Quad/Graphics Personal Enrichment Plans Stable Value Bond ...

1 Quad/Graphics Personal Enrichment Plans Stable Value Bond Large Cap Value Large Cap Growth Mid Cap Value Mid Cap Growth Small Cap Value Small Cap Growth Diversified International fund fund Disclosure Statement June 30, 2020 2 [This page intentionally left blank] 3 Quad/Graphics Personal Enrichment Plans fund Disclosure Statement Synopsis A unit of each of the funds listed in this disclosure ("the Funds") represents an interest in a collective investment fund established by Quad/Graphics . The Funds are managed by multiple investment advisors. This disclosure statement contains information you should read and know before you invest in one or more of the Funds. You should keep this disclosure statement for future reference. Each of the Funds is designed as a convenient means of accumulating an interest in a professionally managed portfolio which may include mutual funds and individual securities of different asset classes.

2 This disclosure statement describes the following Funds: Stable Value fund - The primary objective of the Stable Value fund is to maintain safety of principal while generating a level of current income generally exceeding that of a money market fund . The fund seeks to maintain a Stable $ unit Value , although there is no guarantee it will be able to do so. Bond fund - The primary objective of the Bond fund is to seek maximum total return, consistent with preservation of capital and prudent investment management. The fund seeks to achieve its investment objective by investing in a diversified portfolio of fixed income instruments. Large Cap Value fund - The primary objective of the Large Cap Value fund is to achieve superior capital appreciation through investment in high quality companies that are under valued relative to their industry peers. The fund invests primarily in common stocks of companies that generally have a market capitalization of $15 billion and above.

3 Large Cap Growth fund - The primary objective of the Large Cap Growth fund is to achieve superior capital appreciation through investment in high quality companies with above average growth opportunities. The fund invests primarily in common stocks of companies that generally have a market capitalization of $15 billion and above. Mid Cap Value fund - The primary objective of the Mid Cap Value fund is to achieve superior capital appreciation through investment in high quality companies that are under valued relative to their industry peers. The fund invests primarily in common stocks of companies that generally have a market capitalization between $2 billion and $10 billion. Mid Cap Growth fund - The primary objective of the Mid Cap Growth fund is to achieve superior capital appreciation through investment in high quality companies with above average growth opportunities. The fund invests primarily in common stocks of companies that generally have a market capitalization between $2 billion and $10 billion.

4 Small Cap Value fund - The primary objective of the Small Cap Value fund is to achieve superior capital appreciation through investment in high quality companies that are under valued relative to their industry peers. The fund invests primarily in common stocks of companies that generally have a market capitalization of less than $2 billion. Small Cap Growth fund - The primary objective of the Small Cap Growth fund is to achieve superior capital appreciation through investment in high quality companies with above average growth opportunities. The fund invests primarily in common stocks of companies that generally have a market capitalization of less than $2 billion. 4 Diversified International fund The primary objective of the Diversified International fund is to achieve superior capital appreciation through a combination of proven international collective trust funds and public mutual funds.

5 The fund seeks long-term capital appreciation of capital. The fund will typically invest at least 80% of its assets in equities. The amount and types of equity securities will be re-allocated from time to time according to the investment advisor s quantitative and qualitative analysis but within the asset guidelines described above. You may request a list of the assets comprising any fund offered as an investment option by your retirement plan by contacting the identified fiduciary of your retirement plan. After directing the purchase of units in any of the Funds offered as investment options in your retirement plan account, you may elect to direct the transfer of all or part of your retirement plan account from units of that fund to other investment options permitted by that retirement plan. Such a transfer can be made at such times as permitted by your retirement plan. As with any investment fund , there is no assurance that the fund will achieve its investment objective.

