MissionSquare Retirement Account Access

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.

Plan Default Funds - 100177

Fund Name	Fund Code
Vngrd Target Retire Inc	5500
Vngrd Target Retire 2020	5504
Vngrd Target Retire 2025	5505
Vngrd Target Retire 2030	5506
Vngrd Target Retire 2035	5507
Vngrd Target Retire 2040	5508
Vngrd Target Retire 2045	5509
Vngrd Target Retire 2050	5510
Vngrd Target Retire 2055	5511
Vngrd Target Retire 2060	5512

Fund Performance

Quarterly Report as of 03/31/2024

Show Most Recent Monthly Report

Stable Value/Cash Management

Fund Name	Fund Code	Qtr. Ended 03/31/24	YTD	1 Year	5 Year	10 Year	Since Inception	Inception Date	Expense Ratio
Fund Name	Fund Code	Qtr. Ended 03/31/24	YTD	1 Year	5 Year	10 Year	Since Inception	Inception Date	Gross	Net
MissionSquare PLUS R10^{A, B, C}	7071	0.74%	0.74%	2.91%	2.29%	2.20%	-	Oct 2013	0.52%	0.52%
ICE BofA US 3 Month Treasury Bill Index^{1, 2}		1.29%	1.29%	5.24%	2.02%	1.38%	-

Bond

Fund Name	Fund Code	Qtr. Ended 03/31/24	YTD	1 Year	5 Year	10 Year	Since Inception	Inception Date	Expense Ratio
Fund Name	Fund Code	Qtr. Ended 03/31/24	YTD	1 Year	5 Year	10 Year	Since Inception	Inception Date	Gross	Net
Great Gray Core Plus Bd^D	1958	(0.02%)	(0.02%)	4.39%	-	-	(0.71%)	Oct 2019	0.27%	0.27%
Bloomberg U.S. Agg Bond Index^{1, 3}		(0.78%)	(0.78%)	1.70%	0.36%	1.54%	-
Morningstar Intermediate Core-Plus Bond^{1, 4}		(0.20%)	(0.20%)	2.91%	0.75%	1.67%	-

