NOTICE: Members of the Public will be able to participate in-person or remotely via Zoom.
City Hall and the Council Chambers will be open to members of the public 30 minutes prior to the start of the meeting.
IMPORTANT NOTICE REGARDING APRIL 18, 2022 457 DEFERRED COMPENSATION PLAN, 401(a) DEFINED CONTRIBUTION PLAN, AND RETIRMENT HEALTH SAVINGS
PROGRAM COMMITTEE MEETING
This AGENDA contains a brief general description of each item to be considered. The posting of the recommended actions does not indicate what action may be taken. If c omments come to the Deferred Compensation Plan, 401(a) Defined Contribution Plan, and Retirement Health Savings Program Commitee without prior notice and are not listed on the AGENDA, no specific answers or response should be expected at this meeting per State law.
Pursuant to Government Code Section 5495.3 (The Brown Act), members of the public shall be afforded the opportunity to speak on any agenda item of interest to them provided they are first recognized by the presiding officer. Members of the public wishi ng to be so recognized are requested to submit a completed speaker card to the Executive Secretary of the Committee prior to the consideration of the item.
Those wishing to address the Committee on any matter for which another opportunity to speak is not provided on the AGENDA but which is within the jurisdiction of the Committee to resolve may come forward to the podium during the “COMMUNITY FORUM” portion of the AGENDA.
PUBLIC COMMENT: Members of the Public may provide public comments during the Deferred Compensation Plan, 401(a) Defined Contribution Plan, and Retirement Health Savings Program Commitee Meeting in person or via ZOOM (https://ZoomRegular.Cityofvallejo.net), or via phone, by dialing (669) 900-6833.
For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment
VIEW THE MEETING:
There are four different ways you can view this public meeting:
• In Person
• Watch Vallejo local channel 28
• Stream from the City website: www.cityofvallejo.net/Streaming • Join the Zoom webinar: https://ZoomRegular.Cityofvallejo.net
Notice of Availability of Public Records: All public records relating to an open session item, which are not exempt from dis closure pursuant to the Public Records Act, that are distributed to a majority of the Committee will be available for public inspection at the City Clerk’s Office, 555 Santa Clara Street, Vallejo, CA at the same time that the public records are distribut ed or made available to the Deferred Compensation Plan, 401(a) Defined Contribution Plan, and Retirement Health Savings Program Commit tee. Such documents may also be available on the City of Vallejo website subject to staff’s ability to post the documents prior to the meeting.
Information may be obtained by calling (707) 648-4527, TDD (707) 649-3562.
AGENDA REGULAR MEETING 457
DEFERRED COMPENSATION PLAN,
401(a) DEFINED CONTRIBUTION PLAN,
AND RETIREMENT HEALTH SAVINGS
PROGRAM COMMITTEE 9:00 A.M.
April 18, 2022
COMMITTEE MEMBERS
James Olson, Chair
Kevin Brown, Vice Chair
Michael Nichelini
Mike Malone
Rekha Nayar
Brisa Long
Terrance Davis
In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the Human Resources Dep artment at [email protected] Notification at least 48 hours prior to a meeting will enable the City to make reasonable arrangements to ensure accessibility to that meeting. [28 CFR.35.102.35.104 ADA Title II]
1. CALL TO ORDER
2. PLEDGE OF ALLEGIANCE
3. ROLL CALL
4. REPORTS
A. Report from Secretary to the Deferred Compensation Plan, 401(a) Defined Contribution Plan, and Retirement Health Savings Program Committee
5. COMMUNITY FORUM
The Community Forum is an opportunity to address the Committee on any matter for which another opportunity to speak is not provided on the agenda, and which is within the jurisdiction of the Committee to resolve. Any interested members of the public desiring to communicate with the Deferred Compensation Plan, 401(a) Defined Contribution Plan, and Retirement Health Savings Program Commitee as part of the Community Forum may do so in person by submitting a completed speaker’s card to the Committee’s Executive Secretary or via ZOOM:(https://ZoomRegular.Cityofvallejo.net), Option to join by phone:
Dial (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press * 9 to digitally raise your hand from the phone. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. In person speakers will be recognized first. When called upon, each speaker should step to the podium, state his/her name for the record. The conduct of the community forum shall be limited to a maxi mum of fifteen (15) minutes, with each speaker limited to a maximum of three minutes pursuant to Vallejo Municipal Code Section 2.02.300.
6. CONSENT CALENDAR AND APPROVAL OF AGENDA
A. Approval of Minutes
Recommendation: Approval of the minutes from the January 24, 2022 meeting.
7. PRESENTATION
A. Presentation by Chad Parilla & Michele Martin, MissionSquare Presentation: Chad Parilla & Michele Martin to present:
• Q1 onsite service stats
• Review plan data
• Upcoming enhancements for participants and plan sponsors
B. Presentation by Vicent Galindo, Hyas Group
Presentation : First Quarter 2022 Performance Review – data as of March 31, 2022 (Hyas Group)
• Market commentary
• Current fund lineup overview
• On-watch funds: MissionSquare PLUS Fund and MFS International Intrinsic Value Equity Fund
• Fee and revenue analysis
1) International value fund search document
2) NAGDCA Annual Conference
3) Legal and regulatory updates
4) Questions / open discussion
8. ACTION ITEM(S)
NOTICE: Members of the public wishing to address the Committee on Action Calendar Items may do so in person by submitting a completed speakers card to the Executive Secretary or via ZOOM (https://ZoomRegular.Cityofvallejo.net), or via phone, by dialing (669) 900-6833. Enter Meeting ID: 914 0075 0676#. Press *9 to digitally raise your hand from the phone. For additional instructions on how to speak remotely during public comment, please visit, www.cityofvallejo.net/publiccomment. Each speaker is limited to five minutes pursuant to Vallejo Municipal Code Section 2.02.420. In person speakers will be recognized first.
A. Vote on Fund Change
Recommendation: Vote on International Value Fund
9. FUTURE AGENDA ITEMS
1) Agenda Prep - Brown Act: Will future agenda items need to be listed for public comment?
2) IPS and other governance documents
3) Fiduciary education
4) Goals and objectives
10. ADJOURNMENT
___________________________________________________________________________________________
ADDITIONAL CITY INFORMATION
Members of the public can:
Like us on Facebook (www.facebook.com/cityofvallejo)
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I, Sarah Brannick, Executive Secretary, do hereby certify that we have caused a true copy of the above notice and agenda to be delivered to each of the members of the Deferred Compensation Plan, 401(1) Defined Contribution Plan, and Retirement Health Savings Program Committee, at the time and in the manner prescribed by law and that this agenda was posted at City Hall, 555 Santa Clara Street, CA at 5:00 p.m., Thursday, April 14, 2022
Sarah Brannick, Executive Secretary
457 DEFERRED COMPENSATION
PLAN, 401(a) DEFINED
CONTRIBUTION PLAN, AND
RETIREMENT HEALTH SAVINGS
PROGRAM COMMITTEE
REGULAR MEETING
MINUTES VIA
TELECONFERENCE
9:00 A.M.
JANUARY 24, 2022
1. CALL TO ORDER
The meeting was called to order by Chair Olson at 9:07 a.m.
2. PLEDGE OF ALLEGIANCE
3. ROLL CALL
Committee Members Present: Chair James Olson, Committee Members Kevin Brown, Mike Malone, Terrance Davis, and Mike Nichelini
Alternates Present: Alternates Felicia Escover, Allen French, Nick Rolley, and Allison Mattioli
Committee Members Absent: Committee Member Jason Ackley and Rekha Nayar Alternates Absent: Alternate Jonathan Alberti, Jared Jaksch, Stephanie Sifuentes and Brisa Long
Staff Present: Secretary Brannick, Chief Innovation Officer Ashraf, and Sr. Personnel Analyst Fisher
4. REPORTS
A. Report from Secretary to the Committee – Secretary Brannick provided a quick update on the status of the Hyas Group contrac t and a few tips for future committee meetings.
5. COMMUNITY FORUM
Speakers: None.
6. CONSENT CALENDAR AND APPROVAL OF AGENDA
A. Approval of Minutes
Recommendation: Approval of the minutes from the October 18, 2021 meeting.
Chair Olson asked if there was any discussion needed for the review and approval of the October 18, 2021 minutes.
Action: Moved by Committee Mike Nichelini, seconded by Kevin Brown, and carried unanimously to approve the minutes as submitted.
7. PRESENTATION
A. Presentation by Michele Martin and Chad Parilla with MissionSquare Recommendation: Presentation by Michele Martin and Chad Parilla, of MissionSquare on 2021 review and the 2022 planning discussion .
Ms. Martin and Mr. Parilla provided a presentation on the partial year of 2021, when MissionSquare became the sole vendor for the City’s plans. The summary included a review of the investment types in use, provided by age groups, as well as a review of participant status in the plan (a look a t active employees versus separate employees’ funds in the plan). Ms. Martin indicated that it is important to monitor the participant status and to provide outreach to those separating to encourage their continued participation in the plan.
Ms. Martin and Mr. Parilla reviewed the efforts for participant engagement through webinars, emails, consultant appointments, etc. She indicated that MissionSquare monitors results of their efforts via different tracking. Some of the monitoring includes tracking of targeted email responses (checking the percentages opened, clicked, unsubscribed, etc.) and surveying those participants that have had a one- on-one appointment or attended a webinar.
The 2022 planning discussion recapped the methods used to connect with participants and potential participants include video, website, mobile app, email, phone, consultants, webinars, and social media. The goal is to assist them to learn, enroll, save, invest, monitor and update and retire.
MissionSquare provided a year at a glance of the targeted messages for 2022 and identified that personalized messages linked to key life stages are available (for example, the over age catch up for those turning age 50).
Chair Olson asked if the Committee Members had any que stions or comments for the presenters and none were provided.
B. Presentation by Vincent Galindo, H yas Group
Recommendation : Presentation by Vincent Galindo on the Fourth Quarter 2021 performance data as of December 31, 2021 by the Hyas Group.
Vincent Galindo of the Hyas Group provided an introduction of himself and the Hyas Group for those new members to the Committee. He conveyed that the Hyas Group role is that of a fiduciary and therefore an advocate for the participants. While there may be some overlap with MissionSquare, their role is independent.
Mr. Galindo stated that while the written presentation has all of the information, his presentation will focus more on some of the key points, unless there are questions, but the information is there for review. The presentation began with an overview of some of the market conditions that affect performance, including economic indicators like inflation and unemployment, then bond and stock market performance, as well as the international sto ck market. Mr. Galindo then reviewed the City of Vallejo specific information. He noted an increase in approximately 10 million in the plan, but also confirmed that we need to watch the potential trend of the money leaving the plan.
Committee Member N ichelini asked some questions about the net negative amounts in the report and Mr. Galindo confirmed that they would have been money out either from withdraw of those separating, but also loans and emergency withdrawal. Mr. Galindo confirmed that the numb ers were in line with what was being seen in other agencies, but that we should watch for trend. He advised that the City could create an educational program for those exiting employment.
During the presentation section on the City of Vallejo Investment fund performance, it was noted that three of the funds were currently listed in the “fail” column. Mr. Galindo explained that two of the three listed were only in the recommendation to watch since there had been a recent change in the co- manager that was considered a significant change. The International Intrinsic Value fund is one that actually should be up for consideration on replacement and it would be recommended to add an agenda item for review/discussion and consideration on the next mee ting.
Committee Member Nichelini asked for further information on why Mr. Galindo had concerns about the particular fund as it appeared to be performing ok and Mr. Galindo reviewed that the fund was included to be a “value fund”, rather than a “growth fund” and serve different purposes in the plan offering. The current fund serving in the growth fund role is performing better than the one in question.
Mr. Galindo also shared that Hyas Group will be reviewing and reporting out to the Committee on the fee structure during the quarterly review sessions.
Chair Olson asked if the Committee Members had any questions or comments for the presenter and none were provided.
8. ACTION ITEM(S)
A. Vote on Vice Chair
Recommendation: Vote on Vice Chair to replace Mark Love.
Chair Olson asked if there were any nominations for Vice Chair. Alternate Member Mattioli nominated Kevin Brown for the Vice Chair position and Committee Member Terrance Davis seconded the nomination.
Action: Moved by Alternate Member Mattioli, and seconded by Committee Member Davis, and carried unanimously by Committee Members present to appoint Committee Member Brown to Vice Chair.
B. Approve New Members
Recommendation: Approve new members to the Committee (Attachment A).
Chair Olson asked Secretary Brannick about the information that the list may be changing from that presented in the packet. Secretary Brannick suggested that each of the groups restate their members during the meeting and the Attachment A will be updated accordingly. The groups and departments reported members as follows:
IBEW – James Olson, main member, Nicholas Rolley, alternate CAMP – Brisa Long, main member, Jason Ackley, alternate IAFF – Kevin Brown, main member, Jonathan Alberti, alternate VPOA – Michael Nichelini, main member, Jared Jaksch, alternate Human Resources – Terrance Davis, main member, Stephanie Sifuentes, alternate City Managers’ Office – Michael Malone, main member, Felicia Escover, alternate Finance – Rekha Nayar, main member, Allen French, alternate
Chair Olson asked for a motion on the approval of the members.
Action: Moved by Committee Member Nichelini, and seconded by Vice Chair Brown, and carried unanimously by Committee Members present to approve the main and alternate members as identified.
9. FUTURE AGENDA ITEMS
A. Discussion of Agenda Items for Future Meetings
Chair Olson identified that the next meeting should include the recommended review, discussion, and potential action on replacement of the International Intrinsic Value fund as identified by Mr. Galindo.
10. ADJOURNMENT
Action: Moved by Committee Member Brown, and seconded by Alternate Member Mattioli, and carried unanimously by Committee Members to adjourn the meeting.
The meeting was adjourned at 10:15 a.m.
JAMES OLSON, CHAIRPERSON
ATTEST:
SARAH BRANNICK, EXECUTIVE SECRETARY
Date: April 18, 2022
Presented by: MissionSquare Retirement
Q1 2022 Plan
Review
2 MissionSquare Retirement
We love having the word “Mission” in our
name because it's what we're focused on
every day — our mission to serve more
people and communities.
“Square” is a nod to the town square —
the center of a community — where
government, education, health care, and
nonprofit professionals come together to
impact lives.
We've been serving the square for years.
Our clients represent the four corners of
the square.
The Mission and the Square
Government Health Care
Education Nonprofit
3 MissionSquare Retirement
Our Approach
Deliver the Right
Products, Services,
& Solutions
Provide Positive
Experiences
Promote Long-Term
Financial Wellness
Serve More
Employees
4 2022 Plan
Review
5 MissionSquare Retirement
Visual Analytics for Your Plan (2021 vs. 2022)
Participant Status
251 Separated
$26.6M
259 Active
$25.7M
271 Active
$24.4M
245 Separated
$24.4M
6 MissionSquare Retirement
Contributions – on track to exceed 2021
7 MissionSquare Retirement
Treat Yourself
to a Secure Future
Control What
You Can
Celebrate
Saving
Enhance
Your Journey
Tune Up
Your Finances
Back to
Basics
Targeted Messages
RPS Workshops
& Appointments
Financial Planning Webinars
& CFP® Consultations
Guided Pathways®
Advisory Services
Dynamic Personalized
campaigns
E-newsletter &
Emails
Start Saving — Keep
Saving — Save
More
January
Retirement
Myths & Realities
April
July
October
Focus on
Loved Ones
February
Reward Yourself
for a Job Well Done
May
August
November
It Takes More Than
Luck — Invest
Wisely
March
Keep It
Simple
June
September
December
Mobile
App
Financial Wellness
Center
Q1
Q2
Q3
Q4
8 MissionSquare Retirement
Dynamic Personalized Messages
Interactions at Key Life Stages
Happy
Enroll-versary
Birthday Age 50+
Catch-Up
Required
Minimum
Distributions
9 9
MissionSquare Retirement
Financial Wellness Center
10 Quarterly
Insights
11 11
MissionSquare Retirement
Retirement Plan Industry Trends
Financial Wellness
Financial concerns create interest in financial wellness Topics range from student loans to retirement readiness Helps reduce financial stress and increase job focus
Open Architecture Platforms
Offer employers thousands of investment options
Not bound by fund requirements and limitations
Too many funds in the lineup can create paralysis
Employers have a broad array of investment options
12 12
MissionSquare Retirement
Retirement Plan Industry Trends
(continued)
ESG Investment Options
Screen based on environmental, sustainable, and
governance policies
Participants want more socially responsible fund options Investments perceived as positive increase contributions Retirement Income Strategies
More people are reaching retirement age
Plan sponsors are looking at deaccumulation strategies Withdrawal strategies pose different risks than
accumulation strategies
In-plan retirement income strategies assist with income stream; helps prevent rollovers
13 13
MissionSquare Retirement
401(a) Restatement Reminder
401(a) Profit Sharing and Money Purchase Plans
MissionSquare maintains “prototype” plan documents
IRS requires documents to be updated every 6 years
Adoption Agreement
Plan sponsor signs adoption agreement
Signature confirms and adopts regulatory changes
New Document System
System will retain previous documents
Provides an easier process for amendments
Allows for electronic signatures
Accessible through EZLink
14 14
MissionSquare Retirement
401(a) Restatement Reminder
Plan Sponsor Receives
EZLink messaging
Emails
Employer Bulletin quarterly e-newsletter
Monthly emails for more targeted and timely updates
Outreach from MissionSquare representatives
Current Cycle Ends July 2022
15 MissionSquare Retirement
MissionSquare Research Institute
How We Deliver On Our Mission
The Institute shares research and
promising practices
We communicate results via
written reports, social media
campaigns, and events
Recent examples include: a report
on
diversity, equity, and inclusion,
an infographic on six workforce
trends to watch in 2022, and a
series of financial wellness fact
sheets
16 MissionSquare Retirement
MissionSquare Research Institute
Notable Resources and Projects
Public Plans Database (publicplansdata.org)
comparative data on 210 DB plans, plus 51 state-
administered DC plans
Surveys and other data collection and analysis
Case studies, focus groups, and leading practices
research
Studies in behavioral economics
Explorations of policy alternatives
Practical guides for policymaking and
implementation
17 MissionSquare Retirement
MissionSquare Research Institute
In the News
Public Sector Benefits Can Offer a Hiring and Retention Advantage During the Great Resignation, According to MissionSquare Research Institute
New MissionSquare Research Institute Survey Finds More than Half of State and Local Government Employees Contemplating Leaving Their Jobs Due to the Ongoing COVID-19 Pandemic
MissionSquare Research Institute Survey Identifies Six Workforce Trends to Watch in 2022
18 MissionSquare Retirement
Staying Informed
Washington
Perspective
Overview
Plan Sponsor
& Participant
Resource Centers
Employer Bulletin
and Fiduciary
Education
19 MissionSquare Retirement
Support Checklist
Outsource plan administration and support to MissionSquare MissionSquare Support Available in Your Plan
Online enrollment
Online deferral changes
Auto increase
Auto rebalance
Roth contributions
De minimis accounts
Beneficiary designation and updates
Online withdrawals
Emergency withdrawals
MissionSquare plan document maintenance
20 The
Journey
21 MissionSquare Retirement
New Client Experience and Technology
Confidential: For use with plan sponsors and consultants only.
New Client
Experience and
Technology
What Is
Changing and
What This Will
Mean for You
Communications and
Transition Timeline:
Key Milestones
in 2022
2 3 4
MissionSquare
Retirement’s Focus
and Journey
1 22
22 MissionSquare Retirement
22 MissionSquare Retirement
Confidential: For use with plan sponsors and consultants only.
For 50 years MissionSquare Retirement has been the preeminent provider of retirement plans for public sector. We have one mission, one goal and that’s to serve you. Over those 50 years we continued to evolve to ensure that public sector employees have the tools, resources, and guidance they need to retire in the manner of their choosing.
This summer, the next phase of this evolution will be completed with the upgrading of our recordkeeping platform. Over the last few years, we achieved several significant milestones, all during an unprecedent pandemic. Upgraded our in-plan advice platform
Rebranded our company name
Integrated the Research Institute under our umbrella
Launched Financial Wellness Center
Our commitment at MissionSquare Retirement is to never be complacent, to never settle and continuous improvement. We exist to serve the public sector and no one else, all of us at MissionSquare Retirement are 100% aligned on that one mission.
MissionSquare Retirement
Story: The Journey
23 MissionSquare Retirement
Confidential: For use with plan sponsors and consultants only.
Coming Soon for Plan Sponsors …
New State-of-the-Art Website
Centralized plan
management capabilities
Improved web user
experience, security, and
visual presentation
New, easy-to-use payroll
processes, dynamic
reporting, and improved Plan
Health Dashboard
Enhanced security will
require registration for
first-time access
City of Anytown
City of Anytown 457 Plan
City of Anytown 401(a) Plan
City of Anytown Group IRA
City of Anytown 403(b) Plan
City of Anytown RHS Plan
City of Anytown
MSQ0000
MSQ1111
MSQ2222
MSQ3333
MSQ4444
Graphics are for
illustrative purposes only.
24 MissionSquare Retirement
MissionSquare Retirement
Enhancements for Plan Sponsors…
Confidential: For use with plan sponsors and consultants only.
New Payroll Process
Simplified and intuitive process with fewer clicks,
quicker verification
New import wizard tool easily imports data into
the plan sponsor website; accommodates
any
file layout
360° degree data exchange between
MissionSquare and payroll vendor
Dynamic Reporting
Full suite of industry-standard, pre-defined
reports;
expands breadth and depth of current robust
reports library
Create custom reports
Schedule delivery for reoccurring reports
Plan Health Dashboard
Expanded performance indicators and enhanced
benchmarking
Monthly assessments and demographic details
Comprehensive plan reviews available for
d ld
Graphics are for illustrative purposes only.
25 25
MissionSquare Retirement
Coming Soon for Plan Sponsors …
Additional Updates
Change Description
New Bank
Receiving and initiating bank will change to State
Street (payee does not change). Wires and checks
will be routed to a new bank.
New Mailing
Address
Mailing address for processing account transactions
will change. Mail will be routed to new address for a
period of time.
New Secure
Messaging
Forms can securely be uploaded and submitted
through the websites; no need to fax. For those who
prefer fax, a new number will be published on forms.
New Fax Number New number will be published on forms and communicated proactively
Confidential: For use with plan sponsors and consultants only. 26 MissionSquare Retirement
MissionSquare Retirement
Enhancements for Participants…
Confidential: For use with plan sponsors and consultants only.
Refreshed & Redesigned Website
Intuitive account management experience
Resources and tools accessible from
anywhere, anytime, and on any device
Expanded Financial Wellness Center
Upgraded Mobile App
Access retirement plan right from smart
phone, watch, or tablet
View and manage your plan anywhere,
anytime
Simplified navigation with ability to perform
ALL transactions
Access to Financial Wellness Center
Create custom goals and track progress
Graphics are for
illustrative purposes only.
27 MissionSquare Retirement
Oct Nov Dec
Oct-Nov:
Ongoing
Communications
Phase 4:
Engage
Jul Aug Sep
New Platform
Launches
July/Aug: Notification of
Availability of New Website
and Mobile App
Phase 3:
Launch and Support
Apr May Jun
April/May: Plan
Sponsor Toolkit
Available
April: Begin
Messaging to
Participants
May/June:
Employer Training
Webinars
Phase 2:
Communicate
MissionSquare Retirement is designing a new digital platform for you and your employees with new technology, processes, and services. As we roll out this exciting, new experience for you, we commit to keeping you informed of milestones every step of the way.
Confidential: For use with plan sponsors and consultants only.
Transition Timeline
Key Milestones in 2022
Jan Feb Mar
Feb/March:
Communications to
Employers and Consultants
Phase 1:
Plan
Current
Milestone
28 MissionSquare Retirement
Confidential: For use with plan sponsors and consultants only.
Plan
Q1: Jan-Mar
Discussions with
your service
team
Emails outlining
upcoming
enhancements
Feedback
channel to
address your
questions
Communicate
Q2: Apr-Jun
Emails
showcasing the
new experience
Employer toolkit
to prepare you
for launch
Employer
resource center
with visuals and
demos
Webinar to
answer your
questions
Email reminders
Messaging on
plan sponsor
portal
Launch
Q3: Jul-Sep
Email
announcing new
experience and
mobile app
Outreach and
support from
your service
team
Feedback
channel to
address your
questions
Engage
Q4: Oct-Dec
Ongoing
strategic
education and
communications
featuring your
new plan
website and
engagement
tools
Enhanced
reporting
features for plan
engagement
activities
Plan Sponsor Timeline and Milestones
29 MissionSquare Retirement
Confidential: For use with plan sponsors and consultants only. Communicate
Q2: Apr-Jun
Email announcing the
new participant
experience
Participant toolkit and
digital tools
Webinar to educate
participants and answer
their questions
Statement insert/flyer
Messaging on participant
portal
Messaging on public
website
Launch
Q3: Jul-Sep
Email announcing new
experience and mobile
app
Account messages
highlighting upcoming
changes
Support from local
service team
Engage
Q4: Oct-Dec
Emails featuring new
plan website and
engagement tools
Participant Timeline and Milestones
30 Appendix
April 2022
City of Vallejo
457(b), 401(a), and RHS Plans
International Value Manager Search Report
TABLE OF CONTENTS
Section 1 Background and Search Criteria
Section 2 Description of Funds
Section 3 Performance, Risk, and Style Summary
Section 4 Expense Summary
Section 5 Composition
Section 6 Fund Fact Sheets and Performance Analysis
Section 7 Glossary
Section 1
Section 1: Background and Search Criteria
1) Investment track record of no less than five years
2) Five-year returns above peer group median
3) Reasonable portfolio diversification and risk (volatility) characteristics 4) Investment style consistency over evaluation period
All performance-related information is as of 1Q22 unless stated otherwise.
