-related disclosures on each fund made available by the plan (including the asset category, performance (fund and benchmark), fees/expenses, dollar cost per $1,000 invested and other fund fees/other restrictions); and 3) a website address with additional information and a glossary. Annual disclosures are made available online and are provided in hard copy upon participant request. A sample Annual Fee Disclosure is provided in the Appendix. Managed Accounts fees are initially disclosed to participants in our “Part 2A of Form ADV: Firm Brochure for Guided Pathways Advisory Services” and “Guided Pathways Fund Advice and Managed Accounts Investment Advisory Agreement.” After enrollment in Managed Accounts, participants are provided with an enrollment summary report that includes a reminder of Managed Accounts fees. Managed Accounts fees are included in the Annual Fee Disclosure. In addition, fees that are deducted directly from participant accounts are detailed on the quarterly statement and are available via our participant website. Fund expenses are disclosed online and in fund prospectuses or disclosure documents. For VantageTrust Funds this disclosure is made through the VantageTrust Funds’ Fact Sheets and Disclosure Memorandum (VT I Funds Disclosure Memorandum), which are enclosed in the Appendix. Fee Disclosures to Plan Fiduciaries:We provide an annual Fee Disclosure Report which provides your plan’s fees in a simplified manner, outlining the investment fees, plan administrative fees, revenue retained by MissionSquare, and fees for supplemental services selected individually by your participants. A sample Fee Disclosure Report to plan sponsors that discloses fees and revenue to plans administered by MissionSquare has been included in the Appendix. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 25 ix. Ability to manage small and large plans Confirmed. We have a long track record of administering small and large plans over the last 54 years. f. Sample login i. Please provide demonstration logins for both the Plan Sponsor website and Participant website. Participant and plan sponsor demo accounts do not include real data. All data is for illustrative purposes only. For security purposes, demo account links expire within 7 days if not activated. Once a demo account is activated, you must log into the account at least once every 30 days or the link will expire. If this happens, please contact MissionSquare to create a new account. Participant Website: ƒGo to: https://accountaccess.missionsq.org/login.html ƒEnter your Demo User ID and Password: -Your demo User ID: Demo#022 -Your demo Password: Retire@@22 Plan Sponsor Website: ƒGo to: https://retirement.financialtrans.com/msq-sponsor/ ƒEnter your User ID and Password: -User ID: EMPRG2N7 -Password: contact ƒGo through the process of updating your password. ƒYou can log back into your account anytime at https://www.missionsq.org/ Mobile Application: ƒDownload the MissionSquare Retirement app from the App Store or Google Play. ƒUse the credentials for the participant website to log into the mobile app. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 26 4. WorkPlan a. Plan Sponsor Service team i. Describe how the client service team will be structured for this engagement. We organize our service teams so you and your employees are supported by a coordinated blend of on-site and regional specialists focused on delivering high-quality education, investment guidance, and plan administration with consistently exceptional service. City of San Luis Obispo Mary Rorvik Relationship Manager Group and Individual Employee Education Financial Wellness Presentations and 1:1 Planning Sessions Plan Operational Support Nick Dalafu Retirement Plans Specialist Zoran Lozo CERTIFIED FINANCIAL PLANNER® Professional Retirement Plan Account Manager Team Plan Sponsor Support Services ƒProactive and fully engaged, your Relationship Manager Mary Rorvik oversees your service team and supports you as your primary contact. Identifying opportunities and providing solutions, she will collaborate with you to offer the right solutions for your specific needs. She will focus on helping set and meet your plan goals, establish employee education and other plan objectives, provide plan updates, lead plan oversight and enhancements, align resources for your plan, assist with your fiduciary obligations, and champion support for overall plan performance. ƒOur Retirement Plan Account Manager team in our Plan Administration Group supports day-to-day plan sponsor relationships. These managers respond to all inquiries and provide support, education, and training. They also assist with annual compliance/regulatory activities including non- discrimination testing, Form 5500 preparation, document amendments, and notice obligations. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 27 Employee Education Services ƒCommitted to supporting you in promoting plan awareness and participation, your Retirement Plans Specialist Nick Dalafu delivers impactful employee education including high-touch, high-tech services to support your employees’ goal setting, budgeting, asset allocation, and withdrawal strategies. He establishes education goals in conjunction with you and Mary; delivers individual and group educational meetings on investment and retirement planning topics; highlights the importance of tax- deferred investing; conducts individual and group enrollment; and provides education to retirees in the selection of disbursement options. ƒZoran Lozo - CERTIFIED FINANCIAL PLANNER®professional and our team of CERTIFIED FINANCIAL PLANNER®professionals help participants as they navigate toward retirement, understanding their values and goals, and helping drive behaviors toward those goals — during their working years and also in retirement when distribution strategies, wealth transfer, and estate planning become more important. Offering weekly financial wellness webinars for all employees, these professionals provide individual planning sessions and financial plans at no additional charge based on employee assets.1 ƒIn addition to the local service team, employees have access to MissionSquare Plan Services contact center representatives — 100- 125 teammates dedicated to responding to employee inquiries Monday through Friday, 5:30 a.m. to 6 p.m. PT on days the New York Stock Exchange is open. ii. Will the client service team be dedicated or pooled? The specific client service team members named above (Mary, Nick, and Zoran) are dedicated. iii. Provide a brief biography for the core team, including role on the service team, role in the firm, industry experience, firm experience, location, and other relevant experience and current and at-capacity caseloads for each member. Mary Rorvik – Relationship Manager As your primary contact, Mary is committed to the success and ongoing evolution of your plan. Focused on meeting and exceeding your plan goals, she will continue working with you to establish engaging, effective employee education and other plan objectives; provide proactive plan design and updates, annual plan reviews, and regulatory updates; and champion support for overall plan performance. 1 Financial plans are provided at no cost to participants when they reach a balance of $100,000 or more. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 28 Before joining us in 2022, Mary was a Relationship Manager with Westgate Capital Consultants, a 3(38) retirement plan investment advisor in the Pacific Northwest, where she was responsible for plan sponsor service and relations, participant consultations, and group education meetings. She also served as a Financial Consultant with TIAA. She earned her bachelor’s degree in business administration from the Foster School of Business at the University of Washington. She is a Registered Representative and Arizona insurance- licensed. She is located in Sun City, AZ. Nick Dalafu, Retirement Plans Specialist Committed to supporting you in promoting plan awareness and participation, Nick will help your employees understand their retirement plan, provide education on retirement options, assist with enrollment, and guide participants through the features and benefits of their plan. He also helps participants with goal setting, budgeting, investment education, and withdrawal strategies. He provides educational workshops and one-on-one consultations with a focus on improving financial education and retirement readiness. Nick’s experience in the financial services industry includes 6 years as a Financial Advisor, where he developed customized financial plans tailored to individual needs and goals. He is passionate about helping ensure individuals have access to investment education as they save for retirement. He earned his bachelor’s degree in business administration from Vanguard University of Southern California, where he graduated with honors. He is a Registered Representative and California insurance-licensed. Outside of work, Nick enjoys playing basketball and spending time with his children. He is located in Lemoore, CA. Zoran Lozo - CERTIFIED FINANCIAL PLANNER®Professional A CERTIFIED FINANCIAL PLANNER®professional and Behavioral Financial Advisor, Zoran provides comprehensive financial planning services to your participants. His professional interests are financial and emotional planning emphasizing a comprehensive life cycle approach analyzing human and financial capital, retirement decisions, and life insurance protections and saving choices. Before joining us in 2015, he worked for AXA Advisors, Merrill Lynch, and Financial Partners Credit Union. Zoran earned his bachelor’s degree in business administration with an emphasis on Marketing and Finance. He also holds the Chartered Life Underwriter®(CLU) designation. He is a registered representative and an investment adviser representative. He is located in Woodland Hills, CA. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 29 b. Information or data to be provided by the City. a. Example: When and what type of payroll and HRIS test data is required? As one of your current recordkeepers, MissionSquare receives information from the City’s payroll system for the MissionSquare-administered plans. If assets are consolidated to MissionSquare, plan testing is critical to minimizing the reconciliation (blackout) period. We will review test files prior to the conversion which includes reviewing participant data, money source type mapping, investment mapping, and a full reconciliation of dollars and shares at the plan and participant level. Using this approach allows us to proactively identify issues and complete the transition accurately and on schedule. We will keep you apprised of any issues that arise during this process to ensure they are addressed satisfactorily. Our goal is to continue simplifying your retirement plan administration as much as possible. In addition to investment management, we provide administrative services including recordkeeping, reporting, and employee education. We believe your role can generally be limited to transmission of contribution data and money, approval of withdrawals, and general plan oversight. c. Information or data to be provided by the Record keeper. If assets are consolidated to MissionSquare, during the transition planning phase, we will assess the data being provided by your other current recordkeepers, and we will detail our findings and data needs as part of a joint business requirements development. Data is categorized as critical or non-critical during this analysis. We collect all data needed to independently administer the plan. This includes electronic copies of historical participant records to ensure proper ongoing administration (e.g., contribution and earnings detail on after-tax contributions, loan history, and distribution history). A full analysis will be conducted to determine the needs of your plan during the transition. Accurate conversion of historical data is confirmed during testing. Your transition team will conduct testing that includes a review of participant data, money source type mapping, investment mapping, and a full reconciliation of dollars and shares at the plan and participant level. Typically, historical data is only needed from the prior recordkeeper to confirm account balances as of a specific date for Qualified Domestic Relations Order calculations. It is common practice for recordkeepers to work with each other after the transition to supply this information as needed. d. Description of assumptions critical to development of the response which may impact cost or scope. Our plan-level fee proposal is based on current assets, participation, cash flow, and your service requirements. These fees will be re-assessed at the end of the contract term. Fees paid by participants for supplemental services are subject to change with appropriate notice. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 30 e. Any other information that would assist us in making this contract award decision. In addition to our public sector expertise and the strength of our recordkeeping platform, know that your dedicated service team remains fully aligned with you to support your ongoing success as your plans’ administrative partner. Mary will continue to serve as a proactive resource—keeping you informed of legislative developments, guiding plan provision enhancements, and ensuring you have the critical insights needed to effectively fulfill your fiduciary responsibilities. Nick’s availability for 1 on 1 meetings both on-site and virtually, along with a robust calendar of education events and webinars, ensures meaningful engagement with your employees throughout the year. Complementing this, Zoran’s CFP® expertise provides valuable, personalized support for retirees and participants with more complex financial needs. Together, we believe that consolidating your plans with MissionSquare will enhance both the service experience for your staff and the overall retirement readiness of your employees. We look forward to this next phase of our partnership with the City of San Luis Obispo. 5. Pricing Request Form a. Please complete the pricing request form in its entirety and attach a narrative that clearly identifies the services included in the pricing, well as disclosure of all other services/transactions with additional ER or EE fees clearly identified. Please see our response to the attached Pricing Request Excel spreadsheet and the MissionSquare Pricing for City of San Luis Obispo Word document. b. Please provide pricing based on a bundled, open architecture platform and without an advisor fee. Please do not provide any suggested line-ups other than the options requested below for the stable value/fixed. If a fund in the menu generates institutional revenue to your company, there should be no change in the plan asset charge if the client makes a fund change in the future. Confirmed. Please see our response to the attached Pricing Request Excel spreadsheet and the MissionSquare Pricing for City of San Luis Obispo Word document. c. It is required that there is no determined contract/agreement period with the record keeper. All contracts/agreements must be open-ended with the ability of the City to terminate the contract/agreement with at least 90-days' notice. Confirmed. d. If there are customization fees, please specify. Any systems programming for services not identified in the scope of services or that have not been proposed in this proposal is available at a cost of $175 per hour for programming, testing, and project oversight. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 31 e. Fee terms. Please provide detail regarding any terms and conditions related to the proposed pricing. i. How long will the quoted fees remain in effect after the initial contract date? Quoted fees remain in effect until the end of the contract term. Fees paid by participants for supplemental services are subject to change with appropriate notice. ii. How often does your firm typically adjust fees? What is the basis for the adjustment? Our plan-level fee proposal is based on current assets, participation, cash flow, and your service requirements. These fees will be re-assessed at the end of the contract term. Fees paid by participants for supplemental services are subject to change with appropriate notice. iii. What contract termination provisions do you typically require? Generally, the City may terminate its agreement for cause prior to the end of the initial term if MissionSquare is determined to have materially breached the agreement and failed to remedy such breach to the satisfaction of the employer within 60 days following written notice of such breach and the employer's intention to terminate the agreement. All termination provisions impact our pricing formula and may trigger withdrawal restrictions or other consequences in certain investment options, such as the MissionSquare PLUS Fund. iv. Are there fees associated with converting to another record keeper? MissionSquare charges a $500 deconversion processing fee. v. Under what conditions would the quoted fees change (i.e. if there was a significant change to plan design, asset size, etc.)? We do not anticipate a scenario under which our fee will change, within the term of our contract, based solely on significant increases or decreases in the number of plan participants. f. Important Notes to be Reviewed Before Completing Pricing Proposals i. The pricing/fee and credited rates (products) are to be the same for both the 457(b) and 401(a) Plans. It is encouraged to provide a solution for the HRA/RHS and 457 PT-OBRA plans. If you are providing a proposal, the product fees and stability of principal option can be different from what is provided for the 457(b) & 401(a) Plans. Please include an affirmative statement as to whether you are providing a proposal for the HRA/RHS and PT-OBRA plans as part of your response. Confirmed. We are providing a proposal for the HRA/RHS and PT-OBRA plans as part of our response. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 32 ii. For all Asset charges with your managed account solution, assume voluntary participant usage only. There can be no default or QDIA for managed accounts. Confirmed. iii. Current Credited Rates provided must be net of management fees and any record keeping revenue retained by you, and gross of your Asset Charge. Confirmed. iv. A Fixed Product Data sheet is included with this RFP to be provided for any stable value/fixed product proposed. If it is not provided or not complete in our opinion, your proposal may not be considered. Please see the attached Fixed Product Data sheet for each share class of the MissionSquare PLUS Fund. v. Note that Target Date conversions will not be accepted. Confirmed. f. Additional Fees and Services Please verify your firm can provide all the following services and whether they are covered by the quoted fees or if there are any additional fees per service. Recordkeeping and Administration Eligibility Tracking No. MissionSquare does not track eligibility. Plan sponsors track plan eligibility and confirm participants’ vesting status upon separation from service. Administration reports are available on the plan sponsor website to assist with enrollments and vesting information. Enrollment Processing Included in our quoted fees. Vesting Tracking Included in our quoted fees. Hardship Processing Included in our quoted fees. Please note, if the plan sponsor retains responsibility for reviewing and approving hardship/unforeseeable emergency withdrawals, there is no fee. If the City chooses to have MissionSquare approve unforeseeable emergency / hardship withdrawal requests (pursuant to a hold harmless agreement and a written directive in place City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 33 between the City and MissionSquare), each request will be reviewed to confirm that the reason for the request potentially satisfies IRS requirements. We will then prepare an assessment and provide to you for approval. There is no fee for withdrawal requests up to and including $1,000. For withdrawals above that, there is a nominal fee of up to $225 payable by the plan sponsor per request. In-service Processing Included in our quoted fees. RMD Processing and Communication Included in our quoted fees. Termination distributions (lump sum) Included in our quoted fees. Termination distributions (installment) Included in our quoted fees. Mandatory de minimis distributions Included in our quoted fees. Address maintenance for terminated employees Included in our quoted fees. Beneficiary maintenance Included in our quoted fees. Lost participant services/search MissionSquare does not perform lost participant searches, undeliverable/bad address searches, or death searches. DRO qualification Included in our quoted fees. DRO processing $500 per retirement plan, per order. 1099-Rs Included in our quoted fees. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 34 Compliance Plan document restatement at transition Included in our quoted fees. Our fees are based upon adoption of our model plan document. Plan document restatement project outside of transition Costs for elective changes initiated by the plan sponsor and legal costs associated with the maintenance of an individually designed plan are the responsibility of the employer. Required plan document amendments Included in our quoted fees. Our fees are based upon adoption of our model plan document. There are no charges for plan document amendments or revisions due to federal legislative or regulatory changes to the model plan documents we make available. Plan Sponsor requested plan document amendments Costs for elective changes initiated by the plan sponsor and legal costs associated with the maintenance of an individually designed plan are the responsibility of the employer. Summary Plan Description Not proposed. Governmental plans are exempt from the requirement to provide Summary Plan Descriptions. We make our brochure Get to Know Your Plan available to plan participants. This publication provides a comprehensive plan summary. Limits monitoring Governmental plans are exempt from all compliance testing except 457(b) limits and 402(g) deferral limits for 401(k) plans. Testing for 457(b) limits and 402(g) deferral limits for 401(k) plans only is included in our proposed pricing. Required employee notifications Included in our quoted fees for the annual participant notifications described below, which MissionSquare sends on behalf of plan sponsors: Fee Disclosure: MissionSquare provides participants access to an Annual Fee Disclosure that substantially complies with Section 404(a)(5) of ERISA and includes: 1) administration and service fees that may be charged against participant accounts; 2) investment-related disclosures on each fund made available by the plan (including the asset category, performance (fund and benchmark), fees/expenses, dollar cost per $1,000 invested and other fund fees/other restrictions); and 3) a website address with additional information and a glossary. Annual disclosures are made available online and are provided in hard copy upon participant request. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 35 Fund Change Notices:We mail letters to participants notifying them of fund closings in advance of the change. Typically, when there is a fund addition and no closings are involved, participants receive notification through messaging participants may view upon logging into their accounts. A message may also be placed on participants' quarterly statements regarding the availability of the new fund. Transition Materials:We print and mail transition materials, which include the blackout period, if applicable. Mapping Notifications:We print and mail letters to participants regarding any fund mapping due to plan transition or plan fund lineup changes. QDIA Notices:MissionSquare prints and mails annual QDIA notices. Participant Support Participant statements Included in our quoted fees. Core communication materials Included in our quoted fees. Targeted messaging There are no added fees and expenses for communications, customization, and employee meetings as described in this proposal. Education meetings (beyond required) Negotiated based on specific needs. Participant advice (for non-managed accounts) Included in our quoted fees. Investment advice is provided through our Guided Pathways®Advisory Services 1. Plan Sponsor Support Plan sponsor meeting(s) Included in our quoted fees. Annual plan review meetings Included in our quoted fees. 1 Investment advice and analysis tools are offered to participants through MissionSquare, a federally registered investment advisor. Investment advice is the result of methodologies developed, maintained, and overseen by the Independent Financial Expert, Morningstar Investment Management LLC. Morningstar Investment Management LLC is a registered investment advisor and subsidiary of Morningstar, Inc. Morningstar, Inc. and Morningstar Investment Management LLC are not affiliated with MissionSquare. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 36 Other Trust/ custody services Included in our quoted fees. Fulfillment, postage and handling Included in our quoted fees. 6. Certificate of insurance. a. Please provide a certificate of insurance meeting the requirements set forth in the sample Professional Services Agreement in Exhibit B. i. The insurance carrier and its A.M. Best rating. ii. Scope of coverage and limits. iii. Deductibles and self-insured retention. The purpose of this submittal is to generally assess the adequacy of the bidder's insurance coverage during proposal evaluation; as discussed under paragraph 12 below, endorsements are not required until contract award. Please see the attached Certificate of Insurance included as an Appendix item. 7. References from at least three public agencies, preferably California cities that are comparable to the City of San Luis Obispo, for whom you have provided similar services as specified in the RFP. Please see the attached J. PROPOSAL FORM: REFERENCES. 8. Statement and explanation of any instances in the last five years where your firm or subconsultant has been removed from a project or disqualified from proposing on a project. Not applicable. 9. Statement and explanation of any instances in the last five years where your firm was required to cancel a consolidation of plans/transfer of plans to your firm. Not applicable. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 37 Suggested Language Regarding City of San Luis Obispo Terms & Conditions MissionSquare Retirement Proposal regarding City of San Luis Obispo Terms & Conditions To the extent the City of San Luis Obispo (“City”) requires its Section E – General Terms and Conditions; Section G – Special Terms and Conditions; Section H – Service Agreement Terms; Exhibit A – Form of Agreement; and Exhibit B – Insurance Requirements for Professional Services (together, “Standard Terms”) to be used to formalize a contract between the parties, MissionSquare Retirement would like to propose using an agreement substantially similar to the existing Administrative Services Agreement between the parties, which we have included in the Appendix. Please note, however, the following clarifications regarding the Standard Terms. Generally: To the extent the obligations of the Standard Terms extend to subcontractors, MissionSquare understands “subcontractor” (or an equivalent term) to mean a third-party vendor MissionSquare retains to provide custom services unique to the City. Section E. General Terms and Conditions Section 6. Ownership of Materials; and Section 7. Release of Reports and Information: Consistent with regulatory obligations to maintain and produce records, MissionSquare may be required by a court, regulatory body or agency to maintain or release information regarding our services without prior notification to our clients. MissionSquare also proposes that it should be able to disclose the City’s information to third parties to the extent necessary to provide the services for which MissionSquare is retained, including, for instance, processing rollovers to and from other providers. Section G. Special Terms and Conditions Section 4. Contract Term: MissionSquare proposes that modifications to participant- demand related fees that apply to our broader client base, such as FedEx fees or returned- check fees, may be made when necessary, with advance notice provided where practicable. Section H. Service Agreement Terms Section 1. Standard of Care: MissionSquare conducts its business affairs in accordance with all applicable laws. In administering retirement plans, MissionSquare has knowledge of, and administers plans in accordance with, the federal laws and regulations governing the governmental retirement plans and investment options we make available, and we work with our many California clients to comply with applicable California state and local laws, statutes, ordinances, rules and regulations regarding the governmental retirement plans and investment options MissionSquare makes available. Section 3. Cybersecurity/Data Protection: MissionSquare has a defined Cyber Security Incident Response Plan (CSIRP) and a designated Cyber Security Incident Response Team that handles all operations related to incidents and the implementation of the CSIRP, including notifications to business partners of verified security or data privacy breaches. MissionSquare commits to notifying business partners of a breach within 48 hours of verification/approval from internal and external legal entities (e.g., law enforcement), as applicable. SS&C, our provider for recordkeeping services, also has City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 38 established Incident Response Program (IRP) procedures that are documented, detailed, approved, and overseen by management. Section 4. Error Correction:MissionSquare will take appropriate steps to correct any errors relating to services in accordance with any applicable Internal Revenue Services rules and can agree to notify the City of significant errors likely to result in the IRS finding the plan to be an ineligible 457(b) plan or unqualified 401(a) plan. Section 6. Notification of Legal Proceedings and Investigations: MissionSquare will notify the City of any regulatory or self-regulatory investigation or legal or arbitration proceedings against MissionSquare that are directly related to the City. Exhibit A: Form of Agreement Section 7. Compliance with Laws: MissionSquare conducts its business affairs in accordance with all applicable laws. In administering retirement plans, MissionSquare has knowledge of, and administers plans in accordance with, the federal laws and regulations governing the governmental retirement plans and investment options we make available, and we work with our many California clients to comply with applicable California state and local laws, statutes, ordinances, rules and regulations regarding the governmental retirement plans and investment options MissionSquare makes available. Section 9. Independent Contractor: In order to fulfill its duties in providing retirement plan services, MissionSquare proposes to include language indicating that MissionSquare does not act as an agent for the City, except as authorized and contemplated under the Agreement or as the City may authorize in a letter of direction. Section 13. Inspection; and Section 15. Ownership of Documents: MissionSquare proposes that the books, documents, and records that MissionSquare would make available would be those records customarily maintained that pertain directly to services delivered to the City, and such records may be maintained solely in electronic media. Section 14. Release of Information: Consistent with regulatory obligations to maintain and produce records, MissionSquare may be required by a court, regulatory body or agency to maintain or release information regarding our services without prior notification to our clients. MissionSquare also proposes that it should be able to disclose the City’s information to third parties to the extent necessary to provide the services for which MissionSquare is retained, including, for instance, processing rollovers to and from other providers. To the extent the stated obligations extend to subcontractors, MissionSquare understands “subcontractor” (or an equivalent term) to mean a third-party vendor MissionSquare retains to provide custom services unique to the City. Section 16. Indemnification and Defense: MissionSquare proposes to replace this provision with the Indemnification provision agreed to in the Administrative Services Agreement between the parties executed in July 2022. Section 17. Suspension or Termination of Agreement without Cause; and Section 18. Termination for Cause: All termination provisions impact our pricing formula and may trigger withdrawal restrictions or other consequences in certain investment options, such as the MissionSquare PLUS Fund. MissionSquare proposes at least a 60-day notice of termination to allow for a reasonable transfer to a successor provider. MissionSquare also proposes a 30-day cure period, given the nature of the services being provided. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 39 Section 13. Assignment: To the extent the stated obligations extend to subcontractors, MissionSquare understands “subcontractor” (or an equivalent term) to mean a third-party vendor MissionSquare retains to provide custom services unique to the City. Section 24. Amendment; and Section 25. Complete Agreement: MissionSquare proposes that only material terms of the contract would be required to be modified only by written agreement of the parties. MissionSquare further proposes that enhancements may be made to MissionSquare’s administrative services and operations under the Agreement without written consent and modifications to non-material terms may be made upon 60 days’ notice with no written consent required. Section 27. Governing Law: MissionSquare proposes that venue shall be proper in both the state and federal courts with jurisdiction for San Luis Obispo County, California. Exhibit B: Insurance Requirements for Professional Services MissionSquare understands the obligations for subcontractors to maintain insurance pursuant to the City’s requirements shall only apply to those subcontractors (and other third parties) MissionSquare retains to provide custom services unique to the City. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record keeping and Administration Services www.missionsq.org 1 J. PROPOSAL FORM: REFERENCES Provide detailed descriptions of three comparable public agencies your firm has worked with. For each, identify the services performed, how they align with the scope outlined in this RFP, the results you achieved, and how the experience demonstrates your firm's ability to successfully deliver similar services for the City of San Luis Obispo. Attach additional pages if required. The City reserves the right to contact each of the references listed for additional information regarding your firm's qualifications. Reference No. 1: Agency Name City of Pleasant Hill Contact Name Ericka R. Mitchell, Chief Human Resources Officer Telephone & Email 925.671.5277, emitchell@pleasanthillca.org Street Address 100 Gregory Lane City, State, Zip Code Pleasant Hills, CA 94523 Description of services provided including contract amount, when provided and project outcome 457 plan administration; $1M in assets administered; client from 2008 to present Reference No. 2: Agency Name City of Orange Contact Name Trang Nguyen, Finance Director Telephone & Email (414) 744-2230, nguyent@cityoforange.org Street Address 300 E Chapman Ave City, State, Zip Code Orange, CA 92866 Description of services provided including contract amount, when provided and project outcome 457, 401(a) and RHS plan administration; $132M in assets administered; client from 1978 to present Reference No. 3: Agency Name City of Cathedral City Contact Name Kevin J. Biersack, Financial Services Director Telephone & Email 760-770-0378, kbiersack@cathedralcity.gov Street Address 68-700 Avenida Lalo Guerrero City, State, Zip Code Cathedral City, CA 92234 Description of services provided including contract amount, when provided and project outcome 457 and 401(a) plan administration; $33M in assets administered; client from 1983 to present /DULVVD3RZHOO$VVLVWDQW6HFUHWDU\ 7KH,QWHUQDWLRQDO&LW\0DQDJHPHQW$VVRFLDWLRQ5HWLUHPHQW &RUSRUDWLRQGED0LVVLRQ6TXDUH5HWLUHPHQW June 10, 2026 777 North Capitol Street NE, Washington, DC Proposal Due Date Target Conversion Date Record-Keeper #1 - 457(b) 2024 2025 YTD 3/31/2026 Assets $31,876,810 $35,495,066 $34,257,941 Variable $26,679,785 $30,145,102 $29,148,154 Fixed $5,197,024 $5,349,963 $5,109,787 Stable Value/Fixed Notes: Contributions $836,213 $1,163,929 $250,522 Withdrawals $2,898,800 $1,960,424 $718,871 Net Cash Flow -$2,062,587 -$796,495 -$468,349 Participants - Contributing 114 Participants - w/ Bal (non-Contribute)171 Participants - Total 285 Loans #7 Loans $$136,323 Loans Repayments Payroll Deduct Managed Accounts # of Parts 41 Managed Accounts $$6,119,893 SDBO N/A Roth 457 Available & Assets in Plan Yes Record-Keeper #2 - 457(b) 2024 2025 YTD 3/31/2026 Assets $10,426,241 $11,990,660 $11,769,421 Variable $9,648,015 $11,194,750 $10,968,117 Fixed $778,226 $795,910 $801,304 Stable Value/Fixed Notes: Contributions $702,116 $843,514 $191,436 Withdrawals $1,642,413 $838,614 $48,550 Net Cash Flow -$940,297 $4,900 $142,886 Participants - Contributing 89 Participants - w/ Bal (non-Contribute)45 Participants - Total 134 Loans #8 Loans $$134,829 Loans Repayments ACH Managed Accounts # of Parts 30 Managed Accounts $$2,478,003 SDBO N/A Roth 457 Available & Assets in Plan Yes Record-Keeper #3 - 457(b) 2024 2025 YTD 3/31/2026 Assets $5,071,025 $5,485,220 $4,377,447 Variable $3,295,317 $3,572,420 $2,932,508 Fixed $1,775,708 $1,912,800 $1,444,939 Stable Value/Fixed Notes: Contributions $131,137 $176,874 $42,691 Withdrawals $176,577 $324,402 $981,635 Net Cash Flow -$45,440 -$147,528 -$938,944 Participants - Contributing 15 Participants - w/ Bal (non-Contribute)25 San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Stable Value subject to 12-month Put - effective 4/13/2026 Plan Statistics and Information Fixed Account subject to 5-year spread pay or MVA at termination - MVA -8.18% as of 3/31/2026 Entire Account including Fixed Account subject to CDSC - reported as $0 as of 3/31/2026. Fixed Account subject to 6 payments over 5 years at termination - no MVA option. There are currently 15 participants contributing PROPOSAL FORM: PRICING REQUEST Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Participants - Total 40 Loans #0 Loans $$0 Loans Repayments N/A Managed Accounts # of Parts 4 Managed Accounts $$301,277 SDBO N/A Roth 457 Available & Assets in Plan No Total Record-Keepers - 457(b) 2024 2025 YTD 3/31/2026 Assets $47,374,075 $52,970,945 $50,404,809 Variable $39,623,117 $44,912,273 $43,048,779 Fixed $7,750,958 $8,058,673 $7,356,030 Stable Value/Fixed Notes: Contributions $1,669,466 $2,184,317 $484,649 Withdrawals $4,717,790 $3,123,440 $1,749,056 Net Cash Flow -$3,048,324 -$939,123 -$1,264,407 Participants - Contributing 218 Participants - w/ Bal (non-Contribute)241 Participants - Total 459 Loans #15 Loans $$271,152 Loans Repayments ACH/Payroll Deduct Managed Accounts # of Parts 75 Managed Accounts $$8,899,173 SDBO N/A Roth 457 Available & Assets in Plan Yes Record-Keeper #1 - 401(a) 2024 2025 YTD 3/31/2026 Assets $249,179 $351,559 $252,177 Variable $230,346 $319,247 $200,608 Fixed $18,833 $32,312 $51,569 Stable Value/Fixed Notes: Contributions $24,779 $24,184 $5,670 Withdrawals $0 $0 $104,925 Net Cash Flow $24,779 $24,184 -$99,255 Participants - Contributing 2 Participants - w/ Bal (non-Contribute)0 Participants - Total 2 Loans #N/A Loans $N/A Loans Repayments N/A Managed Accounts # of Parts 1 Managed Accounts $$236,858 SDBO N/A Record-Keeper #4 - 401(a) Fiscal 23-24 Fiscal 24-25 Fiscal 25-26 YTD Assets $2,457,348 $2,721,778 $2,968,705 Variable $2,457,348 $2,721,778 $2,968,705 Fixed $0 $0 $0 Stable Value/Fixed Notes: Contributions $124,527 $102,093 $82,606 Withdrawals $963,247 $127,685 $14,925 Net Cash Flow -$838,720 -$25,591 $67,681 Participants - Contributing 28 see notes above Stable Value subject to 12-month Put - effective 4/13/2026 Money Market Fund is utilized for this plan Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Participants - w/ Bal (non-Contribute)70 Participants - Total 98 Loans #0 Loans $$0 Loans Repayments ACH/Payroll Deduct Managed Accounts # of Parts 0 Managed Accounts $$0 SDBO N/A Total Record-Keepers - 401(a) 2024 2025 YTD 3/31/2026 Assets $2,706,527 $3,073,338 $3,220,882 Variable $2,687,694 $3,041,026 $3,169,313 Fixed $18,833 $32,312 $51,569 Stable Value/Fixed Notes: Contributions $149,307 $126,278 $88,276 Withdrawals $963,247 $127,685 $119,850 Net Cash Flow -$813,940 -$1,407 -$31,574 Participants - Contributing 30 Participants - w/ Bal (non-Contribute)70 Participants - Total 100 Loans #N/A Loans $N/A Loans Repayments N/A Managed Accounts # of Parts 1 Managed Accounts $$236,858 SDBO N/A Record-Keeper #1 - RHS/HRA Plan 2024 2025 YTD 3/31/2026 Assets $1,712,651 $1,873,020 $1,831,928 Variable $1,667,841 $1,831,132 $1,796,977 Fixed $44,810 $41,888 $34,951 Stable Value/Fixed Notes: Contributions - none $0 $0 $0 Withdrawals - none $0 $0 $0 Net Cash Flow $0 $0 $0 Participants - Non-Claims Active 77 Participants - Claims Active 135 Participants - Total 212 Stable Value subject to 12-month Put - effective 4/13/2026 see notes above Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Record-Keep #2-457(b) PT-OBRA Plan 2024 2025 YTD 3/31/2026 Assets ALL FIXED $1,380,084 $1,519,891 $1,549,982 Variable $0 $0 $0 Fixed $1,380,084 $1,519,891 $1,549,982 Stable Value/Fixed Notes: Contributions $134,282 $164,383 $36,858 Withdrawals $38,783 $60,027 $12,967 Net Cash Flow $95,499 $104,356 $23,891 Participants - Contributing 242 Participants - w/ Bal (non-Contribute)2229 Participants - Total 2471 Platform request Quote Format Request Advisor Fee Assumption Investment Menu Request Contract Term Important Notes to be Reviewed Before Completing Pricing Proposals Pricing Request Bundled only - Open Architecture Please provide pricing in a complete proposal with services included in price clearly identified, as well as disclosure of any and all other services/transactions with additional ER or EE fees clearly identified. Quote without advisor fee. Please do not provide any suggested line-ups other than the options requested below for the stable value/fixed. If a fund in the menu generates institutional revenue to your company there should be no change in the plan asset charge if the client makes a fund change in the future. It is required that there is no determined contract/agreement period with the record keeper. All contracts/agreements must be open-ended with the ability of the City to terminate the contract/agreement. 1. The pricing/fee and credited rates (products) are to be the same for both the 457(b) and 401(a) Plans. 2. It is strongly encouraged to provide a solution for the HRA/RHS and 457 PT-OBRA plans. If you are providing a proposal, the product, fees and credited rates can be different from what is provided for the 457(b) & 401(a) Plans. Please include an affirmative statement as to whether you are providing a proposal for the HRA/RHS and PT-OBRA plans as part of your response. 3. For all Asset charges WITH your managed account solution, assume voluntary participant usage only. There can be no default or QDIA for managed accounts. 4. Current Credited Rates provided must be net of management fees and any record keeping revenue retained by you, and gross of your Asset Charge. 5. A Fixed Product Data sheet is included with this RFP to be provided for any stable value/fixed product proposed. If it is not provided or not complete in our opinion, your proposal may not be considered. 6. Note that Target Date conversions are not an acceptable proposal. Fixed Account Subject to 5-year spread pay or MVA at termination - MVA -4.01% as of 3/31/2026 Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Explicit Fee on all Assets Record Keeping Revenue Generated Current Net Crediting Rate Guarantee Period for Rate MissionSquare PLUS Fund R10 Share Class 0.02% 0.00% 3.15% on the day of 6/10/26 N/A. The MissionSquare PLUS Fund does not guarantee principal or a minimum crediting rate. The PLUS Fund crediting rate is calculated daily. The PLUS Fund crediting rate is calculated by taking into account current yields on the Fund's holdings. Name of stable Value/Fixed Name of stable Value/Fixed Description of MVA Buy-Out product and any other notes you wish to provide Explicit Fee on all Assets Record Keeping Revenue Generated Current Net Crediting Rate Guarantee Period for Rate Third-Party Stable Value Fund Selected by Client 0.08% TBD TBD TBD 457(b) & 401(a) Pricing Request #2: Non-proprietary Stable Value/Fixed PLEASE DESCRIBE SOLUTION PROVIDED Please provide the Explicit Fee on all assets required for an open architecture platform assuming the use of non-proprietary stable value or fixed/general account (if applicable). You may provide as many non-proprietary solutions as you choose. Note: - Record-Keeper #1 for both the 457(b), 401(a) and RHS plans requires a 12-month put on the stable value assets that was initiated 4/13/2026. - It is required as part of your proposal that the MVA for 457(b) Record-Keeper #2 be bought out as part of your proposal. Provide a complete and detailed description of each proposal including how the product is structured (type of investment product) and any required contract period and/or "recovery period "schedule, etc. below. - Note that the Fixed Account for 457(b) Record Keeper #3 will be paid out in 6 installments over 5 years. Please provide the Explicit Fee on all assets required for an open architecture platform assuming the use of your proprietary stable value or fixed/general account (if applicable). You may provide as many proprietary solutions as you choose. Note: - Record-Keeper #1 for both the 457(b), 401(a) and RHS plans requires a 12-month put on the stable value assets that was initiated 4/13/2026. - It is required as part of your proposal that the MVA for 457(b) Record-Keeper #2 be bought out as part of your proposal. Provide a complete and detailed description of each proposal including how the product is structured (type of investment product) and any required contract period and/or "recovery period "schedule, etc. below. - Note that the Fixed Account for 457(b) Record Keeper #3 will be paid out in 6 installments over 5 years. 457(b) & 401(a) Pricing Request #1: Proprietary Stable Value/Fixed PLEASE DESCRIBE SOLUTION PROVIDED MissionSquare makes available the MissionSquare PLUS Fund as a collective investment trust (CIT). The MissionSquare PLUS Fund is designed specifically for participants who seek stability of principal and a competitive crediting rate. The MissionSquare PLUS Fund is managed by MissionSquare Investments, a wholly owned subsidiary of MissionSquare, for VantageTrust Company, LLC. The Portfolio Manager is Oliver Meng, CFA, CAIA, FRM, Head of Stable Value. The MissionSquare PLUS Fund invests in a diversified portfolio of stable value investment contracts, cash equivalent vehicles, and bond portfolios that are wrapped by high-quality financial institutions to provide stable value. The MissionSquare PLUS Fund makes available a number of share classes, and for each share class, a single portfolio crediting rate is offered. The crediting rate is reset daily. For this scenario, with MissionSquare serving as sole provider, our minimum investment revenue requirement is 2.2 bps 0.022% of assets. This fee option is based on the plan sponsor making the MissionSquare PLUS Fund available as the sole stable value fund administered by MissionSquare. This scenario assumes that MissionSquare will pay the $65k MVA and amortize it over the desired contract length by using a share class of the MissionSquare PLUS of the City's choosing. Once the MVA is fully amortized, the PLUS Fund will revert to R10 shares. The City would be responsible for any unamortized portion of the MVA if the City leaves MissionSquare administration or the unamortized portion of the MVA would be deducted from participant accounts prior to transfer to the new recordkeeper. Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Name of stable Value/Fixed Name of stable Value/Fixed Description of MVA Buy-Out product and any other notes you wish to provide Explicit Fee on all Assets Record Keeping Revenue Generated Current Net Crediting Rate Guarantee Period for Rate MissionSquare PLUS Fund S11 Share Class 0.55% + an annual $25 participant per account fee 0.00% 3.13% on the day of 6/10/26 N/A. The MissionSquare PLUS Fund does not guarantee principal or a minimum crediting rate. The PLUS Fund crediting rate is calculated daily. The PLUS Fund crediting rate is calculated by taking into account current yields on the Fund's holdings. Third-Party Stable Value Fund Selected by Client TBD TBD TBD Name of stable Value/Fixed Description of product and any other notes you wish to provide MissionSquare makes available the MissionSquare PLUS Fund as a collective investment trust (CIT). The MissionSquare PLUS Fund is designed specifically for participants who seek stability of principal and a competitive crediting rate. The MissionSquare PLUS Fund is managed by MissionSquare Investments, a wholly owned subsidiary of MissionSquare, for VantageTrust Company, LLC. The Portfolio Manager is Oliver Meng, CFA, CAIA, FRM, Head of Stable Value. The MissionSquare PLUS Fund invests in a diversified portfolio of stable value investment contracts, cash equivalent vehicles, and bond portfolios that are wrapped by high-quality financial institutions to provide stable value. The MissionSquare PLUS Fund makes available a number of share classes, and for each share class, a single portfolio crediting rate is offered. The crediting rate is reset daily. For this scenario, with MissionSquare serving as sole provider, our minimum investment revenue requirement is 8 bps 0.08% of assets. This scenario assumes that MissionSquare will pay the $65k MVA. This assumes an amortization period of 4 years. The City would be responsible for any unamortized portion of the MVA if the City leaves before the 4 years. MissionSquare makes available the MissionSquare PLUS Fund as a collective investment trust (CIT). The MissionSquare PLUS Fund is designed specifically for participants who seek stability of principal and a competitive crediting rate. The MissionSquare PLUS Fund is managed by MissionSquare Investments, a wholly owned subsidiary of MissionSquare, for VantageTrust Company, LLC. The Portfolio Manager is Oliver Meng, CFA, CAIA, FRM, Head of Stable Value. The MissionSquare PLUS Fund invests in a diversified portfolio of stable value investment contracts, cash equivalent vehicles, and bond portfolios that are wrapped by high-quality financial institutions to provide stable value. The MissionSquare PLUS Fund makes available a number of share classes, and for each share class, a single portfolio crediting rate is offered. The crediting rate is reset daily. The RHS plan fee is 55 bps (0.55%) + an annual $25 participant per account fee and requires utilization of the MissionSquare PLUS Fund S11 share class as the sole stable value fund administered by MissionSquare. HRA/RHS Plan Proposal #3HRA: Please provide description, of proposal It is strongly encouraged to provide a solution for the HRA/RHS plan. If you are providing a proposal, the product, fees and credited rates can be different from what is provided for the 457(b) & 401(a) Plans. Please include an affirmative statement as to whether you are providing a proposal for the HRA/RHS Plan as part of your response. Please provide the Explicit Fee on all assets required for an open architecture platform assuming the use of your proprietary stable value or fixed/general account (if applicable) and any non-proprietary option you wish to provide. You may provide as many solutions as you choose. Note: - Record-Keeper #1 requires a 12-month put on the stable value assets that was initiated 4/13/2026. Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Explicit Fee on all Assets Record Keeping Revenue Generated Current Net Crediting Rate Guarantee Period for Rate MissionSquare PLUS Fund R1 Share Class Annual $28 participant per account fee 0.54% 2.31% on the day of 6/10/26 N/A. The MissionSquare PLUS Fund does not guarantee principal or a minimum crediting rate. The PLUS Fund crediting rate is calculated daily. The PLUS Fund crediting rate is calculated by taking into account current yields on the Fund's holdings. Name of stable Value/Fixed Name of stable Value/Fixed Description of product and any other notes you wish to provide Stable Value / Fixed Account Guaranteed Interest MissionSquare makes available the MissionSquare PLUS Fund as a collective investment trust (CIT). The MissionSquare PLUS Fund is designed specifically for participants who seek stability of principal and a competitive crediting rate. The MissionSquare PLUS Fund is managed by MissionSquare Investments, a wholly owned subsidiary of MissionSquare, for VantageTrust Company, LLC. The Portfolio Manager is Oliver Meng, CFA, CAIA, FRM, Head of Stable Value. The MissionSquare PLUS Fund invests in a diversified portfolio of stable value investment contracts, cash equivalent vehicles, and bond portfolios that are wrapped by high-quality financial institutions to provide stable value. The MissionSquare PLUS Fund makes available a number of share classes, and for each share class, a single portfolio crediting rate is offered. The crediting rate is reset daily. The PTS plan fee is an annual $28 participant per account fee and requires utilization of the MissionSquare PLUS Fund R1 share class. This scenario assumes that MissionSquare will pay the $62k MVA and amortize it over the desired contract length. If the City leaves MissionSquare administration before 5 years, the City would either be responsible for any unamortized portion of the MVA or the unamortized portion of the MVA would be deducted from participant accounts prior to transfer to the new recordkeeper. 457 OBRA/Part-Time Plan Proposal #4PTS: Please provide description, of proposal It is strongly encouraged to provide a solution for the 457 OBRA-PST plan. If you are providing a proposal, the product, fees and credited rates can be different from what is provided for the 457(b) & 401(a) Plans. Please include an affirmative statement as to whether you are providing a proposal for the 457 OBRA-PST Plan as part of your response. Please provide the Explicit Fee on all assets required for an open architecture platform assuming the use of your proprietary stable value or fixed/general account (if applicable) and any non-proprietary option you wish to provide. You may provide as many solutions as you choose. Note: - It is required as part of your proposal that the MVA for 457(b) Record-Keeper #2 be bought out as part of your proposal. Provide a complete and detailed description of each proposal including how the product is structured (type of investment product) and any required contract period and/or "recovery period "schedule, etc. below. Please provide the following for each proprietary stable value/fixed option proposed: 1. Current proposed gross interest rate 2. Fund management fees 3. Revenue sharing 4. Net credited rate after ALL fees and revenue sharing 5. Guaranteed Minimum Interest Rates 6. Full disclosure of ALL participant and plan sponsor transfer and termination provisions clearly identified, including the specific definition of a "competing fund" if applicable. ATTACHED IS A SPREADSHEET "FIXED PRODUCT DATA" - PLEASE COMPLETE FOR ALL PRODUCTS PROPOSED. Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Please note for the following to use $0 Fee if the service is included in the Asset Charge proposed Transactional Fees Fee Sep from Svc Withdrawals $0 Hardship/Unforeseeable Emergency Withdrawals $0 In-Service Withdrawals $0 Periodic Distributions: Set up $0 Annual $0 RMD Distributions $0 Are RMDs automatically generated? Yes Are sponsors notified when dist? Yes Loans: Initiation $75 Annual $50 QDRO Determination $500 Plan Termination Fees $500 Termination Test File Charge $0 Other Fees Expedited Checks $0 ACH/Wire $15 Stop Pay / Reissue and Special Handling $0 Plan Document Fees Initial Restatement $0 Plan Doc Regulatory Amendment $0 A $15 participant fee will apply for each outgoing wire transfer requested by a participant. Should our processing bank increase the wire fees during the contract period, the increased fee will be charged to the participant accordingly. There is no charge for incoming wire transfers. There is a $40 overnight distribution fee. Explanation / Description / Details of Service Provided if Needed RMDs are calculated on the recordkeeping system. The RMD amount can be calculated based on a uniform, joint, or single calculation method. For joint elections, participants can select which beneficiary is used. The recordkeeping system also supports either a fixed or float life expectancy method. Once the original RMD is calculated, the RMD for all subsequent years is systematically recalculated and scheduled. The system will automatically produce the RMD payment on the next business day after the scheduled run date. The system generates several reports related to 401(a)(9) requirements. Ad hoc reporting can be generated at any time through the plan sponsor website or our standard reports, some of which are listed below: - Required Minimum Distribution Activity Report – Provides a listing of RMDs. - Required Minimum Distribution Deficiency Projection Report – Provides a listing of participants who have not taken distributions equal to or in excess of the RMD in the current year. - RMD Report – Identifies participants who have reached or will soon reach age 73. - Required Minimum Distribution Exception Report – Provides a listing of participants who, based on the current periodic RMD, will not be able to finance their next distribution because of insufficient funds. Our fees are based upon adoption of our model plan document. Fee based upon adoption of our model plan document. If the Plan Sponsor retains responsibility for reviewing and approving hardship withdrawals, there is no fee. If the Plan Sponsor chooses to have MissionSquare approve hardship withdrawal requests (pursuant to a hold harmless agreement and a written directive in place between the Plan Sponsor and MissionSquare), each request will be reviewed to confirm that the reason for the request potentially satisfies IRS requirements. We will then prepare an assessment and provide to you for approval. There is no fee for withdrawal requests up to and including $1,000. For withdrawals above that, there is a nominal fee of up to $225 payable by the plan sponsor per request. Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Plan Doc Non-Regulatory Amendment $0 Education and Enrollment at Conversion $0 Additional Education Days/Ongoing TBD Call Center Days and Hours Call Center Multi-Lingual Capabilities Participant Advisory Services Managed Accounts/Personal Advice Fee Schedule 0.50% 0.40% 0.30% 0.20% On-Line Advise $0 participant experience in detail 800# Advise $0 participant experience in detail In Person Individual Advise $0 One-Time Financial Planning $0 Web and On-Site Negotiated based on specific needs. Representatives are available for participants at (800) 669-7400 Monday-Friday, 5:30 a.m.-6:00 p.m. PT on business days that the New York Stock Exchange is open. Representatives are available for plan sponsors at (800) 326-7272 Monday-Friday, 5:30 a.m.-4:30 p.m. PT on business days that the New York Stock Exchange is open. Spanish is the only non-English language available through our MissionSquare Plan Services representatives. Callers may interact with the system using speech recognition in English or using touch-tone in English or Spanish. Guided Pathways® Advisory Services helps participants with their retirement investing decisions. Participants are initially provided with a personalized retirement savings plan that includes a wealth forecast developed from their personal information. The forecast drives recommendations on how much to save, when they can successfully retire, and when to start taking Social Security benefits. They can also see how changing certain factors impacts their retirement goals. Participants have access to these services through our website or over the phone through a dedicated team of Financial Consultants. Your Retirement Plans Specialist can, when appropriate, introduce and refer participants to a Guided Pathways® Advisory Services Financial Consultant who specializes in Managed Accounts and who can help interested participants navigate the online investment advice tool, Guided Pathways, and answer questions. Our CFP® professionals deliver financial plans that are based on information provided by participants. Plans are goals-based and include strategies for retirement planning, college funding, elder care management, major purchases, net worth and asset allocation, cash flow review, Social Security and Medicare/health care costs, insurance planning, and more. Plans analyze each goal, determine any existing gaps, and provide strategies for the participant to use toward achieving the goal(s). Financial plans include what-if scenarios to show alternative strategies that would lead to different outcomes (i.e., different retirement ages, savings rates, spending amounts, etc.). Plans are provided at no cost to participants when they reach a balance of $100,000 or more. Guided Pathways® Advisory Services helps participants with their retirement investing decisions. Participants are initially provided with a personalized retirement savings plan that includes a wealth forecast developed from their personal information. The forecast drives recommendations on how much to save, when they can successfully retire, and when to start taking Social Security benefits. They can also see how changing certain factors impacts their retirement goals. Participants have access to these services through our website or over the phone through a dedicated team of Financial Consultants. There are no charges for plan document amendments or revisions due to federal legislative or regulatory changes to the model plan documents we make available. Costs for elective changes initiated by the plan sponsor and legal costs associated with the maintenance of an individually designed plan are the responsibility of the employer. Participant Educ. at Conversion and Ongoing Proposal Due Date Target Conversion Date San Luis Obispo - Coordinated with Shuster Advisory Group, LLC 06/12/2026 or earlier 11/1/2026 Comprehensive Financial Planning $0 Technical Capabilities Is the participant website mobile device capable?Yes Do you provide a mobile app to parts? Yes Can ALL functions available on the website be completed on the app? If not, provide what is available. No Is your participant website available in langauges other than English?Yes Is your mobile app available in languages other than English?Yes Sep from Svc Withdrawals $0 Hardship Withdrawal Determ/Approval $0 In-Service Withdrawals $0 Loan Detemination/Approval $0 QDRO Qualifying Services $0 Delivery of enrollment materials $0 Our CFP® professionals deliver financial plans that are based on information provided by participants. Plans are goals-based and include strategies for retirement planning, college funding, elder care management, major purchases, net worth and asset allocation, cash flow review, Social Security and Medicare/health care costs, insurance planning, and more. Plans analyze each goal, determine any existing gaps, and provide strategies for the participant to use toward achieving the goal(s). Financial plans include what-if scenarios to show alternative strategies that would lead to different outcomes (i.e., different retirement ages, savings rates, spending amounts, etc.). Plans are provided at no cost to participants when they reach a balance of $100,000 or more. Our public website contains Spanish language content with links to Spanish language resources that provide education on retirement topics and everyday tips for saving. Translations of our most popular educational brochures are available in PDF for download or online viewing. In addition, we have translated information about the enrollment and withdrawal processes. All core transactions (enrollments, contribution allocations, contribution deferral changes, fund transfers, plan loans, and post-severance withdrawals) can be executed via the app. Qualified Domestic Relations Orders (QDROs) and rollovers out of the plan cannot be processed through the app or website. Our public website and app contains Spanish language content with links to Spanish language resources that provide education on retirement topics and everyday tips for saving. Translations of our most popular educational brochures are available in PDF for download or online viewing. In addition, we have translated information about the enrollment and withdrawal processes. Plan Sponsor Services - Please detail mailing fees if applicable If the Plan Sponsor retains responsibility for reviewing and approving hardship withdrawals, there is no fee. If the Plan Sponsor chooses to have MissionSquare approve hardship withdrawal requests (pursuant to a hold harmless agreement and a written directive in place between the Plan Sponsor and MissionSquare), each request will be reviewed to confirm that the reason for the request potentially satisfies IRS requirements. We will then prepare an assessment and provide to you for approval. There is no fee for withdrawal requests up to and including $1,000. For withdrawals above that, there is a nominal fee of up to $225 payable by the plan sponsor per request. Data As Of Date Company Product Name Product Type Total Assets (in $B) Avg Credit Quality Average/Effective Duration Current Standard Crediting Rate Participant Transfer Restrictions Participant Termination/Surrender Fees or Restrictions Plan Level Termination Provision Contract Guar Min Int Rate Prospective Standard Rate Reset Schedule The Proposal Rate & Guarantee Period Corporate bonds/Credits 29.74% Mortgage Related 25.92% traditional GIC's 12.68% Treasuries 12.52% Cash & Cash Equivalents 5.01% Asset Back Sec's 9.78% Agencies 0.11% Wrap Providers 3.86% Municipals 0.36% Other 0.03% 3.13% The MissionSquare PLUS Fund is benefit-responsive and allows for benefit payments at book value. The Fund offers daily liquidity to individual participants for such benefit payments. Participants have full liquidity to move monies from the MissionSquare PLUS Fund to other mutual fund and collective investment trust options available. Due to restrictions from wrap contract issuers, direct transfers from the MissionSquare PLUS Fund to competing funds are not permitted. Funds considered to be competing include, but are not limited to, short-term fixed income funds, money market funds, certificate of deposit products, or other stable value products. Investors must transfer their money to a non-competing fund for 90 days (equity wash) before investing in a competing fund (this includes assets in the MissionSquare PLUS Fund transferred to co-providers, if applicable). Whether or not a particular fund is a competing fund will be determined, at the sole discretion of MissionSquare, on a fund-by-fund basis. Transfers to another provider will be restricted if an employer elects to replace the MissionSquare PLUS Fund. Other funds may assess redemption fees for assets that have been invested for less than a period of time defined in the fund prospectus or disclosure documents. Currently, there are no fees, contingent deferred sales charges, or financial market value adjustments on withdrawals from the Stable Value Plus Fund. MissionSquare accommodates all plan payout options allowable under the Internal Revenue Code. 3/31/2026 MissionSquare PLUS Fund R10 The MissionSquare PLUS Fund is a collective investment trust fund (CIT). Separately managed accounts are also available if a plan requires one and is eligible. $9.35 Aa3/AA-/AA 3.15% on the day of 6/10/26 MissionSquare retains full discretion to release employer-initiated MissionSquare PLUS Fund withdrawals in an orderly manner over a period of up to 12 months from the date MissionSquare receives written notification from the employer that it is initiating withdrawals from the MissionSquare PLUS Fund, regardless of whether the market to book value ratio of the MissionSquare PLUS Fund is above or below 100%. This restriction on employer withdrawals from the MissionSquare PLUS Fund does not apply to participant directed withdrawals from the Fund. In the case of an employer-initiated total withdrawal, participant transfers of MissionSquare PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this 12-month period. The MissionSquare PLUS Fund remains benefit-responsive to participants eligible to take participant-directed withdrawals from the Fund. Transfers to another provider will be restricted if an employer elects to replace the MissionSquare PLUS Fund. The crediting rate is determined daily as the weighted average of cash buffer yield, synthetic GICs contract rates and yields of maturing GICs. SECTOR ALLOCATION [this is a sample sector allocation, please use what is standard for your product discloser] The MissionSquare PLUS Fund does not guarantee principal or a minimum crediting rate. Participant investments receive the prevailing rate at the time of their investment. The MissionSquare PLUS Fund currently offers a single crediting rate for all participants in each share class of the portfolio. Interest is credited daily to participant accounts. 100% AAA 15% AA 57% A 14% BBB 10% BB & Below 3% 100% CREDITING RATE HISTORY 1-Yr Average 3-Yr Average 5-Yr Average 10-Yr Average Market / Book Ratio of Portfolio 96.14% CREDIT QUALITY 3.15% 3.03% 2.62% 2.42% Data As Of Date Company Product Name Product Type Total Assets (in $B) Avg Credit Quality Average/Effective Duration Current Standard Crediting Rate Participant Transfer Restrictions Participant Termination/Surrender Fees or Restrictions Plan Level Termination Provision Contract Guar Min Int Rate Prospective Standard Rate Reset Schedule The Proposal Rate & Guarantee Period Corporate bonds/Credits 29.74% Mortgage Related 25.92% traditional GIC's 12.68% Treasuries 12.52% Cash & Cash Equivalents 5.01% Asset Back Sec's 9.78% Agencies 0.11% Wrap Providers 3.86% Municipals 0.36% Other 0.03% 3.13% The MissionSquare PLUS Fund is benefit-responsive and allows for benefit payments at book value. The Fund offers daily liquidity to individual participants for such benefit payments. Participants have full liquidity to move monies from the MissionSquare PLUS Fund to other mutual fund and collective investment trust options available. Due to restrictions from wrap contract issuers, direct transfers from the MissionSquare PLUS Fund to competing funds are not permitted. Funds considered to be competing include, but are not limited to, short-term fixed income funds, money market funds, certificate of deposit products, or other stable value products. Investors must transfer their money to a non-competing fund for 90 days (equity wash) before investing in a competing fund (this includes assets in the MissionSquare PLUS Fund transferred to co-providers, if applicable). Whether or not a particular fund is a competing fund will be determined, at the sole discretion of MissionSquare, on a fund-by-fund basis. Transfers to another provider will be restricted if an employer elects to replace the MissionSquare PLUS Fund. Other funds may assess redemption fees for assets that have been invested for less than a period of time defined in the fund prospectus or disclosure documents. Currently, there are no fees, contingent deferred sales charges, or financial market value adjustments on withdrawals from the Stable Value Plus Fund. MissionSquare accommodates all plan payout options allowable under the Internal Revenue Code. 3/31/2026 MissionSquare PLUS Fund R1 The MissionSquare PLUS Fund is a collective investment trust fund (CIT). Separately managed accounts are also available if a plan requires one and is eligible. $9.35 Aa3/AA-/AA 2.31% on the day of 6/10/26 MissionSquare retains full discretion to release employer-initiated MissionSquare PLUS Fund withdrawals in an orderly manner over a period of up to 12 months from the date MissionSquare receives written notification from the employer that it is initiating withdrawals from the MissionSquare PLUS Fund, regardless of whether the market to book value ratio of the MissionSquare PLUS Fund is above or below 100%. This restriction on employer withdrawals from the MissionSquare PLUS Fund does not apply to participant directed withdrawals from the Fund. In the case of an employer-initiated total withdrawal, participant transfers of MissionSquare PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this 12-month period. The MissionSquare PLUS Fund remains benefit-responsive to participants eligible to take participant-directed withdrawals from the Fund. Transfers to another provider will be restricted if an employer elects to replace the MissionSquare PLUS Fund. The crediting rate is determined daily as the weighted average of cash buffer yield, synthetic GICs contract rates and yields of maturing GICs. SECTOR ALLOCATION [this is a sample sector allocation, please use what is standard for your product discloser] The MissionSquare PLUS Fund does not guarantee principal or a minimum crediting rate. Participant investments receive the prevailing rate at the time of their investment. The MissionSquare PLUS Fund currently offers a single crediting rate for all participants in each share class of the portfolio. Interest is credited daily to participant accounts. 100% AAA 15% AA 57% A 14% BBB 10% BB & Below 3% 100% CREDITING RATE HISTORY 1-Yr Average 3-Yr Average 5-Yr Average 10-Yr Average Market / Book Ratio of Portfolio 96.14% CREDIT QUALITY 2.33% 2.21% 1.80% 1.60% Data As Of Date Company Product Name Product Type Total Assets (in $B) Avg Credit Quality Average/Effective Duration Current Standard Crediting Rate Participant Transfer Restrictions Participant Termination/Surrender Fees or Restrictions Plan Level Termination Provision Contract Guar Min Int Rate Prospective Standard Rate Reset Schedule The Proposal Rate & Guarantee Period Corporate bonds/Credits 29.74% Mortgage Related 25.92% traditional GIC's 12.68% Treasuries 12.52% Cash & Cash Equivalents 5.01% Asset Back Sec's 9.78% Agencies 0.11% Wrap Providers 3.86% Municipals 0.36% Other 0.03% 3.13% The MissionSquare PLUS Fund is benefit-responsive and allows for benefit payments at book value. The Fund offers daily liquidity to individual participants for such benefit payments. Participants have full liquidity to move monies from the MissionSquare PLUS Fund to other mutual fund and collective investment trust options available. Due to restrictions from wrap contract issuers, direct transfers from the MissionSquare PLUS Fund to competing funds are not permitted. Funds considered to be competing include, but are not limited to, short-term fixed income funds, money market funds, certificate of deposit products, or other stable value products. Investors must transfer their money to a non-competing fund for 90 days (equity wash) before investing in a competing fund (this includes assets in the MissionSquare PLUS Fund transferred to co-providers, if applicable). Whether or not a particular fund is a competing fund will be determined, at the sole discretion of MissionSquare, on a fund-by-fund basis. Transfers to another provider will be restricted if an employer elects to replace the MissionSquare PLUS Fund. Other funds may assess redemption fees for assets that have been invested for less than a period of time defined in the fund prospectus or disclosure documents. Currently, there are no fees, contingent deferred sales charges, or financial market value adjustments on withdrawals from the Stable Value Plus Fund. MissionSquare accommodates all plan payout options allowable under the Internal Revenue Code. 3/31/2026 MissionSquare PLUS Fund S11 The MissionSquare PLUS Fund is a collective investment trust fund (CIT). Separately managed accounts are also available if a plan requires one and is eligible. $9.35 Aa3/AA-/AA 3.13% on the day of 6/10/26 MissionSquare retains full discretion to release employer-initiated MissionSquare PLUS Fund withdrawals in an orderly manner over a period of up to 12 months from the date MissionSquare receives written notification from the employer that it is initiating withdrawals from the MissionSquare PLUS Fund, regardless of whether the market to book value ratio of the MissionSquare PLUS Fund is above or below 100%. This restriction on employer withdrawals from the MissionSquare PLUS Fund does not apply to participant directed withdrawals from the Fund. In the case of an employer-initiated total withdrawal, participant transfers of MissionSquare PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this 12-month period. The MissionSquare PLUS Fund remains benefit-responsive to participants eligible to take participant-directed withdrawals from the Fund. Transfers to another provider will be restricted if an employer elects to replace the MissionSquare PLUS Fund. The crediting rate is determined daily as the weighted average of cash buffer yield, synthetic GICs contract rates and yields of maturing GICs. SECTOR ALLOCATION [this is a sample sector allocation, please use what is standard for your product discloser] The MissionSquare PLUS Fund does not guarantee principal or a minimum crediting rate. Participant investments receive the prevailing rate at the time of their investment. The MissionSquare PLUS Fund currently offers a single crediting rate for all participants in each share class of the portfolio. Interest is credited daily to participant accounts. 100% AAA 15% AA 57% A 14% BBB 10% BB & Below 3% 100% CREDITING RATE HISTORY 1-Yr Average 3-Yr Average 5-Yr Average 10-Yr Average Market / Book Ratio of Portfolio 96.14% CREDIT QUALITY 3.14% 3.04% 2.65% 2.49% City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 1 MissionSquare Pricing for City of San Luis Obispo We are pleased to present the City the following requested pricing scenarios: 457(b) & 401(a) Pricing Request #1: Proprietary Stable Value/Fixed PLEASE DESCRIBE SOLUTION PROVIDED For this scenario, with MissionSquare serving as sole provider, our minimum investment revenue requirement is 2.2 bps 0.022% of assets. This fee option is based on the plan sponsor making the MissionSquare PLUS Fund available as the sole stable value fund administered by MissionSquare. This scenario assumes that MissionSquare will pay the $65k MVA and amortize it over the desired contract length by using a share class of the MissionSquare PLUS of the City's choosing. Once the MVA is fully amortized, the PLUS Fund will revert to R10 shares. The City would be responsible for any unamortized portion of the MVA if the City leaves MissionSquare administration or the unamortized portion of the MVA would be deducted from participant accounts prior to transfer to the new recordkeeper. 457(b) & 401(a) Pricing Request #2: Non-proprietary Stable Value/Fixed PLEASE DESCRIBE SOLUTION PROVIDED For this scenario, with MissionSquare serving as sole provider, our minimum investment revenue requirement is 8 bps 0.08% of assets. This scenario assumes that MissionSquare will pay the $65k MVA. This assumes an amortization period of 4 years. The City would be responsible for any unamortized portion of the MVA if the City leaves before the 4 years. HRA/RHS Plan Proposal #3HRA: Please provide description, of proposal The RHS plan fee is 55 bps (0.55%) + an annual $25 participant per account fee and requires utilization of the MissionSquare PLUS Fund S11 share class as the sole stable value fund administered by MissionSquare. 457 OBRA/Part-Time Plan Proposal #4PTS: Please provide description, of proposal The PTS plan fee is an annual $28 participant per account fee and requires utilization of the MissionSquare PLUS Fund R1 share class. If the City leaves MissionSquare administration before 5 years, the City would either be responsible for any unamortized portion of the MVA or the unamortized portion of the MVA would be deducted from participant accounts prior to transfer to the new recordkeeper. Pricing Assumptions Our fees are based upon utilization of our model plan document and assume the plan sponsor will utilize the secure plan sponsor website to submit contributions electronically City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 2 on a consistent basis. If there are system enhancements required for features in an individually designed document, a cost estimate will be provided. There are no back-end charges or financial market value adjustments of any kind. Funds may assess redemption fees for assets that have been invested for less than a period of time defined in the fund prospectus or disclosure documents. MissionSquare retains full discretion to release employer-initiated MissionSquare PLUS Fund withdrawals in an orderly manner over a period of up to 12 months from the date MissionSquare receives written notification from the employer that it is initiating withdrawals from the MissionSquare PLUS Fund, regardless of whether the market to book value ratio of the MissionSquare PLUS Fund is above or below 100%. This restriction on employer withdrawals from the MissionSquare PLUS Fund does not apply to participant-directed withdrawals from the Fund. In the case of an employer- initiated total withdrawal, participant transfers of MissionSquare PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this 12-month period. The MissionSquare PLUS Fund remains benefit-responsive to participants eligible to take participant-directed withdrawals from the Fund. Transfers to another provider will be restricted if an employer elects to replace the MissionSquare PLUS Fund. Disclosure of fund expenses is provided in the Fund Fact Sheet included in the Appendix. Participant-Level Supplemental Service Fees The following supplemental service fees 1 apply exclusively to participants who choose to use these services: Investment Advice Services Fees 2 for investment advice through our Guided Pathways® Advisory Services 3 Managed Accounts: Participant Account Balance Annual Fee First $100,000 0.50% Next $200,000 0.40% Next $200,000 0.30% Over $500,000 0.20% 1 Fees for supplemental services are subject to change with appropriate notification. 2 Underlying mutual fund expenses and plan administration fees still apply. Please consult the applicable disclosure materials for a description of these fees and expenses. 3 Investment advice and analysis tools are offered to participants through MissionSquare, a federally registered investment advisor. Investment advice is the result of methodologies developed, maintained, and overseen by the Independent Financial Expert, Morningstar Investment Management LLC. Morningstar Investment Management LLC is a registered investment advisor and subsidiary of Morningstar, Inc. Morningstar, Inc. and Morningstar Investment Management LLC are not affiliated with MissionSquare. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 3 MissionSquare Brokerage MissionSquare Charges MissionSquare assesses a one-time $50 setup fee when a participant's MissionSquare Brokerage account is established and a $50 annual maintenance fee. Fees are deducted from the participant's core account at MissionSquare. Charles Schwab Fees/Charges 1 A complete list of fees charged by Charles Schwab can be found at: https://www.schwab.com/resource/pcra-pricing-summary. If Charles Schwab changes its fees, the new fee schedule would be used. All Charles Schwab fees and charges are deducted from the participant's brokerage account.2 Loans  Setup fee – $75 one-time origination fee.  Annual fee – $50 annual fee for outstanding loans. Wire Transfer Fees A $15 participant fee will apply for each outgoing wire transfer requested by a participant. Should our processing bank increase the wire fees during the contract period, the increased fee will be charged to the participant accordingly. There is no charge for incoming wire transfers. There is a $40 overnight distribution fee. QDRO Processing Fees $500 per retirement plan, per order. Plan-Level Supplemental Service Fees Programming Costs 1Charles Schwab & Co., Inc., member SIPC, receives remuneration from fund companies for record keeping, shareholder services and other administrative services for shares purchased through its Mutual Fund OneSource service. Schwab also may receive remuneration from transaction fee fund companies for certain administrative services. Investors should carefully consider the investment objectives, risks, charges, and expenses of any mutual fund or ETFs before investing. Other fees and expenses do apply to a continued investment in the funds. Fund families may impose redemption fees in addition to the fees described above. 2 Charles Schwab & Co., Inc. and MissionSquare are not affiliated and are not responsible for the products and services provided by the other. Schwab Personal Choice Retirement Account® (PCRA) is offered through Charles Schwab & Co., Inc. (Member SIPC), the registered broker/dealer, which also provides other brokerage and custody services to its customers. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 4 Any systems programming for services not identified in the scope of services or that have not been proposed in this proposal is available at a cost of $175 per hour for programming, testing, and project oversight. Hardship and Emergency Withdrawal Approval Fees If the City chooses to have MissionSquare approve unforeseeable emergency / hardship withdrawal requests (pursuant to a hold harmless agreement and a written directive in place between the City and MissionSquare), each request will be reviewed to confirm that the reason for the request potentially satisfies IRS requirements. We will then prepare an assessment and provide to you for approval. There is no fee for withdrawal requests up to and including $1,000. For withdrawals above that, there is a nominal fee of up to $225 payable by the plan sponsor per request. If the plan sponsor retains responsibility for reviewing and approving hardship/unforeseeable emergency withdrawals, there is no fee. Please note that supplemental services such as investment advice services, managed accounts, loans, financial plans, and QDROs1 are not applicable to RHS. 1 Typically, MissionSquare will not recognize requests for assignment of all or part of a participant's RHS account under a domestic relations or other court order. However, we do ask the employer or participant to contact our QDRO Specialist should such an order be presented. City of San Luis Obispo Notice Requesting Proposals Qualified Plan Record-keeping and Administration Services www.missionsq.org 1 Appendix List Please see the following Appendix items:  Certificate of Insurance (Please see separate attached document)  MissionSquare PLUS Fund R10 Fact Sheet Q1 2026  MissionSquare PLUS Fund R1 Fact Sheet Q1 2026  MissionSquare PLUS Fund S11 Fact Sheet Q1 2026  Sample participant Annual Fee Disclosure  -Sample plan sponsor Fee Disclosure Report  VantageTrust Funds’ Fact Sheets and Disclosure Memorandum (VT I Funds Disclosure Memorandum) ADMINISTRATIVE SERVICES AGREEMENT for City of San Luis Obispo Type:457 Account #: 301209 Type:401 Account #: 109681, 109680 MissionSquare Retirement Agreement 1 of 12 ADMINISTRATIVE SERVICES AGREEMENT day, (please enter date) ____________________________________, (herein referred to as the "Inception Date"), between the International City Management Association Retirement Corporation doing business as MissionSquare Retirement MissionSquare and existing under the laws of the State of Delaware, and the City of San Luis Obispo n Entity organized and existing under the laws of the State of California with an office at 990 Palm Street, San Luis Obispo, California 93401. RECITALS that capacity, has responsibility to obtain administrative services and investment alternatives for the Plan; VantageTrust is a group trust established and maintained in accordance with New Hampshire Revised Statutes Annotated section 391:1 and Internal Revenue Service Revenue Ruling 81-100, 1981-1 C.B. 326, which provides for the commingled investment of retirement funds; MissionSquare, or its wholly owned subsidiary, acts as investment adviser to VantageTrust Company, LLC, the Trustee of VantageTrust; MissionSquare has designed, and VantageTrust Company offers, a series referenced ; and MissionSquare provides a range of services to public employers for the operation of employee retirement plans including, but not limited to, communications concerning investment alternatives, account maintenance, account recordkeeping, investment and tax reporting, transaction processing, and benefit disbursement. Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 2 of 12 AGREEMENTS 1. Appointment of MissionSquare Employer hereby appoints MissionSquare as administrator of the Plan to perform all nondiscretionary functions necessary for the administration of the Plan. The functions to be performed by MissionSquare shall be those set forth in Exhibit A to this Agreement. 2. Adoption of VantageTrust Employer has adopted the Declaration of Trust of VantageTrust Company and agrees to the commingled investment of assets of the Plan within VantageTrust. Employer agrees that the investment, management, and distribution of amounts deposited in VantageTrust shall be subject to the Declaration of Trust, as it may be amended from time to time and shall also be subject to terms and conditions set forth in disclosure documents (such as the MSQ Disclosures or Employer Bulletins) as those terms and conditions may be adjusted from time to time. 3. Employer Duty to Furnish Information Employer agrees to furnish to MissionSquare on a timely basis such information as is necessary for MissionSquare to carry out its responsibilities as Administrator of the Plan, including information needed to allocate individual participant accounts to Funds in VantageTrust, and information as to the employment status of participants, and participant ages, addresses, and other identifying information (including tax identification numbers). Employer also agrees that it will notify MissionSquare in a timely manner regarding changes in staff as it relates to various roles. Such notification is to be completed through the plan sponsor website. MissionSquare shall be entitled to rely upon the accuracy of any information that is furnished to it by a responsible official of the Employer or any information relating to an individual participant or beneficiary that is furnished by such participant or beneficiary, and MissionSquare shall not be responsible for any error arising from its reliance on such information. MissionSquare will provide reports, statements and account information to the Employer through the plan sponsor website. Employer is required to send in contributions through the plan sponsor website. Alternative electronic methods may be allowed but must be approved by MissionSquare for use. Contributions may not be sent through paper submittal documents. To the extent Employer selects third-party funds that do not have fund profile information provided to MissionSquare through electronic data feeds from external sources (such as Morningstar) or third-party fund providers, the Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 3 of 12 Employer is responsible for providing to MissionSquare timely fund investment updates for disclosure to Plan participants. Such updates may be provided to MissionSquare ultant or other designated representative. 4. MissionSquare Representations and Warranties MissionSquare represents and warrants to Employer that: (a) MissionSquare is a non-profit corporation with full power and authority to enter into this Agreement and to perform its obligations under this Agreement. The ability of MissionSquare, or its wholly owned subsidiary, to serve as investment adviser to VantageTrust Company is dependent upon the continued willingness of VantageTrust Company for MissionSquare, or its wholly owned subsidiary, to serve in that capacity. (b) MissionSquare is an investment adviser registered as such with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. (c)(i) MissionSquare shall maintain and administer the 457(b) Plan in accordance with the requirements for eligible deferred compensation plans under Section 457 of the Internal Revenue Code and other applicable federal law; provided, however, that MissionSquare shall not be responsible for the eligible status of the 457(b) Plan in the event that the Employer directs MissionSquare to administer the 457(b) Plan or disburse assets in a manner inconsistent with the requirements of Section 457 or otherwise causes the 457(b) Plan not to be carried out in accordance with its terms. Further, in the event that the Employer uses its own customized plan document, MissionSquare shall not be responsible for the eligible status of the 457(b) Plan to the extent those in MissionSquare MissionSquare shall not be responsible for monitoring state or local law applicable to retirement plans or for administering the 457(b) Plan in compliance with local or state requirements regarding plan administration unless Employer notifies MissionSquare of any such local or state requirements. (c)(ii) MissionSquare shall maintain and administer the 401(a) Plan in accordance with the requirements for plans which satisfy the qualification requirements of Section 401 of the Internal Revenue Code and other applicable federal law; provided, however, Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 4 of 12 MissionSquare shall not be responsible for the qualified status of the 401(a) Plan in the event that the Employer directs MissionSquare to administer the 401(a) Plan or disburse assets in a manner inconsistent with the requirements of Section 401 or otherwise causes the 401(a) Plan not to be carried out in accordance with its terms; provided, further, that if the plan document used by the Employer contains terms that differ from the terms of MissionSquare's model plan document, MissionSquare shall not be responsible for the qualified status of the 401(a) Plan to the extent affected by the differing terms in the Employer's plan document. MissionSquare shall not be responsible for monitoring state or local law applicable to retirement plans or for administering the 401(a) Plan in compliance with local or state requirements regarding plan administration unless Employer notifies MissionSquare of any such local or state requirements. 5. Employer Representations and Warranties Employer represents and warrants to MissionSquare that: (a) Employer is organized in the form and manner recited in the opening paragraph of this Agreement with full power and authority to enter into and perform its obligations under this Agreement and to act for the Plan and participants in the manner contemplated in this Agreement. Execution, delivery, and performance of this Agreement will not conflict with any law, rule, regulation or contract by which the Employer is bound or to which it is a party. (b) Employer understands and agrees that MissionSquare function under this Agreement is to act as recordkeeper and to provide administrative, investment or other services at the direction of Plan participants, the Employer, its agents or designees in accordance with the terms of this Agreement. Under the terms of this Agreement, MissionSquare does not render investment advice, is neither the Plan Administrator nor Plan Sponsor as those terms are defined under applicable federal, state, or local law, and does not provide legal, tax or accounting advice with respect to the creation, adoption or operation of the Plan and its related trust. MissionSquare does not perform any service under this Agreement that might cause MissionSquare to and only, to the extent that MissionSquare provides investment advisory services to individual participants enrolled in Guided Pathways Advisory Services. Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 5 of 12 (c) Employer acknowledges and agrees that MissionSquare does not assume any responsibility with respect to the selection or retention responsibility for the selection of the applicable mutual fund share class. Where applicable, Employer understands that the MissionSquare Retirement IncomeAdvantage Fund is an investment option for the Plan and that the fund invests in a separate account available through a group variable annuity contract. By entering into this Agreement, Employer acknowledges that it has received the Important Considerations document and the MSQ Disclosures and that it has read the information therein concerning the MissionSquare Retirement IncomeAdvantage Fund. (d) Employer acknowledges that certain such services to be performed by MissionSquare under this Agreement may be performed by an affiliate or agent of MissionSquare pursuant to one or more other contractual arrangements or relationships, and that MissionSquare reserves the right to change vendors with which it has contracted to provide services in connection with this Agreement without prior notice to Employer. (e) Employer approves the use of its Plan in MissionSquare external media, publications and materials. Examples include press releases announcements and inclusion of the general plan information in request for proposal responses. 6. Participation in Certain Proceedings The Employer hereby authorizes MissionSquare to act as agent, to appear on its behalf, and to join the Employer as a necessary party in all legal proceedings involving the garnishment of benefits or the transfer of benefits pursuant to the divorce or separation of participants in the Plan. Unless Employer notifies MissionSquare otherwise, Employer consents to the disbursement by MissionSquare of benefits that have been garnished or transferred to a former spouse, current spouse, or child pursuant to a domestic relations order or child support order. 7. Compensation and Payment (a) MissionSquare set forth in subsection (b) below. Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 6 of 12 (b)Compensation for Management Services to VantageTrust Company, Compensation for Advisory and other Services to the MissionSquare Funds Class M and Payments from Third- Party Mutual Funds. Employer acknowledges that MissionSquare, or its wholly owned subsidiary, receives fees from VantageTrust Company for investment advisory services and plan and participant services furnished to VantageTrust Company. Employer further acknowledges that MissionSquare, including certain of its wholly owned subsidiaries, receives compensation for advisory and other services furnished to the MissionSquare Funds Class M, which serve as the underlying portfolios of a number of Funds offered through VantageTrust. For a MissionSquare Fund Class R that invests substantially all of its assets in a third-party mutual fund not affiliated with MissionSquare, MissionSquare or its wholly owned subsidiary receives payments from the third-party mutual fund families or their service providers in the form of 12b-1 fees, service fees, compensation for sub-accounting and other services provided based on assets in the underlying third-party mutual fund. These fees are described in the MSQ Disclosures and extent that third party mutual funds are included in the investment line-up for the Plan, MissionSquare receives administrative fees from its third-party mutual fund settlement and clearing agent for providing administrative and other services based on assets invested in third-party mutual funds; such administrative fees come from payments made by third-party mutual funds to the settlement and clearing agent. (c) Redemption Fees. Redemption fees imposed by outside mutual funds in which Plan assets are invested are collected and paid to the mutual fund by MissionSquare. MissionSquare remits 100% of redemption fees back to the specific mutual fund to which redemption fees apply. These redemption fees and the individual in the prospectus for the individual mutual fund and referenced in the MSQ Disclosures. (d) Payment Procedures. All payments to MissionSquare pursuant to this Section 7 shall be made from Plan assets held by VantageTrust or received from third-party mutual funds or their service providers in connection with Plan assets invested in such third-party mutual funds, to the extent not paid by the Employer. The amount of Plan assets administered by MissionSquare shall be adjusted as required to reflect any such payments as are made from the Plan. In the event that the Employer agrees to pay amounts owed Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 7 of 12 pursuant to this Section 7 directly, any amounts unpaid and outstanding after 30 days of invoice to the Employer shall be withdrawn from Plan assets. The compensation and payment set forth in this Section 7 are contingent upon processing and submitting contribution funds by ACH or wire transfer on a consistent basis over the term of this Agreement. The compensation in this Section 7 is also based on (a) the assets of the Plan being invested in R5 shares of the MSQ Trust Series Funds and MissionSquare Index Funds, and R9 shares of all other MissionSquare Funds and (b) the Employer offering the MissionSquare PLUS Fund as the sole stable value option. The compensation and payment in this Section 7 will take effect in the calendar quarter following receipt at a Delivery Address (defined below the signature line) of one fully executed copy of this Administrative Services Agreement based upon the following schedule: Agreement received by April 20 Effective June Agreement received by June 20 Effective August Agreement received by August 20 Effective October Agreement received by November 20 Effective January Employer further acknowledges and agrees that compensation and payment under this Agreement shall be subject to re-negotiation in the event that the Employer (a) chooses to implement additional mutual funds that neither (i) trade via NSCC nor (ii) meet MissionSquare (b) chooses to implement investment options that are not mutual funds. 