Balanced/Asset Allocation

Fund Name	Fund Code	Qtr. Ended 03/31/24	YTD	1 Year	5 Year	10 Year	Since Inception	Inception Date	Expense Ratio
Fund Name	Fund Code	Qtr. Ended 03/31/24	YTD	1 Year	5 Year	10 Year	Since Inception	Inception Date	Gross	Net
Vngrd Target Retire Inc^{D, E, F, II}	5500	2.17%	2.17%	8.47%	4.14%	4.14%	4.91%	Oct 2003	0.08%	0.08%
FTSE Global All Cap ex US Index^{1, 5}		4.42%	4.42%	13.90%	6.61%	4.86%	-
Morningstar Target-Date Retirement^{1, 4}		2.39%	2.39%	8.52%	3.90%	3.71%	-
Vngrd Target Retire 2020^{D, E, F, II}	5504	2.83%	2.83%	10.42%	5.60%	5.63%	5.99%	Jun 2006	0.08%	0.08%
FTSE Global All Cap ex US Index^{1, 5}		4.42%	4.42%	13.90%	6.61%	4.86%	-
Bloomberg U.S. Agg Bond Index^{1, 3}		(0.78%)	(0.78%)	1.70%	0.36%	1.54%	-
Morningstar Target-Date 2020^{1, 4}		3.36%	3.36%	10.66%	5.41%	5.24%	-
Vngrd Target Retire 2025^{D, E, F, II}	5505	3.81%	3.81%	12.95%	6.55%	6.31%	6.64%	Oct 2003	0.08%	0.08%
FTSE Global All Cap ex US Index^{1, 5}		4.42%	4.42%	13.90%	6.61%	4.86%	-
Bloomberg U.S. Agg Bond Index^{1, 3}		(0.78%)	(0.78%)	1.70%	0.36%	1.54%	-
Morningstar Target-Date 2025^{1, 4}		3.70%	3.70%	11.61%	5.92%	5.63%	-
Vngrd Target Retire 2030^{D, E, F, II}	5506	4.54%	4.54%	14.78%	7.36%	6.87%	6.74%	Jun 2006	0.08%	0.08%
FTSE Global All Cap ex US Index^{1, 5}		4.42%	4.42%	13.90%	6.61%	4.86%	-
Bloomberg U.S. Agg Bond Index^{1, 3}		(0.78%)	(0.78%)	1.70%	0.36%	1.54%	-
Morningstar Target-Date 2030^{1, 4}		4.53%	4.53%	13.69%	6.99%	6.40%	-
Vngrd Target Retire 2035^{D, E, F, II}	5507	5.24%	5.24%	16.37%	8.17%	7.43%	7.50%	Oct 2003	0.08%	0.08%
FTSE Global All Cap ex US Index^{1, 5}		4.42%	4.42%	13.90%	6.61%	4.86%	-
Bloomberg U.S. Agg Bond Index^{1, 3}		(0.78%)	(0.78%)	1.70%	0.36%	1.54%	-
Morningstar Target-Date 2035^{1, 4}		5.53%	5.53%	16.14%	8.04%	7.09%	-
Vngrd Target Retire 2040^{D, E, F, II}	5508	5.85%	5.85%	17.94%	8.96%	7.95%	7.46%	Jun 2006	0.08%	0.08%
FTSE Global All Cap ex US Index^{1, 5}		4.42%	4.42%	13.90%	6.61%	4.86%	-
Bloomberg U.S. Agg Bond Index^{1, 3}		(0.78%)	(0.78%)	1.70%	0.36%	1.54%	-
Morningstar Target-Date 2040^{1, 4}		6.43%	6.43%	18.35%	8.94%	7.68%	-
Vngrd Target Retire 2045^{D, E, F, II}	5509	6.45%	6.45%	19.45%	9.74%	8.40%	8.20%	Oct 2003	0.08%	0.08%
FTSE Global All Cap ex US Index^{1, 5}		4.42%	4.42%	13.90%	6.61%	4.86%	-
Bloomberg U.S. Agg Bond Index^{1, 3}		(0.78%)	(0.78%)	1.70%	0.36%	1.54%	-
Morningstar Target-Date 2045^{1, 4}		7.14%	7.14%	20.00%	9.55%	8.01%	-
Vngrd Target Retire 2050^{D, E, F, II}	5510	6.86%	6.86%	20.42%	9.99%	8.53%	7.81%	Jun 2006	0.08%	0.08%
FTSE Global All Cap ex US Index^{1, 5}		4.42%	4.42%	13.90%	6.61%	4.86%	-
Bloomberg U.S. Agg Bond Index^{1, 3}		(0.78%)	(0.78%)	1.70%	0.36%	1.54%	-
Morningstar Target-Date 2050^{1, 4}		7.51%	7.51%	20.84%	9.77%	8.17%	-
Vngrd Target Retire 2055^{D, E, F, II}	5511	6.88%	6.88%	20.43%	9.98%	8.51%	10.12%	Aug 2010	0.08%	0.08%
FTSE Global All Cap ex US Index^{1, 5}		4.42%	4.42%	13.90%	6.61%	4.86%	-
Bloomberg U.S. Agg Bond Index^{1, 3}		(0.78%)	(0.78%)	1.70%	0.36%	1.54%	-
Morningstar Target-Date 2055^{1, 4}		7.63%	7.63%	21.11%	9.88%	8.21%	-
Vngrd Target Retire 2060^{D, E, F, II}	5512	6.87%	6.87%	20.44%	9.99%	8.51%	9.91%	Jan 2012	0.08%	0.08%
FTSE Global All Cap ex US Index^{1, 5}		4.42%	4.42%	13.90%	6.61%	4.86%	-
Morningstar Target-Date 2060^{1, 4}		7.72%	7.72%	21.40%	10.01%	7.84%	-

