ESBD_File_319471_Combined Quarterly Performance Reports.pdf

PDF 2 MB Posted May 22, 2026

Attached to: Investment Consulting Services for the Texas Prepaid HIgher Education Tuition Board
Solicitation number: 233a
Issued by: Travis County, Austin City, Texas

About this file

Written by GovTribe AI · May 27, 2026

This document is a Combined Quarterly Performance Report for the Fourth Quarter 2022 covering five Texas education savings plans administered by the state: the Texas Guaranteed Tuition Plan, Texas Tuition Promise Fund, Texas College Savings Plan, Texas LoneStar 529 Plan, and Texas ABLE Plan. The report provides comprehensive investment performance analysis, asset allocation data, and portfolio monitoring across multiple investment vehicles and options designed to help families save for higher education expenses and individuals with disabilities.

The report details the market values, cash flows, and performance metrics for each plan as of December 31, 2022. The Texas Tuition Promise Fund held $1,050,964,566 in assets and returned 6.6% for the quarter with 3.8% annualized returns over three years. The Texas College Savings Plan contained $697,834,863 in assets across age-based, risk-based, and individual asset class portfolios. The Texas LoneStar 529 Plan held $201,188,074 in assets with diversified portfolio options ranging from conservative to aggressive allocations. The Texas Guaranteed Tuition Plan contained $175,267,993 entirely in cash holdings. The Texas ABLE Plan held $17,710,866 across allocation options for individuals with disabilities. Investment management fees ranged from 0.18% to 1.42% depending on the plan and portfolio option, with estimated annual fees deducted from plan assets. All plans utilized passive and active investment managers including Vanguard, PIMCO, T. Rowe Price, Dodge & Cox, and other institutional investment firms, with investment advice provided by Aon Investments USA Inc.

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ESBD_File_319471_Addendum 1 RFP 233a 4-10-23.pdf	PDF	May 22, 2026
ESBD_File_319471_RFP 233a TTF Investment Consultant 3-17-23 Final.docx	DOCX document	May 22, 2026
ESBD_319471_1779477622784_30-Day posting AON Amd 1.docx	DOCX document	May 22, 2026
ESBD_File_319471_Combined ISPs.pdf	PDF	May 22, 2026
ESBD_File_319471_RFP 233a HUB HSP.docx	DOCX document	May 22, 2026

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Quarterly Investment Review Texas Guaranteed Tuition Plan

Fourth Quarter 2022

Change in Market Value

From October 1, 2022 to December 31, 2022

$0.0

$100.0

$200.0

$300.0

($100.0)

In M ill io n s

Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value

$221.9

($48.2)

$1.6

$175.3

Summary of Cash Flows

Quarter

Year

Years

Texas Guaranteed Tuition Plan

Beginning Market Value $221,936,378 $328,193,305 $394,059,298 $544,551,644

+ Net Additions / Withdrawals ($48,229,574) ($156,110,178) ($226,167,972) ($393,756,075)

+ Investment Earnings $1,561,189 $3,185,307 $6,210,076 $20,243,722

= Ending Market Value $175,267,993 $175,267,993 $175,267,993 $175,267,993

Total Plan Asset Summary As of December 31, 2022

Allocation

Market Value $

% of Portfolio

Performance %

Quarter

Year

Years

Since Inception

Inception Date

Total Fund 175,267,993 100.0 0.8 1.5 1.0 1.5 2.5 4.0 09/01/1998

Cash 175,267,993 100.0 0.8 1.4 0.6 1.1 0.7 1.1 01/01/2008

Citigroup 90-Day T-Bill 0.9 1.5 0.7 1.2 0.7 0.6

Treasury Cash 175,267,993 100.0 0.8 1.5 1.0 1.5 1.3 09/01/2015

Citigroup 90-Day T-Bill 0.9 1.5 0.7 1.2 1.0

Asset Allocation & Performance

Performance %

2021 2020 2019 2018 2017 2016 2015 2014 2013 2012

Total Fund 0.1 1.4 4.1 0.7 2.6 3.4 0.2 4.8 6.0 8.0

Cash 0.2 0.2 1.9 1.6 0.7 0.2 0.1 0.2 0.1 0.2

Citigroup 90-Day T-Bill 0.0 0.6 2.3 1.9 0.8 0.3 0.0 0.0 0.0 0.1

Treasury Cash 0.3 1.1 2.4 2.0 1.3 0.8

Citigroup 90-Day T-Bill 0.0 0.6 2.3 1.9 0.8 0.3

Asset Allocation & Performance

Domestic Equity Domestic Fixed Income Cash

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

A llo c a ti o n

12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22

Historical Asset Allocation by Segment January 1, 2018 To December 31, 2022

· The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time-weighted.

Returns for periods longer than one year are annualized.

· Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking.

· Due to rounding throughout the report, percentage totals displayed may not sum to 100%. Additionally, individual fund totals in dollar terms may not sum to the plan total.

Writeup Notes

Legal Disclosures and Disclaimers

Investment advice and consulting services provided by Aon Investments USA Inc. The information contained herein is given as of the date hereof and does not purport to give information as of any other date. The delivery at any time shall not, under any circumstances, create any implication that there has been a change in the information set forth herein since the date hereof or any obligation to update or provide amendments hereto.

This document is not intended to provide, and shall not be relied upon for, accounting, legal or tax advice. Any accounting, legal, or taxation position described in this presentation is a general statement and shall only be used as a guide. It does not constitute accounting, legal, and tax advice and is based on Aon Investments’ understanding of current laws and interpretation.

Aon Investments disclaims any legal liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Aon Investments reserves all rights to the content of this document. No part of this document may be reproduced, stored, or transmitted by any means without the express written consent of Aon Investments.

Aon Investments USA Inc. is a federally registered investment advisor with the U.S. Securities and Exchange Commission.

Aon Investments is also registered with the Commodity Futures Trading Commission as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association. The Aon Investments ADV Form Part 2A disclosure statement is available upon written request to:

Aon Investments USA Inc.

200 E. Randolph Street Suite 700 Chicago, IL 60601 ATTN: Aon Investments Compliance Officer

Texas Tuition Promise Fund

Texas Tuition Promise Fund — December 31, 2022 Highlights

Key Developments

• The Texas Tuition Promise Fund returned +6.6% during the quarter. The Fund has appreciated by 3.8% and 4.8% per year over the trailing three- and five-year periods, respectively. Since inception, the Fund has returned 6.9% annualized.

• The Texas Tuition Promise Fund outperformed the Policy Index during the quarter. Since inception, the Fund is in-line with the Policy Index.

• The Fund has had $6.1 million in net distributions over the trailing 12-month period and $0.2 million in net contributions over the trailing three-year period.

*Negative tracking of greater than +/- 0.1% for domestic equities and fixed income or +/- 0.3% for non-U.S. equities constitutes underperformance for the Plan’s index funds.

Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc.

Investment Manager Monitoring Fund Change in

Process Change in Portfolio Manager

Underperformed / Did Not Track Benchmark Since Inception

Vanguard Total Stock Market Index No No No T. Rowe Price Global Growth Stock No No No Vanguard Total International Stock Market Index No No No Dodge & Cox Global Stock No No No Vanguard Total Bond Market Index No Yes Yes Eaton Vance Institutional Senior Loan Fund No No Yes GMO Global Balanced Asset Allocation fund No No Yes PIMCO Total Return Fund No No No PIMCO Commodity Real Return No No No Parametric Defensive Equity No No No

Portfolio Duration Component Duration

(Years) Fixed Income Component (excluding GTAA) 4.6 Fixed Income Component (including GTAA) 3.0 Total Fund 1.5

Change in Market Value

From October 1, 2022 to December 31, 2022

$0.0

$350.0

$700.0

$1,050.0

$1,400.0

($350.0)

In M ill io n s

Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value

$1,000.7

($12.5)