8. Contribution Remittance Employer understands that amounts invested in the Plan are to be remitted directly to Vantagepoint Transfer Agents in accordance with instructions provided to Employer by MissionSquare and are not to be remitted to MissionSquare. In the event that any check or wire transfer is incorrectly labeled or transferred to MissionSquare, MissionSquare may return it to Employer with proper instructions. 9. Indemnification MissionSquare shall not be responsible for any acts or omissions of any person with respect to the Plan or its related trust, other than MissionSquare in connection with the administration or operation of the Plan. Employer shall indemnify MissionSquare against, and hold MissionSquare harmless from, any and all loss, damage, penalty, liability, cost, and expense, including without Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 8 of 12 or asserted against MissionSquare by reason of any claim, regulatory proceeding, or litigation arising from any act done or omitted to be done by any individual or person with respect to the Plan or its related trust, excepting only any and all loss, damage, penalty, liability, cost or expense resulting from MissionSquare 10. Term This Agreement shall be in effect and commence on the date all parties have . The term of this Agreement will commence on the Inception Date and extend five (5) years from that date. This Agreement will be renewed automatically for each succeeding year unless written notice of termination is provided by either party to the other no less than 60 days before the end of such Agreement year. The Employer understands and acknowledges that, in the event the Employer terminates this Agreement (or replaces the MissionSquare PLUS Fund of VantageTrust as an investment option in its investment line-up), MissionSquare retains full discretion to release Plan assets invested in the MissionSquare PLUS Fund in an orderly manner over a period of up to 12 months from the date MissionSquare receives written notification from the Employer that it has made a final and binding selection of a replacement for MissionSquare as administrator of the Plan (or a replacement investment option for the MissionSquare PLUS Fund). 11. Amendments and Adjustments (a) This Agreement may be amended by written instrument signed by the parties. (b) MissionSquare may modify this A advance written notice to the Employer prior to the effective date of such proposed modification. Such modification shall become effective unless, within the 60-day notice period, the Employer notifies MissionSquare in writing that it objects to such modification. (c) The parties agree that enhancements may be made to administrative services under this Agreement. The Employer will be notified of enhancements through the Employer Bulletin, quarterly statements, electronic messages or special mailings. Likewise, if there are any reductions in fees, these will be announced through the Employer Bulletin, quarterly statement, electronic messages or special mailing. Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 9 of 12 12. Notices Unless otherwise provided in this Agreement, all notices required to be delivered under this Agreement shall be in writing and shall be delivered, mailed, e-mailed or faxed to the location of the relevant party set forth below or to such other address or to the attention of such other persons as such party may hereafter specify by notice to the other party. MissionSquare: Legal Department, MissionSquare, 777 North Capitol Street, N.E., Suite 600, Washington, D.C., 20002-4240 Facsimile; (202) 962-4601 Employer: at the office set forth in the first paragraph hereof, or to any other address, facsimile number or e-mail address designated by the Employer to receive the same by written notice similarly given. Each such notice, request or other communication shall be effective: (i) if given by facsimile, when transmitted to the applicable facsimile number and there is appropriate confirmation of receipt; (ii) if given by mail or e-mail, upon transmission to the designated address with no indication that such address is invalid or incorrect; or (iii) if given by any other means, when actually delivered at the aforesaid address. 13. Complete Agreement This Agreement shall constitute the complete and full understanding and sole agreement between MissionSquare and Employer relating to the object of this Agreement and correctly sets forth the complete rights, duties and obligations of each party to the other as of its date. This Agreement supersedes all written and oral agreements, communications or negotiations among the parties. Any prior agreements, promises, negotiations or representations, verbal or otherwise, not expressly set forth in this Agreement are of no force and effect. 14. Titles The headings of Sections of this Agreement and the headings for each of the attached schedules are for convenience only and do not define or limit the contents thereof. 15. Incorporation of Exhibits All Exhibits (and any subsequent amendments thereto), attached hereto, and referenced herein, are hereby incorporated within this Agreement as if set forth fully herein. Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 10 of 12 16. Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of California, applicable to contracts made in that jurisdiction without reference to its conflicts of laws provisions. In Witness Whereof, the parties hereto certify that they have read and understand this Agreement and all Schedules attached hereto and have caused this Agreement to be executed by their duly authorized officers as of the Inception Date first above written. CITY OF SAN LUIS OBISPO By ____________________________________________ Signature/Date By ____________________________________________ Name and Title (Please Print) THE INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION doing business as MISSIONSQUARE RETIREMENT By ___________________________________________ Erica McFarquhar Authorized Representative Please return an executed copy of the Agreement to a Delivery Address, either: (a) Via DocuSign (b) Electronically to ClientContracts_ICMA-RC@icmarc.org Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 11 of 12 Exhibit A Administrative Services The administrative services to be performed by MissionSquare under this Agreement shall be as follows: (a) Participant enrollment services are provided online. Employees will enroll online through a secure site or the Employer will enroll employees through the plan sponsor website. (b) Establishment of participant accounts for each employee participating in the Plan for whom MissionSquare receives appropriate enrollment instructions. MissionSquare is not responsible for determining if such Plan participants are eligible under the terms of the Plan. (c) Allocation in accordance with participant directions received in good order of individual participant accounts to investment funds offered under the Plan. (d) Maintenance of individual accounts for participants reflecting amounts deferred, income, gain or loss credited, and amounts distributed as benefits. (e) Maintenance of records for all participants for whom participant accounts have been established. These files shall include enrollment instructions (provided to MissionSquare through the participant website or the plan sponsor website), beneficiary designation instructions and all other documents concerning each participant's account. (f) Provision of periodic reports to the Employer through the plan sponsor website. Participants will have access to account information through Participant Services, Voice Response System, the participant website, and text access, and through quarterly statements that can be delivered electronically through the participant website or by postal service. (g) Communication to participants of information regarding their rights and elections under the Plan. (h) Making available Participant Services Representatives through a toll-free telephone number from 8:30 a.m. to 9:00 p.m. Eastern Time, Monday through Friday (excluding holidays and days on which the securities markets or MissionSquare are closed for business (including emergency closings)), to assist participants. (i) Making available access to MissionSquare participants to access certain account information and initiate certain plan transactions at any time. The participant website is normally available 24 hours a day, seven days a week except during scheduled Plan numbers 301209, 109681, 109680 MissionSquare Retirement Agreement 12 of 12 maintenance periods designed to ensure high- quality performance. The scheduled maintenance window is outlined at https://accountaccess.icmarc.org. (j) Maintaining the security and confidentiality of client information through a system of controls including but not limited to, as appropriate: restricting plan and participant information only to those who need it to provide services, software and hardware security, access controls, data back-up and storage procedures, non-disclosure agreements, security incident response procedures, and audit reviews. (k) Making available access to MissionSquare allow plan sponsors to access certain plan information and initiate plan transactions such as enrolling participants and managing contributions at any time. The plan sponsor web site is normally available 24 hours a day, seven days a week except during scheduled maintenance periods designed to ensure high-quality performance. The scheduled maintenance window currently is outlined at https://ezlink.icmarc.org. (l) Distribution of benefits as agent for the Employer in accordance with terms of the Plan. Participants who have separated from service can request distributions through the participant website or via form. (m) Upon approval by the Employer that a domestic relations order is an acceptable qualified domestic relations order under the terms of the Plan, MissionSquare will establish a separate account record for the alternate payee and provide for the investment and distribution of assets held thereunder. (n) Loans may be made available on the terms specified in the Loan Guidelines, if loans are adopted by the Employer. Participants can request loans through the participant website. (o) Guided Pathways Advisory Services MissionSquare may be made available through a third-party vendor on the terms specified on MissionSquare (p) MissionSquare will determine appropriate delivery method (electronic and/or print) for plan sponsor/participant communications and education based on a number of factors (audience, effectiveness, etc.). R10 |Fact Sheet Q1 2026 MissionSquare PLUS Fund Investment Objective |The PLUS Fund's investment objective is to seek to offer a competitive level of income consistent with providing capital preservation and meeting liquidity needs.Key goals are to seek to preserve capital,by limiting risk of loss of principal and delivering stable returns,and to meet liquidity needs of those who invest in the PLUS Fund. Fund Facts Asset Class Stable Value/Cash Management Share Class R10 CUSIP 92208J709 Fund Inception Date 01/02/1991 Share Class Inception Date 10/11/2013 Fund Net Assets1 as of 03/31/2026 $9,352.23 million Investment Advisor MissionSquare Investments Benchmark2 ICE BofA US 3 Month Treasury Bill Index Gross Expense Ratio 0.53% Net Expense Ratio 0.53% Underlying Fund Characteristics as of 03/31/2026 Net Crediting Rate3 3.13% Credit Quality (M/S&P/F)4 Aa3/AA-/AA Effective Duration (years)5 3.35 Market/Book Value Ratio6 96.14% Yield to Maturity7 4.68% Number of Holdings8 3,898 Performance as of 03/31/2026 Annualized QTD YTD 1 Year 3 Year 5 Year 10 Year Fund 0.77%0.77%3.16%3.03%2.62%2.41% Benchmark2,9,10 0.85%0.85%4.00%4.74%3.34%2.26% Calendar Year Performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Fund 1.98%2.12%2.27%2.45%2.22%1.89%1.97%2.78%3.02%3.13% Benchmk2,9,10 0.33%0.86%1.87%2.28%0.67%0.05%1.46%5.01%5.25%4.18% Fund past performance,as shown,is no guarantee of how the Fund will perform in the future.The performance shown has been annualized for periods greater than one year.Investment returns and principal value will fluctuate, so that an investor's shares,when redeemed,may be worth more or less than their original cost.For current performance,participants or plan sponsors in a MissionSquare Retirement administered account can log in at www.missionsq.org,or institutions can go to www.investments.missionsq.org. Investment Strategy MissionSquare Investments employs a structured,multi-product,multi-manager approach in managing the Fund.The Fund invests primarily in a diversified and tiered portfolio of stable value investment contracts and in fixed income securities,fixed income mutual funds,and fixed income commingled trust funds ("fixed income assets")that back certain stable value investment contracts. In addition,the Fund invests in money market mutual funds,as well as cash and cash equivalents. The Fund's portfolio may include different types of investments with a variety of negotiated terms and maturities and is diversified across sectors and issuers.The composition of the Fund's portfolio and its allocations to various stable value investments and fixed income investment sectors,across the fund's multiple tiers,is determined based on prevailing economic and capital market conditions, relative value analysis,liquidity needs,and other factors.The Fund invests in stable value investment contracts to seek to achieve,over the long run,returns higher than those of money market funds and short-term bank rates and relatively stable returns compared to short-to intermediate-term fixed income funds.The Fund generally will not track shorter-term interest rates as closely as money market mutual funds,because of its longer maturity,potential adverse market changes,and provisions in stable value contracts held by the Fund.In addition,while the Fund's returns are generally expected to follow interest rate trends over time,they typically will do so on a lagged basis. Maturity as of 03/31/2026 14.15%<1 year 29.45%Years 1 -3 22.46%Years 3 -5 12.67%Years 5 -7 17.67%Years 7 -10 3.61%Years 10+ Due to rounding,percentages shown may not add up to 100%. Credit Quality4 as of 03/31/2026 15.28%AAA/Aaa 57.33%AA/Aa 14.21%A 10.49%BBB/Baa 2.70%Below Baa Due to rounding,percentages shown may not add up to 100%. Investment Risk:Stable Value Risk,Interest Rate Risk,Credit Risk,Stable Value Issuer Risk,Liquidity Risk,Reinvestment Risk,Call Risk,Mortgage-Backed Securities Risk, Asset-Backed Securities Risk,Securities Lending Risk,Derivative Instruments Risk,Large Investor Risk,Inflation Risk.See the Fund's Disclosure Memorandum for risk descriptions. Transfer Restrictions:Direct transfers from the PLUS Fund to competing funds are restricted.Competing funds include,but are not limited to,the following types of investment options:(1)cash management funds,money market mutual funds,bank collective short-term investment funds,bank accounts or certificates of deposit,stable value funds or substantially similar investment options that offer guarantees of principal or income,such as guaranteed annuity contracts or similar arrangements with financial institutions;(2)short-term bond funds that invest in fixed income securities and seek to maintain or have an average portfolio duration of less than two years;and (3)any investment option that invests 80%or more of its assets in (i)fixed income securities or funds with a duration of less than two years,or (ii)instruments that seek to provide capital preservation such as stable value funds,bank certificates of deposit or bank accounts,and cash or cash equivalents.To transfer money from the PLUS Fund to a competing fund,you must first transfer the amount to a non-competing fund for a period of at least 90 days.For example,if you want to transfer money from the PLUS Fund to a money market fund,you will first need to transfer the money to a non-competing fund and then,90 days later or any time thereafter,transfer that amount of money to the money market fund. MissionSquare 777 N.Capitol Street,NE,Washington,DC 20002-4240 www.missionsq.org FS7071-0450-2603 R10 |Fact Sheet Q1 2026FactSheet|MissionSquare PLUS Fund Sector Allocation as of 03/31/2026 Fund Agencies 0.11% Asset-Backed 9.78% Cash &Cash Equivalents 5.01% Credits 29.74% Maturing GICs 12.68% Mortgage-Backed 25.92% Municipals 0.36% Other 0.03% Treasuries 12.52% Wrap Providers 3.86% Due to rounding,percentages shown may not add up to 100%. Structure as of 03/31/2026 Fund Tier 1 -Cash Buffer 3.91% Tier 2 -Shorter Duration Focus 12.02% Tier 3 -Laddered Maturity Focus 12.68% Tier 4 -Total Return Focus 71.40% Due to rounding,percentages shown may not add up to 100%. Portfolio Manager(s) Oliver Meng,CFA,CAIA,FRM Head of Stable Value Managed Fund Since:11/2021 Jeff Noll Senior Fund Manager Managed Fund Since:03/2026 Yulia Alekseeva,CFA Managing Vice President,Fixed Income Managed Fund Since:01/2026 Shari Hensrud,CFA,PhD Senior Vice President and Chief Investment Officer Managed Fund Since:03/2026 Additional Information About Restrictions on PLUS Fund Public Employer Withdrawals and Transfer Restrictions:In the event an Employer initiates withdrawal of all or part of its Plan’s assets from the PLUS Fund,the payout of such assets may be deferred for a period of up to twelve months.In the case of a total withdrawal,participant transfers of PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this twelve-month period. Before investing in the Fund,you should carefully consider your investment goals,tolerance for risk,investment time horizon,and personal circumstances.There is no guarantee that the Fund will meet its investment objective and you can lose money. The Fund is an investment option of VantageTrust,a group trust established and maintained by VantageTrust Company,LLC,a wholly owned subsidiary of MissionSquare Retirement.VantageTrust provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust,and is only available for investment by such eligible trusts and plans.The Fund is not a mutual fund.Its units are not deposits of VantageTrust Company and are not insured by the Federal Deposit Insurance Corporation or any other agency.The Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under the Investment Company Act of 1940.For additional information regarding the Fund,including a description of the principal risks,please consult the Funds Disclosure Memorandum,which is available when plan administration clients log in at www.missionsq.org,at www.investments.missionsq.org for institutions,or upon request by calling 800-669-7400. When Funds are marketed to institutional clients,the Funds are offered by MissionSquare Investment Services,an SEC registered broker-dealer and FINRA member firm. MissionSquare Investment Services is a wholly-owned subsidiary of MissionSquare Retirement and is an affiliate of VantageTrust Company,LLC and MissionSquare Investments. 1.The source for this information is Morningstar,Inc.Copyright©2026 Morningstar,Inc.TM All Rights Reserved.The information contained herein:(1)is proprietary to Morningstar and/or its content providers;(2)may not be copied or distributed;and (3)is not warranted to be accurate,complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Morningstar,Inc.is a global investment research firm that is not affiliated with MissionSquare Retirement or its affiliates.MissionSquare Retirement does not independently verify Morningstar data. 2.The Intercontinental Exchange Bank of America ("ICE BofA")US Treasury Bill 3 Month Index is comprised of a single U.S.Treasury Bill issue purchased at the beginning of each month and held for a full month,at which time that issue is sold and rolled into a newly selected issue.The issue selected each month is that having a maturity date closest to,but not beyond 90 days from the rebalance date. 3.The PLUS Fund crediting rate is calculated daily.The crediting rate shown is the annualized rate as of the last day of the reported month.The monthly annualized crediting rate is the average rate of return,assuming the rate stays the same for one year.The PLUS Fund crediting rate is calculated by taking into account current yields on the Fund's holdings and the prior period performance of certain holdings in the Fund.The Fund's crediting rate is generally expected to follow interest rate trends over time but will typically do so on a lagged basis and may not move in the same direction as prevailing interest rates over certain time periods. 4.Credit Quality is calculated by MissionSquare Investments (MSQI)and is only one factor that may be considered in assessing the risks of a fixed income portfolio,and it does not provide a complete picture of the credit risks or the dispersion of those risks within a portfolio.MSQI calculates the average based on the Moody's,S&P,Fitch (M/S&P/F)or a combination of the three credit ratings of the underlying securities or wrap providers.Moody's,S&P,and Fitch are Nationally Recognized Statistical Rating Organizations and are not affiliated with MSQI. 5.Effective duration measures the interest rate sensitivity of the underlying portfolio.For the portion of the Fund invested in Maturing GICs,effective duration is not applicable and a duration of zero is assigned since their current values are not impacted by interest rate changes.If a duration based on weighted average maturity or cash flows is assigned to the Maturing GICs,the Fund's overall March 31,2026 duration would be 3.61. 6.Market-to-Book Ratio is a measure of a stable value fund's underlying assets to the book value of its stable value contracts.It will generally be below 100%during periods of rising interest rates and above 100%during periods of declining interest rates.It is important to note that a declining market-to-book value ratio is evidence of the stable value fund protecting the fund's investors from mark-to-market declines in the value of the underlying bond portfolio. 7.Yield to Maturity is a measure of a fund's total return anticipated if all the fund's underlying bonds are held until maturity,considering both coupon payments and potential capital gains or losses. R10 |Fact Sheet Q1 2026FactSheet|MissionSquare PLUS Fund MissionSquare 777 N.Capitol Street,NE,Washington,DC 20002-4240 www.missionsq.org FS7071-0450-2603 8.Holdings is the number of individual holdings owned by the fund. 9.Fund performance is shown comparing it to a "benchmark"which may be a (i)broad-based securities market index (ii)a group of mutual funds with similar investment objectives,or (iii)a short term government backed debt obligation such as a U.S.Treasury Bill.An index is not available for direct investment,is unmanaged,and does not reflect the costs of portfolio management or trading.A fund's portfolio may differ from the securities held in an index. 10.Certain information including,but not limited to,benchmark performance or other performance and/or fee information,is provided by Morningstar,Inc.,©2026 All rights reserved.This information:(1)is proprietary to Morningstar and/or its content providers;(2)may not be copied or distributed;and (3)is not warranted to be accurate,complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information.Morningstar is a registered trademark of Morningstar,Inc. R1 |Fact Sheet Q1 2026 MissionSquare PLUS Fund Investment Objective |The PLUS Fund's investment objective is to seek to offer a competitive level of income consistent with providing capital preservation and meeting liquidity needs.Key goals are to seek to preserve capital,by limiting risk of loss of principal and delivering stable returns,and to meet liquidity needs of those who invest in the PLUS Fund. Fund Facts Asset Class Stable Value/Cash Management Share Class R1 CUSIP 92208J105 Fund Inception Date 01/02/1991 Share Class Inception Date 01/02/1991 Fund Net Assets1 as of 03/31/2026 $9,352.23 million Investment Advisor MissionSquare Investments Benchmark2 ICE BofA US 3 Month Treasury Bill Index Gross Expense Ratio 1.33% Net Expense Ratio 1.33% Underlying Fund Characteristics as of 03/31/2026 Net Crediting Rate3 2.31% Credit Quality (M/S&P/F)4 Aa3/AA-/AA Effective Duration (years)5 3.35 Market/Book Value Ratio6 96.14% Yield to Maturity7 4.68% Number of Holdings8 3,898 Performance as of 03/31/2026 Annualized QTD YTD 1 Year 3 Year 5 Year 10 Year Fund 0.57%0.57%2.33%2.21%1.80%1.60% Benchmark2,9,10 0.85%0.85%4.00%4.74%3.34%2.26% Calendar Year Performance 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Fund 1.17%1.31%1.46%1.64%1.41%1.08%1.16%1.96%2.20%2.31% Benchmk2,9,10 0.33%0.86%1.87%2.28%0.67%0.05%1.46%5.01%5.25%4.18% Fund past performance,as shown,is no guarantee of how the Fund will perform in the future.The performance shown has been annualized for periods greater than one year.Investment returns and principal value will fluctuate, so that an investor's shares,when redeemed,may be worth more or less than their original cost.For current performance,participants or plan sponsors in a MissionSquare Retirement administered account can log in at www.missionsq.org,or institutions can go to www.investments.missionsq.org. Investment Strategy MissionSquare Investments employs a structured,multi-product,multi-manager approach in managing the Fund.The Fund invests primarily in a diversified and tiered portfolio of stable value investment contracts and in fixed income securities,fixed income mutual funds,and fixed income commingled trust funds ("fixed income assets")that back certain stable value investment contracts. In addition,the Fund invests in money market mutual funds,as well as cash and cash equivalents. The Fund's portfolio may include different types of investments with a variety of negotiated terms and maturities and is diversified across sectors and issuers.The composition of the Fund's portfolio and its allocations to various stable value investments and fixed income investment sectors,across the fund's multiple tiers,is determined based on prevailing economic and capital market conditions, relative value analysis,liquidity needs,and other factors.The Fund invests in stable value investment contracts to seek to achieve,over the long run,returns higher than those of money market funds and short-term bank rates and relatively stable returns compared to short-to intermediate-term fixed income funds.The Fund generally will not track shorter-term interest rates as closely as money market mutual funds,because of its longer maturity,potential adverse market changes,and provisions in stable value contracts held by the Fund.In addition,while the Fund's returns are generally expected to follow interest rate trends over time,they typically will do so on a lagged basis. Maturity as of 03/31/2026 14.15%<1 year 29.45%Years 1 -3 22.46%Years 3 -5 12.67%Years 5 -7 17.67%Years 7 -10 3.61%Years 10+ Due to rounding,percentages shown may not add up to 100%. Credit Quality4 as of 03/31/2026 15.28%AAA/Aaa 57.33%AA/Aa 14.21%A 10.49%BBB/Baa 2.70%Below Baa Due to rounding,percentages shown may not add up to 100%. Investment Risk:Stable Value Risk,Interest Rate Risk,Credit Risk,Stable Value Issuer Risk,Liquidity Risk,Reinvestment Risk,Call Risk,Mortgage-Backed Securities Risk, Asset-Backed Securities Risk,Securities Lending Risk,Derivative Instruments Risk,Large Investor Risk,Inflation Risk.See the Fund's Disclosure Memorandum for risk descriptions. Transfer Restrictions:Direct transfers from the PLUS Fund to competing funds are restricted.Competing funds include,but are not limited to,the following types of investment options:(1)cash management funds,money market mutual funds,bank collective short-term investment funds,bank accounts or certificates of deposit,stable value funds or substantially similar investment options that offer guarantees of principal or income,such as guaranteed annuity contracts or similar arrangements with financial institutions;(2)short-term bond funds that invest in fixed income securities and seek to maintain or have an average portfolio duration of less than two years;and (3)any investment option that invests 80%or more of its assets in (i)fixed income securities or funds with a duration of less than two years,or (ii)instruments that seek to provide capital preservation such as stable value funds,bank certificates of deposit or bank accounts,and cash or cash equivalents.To transfer money from the PLUS Fund to a competing fund,you must first transfer the amount to a non-competing fund for a period of at least 90 days.For example,if you want to transfer money from the PLUS Fund to a money market fund,you will first need to transfer the money to a non-competing fund and then,90 days later or any time thereafter,transfer that amount of money to the money market fund. MissionSquare 777 N.Capitol Street,NE,Washington,DC 20002-4240 www.missionsq.org FS7071-0000-2603 R1 |Fact Sheet Q1 2026FactSheet|MissionSquare PLUS Fund Sector Allocation as of 03/31/2026 Fund Agencies 0.11% Asset-Backed 9.78% Cash &Cash Equivalents 5.01% Credits 29.74% Maturing GICs 12.68% Mortgage-Backed 25.92% Municipals 0.36% Other 0.03% Treasuries 12.52% Wrap Providers 3.86% Due to rounding,percentages shown may not add up to 100%. Structure as of 03/31/2026 Fund Tier 1 -Cash Buffer 3.91% Tier 2 -Shorter Duration Focus 12.02% Tier 3 -Laddered Maturity Focus 12.68% Tier 4 -Total Return Focus 71.40% Due to rounding,percentages shown may not add up to 100%. Portfolio Manager(s) Oliver Meng,CFA,CAIA,FRM Head of Stable Value Managed Fund Since:11/2021 Jeff Noll Senior Fund Manager Managed Fund Since:03/2026 Yulia Alekseeva,CFA Managing Vice President,Fixed Income Managed Fund Since:01/2026 Shari Hensrud,CFA,PhD Senior Vice President and Chief Investment Officer Managed Fund Since:03/2026 Additional Information About Restrictions on PLUS Fund Public Employer Withdrawals and Transfer Restrictions:In the event an Employer initiates withdrawal of all or part of its Plan’s assets from the PLUS Fund,the payout of such assets may be deferred for a period of up to twelve months.In the case of a total withdrawal,participant transfers of PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this twelve-month period. Before investing in the Fund,you should carefully consider your investment goals,tolerance for risk,investment time horizon,and personal circumstances.There is no guarantee that the Fund will meet its investment objective and you can lose money. When Funds are marketed to institutional clients,the Funds are offered by MissionSquare Investment Services,an SEC registered broker-dealer and FINRA member firm. MissionSquare Investment Services is a wholly-owned subsidiary of MissionSquare Retirement and is an affiliate of VantageTrust Company,LLC and MissionSquare Investments. The Fund is an investment option of VantageTrust,a group trust established and maintained by VantageTrust Company,LLC,a wholly owned subsidiary of MissionSquare Retirement.VantageTrust provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust,and is only available for investment by such eligible trusts and plans.The Fund is not a mutual fund.Its units are not deposits of VantageTrust Company and are not insured by the Federal Deposit Insurance Corporation or any other agency.The Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under the Investment Company Act of 1940.For additional information regarding the Fund,including a description of the principal risks,please consult the Funds Disclosure Memorandum,which is available when plan administration clients log in at www.missionsq.org,at www.investments.missionsq.org for institutions,or upon request by calling 800-669-7400. 1.The source for this information is Morningstar,Inc.Copyright©2026 Morningstar,Inc.TM All Rights Reserved.The information contained herein:(1)is proprietary to Morningstar and/or its content providers;(2)may not be copied or distributed;and (3)is not warranted to be accurate,complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Morningstar,Inc.is a global investment research firm that is not affiliated with MissionSquare Retirement or its affiliates.MissionSquare Retirement does not independently verify Morningstar data. 2.The Intercontinental Exchange Bank of America ("ICE BofA")US Treasury Bill 3 Month Index is comprised of a single U.S.Treasury Bill issue purchased at the beginning of each month and held for a full month,at which time that issue is sold and rolled into a newly selected issue.The issue selected each month is that having a maturity date closest to,but not beyond 90 days from the rebalance date. 3.The PLUS Fund crediting rate is calculated daily.The crediting rate shown is the annualized rate as of the last day of the reported month.The monthly annualized crediting rate is the average rate of return,assuming the rate stays the same for one year.The PLUS Fund crediting rate is calculated by taking into account current yields on the Fund's holdings and the prior period performance of certain holdings in the Fund.The Fund's crediting rate is generally expected to follow interest rate trends over time but will typically do so on a lagged basis and may not move in the same direction as prevailing interest rates over certain time periods. 4.Credit Quality is calculated by MissionSquare Investments (MSQI)and is only one factor that may be considered in assessing the risks of a fixed income portfolio,and it does not provide a complete picture of the credit risks or the dispersion of those risks within a portfolio.MSQI calculates the average based on the Moody's,S&P,Fitch (M/S&P/F)or a combination of the three credit ratings of the underlying securities or wrap providers.Moody's,S&P,and Fitch are Nationally Recognized Statistical Rating Organizations and are not affiliated with MSQI. 5.Effective duration measures the interest rate sensitivity of the underlying portfolio.For the portion of the Fund invested in Maturing GICs,effective duration is not applicable and a duration of zero is assigned since their current values are not impacted by interest rate changes.If a duration based on weighted average maturity or cash flows is assigned to the Maturing GICs,the Fund's overall March 31,2026 duration would be 3.61. 6.Market-to-Book Ratio is a measure of a stable value fund's underlying assets to the book value of its stable value contracts.It will generally be below 100%during periods of rising interest rates and above 100%during periods of declining interest rates.It is important to note that a declining market-to-book value ratio is evidence of the stable value fund protecting the fund's investors from mark-to-market declines in the value of the underlying bond portfolio. 7.Yield to Maturity is a measure of a fund's total return anticipated if all the fund's underlying bonds are held until maturity,considering both coupon payments and potential capital gains or losses. R1 |Fact Sheet Q1 2026FactSheet|MissionSquare PLUS Fund MissionSquare 777 N.Capitol Street,NE,Washington,DC 20002-4240 www.missionsq.org FS7071-0000-2603 8.Holdings is the number of individual holdings owned by the fund. 9.Fund performance is shown comparing it to a "benchmark"which may be a (i)broad-based securities market index (ii)a group of mutual funds with similar investment objectives,or (iii)a short term government backed debt obligation such as a U.S.Treasury Bill.An index is not available for direct investment,is unmanaged,and does not reflect the costs of portfolio management or trading.A fund's portfolio may differ from the securities held in an index. 10.Certain information including,but not limited to,benchmark performance or other performance and/or fee information,is provided by Morningstar,Inc.,©2026 All rights reserved.This information:(1)is proprietary to Morningstar and/or its content providers;(2)may not be copied or distributed;and (3)is not warranted to be accurate,complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information.Morningstar is a registered trademark of Morningstar,Inc. MissionSquare 777 N.Capitol Street,NE,Washington,DC 20002-4240 www.missionsq.org FS8671-1950-2603 S11 |Fact Sheet Q1 2026FactSheet|MissionSquare PLUS Fund Sector Allocation as of 03/31/2026 Fund Agencies 0.11% Asset-Backed 9.78% Cash &Cash Equivalents 5.01% Credits 29.74% Maturing GICs 12.68% Mortgage-Backed 25.92% Municipals 0.36% Other 0.03% Treasuries 12.52% Wrap Providers 3.86% Due to rounding,percentages shown may not add up to 100%. Structure as of 03/31/2026 Fund Tier 1 -Cash Buffer 3.91% Tier 2 -Shorter Duration Focus 12.02% Tier 3 -Laddered Maturity Focus 12.68% Tier 4 -Total Return Focus 71.40% Due to rounding,percentages shown may not add up to 100%. Portfolio Manager(s) Oliver Meng,CFA,CAIA,FRM Head of Stable Value Managed Fund Since:11/2021 Jeff Noll Senior Fund Manager Managed Fund Since:03/2026 Yulia Alekseeva,CFA Managing Vice President,Fixed Income Managed Fund Since:01/2026 Shari Hensrud,CFA,PhD Senior Vice President and Chief Investment Officer Managed Fund Since:03/2026 Additional Information About Restrictions on PLUS Fund Public Employer Withdrawals and Transfer Restrictions:In the event an Employer initiates withdrawal of all or part of its Plan’s assets from the PLUS Fund,the payout of such assets may be deferred for a period of up to twelve months.In the case of a total withdrawal,participant transfers of PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this twelve-month period. Before investing in the Fund,you should carefully consider your investment goals,tolerance for risk,investment time horizon,and personal circumstances.There is no guarantee that the Fund will meet its investment objective and you can lose money. When Funds are marketed to institutional clients,the Funds are offered by MissionSquare Investment Services,an SEC registered broker-dealer and FINRA member firm. MissionSquare Investment Services is a wholly-owned subsidiary of MissionSquare Retirement and is an affiliate of VantageTrust Company,LLC and MissionSquare Investments. The Fund is an investment option of VantageTrust II Multiple Collective Investment Funds Trust ("VantageTrust II"),a group trust established and maintained by VantageTrust Company,LLC,a wholly owned subsidiary of MissionSquare Retirement.VantageTrust II provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust and Participation Agreement,and is only available for investment by such eligible trusts and plans.The Fund is not a mutual fund.Its units are not deposits of VantageTrust Company and are not insured by the Federal Deposit Insurance Corporation or any other agency.The Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under the Investment Company Act of 1940.For additional information regarding the Fund, including a description of the principal risks,please consult the Funds'Disclosure Memorandum.It is available at www.missionsq.org for plan administration clients,at www.investments.missionsq.org for institutions,or upon request by calling 800-669-7400. 1.The source for this information is Morningstar,Inc.Copyright©2026 Morningstar,Inc.TM All Rights Reserved.The information contained herein:(1)is proprietary to Morningstar and/or its content providers;(2)may not be copied or distributed;and (3)is not warranted to be accurate,complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Morningstar,Inc.is a global investment research firm that is not affiliated with MissionSquare Retirement or its affiliates.MissionSquare Retirement does not independently verify Morningstar data. 2.The Intercontinental Exchange Bank of America ("ICE BofA")US Treasury Bill 3 Month Index is comprised of a single U.S.Treasury Bill issue purchased at the beginning of each month and held for a full month,at which time that issue is sold and rolled into a newly selected issue.The issue selected each month is that having a maturity date closest to,but not beyond 90 days from the rebalance date. 3.The PLUS Fund crediting rate is calculated daily.The crediting rate shown is the annualized rate as of the last day of the reported month.The monthly annualized crediting rate is the average rate of return,assuming the rate stays the same for one year.The PLUS Fund crediting rate is calculated by taking into account current yields on the Fund's holdings and the prior period performance of certain holdings in the Fund.The Fund's crediting rate is generally expected to follow interest rate trends over time but will typically do so on a lagged basis and may not move in the same direction as prevailing interest rates over certain time periods. 4.Credit Quality is calculated by MissionSquare Investments (MSQI)and is only one factor that may be considered in assessing the risks of a fixed income portfolio,and it does not provide a complete picture of the credit risks or the dispersion of those risks within a portfolio.MSQI calculates the average based on the Moody's,S&P,Fitch (M/S&P/F)or a combination of the three credit ratings of the underlying securities or wrap providers.Moody's,S&P,and Fitch are Nationally Recognized Statistical Rating Organizations and are not affiliated with MSQI. 5.Effective duration measures the interest rate sensitivity of the underlying portfolio.For the portion of the Fund invested in Maturing GICs,effective duration is not applicable and a duration of zero is assigned since their current values are not impacted by interest rate changes.If a duration based on weighted average maturity or cash flows is assigned to the Maturing GICs,the Fund's overall March 31,2026 duration would be 3.61. 6.Market-to-Book Ratio is a measure of a stable value fund's underlying assets to the book value of its stable value contracts.It will generally be below 100%during periods of rising interest rates and above 100%during periods of declining interest rates.It is important to note that a declining market-to-book value ratio is evidence of the stable value fund protecting the fund's investors from mark-to-market declines in the value of the underlying bond portfolio. 7.Yield to Maturity is a measure of a fund's total return anticipated if all the fund's underlying bonds are held until maturity,considering both coupon payments and potential capital gains or losses. S11 |Fact Sheet Q1 2026FactSheet|MissionSquare PLUS Fund MissionSquare 777 N.Capitol Street,NE,Washington,DC 20002-4240 www.missionsq.org FS8671-1950-2603 8.Holdings is the number of individual holdings owned by the fund. 9.Fund performance is shown comparing it to a "benchmark"which may be a (i)broad-based securities market index (ii)a group of mutual funds with similar investment objectives,or (iii)a short term government backed debt obligation such as a U.S.Treasury Bill.An index is not available for direct investment,is unmanaged,and does not reflect the costs of portfolio management or trading.A fund's portfolio may differ from the securities held in an index. 10.Certain information including,but not limited to,benchmark performance or other performance and/or fee information,is provided by Morningstar,Inc.,©2026 All rights reserved.This information:(1)is proprietary to Morningstar and/or its content providers;(2)may not be copied or distributed;and (3)is not warranted to be accurate,complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information.Morningstar is a registered trademark of Morningstar,Inc. Page Print date: 07/05/20XX Plan 333333 County of Sample 457 Deferred Compensation Plan Fee and Investment Disclosure May 31, 20XX This disclosure includes important information to help you understand the fees associated with your plan and to compare the performance, expenses, and fees of the investment options made available in your retirement plan. The most current investment options information for your plan is available at https://retirement.financialtrans.com/msq/. To request a printed copy of this information, please contact us at (800) 669-7400. I.Plan-Related Information This section discusses fees that may be assessed to your account, either as a participant in the plan or for services made available by the plan that you may choose to use. ADMINISTRATION Administration Up To – Per Participant Annual Fee – OPTIONAL SERVICES Origination, Refinance, Reamortization $50 per application Annual Loan Maintenance $35.00 annual fee Withdrawal Fee $0 per occurrence Rapid Delivery varies by method Self-Directed Brokerage –Setup Fee – Self-Directed Brokerage – Domestic Relations Order Processing $250 per occurrence Managed Accounts 1,2,3 0.5% on the first $100,000 0.4% on the next $200,000 0.3% on the next $200,000 0.2% on the amount over $500,000 Some of the plan's administrative expenses for the preceding quarter may have been paid from the total operating expenses of one or more of the plan's investment options. The total operating expenses of each investment, which include any amount paid to offset administration, are shown in Section II Investment-Related Information. 1.Underlying mutual fund expenses and plan administration fees still apply. Please consult the applicable disclosure materials for a description of these fees and expenses. 2.Managed Accounts is not suitable for all investors. Please contact our Guided Pathways®team or your MissionSquare Retirement Plan Specialist and fully read the MissionSquare Retirement Guided Pathways®Fund Advice and Managed Accounts Investment Advisory Agreement prior to enrolling in Managed Accounts to determine if this service is right for you. 3.Investment advice and analysis tools are offered to participants through MissionSquare Retirement, a federally registered investment adviser. Investment advice is the result of methodologies developed, maintained, and 1 SAMPLE Page Print date: 07/05/20XX Plan 333333 overseen by the Independent Financial Expert, Morningstar Investment Management LLC. Morningstar Investment Management LLC is a registered investment advisor and subsidiary of Morningstar, Inc. Morningstar, Inc. and Morningstar Investment Management LLC aren't affiliated with MissionSquare Retirement. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. 2 SAMPLE Page Print date: 07/05/20XX Plan 333333 II. Investment-Related Information Performance Fund past performance, as shown, is no guarantee of how the fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, contact MissionSquare Plan Services at (800) 669-7400 or by visiting https://retirement.financialtrans.com/msq/. Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index; (ii) a group of mutual funds with similar investment objectives; or, (iii) a short-term government-backed debt obligation such as a U.S. Treasury Bill. An index isn't available for direct investment, is unmanaged, and doesn't reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index. The performance displayed for each of the plan's investment options is net of fees and therefore includes the effects of the total annual operating expenses on the rate of return. VARIABLE RETURN INVESTMENTS PERFORMANCE AS OF 05/31/20XX Investment Option/Benchmark/Peer Type of Option 1yr 3yr 5yr 10yr Since Inception Group InceptionDate Stable Value/Cash Management MissionSquare PLUS Fund R101,2,3 STABLE VALUE 2.96% 2.36% 2.31% 2.22%–01/02/1991 ICE BofA US 3 Month Treasury Bill Index4,5,6 5.45% 2.89% 2.12%– Bond Fidelity US Bond Index6,7,8 BOND 1.24% -3.12% -0.21% 1.22%–05/04/2011 Bloomberg U.S. Agg Bond Index5,6,9 1.31% -3.10% -0.17%– Intermediate Core Bond †1.72% -3.10% -0.13% 1.16% Metropolitan West Total Return Bond Plan6,7,8 BOND 1.10% -3.69% -0.12% 1.31%–03/31/1997 Bloomberg U.S. Agg Bond Index5,6,9 1.31% -3.10% -0.17%– Intermediate Core-Plus Bond †2.67% -2.86% 0.26% 1.41% Nuveen High Yield R66,7,8,10 BOND 11.94% 2.23% 3.62% 3.87%–03/31/2006 ICE BofA US High Yield BB-B Cash Pay Const Index5,6,11 10.47% 1.69% 3.97%– High Yield Bond †10.76% 1.72% 3.80% 3.51% PIMCO International Bond (Unhedged) I6,7,8,12 BOND 2.56% -7.37% -1.84% -0.78%–04/30/2004 Bloomberg Global Agg Ex US Bond Index5,6,13 0.10% -7.95% -2.89%– Global Bond †2.75% -4.45% -1.11% -0.54% PIMCO Real Return Institutional6,7,8 BOND 2.50% -1.40% 2.26% 1.82%–01/29/1997 Bloomberg U.S. Treasury Inflation-Linked Bond Index5,6,14 1.56% -1.39% 2.09%– Inflation-ProtectedBond †1.08% -2.16% 1.51% 1.39% Balanced/Asset Allocation 3 SAMPLE Page Print date: 07/05/20XX Plan 333333 Investment Option/Benchmark/Peer Type of Option 1yr 3yr 5yr 10yr Since Inception Group InceptionDate Vanguard Target Retirement 2020 Investor6,7,15 TARGET-DATE 10.51% 0.90% 5.74% 5.39%–06/07/2006 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– Target-Date 2020 †10.98% 0.74% 5.49% 5.03% Vanguard Target Retirement 2025 Investor6,7,15 TARGET-DATE 13.13% 1.48% 6.80% 6.08%–10/27/2003 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– Target-Date 2025 †11.92% 0.92% 6.08% 5.41% Vanguard Target Retirement 2030 Investor6,7,15 TARGET-DATE 14.93% 2.02% 7.70% 6.64%–06/07/2006 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– Target-Date 2030 †14.01% 1.54% 7.26% 6.18% Vanguard Target Retirement 2035 Investor6,7,15 TARGET-DATE 16.56% 2.59% 8.59% 7.19%–10/27/2003 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– Target-Date 2035 †16.49% 2.31% 8.44% 6.88% Vanguard Target Retirement 2040 Investor6,7,15 TARGET-DATE 18.24% 3.18% 9.49% 7.73%–06/07/2006 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– Target-Date 2040 †18.78% 3.01% 9.44% 7.48% Vanguard Target Retirement 2045 Investor6,7,15 TARGET-DATE 19.85% 3.72% 10.35% 8.19%–10/27/2003 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– Target-Date 2045 †20.47% 3.54% 10.12% 7.82% Vanguard Target Retirement 2050 Investor6,7,15 TARGET-DATE 20.92% 4.08% 10.64% 8.32%–06/07/2006 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– Target-Date 2050 †21.33% 3.77% 10.36% 7.97% Vanguard Target Retirement 2055 Investor6,7,15 TARGET-DATE 20.95% 4.09% 10.63% 8.30%–08/18/2010 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– Target-Date 2055 †21.62% 3.86% 10.49% 8.01% Vanguard Target Retirement 2060 Investor6,7,15 TARGET-DATE 20.95% 4.10% 10.64% 8.31%–01/19/2012 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– Target-Date 2060 †21.89% 3.91% 10.60% 7.64% Vanguard Target Retirement 2065 Investor6,7,15 TARGET-DATE 20.95% 4.13% 10.63%–9.05% 07/12/2017 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– Target-Date 2065+†22.00% 4.05% 10.84%– Vanguard Target Retirement 2070 Investor6,7,15 TARGET-DATE 21.00%– – –14.85% 06/28/2022 FTSE Global All Cap ex US Index5,6,16 17.27%– – – Target-Date 2065+†22.00%– – – Vanguard Target Retirement Income Inv6,7,15 TARGET-DATE 8.56% 0.40% 4.08% 3.93%–10/27/2003 FTSE Global All Cap ex US Index5,6,16 17.27% 0.69% 7.46%– 4 SAMPLE Page Print date: 07/05/20XX Plan 333333 Investment Option/Benchmark/Peer Type of Option 1yr 3yr 5yr 10yr Since Inception Group InceptionDate Target-Date Retirement †8.72% 0.29% 3.84% 3.53% U.S. Stock DFA US Targeted Value Portfolio Instl6,7,17,18 EQUITY 28.91% 6.88% 14.46% 8.74%–02/23/2000 Russell 2000 Value Index5,6,19 21.76% -0.17% 8.77%– Small Value †24.34% 3.22% 11.21% 7.21% Fidelity 500 Index6,7 EQUITY 28.18% 9.55% 15.79% 12.68%–05/04/2011 S&P 500 Index5,6,20 28.19% 9.57% 15.80%– Large Blend †25.84% 7.63% 14.19% 11.18% Fidelity Mid Cap Index6,7,21 EQUITY 23.11% 3.10% 11.07% 9.47%–09/08/2011 Russell Midcap Index5,6,22 23.11% 3.10% 11.07%– Mid-Cap Blend †23.87% 3.81% 11.13% 8.68% Fidelity Small Cap Growth Index6,7,17,18 EQUITY 18.51% -3.20%– –6.46% 07/11/2019 Russell 2000 Growth Index5,6,23 18.38% -3.34%– – Small Growth †18.22% -3.28%– – Fidelity Small Cap Index6,7,18 EQUITY 20.19% -1.56% 8.72% 7.81%–09/08/2011 Russell 2000 Index5,6,24 20.12% -1.65% 8.61%– Small Blend †21.61% 1.46% 9.94% 7.71% Fidelity U.S. Sustainability Index6,7 EQUITY 30.74% 10.05% 16.32%–14.37% 05/09/2017 MSCI US ESG Leaders Index5,6,25 31.08% 10.25% 16.49%– Large Blend †25.84% 7.63% 14.19%– John Hancock Disciplined Val Mid Cap R66,7,17,21 EQUITY 26.36% 6.25% 12.52% 9.87%–06/02/1997 Russell Midcap Value Index5,6,26 23.67% 3.81% 10.28%– Mid-Cap Value †23.54% 4.97% 11.14% 7.89% MFS Growth R66,7,17 EQUITY 37.22% 8.57% 16.14% 14.74%–12/29/1986 Russell 1000 Growth Index5,6,27 33.60% 11.12% 19.37%– Large Growth †30.94% 6.10% 15.33% 13.06% MFS Mid-Cap Growth Fund R66,7,17,21 EQUITY 22.14% 1.59% 10.36% 11.73%–12/01/1993 Russell Midcap Growth Index5,6,28 21.91% 1.57% 11.06%– Mid-Cap Growth †20.35% -1.13% 9.93% 9.78% MFS Value R66,7,17 EQUITY 21.23% 5.86% 10.93% 9.26%–01/02/1996 Russell 1000 Value Index5,6,29 21.71% 5.45% 10.74%– Large Value †22.47% 6.25% 11.40% 8.72% International/Global Stock Dodge & Cox International Stock X6,7,12,17 EQUITY 21.19% 4.46% 9.04% 4.06%–05/01/2001 MSCI EAFE Index (Net)5,6,30 18.53% 3.06% 8.05%– 5 SAMPLE Page Print date: 07/05/20XX Plan 333333 Investment Option/Benchmark/Peer Type of Option 1yr 3yr 5yr 10yr Since Inception Group InceptionDate Foreign Large Value †20.05% 3.88% 7.93% 3.65% Fidelity Total International Index6,7,12 EQUITY 16.85% 0.31% 7.00%–6.46% 06/07/2016 MSCI ACWI ex USA Investable Market Index (Net)5,6,31 16.69% 0.05% 6.87%– Foreign Large Blend †17.34% 1.44% 7.50%– Vanguard International Growth Admiral6,7,12,17 EQUITY 14.55% -5.85% 10.45% 7.87%–09/30/1981 MSCI ACWI ex USA Index (Net)5,6,32 16.74% 0.27% 6.81%– Foreign Large Growth †14.89% -2.00% 7.52% 5.58% Specialty Fidelity Real Estate Index6,7,33 SECTOR 8.43% -2.33% 0.94% 4.15%–09/08/2011 DJ US Select RESI Index5,6,34 9.63% -0.31% 2.49%– Real Estate †8.96% -1.80% 2.84% 4.97% 1. Before investing in the Fund, you should carefully consider your investment goals, tolerance for risk, investment time horizon, and personal circumstances. There is no guarantee that the Fund will meet its investment objective and you can lose money. 2. The Fund is an investment option of VantageTrust, a group trust established and maintained by VantageTrust Company, LLC, a wholly owned subsidiary of MissionSquare Retirement. VantageTrust provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust, and is only available for investment by such eligible trusts and plans. The Fund is not a mutual fund. Its units are not deposits of VantageTrust Company and are not insured by the Federal Deposit Insurance Corporation or any other agency. The Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under the Investment Company Act of 1940. For additional information regarding the Fund, including a description of the principal risks, please consult the Funds Disclosure Memorandum, which is available when plan administration clients log in at www.missionsq.org, at www.investments.missionsq.orgfor institutions, or upon request by calling 800-669-7400. 3. When Funds are marketed to institutional clients, the Funds are offered by MissionSquare Investment Services, an SEC registered broker-dealer and FINRA member firm. MissionSquare Investment Services is a wholly-owned subsidiary of MissionSquare Retirement and is an affiliate of VantageTrust Company, LLC and MissionSquare Investments. 4. The IntercontinentalExchange Bank of America ("ICE BofA") US Treasury Bill 3 Month Index is comprised of a single U.S. Treasury Bill issue purchased at the beginning of each month and held for a full month, at which time that issue is sold and rolled into a newly selected issue. The issue selected each month is that having a maturity date closest to, but not beyond 90 days from the rebalance date. 5. Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index. 6. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2024 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc. 7. Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, or log in at www.missionsq.org. 8. A fixed income fund is subject to credit risk and interest rate risk. Credit risk is when an issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of these securities or may declare bankruptcy. Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase. 9. The Bloomberg U.S. Aggregate Bond Index consists of investment-grade U.S. fixed income securities. 10. Funds that invest primarily in high yield bonds (bonds that are rated below investment grade and also known as "junk bonds") are subject to additional risk as these high yield bonds are considered speculative and involve a greater risk of default than "investment grade" securities. The values of these securities are particularly sensitive to changes in interest rates, issuer creditworthiness,and economic and political conditions. The market prices of these securities may decline significantly in periods of general economic difficulty, may be harder to value, and may be less liquid than higher rated securities. 6 SAMPLE Page Print date: 07/05/20XX Plan 333333 11. The IntercontinentalExchange Bank of America ("ICE BofA") US High Yield BB-B Cash Pay Constrained Index is a market-weighted index that measures the performance of interest-paying bonds that have a credit rating of BB or B. 12. Funds that invest in foreign securities are exposed to the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. Investments in foreign currencies or securities denominated in foreign currencies (including derivative instruments that provide exposure to foreign currencies) may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar. The risk of investing in foreign securities may be greater with respect to securities of companies located in emerging market countries. The value of developing or emerging market currencies may fluctuate more than the currencies of companies with more mature markets. 13. The Bloomberg Global Aggregate Ex US Bond Index consists of global investment-grade fixed income securities excluding US Dollar denominated debt. 14. The Bloomberg U.S. Treasury Inflation-Linked Bond Index, consists of all U.S. Treasury inflation protected securities rated investment grade or better, having at least one year to final maturity and at least $250 million par amount outstanding. 15. The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date of the Fund. There is no guarantee that the Fund will provide adequate income at and through an investor's retirement. 16. The FTSE Global All Cap ex US Index is comprised of large, mid and small cap global stocks, providing coverage of Developed and Emerging Markets, excluding the US. 17. Certain funds may be subject to style risk, which is the possibility that the investment style of its investment adviser will trail the returns of the overall market. In the past, different types of securities have experienced cycles of outperformance and underperformancein comparison to the market in general. For example, growth stocks have performed best during the later stages of economic expansion and value stocks have performed best during periods of economic recovery. Both styles may go in and out of favor. When the investing style used by a fund is out of favor, that fund is likely to underperform other funds that use investing styles that are in favor. 18. Funds that invest primarily in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies. 19. The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. 20. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. 21. Funds that invest primarily in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies. 22. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. 23. The Russell 2000® Growth Index measures the performance of those Russell 2000® companies with higher price-to-book ratios and higher forecasted growth values. 24. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index, and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. 25. The MSCI USA ESG Leaders Index is a market-capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (ESG) performance relative to their sector peers. The Index is designed to measure the equity market performance of large and mid-cap segments in the U.S. market. 26. The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values. 27. The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. 28. The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. 29. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. 30. The MSCI Europe Australasia Far East (EAFE) Index (Net) is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The net version of this index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. 31. The MSCI All Country World ex USA Investable Market Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of large, mid and small cap segments of developed and emerging markets, excluding the U.S. The net version of this index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. 7 SAMPLE Page Print date: 07/05/20XX Plan 333333 32. The MSCI All Country World ex USA Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of large and mid cap segments of developed and emerging markets, excluding the U.S. The net version of this index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. 33. Sector funds tend to be riskier and more volatile than the broad market because they are generally less diversified and more volatile than other mutual funds. 34. The Dow Jones U.S. Select Real Estate Securities Index (RESI) measures the performance of real estate investment trusts (REITs) and real estate operating companies (REOCs) traded in the U.S. †The Morningstar category average return represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar. 8 SAMPLE Page Print date: 07/05/20XX Plan 333333 Fees and Expenses The fees and expenses table below discloses total annual operating expenses for the plan's investment options as well as any shareholder-type fees or trading restrictions. The total annual operating expenses of these investment options reduce their rate of return. The cumulative effect of fees and expenses can substantially reduce the growth of your retirement savings. Fees and expenses are only one of many factors to consider when you decide to invest in an option. You may also want to think about whether an investment in a particular option, along with your other investments, will help you achieve your financial goals. FEES AND EXPENSES AS OF 05/31/20XX Investment Option Type of Option Gross Expense Ratio Net Expense Ratio Total Annual Operating Expense (per $1000) Other Fees or Restrictions Stable Value/Cash Management MissionSquare PLUS Fund R10 STABLE VALUE 0.52% 0.52% $5.20 90 day equity wash Bond Fidelity US Bond Index 1 BOND 0.03% 0.03% $0.25 Metropolitan West Total Return Bond Plan 1 BOND 0.37% 0.37% $3.70 Nuveen High Yield R6 1 BOND 0.36% 0.36% $3.60 PIMCO International Bond (Unhedged) I 1 BOND 0.66% 0.66% $6.60 PIMCO Real Return Institutional 1 BOND 0.67% 0.67% $6.70 Balanced/Asset Allocation Vanguard Target Retirement 2020 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement 2025 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement 2030 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement 2035 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement 2040 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement 2045 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement 2050 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement 2055 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement 2060 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement 2065 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement 2070 Investor 1 TARGET-DATE 0.08% 0.08% $0.80 Vanguard Target Retirement Income Inv 1 TARGET-DATE 0.08% 0.08% $0.80 U.S. Stock DFA US Targeted Value Portfolio Instl 1,2 EQUITY 0.30% 0.29% $3.00 Fidelity 500 Index 1 EQUITY 0.02% 0.02% $0.15 Fidelity Mid Cap Index 1 EQUITY 0.03% 0.03% $0.25 9 SAMPLE Page 3ULQWGDWH;;3ODQ Investment Option Type of Option Gross Expense Ratio Net Expense Ratio Total Annual Operating Expense (per $1000) Other Fees or Restrictions Fidelity Small Cap Growth Index 1 EQUITY 0.05% 0.05% $0.50 Fidelity Small Cap Index 1 EQUITY 0.03% 0.03% $0.25 Fidelity U.S. Sustainability Index 1 EQUITY 0.11% 0.11% $1.10 John Hancock Disciplined Val Mid Cap R6 1,2 EQUITY 0.76% 0.75% $7.60 MFS Growth R6 1,2 EQUITY 0.52% 0.51% $5.20 $25000 / 30 days MFS Mid-Cap Growth Fund R6 1,2 EQUITY 0.67% 0.66% $6.70 $25000 / 30 days MFS Value R6 1,2 EQUITY 0.45% 0.44% $4.50 $25000 / 30 days International/Global Stock Dodge & Cox International Stock X 1,2 EQUITY 0.57% 0.52% $5.70 Fidelity Total International Index 1 EQUITY 0.06% 0.06% $0.60 Vanguard International Growth Admiral 1 EQUITY 0.31% 0.31% $3.10 Specialty Fidelity Real Estate Index 1 SECTOR 0.07% 0.07% $0.70 1. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2024 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc. 2. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits. 10 SAMPLE Page Print date: 07/05/20XX Plan 333333 Glossary Please refer to https://investmentterms.ssnc.cloud/missionsquare/for a glossary of investment and fee-related terms. 11 SAMPLE PLAN SPONSOR FEE DISCLOSURE JANUARY 29, 2026 SPONSOR: CITY OF ANYTOWN PLAN: CITY OF ANYTOWN PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 FEE DISCLOSURE SUMMARY Summary of Plan Assets As of Date (Plan Data)01/27/2026 Total Plan Assets $567,654,967 Number of Participants (Active and Eligible)5,450 Recordkeeping Compensation MSQ Plan Services Revenue $1,128,746 Payments To Participant Accounts ($1,128,746) Payments From Participant Accounts $255,443 Annual Plan Fee $0 Passive Directed Trustee Fee $0 Plan Asset Allocation Stock - 59.43% Blended - 19.36% Bond - 3.15% Cash/Stable Value - 18.06% For Plan Sponsor Use Only 1 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 INVESTMENT EXPENSES Fund Name Category Ticker Assets $Net Expense Ratio Payments to Participant Accounts Payments from Participant Accounts Total Cost Stock MissionSquare Equity Income R7 Large Value --$13,458,868 0.46%0.1500%0.0450%$47,779 MSQ BlackRock Equity Dividend R5 Large Value --$2,548,127 0.71%0.2500%0.0450%$12,869 MSQ MFS Value R5 Large Value --$3,263,344 0.54%0.2500%0.0450%$10,933 MissionSquare 500 Stock Index R5 Large Blend --$42,724,673 0.11%0.0500%0.0450%$44,861 MissionSquare Broad Market Index R5 Large Blend --$35,920,736 0.12%0.0500%0.0450%$41,309 MissionSquare Growth & Income R7 Large Blend --$8,252,124 0.45%0.1500%0.0450%$28,470 MSQ Invesco Main Street R5 Large Blend --$5,160,437 0.57%0.2500%0.0450%$18,835 MSQ Parnassus Core Equity R5 Large Blend --$948,333 0.81%0.2500%0.0450%$5,737 Putnam Focused Equity Fund (A)Large Blend PGIAX $2,688,463 1.08%0.5000%0.0450%$16,803 Janus Henderson Forty Fund (S)Large Growth JARTX $9,570,442 1.01%0.5000%0.0450%$53,116 MissionSquare Growth R7 Large Growth --$32,380,450 0.46%0.1500%0.0450%$114,950 MSQ Contrafund® R5 Large Growth --$49,545,652 0.63%0.2500%0.0450%$210,570 MSQ T Rowe Price® Growth Stock R5 Large Growth --$18,631,887 0.91%0.4000%0.0450%$103,406 MissionSquare Select Value R7 Mid-Cap Value --$447,048 0.52%0.1500%0.0450%$1,855 MSQ Victory Sycamore Est Value R5 Mid-Cap Value --$868,106 0.66%0.2500%0.0450%$3,950 MissionSquare Aggressive Opportun R7 Mid-Cap Growth --$19,698,880 0.53%0.1500%0.0450%$83,720 MSQ AMG TimesSquare Mid Cap Gr R5 Mid-Cap Growth --$8,843,472 1.07%0.2500%0.0450%$76,496 MSQ Carillon Eagle Mid Cap Gr R5 Mid-Cap Growth --$683,068 0.75%0.2500%0.0450%$3,722 MSQ JPMorgan Small Cap Value R5 Small Value --$1,385,027 0.94%0.2500%0.0450%$10,179 MissionSquare Mid/Small Co Index R5 Small Blend --$7,376,477 0.12%0.0500%0.0450%$8,483 MissionSquare Small Cap Discovery R7 Small Blend --$3,525,555 0.50%0.1500%0.0450%$13,926 MSQ Invesco Discovery R5 Small Growth --$2,785,112 0.79%0.2500%0.0450%$16,292 MSQ Cohen & Steers Realty Shares R5 Real Estate --$6,012,631 0.88%0.2500%0.0450%$40,585 Fidelity Advisor Technology Fund (M)Technology FFOJX $25,618,851 1.16%0.7500%0.0450%$116,566 Putnam Global Health Care Fund (A)Health PHSTX $1,267,683 1.04%0.5000%0.0450%$7,416 MFS Utilities Fund (A)Utilities MMUFX $3,557,892 1.00%0.3500%0.0450%$24,727 MissionSquare International R7 Foreign Large Blend --$3,980,413 0.51%0.1500%0.0450%$16,120 MissionSquare Overseas Equity Index R5 Foreign Large Blend --$10,547,888 0.19%0.0500%0.0450%$19,514 MSQ Diversified International R5 Foreign Large Growth --$6,222,451 0.85%0.2500%0.0450%$40,135 MFS Emerging Markets Equity Fund (A)Diversified Emerging Mkts MEMAX $6,115,592 1.31%0.3500%0.0450%$61,461 MissionSquare Emerging Markets R7 Diversified Emerging Mkts --$3,304,350 0.71%0.1500%0.0450%$19,991 Bond MissionSquare Core Bond Index R5 Intermediate Core Bond --$3,855,976 0.12%0.0500%0.0450%$4,434 For Plan Sponsor Use Only Expense Information Below Provided For Period Ending December 31, 2025 * * * * * * * * * * * * * * * * * * * * * * * * * * 2 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 INVESTMENT EXPENSES Fund Name Category Ticker Assets $Net Expense Ratio Payments to Participant Accounts Payments from Participant Accounts Total Cost Bond MSQ Allspring Core Plus Bond R5 Intermediate Core-Plus Bond --$5,565,021 0.45%0.2500%0.0450%$13,634 MSQ PIMCO High Yield R5 High Yield Bond --$5,961,177 0.87%0.2500%0.0450%$39,642 MissionSquare Inflation Focused R7 Inflation-Protected Bond --$2,522,631 0.52%0.1500%0.0450%$10,469 Blended MissionSquare MP Conservative Growth R7 Moderately Conservative Allocation --$4,802,786 0.59%0.1500%0.0450%$23,293 MissionSquare MP Traditional Growth R7 Moderate Allocation --$5,753,746 0.57%0.1500%0.0450%$26,754 MSQ Puritan® R5 Moderate Allocation --$7,863,408 0.47%0.2500%0.0450%$20,838 MissionSquare MP Long-Term Growth R7 Moderately Aggressive Allocation --$13,522,846 0.55%0.1500%0.0450%$60,177 MissionSquare Retirement Target Inc R7 Target-Date Retirement --$1,889,618 0.54%0.1500%0.0450%$8,220 MissionSquare Retirement Target 2020 R7 Target-Date 2020 --$3,739,086 0.54%0.1500%0.0450%$16,265 MissionSquare Retirement Target 2025 R7 Target-Date 2025 --$6,421,057 0.55%0.1500%0.0450%$28,573 MissionSquare Retirement Target 2030 R7 Target-Date 2030 --$7,277,784 0.56%0.1500%0.0450%$33,114 MissionSquare Retirement Target 2035 R7 Target-Date 2035 --$6,198,827 0.56%0.1500%0.0450%$28,204 MissionSquare Retirement Target 2040 R7 Target-Date 2040 --$6,007,783 0.55%0.1500%0.0450%$26,735 MissionSquare Retirement Target 2045 R7 Target-Date 2045 --$6,352,226 0.55%0.1500%0.0450%$28,268 MissionSquare Retirement Target 2050 R7 Target-Date 2050 --$3,416,730 0.56%0.1500%0.0450%$15,547 MissionSquare Retirement Target 2055 R7 Target-Date 2055 --$3,314,739 0.57%0.1500%0.0450%$15,414 MissionSquare Retirement Target 2060 R7 Target-Date 2060 --$923,801 0.58%0.1500%0.0450%$4,388 MissionSquare Retirement Target 2065 R7 Target-Date 2065+--$242,405 0.64%0.1500%0.0450%$1,296 MissionSquare MP Global Equity Grwth R7 Global Aggressive Allocation --$32,180,005 0.50%0.1500%0.0450%$127,111 Cash/Stable Value MSQ Cash Management R5 Money Market Taxable --$5,036,731 0.43%0.2500%0.0450%$11,333 MissionSquare PLUS Fund R8 Stable Value --$77,994,075 0.64%0.1000%0.0450%$456,265 MissionSquare Retirement IncomeAdv R5 Guaranteed Lifetime Income --$19,478,477 1.60%0.3400%0.0450%$254,194 TOTAL (%)0.60%0.45% TOTAL ($)$567,654,967 $3,402,247 ($1,128,746)$255,443 $2,528,944 For Plan Sponsor Use Only Expense Information Below Provided For Period Ending December 31, 2025 * * * * * * * * * * * * * * * * * * * * * * 3 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 MISSIONSQUARE FUND REVENUE (INCLUDED IN FUND NET EXPENSE RATIO) Fund Name Category Ticker Assets $MSQ Inv Mgt Revenue MSQ Plan Services Revenue MSQ Per Part. Fund Revenue Stock MissionSquare Equity Income R7 Large Value --$13,458,868 0.20%0.15%$0.00 MSQ BlackRock Equity Dividend R5 Large Value --$2,548,127 0.00%0.25%$0.00 MSQ MFS Value R5 Large Value --$3,263,344 0.00%0.25%$0.00 MissionSquare 500 Stock Index R5 Large Blend --$42,724,673 0.03%0.05%$0.00 MissionSquare Broad Market Index R5 Large Blend --$35,920,736 0.03%0.05%$0.00 MissionSquare Growth & Income R7 Large Blend --$8,252,124 0.20%0.15%$0.00 MSQ Invesco Main Street R5 Large Blend --$5,160,437 0.00%0.25%$0.00 MSQ Parnassus Core Equity R5 Large Blend --$948,333 0.00%0.25%$0.00 Putnam Focused Equity Fund (A)Large Blend PGIAX $2,688,463 0.00%0.50%$0.00 Janus Henderson Forty Fund (S)Large Growth JARTX $9,570,442 0.00%0.50%$0.00 MissionSquare Growth R7 Large Growth --$32,380,450 0.20%0.15%$0.00 MSQ Contrafund® R5 Large Growth --$49,545,652 0.00%0.25%$0.00 MSQ T Rowe Price® Growth Stock R5 Large Growth --$18,631,887 0.00%0.40%$0.00 MissionSquare Select Value R7 Mid-Cap Value --$447,048 0.20%0.15%$0.00 MSQ Victory Sycamore Est Value R5 Mid-Cap Value --$868,106 0.00%0.25%$0.00 MissionSquare Aggressive Opportun R7 Mid-Cap Growth --$19,698,880 0.20%0.15%$0.00 MSQ AMG TimesSquare Mid Cap Gr R5 Mid-Cap Growth --$8,843,472 0.00%0.25%$0.00 MSQ Carillon Eagle Mid Cap Gr R5 Mid-Cap Growth --$683,068 0.00%0.25%$0.00 MSQ JPMorgan Small Cap Value R5 Small Value --$1,385,027 0.00%0.25%$0.00 MissionSquare Mid/Small Co Index R5 Small Blend --$7,376,477 0.03%0.05%$0.00 MissionSquare Small Cap Discovery R7 Small Blend --$3,525,555 0.20%0.15%$0.00 MSQ Invesco Discovery R5 Small Growth --$2,785,112 0.00%0.25%$0.00 MSQ Cohen & Steers Realty Shares R5 Real Estate --$6,012,631 0.00%0.25%$0.00 Fidelity Advisor Technology Fund (M)Technology FFOJX $25,618,851 0.00%0.75%$0.00 Putnam Global Health Care Fund (A)Health PHSTX $1,267,683 0.00%0.50%$0.00 MFS Utilities Fund (A)Utilities MMUFX $3,557,892 0.00%0.35%$0.00 MissionSquare International R7 Foreign Large Blend --$3,980,413 0.20%0.15%$0.00 MissionSquare Overseas Equity Index R5 Foreign Large Blend --$10,547,888 0.03%0.05%$0.00 MSQ Diversified International R5 Foreign Large Growth --$6,222,451 0.00%0.25%$0.00 MFS Emerging Markets Equity Fund (A)Diversified Emerging Mkts MEMAX $6,115,592 0.00%0.35%$0.00 MissionSquare Emerging Markets R7 Diversified Emerging Mkts --$3,304,350 0.28%0.15%$0.00 Bond MissionSquare Core Bond Index R5 Intermediate Core Bond --$3,855,976 0.03%0.05%$0.00 For Plan Sponsor Use Only Expense Information Below Provided For Period Ending December 31, 2025 * * * * * * * * * * * * * * * * * * * * * * * * * * 4 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 MISSIONSQUARE FUND REVENUE (INCLUDED IN FUND NET EXPENSE RATIO) Fund Name Category Ticker Assets $MSQ Inv Mgt Revenue MSQ Plan Services Revenue MSQ Per Part. Fund Revenue Bond MSQ Allspring Core Plus Bond R5 Intermediate Core-Plus Bond --$5,565,021 0.00%0.25%$0.00 MSQ PIMCO High Yield R5 High Yield Bond --$5,961,177 0.00%0.25%$0.00 MissionSquare Inflation Focused R7 Inflation-Protected Bond --$2,522,631 0.20%0.15%$0.00 Blended MissionSquare MP Conservative Growth R7 Moderately Conservative Allocation --$4,802,786 0.27%0.15%$0.00 MissionSquare MP Traditional Growth R7 Moderate Allocation --$5,753,746 0.25%0.15%$0.00 MSQ Puritan® R5 Moderate Allocation --$7,863,408 0.00%0.25%$0.00 MissionSquare MP Long-Term Growth R7 Moderately Aggressive Allocation --$13,522,846 0.25%0.15%$0.00 MissionSquare Retirement Target Inc R7 Target-Date Retirement --$1,889,618 0.25%0.15%$0.00 MissionSquare Retirement Target 2020 R7 Target-Date 2020 --$3,739,086 0.25%0.15%$0.00 MissionSquare Retirement Target 2025 R7 Target-Date 2025 --$6,421,057 0.25%0.15%$0.00 MissionSquare Retirement Target 2030 R7 Target-Date 2030 --$7,277,784 0.26%0.15%$0.00 MissionSquare Retirement Target 2035 R7 Target-Date 2035 --$6,198,827 0.25%0.15%$0.00 MissionSquare Retirement Target 2040 R7 Target-Date 2040 --$6,007,783 0.25%0.15%$0.00 MissionSquare Retirement Target 2045 R7 Target-Date 2045 --$6,352,226 0.25%0.15%$0.00 MissionSquare Retirement Target 2050 R7 Target-Date 2050 --$3,416,730 0.25%0.15%$0.00 MissionSquare Retirement Target 2055 R7 Target-Date 2055 --$3,314,739 0.26%0.15%$0.00 MissionSquare Retirement Target 2060 R7 Target-Date 2060 --$923,801 0.26%0.15%$0.00 MissionSquare Retirement Target 2065 R7 Target-Date 2065+--$242,405 0.26%0.15%$0.00 MissionSquare MP Global Equity Grwth R7 Global Aggressive Allocation --$32,180,005 0.24%0.15%$0.00 Cash/Stable Value MSQ Cash Management R5 Money Market Taxable --$5,036,731 0.00%0.25%$0.00 MissionSquare PLUS Fund R8 Stable Value --$77,994,075 0.30%0.10%$0.00 MissionSquare Retirement IncomeAdv R5 Guaranteed Lifetime Income --$19,478,477 0.14%0.34%$0.00 TOTAL (%) TOTAL ($)$567,654,967 $1,128,746 For Plan Sponsor Use Only Expense Information Below Provided For Period Ending December 31, 2025 * * * * * * * * * * * * * * * * * * * * * * 5 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 PLAN ADMINISTRATION EXPENSES Expense Item Rate Administration and Recordkeeping Fees: Annual Plan Fee Flat fee Passive Directed Trustee Fee (annual)Flat fee Optional Services (if applicable): Loan Origination, Refinance, Reamortization $75 per application Annual Loan Maintenance $50 annual fee per loan Withdrawal Fee $0 per occurrence Rapid Delivery varies by method Self-Directed Brokerage - Setup Fee Self-Directed Brokerage Domestic Relations Order Processing $500 per retirement plan, per order Managed Account Fees 0.5% on the first $100,000 0.4% on the next $200,000 0.3% on the next $200,000 0.2% on the amount over $500,000 Compliance Services: Nondiscrimination Testing n/a Signature Ready Form 5500 n/a Annual Audit n/a Plan Document Fees: Plan Document/Determination Letter Fee n/a Plan Amendment Fee n/a For Plan Sponsor Use Only 6 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 ONE TIME START-UP / CONVERSION / TERMINATION EXPENSES Expense Item Rate Start-up/Conversion Expenses: Start-up/Conversion Education Program n/a Start-up/Conversion Enrollment Expense n/a Plan Conversion/Start-up Fee n/a Start-up/Conversion Plan Document Fee/Filing Fee n/a Investment Product Termination Expenses: Contract Termination Charges n/a Back-end Load n/a Product Termination Fee n/a Plan Administration Termination Expenses: Plan De-Conversion Fee $500 Service Contract Termination Charge n/a For Plan Sponsor Use Only 7 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 MissionSquare Retirement Services Plan Services members receive access to our full suite of services shown below. Please consult the service contract for a full description of the services and service guarantees. No-Hassle Enrollment – We make enrollment easy for your participants by giving them multiple pain-free methods to enter your plan. Plan Sponsor Website – Plan sponsors receive the creation and maintenance of a plan-specific website that contains plan summaries and transaction details. The plan sponsor website makes it easy to send and check on the status of electronic data transfers. MissionSquare Plan Services – Plan sponsors and participants have access to superior customer service that’s ready to help. For plan sponsors, our dedicated team can assist with employer plan administration or employee account questions. Contribution Processing – Get efficient and prompt processes for allocation of plan contributions and implementation of fund transfer and disbursement requests. Key Services – Plan administration is made easier with maintenance and tracking of fund holdings and transaction activity; calculating and reporting net asset values; computing yields; reconciling accounts; maintaining certain fund records; and responding to inquiries during account audits. Fund Lineup Services – MissionSquare’s fund platform provides for the smooth administration of funds. Communications – Receive timely and accurate delivery of quarterly plan sponsor and participant statements. Reporting – Access an extensive range of reports, as well as transaction capabilities for plan sponsors and participants online. User-Friendly Website – Participants have 24-hour access to their account information and educational content through the MissionSquare Retirement website and can perform most transactions online, including fund transfers. Educational resources – Participants have access to MissionSquare’s comprehensive suite of materials, including a quarterly e-newsletter, designed to increase plan participation, encourage savings, bolster investment knowledge, and improve retirement readiness. Financial Wellness Center – Gives participants greater insight and control over their finances with personalized, interactive tools and resources that include more than 100 educational videos, calculators, articles, tutorials, and interactive charts on financial topics spanning every stage — all in one place when they log into their accounts. Group Education Seminars – Educational seminars and individual consultations by professional and knowledgeable MissionSquare Retirement representatives are available to help your employees prepare for and enjoy their retirement. CERTIFIED FINANCIAL PLANNER™ professional services – Participants who qualify for the service receive monthly emails inviting them to sign up for a consultation and virtual webinars with one of our CFP® professionals. Conversations focus on participants’ holistic needs and can include all areas of financial planning. Retirement Plans Specialists – Help participants understand their retirement plans and how to reach their retirement goals through education on plan features and benefits, with an emphasis on general financial wellness. They also answer enrollment questions, provide pre- retirement checkups, and offer relevant career stage financial education individually or in groups, virtually and on-site. 8 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 MissionSquare Retirement Fiduciary and Investment Advisory Services Statement Regarding Fiduciary/Investment Advisory Services MissionSquare’s generally acts in a non-fiduciary capacity as a recordkeeper and administrator for the plans. In the following circumstances, however, MissionSquare, its affiliates, and/or its subcontractors provide services to the plan and its participants as a fiduciary registered as an investment adviser under the Investment Advisers Act of 1940. For additional information about these services, please refer to MissionSquare’s Form ADV Part 2A Brochures which are available at www.adviserinfo.sec.gov. If your plan is subject to ERISA, then we also act as a fiduciary under ERISA when we provide Advisory Services under the Guided Pathways Advisory Services Program. MissionSquare Advisory Services under Guided Pathways® Advisory Services Program MissionSquare acts as an investment adviser under the Guided Pathways Advisory Services (Guided Pathways) program, a platform for the delivery of advisory and educational services to participants in retirement plans administered by MissionSquare. Our advisory services, if offered through the plan, are delivered through our Managed Accounts service. With this service, a participant’s investment portfolio is managed through the discretionary, ongoing allocation of assets among mutual funds and other pooled investment vehicles available within the retirement plan. OPEB Advisory Services MissionSquare provides Other Post-Employment Benefits (OPEB) Advisory Services, a nondiscretionary investment advisory service, to existing public employer clients who pre-fund their OPEB such as post-employment health care. MissionSquare does not offer OPEB Advisory Services to new clients. The advice is provided by MissionSquare associates in our Investment Department and is limited to unaffiliated, third-party, registered mutual funds and exchange-traded funds. It includes assistance in drafting investment policy statements; recommendations regarding asset allocation; assistance in selecting investments; identification of investment benchmarks; portfolio performance analysis and reporting; and reviews of the performance of the third-party fund funds and the investment manager(s). The advice is tailored to the individual needs of each OPEB client as outlined in its investment policy statement. Each OPEB client is ultimately responsible for the selection of investments held in its portfolio and can impose restrictions on investing in these vehicles. 9 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 Compensation Received by MissionSquare Retirement MissionSquare receives compensation for the services it provides in the following manner: Fees Deducted from Participant Accounts MissionSquare may be compensated for recordkeeping services with the following explicit fees deducted from participant accounts: Per Participant Fees – A flat fee charged to each participant account with a balance in the plan for administration or recordkeeping services. The fee has a greater impact, as a fraction of account balance, on participants with a lower account balance. Administration Fees – Asset-based fees are for recordkeeping services that may be deducted directly from participant accounts in certain plans administered by MissionSquare. Optional Service Fees – Fees are deducted from plan participant accounts to pay for services chosen by participants, including financial plans, loans, online investment advice, Managed Accounts, and self-directed brokerage accounts made available by MissionSquare and the plan. Compensation Received from Funds Made Available by the Plan MissionSquare and its affiliates may be compensated for recordkeeping and investment advisory services from the mutual funds it administers: Fund Plan Administration Compensation – MissionSquare or its affiliates receive payments from third-party mutual fund companies, MissionSquare Funds, and third-party mutual funds that underlie certain MissionSquare Trust Funds. These payments are for services rendered by MissionSquare or its affiliates to plans and participants and are in the form of 12b-1 fees, service fees, compensation for sub-accounting, transfer agency, and plan/participant services. Revenue is subject to change at the discretion of the fund company and is received at various times throughout the course of a year based on the policies of the individual fund companies. Investment Management Compensation – Consists of compensation paid to MissionSquare Investments, a wholly-owned subsidiary of MissionSquare Retirement and an SEC-registered investment adviser, which serves as the investment adviser to the MissionSquare Funds; as well as compensation paid to MissionSquare or its affiliates for fund administration services. Investment fees are deducted from fund assets and reflected in the Net Asset Values of the MissionSquare Funds. 10 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 Fee and Revenue Glossary Administration Fee – An asset-based fee for recordkeeping services that may be deducted directly from participant accounts in certain plans administered by MissionSquare. Asset Category – Categories are from Morningstar® as of the date of this report for underlying funds where available. The category for the MissionSquare PLUS Fund was determined by MissionSquare based on fund characteristics. Morningstar®, Inc. is a global investment research firm that is not affiliated with MissionSquare. Loan Fees – Fees assessed when a participant voluntarily takes a loan from his or her plan account. Vendors typically charge for establishing, re-amortizing or refinancing loans and for maintaining loans. Fees are usually assessed on a flat-dollar basis, with start-up fees assessed at the initiation or re- amortization of a loan and maintenance fees charged annually. Managed Accounts Fee – An asset-based fee paid by participants who receive Managed Accounts advisory services. Fee reductions may be provided when participant accounts reach certain asset levels. Fees are assessed on participant accounts and reported on participant statements. MSQ Investment Management Revenue – Fund revenue received by MissionSquare and/or its affiliates for advisory and administrative services provided to the funds and already included in the fund’s net expense ratio. MSQ Per Participant Fund Revenue – Fixed per head dollar amount paid by some fund companies and already included in the fund’s net expense ratio. MSQ Plan Services Revenue – The portion of a fund’s net expense ratio that covers recordkeeping compensation, including 12-b1 fees where applicable and already included in the fund’s net expense ratio. Net Expense Ratio – The amount shown is the gross expense ratio less any expense waivers, expense reimbursements, expense limits, and/or the reimbursement of fees to the fund. Optional Service Fee – Fees deducted from plan participant accounts to pay for services chosen by participants, including financial plans, loans, online investment advice, Managed Accounts, and self-directed brokerage accounts made available by MissionSquare and the plan. Passive Directed Trustee Fee – An annual fee, invoiced to plan sponsors, which covers the cost of the Matrix Passive Trust Agreement. Payments from Participant Accounts – For plans that charge an asset-based fee at the fund level, the fee charged to participant accounts will appear in the column under the same name, found on the Investment Expenses page. Payments to Participant Accounts – For plans that receive an Asset Fee Allowance (AFA), any credits made to participant accounts will appear in the column under the same name, found on the Investment Expenses page. Per-Participant Fee – An explicit flat fee charged to each participant account with a balance in the plan for administration or recordkeeping services. The total cost presented in this report is an estimated amount which is based upon participating and eligible employees in your plan. Since this fee applies to all accounts the total actual cost may be greater if retirees and former employees maintain their accounts after separation from service. 11 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 Fee and Revenue Glossary Plan Sponsor Administration Fee – For plans that charge an asset-based fee at the plan level, the fee charged to participant accounts will appear on the Plan Administration Expenses page. Rapid Delivery – Fees charged to participants for a disbursement, in which the charge varies and is based on the delivery method and/or recipient’s address. Examples include, but are not limited to, wire transfers and expedited shipping services. Recordkeeping Fees – Deducted from the assets of some mutual funds or collective investment trusts, these 12b-1, shareholder servicing, transfer agency, and/or administration fees are paid by VantageTrust Company, LLC, the fund or fund company to MissionSquare for services to the fund, to the plans, and to the participants who invest in the fund directly or through the MissionSquare Funds and MissionSquare Trust Funds. The amounts listed for MissionSquare Funds and MissionSquare Trust Funds, including the MissionSquare PLUS Fund, include all non-advisory compensation paid by a fund to MissionSquare and/or its affiliates. Redemption Fee – To discourage frequent trading and reduce the cost of such activity to the fund and its investors, a fund may assess a redemption fee when fund shares, held for less than a minimum period of time, are sold or "redeemed". Refer to the fund’s prospectus or disclosure documents for more specific information. Self-Directed Brokerage Fee – Fees assessed when a participant voluntarily uses self-directed brokerage account services that provide access to a wide range of mutual funds, exchange-traded funds (ETFs), and individual securities (if offered by the plan). A fee for establishing the account and/or for maintaining the account may be assessed. The brokerage services vendor may assess additional fees. Trade Restrictions – As an alternative to assessing redemption fees to discourage frequent trading, funds may require participants to wait a defined period after redeeming shares to transfer assets back into the fund. Refer to the fund’s prospectus or disclosure documents for more specific information. 12 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 Disclosures Please read the fund’s prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. You may contact us to obtain a prospectus or disclosure materials, or to ask questions by visiting www.missionsq.org. Certain information contained in this report is sourced from Morningstar, Inc. Copyright© 2024 Morningstar, Inc.™ All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with MissionSquare. MissionSquare does not independently verify Morningstar data. Frequent trading rules are designed to detect and discourage trading activities that may increase costs to all investors. All funds or underlying funds are monitored for frequent trading. Certain funds or underlying funds may impose fees or restrictions to deter frequent trading. Current information about these fees or restrictions can be found in a fund’s or underlying fund’s prospectus or disclosure materials and is available when you log in at www.missionsq.org. You can obtain information about MissionSquare’s Frequent Trading Policy at www.missionsq.org/frequenttrading. Funds or underlying funds may charge a redemption fee. Information about redemption fees, if any, will be contained in the fund’s or underlying fund’s prospectus or disclosure materials. To request a prospectus or disclosure materials, log in at www.missionsq.org. Investment advice and analysis tools are offered to participants through MissionSquare Retirement, a federally registered investment adviser. Investment advice is the result of methodologies developed, maintained, and overseen by the Independent Financial Expert, Morningstar Investment Management LLC. Morningstar Investment Management LLC is a registered investment advisor and subsidiary of Morningstar, Inc. Morningstar, Inc. and Morningstar Investment Management LLC are not affiliated with MissionSquare Retirement. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. Direct transfers from a stable value fund to competing funds are restricted. Competing funds may include, but are not limited to, money market mutual funds, certificates of deposit, stable value funds, investment options that offer guarantees of principal or income, certain short-term bond funds, and self-directed brokerage accounts. Certain restrictions may apply when you want to transfer money from a stable value fund to a competing fund. These restrictions generally include waiting periods before transfers can be made back into a stable value fund. For additional information on the MissionSquare PLUS Fund restrictions on transfers to competing funds, please refer to the fund’s Fact Sheet and funds’ Disclosure Memorandum. You could lose money by investing in the money market funds. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The MissionSquare Cash Management Fund is not a money market fund. Investments in the fund are not insured or guaranteed by the FDIC or any other government agency. It is possible to lose money by investing in the fund. A fixed-income fund is subject to credit risk and interest rate risk. Credit risk is when an issuer of a fixed-income security may be unable or unwilling to make payments of principal or interest to the holders of these securities or may declare bankruptcy. Fixed-income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed-income securities will usually decrease; when interest rates fall, the market prices of fixed-income securities usually will increase. American Century® is a registered trademark of American Century Services Corporation. T. Rowe Price® is a registered trademark of T. Rowe Price Group, Inc. - all rights reserved. PURITAN and CONTRAFUND are registered service marks of FMR LLC. Used with permission. The target-date funds are not a complete solution for all of your retirement savings needs. An investment in the fund includes the risk of loss, including near, at, or after the target date of the fund. There is no guarantee that the fund will provide adequate income at and through an investor’s retirement. 13 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 Disclosures Funds that invest primarily in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources, and less experienced management than larger companies. Funds that invest in foreign securities are exposed to the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. Investments in foreign currencies or securities denominated in foreign currencies (including derivative instruments that provide exposure to foreign currencies) may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar. The risk of investing in foreign securities may be greater with respect to securities of companies located in emerging market countries. The value of developing or emerging market currencies may fluctuate more than the currencies of companies with more mature markets. Sector funds tend to be riskier and more volatile than the broad market because they are generally less diversified and more volatile than other mutual funds. Morningstar places funds in certain categories based on the fund’s historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund’s investment strategy and portfolio holdings are governed by its prospectus, guidelines, or other governing documents, not its Morningstar category. The source for this information is Morningstar, Inc. Copyright© 2024 Morningstar, Inc.™ All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with MissionSquare. MissionSquare does not independently verify Morningstar data. Empower Annuity Insurance Company (EAIC), CA COA #08003, Hartford, CT. Neither EAIC nor MissionSquare guarantees the investment performance or return on contributions to EAIC’s Separate Account. You should carefully consider the objectives, risks, charges, expenses, and underlying guarantee features before purchasing this product. EAIC may increase the Guarantee Fee in the future, from one percent up to a maximum of 1.50 percent. Like all variable investments, this Fund may lose value. Availability and terms may vary by jurisdiction; subject to regulatory approvals. Annuity contracts contain exclusions, limitations, and reductions of benefits and terms for keeping them in force. Guarantees are based on EAIC’s claims paying ability. This annuity is issued under Contract form # GA2020TGWB40805RC. MissionSquare provides recordkeeping services to your Plan and is the investment manager of the underlying EAIC Separate Account. EAIC or its affiliates may compensate MissionSquare for providing these and related administrative services in connection with the Fund. Before electing the Spousal Benefit (if available) on behalf of any beneficiary not recognized as your spouse under Federal law (a civil union partner), be aware that provisions of your plan or the Internal Revenue Code might prevent, limit, or otherwise affect the ability of the beneficiary to receive the Spousal Benefit. Variable annuities are suitable for long term investing, particularly retirement savings. Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. ©2024 Empower Retirement, LLC. All rights reserved. Note: Participants who are interested in the MissionSquare Retirement IncomeAdvantage Fund must first receive and read the MissionSquare Retirement IncomeAdvantage Fund Important Considerations document before investing. Investment advice and analysis tools are offered to participants through MissionSquare Retirement, a federally registered investment adviser. Investment advice is the result of methodologies developed, maintained, and overseen by the Independent Financial Expert, Morningstar Investment Management LLC. Morningstar Investment Management LLC is a registered investment advisor and subsidiary of Morningstar, Inc. Morningstar, Inc. and Morningstar Investment Management LLC are not affiliated with MissionSquare. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. Underlying mutual fund expenses and plan administration fees still apply. Please consult the applicable disclosure materials for a description of these fees and expenses. Charles Schwab & Co., Inc. and MissionSquare Retirement are not affiliated and are not responsible for the products and services provided by the other. Schwab Personal Choice Retirement Account® (PCRA) is offered through Charles Schwab & Co., Inc. (Member SIPC), the registered broker/dealer which also provides other brokerage and custody services to its customers. Funds that invest primarily in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies. 14 PLAN SPONSOR FEE DISCLOSURE CITY OF ANYTOWN CITY OF ANYTOWN JANUARY 29, 2026 Disclosures Funds that invest primarily in high-yield bonds (bonds that are rated below investment grade and also known as junk bonds) are subject to additional risk as these high-yield bonds are considered speculative and involve a greater risk of default than investment grade securities. The values of these securities are particularly sensitive to changes in interest rates, issuer creditworthiness, and economic and political conditions. The market prices of these securities may decline significantly in periods of general economic difficulty, may be harder to value, and may be less liquid than higher rated securities. Certain funds may be subject to style risk, which is the possibility that the investment style of its investment adviser will trail the returns of the overall market. In the past, different types of securities have experienced cycles of outperformance and underperformance in comparison to the market in general. For example, growth stocks have performed best during the later stages of economic expansion, and value stocks have performed best during periods of economic recovery. Both styles may go in and out of favor. When the investing style used by a fund is out of favor, that fund is likely to underperform other funds that use investing styles that are in favor. Per Participant Fees are shown on the Plan Schedule and Plan Summary pages of this report. Two separate lines are used to distinguish between those paid by the plan sponsor and those paid by participants, when both are applicable. 