U.S. Stock

Fund Name	Fund Code	Qtr. Ended 03/31/24	YTD	1 Year	5 Year	10 Year	Since Inception	Inception Date	Expense Ratio
Fund Name	Fund Code	Qtr. Ended 03/31/24	YTD	1 Year	5 Year	10 Year	Since Inception	Inception Date	Gross	Net
Great Gray Large Val^D	1899	12.76%	12.76%	28.27%	14.99%	-	14.24%	Dec 2018	0.29%	0.29%
Russell 1000 Value Index^{1, 6}		8.99%	8.99%	20.27%	10.32%	9.01%	-
Morningstar Large Value^{1, 4}		8.83%	8.83%	20.70%	10.89%	9.09%	-
Great Gray LCap Gr^D	1796	13.32%	13.32%	41.12%	15.56%	-	14.39%	Aug 2018	0.29%	0.29%
Russell 1000 Growth Index^{1, 7}		11.41%	11.41%	39.00%	18.52%	15.98%	-
Morningstar Large Growth^{1, 4}		11.92%	11.92%	36.45%	14.89%	13.24%	-
Great Gray Small Val^D	1952	5.01%	5.01%	19.46%	-	-	15.24%	Mar 2020	0.54%	0.54%
Russell 2000 Value Index^{1, 8}		2.90%	2.90%	18.75%	8.17%	6.87%	-
Morningstar Small Value^{1, 4}		4.66%	4.66%	20.14%	10.28%	7.23%	-
Great Gray Small Grw^D	1911	17.55%	17.55%	24.55%	-	-	1.24%	Jul 2019	0.53%	0.53%
Russell 2000 Growth Index^{1, 9}		7.58%	7.58%	20.35%	7.38%	7.89%	-
Morningstar Small Growth^{1, 4}		7.49%	7.49%	18.05%	9.06%	8.83%	-

International/Global Stock

Fund Name	Fund Code	Qtr. Ended 03/31/24	YTD	1 Year	5 Year	10 Year	Since Inception	Inception Date	Expense Ratio
Fund Name	Fund Code	Qtr. Ended 03/31/24	YTD	1 Year	5 Year	10 Year	Since Inception	Inception Date	Gross	Net
Great Gray Intl Stk^D	1957	3.14%	3.14%	14.91%	5.98%	-	3.16%	Dec 2017	0.32%	0.32%
MSCI EAFE Value Index (Net)^{1, 10}		4.48%	4.48%	17.32%	6.39%	3.49%	-
Morningstar Foreign Large Value^{1, 4}		3.99%	3.99%	13.83%	6.49%	3.64%	-

GENERAL Disclosures

Investment options listed were available at the time this information was generated and can change overtime. Investment option performance is available the 5th business day after month end and benchmark/peer group performance is available on the 10th business day after quarter end. Information prior to those time periods may be incomplete.

Please refer to https://www.icmarc.org/for-individuals/education/glossary for a glossary of investment and fee related terms.

INVESTMENT OPTION Disclosures

A.	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.
B.	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.
C.	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.
D.	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.
E.	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.
F.	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.

EXPENSE Disclosures

II.

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.

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.	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 Bloomberg U.S. Aggregate Bond Index consists of investment-grade U.S. fixed income securities.
4.	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.
5.	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.
6.	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.
7.	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.
8.	The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
9.	The Russell 2000® Growth Index measures the performance of those Russell 2000® companies with higher price-to-book ratios and higher forecasted growth values.
10.	The MSCI Europe Australasia Far East ("EAFE") Value Index (Net) is a free float-adjusted market capitalization index of growth style equity securities that is designed to measure the value style 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.

Your Plan's participant fee disclosure is available below. This disclosure provides plan participants with fee information on the investments and services available to your retirement plan. You can download a copy of this disclosure by clicking the print icon on this page.

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 0.100% (annualized) on assets

Guided Pathways
Fund Advice^{1, 3}	$0 annual fee

Managed Accounts^1,2,3	0.50% on first $100,000
	0.40% on next $200,000
	0.30% on next $200,000
	0.20% on All assets over $500,000

Brokerage
Self-Directed Brokerage	$50 one-time setup fee
	(additional fees by brokerage provider also apply)

Expedited Disbursement
Wire	$15 per use

Overnight Delivery	varies by delivery address

Overnight Delivery

varies by delivery address

Legal
Domestic Relations Order Processing	$0 per divorce

Some of the plan's administrative expenses for the preceding quarter were 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.

