RHSP_Fee_Disclosure_Statement_03-31-2022.pdf

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

COUNTY OF SACRAMENTO

MissionSquare Retirement Health Savings (RHS)

401 Money Purchase

Fee and Investment Disclosure

March 31, 2022

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 information on investment options for your plan can be accessed via www.icmarc.org/fundinfo. To request a printed copy of this information, please contact us at 1-800-326-7272.

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

Per Participant Fee - Benefits Eligible $56 annual fee

Per Participant Fee - Not Benefits Eligible $31 annual fee

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.

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

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, participants or plan sponsors in a MissionSquare Retirement administered account can log in at www.icmarc.org, or institutions can go to investments.missionsq.org. For current performance, contact MissionSquare Retirement by calling 1-800-326-7272 or by visiting www.icmarc.org.

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 planâ##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 03/31/2022

Investment Option/Benchmark/Peer Group

Type of Option 1yr 3yr 5yr 10yr Since Inception

Inception Date

STABLE VALUE/CASH MANAGEMENT

MissionSquare PLUS Fund S11 A, B, C, D, E, F

Stable Value 1.85% 2.13% 2.18% 2.18% - Jul 2020

ICE BofA US 3 Month Treasury Bill Index1, 2

0.06% 0.81% 1.13% 0.63%

Fidelity Investments Money Market Funds Government Portfolio Institutional G, H

Money Market 0.02% 0.64% 0.99% - 0.68% May 2014

Ibbotson US 30-Day T-Bill Index1, 3 0.03% 0.68% 1.03% 0.56%

BOND

Vanguard Total Bond Market Index Fund Institutional G, H, I

Intermediate-Term Bond (4.07%) 1.71% 2.14% 2.21% 4.66% Sep 1995

Bloomberg U.S. Agg Float-Adjusted Bond Index1, 4

(4.08%) 1.75% 2.19% 2.27%

Morningstar Intermediate Core Bond1, 5 (4.43%) 1.67% 2.04% 2.21%

Metropolitan West Total Return Bond Fund Plan G, H, I

Intermediate-Term Bond (4.49%) 2.34% 2.59% 3.17% 3.32% Jul 2011

Bloomberg U.S. Agg Bond Index1, 6 (4.15%) 1.69% 2.14% 2.24%

Morningstar Intermediate Core-Plus Bond1, 5

(4.00%) 2.13% 2.39% 2.61%

BALANCED/ASSET ALLOCATION

Vanguard Target Retirement Income Fund Investor G, H, J

Target-Date Retirement 0.15% 5.75% 5.30% 4.95% 5.26% Oct 2003

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Morningstar Target-Date Retirement1, 5 0.34% 5.44% 4.97% 4.44%

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

Vanguard Target Retirement 2015 Fund Investor G, H, J

Target-Date 2015 0.39% 6.20% 5.95% 6.20% 6.07% Oct 2003

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

MSCI US Broad Market Index (Gross)1, 8 12.27% 18.42% 15.50% 14.36%

Morningstar Target-Date 20151, 5 1.28% 7.06% 6.37% 6.24%

Vanguard Target Retirement 2020 Fund Investor G, H, J

Target-Date 2020 1.39% 7.87% 7.27% 7.31% 6.47% Jun 2006

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Bloomberg U.S. Agg Bond Index1, 6 (4.15%) 1.69% 2.14% 2.24%

Morningstar Target-Date 20201, 5 1.47% 7.47% 6.79% 6.76%

Vanguard Target Retirement 2025 Fund Investor G, H, J

Target-Date 2025 1.86% 8.92% 8.14% 8.04% 7.04% Oct 2003

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Bloomberg U.S. Agg Bond Index1, 6 (4.15%) 1.69% 2.14% 2.24%