$62.8

$1,051.0

Summary of Cash Flows

Quarter

Year

Years

Texas Tuition Promise Fund

Beginning Market Value $1,000,676,217 $1,210,774,962 $957,938,688 $819,465,110

+ Net Additions / Withdrawals ($12,532,603) ($6,097,272) $152,358 $39,223,614

+ Investment Earnings $62,820,952 ($153,713,124) $92,873,520 $192,402,792

= Ending Market Value $1,050,964,566 $1,050,964,566 $1,050,964,566 $1,050,964,566

Total Plan Asset Summary

Allocation

Value $

% of Portfolio

Policy

Performance %

Quarter

Year

Years

Since Inception

Inception Date

Texas Tuition Promise Fund 1,050,964,566 100.0 100.0 6.6 -11.7 3.8 4.8 6.9 09/01/2009

TTFII Benchmark Policy Index 6.5 -12.1 3.2 4.4 6.9

Texas Tuition Promise Fund (Net) 6.3 -12.5 3.1 4.1 6.3

U.S. Equity 180,166,518 17.1 15.0 7.2 -19.5 7.0 9.4 12.2 09/01/2009

Performance Benchmark 7.1 -19.5 7.0 8.7 12.4

Vanguard Total Stock Market Index 180,166,518 17.1 7.2 -19.5 7.0 8.7 9.6 09/01/2014

CRSP U.S. Total Market TR Index 7.1 -19.5 7.0 8.7 9.6

Non U.S. Equity 117,961,011 11.2 10.0 14.7 -16.0 0.6 0.8 4.9 09/01/2009

Performance Benchmark 14.1 -16.1 0.5 1.1 4.8

Vanguard Total International Stock Market Index 117,961,011 11.2 14.7 -16.0 0.5 1.1 2.5 09/01/2014

FTSE Global ex USA All Cap Index (Net) 14.1 -16.1 0.5 1.1 2.6

Global Equity 181,379,877 17.3 17.0 9.8 -16.9 6.4 9.2 11/01/2018

MSCI AC World IMI 10.0 -18.0 4.4 7.7

T. Rowe Price Global Growth Stock 81,231,973 7.7 5.6 -29.6 4.2 8.8 11/01/2018

MSCI AC World IMI 10.0 -18.0 4.4 7.7

Dodge & Cox Global Stock 100,147,904 9.5 13.3 -5.8 6.4 8.1 11/01/2018

MSCI AC World IMI 10.0 -18.0 4.4 7.7

Commodities 44,356,559 4.2 9.0 3.6 -2.4 8.7 6.9 5.1 09/01/2015

Performance Benchmark 6.3 7.0 8.9 6.5 3.9

PIMCO Commodity Real Return 44,356,559 4.2 3.6 8.8 13.6 7.2 5.0 09/01/2015

Bloomberg Commodity Index Total Return 2.2 16.1 12.7 6.4 4.1

Asset Allocation & Performance As of December 31, 2022

*Total Fund performance is gross of administrative fees

Asset Allocation & Performance

Allocation

Market Value $

% of Portfolio

Policy

Performance %

Quarter

Year

Years

Since Inception

Inception Date

Fixed Income 343,903,586 32.7 30.0 2.0 -8.7 0.0 1.8 3.1 09/01/2009

Performance Benchmark 2.0 -9.7 -1.2 1.0 2.9

Eaton Vance Institutional Senior Loan Fund 108,510,187 10.3 2.7 -2.4 1.4 2.4 2.9 09/01/2014

Credit Suisse Leveraged Loans 2.3 -1.1 2.3 3.2 3.4

PIMCO Total Return Fund 139,257,935 13.3 1.8 -14.1 -2.5 0.0 1.1 09/01/2014

Blmbg. U.S. Aggregate 1.9 -13.0 -2.7 0.0 0.9

Vanguard Total Bond Market Index 96,135,464 9.1 1.7 1.7 10/01/2022

Blmbg. U.S. Aggregate 1.9 1.9

Global Tactical Asset Allocation 70,035,246 6.7 9.0 9.2 -12.7 -0.3 1.6 3.7 04/01/2012

Performance Benchmark 7.0 -16.3 2.0 3.7 5.7

GMO Global Balanced Asset Allocation Fund 70,035,246 6.7 9.2 -12.7 -0.3 1.6 2.5 09/01/2014

Performance Benchmark 7.0 -16.3 2.0 3.7 4.5

Defensive Equity 113,161,770 10.8 10.0 6.7 -7.6 4.4 6.6 06/01/2019

Parametric Defensive Equity Fund 113,161,770 10.8 6.7 -7.6 4.4 6.6 06/01/2019

Parametric Defensive Equity Benchmark 4.3 -8.2 4.7 6.7

*Total Fund performance is gross of administrative fees

Annualized Return vs. Annualized Standard Deviation Since Inception

Texas Tuition Promise Fund Policy Index

90 Day U.S. Treasury Bill

-3.0

0.0

3.0

6.0

9.0

R e tu rn

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Standard Deviation %

Standard Deviation Rolling 3 Years

Texas Tuition Promise Fund

Policy Index

0.0

4.0

8.0

12.0

16.0

20.0

S ta n d a rd

D e v ia ti o n

9/12 12/13 3/15 6/16 9/17 12/18 3/20 6/21 12/22

TRANSPARENT

Jan-2020 To Dec-2022 Historical Statistics

Active Return

Tracking Error

Information Ratio

R-Squared Sharpe Ratio

Alpha Beta Return Standard Deviation

Actual Correlation

Inception Date

Texas Tuition Promise Fund 0.09 1.47 0.06 0.99 0.24 -0.06 1.04 3.09 13.55 0.99 09/01/2009