Underlying mutual fund expenses and plan administration fees still apply. Please consult the applicable disclosure materials for a description of these fees and expenses.
Managed Accounts is not suitable for all investors. Please contact our Guided Pathways® team or your MissionSquare Retirement Plan Specialist and fully read the 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.
Investment advice and analysis tools are offered to participants by MissionSquare Retirement, a federally registered investment adviser. Investment advice is the result of methodologies developed, maintained and overseen by the independent "Financial Expert" (as defined in the Department of Labor's Advisory Opinion 2001-09A) Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc. Morningstar Investment Management LLC is not affiliated with MissionSquare Retirement and its affiliates. The Morningstar name and logo are registered marks of Morningstar, Inc. For additional information on our Guided Pathways Advisory Services, please refer to our Form ADV Part 2A Brochure available at www.adviserinfo.sec.gov.

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.

Performance

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.

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 03/31/2024

Investment Option/ Benchmark/ Peer Group	Type of Option	1yr	3yr	5yr	10yr	Since Inception	Inception Date
Stable Value/Cash Management
MissionSquare PLUS Fund R10^{A, B, C}	Stable Value	2.91%	2.30%	2.29%	2.20%	-	Oct 2013
ICE BofA US 3 Month Treasury Bill Index^{1, 2}		5.24%	2.58%	2.02%	1.38%
Bond
Great Gray Core Plus Bond Fund I1^D	Intermediate Core-Plus Bond	4.39%	(1.79%)	-	-	(0.71%)	Oct 2019
Bloomberg U.S. Agg Bond Index^{1, 3}		1.70%	(2.46%)	0.36%	1.54%
Morningstar Intermediate Core-Plus Bond^{1, 4}		2.91%	(2.26%)	0.75%	1.67%
Balanced/Asset Allocation
Vanguard Target Retirement Income Fund Investor^{D, E, F}	Target-Date Retirement	8.47%	1.23%	4.14%	4.14%	4.91%	Oct 2003
FTSE Global All Cap ex US Index^{1, 5}		13.90%	2.37%	6.61%	4.86%
Morningstar Target-Date Retirement^{1, 4}		8.52%	1.16%	3.90%	3.71%
Vanguard Target Retirement 2020 Fund Investor^{D, E, F}	Target-Date 2020	10.42%	1.98%	5.60%	5.63%	5.99%	Jun 2006
FTSE Global All Cap ex US Index^{1, 5}		13.90%	2.37%	6.61%	4.86%
Bloomberg U.S. Agg Bond Index^{1, 3}		1.70%	(2.46%)	0.36%	1.54%
Morningstar Target-Date 2020^{1, 4}		10.66%	1.94%	5.41%	5.24%
Vanguard Target Retirement 2025 Fund Investor^{D, E, F}	Target-Date 2025	12.95%	2.68%	6.55%	6.31%	6.64%	Oct 2003
FTSE Global All Cap ex US Index^{1, 5}		13.90%	2.37%	6.61%	4.86%
Bloomberg U.S. Agg Bond Index^{1, 3}		1.70%	(2.46%)	0.36%	1.54%
Morningstar Target-Date 2025^{1, 4}		11.61%	2.20%	5.92%	5.63%
Vanguard Target Retirement 2030 Fund Investor^{D, E, F}	Target-Date 2030	14.78%	3.34%	7.36%	6.87%	6.74%	Jun 2006
FTSE Global All Cap ex US Index^{1, 5}		13.90%	2.37%	6.61%	4.86%
Bloomberg U.S. Agg Bond Index^{1, 3}		1.70%	(2.46%)	0.36%	1.54%
