uc retirement savings plans fund fact sheets · 2020. 8. 24. · uc short term tips fund uc tips...

UC Retirement Savings Plans Fund Fact Sheets

(click on the fund name to reach the specific fund fact sheet)

UC PATHWAY FUND UC Pathway Income Fund

UC Pathway Fund 2020










BOND INVESTMENTS Short Term UC Savings Fund

Intermediate-Term UC Bond Fund

Inflation-Protected UC Short Term TIPS Fund

UC TIPS Fund

FOREIGN STOCK INVESTMENTS Developed Markets UC International Equity Index Fund

UC Diversified International Fund

Emerging Markets UC Emerging Markets Equity Fund

SPECIALTY STOCK INVESTMENTS UC Real Estate Fund UC Social Equity Fund

DOMESTIC STOCK INVESTMENTS Broad Cap UC Domestic Equity Index Fund

Large Cap UC Growth Company Fund

Small Cap UC Domestic Small Cap Equity Fund

For further information on available fund options please visit www.netbenefits.com.

www.netbenefits.com

Release Date: 06-30-2020

UC Bond Fund Benchmark Morningstar Category

BBG Barclays USAggregate BondIndex

Intermediate Core Bond

Investment Information

Investment ObjectiveThe Fund seeks to provide long-term investment returns and limit downsiderisk by investing in intermediate-term debt securities.

Investment StrategyThe fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the Bloomberg Barclays US Aggregate Bond Index.

Who May Want To InvestThe Bond Fund may be appropriate for investors interested in a fixed-income vehicle that seeks to provide long-term investment returns andlimit downside risk through a diversified portfolio of intermediate-termdebt securities. The Bond Fund may not be appropriate for investors withvery long time horizons needing a return that is higher than fixed incomeholdings can provide.

Fees and Expenses as of 06-30-2020

Total Annual Operating ExpenseGross

0.01%

Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.

Fund Characteristics

Inception Date 01/03/78

Fund AUM ($M) 1,482.66

Total Number of Holdings 802

Beta 1.11

Standard Deviation (Risk) in % 4.23

Performance (Net of Fee Returns)

10

8

6

4

2

0

YTD YTD YTD YTD YTD YTD

Total Return %as of 06-30-20

Fund Return %Benchmark Return %

Average annual, if greaterthan 1 year

YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception

5.65 3.45 8.17 5.29 4.47 4.13 — Fund Return %

6.14 2.90 8.74 5.32 4.30 3.82 — Benchmark Return %

-0.49 0.55 -0.57 -0.03 0.17 0.31 — Relative %

Click here for current performance

The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.

Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJAQ&page=summary

Portfolio Analysis as of 06-30-20

Composition

% FundBonds 96.12Cash 2.90Other 0.98Non-U.S. Stocks 0.00U.S. Stocks 0.00

Morningstar Fixed Income Style Box™ as of 06-30-20

High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund

Fnma Pass-Thru I 3.5% 08-01-49 2.93

Federal Home Loan Mor 3% 12-01-46 2.90

Federal National Mort 4% 01-01-48 1.97

United States Trea 1.62% 05-31-23 1.49


Federal Home Loan B 3.5% 11-01-49 1.11

Federal National Mo 2.5% 07-16-35 1.07

Federal Home Loan Ban 3% 03-01-50 1.04

Federal National Mort 3% 01-01-47 1.03

Government National M 3% 09-20-46 1.02

Fixed Income Statistics

Avg Eff Duration 6.11

Avg Credit Quality A

Avg Wtd Price 109.96

Yield to Maturity 1.15

Fixed Income Sectors

% Fund

Government 40.8

Securitized 28.3

Corporate 27.6

Cash/Cash Equivalent 2.9

Municipal 0.3

Other 0.0

Credit Analysis: % Bonds as of 06-30-20

AAA 9 BB 1

AA 61 B 2

A 10 Below B 0

BBB 17 Not Rated 0

UC Bond Fund

OJAQ ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3

RiskThe bond market is volatile and bonds entail interest rate risk (as interest rates rise bond prices usually fall and vice versa). This effect is usually pronouncedfor longer-term securities. Bonds also entail the risk of issuer default, issuer credit risk and inflation risk."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.

Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.

Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.

Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors: available exclusively to UC Retirement Savings Program participants. Thisdescription is only intended to provide a brief overview of the fund. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index for U.S. dollar denominated investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backedsecurities with maturities of at least one year.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC Bond Fund

OJAQ ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3


UC Diversified International Fund Benchmark Morningstar Category

MSCI EAFE Index Foreign Large Growth


Investment ObjectiveSeeks capital growth by investing predominantly in international stocks.

Investment StrategyThe fund is a separate account invested in the Fidelity DiversifiedInternational Commingled Pool. The fund is a broadly diversifiedinternational equity strategy that seeks capital growth by investingprimarily in stocks from foreign developed markets. The fund seeks to

outperform its benchmark over time through an actively managedinvestment approach.

Who May Want To InvestSomeone who is seeking to complement a portfolio of domesticinvestments with international investments, which can behave differently.Someone who is willing to accept the higher degree of risk associated withinvesting overseas.



0.48%




Fund AUM ($M) 140.46


Annual Dividend Yield (%) 1.49

Beta 0.94



24

16

8

0

-8

-16

YTD YTD YTD YTD





-1.67 21.79 8.52 — — — 4.35 Fund Return %

-11.34 14.88 -5.13 — — — -1.03 Benchmark Return %

9.67 6.91 13.65 — — — 5.38 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OR79&page=summary


Composition

% FundNon-U.S. Stocks 88.04U.S. Stocks 7.80Cash 4.16Other 0.00Bonds 0.00

Morningstar Equity Style Box™

LargeM

idSm

allSize

Value Blend GrowthStyle

% Market Cap

Giant 50.70.............................................Large 37.73

Medium 10.48

Small 1.10.............................................Micro 0.00

Top 10 Holdings

% Fund

Fidelity Revere Str Tr 3.69

Roche Holding AG Dividend Right Cer 2.80

ASML Holding NV ADR 2.64

SAP SE 2.63

Keyence Corp 1.76

AIA Group Ltd 1.66

Sanofi SA 1.61

Hoya Corp 1.54

AstraZeneca PLC 1.51

London Stock Exchange Group PLC 1.44

Statistics

Port Avg

Price/Earnings Ratio 25.73

Price/Book Ratio 3.21

Avg Market Cap ($M) 46,188.28

Morningstar Equity Sectors

% Fund

Technology 18.64

Healthcare 18.46

Financial Services 17.95

Industrials 12.82

Consumer Defensive 8.00

Consumer Cyclical 7.74

Communication Services 5.84

Basic Materials 5.49

Utilities 2.07

Energy 2.02

Real Estate 0.96

Morningstar Super Regions

% Fund

Greater Europe 53.53

Greater Asia 35.47

Americas 11.00


OR79 ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3

RiskStock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economicdevelopments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in internationalequity. You may have a gain or loss when you sell your shares. "Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment returnbelow expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, it is true that high volatility on the downside results inloss, and therefore higher volatility is associated with higher risk. Volatility, however results in realized losses only if securities are sold after a fall in price. For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.

Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy.This fund is not screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.


Additional DisclosuresThe Fund is a separate account invested in the Fidelity® Diversified International Commingled Pool managed by Fidelity Management Trust Company. Thisdescription is only intended to provide a brief overview of the fund. The MSCI Europe, Australasia and Far East Index (net MA tax) is an unmanaged marketcapitalization-weighted index of equity securities of companies domiciled in various countries. The index is designed to represent performance of developedstock markets outside the United States and Canada and excludes certain market segments unavailable to U.S. based investors. The index returns for periodsafter 1/1/1997 are adjusted for tax withholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.



Page 3 of 3


UC Domestic Equity Index Fund Benchmark Morningstar Category

Russell 3000Tobacco FreeIndex

Large Blend


Investment ObjectiveThe Fund seeks to provide broad and diversified exposure to the U.S. equitymarket including large, mid and small companies.

Investment StrategyThe fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the Russell 3000 Tobacco Free (TF) Index.

Who May Want To InvestThe Domestic Equity Index Fund may be appropriate for investors seekinglong-term capital appreciation from a diversified U.S. equity portfolio.Investors who are seeking both growth- and value-style investments andwho are willing to accept the volatility associated with investing in thestock market. The Domestic Equity Index Fund may not be appropriate forinvestors with shorter time horizons or nearing retirement as the fundkeeps market risk steady and will not reduce risk as you approachretirement.



0.005%




Fund AUM ($M) 5,083.10

Total Number of Holdings 2,512


Beta 1.07



32

24

16

8

0

-8

YTD YTD YTD YTD YTD YTD YTD





-3.35 22.26 6.75 10.46 10.27 13.85 8.65 Fund Return %

-3.39 22.20 6.63 10.28 10.09 13.72 8.72 Benchmark Return %

0.04 0.06 0.12 0.18 0.18 0.13 -0.07 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJMG&page=summary


Composition

% FundU.S. Stocks 98.33Non-U.S. Stocks 1.01Cash 0.65Other 0.00Bonds 0.00


LargeM

idSm

allSize


% Market Cap

Giant 45.39.............................................Large 30.38

Medium 18.18

Small 5.49.............................................Micro 0.56

Top 10 Holdings

% Fund

Microsoft Corp 5.00

Apple Inc 4.90

Amazon.com Inc 3.84

Facebook Inc A 1.79

Alphabet Inc A 1.40

Alphabet Inc Class C 1.38

Johnson & Johnson 1.22

Berkshire Hathaway Inc Class B 1.14

Visa Inc Class A 1.07

Procter & Gamble Co 0.96

Statistics

Port Avg





% Fund

Technology 23.76

Healthcare 14.98




Industrials 8.83


Real Estate 3.84

Utilities 2.96

Energy 2.66


UC Domestic Equity Index Fund

OJMG ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3

RiskThe value of the fund's domestic investments will vary from day to day in response to many factors, such as adverse issuer, political, regulatory, market, oreconomic developments. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. You mayhave a gain or loss when you sell your shares."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.



Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. TheBenchmark is a customized benchmark consisting of the Russell 3000 Index excluding tobacco companies. The Russell 3000 Index is composed of shares of3,000 U.S. companies, as determined by market capitalization. The portfolio of securities represents approximately 98% of the investable U.S. equity market.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC Domestic Equity Index Fund

OJMG ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3


UC Domestic Small Cap Equity Fund Benchmark Morningstar Category

Russell 2000Tobacco FreeIndex

Small Blend


Investment ObjectiveThe investment seeks to track the performance of a benchmark index thatmeasures the investment return of small-capitalization stocks.

Investment StrategyThe Fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the Russell 2000 Tobacco Free Index, a broadly diversifiedindex of stocks of small U.S. companies. The advisor attempts to replicate

the target index by investing all, or substantially all, of its assets in thestocks that make up the index, holding each stock in approximately thesame proportion as its weighting in the index.

Who May Want To InvestSomeone who is seeking the potential for long-term share-priceappreciation and, secondarily, dividend income. Someone who is seekingboth growth- and value-style investments and who is willing to accept thegenerally greater volatility of investments in smaller companies.



0.01%







Beta 1.36



30

20

10

0

-10

-20

YTD YTD YTD YTD





-12.83 25.57 -6.09 — — — 0.91 Fund Return %

-12.96 25.45 -6.59 — — — 0.63 Benchmark Return %

0.13 0.12 0.50 — — — 0.28 Relative %



Page 1 of 3



Composition

% FundU.S. Stocks 97.52Cash 1.69Non-U.S. Stocks 0.76Other 0.03Bonds 0.00


LargeM

idSm

allSize


% Market Cap

Giant 0.00.............................................Large 0.00

Medium 11.32

Small 73.97.............................................Micro 14.71

Top 10 Holdings

% Fund

Deckers Outdoor Corp 0.31

LHC Group Inc 0.30

BJ's Wholesale Club Holdings Inc 0.29

Churchill Downs Inc 0.28

Tech Data Corp 0.28

Helen Of Troy Ltd 0.27

MyoKardia Inc 0.27

Novavax Inc 0.27

SiteOne Landscape Supply Inc 0.27

EastGroup Properties Inc 0.26

Statistics

Port Avg





% Fund

Healthcare 20.81

Industrials 15.32


Technology 14.30


Real Estate 8.26



Utilities 3.52


Energy 2.17

UC Domestic Small Cap Equity Fund


Page 2 of 3

RiskThe securities of smaller, less well-known companies can be more volatile than those of larger companies. Value and growth stocks can perform differentlyfrom other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stockmarkets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.



Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. TheUniversity of California Spliced Small Cap Index is the Russell 2000 Tobacco Free Index since September 30th, 2018. Prior it was the CRSP Small Cap Indexsince January 30th, 2013, the MSCI US Small Cap Index since May 16th, 2003 and the Russell 2000 Index prior. It tracks the performance of US small capequities that fall between the bottom 2%-15% of investable market capitalization.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC Domestic Small Cap Equity Fund


Page 3 of 3


UC Emerging Markets Equity Fund Benchmark Morningstar Category

MSCI EmergingMarkets Index

Diversified EmergingMkts


Investment ObjectiveThe investment seeks to achieve long-term capital appreciation byinvesting in Emerging Market equities.

Investment StrategyThe fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the MSCI Emerging Markets Index.

Who May Want To InvestSomeone who is seeking to complement a portfolio of domesticinvestments with emerging market investments, which can behavedifferently. Someone who is willing to accept the higher degree of riskassociated with investing in less developed international markets.



0.01%







Beta 1.21



24

16

8

0

-8

-16

YTD YTD YTD YTD





-12.35 19.85 -6.51 — — — -2.10 Fund Return %


-2.57 1.77 -3.12 — — — -1.38 Relative %



Page 1 of 3



Composition

% FundNon-U.S. Stocks 97.31Cash 2.28U.S. Stocks 0.36Other 0.06Bonds 0.00


LargeM

idSm

allSize


% Market Cap

Giant 54.45.............................................Large 33.01

Medium 11.61

Small 0.92.............................................Micro 0.01

Top 10 Holdings

% Fund

Alibaba Group Holding Ltd ADR 6.84

Tencent Holdings Ltd 6.23

Samsung Electronics Co Ltd 3.54

Taiwan Semiconductor Manufacturing 2.92

Taiwan Semiconductor Manufacturing 1.54

Naspers Ltd Class N 1.37

Meituan Dianping 1.33

China Construction Bank Corp Class 1.32

Reliance Industries Ltd 1.10

Ping An Insurance (Group) Co. of Ch 0.99

Statistics

Port Avg





% Fund


Technology 17.34





Energy 5.91

Healthcare 4.34

Industrials 4.32

Real Estate 2.69

Utilities 2.16


% Fund

Greater Asia 78.98


Americas 8.21

UC Emerging Markets Equity Fund


Page 2 of 3

RiskForeign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Stockmarkets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.



Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. The MSCIEmerging Markets Index includes large and midcap equities in less developed markets as determined by MSCI.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC Emerging Markets Equity Fund


Page 3 of 3


UC Growth Company Fund Benchmark Morningstar Category

Russell 3000Growth Index

Large Growth


Investment ObjectiveSeeks capital appreciation by investing in growth companies predominantlyin the US.

Investment StrategyThe fund is a separate account invested in the Fidelity® Growth CompanyCommingled Pool Class 2. The fund normally invests primarily in commonstocks of domestic and foreign issuers with the potential for above-average

growth. Growth may be measured by factors such as earnings or revenue.Uses fundamental analysis of each issuer's financial condition and industryposition and market and economic conditions to select investments.

Who May Want To InvestSomeone who is seeking the potential for long-term share-priceappreciation. Someone who is willing to accept the generally greater pricevolatility associated with growth-oriented stocks.



0.35%




Fund AUM ($M) 1,359.93



Beta 1.10



50

40

30

20

10

0

YTD YTD YTD YTD





24.49 41.10 41.16 — — — 23.29 Fund Return %

8.98 27.99 21.94 — — — 17.58 Benchmark Return %

15.51 13.11 19.22 — — — 5.71 Relative %



Page 1 of 3



Composition

% FundU.S. Stocks 87.51Non-U.S. Stocks 11.45Other 0.93Cash 0.10Bonds 0.01


LargeM

idSm

allSize


% Market Cap

Giant 56.75.............................................Large 20.34

Medium 18.18

Small 4.22.............................................Micro 0.51

Top 10 Holdings

% Fund

NVIDIA Corp 7.81

Amazon.com Inc 6.98

Apple Inc 6.45

Microsoft Corp 5.07

Shopify Inc A 5.06

Lululemon Athletica Inc 3.91

Alphabet Inc A 3.36

Salesforce.com Inc 2.93

Moderna Inc 2.06


Statistics

Port Avg





% Fund

Technology 37.95


Healthcare 18.19




Industrials 2.59

Energy 0.63


Real Estate 0.16

Utilities 0.00

UC Growth Company Fund


Page 2 of 3

RiskThe value of the fund's domestic and foreign investments will vary from day to day in response to many factors, such as adverse issuer, political, regulatory,market, or economic developments. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions.You may have a gain or loss when you sell your shares. Foreign investments involve greater risks than those of U.S. investments, as well as exposure tocurrency fluctuations. 'Growth' stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other typesof stocks. You may have a gain or loss when you sell your units."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.



Additional DisclosuresThe Fund is a separate account invested in the Fidelity® Growth Company Commingled Pool Class 2 managed by Fidelity Management Trust Company. Thisdescription is only intended to provide a brief overview of the fund. The Russell 3000 Growth Index is a market capitalization weighted index that focuses ongrowth oriented companies in the US and includes large, small and mid cap growth companies.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC Growth Company Fund


Page 3 of 3


UC International Equity Index Fund Benchmark Morningstar Category

MSCI World exUS IMI ex-Tobacco Index

Foreign Large Blend


Investment ObjectiveThe Fund seeks to provide broad and diversified exposure to developedcountry (ex-U.S.) equity markets.

Investment StrategyThe fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the MSCI World ex US IMI ex Tobacco Index. The Index is

designed to measure the performance of developed stock markets outsidethe United States.

Who May Want To InvestThe International Equity Index Fund may be appropriate for investorsseeking long-term capital appreciation from a diversified non-U.S. equityportfolio. The International Equity Index Fund may not be appropriate forinvestors with shorter time horizons or nearing retirement as the fundkeeps market risk steady and will not reduce risk as you approachretirement.



0.01%







Beta 1.00



24

16

8

0

-8

-16






-11.19 16.34 -4.54 1.35 2.39 5.76 4.33 Fund Return %

-11.71 16.26 -5.21 0.87 1.99 5.37 4.02 Benchmark Return %

0.52 0.08 0.67 0.48 0.40 0.39 0.31 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJMH&page=summary


Composition

% FundNon-U.S. Stocks 98.19Cash 1.00U.S. Stocks 0.67Other 0.15Bonds 0.00


LargeM

idSm

allSize


% Market Cap

Giant 37.60.............................................Large 34.14

Medium 21.17

Small 6.35.............................................Micro 0.74

Top 10 Holdings

% Fund

Nestle SA 1.99

Roche Holding AG Dividend Right Cer 1.47

Novartis AG 1.13

ASML Holding NV 0.94

SAP SE 0.88

AstraZeneca PLC 0.83

Toyota Motor Corp 0.80

LVMH Moet Hennessy Louis Vuitton

SE

0.74

Novo Nordisk A/S B 0.69

Sanofi SA 0.69

Statistics

Port Avg





% Fund


Industrials 14.96

Healthcare 13.05



Technology 9.45



Real Estate 4.23

Energy 4.00

Utilities 3.92


% Fund


Greater Asia 34.94

Americas 9.37

UC International Equity Index Fund

OJMH ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3

RiskStock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economicdevelopments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in internationalequity. You may have a gain or loss when you sell your shares."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.



Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. The MSCIWorld ex US IMI ex Tobacco Index is a market capitalization weighted index of equity securities of companies domiciled in various countries. The Index isdesigned to represent the performance of developed stock markets throughout the world and excludes certain market segments unavailable to U.S. basedinvestors.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC International Equity Index Fund

OJMH ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3


UC Pathway Fund 2020 Benchmark Morningstar Category

UC Pathway 2020Policy Benchmark

Target-Date 2020


Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.

Investment StrategyThe UC Pathway Fund 2020 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/

REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.

Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.

Who May Want To InvestThis UC Pathway Fund 2020 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.



0.04%




Fund AUM ($M) 1,554.97

Total Number of Fund Holdings 10


Beta 0.84


Allocation of Assets Through Retirement Date

050 40 30 20 10 -10 -20 -30

10080

60

40

200

Years Until Retirement

AllocationNon-U.S. Stocks

U.S. Stocks

Other

Bonds

Cash


12

9

6

3

0

-3






-1.66 10.57 3.64 5.03 5.18 5.54 4.91 Fund Return %


-0.46 0.04 -0.46 -0.19 0.01 0.11 0.25 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJNV&page=summary


Composition

% FundBonds 48.61U.S. Stocks 29.79Non-U.S. Stocks 15.85Other 3.69Cash 2.05

Morningstar Style Box™ as of 06-30-20(EQ); 06-30-20(F-I)

LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund

UC Domestic Equity Index Fund 25.13

UC Bond Fund 23.51

UC International Equity Index Fund 12.04

UC TIPS Fund 10.61

UC High Yield Fund 6.83

UC Short Duration TIPS Fund 6.71

UC REIT Fund 4.99

UC Emerging Markets Equity Fund 3.80

UC Commodity Fund 3.43

UC Savings Fund 2.95

Market Cap

% Market Cap

Giant 38.25........................................................................................

Large 31.09

Medium 23.53

Small 6.53........................................................................................

Micro 0.60



Avg Credit Quality BBB


% Fund

Technology 17.29

Real Estate 14.50


Healthcare 11.89


Industrials 9.22




Energy 2.89

Utilities 2.85


% Fund

Government 57.0

Corporate 25.7

Securitized 13.1


Municipal 0.2

Other 0.0


OJNV ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3

RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.

Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.


Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.


OJNV ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3




Target-Date 2025









0.04%




Fund AUM ($M) 1,635.57



Beta 0.98



050 40 30 20 10 -10 -20 -30

10080

60

40

200



U.S. Stocks

Other

Bonds

Cash


16

12

8

4

0

-4






-1.57 12.80 4.67 5.66 5.67 6.18 7.73 Fund Return %


-0.37 0.02 -0.45 -0.23 -0.02 0.09 0.27 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OHMS&page=summary


Composition

% FundBonds 37.08U.S. Stocks 36.06Non-U.S. Stocks 22.09Other 3.60Cash 1.16


LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund


UC Bond Fund 18.25


UC TIPS Fund 9.41



UC Long Duration Fund 4.34


UC REIT Fund 2.58

UC Domestic Small Cap Equity Fund 0.61

Market Cap

% Market Cap

Giant 40.56........................................................................................

Large 31.30

Medium 20.82

Small 6.58........................................................................................

Micro 0.73





% Fund

Technology 18.38


Healthcare 12.79


Industrials 9.99


Real Estate 8.29



Energy 3.10

Utilities 3.07


% Fund

Government 55.7

Corporate 27.6

Securitized 13.4


Municipal 0.2

Other 0.0


OHMS ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3






OHMS ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3




Target-Date 2030









0.03%




Fund AUM ($M) 1,585.76



Beta 1.07



050 40 30 20 10 -10 -20 -30

10080

60

40

200



U.S. Stocks

Other

Bonds

Cash


16

12

8

4

0

-4






-1.52 14.34 5.35 6.16 6.11 6.74 5.41 Fund Return %


-0.25 0.00 -0.39 -0.22 -0.02 0.07 0.23 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJNW&page=summary


Composition

% FundU.S. Stocks 40.55Bonds 27.76Non-U.S. Stocks 27.14Other 3.50Cash 1.04


LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund



UC Bond Fund 12.60





UC TIPS Fund 3.00


UC REIT Fund 0.13

Market Cap

% Market Cap

Giant 41.45........................................................................................

Large 31.02

Medium 18.94

Small 7.58........................................................................................

Micro 1.01





% Fund

Technology 18.96


Healthcare 13.47

Industrials 10.58





Real Estate 4.27

Energy 3.24

Utilities 3.22


% Fund

Government 58.4

Corporate 25.6

Securitized 12.3


Municipal 0.1

Other 0.0


OJNW ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3






OJNW ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3




Target-Date 2035




REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the UC PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.





0.02%




Fund AUM ($M) 1,113.00



Beta 1.17



050 40 30 20 10 -10 -20 -30

10080

60

40

200



U.S. Stocks

Other

Bonds

Cash


16

12

8

4

0

-4






-2.32 15.47 4.89 6.21 6.26 7.17 8.55 Fund Return %


-0.24 0.02 -0.41 -0.23 -0.02 0.07 0.22 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OHMT&page=summary


Composition

% FundU.S. Stocks 44.80Non-U.S. Stocks 30.05Bonds 20.76Other 3.45Cash 0.94


LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund



UC Bond Fund 10.19






UC TIPS Fund 0.87

Market Cap

% Market Cap

Giant 40.69........................................................................................

Large 30.47

Medium 18.74

Small 8.83........................................................................................