Policy Index 0.00 0.00 - 1.00 0.24 0.00 1.00 3.08 13.00 1.00 08/01/2001

90 Day U.S. Treasury Bill -3.15 13.12 -0.24 0.11 - 0.76 -0.01 0.72 0.35 -0.33 09/01/2009

Risk Profile

Total Fund Performance

0.00% 3.00% 6.00% 9.00%

Total Fund

Total Fund Benchmark

Total Value Added

6.56%

6.46%

0.10%

Total Value Added: 0.10%

0.00% 0.40% 0.80%-0.40 %

Other

Manager Value Added

Asset Allocation

0.00%

0.31%

-0.21 %

Total Asset Allocation: -0.21 %

Average Active Weight

0.00% 6.00%-6.00 %-12.00 %

Defensive Equity

Global Equity

Global Tactical Asset Allocation

Fixed Income

Commodities

Non U.S. Equity

U.S. Equity

W e ig h t

0.71%

0.55%

-2.50 %

2.88%

-4.58 %

0.51%

2.44%

Asset Allocation Value Added

0.00% 0.20%-0.20 %-0.40 %

-0.02 %

0.01%

-0.02 %

-0.19 %

-0.01 %

0.04%

-0.02 %

Total Manager Value Added: 0.31%

Manager Value Added

0.00% 0.20% 0.40%-0.20 %

0.16%

0.01%

0.16%

0.04%

-0.10 %

0.05%

0.00%

Total Fund Attribution 1 Quarter Ending December 31, 2022

Total Fund Performance

0.00% 10.00%-10.00 %-20.00 %

Total Fund

Total Fund Benchmark

Total Value Added

-11.67 %

-12.12 %

0.45%

Total Value Added: 0.45%

0.00% 0.80% 1.60%-0.80 %-1.60 %

Other

Manager Value Added

Asset Allocation

0.57%

0.42%

-0.54 %

Total Asset Allocation: -0.54 %

Average Active Weight

0.00% 3.00%-3.00 %-6.00 %

Defensive Equity

Global Equity

Global Tactical Asset Allocation

Fixed Income

Commodities

Non U.S. Equity

U.S. Equity

W e ig h t

0.48%

1.02%

-2.44 %

0.09%

-0.91 %

0.26%

1.50%

Asset Allocation Value Added

0.00% 0.30%-0.30 %-0.60 %

0.03%

-0.16 %

0.10%

-0.30 %

0.01%

-0.01 %

-0.21 %

Total Manager Value Added: 0.42%

Manager Value Added

0.00% 0.40% 0.80%-0.40 %-0.80 %

-0.03 %

0.23%

0.26%

0.31%

-0.37 %

0.01%

0.00%

Total Fund Attribution 1 Year Ending December 31, 2022

Value

Current Allocation

Target Allocation

Minimum Allocation

Maximum Allocation

Texas Tuition Promise Fund 1,050,964,566 100.0 100.0 - -

U.S. Equity 180,166,518 17.1 17.0 12.0 22.0

Non U.S. Equity 117,961,011 11.2 11.0 6.0 16.0

Global Equity 181,379,877 17.3 17.0 12.0 22.0

Commodities 44,356,559 4.2 4.0 0.0 9.0

Fixed Income 343,903,586 32.7 32.0 17.0 33.0

Global Tactical Asset Allocation 70,035,246 6.7 9.0 4.0 14.0

Defensive Equity 113,161,770 10.8 10.0 5.0 15.0

Target Allocation Actual Allocation Allocation Differences

0.0% 10.0% 20.0% 30.0% 40.0% 50.0%-10.0 %-20.0 %

Defensive Equity

$113,161.8K

Global Tactical Asset Allocation

$70,035.2K

Fixed Income

$343,903.6K

Commodities

$44,356.6K

Global Equity

$181,379.9K

Non U.S. Equity

$117,961.0K

U.S. Equity

$180,166.5K

10.0%

9.0%

32.0%

4.0%

17.0%

11.0%

17.0%

10.8%

6.7%

32.7%

4.2%

17.3%

11.2%

17.1%

0.8%

-2.3 %

0.7%

0.2%

0.3%

0.2%

0.1%

Asset Allocation Compliance

Domestic Equity International Equity Global Equity Equity Insurance Risk Premium

Domestic Fixed Income Global Other Commodities

0.0

15.0

30.0

45.0

60.0

75.0

90.0

A ll o c at io n

12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22

Historical Asset Allocation by Segment January 1, 2019 To December 31, 2022

Fee Schedule Market Value

% of

Portfolio

Estimated Annual Fee

U.S. Equity $180,166,518 17.14 $36,033 0.02

Vanguard Total Stock Market Index 0.02 % of Assets $180,166,518 17.14 $36,033 0.02

Non U.S. Equity $117,961,011 11.22 $82,573 0.07

Vanguard Total International Stock Market Index 0.07 % of Assets $117,961,011 11.22 $82,573 0.07

Global Equity $181,379,877 17.26 $1,191,432 0.66

T. Rowe Price Global Growth Stock 0.69 % of Assets $81,231,973 7.73 $560,501 0.69

Dodge & Cox Global Stock 0.63 % of Assets $100,147,904 9.53 $630,932 0.63

Commodities $44,356,559 4.22 $328,239 0.74

PIMCO Commodity Real Return 0.74 % of Assets $44,356,559 4.22 $328,239 0.74

Fixed Income $343,903,586 32.72 $1,504,956 0.44

Eaton Vance Institutional Senior Loan Fund 0.77 % of Assets $108,510,187 10.32 $835,528 0.77

PIMCO Total Return Fund 0.46 % of Assets $139,257,935 13.25 $640,587 0.46

Vanguard Total Bond Market Index 0.03 % of Assets $96,135,464 9.15 $28,841 0.03

Global Tactical Asset Allocation $70,035,246 6.66 $392,197 0.56

GMO Global Balanced Asset Allocation fund 0.56 % of Assets $70,035,246 6.66 $392,197 0.56

Defensive Equity $113,161,770 10.77 $339,485 0.30

Parametric Defensive Equity Fund 0.30 % of Assets $113,161,770 10.77 $339,485 0.30

Investment Management Fee $1,050,964,566 100.00 $3,874,915 0.37

Texas Tuition Promise Fund As of December 31, 2022

Note: Investment Management Fee excludes 0.59% in administrative fees.

· The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time-weighted.

· Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking.

· Due to rounding throughout the report, percentage totals displayed may not sum to 100%. Additionally, individual fund totals in dollar terms may not sum to the plan total.

Writeup

Aon Investments USA Inc. is a federally registered investment advisor with the U.S. Securities and Exchange Commission.

Aon Investments USA Inc.

200 E. Randolph Street Suite 700 Chicago, IL 60601 ATTN: Aon Investments Compliance Officer

Texas College Savings Plan

Texas College Savings Plan — December 31, 2022

Key Developments

• The Plan’s portfolios performance ranged from +0.4% for the Capital Preservation Portfolio to +14.8% for the International Stock Portfolio. Over the trailing 3-year period, performance ranged from +4.8% for the Diversified Equity Portfolio to -2.6% for the US Bond Portfolio (annualized).

• The passive investment alternatives tracked their primary benchmarks, as expected. Differences between the Vanguard Total International Stock Index and its primary benchmark are attributable to fair value pricing.

Investment Manager Monitoring Fund Change in

Process Change in Portfolio Manager

Underperformed / Did Not Track Benchmark Over 3-Year Period*

NY Life Anchor IV No No Yes Vanguard Total Bond Market Index No No No DFA Inflation-Protected Securities I No No No Eaton Vance Floating-Rate Fund No No Yes Federated Hermes Institutional High Yield Bond No No Yes Vanguard Total Stock Market Index Fund No No No Vanguard Total International Stock Index Fund No No Yes

*Negative tracking of greater than +/- 0.1% for domestic equities and fixed income or +/- 0.3% for non-U.S. equities constitutes underperformance for the Plan’s index funds.

Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc.

Quarter

Year

Years

Since Inception

Inception Date

Texas College Savings Plan

Underlying Investments

NY Life Anchor IV 0.4 1.6 1.9 2.1 2.0 3.7 01/01/1995

90 Day U.S. Treasury Bill 0.8 1.5 0.7 1.3 0.8 2.3

Vanguard Total Bond Market Index Fund Institutional Plus Shares 1.7 -13.1 -2.7 0.0 1.0 2.1 03/01/2010

Vanguard Splc Blmbg. US Agg Flt Adj (N) 1.9 -13.1 -2.7 0.1 1.1 2.1

DFA Inflation-Protected Securities I 2.0 -12.2 1.1 2.1 1.0 3.6 11/01/2006

Blmbg. U.S. TIPS 2.0 -11.8 1.2 2.1 1.1 3.5

Eaton Vance Floating - Rate Fund Institutional Class 2.7 -2.4 1.4 2.4 3.1 3.7 02/01/2001

Credit Suisse Leveraged Loans 2.3 -1.1 2.3 3.2 3.8 4.4

Federated Hermes Institutional High Yield Bond 4.2 -11.4 -0.5 1.9 3.9 7.0 12/01/2002

Blmbg. U.S. High Yield - 2% Issuer Cap 4.2 -11.2 0.0 2.3 4.0 7.3

Vanguard Total Stock Market Index Fund Institutional Plus Shares 7.2 -19.5 7.0 8.7 9.7 05/01/2015

Vanguard Spliced Total Stock Market Index 7.1 -19.5 7.0 8.7 9.7

Vanguard Total International Stock Index Fund Institutional Plus Shares 14.7 -16.0 0.5 1.1 4.1 4.2 12/01/2010

Vanguard Spliced Total International Stock Index 14.1 -16.1 0.5 1.1 4.2 4.2

Asset Allocation & Performance Investment Performance

*Performance is net of investment management fees and gross of administrative fees For Age-Based, Risk-Based and Individual Asset Class Portfolios benchmark return is assumed for the month of December 2021.

