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Core Investment Option Performance July 31, 2021

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Core Investment Option Performance July 31, 2021 Core Investment Option Performance July 31, 2021 Questions? Call 1-800-657-5757, ext 3 or visit www.msrs.state.mn.us 2 INVESTMENT OPTIONS AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 20211 CALENDAR YEAR RETURNS FEES Gross 1 3 5 10 Since Incept Admin YTD 2020 2019 2018 2017 2016 Fund Year Years Years Years Incept Date Fee4 VOLATILITY 3 RISK LEVEL Exp US Small Cap Equity T. Rowe Price Small Cap Stock Fund5 13.46% 45.98% 18.44% 18.28% 15.29% 11.57% 03-31-00 25.00% 33.96% -3.07% 15.45% 19.00% 0.66% 0.10% Russell 2000 Benchmark Index6 13.29% 51.97% 11.49% 14.28% 12.34% 19.96% 25.52% -11.01% 14.65% 21.31% International Equity 5 7 HIGH Fidelity Diversified International Com Pool 8.85% 26.43% 12.99% 12.16% NA 7.85% 12-13-13 19.79% 29.75% -15.18% 26.72% -2.92% 0.58% 0.10% MSCI EAFE Benchmark Index6 9.81% 30.55% 7.88% 9.58% 6.32% 8.02% 22.29% -15.24% 26.65% 1.21% Vanguard Total International Stock Index Fund5 8.30% 29.52% 8.28% 9.90% 5.79% 6.42% 11-30-10 11.30% 21.56% -14.38% 27.57% 4.73% 0.07% 0.10% International Spliced Benchmark Index6 8.27% 29.60% 8.35% 9.90% 5.78% 11.24% 21.80% -14.61% 27.41% 4.72% US Mid Cap Equity Vanguard Mid Cap Index Fund5 16.80% 39.77% 16.02% 15.02% 13.70% 13.53% 12-15-10 18.27% 31.06% -9.21% 19.28% 11.24% 0.03% 0.10% TO HIGHTO Mid Cap Spliced Benchmark Index6 16.80% 39.78% 16.02% 15.02% 13.71% 18.24% 31.09% -9.22% 19.30% 11.25% MODERATE US Large Cap Equity Vanguard Total Stock Market Index Fund5 17.23% 38.98% 18.14% 17.41% NA7 14.44% 4-28-15 21.02% 30.82% -5.15% 21.19% 12.69% 0.02% 0.10% CRSP U.S. Total Stock Market Benchmark Index6 17.22% 38.97% 18.13% 17.40% 15.15% 20.99% 30.84% -5.17% 21.19% 12.68% Vanguard Institutional Index Fund5 17.98% 36.44% 18.15% 17.34% 15.34% 8.81% 07-07-97 18.41% 31.48% -4.41% 21.82% 11.95% 0.02% 0.10% S&P 500 Benchmark Index6 17.99% 36.45% 18.16% 17.35% 15.35% 18.40% 31.49% -4.38% 21.83% 11.96% Vanguard Dividend Growth Fund 15.09% 31.95% 16.82% 15.09% 14.21% 9.41% 05-15-92 12.06% 30.95% 0.18% 19.33% 7.53% 0.26% 0.10% MODERATE US Dividend Spliced Benchmark Index6 13.97% 32.09% 16.72% 15.68% 13.84% 15.62% 29.75% -1.98% 22.29% 11.93% Balanced Vanguard Balanced Index Fund5 9.90% 21.78% 13.54% 11.81% 10.58% 7.43% 12-01-00 16.41% 21.79% -2.82% 13.86% 8.81% 0.06% 0.10% Balanced Composite Benchmark Index6 9.92% 21.83% 13.87% 12.04% 10.79% 17.34% 21.87% -2.80% 13.93% 8.89% Bond 5 TO Dodge & Cox Income Fund 0.25% 2.15% 6.53% 4.49% 4.22% 6.63% 01-03-89 9.45% 9.73% -0.33% 4.36% 5.62% 0.43% 0.10% Vanguard Total Bond Market Index Fund5 -0.48% -0.74% 5.81% 3.13% 3.35% 3.69% 09-18-95 7.74% 8.74% -0.01% 3.58% 2.62% 0.03% 0.10% LOW MODERATE Barclays Capital Aggregate Bond Benchmark Index6 -0.50% -0.70% 5.73% 3.13% 3.35% 7.51% 8.72% 0.01% 3.54% 2.65% Stable Value Stable Value Fund5 1.14% 2.13% 2.48% 2.35% 2.31% 11-01-94 2.51% 2.72% 2.38% 2.09% 2.07% 0.20% 0.10% LOW Money Market Money Market Fund 0.09% 0.17% 1.38% 1.31% 0.77% 07-01-87 0.67% 2.42% 2.08% 1.05% 0.56% 0.00% 0.10% Please Note: You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1 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. Page 1 of 3 MN Target