Micro 1.27





% Fund

Technology 18.82


Healthcare 13.60

Industrials 10.72





Real Estate 4.17

Energy 3.24

Utilities 3.24


% Fund

Government 63.9

Corporate 18.4

Securitized 13.2


Municipal 0.2

Other 0.0


OHMT ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3






OHMT ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3




Target-Date 2040









0.02%







Beta 1.26



050 40 30 20 10 -10 -20 -30

10080

60

40

200



U.S. Stocks

Other

Bonds

Cash


20

15

10

5

0

-5






-3.16 16.50 4.31 6.19 6.37 7.57 5.73 Fund Return %


-0.21 0.04 -0.37 -0.23 -0.03 0.06 0.23 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJNX&page=summary


Composition



LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund





UC Bond Fund 6.59



Market Cap

% Market Cap

Giant 39.71........................................................................................

Large 29.81

Medium 18.59

Small 10.31........................................................................................

Micro 1.58



Avg Credit Quality A


% Fund

Technology 18.63


Healthcare 13.73

Industrials 10.86





Real Estate 4.27

Utilities 3.25

Energy 3.22


% Fund

Government 71.5

Securitized 11.6

Corporate 11.4


Municipal 0.1

Other 0.0


OJNX ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3






OJNX ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3




Target-Date 2045





The current underlying fund holdings and weights can be found under theComposition tab on netbenefits.com. Please refer to the individual Fundprofiles for further information on the specific investment objectives,strategies, benchmarks, returns and risks associated with those funds.




0.02%







Beta 1.35



050 40 30 20 10 -10 -20 -30

10080

60

40

200



U.S. Stocks

Other

Bonds

Cash


20

15

10

5

0

-5






-4.04 17.45 3.63 6.13 6.45 7.98 9.01 Fund Return %


-0.17 0.07 -0.32 -0.24 -0.03 0.08 0.15 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OHMU&page=summary


Composition



LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund







UC Bond Fund 2.03

Market Cap

% Market Cap

Giant 38.69........................................................................................

Large 29.12

Medium 18.43

Small 11.87........................................................................................

Micro 1.90



Avg Credit Quality AA


% Fund

Technology 18.42


Healthcare 13.86

Industrials 11.00





Real Estate 4.37

Utilities 3.26

Energy 3.21


% Fund

Government 83.1


Corporate 5.1

Securitized 5.0

Municipal 0.1

Other 0.0


OHMU ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3






OHMU ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3




Target-Date 2050









0.02%







Beta 1.38



050 40 30 20 10 -10 -20 -30

10080

60

40

200



U.S. Stocks

Other

Bonds

Cash


20

15

10

5

0

-5






-4.36 17.87 3.40 6.27 6.65 8.40 5.99 Fund Return %


-0.16 0.07 -0.29 -0.25 -0.03 0.06 0.19 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJNY&page=summary


Composition



LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund







Market Cap

% Market Cap

Giant 38.26........................................................................................

Large 28.83

Medium 18.37

Small 12.51........................................................................................

Micro 2.03





% Fund

Technology 18.33


Healthcare 13.91

Industrials 11.06





Real Estate 4.41

Utilities 3.27

Energy 3.21


% Fund

Government 91.8


Corporate 0.3

Other 0.0

Securitized 0.0

Municipal 0.0


OJNY ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3






OJNY ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3




Target-Date 2055









0.02%







Beta 1.38



050 40 30 20 10 -10 -20 -30

10080

60

40

200



U.S. Stocks

Other

Bonds

Cash


20

15

10

5

0

-5






-4.36 17.87 3.40 6.38 6.78 8.79 9.82 Fund Return %


-0.16 0.07 -0.29 -0.23 0.00 0.09 0.18 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OHMV&page=summary


Composition



LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund







Market Cap

% Market Cap

Giant 38.26........................................................................................

Large 28.83

Medium 18.37

Small 12.51........................................................................................

Micro 2.03





% Fund

Technology 18.33


Healthcare 13.91

Industrials 11.06





Real Estate 4.41

Utilities 3.27

Energy 3.21


% Fund

Government 91.8


Corporate 0.3

Other 0.0

Securitized 0.0

Municipal 0.0


OHMV ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3






OHMV ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3




Target-Date 2060+









0.02%







Beta 1.38



050 40 30 20 10 -10 -20 -30

10080

60

40

200



U.S. Stocks

Other

Bonds

Cash


20

15

10

5

0

-5






-4.36 17.87 3.40 6.38 6.78 9.10 10.05 Fund Return %


-0.16 0.07 -0.29 -0.23 0.00 0.09 0.14 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OHMW&page=summary


Composition



LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund







Market Cap

% Market Cap

Giant 38.26........................................................................................

Large 28.83

Medium 18.37

Small 12.51........................................................................................

Micro 2.03





% Fund

Technology 18.33


Healthcare 13.91

Industrials 11.06





Real Estate 4.41

Utilities 3.27

Energy 3.21


% Fund

Government 91.8


Corporate 0.3

Other 0.0

Securitized 0.0

Municipal 0.0


OHMW ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3






OHMW ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3




Target-Date 2060+









0.02%




Fund AUM ($M) 2.24



Beta —

Standard Deviation (Risk) in % —


050 40 30 20 10 -10 -20 -30

10080

60

40

200



U.S. Stocks

Other

Bonds

Cash


20

15

10

5

0

-5

YTD YTD YTD





-4.21 17.85 — — — — -4.21 Fund Return %

-4.20 17.80 — — — — -4.20 Benchmark Return %

-0.01 0.05 — — — — -0.01 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OHMR&page=summary


Composition



LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund







Market Cap

% Market Cap

Giant 38.26........................................................................................

Large 28.83

Medium 18.37

Small 12.51........................................................................................

Micro 2.03





% Fund

Technology 18.33


Healthcare 13.91

Industrials 11.06





Real Estate 4.41

Utilities 3.27

Energy 3.21


% Fund

Government 91.8


Corporate 0.3

Other 0.0

Securitized 0.0

Municipal 0.0


ONI8 ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3






ONI8 ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3


UC Pathway Income Fund Benchmark Morningstar Category

UC PathwayIncome PolicyBenchmark

Target-Date Retirement



Investment StrategyThe UC Pathway Income Fund is a diversified multi asset class fund. TheFund invests in a combination of Funds and allocates its assets amongthese Funds according to an asset allocation strategy managed by StateStreet Global Advisors.

The fund's asset allocation is comprised of Domestic Equity/REITs,International Equity, Bonds, Commodities and Short Term investments.Both asset allocation and underlying Funds of the Pathway Funds may beadjusted from time to time to align with the Fund's investment objective.


Who May Want To InvestThis UC Pathway Income Fund may be appropriate for those investorscurrently drawing income from their 403(b), 457(b), or DC accounts.