Investment Performance

Performance %

Quarter

Year

Years

Since Inception

Inception Date

Age-Based Portfolios

Age-Based 0-3 Years Portfolio 8.7 -16.5 4.6 5.5 8.5 5.6 11/01/2007

Age-Based 0-3 Years Portfolio Benchmark 8.6 -16.8 4.3 5.7 8.6 5.8

Age-Based 4-6 Years Portfolio 8.4 -16.3 4.6 5.5 8.5 5.6 11/01/2007

Age-Based 4-6 Years Portfolio Benchmark 8.2 -16.6 4.0 5.5 8.2 5.7

Age-Based 7-8 Years Portfolio 7.5 -15.8 3.7 4.8 7.1 4.4 11/01/2007

Age-Based 7-8 Years Portfolio Benchmark 7.5 -16.1 3.5 5.0 7.5 5.5

Age-Based 9 Years Portfolio 6.8 -15.3 3.8 4.8 7.1 4.5 11/01/2007

Age-Based 9 Years Portfolio Benchmark 6.8 -15.6 3.1 4.6 6.7 5.3

Age-Based 10-11 Years Portfolio 6.2 -14.9 3.1 4.3 6.2 3.7 11/01/2007

Age-Based 10-11 Years Portfolio Benchmark 6.1 -15.1 2.6 4.2 6.0 5.0

Age-Based 12 Years Portfolio 5.6 -14.4 2.6 3.9 5.4 3.3 11/01/2007

Age-Based 12 Years Portfolio Benchmark 5.5 -14.6 2.0 3.7 5.2 4.8

Age-Based 13-14 Years Portfolio 4.8 -14.0 2.6 3.9 5.4 3.3 11/01/2007

Age-Based 13-14 Years Portfolio Benchmark 4.8 -14.2 1.5 3.2 4.4 4.5

Age-Based 15 Years Portfolio 4.0 -13.1 1.3 2.7 3.6 2.0 11/01/2007

Age-Based 15 Years Portfolio Benchmark 4.0 -13.3 0.9 2.6 3.6 4.1

Age-Based 16-17 Years Portfolio 3.2 -12.0 1.6 2.9 3.7 2.0 11/01/2007

Age-Based 16-17 Years Portfolio Benchmark 3.3 -12.2 0.4 2.1 2.7 3.6

Age-Based 18 Years and Over Portfolio 2.4 -10.7 0.1 1.7 2.0 1.1 11/01/2007

Age-Based 18 Years Portfolio Benchmark 2.5 -10.9 -0.1 1.6 1.9 3.1

Performance %

Quarter

Year

Years

Since Inception

Inception Date

Risk-Based Portfolios

Aggressive Allocation Portfolio 7.9 -16.2 -12.6 12/01/2021

Aggressive Allocation Portfolio Benchmark 7.8 -16.3 -12.7

Balanced Allocation Portfolio 6.8 -15.5 3.2 4.4 6.2 3.7 11/01/2007

Balanced Allocation Portfolio Benchmark 6.8 -15.6 3.1 4.6 6.7 5.3

Conservative Allocation Portfolio 3.4 -11.9 -10.3 12/01/2021

Conservative Allocation Portfolio Benchmark 3.6 -12.7 -11.0

Individual Asset Class Portfolios

Diversified Equity Portfolio 9.6 -18.0 4.8 5.7 9.2 6.2 11/01/2007

Diversified Equity Portfolio Benchmark 9.5 -18.3 4.9 6.2 9.5 6.0

Diversified Fixed Income Portfolio 2.3 -10.5 -9.6 12/01/2021

Diversified Fixed Income Portfolio Benchmark 2.3 -11.0 -10.0

U.S. Stock Portfolio 7.1 -18.5 -14.3 12/01/2021

US Stock Fund Portfolio Benchmark 7.1 -19.5 -15.3

International Stock Portfolio 14.8 -15.7 -11.2 12/01/2021

International Portfolio Benchmark 14.1 -16.1 -11.6

U.S. Bond Portfolio 1.8 -12.9 -2.6 0.1 1.1 1.9 07/01/2010

Bond Fund Portfolio Benchmark 1.9 -13.1 -2.7 0.1 1.1 1.9

Inflation Protection Portfolio 2.0 -11.9 1.3 2.2 1.2 2.8 07/01/2010

Inflation Protection Fund Portfolio Benchmark 2.0 -11.8 1.2 2.1 1.1 2.6

Capital Preservation Portfolio 0.4 1.4 0.6 1.1 0.6 0.6 04/01/2012

Capital Preservation Portfolio Benchmark 0.8 1.5 0.7 1.3 0.8 0.7

Portfolio Allocations Texas College Savings Plan — December 31, 2022

Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc.

December 31, 2022

Cash Flow Summary

Texas College Savings Plan Contributions Redemptions

Fund Name Exchange Purchase

Purchase Rollover/ Transfer In

Exchange Redemption

Redemption Rollover/ Transfer Out

Net Amount

Age-Based 0–3 Years Portfolio $22,548 $1,519,409 $9,600 $2,387,355 $6,030 $8,546 -$850,374 Age-Based 4-6 Years Portfolio $2,386,199 $1,171,843 $56,761 $2,677,633 $38,825 $34,191 $864,154 Age-Based 7-8 Years Portfolio $2,675,991 $1,029,953 $106,658 $4,757,146 $49,223 $21,457 -$1,015,224 Age-Based 9 Years Portfolio $4,691,582 $607,551 $30 $4,824,675 $40,753 $9,240 $424,495

Age-Based 10-11 Years Portfolio $4,764,485 $1,127,165 $0 $5,424,059 $91,041 $46,011 $330,539 Age-Based 12 Years Portfolio $5,319,073 $575,917 $12,570 $7,587,674 $24,080 $0 -$1,704,194

Age-Based 13-14 Years Portfolio $7,542,085 $1,261,612 $13,347 $6,578,958 $116,147 $91,307 $2,030,632 Age-Based 15 Years Portfolio $6,468,311 $481,361 $0 $7,744,784 $61,505 $1,846 -$858,463

Age-Based 16-17 Years Portfolio $7,761,599 $1,271,299 $0 $8,265,812 $316,428 $28,401 $422,257 Age-Based 18 Years and Over Portfolio $8,209,924 $1,505,191 $121,023 $367,146 $6,677,263 $78,428 $2,713,301

Cash Flow Summary

Texas College Savings Plan Contributions Redemptions

Fund Name Exchange Purchase

Purchase Rollover/ Transfer In

Exchange Redemption

Redemption Rollover/ Transfer Out

Net Amount

Aggressive Allocation Portfolio $205,810 $515,975 $15,225 $6,970 $28,468 $5,050 $696,522 Balanced Allocation Portfolio $114,854 $1,634,633 $32,130 $329,831 $945,192 $72,190 $434,404 Capital Preservation Portfolio $398,215 $116,841 $27,516 $365,974 $41,537 $591 $134,470

Conservative Allocation Portfolio $218,654 $3,407,989 $152,701 $1,355,773 $2,220,600 $179,459 $23,512 Diversified Equity Portfolio $95,942 $73,637 $0 $32,767 $3,433 $141 $133,238

Diversified Fixed Income Portfolio $22,787 $23,258 $306 $10,320 $0 $4,736 $31,295 Inflation Protection Portfolio $823,552 $538,170 $11,919 $51,041 $37,400 $35,370 $1,249,830 International Stock Portfolio $254,902 $544,177 $6,480 $126,221 $315,991 $3,317 $360,030

U.S. Stock Portfolio $73,433 $201,116 $21,110 $234,521 $212,044 $23,186 -$1,704,194 U.S. Bond Portfolio $1,250,234 $934,031 $197,641 $171,520 $987,113 $1,182 $1,222,091

Grand Total $53,300,180 $18,541,128 $785,017 $53,300,180 $12,213,073 $644,649 $6,468,423