Morningstar Target-Date 2030^{1, 4}		13.69%	2.95%	6.99%	6.40%
Vanguard Target Retirement 2035 Fund Investor^{D, E, F}	Target-Date 2035	16.37%	4.02%	8.17%	7.43%	7.50%	Oct 2003
FTSE Global All Cap ex US Index^{1, 5}		13.90%	2.37%	6.61%	4.86%
Bloomberg U.S. Agg Bond Index^{1, 3}		1.70%	(2.46%)	0.36%	1.54%
Morningstar Target-Date 2035^{1, 4}		16.14%	3.87%	8.04%	7.09%
Vanguard Target Retirement 2040 Fund Investor^{D, E, F}	Target-Date 2040	17.94%	4.69%	8.96%	7.95%	7.46%	Jun 2006
FTSE Global All Cap ex US Index^{1, 5}		13.90%	2.37%	6.61%	4.86%
Bloomberg U.S. Agg Bond Index^{1, 3}		1.70%	(2.46%)	0.36%	1.54%
Morningstar Target-Date 2040^{1, 4}		18.35%	4.66%	8.94%	7.68%
Vanguard Target Retirement 2045 Fund Investor^{D, E, F}	Target-Date 2045	19.45%	5.34%	9.74%	8.40%	8.20%	Oct 2003
FTSE Global All Cap ex US Index^{1, 5}		13.90%	2.37%	6.61%	4.86%
Bloomberg U.S. Agg Bond Index^{1, 3}		1.70%	(2.46%)	0.36%	1.54%
Morningstar Target-Date 2045^{1, 4}		20.00%	5.27%	9.55%	8.01%
Vanguard Target Retirement 2050 Fund Investor^{D, E, F}	Target-Date 2050	20.42%	5.68%	9.99%	8.53%	7.81%	Jun 2006
FTSE Global All Cap ex US Index^{1, 5}		13.90%	2.37%	6.61%	4.86%
Bloomberg U.S. Agg Bond Index^{1, 3}		1.70%	(2.46%)	0.36%	1.54%
Morningstar Target-Date 2050^{1, 4}		20.84%	5.53%	9.77%	8.17%
Vanguard Target Retirement 2055 Fund Investor^{D, E, F}	Target-Date 2055	20.43%	5.69%	9.98%	8.51%	10.12%	Aug 2010
FTSE Global All Cap ex US Index^{1, 5}		13.90%	2.37%	6.61%	4.86%
Bloomberg U.S. Agg Bond Index^{1, 3}		1.70%	(2.46%)	0.36%	1.54%
Morningstar Target-Date 2055^{1, 4}		21.11%	5.62%	9.88%	8.21%
Vanguard Target Retirement 2060 Fund Investor^{D, E, F}	Target-Date 2060	20.44%	5.70%	9.99%	8.51%	9.91%	Jan 2012
FTSE Global All Cap ex US Index^{1, 5}		13.90%	2.37%	6.61%	4.86%
Morningstar Target-Date 2060^{1, 4}		21.40%	5.70%	10.01%	7.84%
U.S. Stock
Great Gray Large Cap Value Fund I1^D	Large Value	28.27%	13.28%	14.99%	-	14.24%	Dec 2018
Russell 1000 Value Index^{1, 6}		20.27%	8.11%	10.32%	9.01%
Morningstar Large Value^{1, 4}		20.70%	8.87%	10.89%	9.09%
Great Gray Large Cap Growth Fund I1^D	Large Growth	41.12%	10.94%	15.56%	-	14.39%	Aug 2018
Russell 1000 Growth Index^{1, 7}		39.00%	12.50%	18.52%	15.98%
Morningstar Large Growth^{1, 4}		36.45%	7.95%	14.89%	13.24%
Great Gray Small Cap Value II Fund I1^D	Small Value	19.46%	5.02%	-	-	15.24%	Mar 2020
Russell 2000 Value Index^{1, 8}		18.75%	2.22%	8.17%	6.87%
Morningstar Small Value^{1, 4}		20.14%	5.90%	10.28%	7.23%
Great Gray Small Cap Growth Fund I1^D	Small Growth	24.55%	(7.83%)	-	-	1.24%	Jul 2019
Russell 2000 Growth Index^{1, 9}		20.35%	(2.68%)	7.38%	7.89%
Morningstar Small Growth^{1, 4}		18.05%	(1.95%)	9.06%	8.83%
International/Global Stock
Great Gray International Stock Fund I1^D	Foreign Large Value	14.91%	4.36%	5.98%	-	3.16%	Dec 2017
MSCI EAFE Value Index (Net)^{1, 10}		17.32%	6.59%	6.39%	3.49%
Morningstar Foreign Large Value^{1, 4}		13.83%	4.97%	6.49%	3.64%