0.04%




Fund AUM ($M) 1,681.13



Beta 0.64



050 40 30 20 10 -10 -20 -30

10080

60

40

200



U.S. Stocks

Other

Bonds

Cash


12

9

6

3

0

-3






-0.94 8.01 3.24 4.23 4.06 3.46 4.04 Fund Return %


-0.37 -0.02 -0.33 -0.18 0.01 0.28 0.38 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJNT&page=summary


Composition

% FundBonds 56.45U.S. Stocks 22.62Non-U.S. Stocks 10.96Cash 6.28Other 3.70


LargeM

idSm

allSize


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund

UC Bond Fund 19.31

UC Savings Fund 19.12


UC TIPS Fund 10.64



UC Short Duration TIPS Fund 6.72

UC REIT Fund 5.07



Market Cap

% Market Cap

Giant 36.47........................................................................................

Large 30.74

Medium 25.22

Small 6.95........................................................................................

Micro 0.62





% Fund

Real Estate 18.51

Technology 16.53


Healthcare 11.36


Industrials 8.76




Energy 2.74

Utilities 2.71


% Fund

Government 62.1

Corporate 19.1


Securitized 8.7

Municipal 0.1

Other 0.0

UC Pathway Income Fund

OJNT ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3





UC Pathway Income Fund

OJNT ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3


UC Real Estate Fund Benchmark Morningstar Category

MSCI US REITIndex

Real Estate


Investment ObjectiveThe investment seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmarkindex that measures the performance of publicly traded equity Real EstateInvestment Trusts (REITS).

Investment StrategyThe Fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the MSCI US REIT Index. The index is composed of stocks of

publicly traded equity real estate investment trusts (known as REITs). Theadviser attempts to replicate the index by investing all, or substantially all,of its assets in the stocks that make up the index, holding each stock inapproximately the same proportion as its weighting in the index.

Who May Want To InvestSomeone who is willing to accept the potentially lower diversification andhigher risks associated with investing in a particular industry or sector.Someone who is seeking to complement his or her core holdings withinvestments concentrated in a particular sector or industry.



0.01%







Beta 1.06



16

8

0

-8

-16

-24

YTD YTD YTD YTD





-18.36 11.81 -12.67 — — — -0.74 Fund Return %


0.09 0.11 0.20 — — — 0.18 Relative %



Page 1 of 3



Composition

% FundU.S. Stocks 99.82Cash 0.12Non-U.S. Stocks 0.07Other 0.00Bonds 0.00


LargeM

idSm

allSize


% Market Cap

Giant 0.00.............................................Large 24.28

Medium 59.36

Small 15.45.............................................Micro 0.90

Top 10 Holdings

% Fund

Prologis Inc 8.51

Equinix Inc 7.41

Digital Realty Trust Inc 4.61

Public Storage 3.73

Equity Residential 2.70

AvalonBay Communities Inc 2.68

Welltower Inc 2.62

Simon Property Group Inc 2.59

Alexandria Real Estate Equities Inc 2.46

Realty Income Corp 2.45

Statistics

Port Avg





% Fund

Real Estate 100.00





Energy 0.00

Industrials 0.00

Technology 0.00


Healthcare 0.00

Utilities 0.00

UC Real Estate Fund


Page 2 of 3

RiskReal Estate is a cyclical industry that is sensitive to interest rates, economic conditions (both nationally and locally) and other factors. Changes in real estatevalues or economic downturns can have a significant negative effect on issuers in the real estate industry. Sector funds can be more volatile because of theirnarrow concentration in a specific industry. "Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return belowexpectations or requirements. While volatility (price fluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, andtherefore higher volatility is associated with higher risk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.



Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. TheUniversity of California Spliced REIT Index is the MSCI US REIT Index. It tracks the performance of equity Real Estate Investment Trusts (REITs) in the US.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC Real Estate Fund


Page 3 of 3


UC Savings Fund Benchmark Morningstar Category

2 Year TreasuryIncome Return

Short-Term Bond


Investment ObjectiveThe Fund seeks to provide shorter term bond returns, with a strong focus ofprotecting principal.

Investment StrategyThe UC Savings Fund is an interest-income fund. The UC Office of the ChiefInvestment Officer of the Regents manages the Fund according to policiesestablished by the Regents of the University of California. The Fund investsin fixed income securities issued by the U.S. Treasury and U.S. governmentagencies, most of which are backed by the full faith and credit of the U.S.government. The Fund may also invest in Non-US government discountnotes (e.g. Government of Canada or World Bank), Commercial Paper ratedat least A-1, P-1, D-1, or F-1, Bank Deposits and Money Market Funds.

The Fund strives to exceed the income returns of two-year U.S. TreasuryNotes and to outpace inflation. The portfolio is optimized by adjusting theaverage maturity to respond to expected changes in interest rates.

Who May Want To InvestThe Savings Fund may be appropriate for investors seeking a stableinvestment with greater interest income than that normally offered by amoney market fund. The Savings Fund may not be appropriate as the soleinvestment for investors with longer time horizons.



0.03%




Fund AUM ($M) 4,163.75


Beta 0.00



5

4

3

2

1

0






0.77 0.29 1.67 1.61 1.46 1.36 — Fund Return %

0.49 0.13 1.35 1.90 1.49 0.92 — Benchmark Return %

0.28 0.16 0.32 -0.29 -0.03 0.44 — Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJAU&page=summary


Composition

% FundBonds 72.61Cash 27.40Non-U.S. Stocks 0.00U.S. Stocks 0.00Other 0.00


High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund







United States Treas 1.5% 10-31-21 2.21

Federal Home Loan 0.38% 05-05-23 2.18

Federal Home Loan 0.55% 06-30-23 2.18

Federal Home Loan M 0.6% 05-12-23 2.18







% Fund

Government 72.6


Corporate 0.0

Securitized 0.0

Municipal 0.0

Other 0.0


AAA 41 BB 0

AA 59 B 0

A 0 Below B 0

BBB 0 Not Rated 0

UC Savings Fund

OJAU ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3

RiskThe bond market is volatile and bonds entail interest rate risk (as interest rates rise bond prices usually fall and vice versa). This effect is usually pronouncedfor longer-term securities and less so for shorter term bonds."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.



Additional DisclosuresThe Fund is a separate account managed by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The Benchmark is a customized benchmarkconsisting of the income return of the two-year U.S. Tresury Notes.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC Savings Fund

OJAU ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 3 of 3


UC Short Term TIPS Fund Benchmark Morningstar Category

BBG Barclays 1-3Year US TIPSIndex

Inflation-Protected Bond


Investment ObjectiveThe Fund seeks to provide returns more closely correlated with realizedinflation over the near term and to offer investors the potential for lessvolatility of returns relative to a longer duration TIPS fund.