December 31, 2022 : $697,834,863 September 30, 2022 : $655,213,652

Allocation

Age-Based Portfolios 446,292,499 64.0¢

Risk-Based Portfolios 202,398,578 29.0¢

Individual Asset Class Portfolios 49,143,786 7.0¢

Market Value

Allocation

Age-Based Portfolios 424,667,940 64.8¢

Risk-Based Portfolios 185,170,365 28.3¢

Individual Asset Class Portfolios 45,375,347 6.9¢

Texas College Savings Plan Asset Allocation by Portfolio Type

December 31, 2022 : $697,834,863 September 30, 2022 : $655,213,652

Allocation

Age-Based 0-3 Years Portfolio 13,373,556 1.9¢

Age-Based 4-6 Years Portfolio 31,682,656 4.5¢

Age-Based 7-8 Years Portfolio 78,407,817 11.2¢

Age-Based 9 Years Portfolio 111,084,660 15.9¢

Age-Based 10-11 Years Portfolio 30,362,577 4.4¢

Age-Based 12 Years Portfolio 30,765,635 4.4¢

Age-Based 13-14 Years Portfolio 19,369,848 2.8¢

Age-Based 15 Years Portfolio 45,484,092 6.5¢

Age-Based 16-17 Years Portfolio 24,407,291 3.5¢

Age-Based 18 Years and Over Portfolio 61,354,367 8.8¢

Aggressive Allocation Portfolio 4,097,312 0.6¢

Balanced Allocation Portfolio 52,780,658 7.6¢

Conservative Allocation Portfolio 145,520,608 20.9¢

Diversified Equity Portfolio 665,544 0.1¢

Diversified Fixed Income Portfolio 339,557 0.0¢

U.S. Stock Portfolio 25,045,796 3.6¢

International Stock Portfolio 7,011,548 1.0¢

U.S. Bond Portfolio 7,464,960 1.1¢

Inflation Protection Portfolio 7,007,562 1.0¢

Capital Preservation Portfolio 1,608,819 0.2¢

Market Value

Allocation

Age-Based 0-3 Years Portfolio 13,123,399 2.0¢

Age-Based 4-6 Years Portfolio 31,316,761 4.8¢

Age-Based 7-8 Years Portfolio 75,697,838 11.6¢

Age-Based 9 Years Portfolio 105,864,088 16.2¢

Age-Based 10-11 Years Portfolio 27,263,300 4.2¢

Age-Based 12 Years Portfolio 29,596,177 4.5¢

Age-Based 13-14 Years Portfolio 17,735,407 2.7¢

Age-Based 15 Years Portfolio 42,552,862 6.5¢

Age-Based 16-17 Years Portfolio 24,818,312 3.8¢

Age-Based 18 Years and Over Portfolio 56,699,796 8.7¢

Aggressive Allocation Portfolio 3,149,185 0.5¢

Balanced Allocation Portfolio 49,067,595 7.5¢

Conservative Allocation Portfolio 132,953,585 20.3¢

Diversified Equity Portfolio 519,789 0.1¢

Diversified Fixed Income Portfolio 267,222 0.0¢

U.S. Stock Portfolio 23,730,434 3.6¢

International Stock Portfolio 6,543,386 1.0¢

U.S. Bond Portfolio 7,501,359 1.1¢

Inflation Protection Portfolio 5,391,227 0.8¢

Capital Preservation Portfolio 1,421,930 0.2¢

Texas College Savings Plan Asset Allocation by Portfolio

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

R e tu rn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0

Risk (Standard Deviation %)

Age-Based 9 Years Portfolio

Age-Based 7-8 Years Portfolio

Age-Based 4-6 Years Portfolio

Age-Based 18 Years and Over Portfolio

Age-Based 16-17 Years Portfolio

Age-Based 15 Years Portfolio

Age-Based 13-14 Years Portfolio Age-Based 12 Years Portfolio

Age-Based 10-11 Years Portfolio

Age-Based 0-3 Years Portfolio

Age-Based Portfolios 5 Years Ending December 31, 2022

Calculation based on monthly periodicity.

3.4

3.5

3.6

3.7

3.8

3.9

4.0

4.1

R e tu rn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0

Risk (Standard Deviation %)

Balanced Allocation Portfolio

Risk-Based Portfolios 5 Years Ending December 31, 2022

-1.0

-0.4

0.2

0.8

1.4

2.0

2.6

3.2

3.8

4.4

5.0

5.6

6.2

6.8

7.2

R e tu rn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0

Risk (Standard Deviation %)

Capital Preservation Portfolio

Inflation Protection Portfolio

U.S. Bond Portfolio

Diversified Equity Portfolio

Individual Asset Class Portfolios 5 Years Ending December 31, 2022

Quarter

Year

Years

Since Inception

Inception Date

Texas College Savings Plan

Underlying Investments

NY Life Anchor IV 0.4 1.6 1.9 2.1 2.0 3.7 01/01/1995

90 Day U.S. Treasury Bill 0.8 1.5 0.7 1.3 0.8 2.3

Vanguard Total Bond Market Index Fund Institutional Plus Shares 1.7 -13.1 -2.7 0.0 1.0 2.1 03/01/2010

Vanguard Splc Blmbg. US Agg Flt Adj (N) 1.9 -13.1 -2.7 0.1 1.1 2.1

DFA Inflation-Protected Securities I 2.0 -12.2 1.1 2.1 1.0 3.6 11/01/2006

Blmbg. U.S. TIPS 2.0 -11.8 1.2 2.1 1.1 3.5

Eaton Vance Floating - Rate Fund Institutional Class 2.7 -2.4 1.4 2.4 3.1 3.7 02/01/2001

Morningstar LSTA US Leveraged Loan 2.7 -0.6 2.5 3.3 3.7 4.5

Federated Hermes Institutional High Yield Bond 4.2 -11.4 -0.5 1.9 3.9 7.0 12/01/2002

Blmbg. U.S. High Yield - 2% Issuer Cap 4.2 -11.2 0.0 2.3 4.0 7.3

Vanguard Total Stock Market Index Fund Institutional Plus Shares 7.2 -19.5 7.0 8.7 9.7 05/01/2015

Vanguard Spliced Total Stock Market Index 7.1 -19.5 7.0 8.7 9.7

Vanguard Total International Stock Index Fund Institutional Plus Shares 14.7 -16.0 0.5 1.1 4.1 4.2 12/01/2010

Vanguard Spliced Total International Stock Index 14.1 -16.1 0.5 1.1 4.2 4.2

Asset Allocation & Performance Investment Performance

For Age-Based, Risk-Based and Individual Asset Class Portfolios benchmark return is assumed for the month of December 2021.

Performance %

Quarter

Year

Years

Since Inception

Inception Date

Age-Based Portfolios

Age-Based 0-3 Years Portfolio 8.6 -17.0 4.0 4.9 7.8 5.0 11/01/2007

Age-Based 0-3 Years Portfolio Benchmark 8.6 -16.8 4.3 5.7 8.6 5.8

Age-Based 4-6 Years Portfolio 8.2 -16.8 4.0 4.9 7.9 5.0 11/01/2007

Age-Based 4-6 Years Portfolio Benchmark 8.2 -16.6 4.0 5.5 8.2 5.7

Age-Based 7-8 Years Portfolio 7.4 -16.3 3.1 4.2 6.4 3.8 11/01/2007

Age-Based 7-8 Years Portfolio Benchmark 7.5 -16.1 3.5 5.0 7.5 5.5

Age-Based 9 Years Portfolio 6.7 -15.9 3.1 4.2 6.5 3.8 11/01/2007

Age-Based 9 Years Portfolio Benchmark 6.8 -15.6 3.1 4.6 6.7 5.3

Age-Based 10-11 Years Portfolio 6.1 -15.4 2.5 3.7 5.6 3.1 11/01/2007

Age-Based 10-11 Years Portfolio Benchmark 6.1 -15.1 2.6 4.2 6.0 5.0

Age-Based 12 Years Portfolio 5.4 -14.9 2.0 3.2 4.8 2.7 11/01/2007

Age-Based 12 Years Portfolio Benchmark 5.5 -14.6 2.0 3.7 5.2 4.8

Age-Based 13-14 Years Portfolio 4.6 -14.5 2.0 3.3 4.8 2.7 11/01/2007

Age-Based 13-14 Years Portfolio Benchmark 4.8 -14.2 1.5 3.2 4.4 4.5

Age-Based 15 Years Portfolio 3.8 -13.6 0.7 2.1 3.0 1.4 11/01/2007

Age-Based 15 Years Portfolio Benchmark 4.0 -13.3 0.9 2.6 3.6 4.1

Age-Based 16-17 Years Portfolio 3.0 -12.5 1.0 2.3 3.1 1.4 11/01/2007

Age-Based 16-17 Years Portfolio Benchmark 3.3 -12.2 0.4 2.1 2.7 3.6

Age-Based 18 Years and Over Portfolio 2.3 -11.3 -0.5 1.1 1.4 0.5 11/01/2007

Age-Based 18 Years Portfolio Benchmark 2.5 -10.9 -0.1 1.6 1.9 3.1

For Age-Based, Risk-Based and Individual Asset Class Portfolios benchmark return is assumed for the month of December 2021.