City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
The Hyas Group seeks to evaluate managers over a full market cycle, during which time a manager is expected to have adequate opportunities to add value through their specific investment approach. In the case of the current option, we believe the trailing five-year period incorporates a broad enough range of market environments to be considered representative of a market cycle over which to evaluate the current fund and replacement candidates.
The replacement candidates presented include management teams that have generally satisfied the following Investment Policy criteria:
We have provided four alternative candidates in the International Value asset class category along with the incumbent investment option for review. We have also provided a summary of current expense ratios for the current option and each of the replacement candidates.
This document has been prepared to provide analysis of several potential replacement fund candidates in the International Value asset class. The current option, MFS International Intrinsic Value R6, has experienced a large amount of style drift to the point that the portfolio is no longer consistent with the International Value asset class. As such, a manager search has been assembled to review alternative options. 1 Section 2
Section 2: Description of Funds
Current Option
Fund Name: MFS International Intrinsic Value R6
Prospectus Objective: Foreign Stock
Strategy:
Commentary:
Foreign Large Growth
The MFS International Intrinsic Value fund is a diversified portfolio of 80 to 100 companies that management views to have sustainable business models and growth rates, wise capital allocation policies, standing to benefit from improvements in external demand, and that appear reasonably priced relative to their peers and historical valuations. The strategy is supported by MFS’s global research platform, which is comprised of sector specialists (including over 30 international stock analysts) in 9 worldwide offices. Management seeks to add value primarily through shrewd stock selection stemming from its underlying sector expertise.
Larger tactical bets in terms of sectors, investment style, or asset allocation are typically avoided. As a result of the fund’s emphasis on diversification, strong stock selection, and avoidance of other tactical strategies, it has shown itself to be a consistently strong performer.
City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
2 Replacement Candidates
Fund Name: Vanguard International Value Inv
Prospectus Objective: Foreign Stock
Strategy:
Commentary:
Fund Name: Hartford Schroders Int'l Value SDR
Prospectus Objective: Foreign Stock
Strategy:
Commentary: The Hartford Schroders International Multi-Cap Value fund uses a quantitative approach to focus on identifying attractively priced, higher-quality companies that have high potential of achieving outperformance. The fund only invests in the 'cheapest' 40% of its investment universe, which spans around the globe and across the market capitalization spectrum. The team's focus on risk management is what truly sets it apart from other products in the space, taking into account political, ESG, foreign exchange valuations, currency credibility, credit risk, and growth prospects into account while analyzing prospective companies, or those held in the portfolio. The overall portfolio is a diverse portfolio, typically holding over 500 securities.
Foreign Large Value
Foreign Giant
Vanguard International Value provides exposure to large-, mid-, and small-sized international value companies through a multi- manager approach that combines the strategies of three distinct investment managers (ARGA Investment Managers, Sprucegrove Investment Mangers, and Lazard Asset Management). ARGA take a long-term, deep-value approach that focuses primarily on identifying financially and economically attractive companies trading at a substantial discount to their book value and expected future dividend payments. Sprucegrove focuses on holding a portfolio of companies with steady long-term growth prospects and low debt that are trading at a discount to expected earnings. Lazard in turn focuses on companies and sectors that can generate a high return on equity and that are trading at a low valuation. Vanguard may alter the underlying managers and their percentage of the portfolio under management at times, depending on market conditions, fund asset levels, manager performance, and the opportunity set of available managers. ARGA for example, was added to the portfolio in 2012. Long-term performance has remained competitive however and the fund has provided investors with diversified exposure to several high-quality investment managers at a competitive price.
City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
3 Replacement Candidates (continued)
Fund Name: DFA World Ex-US Value I
Prospectus Objective: Foreign Stock
Strategy:
Commentary:
Fund Name: Jhancock Disciplined Value Int'l R6
Prospectus Objective: Foreign Stock
Strategy:
Commentary:
Foreign Large Core
The Jhancock Disciplined Value International fund is sub-advised by Boston Partners. The portfolio manager looks to add value by targeting undervalued companies when they identify a catalyst for change. The fund primarily utilizes a fundamental bottom-up stock selection process. This process considers various factors, such as price-to-book value, price-to-sales and earnings ratios, strength of management and projections of future cash flows to identify stocks that are trading at a price that appears lower than intrinsic value. The fund generally has a broader exposure to mid and small cap international stocks as the manager believes these areas of the market are less efficient and provide attractive opportunities for adding value. When market returns between large and smaller cap stocks deviate, the fund's tracking error has the potential to rise. Although the fund invests across the full capitalization range, it typically focuses on developed markets and is expected to have minimal exposure to emerging markets.
DFA World Ex-US Value’s investment approach reflects the company’s firm-wide mantra: investors are generally rewarded over longer periods by taking investment risk. DFA implements this overall approach by tilting the portfolio towards the stocks of smaller companies and which have a strong value orientation to them. Rather than structuring the portfolio around a market capitalization orientation, which could result in a tilt towards larger companies with potentially less upside to them, the fund will tend to tilt towards smaller-sized companies, which may entail more volatility though also may improve upside potential.
Additionally, the fund focuses on holding companies trading at low price-to-book valuations, which may indicate that they are attractively priced.
Foreign Large Value
City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
4 Section 3
Section 3: Performance, Risk, and Style Summary
1Q22 YTD 1YR 3YR 5YR 10YR 2021 2020 2019 2018 2017 2016 MFS International Intrinsic Value R6 100 100 73 5 1 1 62 1 2 2 12 32 Vanguard International Value Inv 81 81 85 34 12 26 86 6 26 37 11 49 Hartford Schroders Int'l Value SDR 36 36 34 32 34 21 27 53 42 46 47 17 DFA World Ex-US Value I 15 15 17 30 27 42 13 61 93 62 10 15 Jhancock Disciplined Value Int'l R6 43 43 48 25 35 11 34 26 80 86 28 91 Fund rankings in red lag the 50th percentile of the peer group 1Q22 YTD 1YR 3YR 5YR 10YR 2021 2020 2019 2018 2017 2016 MFS International Intrinsic Value R6 -13.07 -13.07 -2.07 9.23 9.57 10.09 10.72 20.56 25.99 -8.89 27.25 4.31 Vanguard International Value Inv -5.10 -5.10 -3.09 7.10 6.36 5.78 7.97 8.99 20.39 -14.52 27.96 4.46 Hartford Schroders Int'l Value SDR -1.18 -1.18 3.68 7.24 5.42 5.99 13.91 1.14 18.56 -15.23 23.27 8.94 DFA World Ex-US Value I 1.13 1.13 6.68 7.46 5.79 5.23 16.32 -0.41 14.47 -16.69 28.21 10.70 Jhancock Disciplined Value Int'l R6 -1.63 -1.63 2.40 7.76 5.27 6.29 13.03 4.85 15.56 -18.55 25.46 -0.18 MSCI ACWI Ex USA Value 0.13 0.13 3.31 5.44 4.67 4.24 10.46 -0.77 15.71 -13.97 22.66 8.92 Avg. Intl Value -2.21 -2.21 2.05 6.21 4.75 4.89 11.77 1.01 18.03 -15.38 22.37 3.09 Returns longer than one year is annualized.
1Q22 YTD 1YR 3YR 5YR 10YR 2021 2020 2019 2018 2017 2016 MFS International Intrinsic Value R6 (13.20) (13.20) (5.38) 3.78 4.90 5.85 0.26 21.33 10.28 5.08 4.59 (4.61) Vanguard International Value Inv (5.23) (5.23) (6.40) 1.66 1.69 1.54 (2.48) 9.76 4.68 (0.55) 5.30 (4.46) Hartford Schroders Int'l Value SDR (1.31) (1.31) 0.38 1.80 0.75 1.75 3.45 1.92 2.85 (1.26) 0.61 0.02 DFA World Ex-US Value I 1.00 1.00 3.37 2.01 1.13 1.00 5.86 0.36 (1.25) (2.72) 5.55 1.78 Jhancock Disciplined Value Int'l R6 (1.76) (1.76) (0.91) 2.32 0.60 2.05 2.58 5.62 (0.16) (4.58) 2.79 (9.10) Fund returns in red lag the Index
City of Vallejo 457(b), 401(a), and RHS Plans
Peer Group Rankings
Returns +/- Index
Returns
International Value Manager Search Report April 2022
5 City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
-2
3 8
13 0 5 10 15 20
Annualized % Return
Annualized % Standard Deviation
5-Y ear Risk vs. Return
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 MSCI ACWI Ex USA Value Avg. Intl Value
0.69 0.39 0.34 0.34 0.32 0.29 0.30
MFS
International
Intrinsic Value
R6
Vanguard
International
Value Inv
Hartford
Schroders Int'l
Value SDR
DFA World Ex-
US Value I
Jhancock
Disciplined
Value Int'l R6
MSCI ACWI Ex
USA Value
Avg. Intl Value
5-Y ear Sharpe Ratio
0.77 1.02 0.97
1.13 1.00 1.00 0.97
-0.48
-0.95 -0.93 -1.09 -0.97 -1.00 -0.96
MFS
International
Intrinsic Value
R6
Vanguard
International
Value Inv
Hartford
Schroders Int'l
Value SDR
DFA World Ex-
US Value I
Jhancock
Disciplined
Value Int'l R6
MSCI ACWI Ex
USA Value
Avg. Intl Value
5-Y ear Upside / Downside Capture
6 Volatility and Investment Style
Beta R2 vs. Idx vs. Avg. % > 0 vs. Idx vs. Avg.
vs. Idx or
Avg.
vs. Idx and
Avg.
MFS International Intrinsic Value R6 0.56 0.53 11.43 10.10 65% 50% 52% 53% 48% Vanguard International Value Inv 0.97 0.96 3.45 2.50 60% 57% 55% 65% 47% Hartford Schroders Int'l Value SDR 0.93 0.95 3.69 3.13 62% 57% 58% 72% 43% DFA World Ex-US Value I 1.09 0.98 3.10 3.71 63% 62% 58% 75% 45% Jhancock Disciplined Value Int'l R6 0.98 0.94 4.29 3.09 57% 45% 48% 52% 42% MSCI ACWI Ex USA Value 1.00 1.00 - 2.33 63% - 50% 50% - Avg. Intl Value 0.96 0.98 2.33 - 58% 50% - 50% -
Based on the trailing 5-year period ending 1Q22.
City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
Based on the most recently available holdings data
Tracking Error Batting Averages
Investment Style MFS International Intrinsic Value R6
Vanguard International Value Inv
Hartford Schroders Int'l Value SDR
DFA World Ex-US Value I
Jhancock Disciplined Value Int'l R6
MSCI ACWI Ex USA Value
Avg. Intl Value
Large Cap
Mid Cap
Small Cap
Value Blend Growth
7 Section 4
Section 4: Revenue, Expenses, and Operations
Ticker Share Class % Exp. as % of Plan $
MFS International Intrinsic Value R6 MINJX Retirement 0.62% 0.009% $5,087 0.00% Vanguard International Value Inv VTRIX Inv 0.36% 0.005% $2,954 0.00% Hartford Schroders Int'l Value SDR SIDRX Retirement 0.75% 0.011% $6,153 as of 4Q2021 0.00% DFA World Ex-US Value I DFWVX Inst 0.37% 0.005% $3,036 0.00% Jhancock Disciplined Value Int'l R6 JDIUX Retirement 0.86% 0.013% $7,056 0.00% Avg. Intl Value - - 1.00% 0.015% $8,167
Fund Assets
Estimated Annual Expenses
$820,464
Revenue Share
City of Vallejo 457(b), 401(a), and RHS Plans
$55,761,605
Total Plan Assets
International Value Manager Search Report April 2022
-0.26%
0.13%
-0.25%
0.24%
% Exp.
Estimated Impact on Annual Expenses(%)
Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 -$2,133
$1,067
-$2,051
$1,969
Exp.
Estimated Impact on Annual Expenses ($)
Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 8 Section 5
Section 5: Composition and Performance Analysis
City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
MFS International
Intrinsic Value R6
Vanguard International
Value Inv
Hartford Schroders Int'l
Value SDR
DFA World Ex-US
Value I
Jhancock Disciplined
Value Int'l R6
Avg. Intl Value
Asset Allocations
Cash US Stock Foreign Stock Bond Other
0.8%
10.3%
-10.9%
-0.1%
-0.1%
2.6%
3.1%
-5.4%
-0.1%
-0.1%
-0.3%
-2.1%
2.6%
-0.1%
-0.1%
0.5%
-1.3%
0.7%
-0.1%
0.2%
-0.1%
2.6%
-2.3%
-0.1%
-0.1%
-25.0%
-15.0%
-5.0%
5.0%
15.0%
Cash US Stock Foreign Stock Bond Other
Asset Allocations +/- Category Average
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR 9 Utilities Telecom Info. Tech. Financials Healthcare Cons. Stpls. Cons. Disc. Industrials Materials Energy MFS International Intrinsic Value R6 0.0% 0.0% 26.5% 6.1% 3.5% 26.4% 4.6% 21.4% 11.6% 0.0% Vanguard International Value Inv 3.6% 5.0% 8.3% 18.5% 4.7% 6.8% 17.7% 18.4% 11.1% 5.9% Hartford Schroders Int'l Value SDR 2.7% 8.5% 12.2% 18.0% 11.2% 6.6% 9.7% 10.1% 11.2% 9.9% DFA World Ex-US Value I 1.3% 4.5% 5.0% 32.8% 4.2% 4.1% 11.5% 10.8% 13.6% 12.2% Jhancock Disciplined Value Int'l R6 3.3% 5.7% 4.7% 22.1% 10.8% 8.6% 8.7% 18.1% 7.8% 10.3% MSCI ACWI Ex USA Value 5.4% 5.7% 6.1% 33.3% 6.6% 6.4% 8.4% 8.9% 10.7% 8.6% Utilities Telecom Info. Tech. Financials Healthcare Cons. Stpls. Cons. Disc. Industrials Materials Energy MFS International Intrinsic Value R6 -5.4% -5.7% 20.4% -27.2% -3.1% 20.0% -3.8% 12.4% 0.9% -8.6% Vanguard International Value Inv -1.8% -0.7% 2.3% -14.8% -1.9% 0.4% 9.3% 9.5% 0.4% -2.7% Hartford Schroders Int'l Value SDR -2.7% 2.8% 6.1% -15.4% 4.6% 0.2% 1.3% 1.2% 0.6% 1.3% DFA World Ex-US Value I -4.1% -1.2% -1.1% -0.5% -2.3% -2.2% 3.1% 1.8% 2.9% 3.6% Jhancock Disciplined Value Int'l R6 -2.1% 0.0% -1.4% -11.2% 4.2% 2.3% 0.3% 9.1% -2.9% 1.7% MSCI ACWI Ex USA Value - - - - - - - - - -
Sector Weights
+/- Sector Weights
International Value Manager Search Report April 2022
City of Vallejo 457(b), 401(a), and RHS Plans
10 City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
0%
20%
40%
60%
80%
100%
MFS International
Intrinsic Value R6
Vanguard International
Value Inv
Hartford Schroders Int'l
Value SDR
DFA World Ex-US Value I Jhancock Disciplined
Value Int'l R6
MSCI ACWI Ex USA
Value
Avg. Intl Value
Regional Allocations as % of Stock
AF/ME Aust./NZ Asia Europe Japan Lat. Am. North Am. UK
0%
20%
40%
60%
80%
100%
MFS International
Intrinsic Value R6
Vanguard International
Value Inv
Hartford Schroders Int'l
Value SDR
DFA World Ex-US Value I Jhancock Disciplined
Value Int'l R6
MSCI ACWI Ex USA
Value
Avg. Intl Value
Developed and Emerging Markets as % of Stock
Dev. EM
11 City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
0%
20%
40%
60%
80%
100%
MFS International
Intrinsic Value R6
Vanguard International
Value Inv
Hartford Schroders Int'l
Value SDR
DFA World Ex-US Value
I
Jhancock Disciplined
Value Int'l R6
MSCI ACWI Ex USA
Value
Avg. Intl Value
Size Allocations as % of Stock
Large Mid Small
-12%
12%
1%
-9%
7%
2%
-20%
15%
6%
-16%
9%
7%
-13%
12%
1%
-9%
8%
2%
-30%
-20%
-10%
0%
10%
20%
Large Mid Small
Size Allocations +/- Index
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR 12 City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
0%
20%
40%
60%
80%
100%
MFS International
Intrinsic Value R6
Vanguard International
Value Inv
Hartford Schroders Int'l
Value SDR
DFA World Ex-US Value
I
Jhancock Disciplined
Value Int'l R6
MSCI ACWI Ex USA
Value
Avg. Intl Value
Style Allocations as % of Stock
Value Blend Growth
-46%
3%
43%
-15%
6%
9%
-1%
-2%
3%
8%
-8%
1%
-5%
3%
3%
1%
-6%
5%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Value Blend Growth
Style Allocations +/- Index
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR 13 Section 6
Ticker: MINJX Qtr YTD 1Yr 3Yr 5Yr 10 Yr
CUSIP: 552746349 MFS International Intrinsic Value R6 -13.07 -13.07 -2.07 9.23 9.57 10.09 Share Class: Retirement MSCI ACWI Ex USA Value 0.13 0.13 3.31 5.44 4.67 4.24 Legal Structure: Open Ended Investment Company +/- Index (13.20) (13.20) (5.38) 3.78 4.90 5.85 Investment Type: Open-End Fund Ranking 100 100 73 5 1 1 2021 2020 2019 2018 2017 2016
Advisor: Massachusetts Financial Services Company MFS International Intrinsic Value R6 10.72 20.56 25.99 -8.89 27.25 4.31 Sub-Advisor: None MSCI ACWI Ex USA Value 10.46 -0.77 15.71 -13.97 22.66 8.92 Senior Manager: Benjamin Stone +/- Index 0.26 21.33 10.28 5.08 4.59 (4.61) Year Started: 2008 Ranking 62 1 2 2 12 32
Prospectus Net Exp. Ratio: 0.62%
Annual Report Exp. Ratio: 0.61%
Management Fee: 0.60%
12b-1: 0.00%
Redemption Fee %: 0.00%
Fund Size: $27,251 Sector +/- Idx. Size/Style +/- Idx.
Est. 1-Year Flows: ($2,563) Energy 0% -9% Large Value 3% -42% as % of Current Size: -9% Materials 12% 1% Large Blend 38% -2% x Management Fee: ($15) Industrials 21% 12% Large Growth 36% 32% Est. 3-Year Flows: ($8,405) Cons. Disc. 5% -4% Mid Value 1% -4% as % of Current Size: -31% Cons. Stpls. 26% 20% Mid Blend 10% 5% x Management Fee: ($50) Healthcare 3% -3% Mid Growth 12% 11% # of Holdings: 98 Financials 6% -27% Small Value 0% 0%
% in Top 10 Holdings: 32% Info. Tech. 27% 20% Small Blend 0% 0% # of Stocks: 94 Telecom 0% -6% Small Growth 0% 0%
Est. $m per Stock: $290 Utilities 0% -5% Total Large 77% -12% < 5% of Company $5,798 Total: 100% 0% Total Value 5% -46% Composition
MFS International Intrinsic Value R6
Operations
Fund Fact Sheet - March 31, 2022
Performance
Risk-Adjusted Performance (Sharpe Ratio)
Size & Flows ($m)
Expenses
Management
Cash
4% US Stock
13%
Foreign
Stock
83%
Asset Allocation
0.65 0.69
0.33 0.290.38 0.30
0.00 1.00
3-Yr 5-Yr
MFS International Intrinsic Value R6 MSCI ACWI Ex USA Value Avg. Intl Value 14 Ticker: VTRIX Qtr YTD 1Yr 3Yr 5Yr 10 Yr
CUSIP: 921939203 Vanguard International Value Inv -5.10 -5.10 -3.09 7.10 6.36 5.78 Share Class: Inv MSCI ACWI Ex USA Value 0.13 0.13 3.31 5.44 4.67 4.24 Legal Structure: Open Ended Investment Company +/- Index (5.23) (5.23) (6.40) 1.66 1.69 1.54 Investment Type: Open-End Fund Ranking 81 81 85 34 12 26 2021 2020 2019 2018 2017 2016
Advisor: Vanguard Group Vanguard International Value Inv 7.97 8.99 20.39 -14.52 27.96 4.46 Sub-Advisor: Multiple MSCI ACWI Ex USA Value 10.46 -0.77 15.71 -13.97 22.66 8.92 Senior Manager: Michael A. Bennett;Michael G. Fry; +/- Index (2.48) 9.76 4.68 (0.55) 5.30 (4.46) Year Started: 2010 Ranking 86 6 26 37 11 49
Prospectus Net Exp. Ratio: 0.36%
Annual Report Exp. Ratio: 0.36%
Management Fee: 0.35%
12b-1: 0.00%
Redemption Fee %: 0.00%
Fund Size: $14,563 Sector +/- Idx. Size/Style +/- Idx.
Est. 1-Year Flows: $1,523 Energy 6% -3% Large Value 28% -17% as % of Current Size: 10% Materials 11% 0% Large Blend 40% 0% x Management Fee: $5 Industrials 18% 10% Large Growth 12% 8% Est. 3-Year Flows: $2,422 Cons. Disc. 18% 9% Mid Value 6% 1% as % of Current Size: 17% Cons. Stpls. 7% 0% Mid Blend 10% 6% x Management Fee: $8 Healthcare 5% -2% Mid Growth 2% 1% # of Holdings: 230 Financials 18% -15% Small Value 1% 1% % in Top 10 Holdings: 12% Info. Tech. 8% 2% Small Blend 1% 1% # of Stocks: 205 Telecom 5% -1% Small Growth 0% 0%
Est. $m per Stock: $71 Utilities 4% -2% Total Large 80% -9% < 5% of Company $1,421 Totals: 100% 0% Total Value 36% -15% Size & Flows ($m) Composition
Vanguard International Value Inv
Fund Fact Sheet - March 31, 2022
Operations Performance
Management
Expenses Risk-Adjusted Performance (Sharpe Ratio)
Cash
6% US Stock
5%
Foreign
Stock
88%
Asset Allocation
0.41 0.390.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Vanguard International Value Inv MSCI ACWI Ex USA Value Avg. Intl Value
0.41 0.390.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Vanguard International Value Inv MSCI ACWI Ex USA Value Avg. Intl Value 15 Ticker: SIDRX Qtr YTD 1Yr 3Yr 5Yr 10 Yr
CUSIP: 41665H359 Hartford Schroders Int'l Value SDR -1.18 -1.18 3.68 7.24 5.42 5.99 Share Class: Retirement MSCI ACWI Ex USA Value 0.13 0.13 3.31 5.44 4.67 4.24 Legal Structure: Open Ended Investment Company +/- Index (1.31) (1.31) 0.38 1.80 0.75 1.75 Investment Type: Open-End Fund Ranking 36 36 34 32 34 21 2021 2020 2019 2018 2017 2016
Advisor: Hartford Funds Management Company Hartford Schroders Int'l Value SDR 13.91 1.14 18.56 -15.23 23.27 8.94 Sub-Advisor: Schroder Investment Management MSCI ACWI Ex USA Value 10.46 -0.77 15.71 -13.97 22.66 8.92 Senior Manager: Justin Abercrombie +/- Index 3.45 1.92 2.85 (1.26) 0.61 0.02 Year Started: 2006 Ranking 27 53 42 46 47 17
Prospectus Net Exp. Ratio: 0.75%
Annual Report Exp. Ratio: 0.75%
Management Fee: 0.70%
12b-1: 0.00%
Redemption Fee %: 0.00%
Fund Size: $2,715 Sector +/- Idx. Size/Style +/- Idx.
