403(b) Plan Investment Performance
| PERFORMANCE UPDATE | |
| CEDARS-SINAI 403(B) PLAN | |
| Average Annual Total Returns as of 02/28/2023 (shown in percentages) |
| Variable annuities and mutual funds offered through a retirement plan are intended as long-term investments designed for retirement purposes. Money distributed from a 403(b) plan, 401(a)/(k) plan, or a 457 plan will be taxed as ordinary income in the year the money is distributed. Early withdrawals from a 403(b) plan and a 401(a)/(k) plan, if taken prior to age 59 1/2, will be subject to the IRS 10% premature distribution penalty tax, unless an exception applies. This IRS premature distribution penalty tax does not apply to 457 plans. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than the original amount invested. |
| The performance data quoted represents past performance. Past performance does not guarantee future results. For month-end performance which may be lower or higher than the performance data shown please call 800-584-6001. Investment return and principal value of an investment will fluctuate so that, when sold, an investment may be worth more or less than the original cost. |
| The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses. They do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. |
| Voya will assess an annual asset-based service fee of 0.075% to all investment options including balances held in your plans Stability of Principal or Fixed Account. This fee is deducted from your account at a frequency determined by your plan monthly or quarterly and will be pro-rated across balances held in each of the investment options. These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. Please contact your local representative for more information. |
| You should consider the investment objectives, risks and charges, and expenses of the funds carefully before investing. The prospectus contains this and other information. Anyone who wishes to obtain a free copy of the fund prospectuses may call their Voya representative or the number above. Please read the prospectus carefully before investing. |
| Returns less than one year are not annualized. Fund Inception Date is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product. |
| Investment Options | 1-Mo | 3-Mo | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Incept | Fund Inception Date | Gross Fund Exp %* | Net Fund Exp %* |
| Stability of Principal |
|
| BlackRock Liquid Federal Trust Fund - Instl - 2574 (1)(2)(13) | 0.33 | 0.98 | 0.67 | 2.11 | 0.76 | 1.22 | 0.72 | 12/03/1990 | 0.23 | 0.17 | ||
| The 7-day annualized yield as of 02/28/2023 is 4.35%, which more closely reflects current earnings. (12) | ||||||||||||
| Vanguard� Treasury Money Market Fund - Investor Shares - 8408 (2)(3) | 0.34 | 1.03 | 0.70 | 2.21 | 0.81 | 1.28 | 0.77 | 12/14/1992 | 0.09 | 0.09 | ||
| The 7-day annualized yield as of 02/28/2023 is 4.56%, which more closely reflects current earnings. (12) | ||||||||||||
|
| Cedars-Sinai Stable Value Option - 9913 (4)(11) | 0.14 | 0.43 | 0.29 | 1.59 | 1.55 | 2.03 | 2.53 |
| Bonds |
|
| AB Global Bond Fund - Class I - 3357 | -1.80 | 0.23 | 0.93 | -8.22 | -3.29 | 0.16 | 1.44 | 03/27/1992 | 0.55 | 0.55 |
|
| T. Rowe Price Institutional High Yield Fund - 3364 | -1.34 | 2.34 | 2.82 | -5.37 | 0.96 | 2.48 | 3.91 | 05/31/2002 | 0.50 | 0.50 |
|
| Metropolitan West Total Return Bond Fund - Plan Class Shares - 3058 | -3.01 | 0.04 | 0.60 | -11.30 | -3.66 | 0.69 | 1.35 | 12/31/2002 | 0.36 | 0.36 |
|
| BlackRock Low Duration Bond Portfolio - Institutional Shares - 4775 (5) | -0.72 | 1.05 | 0.48 | -2.55 | -0.73 | 0.94 | 1.15 | 07/17/1992 | 0.43 | 0.40 |