Investment StrategyThe Fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the Bloomberg Barclays 1-3 Year US TIPS Index.The Fund invests in inflation-indexed securities issued by the U.S. Treasury.Inflation-indexed securities are designed to protect future purchasing

power. The principal value is adjusted for changes in inflation, and interestis accrued on the inflation-adjusted principal.

Who May Want To InvestThe Fund may be suitable for participants with a long-term investmenthorizon wishing to allocate a portion of their portfolio to a fund that mayprotect from the effects of inflation; the fund may not be suitable forparticipants with a long term investment horizon looking for a single fundsolution. The fund may not be suitable for participants with a long terminvestment horizon looking for a single fund solution.



0.01%




Fund AUM ($M) 74.58


Beta 0.29



5

4

3

2

1

0






1.29 2.47 2.96 2.54 1.86 — 1.41 Fund Return %

1.13 2.51 2.62 2.32 1.65 — 1.12 Benchmark Return %

0.16 -0.04 0.34 0.22 0.21 — 0.29 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJ09&page=summary


Composition



High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund














% Fund

Government 99.8


Corporate 0.0

Securitized 0.0

Municipal 0.0

Other 0.0


AAA 0 BB 0

AA 100 B 0

A 0 Below B 0

BBB 0 Not Rated 0

UC Short Term TIPS Fund

OJ09 ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

Page 2 of 3

RiskWhen interest rates rise, the value of inflation-indexed securities will fall and the Fund's share value will decline. Interest rate risk should be moderate for theFund. The greatest risk occurs when interest rates rise and inflation declines."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.



Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors: available exclusively to UC Retirement Savings Program participants. Thisdescription is only intended to provide a brief overview of the fund. The Bloomberg Barclays 1-3 Year U.S. TIPS Index is an unmanaged index designed torepresent securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cashflows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index,total a minimum amount outstanding of 100 million U.S. dollars.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC Short Term TIPS Fund


Page 3 of 3


UC Social Equity Fund Benchmark Morningstar Category

FTSE4Good USSelect Index

Large Blend


Investment ObjectiveThe investment seeks to track the performance of a benchmark index thatmeasures the investment return of socially screened large- and mid-capitalization stocks.

Investment StrategyThe Fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the FTSE4Good US Select Index. The index is composed ofthe stocks of companies that have been screened for certain social and

environmental criteria by the index sponsor, which is independent of StateStreet Global Advisors. The Advisor attempts to replicate the index byinvesting all, or substantially all, of its assets in the stocks that make up theindex.

Who May Want To InvestSomeone who is seeking the potential for long-term share-priceappreciation and, secondarily, dividend income. Someone who is seekingboth growth- and value-style investments and who is willing to accept thevolatility associated with investing in the stock market.



0.01%







Beta 1.05



32

24

16

8

0

-8

YTD YTD YTD YTD





-1.15 23.33 11.31 — — — 12.06 Fund Return %

-1.22 23.39 11.29 — — — 12.11 Benchmark Return %

0.07 -0.06 0.02 — — — -0.05 Relative %



Page 1 of 3



Composition

% FundU.S. Stocks 98.07Non-U.S. Stocks 1.85Cash 0.08Other 0.00Bonds 0.00


LargeM

idSm

allSize


% Market Cap

Giant 55.47.............................................Large 31.74

Medium 12.59

Small 0.20.............................................Micro 0.00

Top 10 Holdings

% Fund

Microsoft Corp 6.71

Apple Inc 6.58

Amazon.com Inc 5.14

Facebook Inc A 2.40

Alphabet Inc A 1.87


Visa Inc Class A 1.44

Procter & Gamble Co 1.29

JPMorgan Chase & Co 1.26

UnitedHealth Group Inc 1.23

Statistics

Port Avg





% Fund

Technology 28.06

Healthcare 15.32





Industrials 4.93

Real Estate 3.40


Utilities 0.84

Energy 0.00

UC Social Equity Fund


Page 2 of 3

RiskValue and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervaluedby the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market,economic or other developments. These risks may be magnified in foreign markets. The Fund's social responsibility criteria will affect the fund's exposure tocertain issuers, industries, sectors, regions and countries and could cause the fund to sell or avoid stocks that subsequently perform well. In addition,undervalued stocks that do not meet the social criteria could outperform those that do. "Risk" refers to the possibility of loss of principal, or alternatively to arate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, it is true that high volatility onthe downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realized losses only if securities are soldafter a fall in price. For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.



Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. TheUniversity of California Spliced Social Index is the FTSE 4Good US Select Index since December 16th, 2005 and the Calvert Social Index prior. The FTSE4GoodUS Select Index is composed of companies that have been screened for certain social and environmental criteria by the index sponsor.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC Social Equity Fund


Page 3 of 3


UC TIPS Fund Benchmark Morningstar Category

BBG Barclays USTIPS Index

Inflation-Protected Bond


Investment ObjectiveThe Fund seeks to provide long-term return and inflation protectionconsistent with an investment in U.S. Government inflation-indexedsecurities or TIPS.

Investment StrategyThe Fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the Bloomberg Barclays US TIPS Index.The Fund invests in inflation-indexed securities issued by the U.S. Treasury.Inflation-indexed securities are designed to protect future purchasing

power. The principal value is adjusted for changes in inflation, and interestis accrued on the inflation-adjusted principal.

Who May Want To InvestThe Fund may be suitable for participants with a long-term investmenthorizon wishing to allocate a portion of their portfolio to a fund that mayprotect from the effects of inflation. The fund may not be suitable forparticipants with a long term investment horizon looking for a single fundsolution.



0.01%






Beta 1.14



10

8

6

4

2

0






5.84 4.20 8.08 5.05 3.83 3.68 4.31 Fund Return %

6.01 4.24 8.28 5.05 3.75 3.52 4.06 Benchmark Return %

-0.17 -0.04 -0.20 0.00 0.08 0.16 0.25 Relative %



Page 1 of 3

https://workplaceservices200.fidelity.com/mybenefits/savings2/performance/fundDetails?fundnbr=OJ88&page=summary


Composition



High

Med

LowC

redit Quality

Ltd Mod ExtDuration

Top 10 Holdings

% Fund






United States Treas 0.5% 01-15-28 5.56











% Fund

Government 99.7


Corporate 0.0

Securitized 0.0

Municipal 0.0

Other 0.0


AAA 1 BB 0

AA 99 B 0

A 0 Below B 0

BBB 0 Not Rated 0

UC TIPS Fund


Page 2 of 3

RiskWhen interest rates rise, the value of inflation-indexed securities will fall and the Fund's share value will decline. Interest rate risk for this Fund will be higherthan for short term TIPs. The greatest risk occurs when interest rates rise and inflation declines."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.



Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors: available exclusively to UC Retirement Savings Program participants. Thisdescription is only intended to provide a brief overview of the fund. The Bloomberg Barclays U.S. TIPS Index is an unmanaged index designed to representsecurities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked toan inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index, total a minimumamount outstanding of 100 million U.S. dollars.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC TIPS Fund


Page 3 of 3


Important DisclosuresWhen used as supplemental sales literature, the Investment Profile must bepreceded or accompanied by the fund’s current prospectus as well as thisdisclosure statement. The performance data given represents pastperformance and should not be considered indicative of future results.Principal value and investment return will fluctuate, so that an investor’sshares when redeemed may be worth more or less than the originalinvestment. Fund portfolio statistics change over time. The fund is notFDIC-insured, may lose value and is not guaranteed by a bank or otherfinancial institution.

Total Annual Operating ExpenseThis is the percentage of fund assets paid for operating expenses andmanagement fees. The expense ratio typically includes the following typesof fees: accounting, administrator, advisor, auditor, board of directors,custodial, distribution (12b-1), legal, organizational, professional,registration, shareholder reporting, sub-advisor, and transfer agency. Theexpense ratio does not reflect the fund’s brokerage costs or any investorsales charges.

Morningstar Style BoxTM

The Morningstar Style Box reveals a fund’s investment strategy as of thedate noted on this report. For equity funds the vertical axis shows the market capitalization of thelong stocks owned and the horizontal axis shows investment style (value,blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of thelong bonds owned and the horizontal axis shows interest rate sensitivity asmeasured by a bond’s effective duration. Morningstar seeks credit rating information from fund companies on aperiodic basis (e.g., quarterly). In compiling credit rating informationMorningstar accepts credit ratings reported by fund companies that havebeen issued by all Nationally Recognized Statistical Rating Organizations(NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm. Additionally, Morningstar acceptsforeign credit ratings from widely recognized or registered rating agencies.If two rating organizations/agencies have rated a security, fund companiesare to report the lower rating; if three or more organizations/agencies haverated a security, fund companies are to report the median rating, and incases where there are more than two organization/agency ratings and amedian rating does not exist, fund companies are to use the lower of thetwo middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSROnor does it issue a credit rating on the fund. An NRSRO or rating agencyratings can change from time-to-time. For credit quality, Morningstar combines the credit rating informationprovided by the fund companies with an average default rate calculation tocome up with a weighted-average credit quality. The weighted-averagecredit quality is currently a letter that roughly corresponds to the scaleused by a leading NRSRO. Bond funds are assigned a style box placement of"low", "medium", or "high" based on their average credit quality. Funds witha low credit quality are those whose weighted-average credit quality isdetermined to be less than "BBB-"; medium are those less than "AA-", butgreater or equal to "BBB-"; and high are those with a weighted-averagecredit quality of "AA-" or higher. When classifying a bond portfolio,Morningstar first maps the NRSRO credit ratings of the underlying holdingsto their respective default rates (as determined by Morningstar's analysis ofactual historical default rates). Morningstar then averages these defaultrates to determine the average default rate for the entire bond fund. Finally,Morningstar maps this average default rate to its corresponding creditrating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fund companiesthe average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration ofthe Morningstar Core Bond Index (MCBI), which is currently three years.The classification of Limited will be assigned to those funds whose averageeffective duration is between 25% to 75% of MCBI's average effectiveduration; funds whose average effective duration is between 75% to 125% ofthe MCBI will be classified as Moderate; and those that are at 125% orgreater of the average effective duration of the MCBI will be classified asExtensive. For municipal bond funds, Morningstar also obtains from fundcompanies the average effective duration. In these cases static breakpointsare utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less;(ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive:more than 7 years. In addition, for non-US taxable and non-US domiciledfixed income funds static duration breakpoints are used: (i) Limited: lessthan or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equalto 6 years; (iii) Extensive: greater than 6 years.

Risk MeasuresR-squared reflects the percentage of an investment option's movementsthat are explained by movements in its benchmark index, showing thedegree of correlation between the investment option and the benchmark. Beta is a measure of an investment option's sensitivity to marketmovements. A portfolio with a beta greater than 1 is more volatile than themarket, and a portfolio with a beta less than 1 is less volatile than themarket. Alpha measures the difference between an investment option's actualreturns and its expected performance, given its level of risk (as measured bybeta). The Sharpe ratio uses standard deviation and excess return to determinereward per unit of risk. Standard deviation is a statistical measure of the volatility of theinvestment option's returns. Mean represents the annualized three-year geometric return.

Investment RiskForeign Securities Funds/Emerging Markets Funds: The investor shouldnote that funds that invest in foreign securities involve special additionalrisks. These risks include, but are not limited to, currency risk, political risk,and risk associated with varying accounting standards. Investing inemerging markets may accentuate these risks.

Sector Funds: The investor should note that funds that invest exclusively inone sector or industry involve additional risks. The lack of industrydiversification subjects the investor to increased industry-specific risks.

Non-Diversified Funds: The investor should note that funds that investmore of their assets in a single issuer involve additional risks, includingshare price fluctuations, because of the increased concentration ofinvestments.

Small Cap Funds: The investor should note that funds that invest in stocksof small companies involve additional risks. Smaller companies typicallyhave a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced agreater degree of market volatility than the overall market average.

Mid Cap Funds: The investor should note that funds that invest in

companies with market capitalizations below $10 billion involve additionalrisks. The securities of these companies may be more volatile and less liquidthan the securities of larger companies.

High-Yield Bond Funds: The investor should note that funds that invest inlower-rated debt securities (commonly referred to as junk bonds) involveadditional risks because of the lower credit quality of the securities in theportfolio. The investor should be aware of the possible higher level ofvolatility, and increased risk of default.

Tax-Free Municipal Bond Funds: The investor should note that the incomefrom tax-free municipal bond funds may be subject to state and localtaxation and the Alternative Minimum Tax.

For more information about the funds in your 401(k) plan, please view acurrent prospectus. Investment objectives, risks, charges, expenses, andother important information about a fund are contained in the prospectus.

©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

uc retirement savings plans fund fact sheets · 2020. 8. 24. · uc short term tips fund uc tips...

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