6 The Value of each of the Funds will vary from day to day reflecting changes in income, the appreciation and/or depreciation of the investments acquired by that fund , other economic, political, and regulatory developments as well as the investment composition of that fund . Trustee and Custodian BMO Harris Bank , Milwaukee, Wisconsin, is the custodian for the Quad/Graphics Personal Enrichment Plans . Under a trust agreement, BMO Harris Bank holds the Funds' assets in safekeeping and keeps all necessary records and documents related to its duties. The units of the Funds are not deposits or obligations of, or endorsed or guaranteed by, BMO Harris Bank or any of its banking subsidiaries. The units of the Funds and any investments of the Funds are not insured by the FDIC, The Federal Reserve System, or any other government agency. An investment in fund units, like any securities investments, may lose Value .

7 Investment Advisers The Funds are managed by multiple registered investment advisors comprised of the following managers: Stable Value fund Morley Financial Services, Inc.: Tim Stumpff and Bill Finley oversee a team of portfolio managers and analysts who manage Morley s Stable Asset Portfolio. The fund consists of a diversified portfolio of high quality Stable Value investment contracts issued by life insurance companies, banks and other financial institutions. Preservation of principal, stability and predictability of returns and high credit quality are characteristics of the portfolio. Morley Financial is a wholly owned subsidiary of Principal Financial Services, Inc. Putnam Investments: Steve Horner oversees the team at Putnam Investments that manage the Stable Value fund . The team s objectives are to deliver intermediate bond-like returns with money market stability. The Portfolio consists of high quality fixed income and Stable Value investments.

8 Preservation of principal, stability of returns and high credit quality are characteristics of the portfolio. 5 Bond fund PIMCO Total Return (Core Plus Separately Managed Account): Curtis Mewbourne leads a large team of portfolio managers and analysts overseeing the PIMCO Total Return Strategy. The strategy couples PIMCO's long-term macroeconomic outlook with its view of short-term cyclical factors to determine this fund 's sector weightings and duration. Although the team will focus heavily on certain sectors, he doesn't make huge interest-rate bets against the Barclays Capital Aggregate Index. However, they will occasionally invest in nonindex sectors of the market, such as high-yield, developed-markets international, and emerging-markets debt. The Bond fund will utilize a PIMCO separately managed portfolio for the Total Return Strategy. PIMCO Global Bonds -US Dollar Hedged (PGBIX): Andrew Balls leads the team at PIMCO that manages this Global Bond fund .

9 The fund invests in both US markets as well as non US markets. PIMCO's top-down views guide the manager's maneuvers, and the fund 's portfolio reflects variations on firm wide themes. The fund is managed relative to a hedged version of the JPMorgan GBI Global Index, a government-only benchmark that skews heavily toward the largest developed-markets debt issuers; Japan and the Eurozone account for around half the benchmark. The fund invests will invest in emerging markets debt and outside the benchmark sectors like US non-agency mortgages. Non US investments are hedged back to the US dollar. Loomis Sayles Strategic Income (NEZYX): Dan Fuss leads a team of portfolio managers and analysts who employ a go anywhere, Value driven approach to find bonds they believe are undervalued, as well as can buy bonds of any quality and maturity. The flexibility is intended to protect bond investors against rising rates while providing returns uncorrelated with traditional fixed-income indexes.

10 The fund may hold a portion of the portfolio in dividend paying equities. BlackRock Strategic Income Opportunities (BSIIX): Lead managers Rick Rieder and Bob Miller marry an exhaustive process of market and sector research with risk analysis. They attempt to structure the portfolio to minimize correlation to traditional fixed-income indexes. The fund s investable universe includes traditional fixed-income sectors like government bonds, investment-grade credit, agency bonds, muni bonds, and securitized products. The fund also invests in high-yield, bank loans, non-agency mortgage-backed securities, and collateralized loan obligations as well as government and corporate bonds and emerging-markets debt. Top-down themes are set by the lead managers and then communicated to sector specialists to assist in individual security selection this fund has flexibility to invest in just about any fixed-income sector, along with a broad duration range of negative two to seven years.