| Asset Allocation |
|
| Vanguard� Target Retirement 2020 Fund - 1296 (6) | -2.37 | -0.45 | 2.17 | -8.02 | 3.10 | 3.68 | 5.71 | 06/07/2006 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2025 Fund - 926 (6) | -2.62 | -0.45 | 2.64 | -8.32 | 3.94 | 4.11 | 6.31 | 10/27/2003 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2030 Fund - 1297 (6) | -2.74 | -0.44 | 2.96 | -8.42 | 4.84 | 4.49 | 6.86 | 06/07/2006 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2035 Fund - 793 (6) | -2.82 | -0.46 | 3.20 | -8.29 | 5.81 | 4.92 | 7.42 | 10/27/2003 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2040 Fund - 1298 (6) | -2.87 | -0.37 | 3.47 | -8.15 | 6.81 | 5.33 | 7.91 | 06/07/2006 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2045 Fund - 794 (6) | -2.95 | -0.38 | 3.72 | -8.02 | 7.82 | 5.77 | 8.22 | 10/27/2003 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2050 Fund - 1299 (6) | -2.99 | -0.36 | 3.86 | -7.93 | 7.93 | 5.84 | 8.25 | 06/07/2006 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2055 Fund - 2473 (6) | -2.99 | -0.33 | 3.87 | -7.90 | 7.92 | 5.83 | 8.24 | 08/18/2010 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2060 Fund - 3447 (6) | -2.96 | -0.33 | 3.89 | -7.88 | 7.92 | 5.83 | 8.24 | 01/19/2012 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2065 Fund - 8995 (6)(7) | -2.97 | -0.35 | 3.85 | -7.88 | 7.90 | 5.81 | 6.95 | 07/12/2017 | 0.08 | 0.08 |
| Vanguard� Target Retirement Income Fund - 795 (6) | -2.12 | -0.46 | 1.72 | -7.74 | 1.16 | 2.76 | 3.64 | 10/27/2003 | 0.08 | 0.08 |
| Large Cap Value/Blend |
|
| Vanguard� Institutional Index Fund - Institutional Plus - 1228 | -2.44 | -2.29 | 3.69 | -7.71 | 12.14 | 9.81 | 12.24 | 07/07/1997 | 0.02 | 0.02 |
|
| Dodge & Cox Stock Fund - Class I Shares - 466 | -3.26 | -1.60 | 3.15 | -3.81 | 15.28 | 9.05 | 12.04 | 01/04/1965 | 0.51 | 0.51 |
| Large Cap Growth |
|
| Harbor Capital Appreciation Fund - Retirement Class - 7520 (8) | -1.53 | -0.32 | 9.14 | -18.34 | 7.30 | 8.31 | 13.42 | 12/29/1987 | 0.63 | 0.57 |
| T. Rowe Price Large-Cap Growth Fund - I Class - 2467 | -1.95 | -2.19 | 6.12 | -19.91 | 7.20 | 7.85 | 13.92 | 10/31/2001 | 0.55 | 0.55 |
| Vanguard� Growth Index Fund - Institutional Shares - 7593 | -1.44 | -0.42 | 8.79 | -15.87 | 10.42 | 10.66 | 13.16 | 05/14/1998 | 0.04 | 0.04 |
| Small/Mid/Specialty |
|
| Vanguard� Mid-Cap Index Fund - Institutional Plus Shares - 9799 | -2.70 | -0.59 | 5.04 | -6.38 | 11.38 | 8.37 | 10.80 | 05/21/1998 | 0.03 | 0.03 |
|
| Allspring Discovery SMID Cap Growth Fund - Institutional Cl - 9388 (9) | -2.70 | 0.03 | 7.81 | -16.61 | 1.87 | 5.46 | 9.59 | 12/31/1987 | 0.86 | 0.86 |
|
| Vanguard� Small-Cap Index Fund - Institutional Shares - 1198 | -2.28 | 1.23 | 7.63 | -4.52 | 11.60 | 7.81 | 10.10 | 07/07/1997 | 0.04 | 0.04 |
|
| AB Discovery Value Fund - Class I - 8446 | -2.13 | 3.37 | 8.65 | -5.04 | 14.62 | 6.20 | 9.08 | 03/01/2005 | 0.86 | 0.86 |
| Global / International |
|
| Allspring Emerging Markets Equity Fund - Institutional Class - 3166 (10) | -6.76 | 0.53 | 1.32 | -12.47 | -1.80 | -1.74 | 1.46 | 09/06/1994 | 1.16 | 1.12 |
|
| MFS� International Equity Fund - Class R6 - 1118 (14) | -2.97 | 2.94 | 5.47 | -2.91 | 7.87 | 5.68 | 6.49 | 01/30/1996 | 0.69 | 0.68 |
| Vanguard� Total International Stock Index Fund - Inst Plus - 9777 | -4.15 | 1.67 | 3.93 | -7.38 | 5.41 | 1.88 | 4.29 | 04/29/1996 | 0.07 | 0.07 |
|
| American Funds EuroPacific Growth Fund� - Class R-6 - 1723 | -3.76 | 1.38 | 4.98 | -8.47 | 4.73 | 2.16 | 5.57 | 04/16/1984 | 0.46 | 0.46 |
|
| Northern Funds Global Sustainability Index Fund - Class I - 3601 | -2.70 | -0.71 | 4.41 | -7.65 | 9.50 | 7.41 | 8.84 | 03/05/2008 | 0.29 | 0.29 |