15 Disclosure Memorandum for the MissionSquare Funds within Vantage Trust, Vantage Trust II, and VantageTrust III Missi;:�nsquare INVESTMENTS Updated April 2026 MISSIONSQUARE FUNDS DISCLOSURE MEMORANDUM April 2026 THIS OFFERING IS BEING MADE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, FOR AN INTEREST IN THE MISSIONSQUARE FUNDS WITHIN VANTAGETRUST, VANTAGETRUST II MULTIPLE COLLECTIVE INVESTMENT FUNDS TRUST, AND VANTAGETRUST III MASTER COLLECTIVE INVESTMENT FUNDS TRUST (EACH THE “TRUST” AND TOGETHER THE “TRUSTS”). NO PUBLIC MARKET WILL DEVELOP FOR THE UNITS OF PARTICIPATION IN ONE OR MORE SERIES (EACH A “FUND,” AND COLLECTIVELY, THE “FUNDS”) OF ANY TRUST. THE UNITS ARE NOT TRANSFERABLE OR REDEEMABLE EXCEPT UPON SATISFACTION OF CERTAIN CONDITIONS DESCRIBED IN THIS DISCLOSURE MEMORANDUM AND EACH TRUST’S DECLARATION OF TRUST. THE UNITS OF PARTICIPATION OFFERED HEREBY HAVE NOT BEEN REGISTERED WITH OR APPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE, NOR HAS ANY SUCH COMMISSION OR REGULATORY AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THIS DISCLOSURE MEMORANDUM. THE FUNDS ARE NOT MUTUAL FUNDS. EACH IS A COLLECTIVE INVESTMENT TRUST FUND OR “CITS.” THE TRUSTS AND THE FUNDS ARE NOT REGISTERED AS AN INVESTMENT COMPANY UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, IN RELIANCE UPON AN EXEMPTION FROM SUCH REGISTRATION. PROSPECTIVE INVESTORS ARE NOT TO CONSTRUE THE CONTENTS OF THIS DISCLOSURE MEMORANDUM AS INVESTMENT, TAX, OR LEGAL ADVICE. THIS DISCLOSURE MEMORANDUM, AS WELL AS THE NATURE OF THE INVESTMENT, SHOULD BE REVIEWED BY EACH PROSPECTIVE INVESTOR WITH ITS INVESTMENT ADVISERS, ACCOUNTANTS, OR LEGAL COUNSEL. NO PERSON IS AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS DISCLOSURE MEMORANDUM, AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON. THIS DISCLOSURE MEMORANDUM CONTAINS SUMMARIES, BELIEVED TO BE ACCURATE, OF CERTAIN TERMS OF EACH TRUST’S DECLARATION OF TRUST. FOR COMPLETE INFORMATION CONCERNING THE RIGHTS AND OBLIGATIONS OF THE PARTIES THERETO, REFERENCE IS HEREBY MADE TO THE ACTUAL DOCUMENTS, COPIES OF WHICH WILL BE FURNISHED TO PROSPECTIVE INVESTORS, UPON REQUEST. IN THE EVENT OF ANY INCONSISTENCIES BETWEEN THIS MEMORANDUM AND ANY TRUST’S DECLARATION OF TRUST, THE PROVISIONS OF THE DECLARATION OF TRUST SHALL BE CONTROLLING. ALL SUCH SUMMARIES ARE QUALIFIED IN THEIR ENTIRETY BY THIS REFERENCE. THE FUNDS AND OTHER INVESTMENT OPTIONS MADE AVAILABLE BY THE TRUSTS ARE NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, ANY OTHER GOVERNMENT AGENCY, MISSIONSQUARE RETIREMENT OR ITS AFFILIATES, INCLUDING THE VANTAGETRUST COMPANY, LLC (“TRUST COMPANY”). TRUST COMPANY HAS CLAIMED AN EXCLUSION FROM THE DEFINTION OF THE TERM “COMMODITY POOL OPERATOR” UNDER THE COMMODITY EXCHANGE ACT, AS AMENDED (THE “CEA”), AND THUS, IS NOT SUBJECT TO REGISTRATION OR REGULATION AS A COMMODITY POOL OPERATOR UNDER THE CEA. Disclosure Memorandum Page 2 April 2026 BEFORE INVESTING IN A FUND THE FOLLOWING SHOULD BE CAREFULLY CONSIDERED: • INVESTMENT GOALS, TOLERANCE FOR RISK, INVESTMENT TIME HORIZON, AND PERSONAL FINANCIAL CIRCUMSTANCES; • THERE IS NO GUARANTEE THAT A FUND WILL MEET ITS INVESTMENT OBJECTIVE; • PAST PERFORMANCE DOES NOT INDICATE OR GUARANTEE FUTURE PERFORMANCE; AND • AN INVESTOR CAN LOSE MONEY INVESTING IN THE FUNDS. Disclosure Memorandum Page 3 April 2026 TABLE OF CONTENTS I. INTRODUCTION ........................................................................................................................................ 5 II. MANAGEMENT OF THE TRUST ................................................................................................................. 5 A. Trustee .............................................................................................................................................................. 5 B. Investment Adviser ........................................................................................................................................... 6 C. Trust .................................................................................................................................................................. 6 D. Broker-Dealer Distribution for the Funds ......................................................................................................... 6 III. EXEMPTION FROM REGISTRATION UNDER FEDERAL SECURITIES LAWS ................................................... 6 IV. FEDERAL TAX STATUS ............................................................................................................................... 7 V. ADOPTION OF TRUST AGREEMENT - ELIGIBLE TRUSTS ............................................................................. 7 VI. THE FUNDS ............................................................................................................................................... 7 A. Investment Objectives and Strategies .............................................................................................................. 8 1. Temporary Defensive or Liquidity Positions ................................................................................................ 8 2. Limits on Fund Investments ......................................................................................................................... 8 B. MissionSquare Retirement Target Funds & MissionSquare Model Portfolio Funds ........................................ 8 C. MissionSquare Index Funds & MissionSquare Actively Managed Funds ....................................................... 11 D. MissionSquare PLUS Fund .............................................................................................................................. 11 1. Stable Value Investment Contracts ............................................................................................................ 12 2. Investment Strategies of PLUS Fund .......................................................................................................... 13 3. Evaluation and Monitoring of Issuers and Investment Managers ............................................................. 14 4. Investment Performance of the PLUS Fund ............................................................................................... 15 5. Crediting Rate of the PLUS Fund ................................................................................................................ 15 6. Portfolio Valuation of the PLUS Fund ......................................................................................................... 15 7. Restrictions on Transfers of PLUS Fund Assets to Competing Funds ......................................................... 16 8. Information About Restrictions on PLUS Fund Employer Withdrawals and Transfer Restrictions ............ 16 E. MSQ Trust Series Funds .................................................................................................................................. 17 1. MSQ Cash Management Fund ................................................................................................................... 17 F. MissionSquare Retirement IncomeAdvantage Fund ...................................................................................... 18 1. Explanation of Fees: ................................................................................................................................... 19 2. MissionSquare Retirement IncomeAdvantage Fund – Closed to New Money .......................................... 20 G. MissionSquare II Model Portfolio Funds ........................................................................................................ 20 H. MissionSquare Special Purpose Funds ........................................................................................................... 20 VII. INVESTMENT RISKS ................................................................................................................................ 21 VIII. SERVICES PROVIDED BY MSQI AND MISSIONSQUARE RETIREMENT TO THE TRUST COMPANY .............. 27 Disclosure Memorandum Page 4 April 2026 IX. FEES AND EXPENSES ............................................................................................................................... 27 X. CONFLICTS OF INTEREST ......................................................................................................................... 28 A. Payments from Third-Party Mutual Funds ..................................................................................................... 28 XI. UNIT ACCOUNTING FOR FUNDS ............................................................................................................. 28 XII. SHARE CLASSES ...................................................................................................................................... 29 XIII. INVESTING IN THE FUNDS ...................................................................................................................... 29 A. Information for All Fund Investors ................................................................................................................. 29 B. Information for Recordkeeping and Plan Administration Clients Only .......................................................... 30 XIV. ADDITIONAL INFORMATION ABOUT FUND TRANSFER RESTRICTIONS .................................................... 30 XV. FREQUENT TRADING RESTRICTIONS ....................................................................................................... 31 A. Restrictions on Frequent Trading – Transfer Restrictions for Certain Funds ................................................. 31 B. Restrictions on Frequent Trading – Redemption Fees for Certain Funds ....................................................... 31 XVI. INABILITY TO CONDUCT BUSINESS ......................................................................................................... 32 Appendix A .......................................................................................................................................................... 33 List of MissionSquare Funds within VantageTrust ............................................................................................... 33 List of MissionSquare Funds within VantageTrust II............................................................................................. 34 List of MissionSquare Funds within VantageTrust III and Associated Risks ......................................................... 35 Appendix B – Additional Information................................................................................................................... 40 Disclosure Memorandum Page 5 April 2026 I. INTRODUCTION This Disclosure Memorandum (“Memorandum”) provides information about the MissionSquare and MSQ branded funds (“Fund” or “Funds”) within three trusts: VantageTrust (“VantageTrust”), VantageTrust II Multiple Collective Investment Funds Trust (“VantageTrust II”), and VantageTrust III Master Collective Investment Funds Trust (“VantageTrust III”). Within this Memorandum we refer to each as a Trust, and collectively as the Trusts. For additional information about MissionSquare Funds Classes R, S, or F you should refer to the applicable “Fact Sheet.” The Fact Sheet provides information about each Fund’s investment objective, strategies, principal risks, expenses, performance and trading restrictions. Many MissionSquare Funds Classes R, F and S invest in MissionSquare Funds Class M. The Class M Funds are not available for direct investment. This is commonly called a “master-feeder” structure. For additional information about the Class M Funds, you may request a copy of Appendix A to the VantageTrust III Declaration of Trust. Appendix A includes “Fund Level Guidelines” that provide investment objectives, strategies, and restrictions for each Fund within VantageTrust III. The following table shows the categories and classes of Funds within each Trust: Trust Fund Category Classes VantageTrust MissionSquare Funds R, F MSQ Trust Series Funds R MissionSquare Retirement IncomeAdvantage Fund R VantageTrust II MissionSquare Funds S MissionSquare II Model Portfolio Funds S MissionSquare Special Purpose Funds SA, PL VantageTrust III MissionSquare Funds M MissionSquare PLUS Fund M II. MANAGEMENT OF THE TRUST A. Trustee VantageTrust Company, LLC (“Trust Company”) is the trustee for each Trust. It is a New Hampshire non-depository banking institution founded in 2001. It generally makes the Funds available to investors through VantageTrust and VantageTrust II. The Funds within VantageTrust and VantageTrust II are available to “Eligible Trusts” (as defined in their Declarations of Trust). The Trust Company is a wholly owned subsidiary of MissionSquare Retirement 1. MissionSquare Retirement is a Delaware non-profit financial services corporation established in 1972 to assist state and local governments and their agencies and instrumentalities in the establishment and maintenance of deferred compensation and qualified retirement plans. The Trust Company has exclusive management and investment authority with respect to any Fund established pursuant to each Trust’s Declaration of Trust (“Declaration of Trust”). The Trust Company may retain and consult with such investment advisers or other consultants, including, but not limited to, any affiliate of the Trust Company, as the Trust Company in its sole 1 Beginning June 2021, The International City Management Association Retirement Corporation, or “ICMA-RC,” adopted MissionSquare Retirement as its “doing business as” name. Disclosure Memorandum Page 6 April 2026 discretion may deem advisable, to assist it in carrying out its responsibilities under the Declaration of Trust. The Trust Company may, in its sole discretion, incorporate the advice of such investment advisers and other consultants into any investment guidelines, investment objectives, or restrictions. B. Investment Adviser MissionSquare Retirement’s wholly owned subsidiary, MissionSquare Investments (“MSQI”)2 , serves as the investment adviser to the Trust Company. MSQI is registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”). Additional information about the advisory services that MSQI provides to the Trust Company is available in MSQI’s VantageTrust Company Advisory Services Form ADV Part 2A (also known as the “brochure”) which is available at www.adviserinfo.sec.gov. C. Trust Each Trust is a group trust established and maintained by the Trust Company and is intended to provide for the collective investment and reinvestment of assets of certain eligible investors (“Eligible Trusts”) as that term is defined in each Trust’s Declaration of Trust. The Trust Company is the sole trustee of each Trust. The Trust property allocable to the Eligible Trusts is held for the trustees of those Eligible Trusts for the exclusive benefit of those Eligible Trusts’ investors and beneficiaries. The Board of Directors of the Trust Company (“Board”) is responsible for investing Trust property and overseeing the investments, operations, and administration of each Trust, including the supervision and periodic review of MSQI’s services as investment adviser to the Trust Company with respect to the Funds and MissionSquare Retirement’s services as administrator to the Trust Company with respect to the Funds. D. Broker-Dealer Distribution for the Funds MissionSquare Wealth Management,3 is dually registered with the SEC as a broker-dealer, and investment adviser, and is a FINRA member firm. As broker-dealer, MissionSquare Wealth Management offers certain MissionSquare Funds to Investment Only (“IO”) clients and certain other institutional clientele. MissionSquare Wealth Management is a wholly-owned subsidiary of MissionSquare Retirement and an affiliate of the Trust Company. III. EXEMPTION FROM REGISTRATION UNDER FEDERAL SECURITIES LAWS The Funds are not mutual funds. They are collective investment trust funds, or “CITs.” Interests in the Funds are not registered under the Securities Act of 1933, in reliance on the exemption under Section 3(a)(2) of that Act, nor are they registered under the Investment Company Act of 1940, in reliance on the exemption under Section 3(c)(11) of that Act. 2 Beginning September 2021, Vantagepoint Investment Advisers, LLC adopted MissionSquare Investments as its “doing business as” name. 3 Beginning January 2026, ICMA-RC Services, LLC adopted MissionSquare Wealth Management as its “doing business as” name. Disclosure Memorandum Page 7 April 2026 IV. FEDERAL TAX STATUS Sections 501(a) and 401(a) of the Internal Revenue Code (“Code”) provide that a group trust for the commingled investment of assets of qualified plans and other employee benefit plans, such as the Trusts, is exempt from taxation. V. ADOPTION OF TRUST AGREEMENT - ELIGIBLE TRUSTS Admission to a Trust is governed by the terms of each Trust’s Declaration of Trust. Each Eligible Trust that desires to participate in a Trust shall establish to the Trust Company’s satisfaction that it meets the conditions of participation set forth in that Trust’s Declaration of Trust, including that it satisfies the definition of Eligible Trust as defined in the Declaration of Trust. Each Trust’s Declaration of Trust is available upon request. VI. THE FUNDS This section provides an overview of each category of Funds that the Trust Company has established. For the Funds Classes R, F and S, please refer to the applicable Fund Fact Sheet for additional information about each Fund and class, including expenses, performance, objectives, investment strategies and restrictions. Class M of the Funds is not available for direct investment. Nevertheless, you may request a copy of Appendix A to the VantageTrust III Declaration of Trust which includes the Fund Level Guidelines for each Fund Class M. The table below summarizes each general category of Funds within the Trusts. Each category of Funds is discussed in more detail in this section. See Appendix A for a full list of the current Funds in the Trusts. General Fund Category Summary Description MissionSquare Retirement Target Funds & MissionSquare Model Portfolio Funds A series of target date (Retirement Target) and target risk (Model) Funds. Retirement Target Funds Classes R and S and Model Funds Classes R and S invest in an underlying Retirement Target Fund Class M or Model Fund Class M with a corresponding objective, strategy and risk profile. MissionSquare Index Funds Funds that follow an indexed or passively managed approach to investing. This means that securities are selected to try to approximate the investment characteristics and performance of the specified index. MissionSquare Index Funds Classes R and S invest in an underlying MissionSquare Index Fund Class M with a corresponding objective, strategy and risk profile. MissionSquare Actively Managed Funds Funds that have a distinct investment objective and strategy and follow an actively managed approach to investing. MissionSquare Actively Managed Funds Classes R and S invest in an underlying MissionSquare Actively Managed Fund Class M with a corresponding objective, strategy and risk profile. MissionSquare PLUS Fund A “stable value fund” that primarily invests in a diversified and tiered portfolio of stable value investment contracts. The MissionSquare PLUS Fund Classes R, F, and S invest in the MissionSquare PLUS Fund Class M which has a corresponding objective, strategy and risk profile. MSQ Trust Series Funds Funds that invest in underlying third-party funds. MissionSquare Retirement IncomeAdvantage Fund A MissionSquare Fund that invests in a Separate Account under a group variable annuity issued by Empower Annuity Insurance Company. MissionSquare II Model Portfolio Funds MissionSquare target risk (model) funds Class S that invest in a combination of MissionSquare Funds Class M and third-party exchange- traded funds. Each Fund is designed to have a different degree of risk and reward. Disclosure Memorandum Page 8 April 2026 General Fund Category Summary Description MissionSquare Special Purpose Funds A group of Funds within VantageTrust II that are primarily used to gain exposure to fixed income securities within stable value investment strategies. A. Investment Objectives and Strategies The objectives and strategies described in this Memorandum, and as applicable, the Fact Sheet and Fund Level Guidelines, are those that the Funds use under normal conditions. 1. Temporary Defensive or Liquidity Positions Each Fund may, from time to time, take temporary defensive or liquidity positions that are inconsistent with the Fund’s investment strategies, in attempting to respond to adverse market, economic, political, or other conditions. During unusual economic or market conditions, or for temporary defensive purposes or liquidity purposes, each Fund may place up to 100% of its assets in securities that would not ordinarily be consistent with the Fund’s objectives or in cash and cash equivalents. A Fund will do so only if MSQI or a Fund’s subadviser believes the risk of loss outweighs the opportunity for capital gains or higher income. A Fund may not be seeking its investment objective(s) while taking a temporary defensive position or a liquidity position. 2. Limits on Fund Investments A Fund may include investment limitations or restrictions, such as a required minimum or maximum investment in a particular type of security. Any such limitations and restrictions are measured at the time a Fund purchases the investment option. The status, market value, maturity, credit quality, or other characteristics of a Fund’s securities may change after they are purchased, and this may cause the amount of the Fund’s assets invested in such securities to exceed the stated maximum restriction or fall below the stated minimum restriction. If any of these changes occur, it would not be considered a violation of the investment restriction. B. MissionSquare Retirement Target Funds & MissionSquare Model Portfolio Funds MissionSquare Retirement Target Funds Classes R, S and M (“Retirement Target Funds”) are target date funds. MissionSquare Model Portfolio Funds Classes R, S and M (“Model Portfolio Funds”) are target risk funds. Each Class R or S Retirement Target Fund invests in a single Class M Retirement Target Fund that shares its name, objective, strategies and risks. Each Class R or S Model Portfolio Fund invests in a single Class M Model Portfolio Fund that shares its name, objective, strategies and risks. In turn, each underlying Class M Retirement Target Fund or Class M Model Portfolio Fund is a “fund of funds” that invests in a combination of other Class M Funds and third-party exchange-traded funds (ETFs). By investing in this way, each Class M Retirement Target Fund or Class M Model Portfolio Fund is exposed to the risks as well as the potential rewards of the funds in which it invests, and of the portfolio holdings and strategies of those funds. Changes to the Underlying Funds: Any changes in the underlying funds, such as changes in investment objectives or strategies, may affect the performance of the Retirement Target Funds and Model Portfolio Funds. MSQI may alter the asset class Disclosure Memorandum Page 9 April 2026 allocations or underlying fund-level allocations of a Class M Retirement Target Fund or Class M Model Portfolio Fund at its discretion. Underlying Class M Retirement Target Funds: MSQI determines the targeted allocation of each Class M Retirement Target Fund’s assets among underlying funds and the asset classes they represent. Over time, MSQI will adjust the asset allocation of each “dated” Class M Retirement Target Fund to seek to become more conservative as the year designated in its name approaches and for approximately 10 years beyond the designated year. This is referred to as the “glide path” and is intended to reduce investment risk as investors move toward and into retirement. However, there is no guarantee that this goal will be achieved, and investors may lose money. Ten years after the date in the Class M Retirement Target Fund’s name, it will reach its “landing point” and its target allocation becomes constant. It is expected that when a Class M Retirement Target Fund reaches its “landing point” it will combine with the Class M MissionSquare Retirement Target Income Fund. Unlike the dated Class M Retirement Target Funds whose asset allocations change over time, the Class M MissionSquare Retirement Target Income Fund maintains a constant asset allocation and is designed for investors who have begun to make gradual withdrawals or are seeking to preserve principal with some opportunity for inflation protection and capital growth, or who have a low tolerance for price fluctuations or wish to invest for the shorter-term. Underlying Class M Model Portfolio Funds: Each Class M Model Portfolio Fund is designed to have a different degree of potential risk and reward and is diversified among the underlying funds in differing allocations. By investing in this way, each Class M Model Portfolio Fund is exposed to the risks as well as the potential rewards of its underlying funds and the portfolio holdings and strategies of those funds. Asset Allocation: MSQI establishes the allocation of each Class M Model Portfolio Fund among the underlying funds and the asset classes they represent. Rebalancing: MSQI monitors the allocations for each Class M Model Portfolio Fund and will “rebalance” its portfolio as necessary to return the Class M Model Portfolio Fund to, or close to, the intended allocations. MSQI may, at its discretion, change the allocations to each of the underlying funds. Furthermore, MSQI ensures that the underlying fund allocations result in overall asset class allocations that remain within the disclosed asset class allocations to fixed income, equity, and multi-strategy investments. MissionSquare Diversifying Strategies Fund Class M and MissionSquare Total Return Bond Fund Class M: Many of the Class M Model Portfolio Funds, Class M Retirement Target Funds, and Class S MissionSquare II Model Portfolio Funds (discussed later in this Memorandum) invest in the Class M MissionSquare Diversifying Strategies Fund or Class M MissionSquare Total Return Bond Fund as part of their investment strategies. These Funds are not available for direct investment or indirectly through VantageTrust or VantageTrust II by Plans or Plan participants. Following are the objectives, strategies and risks for these Funds. MissionSquare Diversifying Strategies Fund Class M Investment Objective: Long-term capital growth. Disclosure Memorandum Page 10 April 2026 MissionSquare Diversifying Strategies Fund Class M Principal Investment Strategies: Under normal circumstances, the Fund invests up to 70% of its net assets in alternative investments, including, but not limited to, private equity, private real estate, distressed debt and direct lending (“Alternatives”). The Fund seeks long-term growth of capital with lower volatility over time than that of stocks, in general, and a risk/return profile different from that of traditional asset classes, such as stocks and fixed income securities. The Fund’s investments in Alternatives typically are expected to be in the form of limited partnerships interests, but may also be in the form of CITs, Limited Liability Companies (“LLCs”), or other pooled vehicles, and may include a broad range of strategies, vintage years, and geographies. The Fund expects to stagger its commitments to Alternatives over several years in order to achieve sufficient vintage year diversification. Once a commitment is made, capital is then expected to be called over a multi-year period. While the Fund’s assets are waiting to be either committed to, or called by, an Alternative investment, the Fund’s assets will be invested in liquid securities, including U.S. and non-U.S. equity securities, fixed income securities, cash and cash equivalents, and derivative instruments. The Fund may use individual securities or pooled investment vehicles to obtain the desired exposure. The Fund uses multiple managers. Each manager independently selects and maintains a portfolio for this Fund. Principal Risks: Alternatives Risk, Interest Rate Risk, Credit Risk, High Yield Securities Risk, Small-Cap Securities Risk, Derivative Instruments Risk, Foreign Securities Risk, U.S. Government Agency Securities Risk, Asset-Backed Securities Risk, Mortgage-Backed Securities Risk, REITs Risk, Indexing Risk, Foreign Currency Risk, Municipal Securities Risk, Floating Rate Loans Risk, Call Risk, Stock Market Risk, Portfolio Turnover Risk, Multi-Manager Risk, Large Investor Risk. Please see the “Investment Risks” section of this Memorandum for additional information on risks. MissionSquare Total Return Bond Fund Class M Investment Objective: Current income and capital appreciation. Principal Investment Strategies: Under normal circumstances, this Fund seeks exposure to investment grade fixed income instruments that offer current income with the potential for capital appreciation. The Fund seeks both income and capital appreciation opportunities through diversification across instruments, issuers, sectors and industries with active duration management and yield curve positioning. This Fund may use fixed income instruments or pooled investment vehicles to gain the desired exposure. It may also invest in other fixed income instruments, cash and cash equivalents, and derivative instruments. This Fund uses multiple managers. Each manager independently selects and maintains a portfolio for this Fund. Disclosure Memorandum Page 11 April 2026 MissionSquare Total Return Bond Fund Class M Principal Risks: Leverage Risk, Interest Rate Risk, Credit Risk, Prepayment & Extension Risk, Derivative Instruments Risk, Foreign Securities Risk, Liquidity Risk, Portfolio Turnover Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, U.S. Government Agency Securities Risk, Call Risk, Multi-Manager Risk, Large Investor Risk. Please see the “Investment Risks” section of this Memorandum for additional information on risks. C. MissionSquare Index Funds & MissionSquare Actively Managed Funds Index Funds: Each MissionSquare Index Fund Class R and MissionSquare Index Fund Class S invests in a single underlying MissionSquare Index Fund Class M (“Class M Index Fund”) that follows an indexed or passively managed approach to investing. This means that securities are selected for investment in a Class M Index Fund to try to approximate the investment characteristics and performance of the specified index. Actively Managed Funds: Each MissionSquare Actively Managed Fund Class R and MissionSquare Actively Managed Fund Class S invests in a single underlying MissionSquare Actively Managed Fund Class M (“Class M Actively Managed Fund”) that has a distinct investment objective and strategy and follows an actively managed approach to investing. Subadviser and ETF Selection: MSQI selects the subadvisers that manage the assets or a portion of the assets of the Class M Index Funds and certain Class M Actively Managed Funds. In addition, MSQI selects the underlying ETFs in which certain Class M Actively Managed Funds invest. In selecting these ETFs and subadvisers and in determining the amount of their asset allocations, MSQI considers a variety of factors, which may include but are not limited to, a manager’s: (i) People - the organization responsible for driving the strategy, including its compliance program and brokerage policies, the qualifications of the manager’s investment professionals, and the diversity of the manager’s investment professionals; (ii) Philosophy – the principles and values that guide the manager’s decision-making; (iii) Process – the methods and workflows employed by the manager; (iv) Performance - the tangible investment outcomes; (v) Platform - the infrastructure that supports the strategy’s execution; and (vi) Product - the solutions and services offered to investors, including the proposed subadvisory fees or ETF costs and their effect on a Fund’s expense ratio. D. MissionSquare PLUS Fund The MissionSquare PLUS Fund Class R and the MissionSquare PLUS Fund Class S invests in the underlying MissionSquare PLUS Fund Class M which has a corresponding objective, strategy, and risks (we use “PLUS Fund” in this Memorandum to refer to the MissionSquare PLUS Fund Class R, MissionSquare PLUS Fund Class S and the MissionSquare PLUS Fund Class M). The PLUS Fund primarily invests in a diversified and tiered portfolio of stable value investment contracts. Other investments of the PLUS Fund may include cash and cash equivalents including short-term investment funds and money market mutual funds, fixed income securities, fixed income mutual funds, MSQI’s proprietary fixed income funds, and fixed income commingled trust funds (“fixed income assets”) that back certain stable value investment contracts. Each stable value investment contract provides for participant withdrawals, under certain conditions, at book value. Book value is the original contract value plus accrued interest, plus additional deposits less withdrawals, fees and expenses, and other unexpected adjustments. Disclosure Memorandum Page 12 April 2026 The contract rate (rate at which interest is credited) for different stable value investment contracts varies and may include a fixed rate, a floating rate that resets based on an index, or a crediting rate that resets periodically to reflect current interest rates and the performance over time of the underlying fixed income assets. 1. Stable Value Investment Contracts Different types of stable value investment contracts are used to seek to accomplish the PLUS Fund’s objectives. Traditional Guaranteed Investment Contracts (“GICs”) – These are contracts issued by an insurance company that provide a guarantee for payments of interest at a fixed or floating rate and also principal repayments. The amount invested in each GIC becomes part of the insurance company’s general account assets, which are managed and invested as the insurance company deems appropriate. Each GIC is an unsecured obligation of the insurance company to pay principal and interest for the period specified in the contract. Assurance of principal and interest payment is based solely on the financial strength of the insurance company. Separate Account GICs – These are contracts issued by insurance companies that are backed by fixed income assets owned by the insurance company but held in a separate account for the PLUS Fund and any other contract holders in the account, separate from the insurance company’s general account assets. The underlying fixed income assets are either managed by the insurance company, an affiliate of the insurance company, or a third-party manager. Although the underlying assets are owned by the insurance company, the assets of a Separate Account GIC cannot be used to satisfy the insurance company’s general obligations until the separate account liabilities have been satisfied. A Separate Account GIC’s crediting/contract rate, i.e., interest paid on the Separate Account GIC, can either be fixed or floating, similar to that of a traditional GIC, or dependent upon the value of the underlying fixed income assets relative to the Separate Account GIC’s contract value, and is adjusted periodically to reflect that difference over time, plus current yields, less fees and expenses. Synthetic GICs – These contracts are issued by insurance companies, banks, or other financial institutions (“Synthetic GIC issuer”) and are backed by underlying fixed income assets owned by the PLUS Fund and not by the Synthetic GIC issuer. The Synthetic GIC contract provides for participant withdrawals at book value (subject to certain conditions) and is called a “wrap contract.” The Synthetic GIC issuer also may be referred to as a “wrap provider” or “wrapper.” The underlying fixed income assets are managed by fixed income managers hired or approved by MSQI. In addition, certain fixed income securities are managed by MSQI. The underlying fixed income assets may be comprised of fixed income securities, which include debt obligations issued by governments, corporations, municipalities and other borrowers, but may also include structured securities that provide for participation interests in debt obligations. The fixed income securities are primarily investment grade, but on a limited basis, may include some below investment grade fixed income securities (“junk bonds”). These investments may also include floating rate loans, commonly known as bank loans and sometimes referred to as leveraged loans, syndicated loans, high yield loans and institutional loans. Certain wrap providers require that they or an affiliate manage the portfolio that they wrap. A Synthetic GIC’s crediting rate is dependent on the value of the underlying fixed income assets relative to the Synthetic GIC’s contract value and is adjusted periodically to reflect that difference over time, plus current yields, less fees and expenses. Disclosure Memorandum Page 13 April 2026 Bank Investment Contracts (“BICs”) – These contracts are similar but not identical to Traditional GICs and are issued by a bank as a benefit responsive bank deposit. 2. Investment Strategies of PLUS Fund In managing the PLUS Fund, MSQI employs investment strategies designed to seek to meet the Fund’s investment objectives by utilizing a diversified and tiered approach to portfolio construction. The Fund’s diversification and tiered structure seeks to address the competing goals of providing (a) capital preservation; (b) a stable rate of return; (c) sufficient liquidity; (d) returns higher than money market funds and short-term bank rates over the longer term; and (e) returns that generally follow interest rate trends over time, but on a lagged basis. In seeking to meet these multiple goals, MSQI manages the composition of the PLUS Fund and its allocation to various products and underlying fixed income assets based on prevailing economic and capital market conditions, relative value analysis, and other factors, consistent with the investment guidelines approved by the Board. The stable value investment contracts held by the PLUS Fund are managed in the following manner to seek to meet the PLUS Fund’s goals: Traditional GICs – MSQI uses a laddered maturity strategy for the Fund’s traditional GICs, that is, the GICs are invested in a way so that they have consistent periodic maturities from maturing GIC payments to provide monthly liquidity. This strategy also seeks to provide for smoother returns and moderated reinvestment risk. Separate Account and Synthetic GICs – MSQI implements its Separate Account GIC and Synthetic GIC strategies through multiple single provider wraps or with multiple provider wraps, and by using multiple fixed income managers, including MSQI, to manage the underlying fixed income assets. Individual managers may focus on a limited or broad set of sectors, and MSQI selects managers that employ complementary strategies. MSQI believes that the multi-wrapper, multi-manager approach to stable value and fixed income investing provides investors with greater return potential and, through increased diversification, helps to mitigate issuer and manager risks. In seeking to preserve capital, MSQI employs various strategies, with an emphasis on credit analysis and diversification among different issuers and fixed income assets. The PLUS Fund uses multiple issuers that are subject to initial and ongoing financial analysis performed by MSQI. To seek to reduce the impact of a possible issuer default, MSQI limits the amount of the PLUS Fund’s exposure to individual stable value contract issuers and requires a stable value contract issuer to meet certain credit quality standards. The underlying fixed income assets also are managed to seek diversification among issuers, security types, sectors, industries, and to meet minimum credit quality requirements. The crediting rates of the Separate Account GICs and Synthetic GICs in which the PLUS Fund invests are intended to result in less return volatility than the returns experienced by underlying fixed income assets backing those stable value investment contracts. The PLUS Fund also may invest in underlying fixed income assets with shorter maturities that generally exhibit less market volatility than longer maturity fixed income assets. Additionally, the purchase of Traditional GICs with a fixed rate in a laddered Traditional GIC portfolio that is consistently reinvested at prevailing interest rates, with different payouts and maturities, may produce smoother returns than fewer larger purchases of Traditional GICs. Disclosure Memorandum Page 14 April 2026 The PLUS Fund seeks to address investor-driven liquidity needs through the PLUS Fund’s tiered structure, which is also intended to enhance the Fund’s reinvestment opportunities. An actively monitored cash buffer that is primarily invested in short-term investment funds is intended to seek to meet daily liquidity needs. MSQI actively monitors investor cash flows to seek to determine the proper cash buffer level. The PLUS Fund’s portfolio of shorter duration Separate Account or Synthetic GICs is intended to provide a second source of daily liquidity. By drawing upon shorter duration Separate Account and Synthetic GICs for liquidity needs before drawing on longer duration assets, MSQI seeks to minimize the impact to the PLUS Fund when liquidating assets, as needed. A portfolio of stable value investment contracts with defined maturities, primarily invested in Traditional GICs using a laddered maturity strategy, is intended to provide a relatively consistent stream of proceeds that can be reinvested into the laddered Traditional GIC portfolio, invested into other stable value investment contracts, or used for investors’ liquidity needs. Ultimately, all stable value investment contracts offer investors liquidity through book value payments for certain permitted withdrawals. MSQI’s management strategies seek to produce investment returns that over the long term are higher than those of money market mutual funds and short-term bank rates. However, the PLUS Fund’s returns normally will lag changes in short-term interest rates and may be lower than the rates available from money market mutual funds in certain market conditions. Securities Lending - The PLUS Fund participates in a securities lending program under which its custodian is authorized to lend a limited amount of fixed income securities backing the Synthetic GICs. The fixed income securities that are on loan require cash or other forms of collateral at least equal to the market value of the securities loaned as provided for in a Securities Lending Agency Agreement with JPMorgan Chase Bank, N.A. The collateral received is reinvested into cash equivalents including money market funds. As with other extensions of credit there are risks of delay in recovery of the securities on loan. In the event of default or insolvency of the borrower, the PLUS Fund will be indemnified by its custodian for the securities lending program conducted through the custodian if, at the time of a default by a borrower, some or all of the loaned securities have not been returned by the borrower. 3. Evaluation and Monitoring of Issuers and Investment Managers MSQI conducts in-depth credit analysis of financial institutions to compile a list of eligible stable value investment contract issuers. Criteria for initial and ongoing analysis include such factors as issuer asset quality; capital adequacy; product mix; profitability; and competence of senior management. MSQI also takes into consideration ratings such as “claims paying ability” available through the major independent rating services, for example Moody’s Investors Service, Inc., Standard & Poor’s, and Fitch Ratings. Initial evaluation and ongoing monitoring are also conducted on fixed income managers of assets that back Separate Account GICs or Synthetic GICs. MSQI considers factors such as the investment management firm’s organization, management and investment professionals; asset management expertise and product focus; investment performance; investment management process and philosophy; credit research process; policies and procedures for risk management, compliance and controls; client servicing and flexibility for customization; and management fees. Disclosure Memorandum Page 15 April 2026 4. Investment Performance of the PLUS Fund The investment performance of the PLUS Fund is influenced by several factors, including: Default – A failure by a stable value contract issuer to pay some or all of its interest or principal obligations when due on Traditional GICs, Separate Account GICs, Synthetic GICs or the Separate Account or Synthetic GIC’s underlying fixed income assets will lower the return or book value of the PLUS Fund. Manager performance – Exceptional or poor performance by a fixed income manager responsible for managing assets backing a Separate Account or Synthetic GIC can impact the overall returns of the PLUS Fund. Current market rates – Generally, when a new stable value investment contract is purchased at, or an existing contract is reset to, a lower contract rate than the average contract rate of the PLUS Fund, it lowers the overall return on the Fund and vice versa. The PLUS Fund’s rate of return may be expected to fall or rise more slowly than a fall or rise in current interest rates because the PLUS Fund’s rate of return reflects an average of the rates payable on each of the PLUS Fund’s stable value investment contracts that were entered into at different times and at different rates. The underlying fixed income assets of Separate Account GICs and Synthetic Account GICs will usually decline in value when interest rates rise. This may negatively impact the PLUS Fund’s crediting rate. Cash flows into and out of the PLUS Fund – The PLUS Fund is managed to seek to meet the cash flow requirements of expected purchases and sales of units of the PLUS Fund based on investor activity. If actual experience is significantly different from expectations, the PLUS Fund may have to buy or sell stable value investments at rates that are lower or higher than the PLUS Fund’s average contract rate, which will have an impact on return. Length of contracts – In general, contracts with longer terms have higher expected returns, but may not be able to keep pace with rising interest rates. 5. Crediting Rate of the PLUS Fund The PLUS Fund crediting rate is calculated daily. The crediting rate shown is the annualized rate as of the last day of the reported period. The PLUS Fund crediting rate is calculated by taking into account current yields on the PLUS Fund‘s holdings and prior period performance of certain holdings in the Fund. The PLUS Fund‘s crediting rate is generally expected to follow interest rate trends over time but will typically do so on a lagged basis and may not move in the same direction as prevailing interest rates over certain time periods. 6. Portfolio Valuation of the PLUS Fund In accordance with industry practice, stable value investment contracts are carried at cost plus accrued interest, plus additional deposits less withdrawals, and other adjustments. Contributions, transfers and disbursements are effected at contract value or book value and not by reference to any alternative valuation method that might attempt to account for changes in market interest rates or credit risk. Disclosure Memorandum Page 16 April 2026 7. Restrictions on Transfers of PLUS Fund Assets to Competing Funds Direct transfers from the PLUS Fund to competing funds are restricted. Competing funds include, but are not limited to, the following types of investment options: • cash management funds, money market mutual funds, bank collective short-term investment funds, bank accounts or certificates of deposit, stable value investment options or substantially similar investment options that offer guarantees of principal or income, such as guaranteed annuity contracts or similar arrangements with financial institutions; • short-term bond funds that invest in fixed income securities and seek to maintain or have an average portfolio duration of less than two years; and • any investment option that invests 80% or more of its assets in (i) fixed income securities or funds with a duration of less than two years, or (ii) instruments that seek to provide capital preservation such as stable value funds, bank certificates of deposit or bank accounts, and cash or cash equivalents. Whether or not a fund is a competing fund will be determined, at the sole discretion of MSQI, in consultation with the stable value contract issuers on a case-by-case basis. To transfer money from the PLUS Fund to a competing fund, you must first transfer the amount to a non-competing fund for a period of at least 90 calendar days. For example, if you want to transfer money from the PLUS Fund to a money market fund, you will first need to transfer the money to a non-competing fund and then, 90 calendar days later or any time thereafter, transfer that amount of money to the money market fund. If MSQI becomes aware of a participant that has requested or engaged in a transaction that could or does violate the above transfer restriction, MSQI may take corrective action including, but not limited to, rejecting, canceling, or revoking such transaction. MSQI may also temporarily or permanently bar a participant from future purchases of units of the PLUS Fund, depending on the circumstances. 