Retirement Funds Performance July 31, 2021 8 1 2 MN TARGET RETIREMENT FUNDS AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2021 CALENDAR YEAR RETURNS FEES Gross 1 3 5 10 Since Incept Fund Admin YTD 2020 2019 2018 2017 2016 3 4 VOLATILITY RISK LEVEL Year Years Years Years Incept Date Exp Fee 7 7 7 7 7 7 7 7 MN Target Retirement 2065 Fund 10.97% 30.50% N/A N/A N/A 48.62% 04-02-20 N/A N/A N/A N/A N/A 0.07% 0.10% 6 10.96% 30.54% N/A7 N/A7 N/A7 N/A7 N/A7 N/A7 N/A7 N/A7 2065 Benchmark Index 7 MN Target Retirement 2060 Fund 10.98% 30.50% 14.04% 13.35% N/A 10.99% 08-01-11 19.85% 24.98% -8.58% 21.26% 9.45% 0.07% 0.10% 7 HIGH 6 10.96% 30.54% 14.06% 13.37% N/A 19.95% 25.00% -8.58% 21.25% 9.26% 2060 Benchmark Index 7 MN Target Retirement 2055 Fund 10.97% 30.49% 14.04% 13.35% N/A 10.98% 19.87% 24.98% -8.58% 21.26% 9.44% 08-01-11 0.07% 0.10% 6 10.96% 30.54% 14.06% 13.37% N/A7 19.95% 25.00% -8.58% 21.25% 9.26% 2055 Benchmark Index 7 MN Target Retirement 2050 Fund 10.60% 29.25% 13.77% 13.18% N/A 10.90% 08-01-11 19.47% 24.74% -8.46% 21.26% 9.45% 0.07% 0.10% 6 10.59% 29.31% 13.76% 13.18% N/A7 19.46% 24.76% -8.47% 21.25% 9.26% 2050 Benchmark Index 7 MN Target Retirement 2045 Fund 9.97% 27.13% 13.45% 12.71% N/A 10.67% 08-01-11 18.96% 23.86% -7.91% 20.39% 9.10% 0.07% 0.10% 7 6 9.97% 27.18% 13.45% 12.71% N/A 18.94% 23.88% -7.91% 20.38% 8.92% 2045 Benchmark Index 7 MN Target Retirement 2040 Fund 9.22% 24.78% 13.06% 12.14% N/A 10.37% 08-01-11 18.42% 22.89% -7.35% 19.38% 8.67% MODERATE 0.07% 0.10% 6 9.21% 24.83% 13.04% 12.14% N/A7 18.36% 22.90% -7.34% 19.38% 8.51% 2040 Benchmark Index 7 MN Target Retirement 2035 Fund 8.56% 22.47% 12.55% 11.45% N/A 10.05% 08-01-11 17.53% 21.72% -6.71% 17.98% 8.40% 0.07% 0.10% 6 8.55% 22.49% 12.54% 11.45% N/A7 17.48% 21.73% -6.70% 18.00% 8.28% 2035 Benchmark Index 7 MN Target Retirement 2030 Fund 8.30% 20.42% 11.50% 10.42% N/A 9.39% 08-01-11 15.05% 19.86% -5.89% 16.27% 8.27% 0.07% 0.10% 6 7 2030 Benchmark Index 8.29% 20.43% 11.46% 10.40% N/A 14.97% 19.86% -5.88% 16.27% 8.18% 7 MN Target Retirement 2025 Fund 7.65% 17.28% 9.73% 8.62% N/A 8.19% 08-01-11 11.13% 16.83% -4.52% 13.12% 7.57% LOW 0.07% 0.10% 7 6 7.65% 17.29% 9.70% 8.60% N/A 11.07% 16.83% -4.52% 13.12% 7.50% 2025 Benchmark Index 7 MN Target Retirement Income Fund 6.36% 13.70% 8.47% 6.79% N/A 5.64% 08-01-11 9.73% 13.23% -2.79% 8.32% 5.81% 0.07% 0.10% Income Benchmark Index6 6.37% 13.72% 8.44% 6.78% N/A7 9.60% 13.24% -2.79% 8.36% 5.82% Performance data quoted represents past performance and is not a guarantee or prediction of future results. Current performance may be lower or higher than performance data shown. The investment return and principal value of an investment will fluctuate so that, when redeemed, shares may be worth more or less than their original cost. Carefully consider the investment option’s objectives, risks, fees and expenses. Call 1-800-657-5757 or visit www.msrs.state.mn.us for a prospectus, summary prospectus or disclosure document, as available. Securities offered through GWFS Equities, Inc. Member FINRA/SIPC and a subsidiary of Great-West Life & Annuity Insurance Company. Page 2 of 3 INVESTMENT OPTION FOOTNOTES Although data is gathered from reliable sources, the completeness or accuracy of the data shown cannot be guaranteed.
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