Est. 1-Year Flows: $334 Energy 10% 1% Large Value 34% -11% as % of Current Size: 12% Materials 11% 1% Large Blend 31% -9% x Management Fee: $2 Industrials 10% 1% Large Growth 4% 1% Est. 3-Year Flows: $369 Cons. Disc. 10% 1% Mid Value 13% 7% as % of Current Size: 14% Cons. Stpls. 7% 0% Mid Blend 10% 6% x Management Fee: $3 Healthcare 11% 5% Mid Growth 2% 2% # of Holdings: 773 Financials 18% -15% Small Value 3% 3% % in Top 10 Holdings: 13% Info. Tech. 12% 6% Small Blend 2% 2% # of Stocks: 745 Telecom 9% 3% Small Growth 0% 0%
Est. $m per Stock: $4 Utilities 3% -3% Total Large 69% -20% < 5% of Company $73 Total: 100% 0% Total Value 50% -1%
Size & Flows ($m) Composition
Hartford Schroders Int'l Value SDR
Fund Fact Sheet - March 31, 2022
Operations Performance
Management
Expenses Risk-Adjusted Performance (Sharpe Ratio)
Cash
3% US Stock
0%
Foreign
Stock
96%
Asset Allocation
0.44 0.340.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Hartford Schroders Int'l Value SDR MSCI ACWI Ex USA Value Avg. Intl Value
0.41 0.390.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Vanguard International Value Inv MSCI ACWI Ex USA Value Avg. Intl Value
0.44 0.340.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Hartford Schroders Int'l Value SDR MSCI ACWI Ex USA Value Avg. Intl Value 16 Ticker: DFWVX Qtr YTD 1Yr 3Yr 5Yr 10 Yr
CUSIP: 23320G471 DFA World Ex-US Value I 1.13 1.13 6.68 7.46 5.79 5.23 Share Class: Inst MSCI ACWI Ex USA Value 0.13 0.13 3.31 5.44 4.67 4.24 Legal Structure: Open Ended Investment Company +/- Index 1.00 1.00 3.37 2.01 1.13 1.00 Investment Type: Open-End Fund Ranking 15 15 17 30 27 42 2021 2020 2019 2018 2017 2016
Advisor: Dimensional Fund Advisors LP DFA World Ex-US Value I 16.32 -0.41 14.47 -16.69 28.21 10.70 Sub-Advisor: None MSCI ACWI Ex USA Value 10.46 -0.77 15.71 -13.97 22.66 8.92 Senior Manager: Jed S. Fogdall +/- Index 5.86 0.36 (1.25) (2.72) 5.55 1.78 Year Started: 2010 Ranking 13 61 93 62 10 15
Prospectus Net Exp. Ratio: 0.37%
Annual Report Exp. Ratio: 0.24%
Management Fee: 0.32%
12b-1: 0.00%
Redemption Fee %: 0.00%
Fund Size: $213 Sector +/- Idx. Size/Style +/- Idx.
Est. 1-Year Flows: ($96) Energy 12% 4% Large Value 42% -3% as % of Current Size: -45% Materials 14% 3% Large Blend 28% -13% x Management Fee: ($0) Industrials 11% 2% Large Growth 3% 0% Est. 3-Year Flows: ($116) Cons. Disc. 11% 3% Mid Value 12% 7% as % of Current Size: -55% Cons. Stpls. 4% -2% Mid Blend 7% 2% x Management Fee: ($0) Healthcare 4% -2% Mid Growth 1% 1% # of Holdings: 3871 Financials 33% 0% Small Value 4% 4% % in Top 10 Holdings: 19% Info. Tech. 5% -1% Small Blend 2% 2% # of Stocks: 3793 Telecom 5% -1% Small Growth 0% 0%
Est. $m per Stock: $0 Utilities 1% -4% Total Large 73% -16% < 5% of Company $1 Total: 100% 0% Total Value 58% 8%
Size & Flows ($m) Composition
DFA World Ex-US Value I
Fund Fact Sheet - March 31, 2022
Operations Performance
Management
Expenses Risk-Adjusted Performance (Sharpe Ratio)
Cash
4% US Stock
1%
Foreign
Stock
94%
Asset Allocation
0.41 0.340.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
DFA World Ex-US Value I MSCI ACWI Ex USA Value Avg. Intl Value
0.44 0.340.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Hartford Schroders Int'l Value SDR MSCI ACWI Ex USA Value Avg. Intl Value
0.41 0.390.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Vanguard International Value Inv MSCI ACWI Ex USA Value Avg. Intl Value
0.41 0.340.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
DFA World Ex-US Value I MSCI ACWI Ex USA Value Avg. Intl Value 17 Ticker: JDIUX Qtr YTD 1Yr 3Yr 5Yr 10 Yr
CUSIP: 47803P237 Jhancock Disciplined Value Int'l R6 -1.63 -1.63 2.40 7.76 5.27 6.29 Share Class: Retirement MSCI ACWI Ex USA Value 0.13 0.13 3.31 5.44 4.67 4.24 Legal Structure: Open Ended Investment Company +/- Index (1.76) (1.76) (0.91) 2.32 0.60 2.05 Investment Type: Open-End Fund Ranking 43 43 48 25 35 11 2021 2020 2019 2018 2017 2016
Advisor: John Hancock Investment Management LLC Jhancock Disciplined Value Int'l R6 13.03 4.85 15.56 -18.55 25.46 -0.18 Sub-Advisor: Boston Partners Global Investors, Inc MSCI ACWI Ex USA Value 10.46 -0.77 15.71 -13.97 22.66 8.92 Senior Manager: Joseph F. Feeney;Christopher K. Hart; +/- Index 2.58 5.62 (0.16) (4.58) 2.79 (9.10) Year Started: 2011 Ranking 34 26 80 86 28 91
Prospectus Net Exp. Ratio: 0.86%
Annual Report Exp. Ratio: 0.84%
Management Fee: 0.78%
12b-1: 0.00%
Redemption Fee %: 0.00%
Fund Size: $2,153 Sector +/- Idx. Size/Style +/- Idx.
Est. 1-Year Flows: ($159) Energy 10% 2% Large Value 34% -11% as % of Current Size: -7% Materials 8% -3% Large Blend 37% -3% x Management Fee: ($1) Industrials 18% 9% Large Growth 4% 1% Est. 3-Year Flows: ($373) Cons. Disc. 9% 0% Mid Value 10% 5% as % of Current Size: -17% Cons. Stpls. 9% 2% Mid Blend 11% 6% x Management Fee: ($3) Healthcare 11% 4% Mid Growth 2% 1% # of Holdings: 88 Financials 22% -11% Small Value 1% 1% % in Top 10 Holdings: 26% Info. Tech. 5% -1% Small Blend 0% 0% # of Stocks: 87 Telecom 6% 0% Small Growth 1% 1%
Est. $m per Stock: $25 Utilities 3% -2% Total Large 76% -13% < 5% of Company $495 Total: 100% 0% Total Value 45% -5% Size & Flows ($m) Composition
Jhancock Disciplined Value Int'l R6
Fund Fact Sheet - March 31, 2022
Operations Performance
Management
Expenses Risk-Adjusted Performance (Sharpe Ratio)
Cash
4% US Stock
5%
Foreign
Stock
91%
Asset Allocation
0.44 0.320.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Jhancock Disciplined Value Int'l R6 MSCI ACWI Ex USA Value Avg. Intl Value
0.41 0.340.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
DFA World Ex-US Value I MSCI ACWI Ex USA Value Avg. Intl Value
0.44 0.340.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Hartford Schroders Int'l Value SDR MSCI ACWI Ex USA Value Avg. Intl Value
0.41 0.390.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Vanguard International Value Inv MSCI ACWI Ex USA Value Avg. Intl Value
0.44 0.320.33 0.29
0.38 0.30
0.00 0.50
3-Yr 5-Yr
Jhancock Disciplined Value Int'l R6 MSCI ACWI Ex USA Value Avg. Intl Value 18 City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
0%
20%
40%
60%
80%
100%
March-18 July-18 November-18 March-19 July-19 November-19 March-20 July-20 November-20 March-21 July-21 November-21 March-22 Rolling 3-Y ear Batting Average vs. Index
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 0%
20%
40%
60%
80%
100%
March-18 July-18 November-18 March-19 July-19 November-19 March-20 July-20 November- 20 March-21 July-21 November-21 March-22
Rolling 3-Y ear Batting Average vs. Category Average
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 19 City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
0%
50%
100%
150%
March 18 July 18 November 18 March 19 July 19 November 19 March 20 July 20 November 20 March 21 July 21 November 21 March 22 Rolling 3-Ye a r Up-Capture
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 -150%
-100%
-50%
0%
March 18 July 18 November 18 March 19 July 19 November 19 March 20 July 20 November 20 March 21 July 21 November 21 March 22 Rolling 3-Ye a r D o w n-Capture
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 20 City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
0%
2%
4%
6%
8%
10%
12%
14%
16%
March 18 July 18 November 18 March 19 July 19 November 19 March 20 July 20 November 20 March 21 July 21 November 21 March 22 Rolling 3-Y ear Tracking Error vs. Index
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 0%
20%
March-18 July-18 November-18 March-19 July-19 November-19 March-20 July-20 November-20 March-21 July-21 November-21 March-22 Rolling 3-Y ear Tracking Error vs. Category Average
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 21 City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
0%
10%
20%
30%
March 18 July 18 November 18 March 19 July 19 November 19 March 20 July 20 November 20 March 21 July 21 November 21 March 22 Rolling 3-Y ear Standard Deviation
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 -15%
0%
15%
30%
March 18 July 18 November 18 March 19 July 19 November 19 March 20 July 20 November 20 March 21 July 21 November 21 March 22 Rolling 3-Y ear Excess Return
MFS International Intrinsic Value R6 Vanguard International Value Inv Hartford Schroders Int'l Value SDR DFA World Ex-US Value I Jhancock Disciplined Value Int'l R6 22 Section 7
Section 7: Glossary
Investment Terms
Fixed Income:
Large Cap:
Mid Cap:
Small Cap:
International Stock:
Asset Allocation:
Growth (investment style):
Value (investment style):
Blend/Core (investment style):
A fund that invests in stocks of companies with large market capitalizations, typically starting at $10 billion. Large Caps tend to be well-established companies, so their stocks typically entail less volatility and more current income than Small Caps, but also offer less potential for dramatic growth. A Large Cap fund may pursue an investment style such as growth, value, or a combination of the two (often referred to as Core or Blend) and be placed within a corresponding peer group.
A fund that invests in stocks of companies with medium market capitalizations, typically ranging between $2 billion and $10 billion. Mid Caps are often considered to offer more growth potential than Large Caps (but less than Small Caps) and less risk than Small Caps (but more than Large Caps). A Mid Cap fund may pursue an investment style such as Growth, Value, or a combination of the two (often referred to as Core or Blend) and be placed within a corresponding peer group.
A fund that invests in stocks of companies with small market capitalizations, typically no higher than $2 billion. Small Caps are often considered to offer more growth potential, but less current income than Large Caps and Mid Caps, and with more risk. A Small Cap fund may pursue an investment style such as Growth, Value, or a combination of the two (often referred to as Core or Blend) and be placed within a corresponding peer group.
A fund that invests primarily in bonds and other fixed-income securities, often to provide shareholders with current income. Peer groups within this asset class may include, but are not limited to, Intermediate-Term, Money Market, Stable Value, Inflation-Protected, High Yield, Global, and others.
City of Vallejo 457(b), 401(a), and RHS Plans
International Value Manager Search Report April 2022
A fund that pursues a method of investing by which the manager include a range of different investment classes such as bonds, stocks, cash, alternative investments, and others in their portfolios. Peer groups within this asset class may include, but are not limited to Conservative Allocation, Moderate Allocation, Aggressive Allocation, Target Date, Life Cycle and others.
A fund that incorporates a comparable amount of Growth and Value investment styles into its investment management.
A fund that invests primarily in the stocks of companies appearing be attractively priced by assorted metrics (such as price-to-earnings, price-to-sales, dividend yield, and others). These companies typically distribute a greater portion of their cash flows to shareholders than growth companies and as such will typically pay higher current income.
A fund that invests primarily in the stocks of companies appearing to have relatively high growth prospects relative to their asset class. These companies often pay relatively low current income as most earnings are reinvested in the pursuit of higher future growth. These companies may also trade at relatively high valuations (such as price-to-earnings or price-to-sales) as investors may be willing to pay a “premium” to benefit from the company’s expected future growth.
A fund that invests primarily in the stocks of companies located, or with revenues derived from, outside of the United States. An International fund may pursue an investment style such as Growth, Value, or a combination of the two (often referred to as Core or Blend) and be placed within a corresponding peer group. Additional peer groups may include, but are not limited to, Global, Emerging Markets, and others.
23 Operational Terms
CUSIP:
Expense Ratio:
Mutual Fund:
Redemption Fee:
Revenue Share:
Share Class:
Ticker:
A nine character code that represents most securities, including the type of security. A CUSIP can be used to expedite settlement of securities transactions.
A fee collected by an investment company for selling out of a fund within a specified time period, typically 30 days. The fee is established to discourage short-term trading and is redistributed to any remaining fund investors.
City of Vallejo 457(b), 401(a), and RHS Plans
A five-letter code, often used for trading purposes, that represents a particular mutual fund.
Some investment funds and companies offer more than one type or group of shares, each of which is considered a class (e.g., “Class A,” “Advisor” or “Institutional” shares). For most investment funds each class has different fees and expenses but all of the classes invest in the same pool of securities and share the same investment objectives.
A measure of what it costs to operate an investment, expressed as a percentage of its assets or in basis points. These are costs the investor pays through a reduction in the investment's value.
A portion of a fund's expense ratio that may be used to pay plan expenses for certain retirement plans.
An investment company that gathers money from individual investors for the purchase of securities, such as stocks, bonds, or cash equivalents. Investors own shares of the mutual funds but do not own the underlying securities. Shares of mutual funds can typically be redeemed on an end-of-day basis for the net asset value of the underlying securities, minus any applicable fees.
International Value Manager Search Report April 2022
24 Statistical Terms
Batting Average:
Beta:
R-Squared (R2):
Sharpe Ratio:
Standard Deviation:
Tracking Error:
Up (Down) Capture Ratio:
City of Vallejo 457(b), 401(a), and RHS Plans
Tracking error is a measurement of the volatility of the difference between an investment’s returns versus those of its benchmark. Given a certain periodicity of returns (such as monthly or quarterly), tracking error measures the volatility of the difference of the investment’s and the benchmark’s periodic returns within a specified time period. Annualized tracking error above 6% is generally viewed as high.
Up (down) capture compares an investment’s upside (downside) performance relative to that of its benchmark when the benchmark was returning positive (negative). Up (down) capture is expressed in percentage terms. For example, an investment with 120% Up Capture has, in relative terms, provided 20% more returns than the benchmark in periods of rising markets.
How frequently a fund outperformed its benchmark given a certain time period and periodicity of returns.
A statistical measure of an investment’s volatility and degree of co-movement relative to its benchmark. A beta of 1.0 implies that an investment has, or has exhibited the same degree of volatility as its benchmark and has tended to closely track the performance of its benchmark. A beta that is above (below) 1 implies that an investment has exhibited higher (lower) overall volatility than its benchmark. Beta is often viewed as indicative of an investment’s sensitivity to “systematic” or market risk.
A statistical measurement of how much of an investment’s returns are explained by another set of returns, typically that of a benchmark. An R 2 of 1.0 (0.0) implies that 100% (0%) of an
investment’s returns are explained by its benchmark and provides an indication as to what degree the investment might be expected to move in step with its benchmark.
A measure of risk-adjusted returns. The Sharpe Ratio is the ratio of an investment’s excess return (typically versus its index or a “risk-free” investment such as Treasury Bills) relative to its standard deviation for the corresponding period. A high (low) Sharpe Ratio indicates that an investment has provided a high (low) amount of excess return relative to the amount of risk it has incurred in doing so.
A statistical measurement of how an investment’s returns have tended to fluctuate around their average. A higher standard deviation implies a broader range of returns relative to an average and thereby a higher degree of investment risk. Assuming a normal distribution, approximately 95% of an investment’s returns should fall within two standard deviations of its average for the corresponding time period and periodicity.
International Value Manager Search Report April 2022
25 ~For Institutional Use Only – Not for Public Distribution~
CITY OF VALLEJO
457(b), 401(a), and RHS Plans
March 31, 2022 Performance Report
Vincent Galindo
Senior Consultant
[email protected]
Geoff Hildreth
Performance Analyst
[email protected]
TABLE OF CONTENTS
Section 1 Market Overview
Section 2 Plan Reviews:
457(b) Deferred Compensation Plan
401(a) Defined Contribution Plans
Retirement Health Savings Plan
Section 3 Investment Performance Review
Section 4 Plan Fee/Revenue Review
457(b) Deferred Compensation Plan
401(a) Defined Contribution Plans
Retirement Health Savings Plan
Section 5 Fund Attributions
Section 1
Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date 431,000 4,846,000 -20,679,000 83,283 Mar-22 $4.15 $4.15 $1.80 0.0% Mar-22
3.6% 14.7% 3.5% 5.0% Mar-22 $108.50 $108.50 $16.55 0.0% Mar-22
10.0 22.2 4.0 11.4 Mar-22 292.2 292.2 195.9 49.2%* Jan-22 $31.73 $31.73 $26.17 $28.55 Mar-22 535.7 535.7 472.8 13.3%* Feb-22 Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low Gas: Price per Gallon
Spot Oil
Case-Shiller Home Price Index
Labor Market Statistics (Monthly) Other Prices and Indexes (Monthly) Key: Economic Series Year-Over-Year Change Average Hourly Earnings Medical Care CPI
1Q2022 Economic Data
Category
Jobs Added/Lost Monthly
Unemployment Rate
Median Unemployment Length (Weeks)
Category
-12%
-9%
-6%
-3%
0%
3%
6%
9%
12%
$16,000
$17,000
$18,000
$19,000
$20,000
2Q17 1Q18 4Q18 3Q19 2Q20 1Q21 4Q21
YoY % Change$ Billion Gross Domestic Product
-10
-5
0 5
10 15
-10
-5
0 5
10 15
Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 YoY Change (%)% Unemployment Rate
-90%
-60%
-30%
0%
30%
60%
90%
$1,300
$1,600
$1,900
$2,200
$2,500
$2,800
2Q17 1Q18 4Q18 3Q19 2Q20 1Q21 4Q21
YoY % Change$ Billion Corporate Profits
-2%
0%
2%
4%
6%
8%
10%
230
250
270
290
Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 YoY % ChangeIndex Consumer Price Index
1 Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.
90-Day T-Bill 0.08% 0.08% 0.11% 0.66% 1.07% 0.60%
Bloomberg US Aggregate -5.93% -5.93% -4.15% 1.69% 2.14% 2.24% Bloomberg Short US Treasury -0.13% -0.13% -0.13% 0.88% 1.17% 0.70% Bloomberg Int. US Treasury -4.21% -4.21% -4.17% 1.04% 1.34% 1.29% Bloomberg Long US Treasury -10.58% -10.58% -1.42% 3.26% 3.90% 3.97% Bloomberg US TIPS -3.02% -3.02% 4.29% 6.22% 4.43% 2.69% Bloomberg US Credit -7.42% -7.42% -4.16% 2.81% 3.18% 3.44% Bloomberg US Mortgage-Backed -4.97% -4.97% -4.92% 0.56% 1.36% 1.70% Bloomberg US Asset-Backed -2.88% -2.88% -3.06% 1.38% 1.68% 1.66% Bloomberg US 20-Yr Municipal -7.21% -7.21% -4.57% 2.18% 3.40% 3.76% Bloomberg US High Yield -4.84% -4.84% -0.66% 4.58% 4.69% 5.75% Bloomberg Global -6.16% -6.16% -6.40% 0.69% 1.70% 1.04% Bloomberg International -6.15% -6.15% -7.89% -0.19% 1.27% 0.06% Bloomberg Emerging Market -9.23% -9.23% -7.51% 0.67% 1.90% 3.56% 1Q2022 Bond Market Data
0.17%
0.52%
1.06%
1.63%
2.28% 2.45% 2.42% 2.40% 2.32%
2.59% 2.44%
0.01% 0.03% 0.05% 0.07% 0.16%
0.35%
0.92%
1.40%
1.74%
2.31% 2.41%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr US Treasury Yield Curve
3/31/2022 3/31/2021
0%
0%
0%
15%
12%
3%
70%
0% 30% 60% 90%
NR
B>
BB
BBB
A
AA
AAA
Bloomberg US Aggregate Index
Credit Quality
21%
16%
11%
10%
4%
6%
29%
2%
0% 20% 40%
1-3 yrs.
3-5 yrs.
5-7 yrs.
7-10 yrs.
10-15 yrs.
15-20 yrs.
20-30 yrs.
30+ yrs
Bloomberg US Aggregate Index
Maturity Breakdown
Duration 6.83 yrs.Average Credit Quality AA
Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America Source: Department of US Treasury
7.29 1.49
0.58 6.56
1.19 0.47
0.00 5.00 10.00
CCC
BBB
AAA
US Corporate Credit Spreads
1 Yr. Ago Qtr End
3%
1%
0%
21%
26%
1%
48%
0% 20% 40% 60%
Other
CMBS
Non-Agency MBS
Agency MBS
Corporate
Municipal
US Government
Bloomberg US Aggregate Index
Sector Breakdown
2 Wgt. Sector QTR YTD 1 yr.
4% Energy 39.03% 39.03% 64.30% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. 3% Utilities 4.77% 4.77% 19.93% S&P 500 -4.60% -4.60% 15.65% 18.92% 15.99% 14.64% 6% Consumer Staples -1.01% -1.01% 16.10% Russell 1000 Value -0.74% -0.74% 11.67% 13.02% 10.29% 11.70% 11% Financials -1.48% -1.48% 14.69% Russell 1000 Growth -9.04% -9.04% 14.98% 23.60% 20.88% 17.04% 8% Industrials -2.36% -2.36% 6.14% Russell Mid Cap -5.68% -5.68% 6.92% 14.89% 12.62% 12.85% 3% Materials -2.37% -2.37% 13.92% Russell Mid Cap Value -1.82% -1.82% 11.45% 13.69% 9.99% 12.01% 14% Health Care -2.58% -2.58% 19.10% Russell Mid Cap Growth -12.58% -12.58% -0.89% 14.81% 15.10% 13.52% 3% Real Estate -6.22% -6.22% 25.75% Russell 2000 -7.53% -7.53% -5.79% 11.74% 9.74% 11.04% 28% Information Technology -8.36% -8.36% 20.90% Russell 2000 Value -2.40% -2.40% 3.32% 12.73% 8.57% 10.54% 12% Consumer Discretionary -9.03% -9.03% 9.79% Russell 2000 Growth -12.63% -12.63% -14.33% 9.88% 10.33% 11.21% 9% Communication Services -11.92% -11.92% -0.93% Russell 3000 -5.28% -5.28% 11.92% 18.24% 15.40% 14.28% Wgt. Sector QTR YTD 1 yr. DJ US Select REIT -3.71% -3.71% 27.72% 9.90% 8.89% 9.17% 4% Energy 35.49% 35.49% 67.63%
7% Materials 8.01% 8.01% 17.98%
3% Utilities 1.60% 1.60% 10.81%
14% Financials -1.05% -1.05% 10.99%
4% Consumer Staples -2.45% -2.45% -6.94%
10% Real Estate -2.80% -2.80% 21.93%
2% Communication Services -3.75% -3.75% -12.53%
19% Industrials -7.70% -7.70% 4.34%
9% Health Care -7.77% -7.77% -1.80%
14% Information Technology -8.08% -8.08% -1.80%
14% Consumer Discretionary -14.52% -14.52% -10.06%
Wgt. Sector QTR YTD 1 yr.