8. Information About Restrictions on PLUS Fund Employer Withdrawals and Transfer Restrictions In the event an Employer initiates withdrawal of all or part of its Plan’s assets from the PLUS Fund, the payout of such assets may be deferred for a period of up to twelve months. In the case of a total withdrawal, participant transfers of PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this twelve-month period, or “hold period.” Certain conditions permit participants to redeem their assets from the PLUS Fund during the hold period. These transactions are known as “benefit eligible transactions.” Examples of benefit eligible transactions may include the following: • Hardship/Emergency Withdrawals for active participants; • Partial Account Distributions for terminated or retired participants; • Lump Sum Distributions for terminated or retired participants; • Rollover Distributions to another qualified plan/IRA account for terminated or retired participants; and • Installment Payments/Required Minimum Distributions for terminated or retired participants. Disclosure Memorandum Page 17 April 2026 When a plan chooses to transition from MissionSquare Retirement to a new recordkeeper, also known as a deconversion, plan-directed redemptions will be paid out in an orderly manner for a period not to exceed the hold period (from the formal date of written notification by the plan sponsor). A participant may initiate a PLUS Fund transfer until the start of the blackout period of the deconversion, typically 5 business days prior to the liquidation and transfer of plan assets (other than PLUS Fund assets) to the new recordkeeper. After the beginning of the blackout period and until the expiration of the hold period, no PLUS Fund transfers are permitted, except for benefit eligible transactions, as described above. At the expiration of the hold period, the participant’s PLUS Fund assets are liquidated, and the proceeds are transferred to the new recordkeeper. During the hold period, an Employer retains the ability to rescind its withdrawal request. If the Employer does not make a final withdrawal decision by the hold period expiration date, there may be a delay in releasing the assets from the PLUS Fund at the end of the hold period. In the event there is an extensive delay in the Employer’s final withdrawal decision, the hold period may be reset and the payout of such assets may be deferred for a period of up to an additional twelve months. E. MSQ Trust Series Funds Each MSQ Trust Series Fund invests in underlying third-party funds. MSQI is responsible for selecting each potential third-party fund and the Board reviews and approves each third-party fund selected. MSQI is responsible for monitoring the performance and characteristics of these funds and may recommend the addition or removal of such third-party funds from the Fund’s line up. 1. MSQ Cash Management Fund The MSQ Cash Management Fund invests in a single underlying third-party fund. The underlying fund generally invests in a diversified portfolio of high quality, short-term debt securities. 2. MSQ Income America™ 5ForLife Balanced Fund The MSQ Income America™ 5ForLife Balanced Fund ("MSQ 5ForLife Fund") is not currently available for investment. Effective on or about July 27, 2026, the MSQ 5ForLife Fund will be available for inclusion in eligible plan investment lineups. The MSQ 5ForLife Fund is an investment option that seeks an optimal risk-adjusted return consistent with a static asset allocation split evenly between equity and fixed income. The MSQ 5ForLife Fund invests its assets in the Income America™ 5ForLife Balanced Fund (“Income America Balanced Fund” or “Underlying Fund”), a collective investment fund established and maintained by the Great Gray Trust Company, LLC (“Great Gray”), as Trustee of the Underlying Fund under Great Gray’s Declaration of Trust. The Underlying Fund invests in a diversified portfolio of both passive and actively managed mutual funds, exchange-traded funds, collective investment trusts, stable value products, general account annuity contracts, and money market funds. The Underlying Fund implements a multi-manager, multi-insured framework and is Disclosure Memorandum Page 18 April 2026 designed to provide a lifetime guaranteed annual withdrawal benefit to eligible participants at age 65.4 a. Declarations of Trust: The terms and conditions of the Great Gray Declaration of Trust applicable to the Underlying Fund are adopted and incorporated by reference into, and constitute a part of, the VantageTrust’s Declaration of Trust with respect to the MSQ 5For Life Fund’s investment in the Underlying Fund and therefore applicable to each participating plan that chooses to invest in the MSQ 5ForLife Fund. The Great Gray Declaration of Trust is available upon request. b. Explanation of Fees: Guarantee Fee - The Underlying Fund charges a guarantee fee. This guarantee fee is an annual fee of .95% and is assessed in addition to other underlying fees paid to Great Gray, as Trustee. The guarantee fee reduces the investment returns of the MSQ 5ForLife Fund and this reduction is reflected in your account value. The guarantee fee may change in the future, up to a maximum of 1.50%. Any such increase or decrease shall apply uniformly to all assets allocated to the MSQ 5ForLife Fund.5 For additional information regarding the MSQ 5ForLife Fund and, the Underlying Fund guarantee terms and conditions, please see the MSQ Income America™ 5ForLife Balanced Fund Important Considerations document, which is available through the Participant Website when you login at www.missionsq.org or by contacting Investor Services at 800-669-7400. F. MissionSquare Retirement IncomeAdvantage Fund The MissionSquare Retirement IncomeAdvantage Fund invests in a Separate Account under a group variable annuity issued by Empower Annuity Insurance Company (“Empower”)6 . The 4 The Income America Balanced Fund includes a group annuity contract, which provides a Plan participant with guaranteed annual retirement income that is supported by a contract between Great Gray and the following issuing insurance companies: (1) The Lincoln National Life Insurance Company, Fort Wayne, IN. Contractual obligations are subject to the claims-paying ability of The Lincoln National Life Insurance Company. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so; and (2) Nationwide Life Insurance Company, Columbus, OH. Contractual obligations are subject to the claims-paying ability of The Nationwide Life Insurance Company. The Income America Balanced Fund may invest in a fixed annuity contract issued by Nationwide Life Insurance Company and The Lincoln National Life Insurance Company. This fixed annuity contract is separate from the group annuity contracts issued by the same entities which support the guaranteed annual retirement income. Contractual obligations are subject to the claims-paying ability of Nationwide Life Insurance Company and The Lincoln National Life Insurance Company. The issuing insurance companies, and their affiliates, distributors, respective employees, representatives, and/or insurance agents, do not provide tax, accounting, or legal advice. Please consult your own tax or legal advisor for answers to your specific questions. Great Gray, The Lincoln National Life Insurance Company, and Nationwide Life Insurance Company are all separate and nonaffiliated companies. The MSQ 5ForLife Fund may not be available to Plan participants in all states or to all Plan types. Participants who are interested in the MSQ 5ForLife Fund must first receive and read the MSQ Income America™ 5ForLife Balanced Fund Important Considerations document available at www.missionsq.org/5ForLifeIC before investing. 5 To receive guaranteed annual income, you must stay invested in the MSQ 5ForLife Fund. If you withdraw more than the guaranteed annual income amount in any year, your income base and future guaranteed annual income amount will decrease. 6 Empower Annuity Insurance Company (EAIC), CA COA #08003, Hartford, CT. Neither EAIC nor MissionSquare Retirement guarantees the investment performance or return on contributions to EAIC’s Separate Account. You should carefully consider the objectives, risks, charges, expenses and underlying guarantee features before purchasing this product. EAIC may increase the Disclosure Memorandum Page 19 April 2026 Separate Account, in turn, invests in a mix of collective trust funds with an allocation of approximately 60% equities (both domestic and foreign) and 40% fixed income. MissionSquare Retirement manages the assets of the Separate Account pursuant to written investment guidelines provided by Empower. 1. Explanation of Fees: Guarantee Fee – In exchange for an annual guarantee fee of 1.00%, Empower provides downside income protection and lifetime income guarantees. Empower may change the guarantee fee in the future, up to a maximum of 1.50%. These guarantees are based on the claims-paying ability of Empower and are subject to certain limitations, terms and conditions. Excess withdrawals will proportionately reduce and potentially terminate future payment guarantees. For additional information regarding these guarantees and the underlying assumptions attributable to these guarantees and the terms and conditions, please see the MissionSquare Retirement IncomeAdvantage Fund Important Considerations document, which is available through the Participant Website when you login at www.missionsq.org or by contacting Investor Services at 800-669-7400. Services Fee – A fee applied to the assets in the Separate Account and paid to MissionSquare Retirement in exchange for recordkeeping, administrative, and other services provided by MissionSquare Retirement. MissionSquare Retirement may waive or reduce this fee under certain circumstances. Investment Management Fee – A fee applied to the assets in the Separate Account and paid to MissionSquare Retirement in exchange for providing investment management services, including investing the assets of the Separate Account, maintaining and rebalancing the assets within the target allocation, and reviewing and reporting on the performance of the Separate Account and its underlying funds. Other Separate Account Fees and Expenses – The funds in which the Separate Account invests charge their own fees and expenses in accordance with the terms of their respective collective trust governing documents. The expense stated is based on the weighted average of underlying funds at the target asset allocation. In addition, operating expenses such as auditing and custody charges and litigation related expenses are deducted from the assets of the Separate Account. The Separate Account invests a portion of its assets in MissionSquare Funds Class S, which in turn invest in corresponding MissionSquare Funds Class M that have the same investment objectives, strategies and risk profiles. MissionSquare Retirement receives fees for administrative services that it provides to certain of these funds. MissionSquare Guarantee Fee in the future, from 1.00% up to a maximum of 1.50%. Like all variable investments, this Fund may lose value. Availability and terms may vary by jurisdiction; subject to regulatory approvals. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Guarantees are based on EAIC’s claims-paying ability. This annuity is issued under Contract form # GA-2020-TGWB4-0805-RC. MissionSquare Retirement provides recordkeeping services to your Plan and is the investment manager of the underlying EAIC separate account. EAIC or its affiliates may compensate MissionSquare Retirement for providing these and related administrative services in connection with the Fund. Before electing the Spousal Benefit (if available) on behalf of any beneficiary not recognized as your spouse under Federal law (a civil union partner), be aware that provisions of your plan or the Internal Revenue Code might prevent, limit, or otherwise affect the ability of the beneficiary to receive the Spousal Benefit. Variable annuities are suitable for long-term investing, particularly retirement savings. Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. ©2023 Empower Retirement, LLC. All rights reserved. Disclosure Memorandum Page 20 April 2026 Retirement’s subsidiary, MSQI, also receives fees for the advisory services it provides to the MissionSquare Funds Class M. 2. MissionSquare Retirement IncomeAdvantage Fund – Closed to New Money The MissionSquare Retirement IncomeAdvantage Fund no longer accepts transfers or new contributions. Participants can remain in the Fund, but are not able to add new money. Existing money in the Fund continues to receive guarantees. For additional information on the MissionSquare Retirement IncomeAdvantage Fund, please see the MissionSquare Retirement IncomeAdvantage Fund Important Considerations document, which is available through the Participant Website when you login at www.missionsq.org or by contacting Investor Services at 800-669- 7400. G. MissionSquare II Model Portfolio Funds The MissionSquare II Model Portfolio Funds Class S are target risk funds. This means that each MissionSquare II Model Portfolio Fund is a fund of funds that invests in a combination of MissionSquare Funds Class M and third-party exchange-traded funds (together with the Class M Funds, “underlying funds”). Each MissionSquare II Model Portfolio Fund is designed to have a different degree of potential risk and reward and is diversified among the underlying funds in differing allocations. By investing in this way, each MissionSquare II Model Portfolio Fund is exposed to the risks as well as the potential rewards of its underlying funds and the portfolio holdings and strategies of those funds. Asset Allocation: MSQI establishes the targeted allocation of each MissionSquare II Model Portfolio Fund among the underlying funds and the asset classes they represent. Rebalancing: MSQI monitors the allocations for each MissionSquare II Model Portfolio Fund and will “rebalance” its portfolio as necessary to return the MissionSquare II Model Portfolio Fund to, or close to, the intended allocations. MSQI may, at its discretion, change the allocations to each of the underlying funds. Furthermore, MSQI ensures that the underlying fund allocations result in overall asset class allocations that remain within the disclosed asset class allocations to fixed income, equity, and multi-strategy investments. Changes to the Underlying Funds: Any changes in the underlying funds, such as changes in investment objectives or strategies, may affect the performance of the MissionSquare II Model Portfolio Funds. MSQI may alter the asset class allocations or underlying fund-level allocations of a Fund at its discretion. H. MissionSquare Special Purpose Funds The MissionSquare Special Purpose Funds (“Special Purpose Funds”) are a group of Funds that are primarily used to gain exposure to fixed income securities within stable value investment strategies. The Special Purpose Funds invest primarily in a portfolio of investment grade fixed income securities designed to provide current income with the potential for capital appreciation. MSQI selects and monitors the third-party investment managers who exercise investment discretion with respect to the portfolio securities within the Funds. Because certain of the Special Purpose Funds are used for operational efficiencies in the stable value advisory services MSQI provides to its other clients, MSQI seeks diversification across such Funds in terms of managers. Disclosure Memorandum Page 21 April 2026 VII. INVESTMENT RISKS Key risks of investing in the Funds and any underlying funds are summarized below. This is not an exhaustive list. Developments that cannot be anticipated nor controlled may disrupt global economies and financial markets and magnify the risks below. Examples of such developments include war, pandemics, epidemics, energy blackouts, cyberattacks, and natural disasters. The key risks applicable to each VantageTrust Fund and VantageTrust II Fund are included in the respective Fund Fact Sheet. The key risks applicable to each Fund within VantageTrust III are included in Appendix A to this Memorandum. Alternatives Risk—In general, alternative investments involve a high degree of risk, including potential loss of principal invested. They are often invested in illiquid investments, making them difficult to exit and price on a regular basis. Certain alternative investments, such as private equity, will be illiquid on a long term basis and the fund managers typically take several years to invest a fund’s capital. Therefore, investors will not realize the full potential benefits of the investment in the near term. Alternative investments are often more complex than traditional investment vehicles. They may be more volatile than traditional investments such as stocks, bonds and mutual funds. The fees and expenses of alternative investments are often substantial in comparison to other investment vehicles, and those fees will offset the profits of the investment. Alternative investments are typically private which means they are subject to fewer regulatory protections than registered public investments. Asset Allocation Risk—Asset allocation risk is the risk that the selection of the underlying funds and the allocation of Fund assets among them will cause a Fund to lose money or to underperform other funds with similar investment objectives. In addition, there is the risk that the asset classes favored by the allocations will not perform as expected. Any changes made in the underlying funds, such as changes in investment objectives or strategies, may affect the Fund’s performance. Similarly, if the Fund’s asset allocations become “out of balance,” this could affect both the Fund’s level of risk and the Fund’s potential for gain or loss. Asset-Backed Securities Risk—Defaults on the assets underlying asset-backed securities may adversely affect the value of these securities. These securities are subject to risks associated with the nature of the underlying assets and are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain asset-backed securities may be more volatile and less liquid than other traditional types of fixed income securities. Call Risk—A fixed income security may include a provision that allows the issuer to purchase the security back from its holder earlier than the final maturity date of the security, known as a “call feature.” Issuers often exercise this right when interest rates have declined, in which case, the Fund may be forced to reinvest the proceeds received at a lower interest rate. Convertible Securities Risk—The value of a convertible security generally increases and decreases with the value of the underlying common stock but may also be sensitive to changes in interest rates. Convertible securities generally have a higher risk of default and tend to be less liquid than traditional non-convertible securities. In addition, the convertible securities a Fund invests in may be rated below investment grade or may be unrated, which could increase their risks. Below investment grade securities are speculative and involve a greater risk of default than investment grade securities. The market prices of lower rated convertible securities also may experience greater volatility than the market prices of higher quality securities and may decline significantly in periods of general economic difficulty. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy. Disclosure Memorandum Page 22 April 2026 Credit Risk—An issuer of a fixed income security may be unable or unwilling to make payments of principal or interest to the holders of such securities or may declare bankruptcy. These events could cause a Fund to lose money. Derivative Instruments Risk—Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with more traditional investments, and may involve a small amount of investment relative to the amount of risk assumed. Risks associated with derivative instruments include: the risk that the other party to a derivative contract may not fulfill its obligations (counterparty risk); the risk that a particular derivative instrument, such as over-the-counter derivative instruments, may be difficult to purchase or sell (liquidity risk); the risk that certain derivative instruments are more sensitive to interest rate changes and market price fluctuations (interest rate and market risks); the risk of mispricing or improper valuation of the derivative instrument (valuation risk); the inability of the derivative instrument to correlate in value with its underlying asset, reference rate, or index (basis risk); the risk that the Fund may lose substantially more than the amount invested in the derivative instrument, and that the Fund may be forced to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements (leverage risk). There is no assurance that the Fund’s use of any derivatives strategy will succeed, or that the Fund will not lose money. Emerging Markets Securities Risk—Investments in securities issued by companies located in emerging market countries may present risks different from, or greater than, the risks of investing in securities issued by companies located in developed foreign countries. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. Investments in securities issued by companies located in emerging market countries tend to be more volatile than investments in securities issued by companies located in developed foreign countries and may be more difficult to value. Equity Income/Interest Rate Risk—A Fund’s distributions to shareholders may decline when interest rates fall or when dividend income from investments in stocks declines. Exchange-Traded Fund (“ETF”) Risk—In addition to the risks associated with investing in other investment companies, an investment in an ETF may be subject to the following risks: (1) an ETF’s shares may trade above or below their net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; (3) secondary market trading in an ETF’s shares may be halted; (4) an ETF may not accurately track the performance of the reference index; and (5) an ETF might hold troubled securities if those securities are held in the reference index. Floating Rate Loans Risk—Investments in floating rate loans have risks that are similar to those of fixed income securities and carry the risk of impairment of collateral. The value of the collateral securing a floating rate loan can decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. As such, a floating rate loan may not be fully collateralized and can decline significantly in value. Focused Investment Risk— At times a Fund may emphasize investments in a particular industry or sector. To the extent that the Fund increases its emphasis on investments in a particular industry or sector, the value of its investments may fluctuate more in response to events affecting that industry or sector, such as changes in economic conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than others. Foreign Currency Risk—Investments in foreign currencies or securities denominated in foreign currencies (including derivative instruments that provide exposure to foreign currencies) may Disclosure Memorandum Page 23 April 2026 experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar. Foreign Government Securities Risk—Foreign government securities are fixed income securities issued by a foreign government, a foreign municipality, or an agency or instrumentality thereof. The ability of a foreign governmental obligor to meet its obligations to pay principal and interest to debtholders generally will be adversely affected by rising foreign interest rates, as well as the level of the relevant government’s foreign currency reserves and currency devaluations. If a governmental obligor defaults on its obligations, a security holder may have limited legal recourse against the issuer or guarantor. These risks may be heightened during periods of economic or political instability and are generally heightened in emerging market countries. Foreign Securities Risk—Investments in foreign securities may involve the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accounting and financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. Fund of Funds Risk—A Fund’s investment in another fund is subject to the risks associated with that fund’s portfolio of securities. For example, if the fund holds common stocks, a Fund also would be exposed to the risk of investing in common stocks. In addition, when a Fund purchases shares of another fund, the Fund will indirectly bear its proportionate share of the advisory fees and other operating expenses of the purchased fund. The fees and expense of the other fund are in addition to the Fund’s own fees and expenses. High Yield Securities Risk—Securities that are rated below “investment grade” (commonly known as “high yield securities” or “junk bonds”) or, if unrated, are considered to be of equivalent quality, are speculative and involve a greater risk of default than “investment grade” securities. The values of these securities are particularly sensitive to changes in issuer creditworthiness, and economic and political conditions. The market prices of these securities may decline significantly in periods of general economic difficulty, may be harder to value, and may be less liquid than higher rated securities. Inflation-Adjusted Securities Risk—Investments in inflation-adjusted securities are affected by changes in interest and inflation rates. Interest payments on inflation-adjusted securities will vary as the principal or interest is adjusted for inflation and may be more volatile than interest paid on ordinary fixed income securities. Inflation-adjusted securities may not produce a steady income stream, particularly during deflationary periods, and during periods of extreme deflation these securities may not provide any income. Inflation Risk—The risk that investment returns will not keep pace with the cost of living. When inflation rises, the investment’s return may be weakened by its diminishing purchase power. Indexing Risk—Unlike an actively managed strategy, an index or passively managed strategy does not rely on a portfolio manager’s decision making with respect to which individual securities may outperform others. Securities in an index or passively managed strategy may be purchased, held, and sold by such underlying funds at times when an actively managed portfolio would not do so. In addition, performance of underlying funds using an index or passively managed strategy will deviate from the performance of the specified index, which is known as tracking error. Tracking error may be caused by: (i) fees and expenses associated with managing the underlying index strategy funds (whereas the benchmark index has no management fees or transaction expenses); (ii) changes to the index and the timing of the rebalancing of the underlying index strategy funds; and (iii) the timing of cash flows into and out of the underlying index strategy funds. Interest Rate Risk—Fixed income securities fluctuate in value as interest rates change. When interest rates rise, the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase. Disclosure Memorandum Page 24 April 2026 Issuer Capacity Risk—A decrease in the availability of issuers available to issue Traditional GICs, Separate Account GICs, or Synthetic GICs to the PLUS Fund may impose constraints on the PLUS Fund’s portfolio construction. Large Investor Risk—A Fund or an underlying fund may experience large investments or redemptions. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. For example, a Fund or an underlying fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions can increase transactions costs. Leverage Risk—Leverage, including borrowing, causes the value of a Fund’s shares to be more volatile than if the Fund did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. A Fund may engage in transactions or purchase instruments that give rise to forms of leverage, such as derivatives, reverse repurchase agreements, or other borrowings, investment of collateral from loans of portfolio securities, or use of when-issued, delayed-delivery or forward commitment transactions. Liquidity Risk—Liquidity risk exists when a particular security or other instrument is difficult to trade. An investment in illiquid assets may reduce the returns of the investment because the holder of such assets may not be able to sell the assets at the time desired for an acceptable price or might not be able to sell the assets at all. Illiquid assets may also be difficult to value. PLUS Fund Liquidity Risk: In addition, stable value investment contracts generally may not be assigned or transferred without the permission of the issuer. Often these contracts include non- standard negotiated terms and do not trade in a secondary market. The PLUS Fund is managed to seek to meet the cash flow requirements of expected purchases and sales of units of the PLUS Fund based on investor activity. If actual experience is significantly different from expectations, the PLUS Fund may have to buy or sell investments at rates that are lower than the PLUS Fund’s average crediting rate, which may lower returns. Management Risk—Individual investments of a Fund may not perform as expected, and that Fund’s portfolio management practices may not achieve the desired result. There is a risk that its portfolio managers may allocate assets to an asset class that underperforms other asset classes. Mid-Cap Securities Risk—Investments in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of mid- capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of larger companies. Mortgage-Backed Securities Risk—Defaults on the mortgages underlying mortgage-backed securities may adversely affect the value of these securities. These securities are also subject to interest rate risk, credit risk, prepayment risk, and extension risk. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of fixed income securities. Multi-Manager Risk—While MSQI monitors each subadviser and the overall management of the Funds, each subadviser makes investment decisions independently from MSQI and the other subadvisers. It is possible that the security selection process of one subadviser will not complement that of the other subadvisers. As a result, a Fund’s exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single manager, which could affect the Fund’s performance. Municipal Securities Risk—The value of, payment of interest and repayment of principal with respect to, and the ability of a Fund to sell, a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations and voter initiatives as well as the Disclosure Memorandum Page 25 April 2026 economics of the regions where the issuer is located. Certain municipal securities may be difficult to value or sell at a fair price. Preferred Stock Risk—Preferred stockholders may have more limited voting rights than common stockholders. Holders of a company’s debt securities are generally paid before holders of the company’s preferred stock. The value and volatility of preferred stock may be dependent on factors that affect both fixed income securities and equity securities. Prepayment and Extension Risk—Mortgage-backed and asset-backed securities are exposed to prepayment risk and extension risk. Prepayment risk may occur when borrowers pay their mortgages or loans more quickly than required under the terms of the mortgage or loan. Most borrowers are likely to prepay their mortgage or loan at a time when it may be least advantageous to a holder of these securities (e.g., during periods of falling interest rates), which may force the holder to reinvest the proceeds of prepayments in lower-yielding instruments and result in a decline in the holder’s income. Extension risk may occur when rising interest rates result in decreased prepayments, which could extend the average life of the security, cause its value to decline more than traditional fixed-income securities and increase its volatility. Portfolio Turnover Risk—A Fund may engage in a significant number of short-term transactions, which may adversely affect performance. Increased portfolio turnover may result in higher brokerage costs or other transactions fees and expenses. These costs are ultimately passed on to shareholders. REITs Risk—Real estate investment trusts (“REITs”) are subject to risks generally associated with investing in real estate, such as declining real estate values, over-building, property tax increases, increases in operating expenses and interest rates, insufficient levels of occupancy, the inability to obtain financing (at all or on acceptable terms), and the national, regional and local economic conditions affecting the real estate market. Securities Lending Risk—A Fund may engage in one or more securities lending programs conducted by the Fund’s custodian or other entities to seek to generate income. These loans are secured by collateral invested in cash or cash equivalents. The collateral that a Fund receives from a borrower is generally invested in money market funds, other cash equivalents, short-term fixed income securities, or other similar instruments. Securities lending subjects a Fund to certain risks. The borrower of the security may fail to return the loaned security in a timely manner, which could cause the Fund to lose money. In addition, the Fund may incur investment losses as a result of investing the collateral received in connection with the loans. Short Sale Risk—A short sale is the sale of a security that a fund does not own or any sale that is consummated by the delivery of a security borrowed by the fund. In general, short selling is used to try to profit from an expected downward price movement of the security, to provide liquidity in response to unanticipated demand, or to hedge the risk of a long position in the same security or in a related security. Short sales create a risk that a fund may be required to close the short position by buying back the security at a time when the security has appreciated in value, thus resulting in a loss to the fund. Because a short position loses value as the security’s price increases and there is no upper limit to a security’s price, the loss on a short sale is theoretically unlimited. In contrast, the loss on a long position is limited to what the fund originally paid for the security. A fund may not always be able to borrow a security it seeks to sell short at a particular time, due to a lack of supply of the security available for borrowing or because the costs to borrow such a security are too high. As a result, a fund may be unable to fully implement its investment strategy. Short sales magnify the potential for gain or loss on monies invested by borrowing securities, and losses can exceed the amount invested in a short position. Assets segregated to cover short sales may decline in value. Small-Cap Securities Risk—Investments in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equity securities of Disclosure Memorandum Page 26 April 2026 small-capitalization companies are generally subject to greater price volatility than those of larger companies due to less certain growth prospects, the lower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalization companies may have more limited product lines, fewer capital resources and less experienced management than larger companies. Stable Value Issuer Risk—If the insurance company that issued a GIC defaults, enters rehabilitation or bankruptcy, or fails to pay principal obligations and interest when due, the PLUS Fund may lose money. Each Traditional GIC is an unsecured obligation of the insurance company to pay principal and interest for the period specified in the contract. Assurance of principal and interest payment is based solely on the financial strength of the insurance company. If the insurance company were to go into rehabilitation or bankruptcy, Traditional GIC investors would have a claim only on the general account assets alongside other GIC investors and policyholders. Although owned by the insurance company, the assets of a Separate Account GIC cannot be used to satisfy the insurance company’s general obligations until the separate account liabilities have been satisfied. As such, if the issuer were to go into rehabilitation or bankruptcy, Separate Account GIC investors would have first claims to those assets and would have priority over claims of general account contract holders and third-party creditors of the issuer. To the extent that the separate account liabilities exceed the underlying assets in the separate account, the difference would then be a claim on the issuer’s general account, similar to a Traditional GIC claim. Stable Value Risk— Different risks are associated with the different types of stable value investment contracts in which the PLUS Fund invests. Generally, stable value investment contracts are illiquid and may not be assigned, transferred or sold to someone else without the permission of the issuing insurance company or bank. These contracts often include non-standard negotiated terms and do not trade in a secondary market. Additional risks of investing in the PLUS Fund include, but are not limited to: failure of the issuers of GICs, BICs, Separate Account GICs, or Synthetic GICs to meet their obligations to the PLUS Fund; failure of MSQI to meet its objectives or obligations, as investment adviser for the PLUS Fund; default or downgrade of the fixed income assets that back Separate Account GICs and Synthetic GICs; failure of the third-party fixed income managers of the portfolios underlying the Separate Account GICs and Synthetic GICs to meet their investment objectives or their obligations to the PLUS Fund; loss of value or failure to redeem shares or allow withdrawals on a timely basis by one or more of the commingled investment vehicles in which the PLUS Fund invests, which may include one or more STIFs and money market mutual funds or other mutual funds or collective investment trust funds. Stock Market Risk—Stock market risk is the possibility that the prices of equity securities overall will experience increased volatility and decline over short or extended periods. Markets tend to move in cycles, with periods of rising prices and periods of falling prices. Developments that cannot be anticipated nor controlled, including those arising out of geopolitical events or natural disasters, can cause substantial stock market volatility, exchange trading suspensions or restrictions and closures of securities exchanges and businesses. Style Risk—All of the Funds are subject, in varying degrees, to style risk, which is the possibility that returns from a specific type of security in which a Fund invests or the investment style of a Fund’s adviser will trail the returns of the overall market. In the past, different types of securities have experienced cycles of outperformance and underperformance in comparison to the market in general. Therefore, investing in a Fund with a specific style will create exposure to this risk. For example, growth stocks have performed best during the later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both the growth and value investing styles may, over time, go in and out of favor. At times when the investing style used by a Fund is out of favor, that Fund may underperform other Funds that use different investing styles. Disclosure Memorandum Page 27 April 2026 TBA Risk—In To-Be-Announced (“TBA”) transactions, the Fund commits to purchase certain mortgage- backed securities for a fixed price at a future date. TBA transactions involve the risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the securities, exposing the Fund to further losses. U.S. Government Agency Securities Risk—Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Further, there is no assurance that the U.S. Government will provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) that issue or guarantee certain securities. If a government agency or a government-sponsored enterprise is unable to meet its obligations, the Fund may experience a loss. VIII. SERVICES PROVIDED BY MSQI AND MISSIONSQUARE RETIREMENT TO THE TRUST COMPANY The Trust Company has appointed MSQI to act as the investment adviser to the Trust Company in respect to the Funds. As investment adviser, MSQI advises the Trust Company on the composition and design of investment programs and options. It also advises the Trust Company with respect to investments by the Funds. MissionSquare Retirement provides administrative support to the Trust Company as may be required to exercise recordkeeping, reporting, disclosure and other support functions in respect to the Funds. IX. FEES AND EXPENSES The Trust Company is entitled under each Declaration of Trust to receive reasonable compensation for its services in managing and administering the Trust. The compensation, custodial fees and expenses of the Trust Company are paid from each Trust, except to the extent that investors or plan fiduciaries have arranged for payment from other sources. The Trusts charge the fees and expenses of MissionSquare Retirement and MSQI to the Funds. MSQI charges an investment advisory fee, or a combined investment advisory and administrative fee, for certain services provided to the Trust Company with respect to the Funds. The fees charged vary depending on the Fund and services provided and are part of the negotiated Investment Advisory Agreement between the Trust Company and MSQI. The fees payable to MSQI by a Fund are in addition to any fees payable to any subadvisers MSQI selects to manage a portion of the assets of a Fund. MSQI does not charge an investment advisory fee with respect to Funds where there is no investment discretion or investment management exercised with respect to such Funds. For example, MSQI does not charge an investment advisory fee on MissionSquare PLUS Fund Classes R, F, and S. This is because such Funds invest their assets in the MissionSquare PLUS Fund Class M and MSQI receives an advisory fee for services it provides to that Fund. Certain of the Funds invest in underlying third-party or in-house funds that charge their own fees and expenses in accordance with the terms of their respective disclosure and governing documents. The Funds and their investors bear their proportional share of these underlying fees and expenses. MissionSquare Retirement charges a fee for providing certain administrative services to the Trust Company. The fees charged vary depending on the Fund and the particular type and level of services required and are part of the negotiated Master Agreement between the Trust Company and MissionSquare Retirement. MissionSquare Retirement or MSQI may waive its fees, in whole or in part, for all or certain investors. The Trust Company may also charge to a class of a Fund any other expense, claim or charge that is specifically allocated to such class. Disclosure Memorandum Page 28 April 2026 For the MSQ and MissionSquare Funds Classes R, S, and F, please refer to each Fund’s Fact Sheet or Investment Options Sheet for the expenses applicable to that Fund and class. X. CONFLICTS OF INTEREST MSQI provides investment advice with respect to certain investment options available through the Trusts in which MSQI or one of its affiliates has a financial interest. When MSQI recommends that a MissionSquare Fund invest in another MissionSquare Fund, such as a MissionSquare Retirement Target Fund or a MissionSquare Model Portfolio Fund investing in a MissionSquare Fund Class M, a conflict of interest exists. This is because MSQI and/or MissionSquare Retirement receive compensation in the form of advisory and administrative fees based on the assets invested in the MissionSquare Funds Class M. Similarly, when MSQI recommends that a MSQ Trust Series Fund invest in a third-party mutual fund, a conflict of interest exists because MissionSquare Retirement seeks to receive administrative fees from the underlying third-party mutual fund or MissionSquare Retirement’s third-party mutual fund settlement and clearing agent based on assets invested in the underlying third-party mutual fund. All of these payments from other parties are expressly disclosed to and acknowledged by the Trust Company in its Master Agreement with MissionSquare Retirement and its Investment Advisory Agreement with MSQI. A. Payments from Third-Party Mutual Funds Typically, the third-party mutual funds in which the MSQ Trust Series Funds invest, or their service providers, make payments to MSQI or its affiliates. These payments may be in the form of 12b-1 fees, service fees, compensation for sub-accounting, or for other services provided by MSQI or its affiliates. In the event such administrative fees from the underlying third-party mutual fund or agent do not amount to at least 25 bps, MissionSquare Retirement will directly charge the relevant MSQ Trust Series Fund a plan and participant services fee of up to 0.25% of the average daily net assets invested in the Fund for such administrative services. At the time of this publication, the following fund families pay at the annual percentage rates set forth below based on MSQ Trust Series Fund balances invested in their funds: AMG TimesSquare 0.25% MFS 0.25% BlackRock 0.25% Parnassus 0.25% Carillon Eagle 0.25% T. Rowe Price® 0.40% Cohen & Steers 0.25% Victory 0.25% Fidelity 0.00-0.25% PIMCO 0.25% Invesco 0.25% Allspring 0.15% JP Morgan 0.25% XI. UNIT ACCOUNTING FOR FUNDS The beneficial interest in a class of a Fund is represented by units. Eligible Trusts purchase units in the Fund for the benefit of their investors, participants and beneficiaries. Units represent a proportional ownership interest in a Fund. The worth of a unit is known as its Unit Value. The daily Unit Value is determined at the close of each business day by adding the value of all of a Fund’s investments, plus cash and other assets, deducting liabilities (which includes fees and expenses charged by MissionSquare Retirement and MSQI), and then dividing the result by the number of outstanding units in the Fund as of the end of the prior day and rounding the results to the nearest cent. Disclosure Memorandum Page 29 April 2026 The value of an investment in a Fund equals the number of units held multiplied by the current day’s Unit Value. Because Unit Values and investment returns will fluctuate, a transfer or disbursement will normally result in the receipt of more or less than the original cost of an investment. XII. SHARE CLASSES All Funds may be made available through different classes and sub-classes. These classes and sub- classes may have different fee structures for the services provided, including but not limited to, advisory, administration, record keeping and participant education services. The Trust Company may divide a Fund or its share classes into different sub-share classes that reflect a different combination of fees or a lower fee structure that the Trust Company may then make available to certain Eligible Trusts. Eligible Trusts may qualify for a class or sub-class based upon a number of factors that reflect savings from economies of scale or other cost savings with respect to services provided. These include, but are not limited to, the asset size, average account balance, the type and scope of services provided, or other features of the Eligible Trust. Investment advisers may aggregate multiple plan clients for purposes of qualifying for the Investment-Only share classes of the PLUS Fund. The Trust Company reserves the right to open additional classes and adopt eligibility criteria. XIII. INVESTING IN THE FUNDS The following explains how an investment can be made into a Fund, as well as information about when investments can be made, how funds can be transferred, and other policies relating to an investment in the Funds. This information is divided into two sections. The first section applies to all investors in the Funds. The second section only applies to those investors in a retirement plan that also utilizes MissionSquare Retirement for recordkeeping and plan administration services. The second section is not applicable to IO. VantageTrust and the VantageTrust II are the only direct investors in the VantageTrust III Funds. A. Information for All Fund Investors Definition of a Business Day – The Funds are available on any business day, which is any day when the New York Stock Exchange (“NYSE”) is open for business. “Close of business” means 4:00 p.m. Eastern Time, or the final close of trading on any day when trading on the NYSE closes at a time other than 4:00 p.m. Eastern Time. Transfer and Withdrawal Restrictions – Under the terms of the Declaration of Trust, the Trust Company has full discretion to defer withdrawals or transfers. Class specific restrictions or limitations will be disclosed on the applicable Fact Sheet or when you log in to your account. Contributions – Plan fiduciaries generally may make contributions to their Eligible Trusts as often as weekly. Contributions received in good order prior to the close of business on any business day are posted that business day. Contributions received in good order after the close of business are treated as if received the next business day. “Good order” means that contribution deposits must be accompanied by sufficient detail and in MissionSquare Retirement’s standard format so that MissionSquare Retirement is able to allocate contributions properly. If a contribution is not received in good order, the deposit is held in a non-interest bearing account until all necessary information is received. If a contribution is not in good order after three business days, MissionSquare Retirement will coordinate with the Eligible Trust or Plan Administrator and may return the contribution to the Eligible Trust or Plan Administrator. Disclosure Memorandum Page 30 April 2026 Contributions received for an identified participant account that does not have complete allocation instructions will be invested in the Eligible Trust’s default option. Distributions and Reinvestment of Earnings – There is not expected to be distribution of income, dividends or capital gains to holders of units of a Fund. Rather, it is anticipated that such items will be reflected in the net asset value of the Fund. B. Information for Recordkeeping and Plan Administration Clients Only Transfer, Withdrawal and Allocation Changes – Generally, unless restricted by a Plan Sponsor, transfer, withdrawal and allocation changes among the Funds may be made on a daily basis by Internet (the Participant Website), or by speaking to an Investor Services representative at MissionSquare Retirement. The Participant Website is normally available 24 hours a day, seven days a week. Instructions sent by email correspondence will not be accepted. RHS Employer Investment Program - Transfer, withdrawal and allocation changes may generally be made on a daily basis via fax or mail using the appropriate form. The forms may be obtained by logging into the Plan Sponsor Website or by contacting a Plan Sponsor Services representative at the number provided below. Automatic Rebalance – Certain accounts may be eligible for an auto-rebalance feature. This feature periodically returns the account to the investor’s desired asset allocation. Rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Confirmations and Statements – Investors in the Funds will receive confirmation after each transaction and a quarterly statement that shows quarterly activity. Part-time employees may receive only annual statements. Please review this information carefully and