| The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. |
| Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. |
| Some of the Funds invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the Funds are not insured nor guaranteed. |
| High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. |
| Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. |
| *The Gross Expense Ratios shown do not reflect temporary fee or expense waivers that may be in effect for a fund. The Net Expense Ratios reflect any applicable temporary fee or expense waivers. The performance of a fund with a temporary fee or expense waiver would have been lower if the gross fund fees/expenses listed had been reflected. |
| PERFORMANCE UPDATE | |
| CEDARS-SINAI 403(B) PLAN | |
| Average Annual Total Returns as of 12/31/2022 (shown in percentages) |
| Variable annuities and mutual funds offered through a retirement plan are intended as long-term investments designed for retirement purposes. Money distributed from a 403(b) plan, 401(a)/(k) plan, or a 457 plan will be taxed as ordinary income in the year the money is distributed. Early withdrawals from a 403(b) plan and a 401(a)/(k) plan, if taken prior to age 59 1/2, will be subject to the IRS 10% premature distribution penalty tax, unless an exception applies. This IRS premature distribution penalty tax does not apply to 457 plans. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than the original amount invested. |
| The performance data quoted represents past performance. Past performance does not guarantee future results. For month-end performance which may be lower or higher than the performance data shown please call 800-584-6001. Investment return and principal value of an investment will fluctuate so that, when sold, an investment may be worth more or less than the original cost. |
| Voya will assess an annual asset-based service fee of 0.075% to all investment options including balances held in your plans Stability of Principal or Fixed Account. This fee is deducted from your account at a frequency determined by your plan monthly or quarterly and will be pro-rated across balances held in each of the investment options. These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. Please contact your local representative for more information. |
| Returns less than one year are not annualized. Fund Inception Date is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product. |
| Investment Options | 1-Mo | 3-Mo | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Incept | Fund Inception Date | Gross Fund Exp %* | Net Fund Exp %* |
| Stability of Principal |
|
| BlackRock Liquid Federal Trust Fund - Instl - 2574 (1)(2)(13) | 0.31 | 0.83 | 1.44 | 1.44 | 0.61 | 1.12 | 0.66 | 12/03/1990 | 0.23 | 0.17 | ||
| The 7-day annualized yield as of 12/31/2022 is 3.85%, which more closely reflects current earnings. (12) | ||||||||||||
| Vanguard� Treasury Money Market Fund - Investor Shares - 8408 (2)(3) | 0.33 | 0.86 | 1.51 | 1.51 | 0.66 | 1.18 | 0.70 | 12/14/1992 | 0.09 | 0.09 | ||
| The 7-day annualized yield as of 12/31/2022 is 3.97%, which more closely reflects current earnings. (12) | ||||||||||||
|
| Cedars-Sinai Stable Value Option - 9913 (4)(11) | 0.14 | 0.43 | 1.53 | 1.53 | 1.55 | 2.07 | 2.55 |
| Bonds |
|
| AB Global Bond Fund - Class I - 3357 | -0.69 | 1.17 | -11.94 | -11.94 | -2.81 | -0.18 | 1.39 | 03/27/1992 | 0.55 | 0.55 |
|
| T. Rowe Price Institutional High Yield Fund - 3364 | -0.46 | 4.70 | -11.21 | -11.21 | -0.59 | 1.81 | 3.84 | 05/31/2002 | 0.50 | 0.50 |
|
| Metropolitan West Total Return Bond Fund - Plan Class Shares - 3058 | -0.55 | 1.81 | -14.70 | -14.70 | -2.71 | 0.18 | 1.36 | 12/31/2002 | 0.36 | 0.36 |