Performance %

Quarter

Year

Years

Since Inception

Inception Date

Risk-Based Portfolios

Aggressive Allocation Portfolio 7.8 -16.7 -13.1 12/01/2021

Aggressive Allocation Portfolio Benchmark 7.8 -16.3 -12.7

Balanced Allocation Portfolio 6.7 -16.1 2.6 3.7 5.6 3.1 11/01/2007

Balanced Allocation Portfolio Benchmark 6.8 -15.6 3.1 4.6 6.7 5.3

Conservative Allocation Portfolio 3.3 -12.5 -10.8 12/01/2021

Conservative Allocation Portfolio Benchmark 3.6 -12.7 -11.0

Individual Asset Class Portfolios

Diversified Equity Portfolio 9.4 -18.5 4.2 5.1 8.5 5.6 11/01/2007

Diversified Equity Portfolio Benchmark 9.5 -18.3 4.9 6.2 9.5 6.0

Diversified Fixed Income Portfolio 2.2 -11.1 -10.1 12/01/2021

Diversified Fixed Income Portfolio Benchmark 2.3 -11.0 -10.0

U.S. Stock Portfolio 7.0 -19.0 -14.8 12/01/2021

US Stock Fund Portfolio Benchmark 7.1 -19.5 -15.3

International Stock Portfolio 14.6 -16.2 -11.7 12/01/2021

International Portfolio Benchmark 14.1 -16.1 -11.6

U.S. Bond Portfolio 1.6 -13.4 -3.2 -0.5 0.5 1.3 07/01/2010

Bond Fund Portfolio Benchmark 1.9 -13.1 -2.7 0.1 1.1 1.9

Inflation Protection Portfolio 1.8 -12.5 0.7 1.6 0.6 2.2 07/01/2010

Inflation Protection Fund Portfolio Benchmark 2.0 -11.8 1.2 2.1 1.1 2.6

Capital Preservation Portfolio 0.4 1.4 0.6 1.1 0.6 0.6 04/01/2012

Capital Preservation Portfolio Benchmark 0.8 1.5 0.7 1.3 0.8 0.7

For Age-Based, Risk-Based and Individual Asset Class Portfolios benchmark return is assumed for the month of December 2021.

% of

Portfolio

Estimated Annual Fee

Age-Based Portfolios $446,292,499 63.95 $1,731,186 0.39

Age-Based 0-3 Years Portfolio 0.40 % of Assets $13,373,556 1.92 $53,494 0.40

Age-Based 4-6 Years Portfolio 0.40 % of Assets $31,682,656 4.54 $126,731 0.40

Age-Based 7-8 Years Portfolio 0.40 % of Assets $78,407,817 11.24 $313,631 0.40

Age-Based 9 Years Portfolio 0.39 % of Assets $111,084,660 15.92 $433,230 0.39

Age-Based 10-11 Years Portfolio 0.39 % of Assets $30,362,577 4.35 $118,414 0.39

Age-Based 12 Years Portfolio 0.39 % of Assets $30,765,635 4.41 $119,986 0.39

Age-Based 13-14 Years Portfolio 0.39 % of Assets $19,369,848 2.78 $75,542 0.39

Age-Based 15 Years Portfolio 0.38 % of Assets $45,484,092 6.52 $172,840 0.38

Age-Based 16-17 Years Portfolio 0.37 % of Assets $24,407,291 3.50 $90,307 0.37

Age-Based 18 Years and Over Portfolio 0.37 % of Assets $61,354,367 8.79 $227,011 0.37

Risk-Based Portfolios $202,398,578 29.00 $775,212 0.38

Aggressive Allocation Portfolio 0.40 % of Assets $4,097,312 0.59 $16,389 0.40

Balanced Allocation Portfolio 0.39 % of Assets $52,780,658 7.56 $205,845 0.39

Conservative Allocation Portfolio 0.38 % of Assets $145,520,608 20.85 $552,978 0.38

Individual Asset Class Portfolios $49,143,786 7.04 $173,190 0.35

Diversified Equity Portfolio 0.35 % of Assets $665,544 0.10 $2,329 0.35

Diversified Fixed Income Portfolio 0.52 % of Assets $339,557 0.05 $1,766 0.52

U.S. Stock Portfolio 0.33 % of Assets $25,045,796 3.59 $82,651 0.33

International Stock Portfolio 0.38 % of Assets $7,011,548 1.00 $26,644 0.38

U.S. Bond Portfolio 0.34 % of Assets $7,464,960 1.07 $25,381 0.34

Inflation Protection Portfolio 0.42 % of Assets $7,007,562 1.00 $29,432 0.42

Capital Preservation Portfolio 0.31 % of Assets $1,608,819 0.23 $4,987 0.31

Investment Management Fee $697,834,863 100.00 $2,679,589 0.38

Texas College Savings Plan As of December 31, 2022

Estimated annual fee includes program management fee and state administrative fee

· The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time-weighted.

· Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking.

· Due to rounding throughout the report, percentage totals displayed may not sum to 100%. Additionally, individual fund totals in dollar terms may not sum to the plan total.

Writeup

Aon Investments USA Inc. is a federally registered investment advisor with the U.S. Securities and Exchange Commission.

Aon Investments USA Inc.

200 E. Randolph Street Suite 700 Chicago, IL 60601 ATTN: Aon Investments Compliance Officer

Texas LoneStar 529

Texas LoneStar 529 Plan — December 31, 2022

Key Developments

• The Plan’s portfolios performance ranged from +16.0% for the LoneStar Active International Portfolio to -0.9% for the LoneStar Long Term Fixed Income Portfolio. Over the trailing 3-year period, performance ranged from +9.2% for the LoneStar U.S. Total Stock Market Portfolio to -3.0% for the LoneStar Passive Bond Portfolio (annualized).

• The passive investment alternatives tracked their primary benchmarks, as expected.

Investment Manager Monitoring Fund Change in

Process Change in Portfolio Manager

Underperformed / Did Not Track Benchmark Over 3-Year Period*

Vanguard Total Bond Index No No No Vanguard Long-Term Treasury Index No No Yes Baird Short-Term Bond No No Yes DFA Inflation-Protected Securities No No No PIMCO Total Return No No No PIMCO International Bond No No No Federated Hermes Institutional High Yield No No Yes Artisan Value Fund No No No T Rowe Price Large Cap Growth No No Yes DFA Small Cap Portfolio No No No Dodge & Cox Global Stock No No No T Rowe Price Global Stock No No No Vanguard Total International Stock Market No No No Dodge & Cox International Stock Market No No No Vanguard FTSE Social Index No No No Vanguard Real Estate Index No No No Neuberger Berman Emerging Markets Equity No No Yes PIMCO Commodity Real Return No No No *Negative tracking of greater than +/- 0.1% for domestic equities and fixed income or +/- 0.3% for non-U.S. equities constitutes underperformance for the Plan’s index funds.

Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc.