6% Energy 43.52% 43.52% 60.64%
5% Materials 0.93% 0.93% 8.65%
2% Utilities -0.86% -0.86% 15.83%
9% Real Estate -3.53% -3.53% 14.25%
18% Financials -5.18% -5.18% 1.63%
16% Industrials -6.75% -6.75% 0.00%
2% Communication Services -8.26% -8.26% -0.62%
5% Consumer Staples -8.61% -8.61% 1.76%
13% Information Technology -9.91% -9.91% 2.49%
12% Health Care -10.28% -10.28% -12.40%
12% Consumer Discretionary -16.34% -16.34% -16.39%
1Q2022 US Equity Market Data
S&P Midcap 400 IndexS&P Smallcap 600 Index
Sectors Weights/Returns (ranked by quarter performance) Index Performance Data S&P 500 Index
Annualized
-2.93%
-21.43%
-7.18%
-6.25%
-3.60%
-13.89%
1.56%
-5.96%
-6.63%
-7.18%
-40%
-30%
-20%
-10%
0%
10%
QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2021 2020 2019 2018 2017 Small Cap (Russell 2000) - Large Cap (S&P 500)
Performance Spread
-8.41%
1.76%
9.69%
10.00%
5.03%
0.48%
35.39%
9.59%
6.46%
16.39%
-50%
-25%
0%
25%
50%
QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2021 2020 2019 2018 2017 Growth (Russell 3000 Growth) - Value (Russell 3000 Value) Performance Spread
Small
Beating
Large
Large
Beating
Small
Growth
Beating
Value
Value
Beating
Growth
3 Index Performance Data (net) Top 10 Countries (MSCI AC World ex-USA) Index (US$) QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. Japan 14% MSCI ACWI ex-US -5.44% -5.44% -1.48% 7.51% 6.76% 5.55% UK 10% MSCI EAFE -5.91% -5.91% 1.16% 7.78% 6.72% 6.27% China 9% Europe -7.37% -7.37% 3.51% 8.23% 6.92% 6.27% Canada 8%
United Kingdom 1.83% 1.83% 13.63% 5.34% 5.50% 4.48% France 7% Germany -12.89% -12.89% -11.96% 4.96% 2.54% 4.67% Switzerland 7% France -8.69% -8.69% 4.51% 8.85% 8.37% 7.53% Australia 5% Pacific -3.11% -3.11% -3.01% 6.94% 6.36% 6.33% Germany 5% Japan -6.61% -6.61% -6.47% 6.84% 6.10% 6.46% Taiwan 5%
Hong Kong -1.82% -1.82% -12.04% -1.59% 4.04% 6.38% India 4% Australia 7.25% 7.25% 13.48% 12.08% 8.33% 6.47%
Canada 4.58% 4.58% 20.22% 15.31% 10.65% 5.85%
MSCI EM -6.97% -6.97% -11.37% 4.94% 5.98% 3.36%
MSCI EM Latin America 27.26% 27.26% 23.54% 3.17% 4.09% -1.14% MSCI EM Asia -8.69% -8.69% -15.17% 6.09% 7.16% 5.76%
MSCI EM Eur/Mid East -23.39% -23.39% -10.88% -0.52% 1.90% -1.98% MSCI ACWI Value ex-US 0.13% 0.13% 3.31% 5.44% 4.67% 4.24% MSCI ACWI Growth ex-US -10.78% -10.78% -6.16% 9.12% 8.60% 6.70% MSCI ACWI Sm Cap ex-US -6.52% -6.52% 0.03% 10.22% 7.89% 7.28% Exchange Rates QTR 4Q21 3Q21 2Q21 1Q21 4Q20
Japanese Yen 121.44 115.17 111.50 111.05 110.67 103.19
Euro 0.90 0.88 0.86 0.84 0.85 0.82
British Pound 0.76 0.74 0.74 0.72 0.72 0.73
Swiss Franc 0.92 0.91 0.93 0.93 0.94 0.88
Chinese Yuan 6.34 6.37 6.44 6.46 6.55 6.53
1Q2022 International Market Data
-5.91%
1.16%
7.78%
6.72%
-3.73%
6.21%
8.23%
6.55%
-10% 0% 10%
QTR
1 yr
3 yrs
5 yrs
MSCI EAFE Index Return
Local US$
-6.97%
-11.37%
4.94%
5.98%
-6.11%
-9.86%
6.26%
7.50%
-15% -5% 5% 15%
QTR
1 yr
3 yrs
5 yrs
MSCI Emerging Index Return
Local US$
-1.1%
1.5% 2.7% 1.1% 1.7%
-10%
0%
10%
20%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Large v. Small Cap
Performance Spread
-10.9% -9.5%
3.7% 3.9% 2.5%
-20%
-10%
0%
10%
20%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Value v. Growth
Performance Spread
-2%
-5%
0%
1%
-2%
-5%
-9%
-3%
-2%
-4%
-3%
-5%
0%
1%
-2%
-1%
2%
3%
2%
0%
0%
3%
2%
2%
0%
-20%
-10%
0%
10%
QTR 1 Yr 3 Yr 5 Yr 10 Yr
Foreign Currency v. US$ Returns
Euro Japanese Yen Pound Sterling Swiss Franc Chinese Yuan Europe
41%
Asia
30%
Canada
9%
Emerging
20%
Regional Exposure
MSCI ACWI ex-USA
Small
Beating
Large
Large
Beating
Small
Growth
Beating
Value
Value
Beating
Growth
4 Section 2
CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan First Quarter 2022
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund R10 - $12,402,710 24.7% MFS International Intrinsic Value Equity R6 MINJX $829,915 1.7% Fidelity US Bond Index FXNAX $1,701,218 3.4% Fidelity Total International Index FTIHX $2,368,925 4.7% Sterling Capital Total Return Bond R6 STRDX $3,139,338 6.2% Vanguard International Growth Adm VWILX $958,735 1.9% Total $17,243,266 34.3% Total $4,157,575 8.3%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $2,435,937 4.8% Vanguard Target Retirement Income Inv VTINX $247,757 0.5% Fidelity 500 Index FXAIX $6,073,091 12.1% Vanguard Target Retirement 2020 Inv VTWNX $323,482 0.6% Vanguard US Growth Adm VWUAX $6,354,535 12.6% Vanguard Target Retirement 2025 Inv VTTVX $1,284,864 2.6% Total $14,863,563 29.6% Vanguard Target Retirement 2030 Inv VTHRX $1,159,280 2.3% Vanguard Target Retirement 2035 Inv VTTHX $2,133,170 4.2% Mid Cap Ticker Assets % Vanguard Target Retirement 2040 Inv VFORX $735,934 1.5% Allspring Special Mid Cap Value Fund WFPRX $714,473 1.4% Vanguard Target Retirement 2045 Inv VTIVX $757,646 1.5% Fidelity Mid Cap Index FSMDX $1,448,884 2.9% Vanguard Target Retirement 2050 Inv VFIFX $1,014,747 2.0% MFS Mid Cap Growth R6 OTCKX $1,258,483 2.5% Vanguard Target Retirement 2055 Inv VFFVX $376,906 0.8% Total $3,421,840 6.8% Vanguard Target Retirement 2060 Inv VTTSX $136,138 0.3% Vanguard Target Retirement 2065 Inv VLXVX $11,180 0.0%
Small Cap Ticker Assets % Total $8,181,105 16.3%
Fidelity Small Cap Index FSSNX $1,929,308 3.8%
Total $1,929,308 3.8% Miscellaneous Ticker Assets %
Participant Loans - $444,089 0.9%
Total $444,089 0.9%
TOTAL PLAN ASSETS $50,240,745
5 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan First Quarter 2022
HISTORICAL PLAN ALLOCATION
Asset Class 1Q22 2021 2020 2019 2018 2017 2016 2015
Fixed Income 34.3% 33.7% N/A N/A N/A N/A N/A N/A
Large Cap 29.6% 31.0% N/A N/A N/A N/A N/A N/A
Mid Cap 6.8% 7.2% N/A N/A N/A N/A N/A N/A
Small Cap 3.8% 4.0% N/A N/A N/A N/A N/A N/A
International 8.3% 7.9% N/A N/A N/A N/A N/A N/A
Asset Allocation 16.3% 15.4% N/A N/A N/A N/A N/A N/A
Loans 0.9% 0.8% N/A N/A N/A N/A N/A N/A
*Excludes Fixed Income, Asset Allocation, and Loan assets **Excludes Asset Allocation, and Loan assets
Fixed Income
34.3%
Equity
48.5%
Asset
Allocation
16.3%
Loans
0.9%
48.5%
45.9%
35.2%
37.6%
16.3%
16.5%
1Q22
2021
EQUITY STYLE*
Core Growth Value
82.9%
84.2%
17.1%
15.8%
1Q22
2021
BY EQUITY REGION*
US Non-US
67.5%
68.9%
32.5%
31.1%
1Q22
2021
ACTIVE V PASSIVE**
Active Passive
6 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan First Quarter 2022
PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS
Beginning Value
Cash Flow
(+)
Cash Flow
(-) Transfer
Market
Gain/Loss Ending Value Beginning Value Net Cash Flow
Market
Gain/Loss Ending Value
Fixed Income $18,046,979 $442,313 ($679,043) ($289,537) ($277,446) $17,243,266 1Q22 $53,098,741 ($103,865) ($3,198,220) $49,796,656 Large Cap $16,567,162 $243,102 ($245,208) ($191,392) ($1,510,102) $14,863,563 YTD $53,098,741 ($103,865) ($3,198,220) $49,796,656 Mid Cap $3,839,625 $73,817 ($86,704) ($68,289) ($336,608) $3,421,840 2021 N/A N/A N/A $53,098,741 Small Cap $2,155,661 $24,072 ($35,809) ($52,837) ($161,779) $1,929,308 2020 N/A N/A N/A N/A International $4,243,430 $139,888 ($109,493) $337,466 ($453,716) $4,157,575 2019 N/A N/A N/A N/A Asset Allocation $8,245,883 $264,660 ($135,459) $264,590 ($458,569) $8,181,105 2018 N/A N/A N/A N/A Total $53,098,741 $1,187,850 ($1,291,715) $0 ($3,198,220) $49,796,656 Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)
-6.03%
-4.85%
-4.99%
-5.14%
Qtr
Returns
457(b) Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $105,564
($206)
($6,358)
$98,999
($75,000) $0 $75,000 $150,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
7 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans First Quarter 2022
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund R10 - $54,815 11.5% MFS International Intrinsic Value Equity R6 MINJX $0 0.0% Fidelity US Bond Index FXNAX $41,697 8.7% Fidelity Total International Index FTIHX $18,714 3.9% Sterling Capital Total Return Bond R6 STRDX $17,422 3.6% Vanguard International Growth Adm VWILX $807 0.2% Total $113,934 23.8% Total $19,521 4.1%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $215 0.0% Vanguard Target Retirement Income Inv VTINX $0 0.0% Fidelity 500 Index FXAIX $64,731 13.5% Vanguard Target Retirement 2020 Inv VTWNX $7,517 1.6% Vanguard US Growth Adm VWUAX $75,526 15.8% Vanguard Target Retirement 2025 Inv VTTVX $4,932 1.0% Total $140,472 29.4% Vanguard Target Retirement 2030 Inv VTHRX $116,203 24.3% Vanguard Target Retirement 2035 Inv VTTHX $14,046 2.9%
Mid Cap Ticker Assets % Vanguard Target Retirement 2040 Inv VFORX $13,674 2.9% Allspring Special Mid Cap Value Fund WFPRX $647 0.1% Vanguard Target Retirement 2045 Inv VTIVX $9,701 2.0% Fidelity Mid Cap Index FSMDX $27,632 5.8% Vanguard Target Retirement 2050 Inv VFIFX $3,778 0.8% MFS Mid Cap Growth R6 OTCKX $2,602 0.5% Vanguard Target Retirement 2055 Inv VFFVX $2,416 0.5% Total $30,881 6.5% Vanguard Target Retirement 2060 Inv VTTSX $0 0.0% Vanguard Target Retirement 2065 Inv VLXVX $0 0.0%
Small Cap Ticker Assets % Total $172,266 36.1%
Fidelity Small Cap Index FSSNX $700 0.1%
Total $700 0.1% Miscellaneous Ticker Assets %
Participant Loans - $0 0.0%
Total $0 0.0%
TOTAL PLAN ASSETS $477,774
8 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans First Quarter 2022
HISTORICAL PLAN ALLOCATION
Asset Class 1Q22 2021 2020 2019 2018 2017 2016 2015
Fixed Income 23.8% 23.7% N/A N/A N/A N/A N/A N/A
Large Cap 29.4% 30.3% N/A N/A N/A N/A N/A N/A
Mid Cap 6.5% 4.7% N/A N/A N/A N/A N/A N/A
Small Cap 0.1% 0.0% N/A N/A N/A N/A N/A N/A
International 4.1% 6.0% N/A N/A N/A N/A N/A N/A
Asset Allocation 36.1% 35.3% N/A N/A N/A N/A N/A N/A
Loans 0.0% 0.0% N/A N/A N/A N/A N/A N/A
*Excludes Fixed Income, Asset Allocation, and Loan assets **Excludes Asset Allocation, and Loan assets
Fixed Income
23.8%
Equity
40.1%
Asset
Allocation
36.1%
Loans
0.0%
58.3%
54.4%
41.2%
44.5%
0.5%
1.1%
1Q22
2021
EQUITY STYLE*
Core Growth Value
89.8%
85.3%
10.2%
14.7%
1Q22
2021
BY EQUITY REGION*
US Non-US
49.8%
55.8%
50.2%
44.2%
1Q22
2021
ACTIVE V PASSIVE**
Active Passive
9 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans First Quarter 2022
PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS
Beginning Value
Cash Flow
(+)
Cash Flow
(-) Transfer
Market
Gain/Loss Ending Value Beginning Value Net Cash Flow
Market
Gain/Loss Ending Value
Fixed Income $114,067 $864 ($97) $2,600 ($3,500) $113,934 1Q22 $481,818 $27,828 ($31,872) $477,774 Large Cap $145,984 $6,080 ($48) $4,145 ($15,689) $140,472 YTD $481,818 $27,828 ($31,872) $477,774 Mid Cap $22,701 $802 ($8) $8,677 ($1,290) $30,881 2021 N/A N/A N/A $481,818 Small Cap $51 $0 ($0) $643 $7 $700 2020 N/A N/A N/A N/A International $28,985 $472 ($9) ($8,511) ($1,417) $19,521 2019 N/A N/A N/A N/A Asset Allocation $170,031 $19,824 ($51) ($7,554) ($9,984) $172,266 2018 N/A N/A N/A N/A Total $481,818 $28,041 ($213) $0 ($31,872) $477,774
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)
-6.43%
-4.85%
-4.99%
-5.14%
Qtr
Returns
401(a) Plans 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $15,543
$898
($1,028)
$15,412
($10,000) $0 $10,000 $20,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
10 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan First Quarter 2022
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund S11 - $3,631 0.2% MFS International Intrinsic Value Equity R6 MINJX $0 0.0% Fidelity US Bond Index FXNAX $319 0.0% Fidelity Total International Index FTIHX $14,112 0.8% Sterling Capital Total Return Bond R6 STRDX $0 0.0% Vanguard International Growth Adm VWILX $0 0.0% Total $3,951 0.2% Total $14,112 0.8%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $0 0.0% Vanguard Target Retirement Income Inv VTINX $5,606 0.3% Fidelity 500 Index FXAIX $34,176 2.0% Vanguard Target Retirement 2020 Inv VTWNX $57,240 3.3% Vanguard US Growth Adm VWUAX $62,066 3.6% Vanguard Target Retirement 2025 Inv VTTVX $147,302 8.5% Total $96,242 5.6% Vanguard Target Retirement 2030 Inv VTHRX $155,286 9.0% Vanguard Target Retirement 2035 Inv VTTHX $172,150 9.9% Mid Cap Ticker Assets % Vanguard Target Retirement 2040 Inv VFORX $294,577 17.0% Allspring Special Mid Cap Value Fund WFPRX $0 0.0% Vanguard Target Retirement 2045 Inv VTIVX $288,902 16.7% Fidelity Mid Cap Index FSMDX $21,403 1.2% Vanguard Target Retirement 2050 Inv VFIFX $309,598 17.9% MFS Mid Cap Growth R6 OTCKX $396 0.0% Vanguard Target Retirement 2055 Inv VFFVX $144,164 8.3% Total $21,799 1.3% Vanguard Target Retirement 2060 Inv VTTSX $16,493 1.0% Vanguard Target Retirement 2065 Inv VLXVX $326 0.0%
Small Cap Ticker Assets % Total $1,591,644 92.0%
Fidelity Small Cap Index FSSNX $2,621 0.2%
Total $2,621 0.2% TOTAL PLAN ASSETS $1,730,368
11 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan First Quarter 2022
HISTORICAL PLAN ALLOCATION
Asset Class 1Q22 2021 2020 2019 2018 2017 2016 2015
Fixed Income 0.2% 0.2% N/A N/A N/A N/A N/A N/A
Large Cap 5.6% 6.4% N/A N/A N/A N/A N/A N/A
Mid Cap 1.3% 0.6% N/A N/A N/A N/A N/A N/A
Small Cap 0.2% 0.1% N/A N/A N/A N/A N/A N/A
International 0.8% 0.4% N/A N/A N/A N/A N/A N/A
Asset Allocation 92.0% 92.3% N/A N/A N/A N/A N/A N/A
*Excludes Fixed Income and Asset Allocation assets
**Excludes Asset Allocation assets
Fixed Income
0.2%
Equity
7.8%
Asset
Allocation
92.0%
53.7%
48.2%
46.3%
51.8%
1Q22
2021
EQUITY STYLE*
Core Growth Value
89.5%
95.3%
10.5%
4.7%
1Q22
2021
BY EQUITY REGION*
US Non-US
47.6%
52.9%
52.4%
47.1%
1Q22
2021
ACTIVE V PASSIVE**
Active Passive
12 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan First Quarter 2022
PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS
Beginning Value
Cash Flow
(+)
Cash Flow
(-) Transfer
Market
Gain/Loss Ending Value Beginning Value Net Cash Flow
Market
Gain/Loss Ending Value
Fixed Income $3,865 $171 ($19) ($62) ($5) $3,951 1Q22 $1,778,538 $57,477 ($105,647) $1,730,368 Large Cap $113,398 $6,481 ($301) ($10,603) ($12,733) $96,242 YTD $1,778,538 $57,477 ($105,647) $1,730,368 Mid Cap $10,995 $523 ($31) $10,644 ($331) $21,799 2021 N/A N/A N/A $1,778,538 Small Cap $2,504 $195 ($7) $111 ($182) $2,621 2020 N/A N/A N/A N/A International $6,273 $379 ($17) $7,392 $84 $14,112 2019 N/A N/A N/A N/A Asset Allocation $1,641,502 $56,116 ($6,014) ($7,481) ($92,480) $1,591,644 2018 N/A N/A N/A N/A Total $1,778,538 $63,865 ($6,388) $0 ($105,647) $1,730,368 Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)
-5.85%
-4.85%
-4.99%
-5.14%
Qtr
Returns
RHS Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $3,675
$119
($218)
$3,575
($2,000) $0 $2,000 $4,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
13 This page left blank intentionally.
14 Section 3
CITY OF VALLEJO, CA INVESTMENT POLICY STATEMENT COMPLIANCE REPORT 457(b), 401(a), and RHS Plans First Quarter 2022
Key: ℗ Pass / ● Fail
Performance
Factors
Qualitative
Factors
On-Watch
Information Notes
MissionSquare PLUS Fund R10 ℗ ● 4Q2021 Significant manager change.
MissionSquare PLUS Fund S11 ℗ ● 4Q2021 Significant manager change.
Fidelity US Bond Index ℗ ℗ -
Sterling Capital Total Return Bond R6 ℗ ℗ -
MFS Value R6 ℗ ℗ -
Fidelity 500 Index ℗ ℗ -
Vanguard US Growth Adm ℗ ℗ -
Allspring Special Mid Cap Value Fund ℗ ℗ -
Fidelity Mid Cap Index ℗ ℗ -
MFS Mid Cap Growth R6 ℗ ℗ -
Fidelity Small Cap Index ℗ ℗ -
MFS International Intrinsic Value Equity R6 ℗ ● 4Q2021 Significant style drift.