contact MissionSquare Retirement immediately if you see any discrepancies. Participant Website – The Participant Website, which is also referred to as Account Access, is an internet site that is available to plan participants. It can be reached via MissionSquare Retirement’s website at www.missionsq.org. Information available includes plan fund lineups, MissionSquare Retirement administered account balances, investment allocations, and investment performance. Plan Sponsor Website –The Plan Sponsor Website, which is also referred to as EZLink, is an internet site that is available to plan sponsors and provides access to plan and participant data. It can be reached via MissionSquare Retirement’s website at www.missionsq.org. The Plan Sponsor Website consists of a number of different online services enabling faster processing of information and greater control over data submission. Participant Telephone Access – Self-service phone access as well as Investor Services representatives are available to participants by calling 800-669-7400. Plan Sponsor Telephone Access – Phone access to Plan Sponsor Services representatives is available to plan sponsors by calling 800-326-7272. XIV. ADDITIONAL INFORMATION ABOUT FUND TRANSFER RESTRICTIONS Transfers may be delayed, restricted or refused if a Fund receives or anticipates simultaneous orders affecting significant portions of its assets. In particular, a pattern of transfers that coincides with volatile market activity could be disruptive to a given Fund. Although the Trust Company and MSQI will attempt to provide prior notice whenever reasonably possible, these restrictions may nonetheless be imposed at any time. Disclosure Memorandum Page 31 April 2026 XV. FREQUENT TRADING RESTRICTIONS The Funds are meant for long-term investment purposes. Frequent trading of the Funds may cause additional costs to be incurred by the Funds, and these costs will affect all investors. Also, the rate of return long-term investors realize from their investments may be impacted by any frequent trading activity of other investors. MSQI is committed to curbing frequent trading to protect long-term investors. MSQI defines frequent trading as a buy followed by a sell three times in the same fund during a 90- calendar-day period or a buy followed by a sell ten times in the same fund during a 365-calendar-day period. Systematic withdrawals, contributions, and distributions are not considered frequent trading. In addition, some underlying funds in which a Trust invests define frequent trading differently, and MSQI reserves the right to enforce these underlying fund’s guidelines. If frequent trading and/or market timing activity are detected in an account, MSQI may communicate by telephone or in writing about these trading activities in an effort to deter such activities. If such communications fail to deter the frequent trading activity, further action may be taken on the account including restricting future purchases in the account. MSQI’s aim is to monitor and enforce this frequent trading policy consistently. MSQI cannot guarantee that all the risks associated with frequent trading will be completely eliminated by this policy and/or restrictions. A. Restrictions on Frequent Trading – Transfer Restrictions for Certain Funds Fund-to-fund transfers involving certain Funds will be limited to reduce excessive trading and its adverse effects on an underlying fund. Excessive trading of underlying funds may lead to increased costs and less efficient portfolio management, potentially diluting the value of shares held by long-term investors. The following Funds impose trade restrictions: If you transfer this amount: You must wait at least: Before buying back into the: $5,000 or more 30 days MSQ T. Rowe Price® Growth Stock Fund $20,000 or more 30 days MSQ Allspring Core Plus Bond Fund $25,000 or more 30 days MSQ MFS Value Fund Any $ 90 days MSQ Income America™ 5ForLife Balanced Fund Any $ 91 days MissionSquare Emerging Markets Fund Any $ 91 days MissionSquare Overseas Equity Index Fund Any $ 91 days MissionSquare International Fund Please note that these restrictions apply to participant directed transfers only and will not affect systematic purchases and/or redemptions. B. Restrictions on Frequent Trading – Redemption Fees for Certain Funds In addition to policies on frequent trading, certain underlying funds impose fees on redemptions made soon after purchases. Investors in the Funds that invest in such underlying funds will bear these redemption fees directly. Redemption fees are designed to offset the brokerage commissions, market impact, and other costs associated with frequent shareholder trading. The fees are deducted from redemption proceeds if the shares are sold (or transferred to another fund) prior to a specified holding period. In calculating the holding period, shares held longest are normally treated as being redeemed first and shares held shortest as being redeemed last. All redemption fees imposed by third-party funds are collected by MSQI and remitted back to the underlying fund to which redemption fees apply. As of the date of this document, MSQI is unaware of any redemption fees (and applicable holding periods) imposed by underlying funds in which the Funds invest. Disclosure Memorandum Page 32 April 2026 Funds that invest in certain funds may be subject to redemption or short-term trading fees on additional transactions such as auto-rebalancing, rollovers, in-service withdrawals, de minimis withdrawals, Plan Sponsor-initiated changes, asset allocation programs, and termination payments. Redemption fee policies and procedures are typically very detailed and are subject to change. The above discussion is just a summary of those policies and procedures. The underlying funds’ current disclosure materials contain more detailed information about funds’ current redemption fees. Please read each underlying funds’ current disclosure materials for an understanding of applicable redemption fees. XVI. INABILITY TO CONDUCT BUSINESS MissionSquare Retirement and MSQI are normally open for business and operating when the New York Stock Exchange (“NYSE”) is open for business. However, unusual circumstances or emergencies including, but not limited to, severe and extraordinary weather conditions, flooding, other natural disasters, pandemic flu or other health epidemics, regional power failures, fires, market disruption, civil disturbances or other events may prevent MissionSquare Retirement and MSQI from conducting business on a given day or for longer periods of time. In such an event, transactions in the investment options offered through the Trust may be delayed and not effected until MissionSquare Retirement and MSQI resume normal business operations. Disclosure Memorandum Page 33 April 2026 Appendix A List of MissionSquare Funds within VantageTrust Fund Classes: R, F Stable Value / Cash Management Funds MSQ Cash Management Fund MissionSquare PLUS Fund MissionSquare Model Portfolio Funds MissionSquare Model Portfolio Conservative Growth Fund MissionSquare Model Portfolio Traditional Growth Fund MissionSquare Model Portfolio Long-Term Growth Fund MissionSquare Model Portfolio Global Equity Growth Fund MissionSquare Funds MissionSquare 500 Stock Index Fund MissionSquare Aggressive Opportunities Fund MissionSquare Broad Market Index Fund MissionSquare Core Bond Index Fund MissionSquare Emerging Markets Fund MissionSquare Equity Income Fund MissionSquare Growth & Income Fund MissionSquare Growth Fund MissionSquare High Yield Fund MissionSquare Inflation Focused Fund MissionSquare International Fund MissionSquare Low Duration Bond Fund MissionSquare Mid/Small Company Index Fund MissionSquare Overseas Equity Index Fund MissionSquare Select Value Fund MissionSquare Small Cap Discovery Fund MissionSquare Retirement Target Funds MissionSquare Retirement Target Income Fund MissionSquare Retirement Target 2020 Fund MissionSquare Retirement Target 2025 Fund MissionSquare Retirement Target 2030 Fund MissionSquare Retirement Target 2035 Fund MissionSquare Retirement Target 2040 Fund MissionSquare Retirement Target 2045 Fund MissionSquare Retirement Target 2050 Fund MissionSquare Retirement Target 2055 Fund MissionSquare Retirement Target 2060 Fund MissionSquare Retirement Target 2065 Fund MSQ Trust Series Funds MSQ Allspring Core Plus Bond Fund MSQ AMG TimesSquare Mid Cap Growth Fund MSQ BlackRock Equity Dividend Fund MSQ Carillon Eagle Mid Cap Growth Fund MSQ Cohen & Steers Realty Shares Fund MSQ ContraFund® MSQ Diversified International Fund MSQ Income America™ 5ForLife Balanced Fund MSQ Invesco Discovery Fund MSQ Invesco Main Street Fund MSQ JPMorgan Small Cap Value Fund MSQ MFS Value Fund MSQ Parnassus Core Equity Fund MSQ PIMCO High Yield Fund MSQ Puritan® Fund MSQ T. Rowe Price® Growth Stock Fund MSQ Victory Sycamore Established Value Fund Guaranteed Lifetime Income MissionSquare Retirement IncomeAdvantage Fund Disclosure Memorandum Page 34 April 2026 List of MissionSquare Funds within VantageTrust II Fund Classes: S, SA, PL Stable Value / Cash Management Funds MissionSquare PLUS Fund MissionSquare II Model Portfolio Funds MissionSquare II Model Portfolio Aggressive Fund MissionSquare II Model Portfolio Conservative Fund MissionSquare II Model Portfolio Moderate Fund MissionSquare Model Portfolio Funds MissionSquare Model Portfolio Conservative Growth Fund MissionSquare Model Portfolio Traditional Growth Fund MissionSquare Model Portfolio Long-Term Growth Fund MissionSquare Model Portfolio Global Equity Growth Fund MissionSquare Special Purpose Funds MissionSquare Core Bond Fund MissionSquare Core Bond II Fund MissionSquare Enhanced Intermediate Aggregate Bond Fund MissionSquare Intermediate Aggregate Bond Fund MissionSquare Intermediate Aggregate Bond II Fund MissionSquare Short Duration Bond Fund MissionSquare Funds MissionSquare 500 Stock Index Fund MissionSquare Aggressive Opportunities Fund MissionSquare Broad Market Index Fund MissionSquare Core Bond Index Fund MissionSquare Emerging Markets Fund MissionSquare Equity Income Fund MissionSquare Growth & Income Fund MissionSquare Growth Fund MissionSquare High Yield Fund MissionSquare Inflation Focused Fund MissionSquare International Fund MissionSquare Low Duration Bond Fund MissionSquare Mid/Small Company Index Fund MissionSquare Overseas Equity Index Fund MissionSquare Select Value Fund MissionSquare Small Cap Discovery Fund MissionSquare Retirement Target Funds MissionSquare Retirement Target Income Fund MissionSquare Retirement Target 2020 Fund MissionSquare Retirement Target 2025 Fund MissionSquare Retirement Target 2030 Fund MissionSquare Retirement Target 2035 Fund MissionSquare Retirement Target 2040 Fund MissionSquare Retirement Target 2045 Fund MissionSquare Retirement Target 2050 Fund MissionSquare Retirement Target 2055 Fund MissionSquare Retirement Target 2060 Fund MissionSquare Retirement Target 2065 Fund Disclosure Memorandum Page 35 April 2026 List of MissionSquare Funds within VantageTrust III and Associated Risks Fund Class: M FUND NAME RISKS MissionSquare PLUS Fund Stable Value Risk, Interest Rate Risk, Credit Risk, Stable Value Issuer Risk, Liquidity Risk, Reinvestment Risk, Call Risk, Mortgage- Backed Securities Risk, Asset-Backed Securities Risk, Securities Lending Risk, Derivative Instruments Risk, Large Investor Risk, Inflation Risk MissionSquare Model Portfolio Funds MissionSquare Model Portfolio Conservative Growth Fund Asset Allocation Risk, Fund of Funds Risk, ETF Risks, Interest Rate Risk, Credit Risk, Convertible Securities Risk, High Yield Securities Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, Prepayment and Extension Risk, U.S. Government Agency Securities Risk, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Small-Cap Securities Risk, Mid-Cap Securities Risk, Derivative Instruments Risk, Indexing Risk, Large Investor Risk MissionSquare Model Portfolio Traditional Growth Fund Asset Allocation Risk, Fund of Funds Risk, ETF Risks, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Small- Cap Securities Risk, Mid-Cap Securities Risk, Equity Income/Interest Rate Risk, Convertible Securities Risk, High Yield Securities Risk, Interest Rate Risk, Credit Risk, Mortgage- Backed Securities Risk, Asset-Backed Securities Risk, Prepayment and Extension Risk, U.S. Government Agency Securities Risk, Derivative Instruments Risk, Indexing Risk, Large Investor Risk MissionSquare Model Portfolio Long-Term Growth Fund Asset Allocation Risk, Fund of Funds Risk, ETF Risks, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Small- Cap Securities Risk, Mid-Cap Securities Risk, Equity Income/Interest Rate Risk, Convertible Securities Risk, High Yield Securities Risk, Interest Rate Risk, Credit Risk, Mortgage- Backed Securities Risk, Asset-Backed Securities Risk, Prepayment and Extension Risk, Derivative Instruments Risk, Indexing Risk, Large Investor Risk MissionSquare Model Portfolio Global Equity Growth Fund Asset Allocation Risk, Fund of Funds Risk, ETF Risks, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Small- Cap Securities Risk, Mid-Cap Securities Risk, Preferred Stock Risk, Equity Income/Interest Rate Risk, Indexing Risk, Large Investor Risk Disclosure Memorandum Page 36 April 2026 MissionSquare Funds MissionSquare Core Bond Index Fund Interest Rate Risk, U.S. Government Agency Securities Risk, Mortgage-Backed Securities Risk, TBA Risk, Asset-Backed Securities Risk, Prepayment and Extension Risk, Credit Risk, Indexing Risk, Portfolio Turnover Risk, Large Investor Risk MissionSquare Inflation Focused Fund Inflation-Adjusted Securities Risk, Interest Rate Risk, Credit Risk, Foreign Securities Risk, Foreign Currency Risk, U.S. Government Agency Securities Risk, Derivative Instruments Risk, Call Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, Municipal Securities Risk, Multi-Manager Risk, Large Investor Risk MissionSquare Low Duration Bond Fund Credit Risk, Interest Rate Risk, Asset-Backed Securities Risk, Mortgage-Backed Securities Risk, Prepayment and Extension Risk, Municipal Securities Risk, Call Risk, U.S. Government Agency Securities Risk, Foreign Securities Risk, Foreign Currency Risk, Floating Rate Loans Risk, High Yield Securities Risk, Derivative Instruments Risk, Multi-Manager Risk, Large Investor Risk MissionSquare Equity Income Fund Fund of Funds Risk, ETF Risk, Stock Market Risk, Preferred Stock Risk, Style Risk, Equity Income/Interest Rate Risk, Small-Cap Securities Risk, Mid-Cap Securities Risk, Indexing Risk, Foreign Securities Risk, Foreign Currency Risk, Derivative Instruments Risk, Focused Investment Risk, Inflation Risk, Liquidity Risk, Management Risk, REITs Risk, Securities Lending Risk, U.S. Government Agency Securities Risk, Large Investor Risk MissionSquare 500 Stock Index Fund Stock Market Risk, Indexing Risk, Large Investor Risk MissionSquare Broad Market Index Fund Stock Market Risk, Small-Cap Securities Risk, Mid-Cap Securities Risk, Indexing Risk, Large Investor Risk MissionSquare Growth & Income Fund Fund of Funds, ETF Risk, Indexing Risk, Stock Market Risk, Preferred Stock Risk, Mid-Cap Securities Risk, Foreign Securities Risk, Equity Income/Interest Rate Risk, Foreign Currency Risk, Focused Investment Risk, Inflation Risk, Liquidity Risk, Management Risk, REITs Risk, Securities Lending Risk, Small-Cap Securities Risk, Style Risk, U.S. Government Agency Securities Risk, Derivative Instruments Risk, Large Investor Risk Disclosure Memorandum Page 37 April 2026 MissionSquare Growth Fund Fund of Funds Risk, ETF Risk, Indexing Risk, Stock Market Risk, Preferred Stock Risk, Foreign Securities Risk, Foreign Currency Risk, Style Risk, Small-Cap Securities Risk, Mid-Cap Securities Risk, Derivative Instruments Risk, Equity Income/Interest Rate Risk, Focused Investment Risk, Inflation Risk, Liquidity Risk, Management Risk, REITs Risk, Securities Lending Risk, U.S. Government Agency Securities Risk, Large Investor Risk MissionSquare Select Value Fund Fund of Funds Risk, ETF Risk, Indexing Risk, Stock Market Risk, Mid-Cap Securities Risk, Small-Cap Securities Risk, Equity Income/Interest Rate Risk, Style Risk, REITs Risk, Foreign Securities Risk, Foreign Currency Risk, Preferred Stock Risk, Derivative Instruments Risk, Focused Investment Risk, Inflation Risk, Liquidity Risk, Management Risk, Securities Lending Risk, U.S Government Agency Securities Risk, Large Investor Risk MissionSquare Aggressive Opportunities Fund Fund of Funds Risk, ETF Risk, Stock Market Risk, Mid-Cap Securities Risk, Style Risk, Small-Cap Securities Risk, Indexing Risk, Derivative Instruments Risk, Foreign Securities Risk, Foreign Currency Risk, Preferred Stock Risk, Equity Income/Interest Rate Risk, Focused Investment Risk, Inflation Risk, Liquidity Risk, Management Risk, REITs Risk, Securities Lending Risk, U.S. Government Agency Securities Risk, Large Investor Risk MissionSquare Mid/Small Company Index Fund Stock Market Risk, Small-Cap Securities Risk, Mid-Cap Securities Risk, REITs Risk, Indexing Risk, Large Investor Risk MissionSquare Small Cap Discovery Fund Fund of Funds Risk, ETF Risk, Indexing Risk, Stock Market Risk, Small-Cap Securities Risk, Preferred Stock Risk, Foreign Securities Risk, Foreign Currency Risk, Derivative Instruments Risk, Equity Income/Interest Rate Risk, Focused Investment Risk, Inflation Risk, Liquidity Risk, Management Risk, Mid-Cap Securities Risk, REITs Risk, Securities Lending Risk, Style Risk, U.S. Government Agency Securities Risk, Large Investor Risk MissionSquare International Fund Fund of Funds Risk, ETF Risk, Indexing Risk, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Foreign Currency Risk, Preferred Stock Risk, Small- Cap Securities Risk, Mid-Cap Securities Risk, Derivative Instruments Risk, Equity Income/Interest Rate Risk, Focused Investment Risk, Foreign Government Securities Risk, Inflation Risk, Liquidity Risk, Management Risk, REITs Risk, Securities Lending Risk, Style Risk, U.S. Government Agency Securities Risk, Large Investor Risk Disclosure Memorandum Page 38 April 2026 MissionSquare Overseas Equity Index Fund Stock Market Risk, Foreign Securities Risk, Mid-Cap Securities Risk, Foreign Currency Risk, Indexing Risk, Large Investor Risk MissionSquare High Yield Fund High Yield Securities Risk, ETF Risks, Credit Risk, Interest Rate Risk, Call Risk, Floating Rate Loans Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, Prepayment and Extension Risk, U.S. Government Agency Securities Risk, Municipal Securities Risk, Foreign Securities Risk, Foreign Government Securities Risk, Emerging Markets Securities Risk, Foreign Currency Risk, Convertible Securities Risk, Derivative Instruments Risk, Liquidity Risk, Multi-Manager Risk, Large Investor Risk MissionSquare Diversifying Strategies Fund Alternatives Risk, Interest Rate Risk, Credit Risk, High Yield Securities Risk, Small-Cap Securities Risk, Derivative Instruments Risk, Foreign Securities Risk, U.S. Government Agency Securities Risk, Asset-Backed Securities Risk, Mortgage-Backed Securities Risk, REITs Risk, Indexing Risk, Foreign Currency Risk, Municipal Securities Risk, Floating Rate Loans Risk, Call Risk, Stock Market Risk, Portfolio Turnover Risk, Multi- Manager Risk, Large Investor Risk MissionSquare Emerging Markets Fund Fund of Funds Risk, ETF Risk, Equity Income/Interest Rate Risk, Focused Investment Risk, Foreign Government Securities Risk, Inflation Risk, Liquidity Risk, Management Risk, Preferred Stock Risk, REITs Risk, Securities Lending Risk, Style Risk, U.S. Government Agency Securities Risk, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Foreign Currency Risk, Small-Cap Securities Risk, Mid-Cap Securities Risk, Derivative Instruments Risk, Indexing Risk, Large Investor Risk MissionSquare Total Return Bond Fund Leverage Risk, Interest Rate Risk, Credit Risk, Prepayment & Extension Risk, Derivative Instruments Risk, Foreign Securities Risk, Liquidity Risk, Portfolio Turnover Risk, Mortgage ‐Backed Securities Risk, Asset ‐ Backed Securities Risk, U.S. Government Agency Securities Risk, Call Risk, Multi- Manager Risk, Large Investor Risk. MissionSquare Retirement Target Funds MissionSquare Retirement Target Income Fund Asset Allocation Risk, Fund of Funds Risk, ETF Risks, Interest Rate Risk, Credit Risk, Convertible Securities Risk, High Yield Securities Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, Prepayment and Extension Risk, U.S. Government Agency Securities Risk, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Mid-Cap Securities Risk, Derivative Instruments Risk, Indexing Risk, Large Investor Risk Disclosure Memorandum Page 39 April 2026 MissionSquare Retirement Target 2020, 2025 Funds Asset Allocation Risk, Fund of Funds Risk, ETF Risks, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Small- Cap Securities Risk, Mid-Cap Securities Risk, Equity Income/Interest Rate Risk, Interest Rate Risk, Credit Risk, Convertible Securities Risk, High Yield Securities Risk, Mortgage- Backed Securities Risk, Asset-Backed Securities Risk, Prepayment and Extension Risk, U.S. Government Agency Securities Risk, Derivative Instruments Risk, Indexing Risk, Large Investor Risk MissionSquare Retirement Target 2030, 2035 Funds Asset Allocation Risk, Fund of Funds Risk, ETF Risks, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, Small- Cap Securities Risk, Mid-Cap Securities Risk, Equity Income/Interest Rate Risk, Interest Rate Risk, Credit Risk, Convertible Securities Risk, High Yield Securities Risk, Mortgage- Backed Securities Risk, Asset-Backed Securities Risk, Prepayment and Extension Risk, Derivative Instruments Risk, Indexing Risk, Large Investor Risk MissionSquare Retirement Target 2040, 2045, 2050, 2055, 2060, 2065 Funds Asset Allocation Risk, Fund of Funds Risk, ETF Risks, Stock Market Risk, Foreign Securities Risk, Emerging Markets Securities Risk, High Yield Securities Risk, Small-Cap Securities Risk, Mid-Cap Securities Risk, Equity Income/Interest Rate Risk, Interest Rate Risk, Credit Risk, Asset-Backed Securities Risk, Convertible Securities Risk, Indexing Risk, Derivative Instruments Risk, Large Investor Risk Disclosure Memorandum Page 40 April 2026 Appendix B – Additional Information This Appendix B contains information about certain types of instruments in which a Fund may invest. A Fund may acquire the types of investments described below to the extent consistent with its investment objectives, strategies and guidelines. This is not an exhaustive list of types of investments a Fund may acquire. This information is provided for general reference only and is subject to change without notice. It is not intended as a definitive resource on these instruments. MSQI, MissionSquare Retirement, Trust Company and their affiliates make no representations about the accuracy of the following information. ASSET-BACKED SECURITIES: Asset-backed securities are fixed income securities (see below) backed by loan paper or accounts receivable originated by banks, credit card companies or other providers of credit. Asset-backed securities in which a Fund may invest may have underlying assets that include, among others, automobile installment sales or installment loan contracts, home equity loans, leases of various types of real and personal property, and receivables from credit card agreements. There is a risk that borrowers may default on their obligations in respect of those underlying obligations. Certain assets underlying asset-backed securities are subject to prepayment, which may reduce the overall return to asset-backed security holders. Holders also may experience delays in payment on the securities if the full amounts due on underlying sales contracts or receivables are not realized by a trust because of unanticipated legal or administrative costs of enforcing the contracts or because of depreciation or damage to the collateral (usually automobiles) securing certain contracts, or other factors. The values of asset-backed securities may be substantially dependent on the servicing of the underlying asset pools and are therefore subject to risks associated with the negligence or malfeasance by their servicers and to the credit risk of their servicers. In certain circumstances, the mishandling of related documentation also may affect the rights of security holders in and to the underlying collateral. The insolvency of entities that generate receivables or that utilize the assets may result in added costs and delays in addition to losses associated with a decline in the value of underlying assets. Certain asset-backed securities do not have the benefit of the same security interest in the related collateral as do mortgage- backed securities; nor are they provided government guarantees of repayment as are some mortgage-backed securities. Credit card receivables generally are unsecured, and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. In addition, some issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance of other collateral or underlying assets, may result in a reduction in the value of such asset-backed securities and losses to a Fund. It is possible that asset-backed securities will fall out of favor at any time or over time with investors, affecting adversely the values and liquidity of the securities. BANKERS’ ACCEPTANCES: Bankers’ acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are “accepted” by a bank, meaning in effect that the bank unconditionally agrees to pay the face value of the instrument on maturity. BELOW INVESTMENT GRADE (“HIGH YIELD”) SECURITIES: Below investment grade securities (commonly referred to as high yield securities or “junk bonds”) are defined as securities or instruments rated below the four highest rating categories by Standard & Poor’s (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch Ratings (“Fitch”), each a major Nationally Recognized Statistical Rating Organization (“NRSRO”). For Moody’s, S&P, or Fitch, ratings at or below Ba, BB or BB, respectively, are below investment grade. In the case of different ratings among S&P, Moody’s, and Fitch (a split rated security), the rating of such split rated security will be determined as follows: if all three agencies rate a security, the highest and lowest ratings will be dropped and the remaining middle rating will be used; if two of the three agencies rate a security, the security will be considered to have the lower (i.e., more conservative) credit rating. If a security is not rated by S&P, Moody’s, or Fitch, it may be determined to be of comparable quality by MSQI or a subadviser, as applicable. See the website of the respective NRSRO for information about the credit rating categories used by that NRSRO. NRSROs, which include S&P, Moody’s, and Fitch, provide ratings on fixed income securities based on their analyses of information they deem relevant. Ratings of each major NRSRO represent its judgment of the safety of principal and interest payments (and not the market risk) of bonds and other fixed income securities it undertakes to rate. NRSRO ratings are not absolute standards of credit quality and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and or repay principal and a NRSRO’s decision to downgrade a security. Any shortcomings or inefficiencies in the NRSROs’ processes for determining ratings may adversely affect the ratings of securities held by the Fund and, as a result, may adversely affect those securities’ perceived credit risk. Below investment grade obligations are considered speculative and may be in default. A Fund’s investments in below investment grade securities are subject to a substantial degree of credit risk. Adverse economic developments can disrupt the market for below investment grade securities, and severely affect the ability of issuers, especially highly leveraged issuers, to service their debt obligations on a timely basis or to repay their obligations upon maturity, which may lead to a higher incidence of default on such securities. Prices of below investment grade securities rise and fall primarily in response to actual or perceived changes in the issuer’s financial health and the issuer’s ability to meet principal and interest payments on a timely basis, although legislative and regulatory developments, changes in market interest rates, market perceptions, economic conditions, and general market Disclosure Memorandum Page 41 April 2026 liquidity may also affect prices. Below investment grade securities are more likely to react to developments affecting certain of these risks than more highly rated securities. The secondary market for below investment grade securities may not be as liquid as the secondary market for more highly rated securities, which may cause those securities to be more difficult to value, and more difficult to sell at acceptable prices, as compared to higher rated securities. Below investment grade securities may experience reduced liquidity as well as sudden and substantial decreases in price. Adverse publicity and investor perception, whether or not based on fundamental analysis, may decrease the value and liquidity of below investment grade securities, especially in a thin (low trading volume) market. Not unlike investment grade fixed income securities, below investment grade securities may contain redemption or call provisions. If an issuer exercised these provisions in a declining interest rate market, a Fund may have to replace the security with a lower yielding security, potentially resulting in a decreased return for investors. Conversely, the value of a below investment grade security held by a Fund may decrease in a rising interest rate market. If a Fund experiences unexpected net redemptions, this may force it to sell below investment grade securities without regard to their investment merits, thereby decreasing the asset base upon which expenses can be spread and possibly reducing the Fund’s rate of return. CAPITALIZATION: Capitalization (often referred to as “market cap”) estimates the aggregate value of a company or stock and is a basic measure of the value of a company. It is calculated by multiplying the number of the company’s shares outstanding by their current price per share. For example, if XYZ company has 15,000,000 shares of common stock outstanding with a share price of $20 per share, then the company’s market capitalization is 15,000,000 x $20 = $300,000,000. Many exchanges and indices take into account, and are weighted by, market capitalization. Generally, the U.S. market recognizes three market cap ranges: large cap, mid cap and small cap, although the specific cut off points among these categories may differ. A larger market capitalization typically indicates a more valuable and more established company as compared with smaller capitalized companies. In addition, investments in companies with smaller capitalizations, e.g., small or mid capitalization companies, involve greater risks than are customarily associated with companies that have larger capitalizations. CASH/CASH EQUIVALENTS: These include fixed income obligations with maturities of less than one year, including short-term accounts managed by a custodian institution and shares of money market mutual funds. They also include repurchase agreements and reverse repurchase agreements. In a repurchase agreement, a Fund buys a security from a bank or broker-dealer that has agreed to repurchase the same security at a mutually agreed upon date and price. The resale price normally is the purchase price plus a mutually agreed upon interest rate. In a reverse repurchase agreement, a Fund sells a security and agrees to repurchase the same security at a mutually agreed upon date and price. A reverse repurchase agreement is considered as the borrowing of money by the Fund and, therefore, a form of leverage, which may cause any gains or losses for the Fund to become magnified. CERTIFICATES OF DEPOSIT: Certificates of deposit are negotiable interest-bearing instruments with a specific maturity. They are issued by banks and savings and loan institutions in exchange for the deposit of funds and normally can be traded in the secondary market prior to maturity. Certificates of deposit with penalties for early withdrawal will be considered illiquid. COMMERCIAL PAPER: Commercial paper is an unsecured short-term debt instrument issued by corporations and other entities. Maturities on these issues vary from one day up to 270 days. CONVERTIBLE SECURITIES: Convertible securities possess investment characteristics of both equity and fixed income securities. Convertible securities include corporate bonds (i.e., “convertible bonds”) and preferred stocks that may be exchanged for a specific number of shares of the issuing company’s common stock at a specified conversion price. Convertible securities tend to be of lower credit quality, have a higher risk of default and tend to be less liquid than traditional, nonconvertible investment grade bonds. Convertible securities may be rated below investment grade or may be unrated, which could increase their risks. The value of a convertible security increases and decreases with the value of the underlying common stock. When the convertible security’s conversion price is similar to the price of the underlying common stock, the convertible security itself generally behaves more like the common stock. When the convertible security’s conversion price is greater than the price of the underlying common stock, the convertible security generally behaves more like a fixed income security (and thus will be more sensitive to changes in interest rates). CYBER SECURITY ISSUES: The Funds, and their service providers, may be subject to operational and information security risks resulting from cyber-security attacks or incidents (collectively, “cyber-events”). In general, cyber-events can result from deliberate attacks or unintentional events. Cyber-events include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-events may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber-events affecting the Trust Company, MissionSquare Retirement, MSQI, the Funds or their subadvisers, custodian, and other third-party service providers may adversely impact the Funds. For instance, cyber-events may interfere with the processing of shareholder transactions, impact a Fund’s ability to calculate its NAVs, cause the release of private shareholder information or Disclosure Memorandum Page 42 April 2026 confidential business information, impede trading, subject a Fund to regulatory fines or financial losses and/or cause reputational damage. The Funds may also incur additional costs for cyber security risk management purposes. In addition, cyber-events affecting issuers in which a Fund invests may cause such Fund’s investments to lose value. DERIVATIVE INSTRUMENTS: A derivative is a financial instrument whose value is dependent upon the value of an underlying asset or assets. These underlying assets may include, among others, bonds, currency exchange rates, interest rates, stocks, or related indices. Types of derivatives include, but are not limited to, options, futures contracts, options on futures, forward currency contracts, and swaps. Some derivatives, such as futures contracts and certain options, are traded on U.S. commodity and securities exchanges (exchanged-traded derivatives), while other derivatives are privately negotiated and entered into in the over-the-counter (“OTC”) market (OTC derivatives). Certain swaps are traded through swap execution facilities. OTC derivatives are typically less liquid than exchange-traded derivatives since the other party to the transaction may be the only investor with sufficient understanding of the derivative to be interested in bidding for it. Derivative products are highly specialized instruments that require investment techniques and risk analyses different from those associated with stocks, bonds, and other traditional investments. The use of a derivative requires an understanding not only of the underlying instrument but also of the derivative itself, without the benefit of observing the performance of the derivative under all possible market conditions. Additional information regarding the different types of derivative instruments used by the Funds (and their associated risks) is set forth below: Forward Currency Contracts. A forward currency contract involves a privately negotiated obligation to purchase or sell a specific currency at a future date at a price set in the contract. Risks of entering into forward currency contracts include the possibility that a fund may lose money. For example, foreign currency values may change unfavorably relative to the U.S. dollar, there may be an illiquid market or a change in the value of the contracts may not correlate with changes in the value of the underlying currency. The use of over-the-counter forward currency contracts includes counterparty risk, which is the risk that the other party to a contract may not fulfill its obligations. Futures. A futures contract is an agreement to buy or sell a specific amount of a commodity or financial instrument at a particular price on a stipulated future date. Futures may involve a small investment of cash relative to the magnitude of the risk assumed. For purposes of meeting a Fund’s investment objectives or restrictions, futures contracts are considered to be the same type of security or financial instrument as that underlying the contract. Futures transactions must be made on national exchanges where purchases and sales transactions are regularly executed and regulated. The risks associated with the use of futures include: a Fund experiencing losses over certain ranges in the market that exceed losses experienced by a Fund that does not use futures contracts; there may be an imperfect correlation between the changes in the prices of futures and options on futures and the market value of their underlying assets; trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts; and there may not always be a liquid secondary market for a futures contract, and; therefore, a Fund may be unable to close out its futures contracts at a time that is advantageous. Options. An option is a derivative financial instrument that specifies a contract between two parties for a future transaction on a financial instrument at a reference price (strike price). The buyer of the option gains the right, but not the obligation, to engage in that transaction, while the seller incurs the corresponding obligation to fulfill the transaction. Options have various types of underlying financial instruments, including specific securities, indices of securities prices, futures contracts, and swaps. When a Fund writes an option, the Fund receives a premium from the buyer and becomes obligated to sell or purchase the underlying financial instrument at a fixed price upon exercise of the option. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the financial instrument underlying the written option. Exercise of an option written by the Fund could result in the Fund buying or selling a financial instrument at a price different from the current market value. When an option is exercised, the proceeds on a sale for a written call option or the purchase cost for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases to or above the strike price and the option is exercised. The risk of writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. By purchasing a put option, the purchaser obtains the right (but not the obligation) to sell the option’s underlying financial instrument at a fixed strike price. In return for this right, the purchaser pays the current market price for the option (known as the option premium). The purchaser may terminate its position in a put option by allowing it to expire or by exercising the option. If the option is allowed to expire, the purchaser will lose the entire premium. If the option is exercised, the purchaser completes the sale of the underlying financial instrument at the strike price. A purchaser may also terminate a put option position by closing it out in the secondary market at its current price if a liquid secondary market exists. The buyer of a Disclosure Memorandum Page 43 April 2026 typical put option can expect to realize a gain if the price of the underlying financial instrument falls substantially. However, if the underlying financial instrument’s price does not fall enough to offset the cost of purchasing the option, a put buyer can expect to suffer a loss (limited to the amount of the premium, plus related transaction costs). The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right to purchase, rather than sell, the underlying financial instrument at the option’s strike price. A call buyer typically attempts to participate in potential price increases of the underlying financial instrument with risk limited to the cost of the option if the price of the underlying financial instrument falls. At the same time, the buyer can expect to suffer a loss if the price of the underlying instrument does not rise sufficiently to offset the cost of the option. Swap Option (Swaption) - A swap option or swaption is a contract that gives a party the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. Depending on the terms of the particular swaption agreement, a Fund will generally incur a greater potential loss when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. Swaps. Generally, swap agreements are contracts between a Fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap may be negotiated bilaterally and traded over-the-counter between two parties. Such bilateral swaps are entered into primarily by institutional investors. The swap counterparty is typically a brokerage firm, bank, or other financial institution. Certain over-the-counter swaps may be submitted for central clearing. In addition, certain standardized swaps are subject to mandatory central clearing and certain cleared swaps are subject to mandatory exchange-trading. Cleared swaps are transacted through futures commission merchants (each an “FCM”) that are members of central clearinghouses with the clearinghouse serving as central counterparty and, as applicable, may be executed through a swap execution facility. A fund posts initial and variation margin to support its obligations under cleared swaps. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on the CFTC approval of contracts for central clearing. In a typical “swap” transaction, two parties agree to exchange one or more payments based, for example, on the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, such as specified interest rates, a particular foreign currency, or a “basket” of securities or commodities as represented by a particular index. Swaps can also be based on credit and other events. The gross payments to be exchanged between the parties are calculated with respect to a notional amount, which is the predetermined dollar principal of the trade representing the hypothetical underlying quantity upon which payment obligations are computed. Forms of swap agreements vary and include, but are not limited to: interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. Because bilateral swap agreements are structured as two party contracts and may have terms of greater than seven days, these swap agreements may be considered to be illiquid. Transactions executed on a swap execution facility may increase liquidity. Moreover, a Fund bears the risk of loss of the amount expected to be received under a bilateral swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If there is a default by the other party to such a transaction, a Fund will have to rely on its contractual remedies (which may be limited by bankruptcy, insolvency or similar laws) pursuant to the agreements related to the transaction. A Fund will enter into bilateral swap agreements only with counterparties that meet certain standards of creditworthiness. With respect to cleared swaps, central clearing is intended to decrease counterparty risk compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterparty to each participant’s swap. However, central clearing does not eliminate counterparty risk entirely for cleared swaps. The assets of a Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM’s customers. In addition, the credit risk of cleared swap participants is concentrated in a few clearing houses, and the consequences of the insolvency of a clearing house are not clear. Central clearing is also intended to increase liquidity. In addition, with respect to cleared swaps, an FCM may unilaterally impose position limits or additional margin requirements for certain types of swaps in which the Fund may invest. Central counterparties and FCMs generally can require termination of existing cleared swap transactions at any time and can also require increases in margin above the margin that is required at the initiation of the swap agreement. Margin requirements for cleared swaps vary on a number of factors, and the margin required under the rules of the clearinghouse and FCM may be in excess of the collateral required to be posted by the Fund to support its obligations under a similar uncleared swap. However, regulators have Disclosure Memorandum Page 44 April 2026 proposed and are expected to adopt rules imposing certain margin requirements on uncleared swaps in the near future, which are likely to impose higher margin requirements on uncleared swaps (see “Regulation of Swaps and Other Derivatives under the Dodd–Frank Wall Street Reform and Consumer Protection Act” below). Total Return Swaps - Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may add leverage to a Fund’s portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Generally, a Fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted against one another with the Fund receiving or paying, as the case may be, only the net amount of the two payments). Credit Default Swaps - Credit default swaps are contracts whereby one party makes periodic payments to a counterparty in exchange for the right to receive from the counterparty a payment equal to the par (or other agreed- upon) value of a referenced fixed income security in the event of a default or other agreed upon credit related event by the issuer of the debt obligation. The use of credit default swaps may be limited by a Fund’s limitations on illiquid investments. When used for hedging purposes, a Fund would be the buyer of a credit default swap contract. In that case, the Fund would be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other agreed upon credit related event by a third-party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Fund would pay to the counterparty a periodic stream of payments over the term of the contract provided that no applicable event (e.g., default or other agreed upon event) has occurred. If no such event occurs, the Fund would have spent the stream of payments and received no return from the contract. Credit default swaps involve the risk that the investment may expire worthless and would generate income only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk that the seller may fail to satisfy its payment obligations to the Fund in the event of a default. When a Fund is the seller of a credit default swap contract, it receives the stream of payments but is obligated to pay upon default of the referenced debt obligation or other agreed upon credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total assets, the Fund would be subject to investment exposure on the notional amount of the swap. In addition to the risks applicable to swaps generally, credit default swaps involve special risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Interest Rate Swaps - Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. A Fund will usually enter into interest rate swaps on a net basis, i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments on the payment dates. Inflation Rate Swaps - Inflation rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive a fixed rate in exchange for the rate of change of an inflation index with respect to a notional amount of principal. A Fund will usually enter into inflation swaps on a net, zero-coupon basis, i.e., the two rates will compound until the swap termination date at which point payments are netted, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Regulation of Swaps and Other Derivatives under the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) - The Dodd-Frank Act and related regulatory developments have imposed comprehensive new regulatory requirements on swaps and swap market participants. The new regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements in swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps and has completed most of its rules implementing the Dodd-Frank Act swap regulations. The SEC has jurisdiction over a small segment of the market referred to as “security-based swaps,” which includes swaps on single securities or credits, or narrow-based indices of securities or credits, but has not yet completed its rulemaking. The regulation of cleared and uncleared swaps, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading. Disclosure Memorandum Page 45 April 2026 It is not possible to predict fully the effects of current or future regulation. However, it is possible that developments in government regulation of various types of derivative instruments, such as speculative position limits on certain types of derivatives, or limits or restrictions on the counterparties with which the Funds engage in derivative transactions, may limit or prevent a Fund from using or limit a Fund’s use of these instruments effectively as a part of its investment strategy, and could adversely affect a Fund’s ability to achieve its investment objective(s). The Fund will continue to monitor developments in the area, particularly to the extent regulatory changes affect a Fund’s ability to enter into desired swap agreements. New requirements, even if not directly applicable to a Fund, may increase the cost of the Fund’s investments and cost of doing business. DEPOSITARY RECEIPTS: Those Funds that may invest in foreign securities, as identified in the applicable Fund Level Guidelines, may purchase the foreign securities in the form of sponsored or unsponsored depositary receipts or other securities representing underlying shares of foreign issuers. In sponsored programs, an issuer has made arrangements to have its securities traded in the form of depositary receipts. In unsponsored programs, the issuer may not be directly involved in the creation of the program. The risks associated with depositary receipts are similar to those of investing in foreign securities. In addition, the following risks also apply: the depositary of depositary receipts may not have physical custody of underlying securities; the depositary may charge additional fees for delivery of dividends and interest; a Fund may experience delays in receiving dividends or interest; and with respect to unsponsored programs, it may be harder to obtain financial information about the issuer of the underlying security because the issuer is not directly involved in the program. EQUITY SECURITIES: Common Stock. Common stock represents an equity or ownership interest in an issuer. Common stock typically entitles the owner to vote on the election of directors and other important matters as well as to receive dividends on such stock. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds, other debtholders, and owners of preferred stock take precedence over the claims of those who own common stock. Preferred Stock. Preferred stock represents an equity or ownership interest in an issuer. Preferred stock normally pays dividends at a specified rate and has precedence over common stock in the event an issuer liquidates or declares bankruptcy. However, in the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over claims of those who own preferred or common stock. Preferred stock, unlike common stock, often has a stated dividend rate payable from the corporation’s earnings. Preferred stock dividends may be cumulative or noncumulative, participating, or auction rate. “Cumulative” dividend provisions require all or a portion of prior unpaid dividends be paid before dividends can be paid to the issuer’s common stock. “Participating” preferred stock may be entitled to a dividend exceeding the stated dividend in certain cases. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of such stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as provisions allowing the stock to be called or redeemed, which can limit the benefit of a decline in interest rates. Preferred stock is subject to many of the risks to which common stock and fixed income securities are subject. Master Limited Partnerships. Master limited partnerships (“MLPs”) are limited partnerships in which the ownership units are publicly traded. MLP units are registered with the SEC and are freely traded on a securities exchange or in the over-the-counter market. MLPs often own several properties or businesses (or own interests) that are related to real estate development and oil and gas industries, but they also may finance motion pictures, research and development and other projects. Generally, an MLP is operated under the supervision of one or more managing general partners. Limited partners are not involved in the day-to-day management of the partnership. The risks of investing in an MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Additional risks involved with investing in an MLP are risks associated with the specific industry or industries in which the partnership invests, such as the risks of investing in real estate, or oil and gas industries. EXCHANGE-TRADED FUNDS (“ETFs”): Most ETFs are registered under the Investment Company Act of 1940 (“1940 Act”) as investment companies. Therefore, an ETF is subject to restrictions under the 1940 Act. In addition, ETFs have their own management fees and other expenses, which increase their cost. See the “Investment Companies” section below. ETFs hold portfolios of securities, commodities, or currencies that are intended to track, as closely as possible before expenses, the price and/or yield of (i) a specified domestic or foreign market or other index, (ii) a basket of securities, commodities or currencies, or (iii) a particular commodity or currency. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings. Although the value of an investment in an ETF will rise or decline more or less in correlation with any rise or decline in the value of the index the exchange-traded fund seeks to track, the performance results of ETFs will not exactly track the performance of the pertinent index, basket, commodity or currency due to transaction and other expenses borne by ETFs. Furthermore, there can be no assurance that the portfolio of securities, commodities and/or currencies purchased by an ETF will replicate a particular index or basket or price of a commodity or currency. Disclosure Memorandum Page 46 April 2026 ETF shares are sold and redeemed at net asset value only in large blocks called creation units and redemption units, respectively. ETF shares also may be purchased and sold in secondary market trading on national securities exchanges, which allows investors to purchase and sell ETF shares at their market price throughout the day. Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies (see “Investment Companies” below). However, investments in ETFs further involve the same risks associated with a direct investment in the security, commodity or currency, or in the types of securities, commodities, or currencies included in the indices or baskets the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value, and an active trading market in such shares may not develop or be maintained. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Lastly, an ETF would not necessarily sell a security because the issuer of the security was in financial trouble unless the security is removed from the index that the ETF seeks to track. Some Funds may purchase ETF shares for the same reason they might purchase (and as an alternative to purchasing) futures contracts: to obtain exposure to the securities in the ETF’s benchmark index while maintaining flexibility to meet their liquidity needs. ETF shares can be purchased for smaller sums and offer exposure to market sectors and styles for which there is no suitable or liquid futures contract. FIXED INCOME SECURITIES: Fixed income securities consist primarily of debt obligations issued by governments, corporations, municipalities and other borrowers, but may also include structured securities that provide for participation interests in debt obligations. Fixed income securities may also include loan participations and assignments that are privately negotiated notes representing the equivalent of a loan or bank debt. The market value of the fixed income securities in which a Fund invests will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market fluctuations as a result of changes in interest rates over time. Changes by recognized agencies in the rating of any fixed income security and in the ability of an issuer to make payments of interest and principal also affect the value of these investments, as well as factors such as the market perception of the creditworthiness of the fixed income security’s issuer and general market liquidity. Changes in the value of these securities will not necessarily affect cash income derived from these securities but can affect a Fund’s net asset value. Instability in the markets for fixed income securities may significantly affect the volatility of the prices of such securities. In the event of redemptions, a Fund that invests in fixed income securities may be forced to sell these portfolio securities at an unfavorable time or price. As a result, a Fund may incur a greater loss on the sale of such securities than under more stable market conditions. Such losses can adversely impact a Fund’s net asset value. Nationally Recognized Statistical Rating Organizations (each an “NRSRO”), which include S&P, Moody’s and Fitch, provide ratings on fixed income securities based on their analyses of information they deem relevant. Ratings of each major NRSRO represent its judgment of the safety of principal and interest payments (and not the market risk) of bonds and other fixed income securities it undertakes to rate. NRSRO ratings are not absolute standards of credit quality and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and or repay principal and a NRSRO’s decision to downgrade a security. Any shortcomings or inefficiencies in the NRSROs’ processes for determining ratings may adversely affect the ratings of securities held by the Fund and, as a result, may adversely affect those securities’ perceived credit risk. The minimum credit rating threshold for fixed income securities must be met immediately after each new acquisition by a Fund. In the event a security owned by a Fund is downgraded, MSQI or a subadviser, as applicable, will review the situation and take appropriate action with regard to the security. Additional information regarding fixed income securities is set forth below: Corporate Bonds. Corporate bonds are fixed income securities issued by private and public corporations. Corporate bonds are issued by a wide variety of corporations involved in a variety of industries. A wide range of choices exist for corporate bonds in regard to bond structures, coupon rates, maturity dates, credit quality and industry exposure. Corporate bonds are generally considered higher risk than domestically issued government bonds. As a result, coupon rates paid on corporate bonds are generally higher than domestically issued government bonds with similar maturity dates, even for the highest credit quality corporate bonds. The backing for a corporate bond is usually the payment ability of the corporation, which is typically money to be earned from future operations. In some cases, the corporation’s physical assets may be used as collateral for bonds. Corporate bonds are a source of capital for many corporations along with equity offerings and bank loans/lines of credit. Unlike equity securities, corporate bonds do not represent an ownership interest in the issuing corporation. However, in the event of default, corporate bond holders generally have a higher claim on the corporation’s unencumbered assets than do stockholders. Disclosure Memorandum Page 47 April 2026 Municipal Securities. Municipal securities are fixed income securities issued by state and local governments, territories and possessions of the U.S., regional governmental authorities, and their agencies and instrumentalities. In general, municipal securities are issued to obtain funds for a variety of public purposes, such as the construction, repair, or improvement of public facilities, including airports, bridges, housing, hospitals, mass transportation, schools, streets, water, and sewer works. Municipal securities may be issued to refinance outstanding obligations as well as to raise funds for general operating expenses and lending to other public institutions and facilities. The two principal classifications of municipal securities are general obligation securities and revenue securities. General obligation securities are secured by the issuer’s pledge of its full faith, credit, and taxing power for the payment of principal and interest. Characteristics and methods of enforcement of general obligation bonds vary according to the law applicable to a particular issuer, and the taxes that can be levied for the payment of debt instruments may be limited or unlimited as to rates or amounts of special assessments. Revenue securities are payable only from the revenues derived from a particular facility, a class of facilities or, in some cases, from the proceeds of a special excise tax. Revenue bonds are issued to finance a wide variety of capital projects, including (for example) electric, gas, water and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals. Although the principal security behind these bonds may vary, many provide additional security in the form of a debt service reserve fund the assets of which may be used to make principal and interest payments on the issuer’s obligations. Duration. Duration of a fixed income security is a measure of the expected change in value of the security for a given change in interest rates. The duration of a portfolio is the weighted average duration of all the fixed income securities in the portfolio. The effective duration of a portfolio takes into account that expected cash flows will fluctuate as interest rates change. For example, if interest rates change by one percent, the value of a security having an effective duration of two years generally would vary by two percent. Investment Grade Fixed Income Securities. Fixed income securities are considered investment grade if they are rated in one of the four highest rating categories by S&P, Moody’s, or Fitch. In the case of different ratings among S&P, Moody’s, and Fitch (a split rated security), the rating of such split rated security will be determined as follows: if all three agencies rate a security, the highest and lowest ratings will be dropped and the remaining middle rating will be used; if two of the three agencies rate a security, the security will be considered to have the lower (i.e., more conservative) credit rating. If a security is not rated by S&P, Moody’s, or Fitch, it may be determined to be of comparable quality by MSQI or a subadviser, as applicable. See the website of the respective NRSRO for information about the credit rating categories used by that NRSRO. Average Credit Quality. The average credit quality for a Fund is an average of each fixed income security’s stated credit rating calculated on an asset-weighted basis. Sensitivity to Economic Changes. Lower rated fixed income securities are more sensitive to adverse economic changes and corporate developments than their higher rated counterparts. During an economic downturn, highly leveraged issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals, and to obtain additional financing. If the issuer of a fixed income security defaulted on its obligations to pay interest or principal or entered into bankruptcy proceedings, a Fund may incur losses or expenses in seeking recovery of amounts owed to it. In addition, periods of economic uncertainty and change can be expected to result in increased volatility of market prices of lower rated fixed income securities and a Fund’s net asset value. Call and Similar Risks. Fixed income securities may contain redemption or call provisions. If an issuer exercised these provisions in a declining interest rate market, a Fund would have to replace the security with a lower yielding security, resulting in a decreased return for investors. Conversely, the value of a fixed income security held by a Fund may decrease in a rising interest rate market. If a Fund experiences unexpected net redemptions, this may force it to sell high yield fixed income securities without regard to their investment merits, thereby decreasing the asset base upon which expenses can be spread and possibly reducing the Fund’s rate of return. Liquidity and Valuation. There may be little trading in the secondary market for particular fixed income securities, which may adversely affect a Fund’s ability to value accurately or dispose of such fixed income securities. Adverse publicity and investor perception, whether or not based on fundamental analysis, may decrease the value and liquidity of below investment grade fixed income securities, especially in a thin (low trading volume) market. Maturity. The maturity of a fixed income security is the length of time until the date on which the issuer of a fixed income security must repay the principal or full face value in total (and sometimes the final interest payment) to the holder. For example, a bond with a period of 10 years has a maturity date 10 years after its issue. The maturity date also generally indicates the period of time during which the bondholder will receive interest payments. The maturity date of a fixed income security is important because of interest rate risk. Generally, a security with a longer maturity will fluctuate more in price due to changes in interest rates as compared to a shorter term security. Fixed income Disclosure Memorandum Page 48 April 2026 securities are often classified by maturity date. Generally, the U.S. market recognizes three maturity ranges – short term, intermediate term and long term, although the specific cut off points among these categories may differ. Some fixed income securities are callable (meaning that the issuer may redeem them before the maturity date under certain circumstances). Some fixed income securities, such as mortgage-backed securities, pay back their principal over the life of the debt, similar to the way a mortgage is amortized, or paid down. While these instruments also have a maturity date, that date is when the last installment payment of the loan as well as the last interest payment is due. Maturity can refer to the security’s original maturity, meaning the length of time between first issuance and the repayment date, or remaining maturity, meaning the length of time, after first issuance, that remains under the repayment date. Coupon Rate. A coupon payment on a fixed income security is a periodic interest payment that the holder receives during the time between when the security is issued and when it matures. Coupons are normally described in terms of the coupon rate, which is calculated by adding the total amount of coupons paid per year and dividing by the fixed income security’s face value. Below Investment Grade Fixed Income Securities. See “Below Investment Grade Securities” for further information (and certain associated risks) of fixed income securities that are below investment grade. FLOATING RATE LOANS: Floating rate loans are debt securities or other interests issued by companies or other entities with floating interest rates that reset periodically. Certain floating rate loans are also known as “bank loans.” Most floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower (e.g., common stock or debt instruments) in the event of bankruptcy. Floating rate loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancings. Floating rate loans are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. Floating rate loans may be acquired from a lender or through the agent as an assignment from another lender who holds a floating rate loan, or as a participation interest in another lender’s floating rate loan or portion thereof. Investments in floating rate loans have risks that are similar to those of fixed income securities. In addition, floating rate loans carry the risk of impairment of collateral. The value of the collateral securing a floating rate loan can decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. As such a floating rate loan may not be fully collateralized and can decline significantly in value. Floating rate loans may also carry liquidity risk. Floating rate loans generally are subject to legal or contractual restrictions on resale. Therefore, the liquidity of floating rate loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual floating rate loans. If the credit quality of a floating rate loan suffers a significant decline, the secondary trading market for that same loan may also decline, making it more difficult to sell and to value. Difficulty in selling a floating rate loan can result in a loss. In addition, floating rate loans may not be considered “securities,” and the holder therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. There also may be limited public information available regarding floating rate loans. A subadviser may elect to receive material non- public information about an individual floating rate loan that is not available to other lenders of such floating rate loan. If a Fund elects to become restricted on any individual floating rate loan as a result of agreeing to receive material non-public information about the loan, such Fund might be unable to enter into a transaction in a security of that borrower, when it would otherwise be advantageous to do so. FOREIGN SECURITIES: Foreign securities are securities issued by non-U.S. issuers. Investments in foreign securities may subject a Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income and gains, possible seizure, nationalization, or expropriation of foreign assets, possible establishment of exchange controls or taxation at the source or greater fluctuations in value due to changes in the currency exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less publicly available information about foreign issuers. In addition, foreign issuers are, generally speaking, subject to less government supervision and regulation and different accounting treatment than are those in the U.S. Foreign branches of U.S. banks and foreign banks may be subject to less stringent reserve requirements than those applicable to domestic branches of U.S. banks. The value of a Fund’s investments denominated in foreign currencies will depend in part on the relative strengths of those currencies and the U.S. dollar, and a Fund may be affected favorably or unfavorably by changes in the exchange rates or exchange or currency control regulations between foreign currencies and the U.S. dollar. Changes in foreign currency exchange rates also may affect the value of dividends and interest earned, gains and losses realized on the sale of securities and net investment income and gains, if any, to be distributed to shareholders by a Fund. Such investments may also entail higher custodial fees and sales commissions than domestic investments. Securities of Issuers Located in Emerging Market Countries (“Emerging Market Securities”). Emerging market securities are (a) securities of issuers located in countries not included in the MSCI World Index, and (b) securities included in the MSCI Emerging Markets Index. Disclosure Memorandum Page 49 April 2026 A Fund’s investments in emerging market securities can be considered speculative, and therefore may offer higher potential for gains and losses than investments in developed markets of the world. With respect to an emerging market country, there may be a greater potential for nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including war) which could affect adversely the economies of such countries or investments in such countries. The economies of developing countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange or currency controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. In addition to the risks of investing in emerging market fixed income securities, a Fund’s investment in government or government-related securities of emerging market countries and restructured debt instruments in emerging markets are subject to special risks, including the inability or unwillingness to repay principal and interest, requests to reschedule or restructure outstanding debt, and requests to extend additional loan amounts. A Fund may have limited recourse in the event of default on such debt instruments. Foreign Government Securities. Foreign government securities (also referred to as “sovereign debt securities”) are fixed income securities issued by a foreign government, a foreign municipality, or an agency or instrumentality thereof. The ability of a foreign governmental obligor to meet its obligations to pay principal and interest to debtholders generally will be adversely affected by rising foreign interest rates, as well as the level of the relevant government’s foreign currency reserves and currency devaluations. If a governmental obligor defaults on its obligations, a Fund may have limited legal recourse against the issuer and/or guarantor. These risks may be heightened during periods of economic or political instability and are generally heightened in emerging markets countries. Supranational Entities. Examples of supranational entities include the International Bank for Reconstruction and Development (the World Bank), the European Union, the Asian Development Bank and the Inter-American Development Bank. The government members, or “stockholders,” usually make initial capital contributions to the supranational entity and in many cases are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its fixed income securities, and a Fund may lose money on such investments. European-related Risks. Countries in Europe may be significantly affected by fiscal and monetary controls implemented by the European Union (“EU”) and European Economic and Monetary Union (“EMU”), which require member countries to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls. Decreasing imports or exports, changes in governmental or other regulations on trade, changes in the exchange rate of the Euro, the default or threat of default by one or more EU member countries on its sovereign debt, and/or an economic recession in one or more EU member countries may have a significant adverse effect on the economies of other EU member countries and major trading partners outside Europe. The exit of any country out of the Euro could have a destabilizing effect on that country and all eurozone countries and their economies and could have an adverse effect on the global economy and on global markets. ILLIQUID SECURITIES: Generally, an illiquid security is a security that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value at which a Fund has valued it. To the extent that a Fund invests in illiquid securities, it may experience difficulty valuing and selling illiquid securities and, in some cases, may be unable to value or sell certain illiquid securities for an indefinite period of time. INFLATION-ADJUSTED SECURITIES: Inflation-adjusted securities are fixed income securities whose principal values or coupon rates are periodically adjusted to reflect the rate of inflation as indicated by the Consumer Price Index (“CPI”) (or an equivalent, see below). Inflation-adjusted securities may be issued by U.S. and foreign governments, agencies and instrumentalities, corporations, or state and local governments. The following two structures are common: (1) the U.S. Treasury and some other issuers use a structure whereby the principal value adjusts with inflation while the coupon rate remains fixed; and (2) other issuers use a structure whereby the principal value is fixed but the coupon rate adjusts with inflation. The periodic adjustment of U.S. inflation-adjusted securities is tied to the CPI, which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-adjusted securities issued by foreign governments, agencies, instrumentalities, and corporations are generally adjusted to reflect an inflation index comparable to the CPI. There can be no assurance that the CPI or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the U.S. Inflation, a general rise in prices of goods and services, erodes the purchasing power of an investor’s portfolio. For example, if an investment provides a “nominal” total return of 8% in a given year and inflation is 3% during that period, the inflation-adjusted, or real return, is approximately 5%. Inflation, as measured by the CPI, has occurred in the U.S. for each of the past 50 years. Disclosure Memorandum Page 50 April 2026 Investors in inflation-adjusted securities funds (such as the Inflation Focused Fund) who do not reinvest the portion of the income distribution that is attributable to inflation adjustments may not maintain the purchasing power of the investment over the long term. This is because interest earned depends on the amount of principal invested, and that principal will not grow with inflation if the investor fails to reinvest the principal adjustment paid out as part of a fund’s income distribution. While inflation-adjusted securities are expected to be protected from long-term inflationary trends, short term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in monetary policy or currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the security’s inflation measure. If the periodic adjustment rate measuring inflation (e.g., the CPI) falls, the principal value of inflation-adjusted securities that adjust the principal value will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal upon maturity (or the inflation-adjusted principal, if greater) is guaranteed in the case of U.S. Treasury inflation protected securities, even during a period of deflation. However, the current market value of the inflation-adjusted securities is not guaranteed and will fluctuate. Other inflation-adjusted securities include inflation related fixed income securities, which may or may not provide a principal repayment guarantee. If a guarantee of principal is not provided, the adjusted principal value of the security repaid at maturity may be less than the original principal. The value of inflation-adjusted securities should change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a rate faster than changes in nominal interest rates, real interest rates may decline leading to an increase in value of the inflation adjusted securities. In contrast, if nominal interest rates increased at a rate faster than the rate of inflation, real interest rates may rise, leading to a decrease in value of inflation adjusted securities. INITIAL PUBLIC OFFERINGS: An initial public offering, or IPO, is the first sale of common stock or other securities by a privately held company to the public. Companies frequently initiate public offerings in order to raise capital or reduce debt. Often, smaller, younger and relatively unknown companies will publicly offer their shares in order to raise capital to expand their business. Large, well-established, privately-held companies might conduct an initial public offering so that they can become publicly traded. The price of the security in its first few days of trading may fluctuate quickly and significantly. Additionally, securities issued in IPOs have no trading history, and historical information about the company may be limited. INVESTMENT COMPANIES AND OTHER FUNDS: Securities of investment companies and other funds, including shares of closed-end investment companies, unit investment trusts, open-end investment companies, ETFs and REITs, represent interests in professionally actively or passively managed portfolios that may invest in various types of instruments. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or over-the- counter at a premium or a discount to their net asset value. Other funds are continuously offered at net asset value but may also be traded in the secondary market. A Fund’s investment in another fund is subject to the risk associated with that underlying fund’s portfolio securities. In addition, when a Fund purchases shares of another fund (including a Fund of VantageTrust III), the Fund will indirectly bear its proportionate share of the advisory fees and other operating expenses of such underlying fund. Because of restrictions on direct investment by U.S. entities in certain countries, investment in other funds may be the most practical or the only manner in which an international and global fund can invest in the securities markets of those countries. A Fund also may incur tax liability to the extent it invests in the stock of a foreign issuer that constitutes a “passive foreign investment company.” MONEY MARKET SECURITIES: Money market securities include instruments and securities that are considered “eligible securities” as defined in Rule 2a-7 under the 1940 Act. This includes securities with a remaining maturity of 397 days or less and that, as a general matter, have received a rating from major NRSROs in one of the two highest short-term ratings categories, or are unrated but are determined by the Fund’s investment adviser or a subadviser, as applicable, to be of comparable quality at the time of purchase. Security types may include U.S. Government securities, commercial paper, certificates of deposit, asset- backed securities, bank instruments, adjustable or variable rate securities, and any other securities or instruments that meet the definition of “eligible securities” under Rule 2a-7. See the website of the respective NRSRO for information about the credit rating categories used by that NRSRO. MORTGAGE-BACKED SECURITIES: Mortgage-backed securities generally are issued or guaranteed by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Mortgage-backed securities are also issued by non-agency entities such as banks, brokerage firms, and homebuilders. These “private label” mortgages are subject to credit risk relating to the credit rating of the issuer. Mortgage-backed securities represent an ownership interest in a pool of mortgage loans originated by lenders such as mortgage banks, commercial banks, savings and loan associations, savings banks and credit unions, to finance purchases of homes, commercial buildings or other real estate. The individual mortgage may have either fixed or adjustable interest rates. These loans Disclosure Memorandum Page 51 April 2026 are packaged or “pooled” together for sale to investors. As the underlying mortgage loans are repaid, investors receive principal and interest payments. The primary issuers or guarantors of these securities are Ginnie Mae, Fannie Mae and Freddie Mac. Ginnie Mae guarantees the payment of principal and interest on Ginnie Mae mortgage-backed securities and this guarantee is backed by the full faith and credit of the U.S. Government. Ginnie Mae may borrow U.S. Treasury funds needed to make payments under its guarantee. The guarantee, however, does not cover the value or yield of Ginnie Mae securities nor does it cover the value of the Fund’s shares which will fluctuate daily with market conditions. Mortgage-backed securities issued or guaranteed by Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government. Fannie Mae guarantees full and timely payment of all interest and principal, and Freddie Mac guarantees timely payment of interest and the ultimate collection of principal. Fannie Mae and Freddie Mac guarantees are supported by the right to borrow money from the U.S. Treasury under certain circumstances. There is no assurance that the U.S. Government will support Fannie Mae or Freddie Mac guarantees and, accordingly, these involve a risk of non-payment of principal and interest. Due largely to their prepayment or extension risk, the yields on these mortgage-backed securities historically have exceeded the yields on fixed income securities having comparable maturities that are backed by the full faith and credit of the U.S. Government. Most mortgage-backed securities are pass-through securities, which means that they provide investors with monthly payments consisting of a pro rata share of both regular interest and principal payments, as well as unscheduled early prepayments, on the underlying mortgage pool (less Ginnie Mae’s, Freddie Mac’s or Fannie Mae’s fees and any applicable loan servicing fees). As a result, the holder of the mortgage-backed securities (i.e., the Fund) receives monthly scheduled payments of principal and interest and also may receive unscheduled prepayments of principal on the underlying mortgages. When a Fund reinvests the payments and any unscheduled prepayments it receives, it may have to buy securities that have a lower interest rate than it receives on the mortgage-backed securities. For this reason, pass-through mortgage-backed securities may be less effective than U.S. Government securities as a way to “lock in” long-term interest rates. In general, fixed-rate mortgage-backed securities have greater exposure to this “prepayment risk.” The market value of mortgage-backed securities, like other fixed income securities, will generally vary inversely with changes in market interest rates, declining when interest rates go up and rising when interest rates go down. Mortgage-backed securities may have less potential for capital appreciation than other fixed income securities of comparable maturities as interest rates decline, due to the increased likelihood of mortgage prepayments. Also, an unexpected increase in interest rates could extend the average life of a mortgage-backed security because of a lower than expected level of prepayments, potentially reducing the security’s value and increasing its volatility. Generally, coupon rates of adjustable rate mortgage-backed securities tend to move with market interest rates and their values fluctuate less than fixed rate mortgage-backed securities. These factors may limit the ability of the Fund to obtain the desired level of total return under varying market conditions. In addition, to the extent mortgage-backed securities are purchased at a premium, mortgage foreclosures or unscheduled principal prepayments may result in a loss of the holder’s principal investment to the extent of the premium paid. On the other hand, if mortgage-backed securities are bought at a discount, both scheduled payments and unscheduled prepayments of principal will increase current and total returns and accelerate the recognition of income that will be taxable as ordinary income when distributed to shareholders. To-Be-Announced (“TBA”) Transactions. A TBA is a forward mortgage-backed securities trade. Pass-through securities issued by Freddie Mac, Fannie Mae and Ginnie Mae trade in the TBA market. The term TBA is derived from the fact that the actual mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made. The securities are “to be announced” 48 hours prior to the established trade settlement date. The Fund also relies on the seller to complete the transaction. The seller’s failure to do so may cause the Fund to miss a price or yield considered advantageous to the Fund, and a Fund bears the risk of loss in the event of the default or bankruptcy of the seller. In the case of a bankruptcy or other organizational proceeding of the counterparty, the Fund may obtain no or limited recovery and any recovery may be significantly delayed. U.S. Agency and Non-U.S. Agency Collateralized Mortgage Obligations. Collateralized mortgage obligations (“CMOs”) are mortgage-backed fixed income securities that are collateralized by whole loan mortgages or mortgage pass-through securities. CMOs issued by U.S. Government agencies or Government sponsored enterprises (such as Freddie Mac) are U.S. Agency CMOs, while CMOs issued by private issuers are Non-U.S. Agency CMOs. The securities issued in a CMO offering are divided into groups referred to as tranches, and they are differentiated by the type of return paid by the issuer. A given tranche may receive interest, principal, or a combination of the two, and may include more complex stipulations. CMOs may include real estate mortgage investment conduits (REMICs). REMICs, which were authorized under the Tax Reform Act of 1986, are private entities formed for the purpose of holding a fixed pool of mortgages secured by an interest in real property. A REMIC is a CMO that qualifies for special tax treatment under the Internal Revenue Code of 1986, as amended, and invests in certain mortgages principally secured by interests in real property. Guaranteed REMIC pass-through certificates (REMIC Certificates) issued by Fannie Mae or Freddie Mac represent beneficial ownership interests in a REMIC trust consisting principally of mortgage loans or Fannie Mae-, Freddie Mac-, or Ginnie Mae- guaranteed mortgage pass-through certificates. For Freddie Mac REMIC Certificates, Freddie Mac guarantees the timely payment of interest and also guarantees the payment of principal, as payments are required to be made on the Disclosure Memorandum Page 52 April 2026 underlying mortgage participation certificates. Fannie Mae REMIC Certificates are issued and guaranteed as to timely distribution of principal and interest by Fannie Mae. For Agency CMOs, the primary risk is prepayments or extensions of the underlying mortgages serving as collateral and from the structure of the deal (i.e., the priority of the individual tranches). An increase or decrease in prepayment rates will affect the yield, average life, and price of CMOs. For non-Agency CMOs, in addition to prepayment, extension and structure risks, default risk of the underlying collateral is also important. The prices of certain CMOs, depending on their structure and the rate of prepayments, can be volatile. Also, CMOs can be illiquid, which can increase the cost of buying and selling them. Commercial Mortgage-Backed Securities. Commercial mortgage-backed securities (“CMBS”) are fixed income securities generally backed by loans on retail, office, industrial, multi-family housing and hotel properties. CMBS are structured like mortgage-backed securities. The CMBS’s collateral creates exposure to the commercial real estate market, while the structure of the security itself will behave like a mortgage-backed security. However, the investor in a CMBS has more prepayment protection than with a mortgage-backed security. The prepayment penalties inherent in a CMBS provide the investor with greater protection than a residential backed mortgage security. CMBS may carry greater credit risk as the securities may represent only a few projects, versus a traditional mortgage-backed security that may represent thousands of residential homeowners spread across different regions of the country. POOLED INVESTMENT VEHICLE or POOLED VEHICLE: Means any investment company as defined in section 3(a) of the Investment Company Act of 1940 or any company that would be an investment company under section 3(a) of that Act but for the exclusion provided from that definition by either section 3(c)(1) or section 3(c)(7) or section 3(c)(11) of that Act. PRIVATE INVESTMENTS IN PUBLIC COMPANIES: From time to time, a public company may issue its securities in a non-public transaction in reliance on an exemption from the registration requirements of the Securities Act of 1933 (the “1933 Act”). At the time that the issuer sells the unregistered securities, the issuer may commit to register the securities with the SEC, so that the securities may be resold to the public at a later date. The issuer may commit to register the securities by signing a registration rights agreement, which requires the issuer to file a shelf registration statement with the SEC within a specified number of days after the initial sale of the unregistered securities is completed. REAL ESTATE INVESTMENT TRUSTS (“REITs”): REITs generally are trusts that sell securities to investors and use the proceeds to invest in real estate, real estate-related loans, or interests in real estate. A REIT may focus on a particular project, such as apartment complexes, or a geographic region, or both. REITs are sometimes informally characterized as equity REITs, mortgage REITs, or a combination of equity REITs and mortgage REITs. Equity REITs invest most of their assets directly in real estate property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest most of their assets in real estate mortgages and derive income from interest payments. Equity REITs may be subject to certain risks associated with the direct ownership of real estate and with the real estate industry in general, including (among others) declines in the value of real estate; extended vacancies of properties; risks related to general and local economic conditions; overbuilding and increased competition; changes in zoning laws; increases in property taxes and operating expenses; costs resulting from the clean-up of, and liability to third-parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; as well as limitations on and variations in rental income. Mortgage REITs may be subject to risks similar to mortgage-backed securities, notably prepayment risk, default risk, and volatility associated with changes in interest rates and economic conditions. RESTRICTED SECURITIES: Restricted securities generally include securities acquired in a non-public offering that are not registered under the Securities Act of 1933. Rule 144A securities are restricted securities, which while privately placed, are eligible for purchase and sale under Rule 144A under the 1933 Act. This rule permits certain qualified institutional buyers, such as the Funds, to trade in privately placed securities even though such securities are not registered under the 1933 Act. These securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the 1933 Act. Where registration is required a Fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell. Section 4(2) commercial paper is another type of restricted security that does not meet the requirements of the registration exemption provisions of Section 3(a)(3) of the 1933 Act and that may only be resold by a portfolio in certain private placements or in accordance with Rule 144A. Certain restricted securities and municipal lease obligations (defined below) that are presumed to be illiquid may be treated as liquid if it is determined that there is a “readily available market” for such security under these procedures. A municipal lease obligation is an obligation in the form of a lease or installment purchase which is issued by a state or local government to acquire equipment and facilities. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. RIGHTS AND WARRANTS: Rights are typically short-term obligations issued in conjunction with new stock issuances. Warrants give the holder the right to buy an issuer’s securities at a stated price for a stated period of time. Disclosure Memorandum Page 53 April 2026 SECURITIES LENDING: Certain Funds may engage in one or more securities lending programs conducted by the Funds’ custodian as securities lending agent or other entities in an effort to generate additional income. In the securities lending program, the Funds’ custodian is authorized to lend Fund portfolio securities to third-parties pursuant to contracts calling for collateral in cash or other forms accepted by the Funds at least equal to the market value of the securities loaned. All securities loaned are marked to market daily in U.S. dollars and collateral is received and released accordingly on the following day to achieve the required collateralization for the previous day’s market value. The Funds receive dividends, distributions and interest on the loaned securities. The Funds also retain all or a portion of the interest received on investment of the cash collateral or receive fees from the borrowers. A Fund may terminate a loan at any time and generally will receive the securities loaned within the normal settlement period for the security involved. However, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of the borrower. A Fund may not retain voting rights on securities while they are on loan. Voting rights on the loaned securities may pass to the borrower. The Funds, however, are entitled to terminate or recall the loans to vote proxies or otherwise obtain rights to vote or consent with respect to a material event. A Fund will be indemnified by its custodian for securities lending programs conducted through the custodian if at the time of a default by a borrower some or all of the loaned securities have not been returned by the borrower. The custodian, as soon as practicable after the time of default, will deposit in the Funds’ account securities of the same number, issue, type, class, and series of the unreturned loaned securities. If the custodian is unable to purchase replacement securities, it will credit to the Funds’ account an amount equal to the market value of the unreturned loaned securities. TIME DEPOSITS: A time deposit is a non-negotiable receipt issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, it earns a specified rate of interest over a definite period of time; however, it cannot be traded in the secondary market. U.S. GOVERNMENT SECURITIES: Examples of types of U.S. Government securities in which a Fund may invest include U.S. Treasury obligations and the obligations of U.S. Government agencies or U.S. Government sponsored entities such as Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Fannie Mae, Ginnie Mae, General Services Administration, Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks, Maritime Administration, and other similar agencies. Whether backed by the full faith and credit of the U.S. Treasury or not, U.S. Government securities are not guaranteed against price movements due to fluctuating interest rates. U.S. Treasury Obligations - U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry system known as Separately Traded Registered Interest and Principal Securities (“STRIPS”) and Treasury Receipts (“TRs”). U.S. Government Zero Coupon Securities - STRIPS and TRs are sold as zero coupon securities, that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturity and credit qualities. U.S. Government Agency Securities - Some obligations issued or guaranteed by agencies of the U.S. Government are supported by the full faith and credit of the U.S. Treasury (e.g., Treasury bills, notes and bonds, and securities guaranteed by Ginnie Mae), others are supported by the right of the issuer to borrow from the Treasury (e.g., Federal Home Loan Banks), while still others are supported only by the credit of the instrumentality (e.g., Fannie Mae). Guarantees of principal by agencies or instrumentalities of the U.S. Government may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities or to the value of a Fund’s shares. VARIABLE AND FLOATING RATE SECURITIES: Variable and floating rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations, meaning that they bear interest at rates which are not fixed, but which vary with changes in specified market rates or indices. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Variable rate obligations typically provide for a specified periodic adjustment in the interest rate, while floating rate obligations typically have an interest rate which changes whenever there is a change in the external interest or market rate. There is a risk that the current interest rate on variable and floating rate securities may not accurately reflect existing market interest rates. These securities may also involve conditional or unconditional demand features. A security with a demand feature that requires a notice period exceeding seven days may be considered illiquid if there is no secondary market for such security. Disclosure Memorandum Page 54 April 2026 WHEN-ISSUED SECURITIES: Securities may be purchased on a when-issued basis. The purchase price and the interest rate payable, if any, on the securities are fixed on the purchase commitment date or at the time the settlement date is fixed. The value of the securities is subject to market fluctuation beginning on the purchase commitment date. Typically, no income accrues on securities that a Fund has committed to purchase prior to the time delivery of the securities is made, although the Fund may earn income on securities it has segregated to cover these positions. YANKEE BONDS AND EURODOLLAR INSTRUMENTS: Yankee bonds are foreign fixed income securities denominated in U.S. dollars and issued in the United States by foreign banks and corporations. These fixed income securities are usually registered with the SEC. The risks of investing in Yankee bonds include interest rate and credit risk as well as foreign securities risk. Eurodollar instruments are fixed income securities issued by foreign corporations and governments that pay interest and principal in U.S. dollars. These instruments are generally held in banks outside the U.S., often in Europe.