Quarter

Year

Years

LoneStar 529 Plan

Underlying Investments

Vanguard Total Bond Market Index 1.7 (64) -13.1 (36) -2.7 (60) 0.0 (58) 1.0 (69)

Performance Benchmark 1.9 -13.1 -2.7 0.1 1.1

Vanguard Long-Term Treasury Index -1.3 (88) -29.5 (83) -7.6 (88) -2.4 (87) 0.5 (59)

Blmbg. U.S. Treasury: Long -0.6 -29.3 -7.4 -2.2 0.6

Baird Short-Term Bond 1.2 (39) -3.6 (63) 0.0 (65) 1.2 (56) 1.4 (24)

Blmbg. U.S. Aggregate 1-3 Yrs 0.9 -3.7 -0.4 0.9 0.9

DFA Inflation-Protected Securities 2.0 (45) -12.2 (75) 1.1 (51) 2.1 (49) 1.0 (46)

Blmbg. U.S. TIPS 2.0 -11.8 1.2 2.1 1.1

PIMCO Total Return 1.8 (59) -14.1 (70) -2.5 (65) 0.0 (79) 1.1 (79)

Blmbg. U.S. Aggregate 1.9 -13.0 -2.7 0.0 1.1

PIMCO International Bond (USD-Hdg) 0.9 (73) -9.8 (22) -2.0 (12) 0.7 (7) 2.6 (1)

FTSE Non-U.S. World Government Bond 6.5 -22.1 -8.0 -4.2 -2.3

Federated Hermes Institutional High Yield 4.2 (39) -11.4 (67) -0.5 (68) 1.9 (57) 3.9 (27)

Blmbg. U.S. High Yield - 2% Issuer Cap 4.2 -11.2 0.0 2.3 4.0

Vanguard Total Stock Market Index 7.2 (70) -19.5 (67) 7.0 (44) 8.7 (29) -

Performance Benchmark 7.1 -19.5 7.0 8.7 -

Artisan Value Fund 14.1 (28) -8.7 (73) 7.7 (36) 6.8 (72) 9.7 (77)

Russell 1000 Value Index 12.4 -7.5 6.0 6.7 10.3

T Rowe Price Large Cap Growth -0.2 (82) -35.2 (79) 3.7 (74) 8.4 (65) 13.9 (12)

Russell 1000 Growth Index 2.2 -29.1 7.8 11.0 14.1

DFA US Small Cap Portfolio 10.1 (38) -13.5 (36) 7.9 (20) 5.8 (35) 10.1 (23)

Russell 2000 Index 6.2 -20.4 3.1 4.1 9.0

Asset Allocation & Performance As of December 31, 2022

*Performance is net of investment management fees and gross of administrative fees **For Age-Based, Risk-Based, and Individual Asset Class Portfolios benchmark return is assumed for the month of March 2022

Performance %

Quarter

Year

Years

Dodge & Cox Global Stock 13.3 (58) -5.8 (28) 6.4 (16) 5.5 (25) 9.3 (9)

MSCI AC World Index (Net) 9.8 -18.4 4.0 5.2 8.0

T. Rowe Price Global Growth Stock 5.6 (72) -29.6 (59) 4.2 (36) 6.7 (18) -

MSCI AC World Index (Net) 9.8 -18.4 4.0 5.2 -

Vanguard Total International Stock Market 14.7 (80) -16.0 (68) 0.5 (58) 1.1 (54) 4.1 (62)

Performance Benchmark 14.1 -16.1 0.5 1.1 4.2

Dodge & Cox International stock 16.0 (60) -6.8 (1) 1.9 (32) 1.2 (64) 4.8 (12)

MSCI AC World ex USA Index (Net) 14.3 -16.0 0.1 0.9 3.8

Vanguard FTSE Social Index 5.2 (91) -24.2 (94) 5.9 (82) - -

Performance Benchmark 5.2 -24.1 6.0 - -

Vanguard Real Estate Index 4.4 (33) -26.2 (62) -0.4 (60) 3.7 (55) 6.4 (37)

Performance Benchmark 4.3 -26.1 -0.3 3.8 6.5

Neuberger Berman Emerging Markets Equity 7.4 (80) -23.8 (72) -5.8 (87) -3.8 (88) -

MSCI Emerging Markets Index (Net) 9.7 -20.1 -2.7 -1.4 -

PIMCO Commodity Real Return 3.6 (52) 8.8 (92) 13.6 (56) 7.2 (48) -1.4 (72)