Fidelity Total International Index ℗ ℗ -
Vanguard International Growth Adm ℗ ℗ -
Vanguard Target Retirement Income Inv ℗ ℗ -
Vanguard Target Retirement 2020 Inv ℗ ℗ -
Vanguard Target Retirement 2025 Inv ℗ ℗ -
Vanguard Target Retirement 2030 Inv ℗ ℗ -
Vanguard Target Retirement 2035 Inv ℗ ℗ -
Vanguard Target Retirement 2040 Inv ℗ ℗ -
Vanguard Target Retirement 2045 Inv ℗ ℗ -
Vanguard Target Retirement 2050 Inv ℗ ℗ -
Vanguard Target Retirement 2055 Inv ℗ ℗ -
Vanguard Target Retirement 2060 Inv ℗ ℗ -
Vanguard Target Retirement 2065 Inv ℗ ℗ -
Investment Policy Status
15 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans First Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MissionSquare PLUS Fund R10 0.44 0.44 1.85 2.14 2.18 2.05 1.89 2.22 2.45 2.27 2.12 1.98 5 Yr Constant Maturity US Treasury Yield 0.45 0.45 1.16 1.06 1.59 1.48 0.85 0.54 1.96 2.75 1.91 1.44 +/- Index (0.01) (0.01) 0.69 1.08 0.59 0.57 1.04 1.68 0.50 (0.48) 0.21 0.54 US Stable Value 16 16 16 12 13 23 10 12 16 13 8 7
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MissionSquare PLUS Fund S11 0.44 0.44 1.85 1.93 2.18 2.05 1.89 2.22 2.45 2.27 2.12 1.98 5 Yr Constant Maturity US Treasury Yield 0.45 0.45 1.16 1.06 1.59 1.48 0.85 0.54 1.96 2.75 1.91 1.44 +/- Index (0.01) (0.01) 0.69 0.87 0.59 0.57 1.04 1.68 0.49 (0.48) 0.21 0.54 US Stable Value 16 16 16 31 13 23 10 12 16 13 8 7
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity US Bond Index -5.88 -5.88 -4.23 1.64 2.09 2.21 -1.79 7.80 8.48 0.01 3.50 2.52 Bloomberg US Aggregate Bond Index -5.93 -5.93 -4.15 1.69 2.14 2.24 -1.54 7.51 8.72 0.01 3.54 2.65 +/- Index 0.05 0.05 (0.08) (0.05) (0.05) (0.03) (0.25) 0.29 (0.23) 0.00 (0.04) (0.13) US Fund Intermediate Core Bond 44 44 38 54 52 53 65 50 48 26 43 55 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Sterling Capital Total Return Bond R6 -6.15 -6.15 -4.34 2.44 2.72 2.84 -1.12 9.35 9.37 -0.27 4.33 3.75 Bloomberg US Aggregate Bond Index -5.93 -5.93 -4.15 1.69 2.14 2.24 -1.54 7.51 8.72 0.01 3.54 2.65 +/- Index (0.22) (0.22) (0.19) 0.75 0.58 0.60 0.42 1.84 0.65 (0.28) 0.79 1.10 US Fund Intermediate Core Bond 70 70 48 14 9 11 28 15 18 42 10 12 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MFS Value R6 -3.61 -3.61 11.35 13.26 10.71 11.95 25.55 4.03 30.18 -9.78 17.86 14.25 Russell 1000 Value Index -0.74 -0.74 11.67 13.02 10.29 11.70 25.16 2.80 26.54 -8.27 13.66 17.34 +/- Index (2.87) (2.87) (0.32) 0.24 0.42 0.25 0.39 1.23 3.64 (1.51) 4.20 (3.09) US Fund Large Value 90 90 74 53 50 25 57 35 6 67 30 52
16 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans First Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity 500 Index -4.60 -4.60 15.63 18.91 15.98 14.62 28.69 18.40 31.47 -4.40 21.81 11.97 S&P 500 Index -4.60 -4.60 15.65 18.92 15.99 14.64 28.71 18.40 31.49 -4.38 21.83 11.96 +/- Index 0.00 0.00 (0.02) (0.01) (0.01) (0.02) (0.02) 0.00 (0.01) (0.02) (0.02) 0.01 US Fund Large Blend 30 30 14 16 12 8 21 33 22 22 32 27
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard US Growth Adm -15.08 -15.08 -3.27 20.31 19.78 16.14 12.45 58.74 33.51 0.75 31.74 -0.59 Russell 1000 Growth Index -9.04 -9.04 14.98 23.60 20.88 17.04 27.60 38.49 36.39 -1.51 30.21 7.08 +/- Index (6.04) (6.04) (18.25) (3.29) (1.10) (0.90) (15.15) 20.24 (2.88) 2.26 1.53 (7.66) US Fund Large Growth 90 90 87 32 22 19 85 8 41 25 27 81 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Allspring Special Mid Cap Value Fund -2.27 -2.27 13.19 15.01 10.86 13.05 28.80 3.36 35.68 -13.02 11.27 21.68 Russell Mid Cap Value Index -1.82 -1.82 11.45 13.69 9.99 12.01 28.34 4.96 27.06 -12.29 13.34 20.00 +/- Index (0.45) (0.45) 1.74 1.32 0.87 1.04 0.46 (1.60) 8.62 (0.74) (2.07) 1.69 US Fund Mid-Cap Value 70 70 28 23 21 3 47 43 2 42 80 20 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity Mid Cap Index -5.69 -5.69 6.88 14.88 12.61 12.83 22.56 17.11 30.51 -9.05 18.47 13.86 Russell Mid Cap Index -5.68 -5.68 6.92 14.89 12.62 12.85 22.58 17.10 30.54 -9.06 18.52 13.80 +/- Index (0.01) (0.01) (0.04) (0.01) (0.01) (0.02) (0.02) 0.01 (0.03) 0.01 (0.05) 0.07 US Fund Mid-Cap Blend 62 62 39 25 16 14 66 24 24 25 26 57 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MFS Mid Cap Growth R6 -15.56 -15.56 -1.23 14.96 16.65 14.45 14.17 35.80 37.93 1.21 26.39 4.75 Russell Mid Cap Growth Index -12.58 -12.58 -0.89 14.81 15.10 13.52 12.73 35.59 35.47 -4.75 25.27 7.33 +/- Index (2.98) (2.98) (0.34) 0.15 1.55 0.93 1.44 0.21 2.46 5.96 1.12 (2.58) US Fund Mid-Cap Growth 77 77 31 53 25 11 40 49 21 10 39 53 17 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans First Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity Small Cap Index -7.47 -7.47 -5.85 11.80 9.84 11.20 14.71 19.99 25.71 -10.88 14.85 21.63 Russell 2000 Index -7.53 -7.53 -5.79 11.74 9.74 11.04 14.82 19.96 25.52 -11.01 14.65 21.31 +/- Index 0.06 0.06 (0.06) 0.06 0.10 0.16 (0.11) 0.03 0.18 0.14 0.20 0.32 US Fund Small Blend 66 66 91 57 41 36 89 12 36 34 26 46 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MFS International Intrinsic Value Equity R6 -13.07 -13.07 -2.07 9.23 9.57 10.09 10.72 20.56 25.99 -8.89 27.25 4.31 MSCI EAFE Value (Net) Index 0.33 0.33 3.55 5.24 4.18 4.87 10.89 -2.63 16.09 -14.78 21.44 5.02 +/- Index (13.40) (13.40) (5.62) 3.99 5.39 5.22 (0.17) 23.19 9.90 5.89 5.81 (0.72) US Fund Foreign Large Value 100 100 73 5 1 1 62 1 2 2 12 32 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity Total International Index -6.21 -6.21 -2.09 7.60 6.75 - 8.47 11.07 21.48 -14.38 27.63 - MSCI ACWI Ex-USA IMI (Net) Index -5.60 -5.60 -1.27 7.87 6.92 5.78 8.53 11.12 21.63 -14.76 27.81 4.41 +/- Index (0.61) (0.61) (0.82) (0.27) (0.17) - (0.06) (0.04) (0.16) 0.37 (0.18) - US Fund Foreign Large Blend 31 31 54 46 36 - 65 42 62 39 27 - QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard International Growth Adm -16.45 -16.45 -16.21 14.87 14.11 10.48 -0.74 59.74 31.48 -12.58 43.16 1.84 MSCI ACWI Ex-USA Growth (Net) Index -10.78 -10.78 -6.16 9.12 8.60 6.70 5.09 22.20 27.34 -14.43 32.01 0.12 +/- Index (5.67) (5.67) (10.05) 5.75 5.51 3.78 (5.83) 37.54 4.14 1.84 11.15 1.72 US Fund Foreign Large Growth 79 79 89 4 2 3 87 2 23 34 7 16 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement Income Inv -4.77 -4.77 0.15 5.75 5.30 4.95 5.25 10.02 13.16 -1.99 8.47 5.25 Vanguard Retirement Income Index -4.58 -4.58 0.49 6.15 5.61 5.19 5.43 10.70 13.40 -1.98 8.67 5.35 +/- Index (0.19) (0.19) (0.34) (0.40) (0.31) (0.24) (0.18) (0.68) (0.24) (0.01) (0.19) (0.10) US Fund Target-Date Retirement 48 48 42 42 41 31 64 30 48 18 50 30 18 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans First Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2020 Inv -5.06 -5.06 1.39 7.87 7.27 7.31 8.17 12.04 17.63 -4.24 14.08 6.95 Vanguard Retirement 2020 Index -4.87 -4.87 1.79 8.35 7.63 7.60 8.43 12.86 17.87 -4.14 14.22 7.17 +/- Index (0.19) (0.19) (0.40) (0.48) (0.36) (0.29) (0.26) (0.82) (0.24) (0.10) (0.14) (0.22) US Fund Target-Date 2020 40 40 43 43 30 22 62 41 32 47 23 30 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2025 Inv -5.51 -5.51 1.86 8.92 8.14 8.04 9.80 13.30 19.63 -5.15 15.94 7.48 Vanguard Retirement 2025 Index -5.21 -5.21 2.41 9.50 8.56 8.37 10.10 14.19 19.93 -5.01 16.08 7.66 +/- Index (0.30) (0.30) (0.55) (0.58) (0.42) (0.33) (0.30) (0.89) (0.30) (0.14) (0.14) (0.18) US Fund Target-Date 2025 47 47 37 34 26 18 47 34 20 48 22 21 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2030 Inv -5.65 -5.65 2.53 9.84 8.85 8.68 11.38 14.10 21.07 -5.86 17.52 7.85 Vanguard Retirement 2030 Index -5.31 -5.31 3.10 10.41 9.28 9.00 11.65 14.96 21.33 -5.74 17.65 8.11 +/- Index (0.34) (0.34) (0.57) (0.57) (0.43) (0.32) (0.27) (0.86) (0.26) (0.12) (0.13) (0.26) US Fund Target-Date 2030 36 36 43 39 35 24 54 35 37 39 37 27 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2035 Inv -5.66 -5.66 3.29 10.77 9.57 9.31 12.96 14.79 22.44 -6.58 19.12 8.26 Vanguard Retirement 2035 Index -5.29 -5.29 3.93 11.35 10.00 9.65 13.24 15.67 22.76 -6.48 19.24 8.55 +/- Index (0.37) (0.37) (0.64) (0.58) (0.43) (0.34) (0.28) (0.87) (0.33) (0.10) (0.12) (0.29) US Fund Target-Date 2035 24 24 43 46 41 29 78 38 49 31 40 32 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2040 Inv -5.66 -5.66 4.10 11.68 10.28 9.85 14.56 15.47 23.86 -7.32 20.71 8.73 Vanguard Retirement 2040 Index -5.27 -5.27 4.77 12.27 10.73 10.21 14.85 16.31 24.19 -7.22 20.87 8.98 +/- Index (0.39) (0.39) (0.67) (0.59) (0.45) (0.36) (0.29) (0.83) (0.33) (0.11) (0.16) (0.25) US Fund Target-Date 2040 24 24 44 46 37 28 80 39 49 35 30 23 19 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans First Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2045 Inv -5.67 -5.67 4.88 12.61 10.89 10.19 16.16 16.30 24.94 -7.90 21.42 8.87 Vanguard Retirement 2045 Index -5.26 -5.26 5.58 13.20 11.34 10.55 16.45 17.03 25.36 -7.77 21.54 9.13 +/- Index (0.41) (0.41) (0.70) (0.59) (0.45) (0.36) (0.29) (0.73) (0.42) (0.13) (0.11) (0.26) US Fund Target-Date 2045 23 23 37 33 28 17 65 34 40 41 24 26 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2050 Inv -5.65 -5.65 5.07 12.74 10.96 10.23 16.41 16.39 24.98 -7.90 21.39 8.85 Vanguard Retirement 2050 Index -5.25 -5.25 5.78 13.36 11.43 10.59 16.77 17.18 25.36 -7.77 21.54 9.13 +/- Index (0.40) (0.40) (0.71) (0.62) (0.47) (0.36) (0.36) (0.79) (0.38) (0.13) (0.14) (0.28) US Fund Target-Date 2050 22 22 38 33 31 18 70 35 45 37 31 27 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2055 Inv -5.69 -5.69 5.05 12.71 10.95 10.21 16.44 16.32 24.98 -7.89 21.38 8.88 Vanguard Retirement 2055 Index -5.25 -5.25 5.78 13.36 11.43 10.59 16.77 17.18 25.36 -7.77 21.54 9.13 +/- Index (0.44) (0.44) (0.73) (0.65) (0.48) (0.38) (0.33) (0.86) (0.38) (0.12) (0.16) (0.25) US Fund Target-Date 2055 22 22 39 37 35 24 75 40 47 35 39 26 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2060 Inv -5.68 -5.68 5.05 12.71 10.95 10.24 16.44 16.32 24.96 -7.87 21.36 8.84 Vanguard Retirement 2060 Index -5.25 -5.25 5.78 13.36 11.43 10.59 16.77 17.18 25.36 -7.77 21.54 9.13 +/- Index (0.43) (0.43) (0.73) (0.65) (0.48) (0.35) (0.33) (0.85) (0.40) (0.10) (0.18) (0.28) US Fund Target-Date 2060 21 21 39 42 40 50 77 41 56 30 43 23 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2065 Inv -5.63 -5.63 5.12 12.69 - - 16.46 16.17 24.96 -7.95 - - Vanguard Retirement 2065 Index -5.25 -5.25 5.78 13.36 - - 16.77 17.18 25.36 -7.77 - - +/- Index (0.38) (0.38) (0.66) (0.67) - - (0.31) (1.00) (0.39) (0.18) - - US Fund Target-Date 2065+ 18 18 36 44 - - 67 56 59 12 - - 20 Section 4
CITY OF VALLEJO, CA PLAN FEE ANALYSIS
457(b) Deferred Compensation Plan First Quarter 2022
$242 $229
$131 $128
$105,029
$102,282
4Q21 1Q22
$0
$50,000
$100,000
$150,000
Average Participant Balance and Cost ($)
Avg. Invest Cost Avg. Admin Cost Avg. Part Balance
0.355% 0.349%0.327% 0.321%
0.00%
0.25%
0.50%
4Q21 1Q22
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio
0.125% 0.125%
0.025% 0.025%
0.00%
0.10%
0.20%
0.30%
4Q21 1Q22
Annualized Contracted Revenue v. Revenue Received
(as a % of total assets)
Revenue Received Contracted Revenue
0.230% 0.224%
0.125% 0.125%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
4Q21 1Q22
Annualized Total Cost Summary
(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant 21 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
457(b) Deferred Compensation Plan First Quarter 2022
Fund Ticker
Quarter Average
Assets Net Expense Ratio Admin Fee
Est. Total Invest.
Cost
Est. Total Admin.
Cost
MissionSquare PLUS Fund R10 - $12,400,673 0.31% 0.125% $38,442 $15,501 Fidelity US Bond Index FXNAX $1,670,373 0.03% 0.125% $418 $2,088 Sterling Capital Total Return Bond R6 STRDX $3,574,076 0.35% 0.125% $12,509 $4,468 MFS Value R6 MEIKX $2,627,770 0.45% 0.125% $11,825 $3,285 Fidelity 500 Index FXAIX $6,219,068 0.02% 0.125% $933 $7,774 Vanguard US Growth Adm VWUAX $6,868,525 0.28% 0.125% $19,232 $8,586 Allspring Special Mid Cap Value Fund WFPRX $746,855 0.70% 0.125% $5,228 $934 Fidelity Mid Cap Index FSMDX $1,519,243 0.03% 0.125% $380 $1,899 MFS Mid Cap Growth R6 OTCKX $1,364,634 0.65% 0.125% $8,870 $1,706 Fidelity Small Cap Index FSSNX $2,042,485 0.03% 0.125% $511 $2,553 MFS International Intrinsic Value Equity R6 MINJX $825,190 0.62% 0.125% $5,116 $1,031 Fidelity Total International Index FTIHX $2,278,384 0.06% 0.125% $1,367 $2,848 Vanguard International Growth Adm VWILX $1,096,929 0.32% 0.125% $3,510 $1,371 Vanguard Target Retirement Income Inv VTINX $123,879 0.08% 0.125% $99 $155 Vanguard Target Retirement 2020 Inv VTWNX $161,741 0.08% 0.125% $129 $202 Vanguard Target Retirement 2025 Inv VTTVX $642,432 0.08% 0.125% $514 $803 Vanguard Target Retirement 2030 Inv VTHRX $579,640 0.08% 0.125% $464 $725 Vanguard Target Retirement 2035 Inv VTTHX $1,066,585 0.08% 0.125% $853 $1,333 Vanguard Target Retirement 2040 Inv VFORX $367,967 0.08% 0.125% $294 $460 Vanguard Target Retirement 2045 Inv VTIVX $378,823 0.08% 0.125% $303 $474 Vanguard Target Retirement 2050 Inv VFIFX $507,374 0.08% 0.125% $406 $634 Vanguard Target Retirement 2055 Inv VFFVX $188,453 0.08% 0.125% $151 $236 Vanguard Target Retirement 2060 Inv VTTSX $68,069 0.08% 0.125% $54 $85 Vanguard Target Retirement 2065 Inv VLXVX $5,590 0.08% 0.125% $4 $7 Vanguard Instl Target Retirement Income Instl VITRX $129,852 0.09% 0.125% $117 $162 Vanguard Instl Target Retirement 2020 Instl VITWX $165,225 0.09% 0.125% $149 $207 Vanguard Instl Target Retirement 2025 Instl VRIVX $468,976 0.09% 0.125% $422 $586 Vanguard Instl Target Retirement 2030 Instl VTTWX $593,237 0.09% 0.125% $534 $742 Vanguard Instl Target Retirement 2035 Instl VITFX $1,122,983 0.09% 0.125% $1,011 $1,404 Vanguard Instl Target Retirement 2040 Instl VIRSX $471,272 0.09% 0.125% $424 $589 Vanguard Instl Target Retirement 2045 Instl VITLX $377,074 0.09% 0.125% $339 $471 Annualized
22 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
457(b) Deferred Compensation Plan First Quarter 2022
Fund Ticker
Quarter Average
Assets Net Expense Ratio Admin Fee
Est. Total Invest.
Cost
Est. Total Admin.
Cost
Annualized
Vanguard Instl Target Retirement 2050 Instl VTRLX $527,368 0.09% 0.125% $475 $659 Vanguard Instl Target Retirement 2055 Instl VIVLX $196,711 0.09% 0.125% $177 $246 Vanguard Instl Target Retirement 2060 Instl VILVX $64,319 0.09% 0.125% $58 $80 Vanguard Instl Target Retirement 2065 Instl VSXFX $5,925 0.09% 0.125% $5 $7 TOTAL $51,447,698 $115,324 $64,310
Plan Administration Cost Quarter Annualized
Plan Generated Revenue (est): $15,857 $64,310
Contracted Revenue (est): $3,171 $12,862
Net Excess/(Deficit) (est): $12,686 $51,448
23 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
401(a) Defined Contribution Plans First Quarter 2022
$27 $22
$22 $19
$17,422
$15,477
4Q21 1Q22
$0
$8,000
$16,000
$24,000
Average Participant Balance and Cost ($)
Avg. Invest Cost Avg. Admin Cost Avg. Part Balance
0.278% 0.268%
0.327% 0.321%
0.00%
0.25%
0.50%
4Q21 1Q22
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio
0.125% 0.125%
0.025% 0.025%
0.00%
0.10%
0.20%
0.30%
4Q21 1Q22
Annualized Contracted Revenue v. Revenue Received
(as a % of total assets)
Revenue Received Contracted Revenue
0.153% 0.143%
0.125% 0.125%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
4Q21 1Q22
Annualized Total Cost Summary
(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant 24 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
401(a) Defined Contribution Plans First Quarter 2022
Fund Ticker
Quarter Average
Assets Net Expense Ratio Admin Fee
Est. Total Invest.
Cost
Est. Total Admin.
Cost
MissionSquare PLUS Fund R10 - $53,706 0.31% 0.125% $166 $67 Fidelity US Bond Index FXNAX $35,988 0.03% 0.125% $9 $45 Sterling Capital Total Return Bond R6 STRDX $24,307 0.35% 0.125% $85 $30 MFS Value R6 MEIKX $1,234 0.45% 0.125% $6 $2
Fidelity 500 Index FXAIX $61,475 0.02% 0.125% $9 $77
Vanguard US Growth Adm VWUAX $80,518 0.28% 0.125% $225 $101 Allspring Special Mid Cap Value Fund WFPRX $324 0.70% 0.125% $2 $0 Fidelity Mid Cap Index FSMDX $24,173 0.03% 0.125% $6 $30 MFS Mid Cap Growth R6 OTCKX $2,295 0.65% 0.125% $15 $3
Fidelity Small Cap Index FSSNX $375 0.03% 0.125% $0 $0
MFS International Intrinsic Value Equity R6 MINJX $0 0.62% 0.125% $0 $0 Fidelity Total International Index FTIHX $23,630 0.06% 0.125% $14 $30 Vanguard International Growth Adm VWILX $623 0.32% 0.125% $2 $1 Vanguard Target Retirement Income Inv VTINX $0 0.08% 0.125% $0 $0 Vanguard Target Retirement 2020 Inv VTWNX $3,759 0.08% 0.125% $3 $5 Vanguard Target Retirement 2025 Inv VTTVX $2,466 0.08% 0.125% $2 $3 Vanguard Target Retirement 2030 Inv VTHRX $58,102 0.08% 0.125% $46 $73 Vanguard Target Retirement 2035 Inv VTTHX $7,023 0.08% 0.125% $6 $9 Vanguard Target Retirement 2040 Inv VFORX $6,837 0.08% 0.125% $5 $9 Vanguard Target Retirement 2045 Inv VTIVX $4,851 0.08% 0.125% $4 $6 Vanguard Target Retirement 2050 Inv VFIFX $1,889 0.08% 0.125% $2 $2 Vanguard Target Retirement 2055 Inv VFFVX $1,208 0.08% 0.125% $1 $2 Vanguard Target Retirement 2060 Inv VTTSX $0 0.08% 0.125% $0 $0 Vanguard Target Retirement 2065 Inv VLXVX $0 0.08% 0.125% $0 $0 Vanguard Instl Target Retirement Income Instl VITRX $0 0.09% 0.125% $0 $0 Vanguard Instl Target Retirement 2020 Instl VITWX $3,335 0.09% 0.125% $3 $4 Vanguard Instl Target Retirement 2025 Instl VRIVX $1,242 0.09% 0.125% $1 $2 Vanguard Instl Target Retirement 2030 Instl VTTWX $59,394 0.09% 0.125% $53 $74 Vanguard Instl Target Retirement 2035 Instl VITFX $7,619 0.09% 0.125% $7 $10 Vanguard Instl Target Retirement 2040 Instl VIRSX $6,778 0.09% 0.125% $6 $8 Vanguard Instl Target Retirement 2045 Instl VITLX $4,209 0.09% 0.125% $4 $5 Annualized
25 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
401(a) Defined Contribution Plans First Quarter 2022
Fund Ticker
Quarter Average
Assets Net Expense Ratio Admin Fee
Est. Total Invest.
Cost
Est. Total Admin.
Cost
Annualized
Vanguard Instl Target Retirement 2050 Instl VTRLX $1,835 0.09% 0.125% $2 $2 Vanguard Instl Target Retirement 2055 Instl VIVLX $603 0.09% 0.125% $1 $1 Vanguard Instl Target Retirement 2060 Instl VILVX $0 0.09% 0.125% $0 $0 Vanguard Instl Target Retirement 2065 Instl VSXFX $0 0.09% 0.125% $0 $0 TOTAL $479,796 $686 $600
Plan Administration Cost Quarter Annualized
Plan Generated Revenue (est): $148 $600
Contracted Revenue (est): $30 $120
Net Excess/(Deficit) (est): $118 $480
26 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
Retirement Health Savings Plan First Quarter 2022
$4 $3
$45 $45
$3,673
$3,625
4Q21 1Q22
$0
$2,500
$5,000
Average Participant Balance and Cost ($)
Avg. Invest Cost Avg. Admin Cost Avg. Part Balance
1.326% 1.330%
1.432% 1.436%
0.00%
0.40%
0.80%
1.20%
1.60%
4Q21 1Q22
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio
1.231% 1.240%1.231% 1.240%
0.00%
0.60%
1.20%
1.80%
4Q21 1Q22
Annualized Contracted Revenue v. Revenue Received
(as a % of total assets)
Revenue Received Contracted Revenue
0.096% 0.091%
1.231% 1.240%
0.00%
0.50%
1.00%
1.50%
4Q21 1Q22
Annualized Total Cost Summary
(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant 27 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
Retirement Health Savings Plan First Quarter 2022
Fund Ticker
Quarter Average
Assets Net Expense Ratio
Total
Admin Fee
Est. Total Invest.
Cost
Est. Total Admin.
Cost
MissionSquare PLUS Fund S11 - $3,570 0.31% 1.240% $11 $44 Fidelity US Bond Index FXNAX $338 0.03% 1.240% $0 $4
Sterling Capital Total Return Bond R6 STRDX $0 0.35% 1.240% $0 $0 MFS Value R6 MEIKX $0 0.45% 1.240% $0 $0
Fidelity 500 Index FXAIX $39,480 0.02% 1.240% $6 $489
Vanguard US Growth Adm VWUAX $65,340 0.28% 1.240% $183 $810 Allspring Special Mid Cap Value Fund WFPRX $0 0.70% 1.240% $0 $0 Fidelity Mid Cap Index FSMDX $16,023 0.03% 1.240% $4 $199 MFS Mid Cap Growth R6 OTCKX $374 0.65% 1.240% $2 $5
Fidelity Small Cap Index FSSNX $2,562 0.03% 1.240% $1 $32 MFS International Intrinsic Value Equity R6 MINJX $0 0.62% 1.240% $0 $0 Fidelity Total International Index FTIHX $10,193 0.06% 1.240% $6 $126 Vanguard International Growth Adm VWILX $0 0.32% 1.240% $0 $0 Vanguard Target Retirement Income Inv VTINX $2,803 0.08% 1.240% $2 $35 Vanguard Target Retirement 2020 Inv VTWNX $28,620 0.08% 1.240% $23 $355 Vanguard Target Retirement 2025 Inv VTTVX $73,651 0.08% 1.240% $59 $913 Vanguard Target Retirement 2030 Inv VTHRX $77,643 0.08% 1.240% $62 $963 Vanguard Target Retirement 2035 Inv VTTHX $86,075 0.08% 1.240% $69 $1,067 Vanguard Target Retirement 2040 Inv VFORX $147,289 0.08% 1.240% $118 $1,826 Vanguard Target Retirement 2045 Inv VTIVX $144,451 0.08% 1.240% $116 $1,791 Vanguard Target Retirement 2050 Inv VFIFX $154,799 0.08% 1.240% $124 $1,919 Vanguard Target Retirement 2055 Inv VFFVX $72,082 0.08% 1.240% $58 $894 Vanguard Target Retirement 2060 Inv VTTSX $8,247 0.08% 1.240% $7 $102 Vanguard Target Retirement 2065 Inv VLXVX $163 0.08% 1.240% $0 $2 Vanguard Instl Target Retirement Income Instl VITRX $2,953 0.09% 1.240% $3 $37 Vanguard Instl Target Retirement 2020 Instl VITWX $29,111 0.09% 1.240% $26 $361 Vanguard Instl Target Retirement 2025 Instl VRIVX $75,800 0.09% 1.240% $68 $940 Vanguard Instl Target Retirement 2030 Instl VTTWX $79,886 0.09% 1.240% $72 $990 Vanguard Instl Target Retirement 2035 Instl VITFX $88,278 0.09% 1.240% $79 $1,094 Vanguard Instl Target Retirement 2040 Instl VIRSX $152,810 0.09% 1.240% $138 $1,894 Vanguard Instl Target Retirement 2045 Instl VITLX $153,384 0.09% 1.240% $138 $1,901 Annualized
28 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
Retirement Health Savings Plan First Quarter 2022
Fund Ticker
Quarter Average
Assets Net Expense Ratio
Total
Admin Fee
Est. Total Invest.
Cost
Est. Total Admin.