|
| BlackRock Low Duration Bond Portfolio - Institutional Shares - 4775 (5) | 0.57 | 1.33 | -4.73 | -4.73 | -0.56 | 0.81 | 1.16 | 07/17/1992 | 0.43 | 0.40 |
| Asset Allocation |
|
| Vanguard� Target Retirement 2020 Fund - 1296 (6) | -2.56 | 4.97 | -14.15 | -14.15 | 1.33 | 3.22 | 5.83 | 06/07/2006 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2025 Fund - 926 (6) | -3.01 | 6.03 | -15.55 | -15.55 | 1.66 | 3.58 | 6.43 | 10/27/2003 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2030 Fund - 1297 (6) | -3.31 | 6.81 | -16.27 | -16.27 | 2.09 | 3.94 | 6.99 | 06/07/2006 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2035 Fund - 793 (6) | -3.55 | 7.45 | -16.62 | -16.62 | 2.64 | 4.34 | 7.57 | 10/27/2003 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2040 Fund - 1298 (6) | -3.71 | 8.20 | -16.98 | -16.98 | 3.17 | 4.74 | 8.06 | 06/07/2006 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2045 Fund - 794 (6) | -3.95 | 8.89 | -17.36 | -17.36 | 3.74 | 5.14 | 8.34 | 10/27/2003 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2050 Fund - 1299 (6) | -4.06 | 9.23 | -17.46 | -17.46 | 3.80 | 5.18 | 8.36 | 06/07/2006 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2055 Fund - 2473 (6) | -4.04 | 9.23 | -17.46 | -17.46 | 3.79 | 5.18 | 8.34 | 08/18/2010 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2060 Fund - 3447 (6) | -4.06 | 9.23 | -17.46 | -17.46 | 3.79 | 5.18 | 8.34 | 01/19/2012 | 0.08 | 0.08 |
| Vanguard� Target Retirement 2065 Fund - 8995 (6)(7) | -4.05 | 9.24 | -17.39 | -17.39 | 3.78 | 5.15 | 6.42 | 07/12/2017 | 0.08 | 0.08 |
| Vanguard� Target Retirement Income Fund - 795 (6) | -2.13 | 3.74 | -12.74 | -12.74 | 0.34 | 2.30 | 3.62 | 10/27/2003 | 0.08 | 0.08 |
| Large Cap Value/Blend |
|
| Vanguard� Institutional Index Fund - Institutional Plus - 1228 | -5.77 | 7.55 | -18.13 | -18.13 | 7.65 | 9.41 | 12.55 | 07/07/1997 | 0.02 | 0.02 |
|
| Dodge & Cox Stock Fund - Class I Shares - 466 | -4.61 | 12.99 | -7.22 | -7.22 | 9.41 | 8.72 | 12.44 | 01/04/1965 | 0.51 | 0.51 |
| Large Cap Growth |
|
| Harbor Capital Appreciation Fund - Retirement Class - 7520 (8) | -8.67 | -1.46 | -37.67 | -37.67 | 3.69 | 8.05 | 12.84 | 12/29/1987 | 0.63 | 0.57 |
| T. Rowe Price Large-Cap Growth Fund - I Class - 2467 | -7.83 | -0.18 | -35.18 | -35.18 | 3.67 | 8.35 | 13.85 | 10/31/2001 | 0.55 | 0.55 |
| Vanguard� Growth Index Fund - Institutional Shares - 7593 | -8.46 | -0.15 | -33.14 | -33.14 | 6.06 | 9.62 | 12.81 | 05/14/1998 | 0.04 | 0.04 |
| Small/Mid/Specialty |
|
| Vanguard� Mid-Cap Index Fund - Institutional Plus Shares - 9799 | -5.36 | 9.02 | -18.69 | -18.69 | 6.19 | 7.34 | 11.12 | 05/21/1998 | 0.03 | 0.03 |
|
| Allspring Discovery SMID Cap Growth Fund - Institutional Cl - 9388 (9) | -7.21 | 1.92 | -37.70 | -37.70 | -1.23 | 4.63 | 9.56 | 12/31/1987 | 0.86 | 0.86 |
|
| Vanguard� Small-Cap Index Fund - Institutional Shares - 1198 | -5.94 | 7.96 | -17.60 | -17.60 | 4.94 | 5.95 | 10.12 | 07/07/1997 | 0.04 | 0.04 |
|
| AB Discovery Value Fund - Class I - 8446 | -4.86 | 8.84 | -16.17 | -16.17 | 5.55 | 3.71 | 9.12 | 03/01/2005 | 0.86 | 0.86 |
| Global / International |
|
| Allspring Emerging Markets Equity Fund - Institutional Class - 3166 (10) | -0.77 | 10.44 | -19.47 | -19.47 | -4.87 | -1.47 | 1.29 | 09/06/1994 | 1.16 | 1.12 |
|
| MFS� International Equity Fund - Class R6 - 1118 (14) | -2.40 | 16.19 | -14.83 | -14.83 | 2.91 | 4.57 | 6.19 | 01/30/1996 | 0.69 | 0.68 |
| Vanguard� Total International Stock Index Fund - Inst Plus - 9777 | -2.18 | 14.71 | -15.97 | -15.97 | 0.54 | 1.13 | 4.10 | 04/29/1996 | 0.07 | 0.07 |
|