Bloomberg Commodity Index Total Return 2.2 16.1 12.7 6.4 -1.3

Performance %

Quarter

Year

Years

Age Based Portfolios

LoneStar Enrollment Year Target Date Portfolio 2.2 -10.7 -0.6 1.0 1.3

Enrollment Year Target Date Portfolio Benchmark 2.5 -11.0 -0.2 1.5 1.9

LoneStar 2022-2023 Target Date Portfolio 2.6 -13.0 0.9 2.4 3.2

2022-2023 Target Date Portfolio Benchmark 3.0 -13.0 0.4 2.2 2.9

LoneStar 2024-2025 Target Date Portfolio 3.6 -14.0 0.5 2.1 3.0

2024-2025 Target Date Portfolio Benchmark 3.9 -14.5 1.0 2.9 4.0

LoneStar 2026-2027 Target Date Portfolio 4.6 -15.2 2.3 3.7 4.9

2026-2027 Target Date Portfolio Benchmark 4.9 -15.3 1.7 3.5 5.0

LoneStar 2028-2029 Target Date Portfolio 5.6 -15.4 2.7 3.9 5.6

2028-2029 Target Date Portfolio Benchmark 5.7 -16.0 2.3 4.1 6.0

LoneStar 2030-2031 Target Date Portfolio 6.4 -15.7 3.5 4.6 6.5

2030-2031 Target Date Portfolio Benchmark 6.6 -16.8 2.9 4.6 6.9

LoneStar 2032-2033 Target Date Portfolio 7.3 -16.7 4.5 5.4 8.0

2032-2033 Target Date Portfolio Benchmark 7.5 -17.5 3.5 5.2 7.9

LoneStar 2034-2035 Target Date Portfolio 8.0 -16.1 4.7 5.6 8.1

2034-2035 Target Date Portfolio Benchmark 8.0 -17.5 3.7 5.4 8.2

LoneStar 2036-2037 Target Date Portfolio 8.2 -16.1 4.7 5.6 8.1

2036-2037 Target Date Portfolio Benchmark 8.3 -17.5 3.9 5.5 8.3

LoneStar 2038-2039 Target Date Portfolio 8.3 -16.0 4.8 5.6 8.1

2038-2039 Target Date Portfolio Benchmark 8.3 -17.5 3.9 5.5 8.3

Performance %

Quarter

Year

Years

Risk Based Portfolios

LoneStar Conservative Allocation Portfolio 3.3 - - - -

Conservative Allocation Portfolio Benchmark 3.6 - - - -

LoneStar Balanced Allocation Portfolio 6.4 -14.8 3.0 4.1 5.7

Balanced Allocation Portfolio Benchmark 6.7 -16.0 2.9 4.6 6.6

LoneStar Aggressive Allocation Portfolio 7.5 - - - -

Aggressive Allocation Portfolio Benchmark 7.8 - - - -

Individual Fund Portfolios

LoneStar Diversified Equity Portfolio 9.4 -16.6 5.4 6.1 8.9

Diversified Equity Portfolio Benchmark 9.7 -18.1 4.9 6.3 9.4

LoneStar Diversified Fixed Income Portfolio 2.1 - - - -

Diversified Fixed Income Portfolio Benchmark 2.4 - - - -

LoneStar US Growth Portfolio -0.3 -33.4 4.5 8.7 13.3

US Growth Fund Portfolio Benchmark 2.2 -29.1 7.8 11.0 14.1

LoneStar US Value Portfolio 14.0 -6.3 8.4 7.1 10.1

US Value Fund Portfolio Benchmark 12.4 -7.5 6.0 6.7 10.3

LoneStar US Total Stock Market Portfolio 7.1 -21.9 9.2 12.6 12.9

US Total Stock Market Fund Portfolio Benchmark 7.1 -19.5 7.0 8.7 12.1

LoneStar Socially Resposible Portfolio 5.2 -23.3 5.1 7.5 11.0

Socially Responsible Fund Portfolio Benchmark 5.2 -24.1 6.0 9.1 13.1

LoneStar Small-Cap Portfolio 10.1 -12.7 7.9 5.8 10.4

Small-Cap Fund Portfolio Benchmark 6.2 -20.4 3.1 4.1 9.0

LoneStar Active International Portfolio 16.0 -6.1 1.3 -0.3 3.2

Active International Fund Portfolio Benchmark 17.3 -14.5 0.9 1.5 4.7

Performance %

Quarter

Year

Years

LoneStar Passive Bond Portfolio 1.6 -13.2 -3.0 -0.3 0.6

Passive Bond Fund Portfolio Benchmark 1.9 -13.1 -2.7 0.1 1.1

LoneStar Inflation Protection Portfolio 2.0 -12.2 0.9 1.8 0.8

Inflation Protection Bond Fund Portfolio Benchmark 2.0 -11.8 1.2 2.1 1.1

LoneStar Capital Preservation Portfolio 0.2 0.8 0.4 1.0 0.6

Capital Preservation Fund Portfolio Benchmark 0.8 1.5 0.7 1.3 0.8

LoneStar Active Bond Portfolio 2.0 - - - -

Active Bond Fund Portfolio Benchmark 1.9 - - - -

LoneStar Long-Term Fixed Income Portfolio -0.9 - - - -

Long-Term Fixed Income Fund Portfolio Benchmark -0.6 - - - -

LoneStar Passive International Portfolio 14.4 - - - -

Passive International Fund Portfolio Benchmark 14.8 - - - -

LoneStar Emerging Markets Portfolio 7.4 - - - -

Emerging Markets Fund Portfolio Benchmark 9.7 - - - -

LoneStar Real Estate Portfolio 4.4 - - - -

Real Estate Fund Portfolio Benchmark 4.3 - - - -

LoneStar Commodity Portfolio 3.6 - - - -

Commodity Fund Portfolio Benchmark 2.2 - - - -

LoneStar Short-Term Fixed Income Portfolio 1.2 - - - -

Short-Term Fixed Income Fund Portfolio Benchmark 0.9 - - - -

LoneStar International Fixed Income Portfolio 0.9 - - - -

International Fixed Income Fund Portfolio Benchmark 0.1 - - - -

LoneStar High Yield Fixed Income Portfolio 4.1 - - - -

High Yield Fixed Income Fund Portfolio Benchmark 4.2 - - - -

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

R e tu rn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0

Risk (Standard Deviation %)

PIMCO Commodity Real Return

Neuberger Berman Emerging Markets Equity

Vanguard Real Estate Index

Dodge & Cox International stockVanguard Total International Stock Market

T. Rowe Price Global Growth Stock

Dodge & Cox Global Stock

DFA US Small Cap Portfolio

T Rowe Price Large Cap Growth

Artisan Value Fund

Vanguard Total Stock Market Index

Federated Hermes Institutional High Yield

PIMCO International Bond (USD-Hdg)

PIMCO Total Return

DFA Inflation-Protected SecuritiesBaird Short-Term Bond

Vanguard Long-Term Treasury Index

Vanguard Total Bond Market Index

Underlying Investments 5 Years Ending December 31, 2022

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

R e tu rn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0

Risk (Standard Deviation %)

2038-2039 Target Date Portfolio

2036-2037 Target Date Portfolio2034-2035 Target Date Portfolio

2032-2033 Target Date Portfolio

2030-2031 Target Date Portfolio

2028-2029 Target Date Portfolio

2026-2027 Target Date Portfolio

2024-2025 Target Date Portfolio

2022-2023 Target Date Portfolio

Enrollment Year Target Date Portfolio

Age Based Portfolios 5 Years Ending December 31, 2022

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

R e tu rn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0

Risk (Standard Deviation %)

Capital Preservation Portfolio

Inflation Protection Portfolio

Passive Bond Portfolio Active International Portfolio

Small-Cap Portfolio

Socially Resposible Portfolio

US Total Stock Market Portfolio

US Value Portfolio

US Growth Portfolio

Diversified Equity Portfolio

Balanced Allocation Portfolio

Risk Based and Individual Portfolios 5 Years Ending December 31, 2022

December 31, 2022 : $201,188,074

Allocation

Blended Age Based Portfolios 86,430,061 43.0¢

Risk Based Portfolios 8,876,216 4.4¢

Individual Fund Portfolios 105,881,797 52.6¢

LoneStar 529 Plan Asset Allocation by Portfolio Type

December 31, 2022 : $86,430,061

Allocation

LoneStar Enrollment Year Target Date Portfolio 932,868 1.1¢

LoneStar 2022-2023 Target Date Portfolio 18,714,289 21.7¢

LoneStar 2024-2025 Target Date Portfolio 18,812,934 21.8¢

LoneStar 2026-2027 Target Date Portfolio 104,856 0.1¢

LoneStar 2028-2029 Target Date Portfolio 15,886,812 18.4¢

LoneStar 2030-2031 Target Date Portfolio 12,932,608 15.0¢

LoneStar 2032-2033 Target Date Portfolio 7,931,157 9.2¢

LoneStar 2034-2035 Target Date Portfolio 5,427,290 6.3¢

LoneStar 2036-2037 Target Date Portfolio 3,815,017 4.4¢

LoneStar 2038-2039 Target Date Portfolio 1,872,230 2.2¢

Age Based Portfolios

December 31, 2022 : $8,876,216

Allocation

LoneStar Conservative Allocation Portfolio 381,535 4.3¢

LoneStar Balanced Allocation Portfolio 7,856,637 88.5¢

LoneStar Aggressive Allocation Portfolio 638,044 7.2¢

Risk Based Portfolios

December 31, 2022 : $105,881,797

Allocation

LoneStar Diversified Equity Portfolio 17,484,017 16.5¢

LoneStar Diversified Fixed Income Portfolio 64,916 0.1¢

LoneStar US Growth Portfolio 18,564,507 17.5¢

LoneStar US Value Portfolio 4,689,915 4.4¢

LoneStar US Total Stock Market Portfolio 15,865,703 15.0¢

LoneStar Socially Resposible Portfolio 2,486,403 2.3¢

LoneStar Small-Cap Portfolio 7,219,091 6.8¢

LoneStar Active International Portfolio 1,736,939 1.6¢

LoneStar Passive Bond Portfolio 2,732,922 2.6¢

LoneStar Inflation Protection Portfolio 1,527,301 1.4¢

LoneStar Capital Preservation Portfolio 24,700,170 23.3¢

LoneStar Active Bond Portfolio 4,305 0.0¢

LoneStar Long-Term Fixed Income Portfolio 1,349 0.0¢

LoneStar Passive International Portfolio 42,640 0.0¢

LoneStar Emerging Markets Portfolio 71,402 0.1¢

LoneStar Real Estate Portfolio 8,555,348 8.1¢

LoneStar Commodity Portfolio 65,777 0.1¢

LoneStar Short-Term Fixed Income Portfolio 36,333 0.0¢

LoneStar International Fixed Income Portfolio 3,678 0.0¢

LoneStar High Yield Fixed Income Portfolio 29,081 0.0¢

Individual Fund Portfolios

Quarter

Year

Years

LoneStar 529 Plan

Age Based Portfolios

LoneStar Enrollment Year Target Date Portfolio 2.0 -11.1 -1.1 0.5 0.7

Enrollment Year Target Date Portfolio Benchmark 2.5 -11.0 -0.2 1.5 1.9

LoneStar 2022-2023 Target Date Portfolio 2.5 -13.4 0.4 1.8 2.6

2022-2023 Target Date Portfolio Benchmark 3.0 -13.0 0.4 2.2 2.9

LoneStar 2024-2025 Target Date Portfolio 3.5 -14.5 0.0 1.6 2.4

2024-2025 Target Date Portfolio Benchmark 3.9 -14.5 1.0 2.9 4.0

LoneStar 2026-2027 Target Date Portfolio 4.4 -15.7 1.8 3.1 4.3

2026-2027 Target Date Portfolio Benchmark 4.9 -15.3 1.7 3.5 5.0

LoneStar 2028-2029 Target Date Portfolio 5.4 -15.9 2.1 3.3 5.0

2028-2029 Target Date Portfolio Benchmark 5.7 -16.0 2.3 4.1 6.0

LoneStar 2030-2031 Target Date Portfolio 6.3 -16.2 2.9 4.0 5.8

2030-2031 Target Date Portfolio Benchmark 6.6 -16.8 2.9 4.6 6.9

LoneStar 2032-2033 Target Date Portfolio 7.1 -17.1 3.9 4.8 7.4

2032-2033 Target Date Portfolio Benchmark…

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File details come from the government source that posted it. Updated May 27, 2026.