Cost
Annualized
Vanguard Instl Target Retirement 2050 Instl VTRLX $157,393 0.09% 1.240% $142 $1,951 Vanguard Instl Target Retirement 2055 Instl VIVLX $72,792 0.09% 1.240% $66 $902 Vanguard Instl Target Retirement 2060 Instl VILVX $8,189 0.09% 1.240% $7 $102 Vanguard Instl Target Retirement 2065 Instl VSXFX $156 0.09% 1.240% $0 $2 TOTAL $1,754,453 $1,589 $21,749
Plan Administration Cost Quarter Annualized
MissionSquare Administration Fee (0.55%) (est): $2,379 $9,649 MissionSquare Per Participant Fee ($25/year) (est): $2,984 $12,100 Total Plan Administration Fees (est): $5,363 $21,749
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30 Section 5
Allspring Special Mid Cap
Value R6 (USD)
Morningstar Quantitative
RatingTM
´Q
02-28-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell Mid Cap
Value TR USD
US Fund Mid-Cap
Value390 US Fund Mid-Cap Value
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -31.71 19.56 5.57 19.92 3.36
2021 11.20 6.08 -0.72 9.98 28.80
2022 -2.27 — — — -2.27
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 13.19 15.01 10.86 — 11.98
Std 03-31-2022 13.19 — 10.86 — 11.98
Total Return 13.19 15.01 10.86 13.05 11.98
+/- Std Index -2.45 -3.92 -5.13 -1.59 —
+/- Cat Index 1.74 1.32 0.87 1.03 —
% Rank Cat 29 27 23 6
No. in Cat 408 390 354 263
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-222-8222 or visit
https://www.wellsfargofunds.com/.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.66
12b1 Expense % 0.00
Net Expense Ratio % 0.70
Gross Expense Ratio % 0.70
Risk and Return Profile
3 Yr 5 Yr 10 Yr
390 funds 354 funds
263 funds
Morningstar RatingTM 4Q 4Q 5W
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 21.59 18.65 15.20
Mean 15.01 10.86 13.05
Sharpe Ratio 0.73 0.59 0.85
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap
Value TR USD
Alpha -4.18 1.55
Beta 1.09 0.97
R-Squared 80.59 97.39
12-Month Yield —
Potential Cap Gains Exp 32.81%
2 2 2 2 2 2 2 2 2 2 2 2
94 96 94 92 94 93 94 99 95 98 98 95
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Allspring Special Mid Cap
Value R6
37,332
Category Average
30,016
Standard Index
45,062
_ _ _ & & & ( * & * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History — — 31.65 32.27 30.05 36.03 38.35 32.47 42.22 43.31 50.60 49.45 NAV/Price -0.56 18.91 39.13 12.12 -2.65 21.68 11.27 -13.02 35.68 3.36 28.80 -2.27 Total Return % -2.67 2.91 6.75 -1.57 -4.03 9.72 -10.56 -8.64 4.20 -15.03 0.09 2.33 +/- Standard Index
0.82 0.41 5.68 -2.63 2.13 1.69 -2.07 -0.74 8.62 -1.60 0.46 -0.45 +/- Category Index — — — 24 24 20 71 50 2 49 53 — % Rank Cat
— — — 460 471 399 405 417 422 415 413 417 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 5.29 5.29 0.00
US Stocks 91.04 91.04 0.00
Non-US Stocks 3.67 3.67 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.3 0.74 1.08
P/C Ratio TTM 11.7 0.68 0.97
P/B Ratio TTM 2.5 0.58 1.24
Geo Avg Mkt Cap
$mil
17614 0.08 1.26
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 96.1 0.97
Greater Europe 2.5 2.60
Greater Asia 1.4 29.15
Share Chg
since
01-2022
Share
Amount
Holdings :
124 Total Stocks , 153 Total Fixed-Income,
38% Turnover Ratio
Net Assets
%
T 548 mil Allspring Government MMkt Select 4.40
Y 2 mil Carlisle Companies Inc 3.73
8 mil Arch Capital Group Ltd 3.11
6 mil AerCap Holdings NV 2.80
5 mil Brown & Brown Inc 2.80
T 3 mil Republic Services Inc 2.79
T 4 mil Amdocs Ltd 2.69
T 3 mil CBRE Group Inc Class A 2.60
T 4 mil D.R. Horton Inc 2.57
T 10 mil Reynolds Consumer Products Inc Ord 2.49
8 mil Keurig Dr Pepper Inc 2.45
T 2 mil Stanley Black & Decker Inc 2.43
Y 2 mil Euronet Worldwide Inc 2.34
640,600 Humana Inc 2.23
T 6 mil LKQ Corp 2.19
Sector Weightings Stocks % Rel Std Index
h Cyclical 42.4 1.41
r Basic Materials 3.5 1.52
t Consumer Cyclical 13.9 1.17
y Financial Services 18.6 1.40
u Real Estate 6.4 2.35
j Sensitive 36.7 0.78
i Communication Services 0.0 0.00
o Energy 6.8 1.77
p Industrials 21.0 2.58
a Technology 8.9 0.35
k Defensive 20.9 0.91
s Consumer Defensive 6.3 0.97
d Healthcare 8.6 0.63
f Utilities 6.0 2.17
Operations
Family: Allspring Global Investments
Manager: Multiple
Tenure: 13.3 Years
Objective: Growth
Base Currency: USD
Ticker: WFPRX
ISIN: US94987W5132
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 06-28-2013
Type: MF
Total Assets: $12,312.44 mil
Release date 03-31-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
31 Fidelity® 500 Index (USD)
Morningstar Analyst RatingTM
Œ
02-16-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ S&P 500 TR USD Russell 1000 TR
USD
US Fund Large Blend
1,232 US Fund Large Blend
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.59 20.53 8.94 12.14 18.40
2021 6.18 8.55 0.58 11.02 28.69
2022 -4.60 — — — -4.60
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 15.63 18.91 15.98 14.62 14.00
Std 03-31-2022 15.63 — 15.98 14.62 14.00
Total Return 15.63 18.91 15.98 14.62 14.00
+/- Std Index -0.02 -0.01 -0.01 -0.01 —
+/- Cat Index 2.36 0.20 0.16 0.09 —
% Rank Cat 16 18 14 9
No. in Cat 1368 1232 1116 818
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 202-551-8090 or visit
www.institutional.fidelity.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.02
12b1 Expense % NA
Net Expense Ratio % 0.02
Gross Expense Ratio % 0.02
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,232 funds 1,116 funds 818 funds
Morningstar RatingTM 4Q 4Q 5Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 17.76 15.78 13.24
Mean 18.91 15.98 14.62
Sharpe Ratio 1.03 0.95 1.05
MPT Statistics Standard Index Best Fit Index
S&P 500 TR USD
Alpha -0.01 -0.01
Beta 1.00 1.00
R-Squared 100.00 100.00
12-Month Yield —
Potential Cap Gains Exp 48.33%
4 4 4 4 4 4 4 4 4 4 4 4
99 99 99 99 99 100 99 100 99 100 100 100
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Fidelity® 500 Index
45,009
Category Average
35,521
Standard Index
45,062
_ * * & & * * & & * & _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
44.50 50.49 65.49 72.85 71.80 78.35 93.45 87.10 112.02 130.17 165.32 157.71 NAV/Price
2.10 15.99 32.37 13.66 1.38 11.97 21.81 -4.40 31.47 18.40 28.69 -4.60 Total Return % -0.01 -0.01 -0.01 -0.03 0.00 0.01 -0.02 -0.02 -0.01 0.00 -0.01 0.00 +/- Standard Index
0.60 -0.43 -0.74 0.42 0.47 -0.09 0.12 0.38 0.05 -2.57 2.24 0.53 +/- Category Index — 35 41 18 20 26 28 25 23 37 23 — % Rank Cat
— 1686 1559 1568 1606 1409 1396 1402 1387 1363 1382 1446 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 0.03 0.30 0.27
US Stocks 98.97 98.97 0.00
Non-US Stocks 1.00 1.00 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.27 0.27
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 21.3 0.97 1.03
P/C Ratio TTM 16.5 0.96 0.94
P/B Ratio TTM 4.1 0.97 0.87
Geo Avg Mkt Cap
$mil
207084 0.95 0.83
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 99.0 1.00
Greater Europe 0.9 0.98
Greater Asia 0.1 1.21
Share Chg
since
01-2022
Share
Amount
Holdings :
504 Total Stocks , 0 Total Fixed-Income,
7% Turnover Ratio
Net Assets
%
T 160 mil Apple Inc 6.92
T 77 mil Microsoft Corp 6.03
T 4 mil Amazon.com Inc 3.60
T 3 mil Alphabet Inc Class A 2.19
T 3 mil Alphabet Inc Class C 2.03
T 8 mil Tesla Inc 1.90
T 26 mil NVIDIA Corp 1.64
T 19 mil Berkshire Hathaway Inc Class B 1.58
T 24 mil Meta Platforms Inc Class A 1.34
T 10 mil UnitedHealth Group Inc 1.21
T 27 mil Johnson & Johnson 1.17
T 30 mil JPMorgan Chase & Co 1.13
T 25 mil Procter & Gamble Co 1.01
T 17 mil Visa Inc Class A 0.97
T 11 mil The Home Depot Inc 0.90
Sector Weightings Stocks % Rel Std Index
h Cyclical 30.3 1.01
r Basic Materials 2.3 0.98
t Consumer Cyclical 11.7 0.99
y Financial Services 13.8 1.04
u Real Estate 2.6 0.96
j Sensitive 47.1 1.00
i Communication Services 9.6 1.03
o Energy 3.7 0.95
p Industrials 8.2 1.00
a Technology 25.6 1.00
k Defensive 22.6 0.98
s Consumer Defensive 6.6 1.02
d Healthcare 13.4 0.98
f Utilities 2.6 0.94
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 13.3 Years
Objective: Growth and Income
Base Currency: USD
Ticker: FXAIX
ISIN: US3159117502
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-04-2011
Type: MF
Total Assets: $399,056.27 mil
Release date 03-31-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
32 Fidelity® Mid Cap Index
(USD)
Morningstar Quantitative
RatingTM
ŒQ
02-28-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell Mid Cap TR
USD
US Fund Mid-Cap
Blend360 US Fund Mid-Cap Blend
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -27.04 24.55 7.49 19.89 17.11
2021 8.15 7.47 -0.93 6.44 22.56
2022 -5.69 — — — -5.69
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 6.88 14.88 12.61 12.83 13.88
Std 03-31-2022 6.88 — 12.61 12.83 13.88
Total Return 6.88 14.88 12.61 12.83 13.88
+/- Std Index -8.76 -4.05 -3.38 -1.81 —
+/- Cat Index -0.04 -0.02 -0.01 -0.02 —
% Rank Cat 40 26 18 14
No. in Cat 399 360 318 209
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-544-8544 or visit
www.institutional.fidelity.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.03
12b1 Expense % NA
Net Expense Ratio % 0.03
Gross Expense Ratio % 0.03
Risk and Return Profile
3 Yr 5 Yr 10 Yr
360 funds 318 funds 209 funds
Morningstar RatingTM 4Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 20.79 18.25 15.01
Mean 14.88 12.61 12.83
Sharpe Ratio 0.74 0.69 0.84
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap TR
USD
Alpha -4.95 -0.01
Beta 1.11 1.00
R-Squared 90.41 100.00
12-Month Yield —
Potential Cap Gains Exp 31.17%
5 5 5 5 5 5 5 5 5 5 5 5
94 99 99 98 99 99 100 98 99 100 100 100
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Fidelity® Mid Cap Index
42,432
Category Average
34,919
Standard Index
49,345
_ * * & * ( & * & & ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
10.39 11.96 15.83 17.45 16.32 18.17 20.98 18.63 23.63 27.01 31.99 30.17 NAV/Price — 17.22 34.78 13.11 -2.44 13.86 18.47 -9.05 30.51 17.11 22.56 -5.69 Total Return % — 1.21 2.39 -0.57 -3.83 1.90 -3.36 -4.67 -0.98 -1.29 -6.14 -1.09 +/- Standard Index — -0.06 0.02 -0.10 0.00 0.07 -0.05 0.01 -0.03 0.01 -0.02 -0.01 +/- Category Index — 41 45 7 27 59 24 29 18 21 67 — % Rank Cat
— 412 399 369 432 427 443 464 404 407 391 410 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 0.03 0.44 0.41
US Stocks 98.84 98.84 0.00
Non-US Stocks 1.13 1.13 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.41 0.41
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 18.6 0.85 1.15
P/C Ratio TTM 14.7 0.86 1.06
P/B Ratio TTM 3.0 0.70 1.13
Geo Avg Mkt Cap
$mil
18781 0.09 1.67
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 99.0 1.00
Greater Europe 0.8 0.79
Greater Asia 0.3 6.02
Share Chg
since
01-2022
Share
Amount
Holdings :
827 Total Stocks , 0 Total Fixed-Income,
14% Turnover Ratio
Net Assets
%
T 233,082 Palo Alto Networks Inc 0.53
T 2 mil Marvell Technology Inc 0.53
T 526,601 Pioneer Natural Resources Co 0.49
T 2 mil Marathon Petroleum Corp 0.45
T 370,859 Synopsys Inc 0.45
T 327,313 Fortinet Inc 0.43
T 110 mil Fidelity Revere Str Tr 0.42
T 206,617 IDEXX Laboratories Inc 0.42
T 795,989 Simon Property Group Inc 0.42
T 1 mil Amphenol Corp Class A 0.41
T 464,675 IQVIA Holdings Inc 0.41
T 1 mil Archer-Daniels Midland Co 0.41
T 162,012 O'Reilly Automotive Inc 0.41
T 68,572 Chipotle Mexican Grill Inc 0.40
T 919,203 Prudential Financial Inc 0.40
Sector Weightings Stocks % Rel Std Index
h Cyclical 39.2 1.30
r Basic Materials 4.5 1.94
t Consumer Cyclical 13.0 1.10
y Financial Services 13.1 0.99
u Real Estate 8.7 3.20
j Sensitive 41.1 0.87
i Communication Services 3.7 0.40
o Energy 5.3 1.37
p Industrials 13.7 1.68
a Technology 18.4 0.72
k Defensive 19.7 0.86
s Consumer Defensive 4.1 0.63
d Healthcare 10.8 0.79
f Utilities 4.8 1.75
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 10.6 Years
Objective: Growth
Base Currency: USD
Ticker: FSMDX
ISIN: US3161462656
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 09-08-2011
Type: MF
Total Assets: $26,812.30 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
33 Fidelity® Small Cap Index
(USD)
Morningstar Quantitative
RatingTM
´Q
02-28-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ S&P 500 TR USD Russell 2000 TR
USD
US Fund Small Blend
600 US Fund Small Blend
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -30.62 25.49 4.98 31.28 19.99
2021 12.73 4.26 -4.40 2.10 14.71
2022 -7.47 — — — -7.47
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -5.85 11.80 9.84 11.20 12.53
Std 03-31-2022 -5.85 — 9.84 11.20 12.53
Total Return -5.85 11.80 9.84 11.20 12.53
+/- Std Index -21.49 -7.12 -6.15 -3.44 —
+/- Cat Index -0.06 0.06 0.09 0.16 —
% Rank Cat 93 63 44 36
No. in Cat 632 600 541 358
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-544-8544 or visit
www.institutional.fidelity.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.03
12b1 Expense % NA
Net Expense Ratio % 0.03
Gross Expense Ratio % 0.03
Risk and Return Profile
3 Yr 5 Yr 10 Yr
600 funds 541 funds 358 funds
Morningstar RatingTM 3Q 3Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 23.68 21.17 18.01
Mean 11.80 9.84 11.20
Sharpe Ratio 0.56 0.50 0.65
MPT Statistics Standard Index Best Fit Index
Russell 2000 TR
USD
Alpha -8.10 0.06
Beta 1.17 1.00
R-Squared 77.16 100.00
12-Month Yield —
Potential Cap Gains Exp 29.48%
6 6 6 6 6 6 9 6 6 6 6 6
94 98 99 99 98 83 99 100 100 100 99 99
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Fidelity® Small Cap Index
37,428
Category Average
33,736
Standard Index
49,345
_ * * * * * & * * & ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
10.66 12.15 16.54 16.79 15.46 18.36 20.32 17.24 21.03 24.98 27.56 25.50 NAV/Price — 16.38 39.02 5.19 -4.24 21.63 14.85 -10.88 25.71 19.99 14.71 -7.47 Total Return % — 0.38 6.64 -8.50 -5.63 9.67 -6.98 -6.49 -5.78 1.59 -13.99 -2.88 +/- Standard Index — 0.03 0.20 0.30 0.17 0.32 0.20 0.14 0.18 0.03 -0.11 0.05 +/- Category Index — 34 33 40 44 40 22 33 30 14 93 — % Rank Cat
— 662 681 737 780 750 802 769 702 671 630 645 No. of Funds in Cat Portfolio Analysis 01-31-2022
Asset Allocation % Net % Long % Short %
Cash 0.01 0.66 0.65
US Stocks 98.79 98.79 0.00
Non-US Stocks 1.20 1.20 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.65 0.65
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.2 0.69 0.94
P/C Ratio TTM 10.9 0.63 0.87
P/B Ratio TTM 2.2 0.52 0.88
Geo Avg Mkt Cap
$mil
2456 0.01 0.54
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 99.4 1.00
Greater Europe 0.2 0.19
Greater Asia 0.4 8.15
Share Chg
since
12-2021
Share
Amount
Holdings :
2,029 Total Stocks , 1 Total Fixed-Income,
19% Turnover Ratio
Net Assets
%
Y 1,398 E-mini Russell 2000 Index Future M 0.72
Y 122 mil Fidelity Revere Str Tr 0.62
T 2 mil Ovintiv Inc 0.38
T 994,010 BJ's Wholesale Club Holdings Inc 0.31
T 4 mil AMC Entertainment Holdings Inc Cla 0.31
T 284,109 Synaptics Inc 0.30
T 298,791 EastGroup Properties Inc 0.30
T 2 mil Macy's Inc 0.30
T 771,548 Tenet Healthcare Corp 0.29
T 2 mil WillScot Mobile Mini Holdings Corp 0.29
T 1 mil Stag Industrial Inc 0.28
T 193,375 Saia Inc 0.28
T 392,362 Tetra Tech Inc 0.28
T 987,197 Lattice Semiconductor Corp 0.28
T 405,458 Biohaven Pharmaceutical Holding Co 0.27
Sector Weightings Stocks % Rel Std Index
h Cyclical 39.0 1.29
r Basic Materials 3.7 1.62
t Consumer Cyclical 10.6 0.90
y Financial Services 15.6 1.18
u Real Estate 9.0 3.30
j Sensitive 37.6 0.80
i Communication Services 3.5 0.37
o Energy 5.1 1.32
p Industrials 14.9 1.83
a Technology 14.1 0.55
k Defensive 23.5 1.02
s Consumer Defensive 3.9 0.61
d Healthcare 16.6 1.21
f Utilities 2.9 1.06
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 10.6 Years
Objective: Small Company
Base Currency: USD
Ticker: FSSNX
ISIN: US3161461823
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 09-08-2011
Type: MF
Total Assets: $20,801.16 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
34 Fidelity® Total International
Index (USD)
Morningstar Quantitative
RatingTM
„Q
02-28-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ MSCI ACWI Ex
USA NR USD
MSCI ACWI Ex
USA NR USD
US Fund Foreign Large
Blend705 US Fund Foreign Large
Blend
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -24.15 17.41 6.78 16.81 11.07
2021 3.91 5.53 -3.02 2.01 8.47
2022 -6.21 — — — -6.21
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -2.09 7.60 6.75 — 7.31
Std 03-31-2022 -2.09 — 6.75 — 7.31
Total Return -2.09 7.60 6.75 — 7.31
+/- Std Index -0.60 0.09 -0.01 — —
+/- Cat Index -0.60 0.09 -0.01 — —
% Rank Cat 61 46 39 —
No. in Cat 767 705 610 —
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-544-8544 or visit
www.institutional.fidelity.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.06
12b1 Expense % NA
Net Expense Ratio % 0.06
Gross Expense Ratio % 0.06
Risk and Return Profile
3 Yr 5 Yr 10 Yr
705 funds 610 funds
407 funds
Morningstar RatingTM 3Q 3Q —
Morningstar Risk Avg Avg —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 17.14 15.10 —
Mean 7.60 6.75 —
Sharpe Ratio 0.47 0.44 —
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha 0.06 0.06
Beta 1.01 1.01
R-Squared 98.93 98.93
12-Month Yield —
Potential Cap Gains Exp 14.31%
0 0 0 0 0 4 4 4 4 4 4 4
— — — — — 96 97 90 95 99 97 99
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Fidelity® Total International
Index
15,650
Category Average
15,005
Standard Index
15,794
_ _ _ _ _ _ & * ( * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History — — — — — 10.00 12.53 10.50 12.42 13.57 14.34 13.45 NAV/Price — — — — — — 27.63 -14.38 21.48 11.07 8.47 -6.21 Total Return % — — — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.77 +/- Standard Index — — — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.77 +/- Category Index — — — — — — 22 49 53 32 69 — % Rank Cat
— — — — — — 756 741 732 785 767 790 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 0.02 1.34 1.32
US Stocks 0.82 0.82 0.00
Non-US Stocks 99.12 99.12 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.05 0.05 0.00
Total 100.00 101.32 1.32
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 13.5 0.98 0.96
P/C Ratio TTM 9.3 0.96 0.96
P/B Ratio TTM 1.7 0.96 0.94
Geo Avg Mkt Cap
$mil
29241 0.65 0.57
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 11.0 0.94
Greater Europe 43.7 0.99
Greater Asia 45.3 1.02
Share Chg
since
01-2022
Share
Amount
Holdings :
4,853 Total Stocks , 0 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
T 7 mil Taiwan Semiconductor Manufacturing 1.75
T 113 mil Fidelity Revere Str Tr 1.27
T 818,511 Nestle SA 1.21
T 2 mil Tencent Holdings Ltd 1.03
T 1 mil Samsung Electronics Co Ltd 0.93
T 120,741 ASML Holding NV 0.91
T 200,594 Roche Holding AG 0.86
T 621 MSCI EAFE Index Future Mar 22 0.76
T 1,123 MSCI Emerging Markets Index Future 0.75
T 80,942 LVMH Moet Hennessy Louis Vuitton SE 0.67
T 2 mil Royal Dutch Shell PLC Class A 0.67
T 4 mil Alibaba Group Holding Ltd Ordinary 0.66
T 3 mil Toyota Motor Corp 0.64
T 635,817 Novartis AG 0.63
T 452,127 AstraZeneca PLC 0.62
Sector Weightings Stocks % Rel Std Index
h Cyclical 42.5 1.00
r Basic Materials 9.0 1.01
t Consumer Cyclical 11.1 1.07
y Financial Services 18.9 0.92
u Real Estate 3.6 1.44
j Sensitive 37.2 1.01
i Communication Services 6.5 0.97
o Energy 5.0 0.92
p Industrials 13.2 1.09
a Technology 12.6 1.01
k Defensive 20.2 0.96
s Consumer Defensive 8.1 0.98
d Healthcare 9.0 0.93
f Utilities 3.1 1.03
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 5.8 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: FTIHX
ISIN: US31635V6386
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 06-07-2016
Type: MF
Total Assets: $8,844.96 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
35 Fidelity® US Bond Index
(USD)
Morningstar Analyst RatingTM
Œ
03-30-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ Bloomberg US
Agg Bond TR USD
Bloomberg US Agg
Bond TR USD
US Fund Intermediate
Core Bond391 US Fund Intermediate
Core Bond
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 3.66 2.77 0.43 0.75 7.80
2021 -3.48 1.85 0.02 -0.12 -1.79
2022 -5.88 — — — -5.88
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -4.23 1.64 2.09 2.21 2.57
Std 03-31-2022 -4.23 — 2.09 2.21 2.57
Total Return -4.23 1.64 2.09 2.21 2.57
+/- Std Index -0.08 -0.05 -0.05 -0.03 —
+/- Cat Index -0.08 -0.05 -0.05 -0.03 —
% Rank Cat 40 47 48 49
No. in Cat 431 391 356 256
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-544-8544 or visit
www.institutional.fidelity.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.03
12b1 Expense % NA
Net Expense Ratio % 0.03
Gross Expense Ratio % 0.03
Risk and Return Profile
3 Yr 5 Yr 10 Yr
391 funds 356 funds 256 funds
Morningstar RatingTM 3Q 3Q 3Q
Morningstar Risk -Avg -Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 4.05 3.58 3.31
Mean 1.64 2.09 2.21
Sharpe Ratio 0.26 0.30 0.50
MPT Statistics Standard Index Best Fit Index
Bloomberg US Agg
Bond TR USD
Alpha -0.05 -0.05
Beta 1.00 1.00
R-Squared 99.32 99.32
12-Month Yield —
Potential Cap Gains Exp -75.09%
4 4 4 4 4 4 4 4 4 4 4 4
96 93 98 96 99 99 97 99 96 98 98 98
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Fidelity® US Bond Index
13,444
Category Average
13,437
Standard Index
13,499
_ ) ( * & ( ( * * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
11.78 11.89 11.36 11.73 11.49 11.49 11.59 11.28 11.91 12.45 11.98 11.22 NAV/Price
7.79 4.23 -2.19 5.99 0.63 2.52 3.50 0.01 8.48 7.80 -1.79 -5.88 Total Return % -0.06 0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 0.06 +/- Standard Index -0.06 0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 0.06 +/- Category Index — 82 69 26 18 66 57 29 49 41 63 — % Rank Cat
— 1165 1079 1038 1042 985 986 1019 430 415 423 450 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 0.94 0.94 0.00
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 98.13 98.13 0.00
Other/Not Clsfd 0.93 0.93 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM — — —
P/C Ratio TTM — — —
P/B Ratio TTM — — —
Geo Avg Mkt Cap
$mil
— — —
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration 6.53
Avg Wtd Coupon —
Avg Wtd Price 100.99
Credit Quality Breakdown 02-28-2022 Bond %
AAA 73.85
AA 4.70
A 11.23
BBB 10.12
BB 0.08
B 0.00
Below B 0.00
NR 0.02
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
01-2022
Share
Amount
Holdings :
0 Total Stocks , 8,214 Total Fixed-Income,
76% Turnover Ratio
Net Assets
%
749 mil United States Treasury Notes 1.5% 1.27
Y 756 mil Federal Home Loan Mortgage Corpora 1.26
547 mil United States Treasury Notes 2.25% 0.97
T 540 mil United States Treasury Notes 1.25% 0.89
472 mil United States Treasury Notes 0.125% 0.80
489 mil United States Treasury Notes 0.875% 0.78
Y 451 mil Federal National Mortgage Associat 0.75
445 mil United States Treasury Notes 0.5% 0.75