Morningstar Target-Date 20251, 5 1.90% 8.26% 7.48% 7.25%

Vanguard Target Retirement 2030 Fund Investor G, H, J

Target-Date 2030 2.53% 9.84% 8.85% 8.68% 7.12% Jun 2006

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Bloomberg U.S. Agg Bond Index1, 6 (4.15%) 1.69% 2.14% 2.24%

Morningstar Target-Date 20301, 5 2.61% 9.46% 8.48% 8.02%

Vanguard Target Retirement 2035 Fund Investor G, H, J

Target-Date 2035 3.29% 10.77% 9.57% 9.31% 7.84% Oct 2003

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Bloomberg U.S. Agg Bond Index1, 6 (4.15%) 1.69% 2.14% 2.24%

Morningstar Target-Date 20351, 5 3.37% 10.61% 9.36% 8.75%

Vanguard Target Retirement 2040 Fund Investor G, H, J

Target-Date 2040 4.10% 11.68% 10.28% 9.85% 7.78% Jun 2006

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Bloomberg U.S. Agg Bond Index1, 6 (4.15%) 1.69% 2.14% 2.24%

Morningstar Target-Date 20401, 5 4.00% 11.45% 9.97% 9.27%

Vanguard Target Retirement 2045 Fund Investor G, H, J

Target-Date 2045 4.88% 12.61% 10.89% 10.19% 8.49% Oct 2003

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Bloomberg U.S. Agg Bond Index1, 6 (4.15%) 1.69% 2.14% 2.24%

Morningstar Target-Date 20451, 5 4.42% 12.06% 10.43% 9.53%

Vanguard Target Retirement 2050 Fund Investor G, H, J

Target-Date 2050 5.07% 12.74% 10.96% 10.23% 8.04% Jun 2006

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Bloomberg U.S. Agg Bond Index1, 6 (4.15%) 1.69% 2.14% 2.24%

Morningstar Target-Date 20501, 5 4.59% 12.25% 10.55% 9.64%

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

Vanguard Target Retirement 2055 Fund Investor G, H, J

Target-Date 2055 5.05% 12.71% 10.95% 10.21% 10.84% Aug 2010

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Bloomberg U.S. Agg Bond Index1, 6 (4.15%) 1.69% 2.14% 2.24%

Morningstar Target-Date 20551, 5 4.64% 12.38% 10.66% 9.75%

Vanguard Target Retirement 2060 Fund Investor G, H, J

Target-Date 2060 5.05% 12.71% 10.95% 10.24% 10.69% Jan 2012

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Morningstar Target-Date 20601, 5 4.72% 12.44% 10.72% 10.24%

Vanguard Target Retirement 2065 Fund Investor G, H, J

Target-Date 2060 5.12% 12.69% - - 10.56% Jul 2017

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Morningstar Target-Date 2065+1, 5 4.72% 12.50% - -