A.	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.
B.	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.
C.	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.
D.	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.
E.	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.
F.	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.

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.	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 Bloomberg U.S. Aggregate Bond Index consists of investment-grade U.S. fixed income securities.
4.	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.
5.	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.
6.	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.
7.	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.
8.	The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
9.	The Russell 2000® Growth Index measures the performance of those Russell 2000® companies with higher price-to-book ratios and higher forecasted growth values.
10.	The MSCI Europe Australasia Far East ("EAFE") Value Index (Net) is a free float-adjusted market capitalization index of growth style equity securities that is designed to measure the value style 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.

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 03/31/2024

Investment Option	Type of Option	Gross Expense Ratio	Net Expense Ratio	Total Annual Operating Expense (per $1000)	Other fees or restrictionsⁱ
Stable Value/Cash Management
MissionSquare PLUS Fund R10^{A, B, C}	Stable Value	0.52%	0.52%	$5.20	90 day equity wash
Bond
Great Gray Core Plus Bond Fund I1^D	Intermediate Core-Plus Bond	0.27%	0.27%	$2.70
Balanced/Asset Allocation
Vanguard Target Retirement Income Fund Investor^{D, E, F, II}	Target-Date Retirement	0.08%	0.08%	$0.80
Vanguard Target Retirement 2020 Fund Investor^{D, E, F, II}	Target-Date 2020	0.08%	0.08%	$0.80
Vanguard Target Retirement 2025 Fund Investor^{D, E, F, II}	Target-Date 2025	0.08%	0.08%	$0.80
Vanguard Target Retirement 2030 Fund Investor^{D, E, F, II}	Target-Date 2030	0.08%	0.08%	$0.80
Vanguard Target Retirement 2035 Fund Investor^{D, E, F, II}	Target-Date 2035	0.08%	0.08%	$0.80
Vanguard Target Retirement 2040 Fund Investor^{D, E, F, II}	Target-Date 2040	0.08%	0.08%	$0.80
Vanguard Target Retirement 2045 Fund Investor^{D, E, F, II}	Target-Date 2045	0.08%	0.08%	$0.80
Vanguard Target Retirement 2050 Fund Investor^{D, E, F, II}	Target-Date 2050	0.08%	0.08%	$0.80
Vanguard Target Retirement 2055 Fund Investor^{D, E, F, II}	Target-Date 2055	0.08%	0.08%	$0.80
Vanguard Target Retirement 2060 Fund Investor^{D, E, F, II}	Target-Date 2060	0.08%	0.08%	$0.80
U.S. Stock
Great Gray Large Cap Value Fund I1^D	Large Value	0.29%	0.29%	$2.90
Great Gray Large Cap Growth Fund I1^D	Large Growth	0.29%	0.29%	$2.90
Great Gray Small Cap Value II Fund I1^D	Small Value	0.54%	0.54%	$5.40
Great Gray Small Cap Growth Fund I1^D	Small Growth	0.53%	0.53%	$5.30
International/Global Stock
Great Gray International Stock Fund I1^D	Foreign Large Value	0.32%	0.32%	$3.20

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 or by calling 800-669-7400. You can obtain information about MissionSquare Retirement's Frequent Trading Policy at www.missionsq.org/frequenttrading.

A.	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.
B.	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.
C.	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.
D.	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.
E.	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.
F.	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.

II.

BAY AREA AIR QUALITY MGMT DIST - 100177

BAY AREA AIR QUALITY MGMT DIST - 100177