408 mil United States Treasury Notes 0.125% 0.70
Y 411 mil Federal National Mortgage Associat 0.69
377 mil United States Treasury Notes 0.375% 0.64
Y 401 mil United States Treasury Notes 0.625% 0.63
349 mil United States Treasury Notes 1.75% 0.61
R 352 mil United States Treasury Notes 0.75% 0.60
365 mil United States Treasury Notes 0.375% 0.60
Sector Weightings Stocks % Rel Std Index
h Cyclical — —
r Basic Materials — —
t Consumer Cyclical — —
y Financial Services — —
u Real Estate — —
j Sensitive — —
i Communication Services — —
o Energy — —
p Industrials — —
a Technology — —
k Defensive — —
s Consumer Defensive — —
d Healthcare — —
f Utilities — —
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 7.9 Years
Objective: Multisector Bond
Base Currency: USD
Ticker: FXNAX
ISIN: US3161463563
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-04-2011
Type: MF
Total Assets: $56,062.41 mil
Release date 03-31-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
36 MFS International Intrinsic
Value R6 (USD)
Morningstar Analyst RatingTM
„
01-04-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ MSCI ACWI Ex
USA NR USD
MSCI ACWI Ex
USA Growth NR
USD
US Fund Foreign Large
Growth389 US Fund Foreign Large
Growth
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -13.45 16.68 8.55 9.97 20.56
2021 -1.72 6.81 -1.36 6.92 10.72
2022 -13.07 — — — -13.07
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -2.07 9.23 9.57 10.09 7.28
Std 03-31-2022 -2.07 — 9.57 10.09 7.28
Total Return -2.07 9.23 9.57 10.09 7.28
+/- Std Index -0.59 1.71 2.81 4.53 —
+/- Cat Index 4.09 0.11 0.97 3.39 —
% Rank Cat 26 58 36 5
No. in Cat 454 389 339 224
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-225-2606 or visit
http://www.mfs.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.60
12b1 Expense % NA
Net Expense Ratio % 0.62
Gross Expense Ratio % 0.62
Risk and Return Profile
3 Yr 5 Yr 10 Yr
389 funds 339 funds 224 funds
Morningstar RatingTM 3Q 4Q 5Q
Morningstar Risk Low Low Low
Morningstar Return Avg Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 14.16 12.83 11.75
Mean 9.23 9.57 10.09
Sharpe Ratio 0.65 0.69 0.83
MPT Statistics Standard Index Best Fit Index
MSCI World Ex USA
SMID Growth NR
USD
Alpha 3.41 2.27
Beta 0.72 0.70
R-Squared 73.67 88.14
12-Month Yield —
Potential Cap Gains Exp 47.38%
4 4 4 7 7 7 7 7 7 7 7 7
95 94 95 95 97 96 94 91 92 87 96 96
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
MFS International Intrinsic
Value R6
27,974
Category Average
19,048
Standard Index
16,479
_ _ _ _ _ _ _ _ ( ( * _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
23.78 27.09 33.82 33.16 34.24 35.00 43.29 37.67 45.50 51.85 53.25 46.29 NAV/Price -1.81 16.13 27.80 1.61 6.85 4.31 27.25 -8.89 25.99 20.56 10.72 -13.07 Total Return %
11.90 -0.70 12.52 5.47 12.51 -0.19 0.06 5.30 4.48 9.91 2.89 -7.63 +/- Standard Index
12.40 -0.54 12.32 4.25 8.10 4.18 -4.76 5.53 -1.35 -1.64 5.62 -2.29 +/- Category Index — — — — — — — — 71 55 41 — % Rank Cat
— — — — — — — — 469 447 450 471 No. of Funds in Cat
Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 4.45 4.46 0.02
US Stocks 12.67 12.67 0.00
Non-US Stocks 82.89 82.89 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.02 0.02
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 24.9 1.80 1.19
P/C Ratio TTM 19.4 2.02 1.21
P/B Ratio TTM 3.5 1.95 1.04
Geo Avg Mkt Cap
$mil
36689 0.81 0.69
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 16.9 1.44
Greater Europe 59.3 1.35
Greater Asia 23.8 0.54
Share Chg
since
01-2022
Share
Amount
Holdings :
94 Total Stocks , 0 Total Fixed-Income,
7% Turnover Ratio
Net Assets
%
11 mil Nestle SA 5.27
9 mil Cadence Design Systems Inc 4.69
6 mil Schneider Electric SE 3.42
9 mil Taiwan Semiconductor Manufacturing 3.33
201,839 Givaudan SA 3.04
4 mil Pernod Ricard SA 2.90
15 mil Diageo PLC 2.63
2 mil L'Oreal SA 2.57
4 mil Franco-Nevada Corp 2.35
6 mil Legrand SA 2.19
2 mil Ansys Inc 2.13
7 mil Reckitt Benckiser Group PLC 2.10
9 mil Samsung Electronics Co Ltd 2.05
3 mil Analog Devices Inc 1.99
6 mil Henkel AG & Co KGaA Participating 1.78
Sector Weightings Stocks % Rel Std Index
h Cyclical 22.8 0.54
r Basic Materials 11.6 1.30
t Consumer Cyclical 5.1 0.50
y Financial Services 4.1 0.20
u Real Estate 2.0 0.79
j Sensitive 46.3 1.26
i Communication Services 0.0 0.00
o Energy 0.0 0.00
p Industrials 22.2 1.84
a Technology 24.1 1.93
k Defensive 30.8 1.47
s Consumer Defensive 26.4 3.20
d Healthcare 4.4 0.46
f Utilities 0.0 0.00
Operations
Family: MFS
Manager: Multiple
Tenure: 13.4 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: MINJX
ISIN: US5527463492
Minimum Initial Purchase: $0
Purchase Constraints: A/C
Incept: 05-01-2006
Type: MF
Total Assets: $26,871.27 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
37 MFS Mid Cap Growth R6
(USD)
Morningstar Analyst RatingTM
„
02-23-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell Mid Cap
Growth TR USD
US Fund Mid-Cap
Growth542 US Fund Mid-Cap Growth
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -16.05 26.14 11.39 15.13 35.80
2021 -2.40 7.99 2.28 5.91 14.17
2022 -15.56 — — — -15.56
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -1.23 14.96 16.65 — 15.17
Std 03-31-2022 -1.23 — 16.65 — 15.17
Total Return -1.23 14.96 16.65 14.45 15.17
+/- Std Index -16.87 -3.97 0.66 -0.19 —
+/- Cat Index -0.34 0.15 1.55 0.93 —
% Rank Cat 38 52 23 10
No. in Cat 592 542 503 386
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-225-2606 or visit
http://www.mfs.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.64
12b1 Expense % NA
Net Expense Ratio % 0.65
Gross Expense Ratio % 0.66
Risk and Return Profile
3 Yr 5 Yr 10 Yr
542 funds 503 funds
386 funds
Morningstar RatingTM 3Q 4Q 5W
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 19.67 17.71 14.70
Mean 14.96 16.65 14.45
Sharpe Ratio 0.78 0.90 0.96
MPT Statistics Standard Index Best Fit Index
Morningstar US Mid
Cap Brd Grt TR USD
Alpha -2.52 -0.38
Beta 0.97 0.93
R-Squared 77.00 94.35
12-Month Yield —
Potential Cap Gains Exp 45.70%
8 8 8 8 8 8 8 8 8 8 8 8
98 98 98 98 96 99 98 97 98 99 99 98
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
MFS Mid Cap Growth R6
41,285
Category Average
34,469
Standard Index
45,062
_ _ _ * & ( * & & * * _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History — — 14.14 14.38 14.64 14.56 16.98 16.49 22.56 30.39 33.54 28.32 NAV/Price -6.12 16.18 37.27 8.95 4.60 4.75 26.39 1.21 37.93 35.80 14.17 -15.56 Total Return % -8.23 0.18 4.88 -4.74 3.21 -7.21 4.56 5.60 6.44 17.40 -14.54 -10.96 +/- Standard Index -4.47 0.38 1.53 -2.95 4.80 -2.58 1.12 5.96 2.46 0.21 1.44 -2.98 +/- Category Index — — — 32 9 55 31 9 17 40 46 — % Rank Cat
— — — 749 733 644 617 605 618 604 588 618 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 2.14 2.14 0.00
US Stocks 87.40 87.40 0.00
Non-US Stocks 10.45 10.45 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 36.6 1.67 1.27
P/C Ratio TTM 25.1 1.46 1.07
P/B Ratio TTM 5.4 1.28 1.00
Geo Avg Mkt Cap
$mil
20222 0.09 1.17
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 92.2 0.93
Greater Europe 7.2 7.49
Greater Asia 0.5 11.15
Share Chg
since
01-2022
Share
Amount
Holdings :
97 Total Stocks , 0 Total Fixed-Income,
23% Turnover Ratio
Net Assets
%
T 3 mil PerkinElmer Inc 3.27
T 886,255 Monolithic Power Systems Inc 2.93
T 2 mil Cadence Design Systems Inc 2.65
T 716,123 MSCI Inc 2.59
T 1 mil Steris PLC 2.42
T 2 mil AMETEK Inc 2.12
T 2 mil Arthur J. Gallagher & Co 2.08
Y 960,549 Charles River Laboratories Interna 2.02
T 2 mil Entegris Inc 1.97
T 2 mil Verisk Analytics Inc 1.92
T 2 mil Bright Horizons Family Solutions I 1.86
T 1 mil Vulcan Materials Co 1.81
T 547,380 Pool Corp 1.81
T 1 mil Icon PLC 1.79
T 1 mil Extra Space Storage Inc 1.64
Sector Weightings Stocks % Rel Std Index
h Cyclical 32.4 1.08
r Basic Materials 2.5 1.07
t Consumer Cyclical 17.7 1.50
y Financial Services 8.6 0.65
u Real Estate 3.6 1.33
j Sensitive 47.3 1.01
i Communication Services 5.0 0.54
o Energy 0.0 0.00
p Industrials 14.9 1.82
a Technology 27.4 1.07
k Defensive 20.3 0.89
s Consumer Defensive 0.0 0.00
d Healthcare 20.3 1.48
f Utilities 0.0 0.00
Operations
Family: MFS
Manager: Multiple
Tenure: 13.4 Years
Objective: Growth
Base Currency: USD
Ticker: OTCKX
ISIN: US5529875545
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 01-02-2013
Type: MF
Total Assets: $14,723.36 mil
Release date 03-31-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
38 MFS Value R6 (USD)
Morningstar Analyst RatingTM
Œ
08-12-2021
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell 1000 Value
TR USD
US Fund Large Value
1,146 US Fund Large Value
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -23.74 14.33 5.96 12.60 4.03
2021 8.69 5.66 0.67 8.60 25.55
2022 -3.61 — — — -3.61
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 11.35 13.26 10.71 11.95 8.75
Std 03-31-2022 11.35 — 10.71 11.95 8.75
Total Return 11.35 13.26 10.71 11.95 8.75
+/- Std Index -4.30 -5.67 -5.28 -2.69 —
+/- Cat Index -0.32 0.23 0.42 0.25 —
% Rank Cat 72 54 53 30
No. in Cat 1215 1146 1047 770
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 02-28-22 1.49 1.48
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-225-2606 or visit
http://www.mfs.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.44
12b1 Expense % NA
Net Expense Ratio % 0.45
Gross Expense Ratio % 0.45
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,146 funds 1,047 funds 770 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 17.62 15.76 13.40
Mean 13.26 10.71 11.95
Sharpe Ratio 0.76 0.66 0.87
MPT Statistics Standard Index Best Fit Index
Morningstar US
Large Mid Brd Val
TR USD
Alpha -4.03 -0.65
Beta 0.95 0.94
R-Squared 91.70 97.98
12-Month Yield 1.57%
Potential Cap Gains Exp 51.24%
4 1 4 1 1 1 1 1 1 1 1 1
99 98 99 99 99 99 99 99 99 99 99 98
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
MFS Value R6
34,762
Category Average
30,899
Standard Index
45,062
* * & * & ( * ( & * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
22.35 25.35 33.20 34.94 32.79 36.05 40.56 35.30 44.41 44.82 54.33 52.14 NAV/Price -0.05 16.57 35.95 10.68 -0.42 14.25 17.86 -9.78 30.18 4.03 25.55 -3.61 Total Return % -2.16 0.57 3.57 -3.01 -1.81 2.29 -3.97 -5.39 -1.30 -14.37 -3.15 0.99 +/- Standard Index -0.44 -0.94 3.43 -2.77 3.40 -3.09 4.20 -1.51 3.64 1.23 0.39 -2.87 +/- Category Index 42 27 12 49 11 51 29 67 9 38 57 — % Rank Cat
1258 1208 1213 1290 1378 1268 1260 1244 1209 1200 1207 1254 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 1.66 1.66 0.00
US Stocks 90.41 90.41 0.00
Non-US Stocks 7.92 7.92 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 18.1 0.82 1.13
P/C Ratio TTM 15.3 0.89 1.17
P/B Ratio TTM 3.0 0.70 1.15
Geo Avg Mkt Cap
$mil
101740 0.46 0.91
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 92.6 0.94
Greater Europe 7.4 7.69
Greater Asia 0.0 0.00
Share Chg
since
01-2022
Share
Amount
Holdings :
74 Total Stocks , 0 Total Fixed-Income,
8% Turnover Ratio
Net Assets
%
Y 18 mil JPMorgan Chase & Co 3.94
Y 13 mil Johnson & Johnson 3.43
Y 6 mil Aon PLC Class A 2.71
Y 35 mil Comcast Corp Class A 2.55
Y 4 mil Northrop Grumman Corp 2.53
Y 5 mil Accenture PLC Class A 2.30
Y 9 mil Texas Instruments Inc 2.26
Y 7 mil Chubb Ltd 2.26
Y 7 mil Honeywell International Inc 2.15
Y 6 mil Cigna Corp 2.13
T 29 mil Pfizer Inc 2.12
Y 9 mil Marsh & McLennan Companies Inc 2.11
Y 13 mil Duke Energy Corp 2.05
Y 5 mil Union Pacific Corp 1.93
Y 12 mil Medtronic PLC 1.91
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.2 1.17
r Basic Materials 4.0 1.74
t Consumer Cyclical 2.7 0.23
y Financial Services 28.1 2.12
u Real Estate 0.5 0.17
j Sensitive 32.5 0.69
i Communication Services 3.3 0.35
o Energy 2.9 0.74
p Industrials 18.4 2.26
a Technology 8.0 0.31
k Defensive 32.3 1.41
s Consumer Defensive 6.9 1.06
d Healthcare 18.8 1.37
f Utilities 6.6 2.39
Operations
Family: MFS
Manager: Multiple
Tenure: 15.9 Years
Objective: Growth
Base Currency: USD
Ticker: MEIKX
ISIN: US55273H3536
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-01-2006
Type: MF
Total Assets: $65,176.91 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
39 Fund profile & characteristics
Fund Net Assets $11.1 Billion
Inception Date January 2, 1991
Credit Quality1 Aa3/AA-/AA
Effective Duration2 3.13
Market/Book Value Ratio 101.45%
# of Holdings over 4,000
# of Investment Managers 12
# of Synthetic & Separate Account GIC Issuers 7
# of Traditional GIC providers 8
Sector allocation
Agencies 0.49%
Asset-Backed 6.57%
Cash & Cash Equivalents 3.08%
Credits 29.24%
Maturing GICs 22.41%
Mortgage-Backed 24.66%
Municipals 0.79%
Other 0.00%
Treasuries 14.21%
Wrap Providers -1.45%
Structure
Tier 1 - Cash Buffer 4.1%
Tier 2 - Shorter Duration Focus 9.0%
Tier 3 - Laddered Maturity Focus 22.4%
Tier 4 - Total Return Focus 64.5%
Maturity allocation
0-1 Yrs 14.5%
1-2 Yrs 9.3%
2-3 Yrs 11.4%
3-4 Yrs 10.9%
4-5 Yrs 16.2%
5+ Yrs 37.7%
Portfolio management
Investment Adviser:
MissionSquare Investments
Portfolio Managers:
Karen Chong-Wulff, CFA, CAIA,Managing Vice President,
Managed Fund Since 2007
Oliver Meng, CFA, CAIA, FRM,Director, Senior Fund Manager, Managed Fund Since 2021
Wayne Wicker, CFA,Senior Vice President and Chief Investment Officer, Managed Fund Since 2004
Investment objective
The PLUS Fund‘s investment objective is to seek to offer a competitive level of income consistent with providing capital preservation and meeting liquidity needs.
Fund goals
Key goals are to seek to preserve capital, by limiting the risk of loss of principal and delivering stable returns, and to meet the liquidity needs of those who invest in the PLUS Fund.
Investment strategy
MissionSquare Investments employs a structured, multi-product, multi- manager approach in managing the Fund. The Fund invests primarily in a diversified and tiered portfolio of stable value investment contracts and in fixed income securities, fixed income mutual funds, and fixed income commingled trust funds (“fixed income assets”) that back certain stable value investment contracts. In addition, the Fund invests in money market mutual funds, as well as cash and cash equivalents. The Fund’s portfolio may include different types of investments with a variety of negotiated terms and maturities and is diversified across sectors and issuers. The composition of the Fund’s portfolio and its allocations to various stable value investments and fixed income investment sectors, across the fund‘s multiple tiers, is determined based on prevailing economic and capital market conditions, relative value analysis, liquidity needs, and other factors. The Fund invests in stable value investment contracts to seek to achieve, over the long run, returns higher than those of money market funds and short-term bank rates and relatively stable returns compared to short-to-intermediate term fixed income funds. The Fund generally will not track shorter-term interest rates as closely as money market mutual funds, because of its longer maturity, potential adverse market changes, and provisions in stable value contracts held by the Fund. In addition, while the Fund’s returns are generally expected to follow interest rate trends over time, they typically will do so on a lagged basis.
Issuers
Traditional GIC (20.1%)
Metropolitan Life 4.5%
Minnesota Life 4.3%
Principal Life 3.2%
Metropolitan Tower Life 2.9%
Jackson National Life 1.7%
Prudential 1.5%
United of Omaha 1.1%
New York Life 1.0%
Synthetic GIC (57.0%)
Transamerica Life 16.1%
Pacific Life 13.7%
Prudential 13.2%
Metropolitan Tower Life 8.1%
Principal Life 6.0%
Separate Account GIC (18.7%)
New York Life 9.5%
Massachusetts Mutual Life 6.9%
Lincoln National Life 2.3%
Performance as of 12/31/2021
PerformanceCredit
Rating 3
Total
estimated
expensesShare Class/CUSIP YTD 1 Year 3 Year 5 Year 10 Year PLUS Fund (Gross) / – 2.15% 2.20% 2.20% 2.50% 2.50% 2.52% 0.22% Morningstar US CIT Stable Value Peer
Percentile4 — — 7% 7% 7% 1% —
Morningstar US CIT Stable Value Number
of Funds
4 — — 16 16 16 15 —
R105/ 92208J709 1.85% 1.89% 1.89% 2.19% 2.19% 2.20% 0.53% R95/ 92208J600 1.79% 1.84% 1.84% 2.14% 2.14% 2.15% 0.58% R85/ 92208J501 1.74% 1.79% 1.79% 2.09% 2.09% 2.10% 0.63% R75/ 92208J402 1.68% 1.74% 1.74% 2.04% 2.04% 2.05% 0.68% R5/ 92208J303 1.59% 1.64% 1.64% 1.93% 1.94% 1.95% 0.78% R3/ 92208J204 1.30% 1.35% 1.35% 1.64% 1.64% 1.65% 1.07% R1/ 92208J105 1.02% 1.08% 1.08% 1.38% 1.38% 1.39% 1.33% ICE BofA US 3 Month Treasury Bill Index — 0.05% 0.05% 0.99% 1.14% 0.63% — Morningstar US CIT Stable Value Index6,7 — 1.74% 1.74% 2.16% 2.14% 2.00% — Standard Deviation (Gross) — — 0.02 0.07 0.06 0.07 —
PLUS Fund Gross total fee is 0.22% of assets. The fees included in the gross return consist of: (i) third-party manager fees of 0.08% of assets; (ii) third-party wrap provider fees of 0.12% of assets; (iii) third-party custody fees of 0.01% of assets; and (iv) third-party acquired fund fees of 0.01% of assets. The gross return is reported in a manner consistent with stable value industry reporting practices. Fees are subject to change due to fixed income manager, wrap, allocation, or other changes. Periods greater than one year represent annualized performance and past performance, as shown, is no guarantee of future results. Current performance may be lower or higher than the performance shown. For current performance, contact MissionSquare Retirement by calling 800- 669-7400 or by visiting www.icmarc.org if you are a plan administration client, or www.vantagepointfunds.org for institutions. * The PLUS Fund includes additional share classes that are made available to clients based on asset size. For additional information, please contact the MissionSquare Investment Only team by calling us at 833-747-5601 or emailing us at [email protected].
When Funds are marketed to institutional clients, the Funds are offered by MissionSquare Investment Services, an SEC registered broker-dealer and FINRA member firm. MissionSquare Investment Services is a wholly-owned subsidiary of MissionSquare Retirement and is an affiliate of VantageTrust Company, LLC and MissionSquare Investments.
Fact sheetInstitutional only December 2021
MissionSquare PLUS Fund
40 Fund information
The Fund is an investment option of VantageTrust, a group trust established and maintained by VantageTrust Company, LLC, a wholly owned subsidiary of MissionSquare Retirement. VantageTrust provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust, and is only available for investment by such eligible trusts and plans. The Fund is not a mutual fund. Its units are not deposits of VantageTrust Company and are not insured by the Federal Deposit Insurance Corporation or any other agency. The Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under the Investment Company Act of 1940. For additional information regarding the Fund, including a description of the principal risks, please consult the Funds Disclosure Memorandum, which is available when plan administration clients log in at www.icmarc.org, at www.vantagepointfunds.org for institutions, or upon request by calling 800-669-7400.
Before investing in the Fund you should carefully consider your investment goals, tolerance for risk, investment time horizon, and personal circumstances. There is no guarantee that the Fund will meet its investment objective and you can lose money.
Investment risks
Stable Value Risk, Interest Rate Risk, Credit Risk, Stable Value Issuer Risk, Liquidity Risk, Reinvestment Risk, Call Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, Securities Lending Risk, Derivative Instruments Risk, Large Investor Risk.
Restrictions related to employer withdrawals
In the event an Employer initiates withdrawal of all or part of its Plan’s assets from the PLUS Fund, the payout of such assets may be deferred for a period of up to twelve months. In the case of a total withdrawal, participant transfers of PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this twelve-month period.
Transfer restrictions
Direct transfers from the PLUS Fund to competing funds are restricted. Competing funds include, but are not limited to, the following types of investment options: (1) cash management funds, money market mutual funds, bank collective short-term investment funds, bank accounts or certificates of deposit, stable value funds or substantially similar investment options that offer guarantees of principal or income, such as guaranteed annuity contracts or similar arrangements with financial institutions; (2) short-term bond funds that invest in fixed income securities and seek to maintain or have an average portfolio duration of less than two years; and (3) any investment option that invests 80% or more of its assets in (i) fixed income securities or funds with a duration of less than two years, or (ii) instruments that seek to provide capital preservation such as stable value funds, bank certificates of deposit or bank accounts, and cash or cash equivalents.
To transfer money from the PLUS Fund to a competing fund, you must first transfer the amount to a non-competing fund for a period of at least 90 days. For example, if you want to transfer money from the PLUS Fund to a money market fund, you will first need to transfer the money to a non-competing fund and then, 90 days later or any time thereafter, transfer that amount of money to the money market fund.
Contact information
Investment Only Investment Consultant Relations
Andrew Whiting
202-731-2143
[email protected]
Rick Donley
800-708-2416
[email protected]
1. Credit Quality is calculated by MissionSquare Investments (MSQI) and is only one factor that may be considered in assessing the risks of a fixed income portfolio, and it does not provide a complete picture of the credit risks or the dispersion of those risks within a portfolio. MSQI calculates the average based on the Moody‘s, S&P , Fitch (M/S&P/F) or a combination of the three credit ratings of the underlying securities or wrap providers. Moody’s, S&P , and Fitch are Nationally Recognized Statistical Rating Organizationsand are not affiliated with MSQI.
2. Effective duration measures the interest rate sensitivity of the underlying portfolio. For the portion of the Fund invested in Maturing GICs, effective duration is not applicable and a duration of zero is assigned since their current values are not impacted by interest rate changes. If a duration based on weighted average maturity or cash flows is assigned to the Maturing GICs, the Fund‘s overall December 31, 2021 duration would be 3.79.