| American Funds EuroPacific Growth Fund� - Class R-6 - 1723 | -3.42 | 13.78 | -22.72 | -22.72 | -0.15 | 1.54 | 5.30 | 04/16/1984 | 0.46 | 0.46 |
|
| Northern Funds Global Sustainability Index Fund - Class I - 3601 | -4.91 | 10.49 | -19.42 | -19.42 | 5.07 | 6.57 | 8.98 | 03/05/2008 | 0.29 | 0.29 |
| The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. |
| Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. |
| Some of the Funds invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the Funds are not insured nor guaranteed. |
| High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. |
| Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. |
| *The Gross Expense Ratios shown do not reflect temporary fee or expense waivers that may be in effect for a fund. The Net Expense Ratios reflect any applicable temporary fee or expense waivers. The performance of a fund with a temporary fee or expense waiver would have been lower if the gross fund fees/expenses listed had been reflected. |
| ADDITIONAL NOTES |
| (1) | BlackRock Liquid Federal Trust Fund - Instl: As described in the Management of the Funds section of the Fund's prospectus beginning on page 66, BlackRock, the Fund's investment manager, has contractually agreed to waive fees and/or reimburse ordinary operating expenses in order to keep combined Management Fees and Miscellaneous/Other Expenses (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) from exceeding 0.17% of average daily net assets through June 30, 2023. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. |
| (2) | YOU COULD LOSE MONEY BY INVESTING IN THE FUND. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT CANNOT GUARANTEE IT WILL DO SO. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. THE FUND'S SPONSOR HAS NO LEGAL OBLIGATION TO PROVIDE FINANCIAL SUPPORT TO THE FUND, AND YOU SHOULD NOT EXPECT THAT THE SPONSOR WILL PROVIDE FINANCIAL SUPPORT TO THE FUND AT ANY TIME. |
| (3) | Vanguard Treasury Money Market Fund - Investor Shares: Vanguard and the Fund's board have voluntarily agreed to temporarily limit certain net operating expenses in excess of the Fund's daily yield so as to maintain a zero or positive yield for the Fund. Vanguard and the Fund's board may terminate the temporary expense limitation at any time. |
| (4) | Stable Value Options invests in Voya's Stabilizer managed separate account annuity contract, issued by Voya Retirement Insurance and Annuity Company. The contract provides for declared credited interest rates that are set in advance. The declared rates are net of all expenses. Guarantees of principal and interest are based on the claims paying ability of Voya Retirement Insurance and Annuity Company. Stable Value Option is not a registered investment company and is not registered with the Securities and Exchange Commission. The CURRENT rate for the Stable Value Option - is 1.79%, expressed as an annual effective yield, and is guaranteed not to drop below 1.00% through 03/31/2023. |
| (5) | BlackRock Low Duration Bond Portfolio - Institutional Shares: As described in the Management of the Funds section of the Fund's prospectus beginning on page 68, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund's assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through�June 30, 2023. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates through June 30, 2023. The contractual agreements may be terminated upon 90 days' notice by a majority of the non-interested trustees of BlackRock Funds V (the Trust) or by a vote of a majority of the outstanding voting securities of the Fund. As described in the Management of the Funds section of the Fund's prospectus beginning on page 68, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.40% (for Institutional Shares) of average daily net assets through June 30, 2023. The contractual agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. |