U.S. STOCK

JPMorgan Equity Income Fund R6 G, H, K

Large Value 14.76% 14.24% 12.50% 12.64% 13.10% Jan 2012

Russell 1000 Value Index1, 9 11.67% 13.02% 10.29% 11.70%

Morningstar Large Value1, 5 12.90% 13.55% 10.82% 11.24%

Parnassus Core Equity Fund Institutional G, H

Large Blend 12.46% 19.15% 16.50% 15.10% 11.99% Apr 2006

S&P 500 Index1, 10 15.65% 18.92% 15.99% 14.64%

Morningstar Large Blend1, 5 12.10% 16.78% 14.09% 13.04%

Vanguard Institutional Index Fund Institutional G, H

Large Blend 15.60% 18.90% 15.96% 14.61% 10.63% Jul 1990

S&P 500 Index1, 10 15.65% 18.92% 15.99% 14.64%

Morningstar Large Blend1, 5 12.10% 16.78% 14.09% 13.04%

Fidelity Contrafund® K6 G, H, K Large Growth 9.69% 18.65% - - 16.93% May 2017

S&P 500 Index1, 10 15.65% 18.92% 15.99% 14.64%

Morningstar Large Growth1, 5 5.75% 18.74% 17.65% 14.65%

Vanguard Extended Market Index Fund Institutional G, H, K, L

Mid-Cap Growth (5.40%) 14.18% 12.07% 12.35% 9.29% Jul 1997

S&P Completion Index 1, 11 (5.46%) 14.09% 11.96% 12.24%

Morningstar Mid-Cap Growth1, 5 (4.00%) 15.34% 14.79% 12.63%

JPMorgan Small Cap Equity Fund R6 G, H, M

Small Blend 0.55% 13.18% 10.91% - 12.55% May 2016

Russell 2000 Index1, 12 (5.79%) 11.74% 9.74% 11.04%

Morningstar Small Blend1, 5 1.13% 12.35% 9.45% 10.70%

INTERNATIONAL/GLOBAL STOCK

Vanguard Total International Stock Index Fund Institutional G, H, N

Foreign Large Blend (1.81%) 7.79% 6.81% 5.83% 5.36% Nov 2010

FTSE Global All Cap ex US Index1, 7 (0.44%) 8.52% 7.39% 6.30%

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

Morningstar Foreign Large Blend1, 5 (1.61%) 7.23% 6.26% 5.85%

Fidelity Overseas G, H, K, N Foreign Large Blend 2.15% 11.47% 9.41% 9.18% 9.77% Dec 1984

MSCI EAFE Index (Net)1, 13 1.16% 7.78% 6.72% 6.27%

Morningstar Foreign Large Growth1, 5 (6.83%) 9.62% 8.92% 7.29%

A. MissionSquare Retirement and your employer may negotiate a different fund management or service fee for your Plan that would lower the total expense ratio. The performance and total expense ratio shown do not reflect any such alternative fee arrangements.

B. 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.icmarc.org for plan administration clients, at investments.missionsq.org for institutions, or upon request by calling 800-669-7400.

C. 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.

D. Performance information for this class prior to its inception date is the performance of the Fund adjusted to reflect the estimated fees and expenses of this class.

E. 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.

F. Effective September 10, 2021, the Vantagepoint Funds are now known as the MissionSquare Funds.

G. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2022 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.

H. 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.icmarc.org.

I. 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.

J. 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.

K. 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

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033 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.

L. 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.

M. 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.

N. 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.

1. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2022 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 Ibbotson Associates US 30-Day T-Bill Index measures the performance of a single issue of outstanding Treasury bill which matures closest to, but not beyond, one month from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that issue is sold and rolled into a newly selected issue.

4. The Bloomberg U.S. Aggregate Bond Floated Adjusted Index consists of investment-grade U.S. fixed income securities and includes agencies and mortgage-backed securities held in government accounts.

5. 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.

6. The Bloomberg U.S. Aggregate Bond Index consists of investment-grade U.S. fixed income securities.

7. 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.

8. The MSCI US Broad Market Index (Gross) represents the universe of companies in the U.S. equity market, including large, mid, small and micro cap companies. This index targets for inclusion 99.5% of the capitalization of the U.S.

equity market. Gross total return indexes reinvest as much as possible of a company's dividend distributions.

The reinvested amount is equal to the total dividend amount distributed to persons residing in the country of the dividend-paying company. Gross total return indexes do not, however, include any tax credits.

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

9. 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.

10. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S.

11. The S&P Completion Index is a sub-index of the S&P Total Market Index, including all stocks eligible for the S&P TMI and excluding all current constituents of the S&P 500.

12. 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.

13. 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.