| (6) | Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in the Target Retirement Fund is not guaranteed at any time, including on or after the target date. |
| (7) | Vanguard Target Retirement Trusts: Investments in Target Retirement Trusts are subject to the risks of their underlying investments. The year in the fund name refers to the approximate year (the target date) when an investor in the trust would retire and leave the workforce. The trust will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in a Target Retirement Trust is not guaranteed at any time, including on or after the target date. These trust suggestions are based on an estimated retirement age of approximately 65. Should you choose to retire significantly earlier or later, you may want to consider a trust with an asset allocation more appropriate to your particular situation. All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss. Investments in bonds are subject to interest rate, credit, and inflation risk. |
| (8) | Harbor Capital Appreciation Fund - Retirement Class: The Adviser has contractually agreed to reduce the management fee to 0.56% on assets between $5 billion and $10 billion, 0.54% on assets between $10 billion and $20 billion and 0.53% on assets over $20 billion through February 28, 2023. Only the Fund's Board of Trustees may modify or terminate this agreement. |
| (9) | Allspring Discovery SMID Cap Growth Fund - Institutional Cl: The Manager has contractually committed through January 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waivers at 0.89%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. |
| (10) | Allspring Emerging Markets Equity Fund - Institutional Class: The Manager has contractually committed through February 28, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 1.11% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. |
| (11) | The Investment Option is neither a mutual fund nor part of a Separate Account. The returns listed do not include the impact of contract charges. Please refer to the contract or disclosure book to determine which Fixed Interest Options are available for your specific plan. The Investment Option is offered through Voya Retirement Insurance and Annuity Company. |
| (12) | The current yield reflects the deduction of all charges that are deducted from the total return quotations shown. |
| (13) | BlackRock Liquid Federal Trust Fund - Instl: As described in the "Management of the Funds" section of the Fund's prospectus beginning on page 66, BlackRock, the Fund's investment manager, has contractually agreed to waive fees and/or reimburse ordinary operating expenses in order to keep combined Management Fees and Miscellaneous/Other Expenses (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) from exceeding 0.17% of average daily net assets through June 30, 2023. The agreement may be terminated upon 90 days' notice by a majority of the noninterested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. |
| (14) | MFS Institutional International Equity Fund: Massachusetts Financial Services Company (MFS) has agreed in writing to waive at least 0.01% of the fund's management fee as part of an agreement pursuant to which MFS has agreed to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue until at least October 31, 2023. |
| The chart shows the performance for each investment option for the time periods shown. |
| Creation Date: Tuesday, March 28, 2023 |
 |