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

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 03/31/2022

Investment Option Type of Option Gross Expense Ratio

Net Expense Ratio

Total Annual Operating Expense (per $1000)

Other fees or restrictions i

STABLE VALUE/CASH MANAGEMENT

MissionSquare PLUS Fund S11A, B, C, D, E, F Stable Value 0.52% 0.52% $5.20 90 day equity wash

Fidelity Investments Money Market Funds Government Portfolio InstitutionalG, H, II

Money Market 0.17% 0.14% $1.40

BOND

Vanguard Total Bond Market Index Fund Institutional G, H, I, III

Intermediate-Term Bond 0.035% 0.035% $0.35

Metropolitan West Total Return Bond Fund PlanG, H, I, III

Intermediate-Term Bond 0.37% 0.37% $3.70

BALANCED/ASSET ALLOCATION

Vanguard Target Retirement Income Fund InvestorG, H, III, J

Target-Date Retirement 0.08% 0.08% $0.80

Vanguard Target Retirement 2015 Fund InvestorG, H, III, J

Target-Date 2015 0.08% 0.08% $0.80

Vanguard Target Retirement 2020 Fund InvestorG, H, III, J

Target-Date 2020 0.08% 0.08% $0.80

Vanguard Target Retirement 2025 Fund InvestorG, H, III, J

Target-Date 2025 0.08% 0.08% $0.80

Vanguard Target Retirement 2030 Fund InvestorG, H, III, J

Target-Date 2030 0.08% 0.08% $0.80

Vanguard Target Retirement 2035 Fund InvestorG, H, III, J

Target-Date 2035 0.08% 0.08% $0.80

Vanguard Target Retirement 2040 Fund InvestorG, H, III, J

Target-Date 2040 0.08% 0.08% $0.80

Vanguard Target Retirement 2045 Fund InvestorG, H, III, J

Target-Date 2045 0.08% 0.08% $0.80

Vanguard Target Retirement 2050 Fund InvestorG, H, III, J

Target-Date 2050 0.08% 0.08% $0.80

Vanguard Target Retirement 2055 Fund InvestorG, H, III, J

Target-Date 2055 0.08% 0.08% $0.80

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

Vanguard Target Retirement 2060 Fund InvestorG, H, III, J

Target-Date 2060 0.08% 0.08% $0.80

Vanguard Target Retirement 2065 Fund InvestorG, H, III, J

Target-Date 2060 0.08% 0.08% $0.80

U.S. STOCK

JPMorgan Equity Income Fund R6G, H, III, K Large Value 0.46% 0.46% $4.60

Parnassus Core Equity Fund InstitutionalG, H, III Large Blend 0.62% 0.62% $6.20

Vanguard Institutional Index Fund InstitutionalG, H, III

Large Blend 0.035% 0.035% $0.35

Fidelity Contrafund® K6G, H, III, K Large Growth 0.45% 0.45% $4.50

Vanguard Extended Market Index Fund InstitutionalG, H, III, K, L

Mid-Cap Growth 0.05% 0.05% $0.50

JPMorgan Small Cap Equity Fund R6G, H, II, III, M Small Blend 0.75% 0.74% $7.40

INTERNATIONAL/GLOBAL STOCK

Vanguard Total International Stock Index Fund InstitutionalG, H, III, N

Foreign Large Blend 0.08% 0.08% $0.80

Fidelity OverseasG, H, III, K, N Foreign Large Blend 0.99% 0.99% $9.90

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

A. MissionSquare Retirement and your employer may negotiate a different fund management or service fee for your Plan that would lower the total expense ratio. The performance and total expense ratio shown do not reflect any such alternative fee arrangements.

B. 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.icmarc.org for plan administration clients, at investments.missionsq.org for institutions, or upon request by calling 800-669-7400.

C. 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.

D. Performance information for this class prior to its inception date is the performance of the Fund adjusted to reflect the estimated fees and expenses of this class.

E. 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.

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

F. Effective September 10, 2021, the Vantagepoint Funds are now known as the MissionSquare Funds.

G. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2022 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.

H. 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.icmarc.org.

I. 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.

J. 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.

K. 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.

L. 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.

M. 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.

N. 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.

II. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits.

III. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2022 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.

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

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.

Print date: 05/17/2022 (C) Copyright 1996-2022 MissionSquare Retirement. All Rights Reserved. Plan 801033

Glossary

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