3. Annualized crediting rate for the last day of the month.
4. The Morningstar US CIT Stable Value universe represents the majority of the U.S. collective investment trust stable-value fund pooled universe and was named the Hueler Analytics Stable Value Pooled Fund Comparative Universe prior to January 31, 2021. The percentile ranks shown are derived by MissionSquare Investments (MSQI) using gross returns from Morningstar. MSQI does not independently verify Morningstar data. Gross returns do not include plan administration fees, advisor expenses, or other stable value fund costs. Actual performance experienced by participants would be commensurately lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a universe will always receive a rank of 1. Past performance is no guarantee of future results.
5. Performance information for this class prior to its inception date is the performance of the Fund adjusted to reflect the estimated fees and expenses of this class.
6. The Morningstar US CIT Stable Value Index measures the performance of approximately 75% of the U.S. collective investment trust stable-value fund pooled universe and is the stable value industry benchmark used by many institutional investors, consultants, advisers, and plan sponsors for monitoring stable value pooled funds.
7. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2021 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.
When Funds are marketed to institutional clients, the Funds are offered by MissionSquare Investment Services, an SEC registered broker-dealer and FINRA member firm. MissionSquare Investment Services is a wholly-owned subsidiary of MissionSquare Retirement and is an affiliate of VantageTrust Company, LLC and MissionSquare Investments.
Fact sheet | MissionSquar e PLUS Fund FACT SHEET December 2021Institutional only MissionSquare Investments 777 N. Capitol Street, NE, Washington, DC 20002-4240 www.vantagepointfunds.org FS7071-0000-1221
41 Sterling Capital Total Return
Bond R6 (USD)
Morningstar Quantitative
RatingTM
‰Q
02-28-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ Bloomberg US
Agg Bond TR USD
Bloomberg US Agg
Bond TR USD
US Fund Intermediate
Core Bond391 US Fund Intermediate
Core Bond
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 0.73 5.10 1.59 1.67 9.35
2021 -3.00 2.16 0.04 -0.26 -1.12
2022 -6.15 — — — -6.15
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -4.34 2.44 — — 2.73
Std 03-31-2022 -4.34 — — — 2.73
Total Return -4.34 2.44 2.72 2.84 2.73
+/- Std Index -0.18 0.75 0.57 0.60 —
+/- Cat Index -0.18 0.75 0.57 0.60 —
% Rank Cat 50 9 7 10
No. in Cat 431 391 356 256
Subsidized Unsubsidized
7-day Yield 04-07-22 2.50 1 —
30-day SEC Yield 03-31-22 2.36 1 2.28
1. Contractual waiver; Expires 01-31-2022
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-228-1872 or visit
www.sterlingcapitalfunds.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.25
12b1 Expense % 0.00
Net Expense Ratio % 0.35
Gross Expense Ratio % 0.45
Risk and Return Profile
3 Yr 5 Yr 10 Yr
391 funds
356 funds 256 funds
Morningstar RatingTM 5Q 5W 4W
Morningstar Risk +Avg +Avg Avg
Morningstar Return High High High
3 Yr 5 Yr 10 Yr
Standard Deviation 4.62 3.90 3.38
Mean 2.44 2.72 2.84
Sharpe Ratio 0.41 0.43 0.67
MPT Statistics Standard Index Best Fit Index
Bloomberg US
Universal TR USD
Alpha 0.69 0.47
Beta 1.07 1.10
R-Squared 85.65 96.83
12-Month Yield 2.52%
Potential Cap Gains Exp 2.91%
5 5 5 5 5 5 5 5 5 5 5 5
94 97 96 97 97 95 97 98 96 96 97 98
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Sterling Capital Total Return
Bond R6
14,322
Category Average
13,437
Standard Index
13,499
_ _ _ _ _ _ _ _ & & & _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History — — — — — — — 10.22 10.82 11.35 10.87 10.14 NAV/Price
6.73 6.14 -0.97 5.99 0.54 3.75 4.33 -0.27 9.37 9.35 -1.12 -6.15 Total Return % -1.11 1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.21 +/- Standard Index -1.11 1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.21 +/- Category Index — — — — — — — — 17 10 23 — % Rank Cat
— — — — — — — — 430 415 423 450 No. of Funds in Cat
Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 0.56 0.56 0.00
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 97.62 97.62 0.00
Other/Not Clsfd 1.82 1.82 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM — — —
P/C Ratio TTM — — —
P/B Ratio TTM — — —
Geo Avg Mkt Cap
$mil
— — —
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.67
Avg Eff Duration 6.10
Avg Wtd Coupon 2.91
Avg Wtd Price 101.03
Credit Quality Breakdown 03-31-2022 Bond %
AAA 55.79
AA 10.81
A 14.48
BBB 18.85
BB 0.05
B 0.00
Below B 0.02
NR 0.00
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
01-2022
Share
Amount
Holdings :
0 Total Stocks , 427 Total Fixed-Income,
49% Turnover Ratio
Net Assets
%
T 45 mil United States Treasury Bonds 2.5% 3.32
21 mil ONEMAIN FINANCIAL ISSUANCE TRUST 1 1.42
20 mil FORD CREDIT AUTO OWNER TRUST 1.06% 1.37
17 mil AMERICREDIT AUTOMOBILE RECEIVABLES 1.16
16 mil ONEMAIN DIRECT AUTO RECEIVABLES TR 1.11
16 mil HERTZ VEHICLE FINANCING III LLC 1. 1.08
Y 13 mil SANTANDER DRIVE AUTO RECEIVABLES T 0.96
Y 14 mil Federal National Mortgage Associat 0.92
Y 13 mil Federal Home Loan Mortgage Corpora 0.89
Y 12 mil Federal National Mortgage Associat 0.85
12 mil Capital One Multi Asset Execution 0.85
12 mil WELLS FARGO COMMERCIAL MORTGAGE TR 0.81
Y 11 mil Federal Home Loan Mortgage Corpora 0.81
10 mil Morgan Stanley Cap I Tst 2018-H3 4 0.76
Y 10 mil Fnma Pass-Thru I 2.5% 0.73
Sector Weightings Stocks % Rel Std Index
h Cyclical — —
r Basic Materials — —
t Consumer Cyclical — —
y Financial Services — —
u Real Estate — —
j Sensitive — —
i Communication Services — —
o Energy — —
p Industrials — —
a Technology — —
k Defensive — —
s Consumer Defensive — —
d Healthcare — —
f Utilities — —
Operations
Family: Sterling Capital Funds
Manager: Multiple
Tenure: 14.3 Years
Objective: Growth and Income
Base Currency: USD
Ticker: STRDX
ISIN: US85918D6242
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 02-01-2018
Type: MF
Total Assets: $1,280.22 mil
Release date 03-31-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
42 Vanguard International
Growth Adm (USD)
Morningstar Analyst RatingTM
„
07-07-2021
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ MSCI ACWI Ex
USA NR USD
MSCI ACWI Ex
USA Growth NR
USD
US Fund Foreign Large
Growth389 US Fund Foreign Large
Growth
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -15.52 33.01 16.27 22.26 59.74
2021 -1.03 7.49 -4.05 -2.76 -0.74
2022 -16.45 — — — -16.45
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -16.21 14.87 14.11 10.48 8.38
Std 03-31-2022 -16.21 — 14.11 10.48 8.38
Total Return -16.21 14.87 14.11 10.48 8.38
+/- Std Index -14.73 7.36 7.35 4.92 —
+/- Cat Index -10.05 5.75 5.51 3.78 —
% Rank Cat 89 6 2 3
No. in Cat 454 389 339 224
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.31
12b1 Expense % NA
Net Expense Ratio % 0.32
Gross Expense Ratio % 0.32
Risk and Return Profile
3 Yr 5 Yr 10 Yr
389 funds 339 funds 224 funds
Morningstar RatingTM 5Q 5Q 5Q
Morningstar Risk High High High
Morningstar Return High High High
3 Yr 5 Yr 10 Yr
Standard Deviation 21.28 18.89 16.64
Mean 14.87 14.11 10.48
Sharpe Ratio 0.73 0.74 0.65
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
Growth NR USD
Alpha 6.75 3.79
Beta 1.09 1.25
R-Squared 74.46 86.93
12-Month Yield —
Potential Cap Gains Exp 57.64%
7 7 7 7 7 7 7 7 7 7 7 0
93 95 96 96 95 93 96 95 97 98 98 —
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard International
Growth Adm
26,678
Category Average
19,048
Standard Index
16,479
_ & & ( ( & & * & & ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
51.99 61.28 74.22 68.47 67.06 67.33 95.58 79.22 102.79 160.29 139.30 116.38 NAV/Price -13.58 20.18 23.12 -5.51 -0.54 1.84 43.16 -12.58 31.48 59.74 -0.74 -16.45 Total Return %
0.13 3.35 7.83 -1.64 5.12 -2.65 15.97 1.61 9.97 49.09 -8.57 -11.01 +/- Standard Index
0.63 3.51 7.63 -2.86 0.71 1.72 11.15 1.84 4.14 37.54 -5.84 -5.68 +/- Category Index — 24 15 65 67 12 6 31 22 4 89 — % Rank Cat
— 250 278 341 361 363 399 439 469 447 450 471 No. of Funds in Cat Portfolio Analysis 12-31-2021
Asset Allocation % Net % Long % Short %
Cash 1.41 1.77 0.35
US Stocks 13.52 13.52 0.00
Non-US Stocks 84.50 84.50 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.56 0.56 0.00
Total 100.00 100.35 0.35
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 25.0 1.81 1.20
P/C Ratio TTM 14.4 1.50 0.89
P/B Ratio TTM 4.3 2.41 1.29
Geo Avg Mkt Cap
$mil
86566 1.91 1.62
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 20.0 1.71
Greater Europe 50.4 1.15
Greater Asia 29.7 0.67
Share Chg
since
09-2021
Share
Amount
Holdings :
117 Total Stocks , 0 Total Fixed-Income,
25% Turnover Ratio
Net Assets
%
Y 5 mil ASML Holding NV 6.29
T 2 mil MercadoLibre Inc 4.25
Y 45 mil Tencent Holdings Ltd 4.05
T 10 mil Moderna Inc 3.84
Y 898,378 Adyen NV 3.60
Y 3 mil Kering SA 3.42
Y 2 mil Tesla Inc 3.27
Y 96 mil Taiwan Semiconductor Manufacturing 3.24
Y 7 mil Spotify Technology SA 2.37
4 mil Illumina Inc 2.26
49 mil Meituan Class B 2.17
T 94 mil Alibaba Group Holding Ltd Ordinary 2.11
Y 11 mil Nidec Corp 2.04
Y 3 mil L'Oreal SA 1.83
Y 23 mil M3 Inc 1.78
Sector Weightings Stocks % Rel Std Index
h Cyclical 38.3 0.91
r Basic Materials 0.6 0.07
t Consumer Cyclical 28.9 2.78
y Financial Services 8.8 0.43
u Real Estate 0.0 0.00
j Sensitive 37.5 1.02
i Communication Services 7.1 1.06
o Energy 1.6 0.30
p Industrials 10.7 0.89
a Technology 18.0 1.45
k Defensive 24.2 1.15
s Consumer Defensive 6.4 0.78
d Healthcare 16.9 1.75
f Utilities 0.9 0.29
Operations
Family: Vanguard
Manager: Multiple
Tenure: 19.2 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: VWILX
ISIN: US9219105015
Minimum Initial Purchase: $50,000
Purchase Constraints: —
Incept: 08-13-2001
Type: MF
Total Assets: $53,558.55 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
43 Vanguard Target Retirement
2020 Fund (USD)
Morningstar Analyst RatingTM
„
02-24-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2020
TR USD
US Fund Target-Date
2020159 US Fund Target-Date
2020
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -10.76 11.40 4.48 7.86 12.04
2021 1.28 4.20 -0.41 2.91 8.17
2022 -5.06 — — — -5.06
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 1.39 7.87 7.27 7.31 6.47
Std 03-31-2022 1.39 — 7.27 7.31 6.47
Total Return 1.39 7.87 7.27 7.31 6.47
+/- Std Index -0.87 -1.01 -0.75 -0.05 —
+/- Cat Index -1.30 -0.39 -0.22 0.42 —
% Rank Cat 50 47 39 29
No. in Cat 174 159 127 64
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-06-22 2.02 2.00
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
159 funds 127 funds 64 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 9.18 8.12 7.32
Mean 7.87 7.27 7.31
Sharpe Ratio 0.80 0.77 0.92
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2030
TR USD
Alpha 0.36 0.42
Beta 0.83 0.75
R-Squared 98.39 98.85
12-Month Yield 2.27%
Potential Cap Gains Exp 43.35%
4 4 4 4 4 4 4 4 4 5 4 4
33 33 36 38 40 42 43 47 48 50 50 48
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Vanguard Target Retirement
2020 Fund
22,027
Category Average
19,255
Standard Index
22,075
* * & & & * & * * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
21.69 23.83 27.11 28.46 27.15 28.26 31.38 28.63 32.53 34.29 31.02 29.45 NAV/Price
0.60 12.35 15.85 7.11 -0.68 6.95 14.08 -4.24 17.63 12.04 8.17 -5.06 Total Return %
0.01 0.31 1.54 2.22 1.11 -1.62 -0.58 0.52 -1.39 -0.78 -2.02 0.13 +/- Standard Index -1.14 -0.18 2.87 1.24 1.20 -0.71 1.29 -0.08 -0.10 -1.28 -0.87 0.61 +/- Category Index 32 36 18 1 23 29 17 42 28 46 68 — % Rank Cat
205 208 222 228 237 221 234 250 233 178 171 178 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 3.38 12.91 9.53
US Stocks 26.13 26.13 0.00
Non-US Stocks 17.31 17.31 0.00
Bonds 52.72 52.77 0.05
Other/Not Clsfd 0.46 0.46 0.00
Total 100.00 109.58 9.58
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.8 1.02 0.97
P/C Ratio TTM 12.5 1.01 0.95
P/B Ratio TTM 2.5 1.05 0.94
Geo Avg Mkt Cap
$mil
69187 1.50 0.95
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.90
Avg Eff Duration 6.47
Avg Wtd Coupon 1.90
Avg Wtd Price 104.45
Credit Quality Breakdown 01-31-2022 Bond %
AAA 63.27
AA 8.31
A 14.27
BBB 13.52
BB 0.00
B 0.00
Below B 0.35
NR 0.27
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.02
Greater Europe 17.8 0.99
Greater Asia 18.2 0.94
Share Chg
since
01-2022
Share
Amount
Holdings :
10,544 Total Stocks , 18,421 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
T 1,457 mil Vanguard Total Bond Market II Idx 30.60
R 67 mil Vanguard Total Stock Mkt Idx Instl 26.49
T 464 mil Vanguard Total Intl Stock Index Inv 17.63
R 241 mil Vanguard Total Intl Bd II Idx Insl 13.57
R 203 mil Vanguard Shrt-Term Infl-Prot Sec I 10.36
Y 0 Vanguard Shrt-Term Infl-Prot Sec I 0.00
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.0 0.93
r Basic Materials 4.8 0.85
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.3 1.12
i Communication Services 8.1 1.35
o Energy 4.0 0.83
p Industrials 10.6 0.94
a Technology 20.5 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.95
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTWNX
ISIN: US92202E8057
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $49,857.72 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
44 Vanguard Target Retirement
2025 Fund (USD)
Morningstar Analyst RatingTM
„
02-24-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2025
TR USD
US Fund Target-Date
2025202 US Fund Target-Date
2025
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -12.95 13.20 5.17 9.33 13.30
2021 1.86 4.79 -0.65 3.55 9.80
2022 -5.51 — — — -5.51
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 1.86 8.92 8.14 8.04 7.04
Std 03-31-2022 1.86 — 8.14 8.04 7.04
Total Return 1.86 8.92 8.14 8.04 7.04
+/- Std Index -0.39 0.04 0.12 0.68 —
+/- Cat Index -1.05 0.07 0.07 0.43 —
% Rank Cat 42 38 32 19
No. in Cat 226 202 168 88
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-07-22 1.86 1.82
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
202 funds 168 funds 88 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 10.84 9.56 8.46
Mean 8.92 8.14 8.04
Sharpe Ratio 0.78 0.75 0.88
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2030
TR USD
Alpha 0.21 0.30
Beta 0.98 0.88
R-Squared 99.01 99.16
12-Month Yield 1.99%
Potential Cap Gains Exp 46.16%
4 4 4 4 4 4 4 4 4 4 4 4
68 70 69 67 66 64 62 61 60 60 54 50
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2025 Fund
23,552
Category Average
20,984
Standard Index
22,075
& * & & & & & * & * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
12.27 13.59 15.75 16.53 15.62 16.35 18.50 17.01 19.84 21.54 20.34 19.22 NAV/Price -0.37 13.29 18.14 7.17 -0.85 7.48 15.94 -5.15 19.63 13.30 9.80 -5.51 Total Return % -0.96 1.25 3.83 2.28 0.94 -1.09 1.28 -0.39 0.60 0.47 -0.39 -0.32 +/- Standard Index -0.61 -0.37 1.87 1.13 1.21 -0.91 1.40 -0.25 0.26 -0.37 -0.30 0.42 +/- Category Index 16 43 24 4 24 23 21 42 22 40 57 — % Rank Cat
145 154 181 185 206 195 208 226 232 214 220 231 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 2.74 11.35 8.61
US Stocks 32.89 32.89 0.00
Non-US Stocks 21.94 21.94 0.00
Bonds 42.02 42.07 0.05
Other/Not Clsfd 0.42 0.42 0.00
Total 100.00 108.66 8.66
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.7 1.02 0.96
P/C Ratio TTM 12.5 1.00 0.93
P/B Ratio TTM 2.5 1.05 0.92
Geo Avg Mkt Cap
$mil
69020 1.50 0.89
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.65
Avg Eff Duration 7.01
Avg Wtd Coupon 2.12
Avg Wtd Price 104.15
Credit Quality Breakdown 01-31-2022 Bond %
AAA 58.09
AA 9.47
A 16.29
BBB 15.45
BB 0.00
B 0.00
Below B 0.40
NR 0.29
Regional Exposure Stocks % Rel Std Index
Americas 63.8 1.02
Greater Europe 17.9 0.99
Greater Asia 18.3 0.94
Share Chg
since
01-2022
Share
Amount
Holdings :
10,736 Total Stocks , 18,330 Total Fixed-Income,
7% Turnover Ratio
Net Assets
%
R 142 mil Vanguard Total Stock Mkt Idx Instl 33.33
T 2,265 mil Vanguard Total Bond Market II Idx 28.00
T 999 mil Vanguard Total Intl Stock Index Inv 22.34
R 371 mil Vanguard Total Intl Bd II Idx Insl 12.34
R 93 mil Vanguard Shrt-Term Infl-Prot Sec I 2.79
Y 0 Vanguard Shrt-Term Infl-Prot Sec I 0.00
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.0 0.93
r Basic Materials 4.8 0.86
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.3 1.12
i Communication Services 8.1 1.35
o Energy 4.1 0.83
p Industrials 10.6 0.94
a Technology 20.5 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.95
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTVX
ISIN: US92202E4098
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $85,841.64 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
45 Vanguard Target Retirement
2030 Fund (USD)
Morningstar Analyst RatingTM
„
02-24-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2030
TR USD
US Fund Target-Date
2030201 US Fund Target-Date
2030
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -14.76 14.58 5.70 10.52 14.10
2021 2.49 5.25 -0.78 4.06 11.38
2022 -5.65 — — — -5.65
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 2.53 9.84 8.85 8.68 7.12
Std 03-31-2022 2.53 — 8.85 8.68 7.12
Total Return 2.53 9.84 8.85 8.68 7.12
+/- Std Index 0.28 0.96 0.84 1.33 —
+/- Cat Index -0.79 0.24 0.10 0.30 —
% Rank Cat 47 46 42 23
No. in Cat 227 201 168 93
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-07-22 1.82 1.79
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
201 funds 168 funds 93 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 12.10 10.68 9.41
Mean 9.84 8.85 8.68
Sharpe Ratio 0.78 0.75 0.87
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2035
TR USD
Alpha 0.23 0.64
Beta 1.09 0.86
R-Squared 99.21 99.22
12-Month Yield 1.95%
Potential Cap Gains Exp 50.16%
4 4 4 4 4 4 4 4 4 4 4 4
75 78 76 74 73 71 70 68 68 68 63 59
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2030 Fund
24,970
Category Average
22,256
Standard Index
22,075
& * & & * * * * * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
20.92 23.38 27.64 29.04 27.72 29.20 33.63 30.82 36.45 40.55 38.42 36.25 NAV/Price -1.27 14.24 20.49 7.17 -1.03 7.85 17.52 -5.86 21.07 14.10 11.38 -5.65 Total Return % -1.86 2.20 6.18 2.28 0.76 -0.72 2.87 -1.10 2.05 1.28 1.19 -0.46 +/- Standard Index -0.04 -0.43 0.85 1.16 1.27 -1.41 0.93 -0.03 -0.17 0.41 -0.31 0.34 +/- Category Index 22 38 25 5 31 32 34 37 32 38 61 — % Rank Cat
205 208 222 228 237 221 234 239 241 224 221 232 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 2.53 9.95 7.42
US Stocks 37.90 37.90 0.00
Non-US Stocks 25.16 25.16 0.00
Bonds 34.05 34.09 0.04
Other/Not Clsfd 0.36 0.36 0.00
Total 100.00 107.46 7.46
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.8 1.02 0.95
P/C Ratio TTM 12.5 1.01 0.93
P/B Ratio TTM 2.5 1.05 0.91
Geo Avg Mkt Cap
$mil
69135 1.50 0.87
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 9.04
Avg Eff Duration 7.30
Avg Wtd Coupon 2.23
Avg Wtd Price 104.00
Credit Quality Breakdown 01-31-2022 Bond %
AAA 55.31
AA 10.10
A 17.38
BBB 16.48
BB 0.00
B 0.00
Below B 0.43
NR 0.31
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.8 0.99
Greater Asia 18.2 0.94
Share Chg
since
01-2022
Share
Amount
Holdings :
10,833 Total Stocks , 18,138 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
R 166 mil Vanguard Total Stock Mkt Idx Instl 38.40
T 1,159 mil Vanguard Total Intl Stock Index Inv 25.62
T 1,977 mil Vanguard Total Bond Market II Idx 24.17
R 324 mil Vanguard Total Intl Bd II Idx Insl 10.63
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.0 0.93
r Basic Materials 4.8 0.85
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.3 1.12
i Communication Services 8.1 1.35
o Energy 4.0 0.83
p Industrials 10.6 0.94
a Technology 20.5 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.95
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTHRX
ISIN: US92202E8883
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $87,567.40 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
46 Vanguard Target Retirement
2035 Fund (USD)
Morningstar Analyst RatingTM
„
02-24-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2035
TR USD
US Fund Target-Date
2035199 US Fund Target-Date
2035
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -16.52 15.90 6.29 11.62 14.79
2021 3.17 5.65 -0.87 4.55 12.96
2022 -5.66 — — — -5.66
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 3.29 10.77 9.57 9.31 7.84
Std 03-31-2022 3.29 — 9.57 9.31 7.84
Total Return 3.29 10.77 9.57 9.31 7.84
+/- Std Index 1.03 1.89 1.56 1.96 —
+/- Cat Index -0.60 0.35 0.13 0.29 —
% Rank Cat 44 50 48 28
No. in Cat 219 199 165 85
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-06-22 1.86 1.85
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
199 funds 165 funds 85 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 13.35 11.79 10.37
Mean 10.77 9.57 9.31
Sharpe Ratio 0.78 0.74 0.85
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2035
TR USD
Alpha 0.28 0.73
Beta 1.21 0.95
R-Squared 99.15 99.28
12-Month Yield 2.10%
Potential Cap Gains Exp 55.22%
4 4 4 4 4 4 4 4 4 4 4 4
82 85 83 81 81 79 77 75 75 75 70 66
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2035 Fund
26,423
Category Average
24,239
Standard Index
22,075
& * & & * * * * * * ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
12.51 14.09 16.98 17.84 16.84 17.74 20.69 18.82 22.52 25.22 23.84 22.49 NAV/Price -2.24 15.16 22.82 7.24 -1.26 8.26 19.12 -6.58 22.44 14.79 12.96 -5.66 Total Return % -2.83 3.12 8.52 2.35 0.53 -0.31 4.46 -1.82 3.41 1.97 2.77 -0.47 +/- Standard Index
0.04 -0.20 0.79 1.44 1.32 -1.80 0.60 0.24 -0.60 1.41 -0.67 0.16 +/- Category Index 19 40 23 10 37 32 35 32 42 43 79 — % Rank Cat
139 154 181 185 205 195 208 221 229 207 213 224 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 2.58 8.48 5.91
US Stocks 42.25 42.25 0.00
Non-US Stocks 28.13 28.13 0.00
Bonds 26.75 26.78 0.03
Other/Not Clsfd 0.29 0.29 0.00
Total 100.00 105.94 5.94
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.7 1.02 0.97
P/C Ratio TTM 12.5 1.00 0.95
P/B Ratio TTM 2.5 1.05 0.93
Geo Avg Mkt Cap
$mil
69058 1.50 0.90
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 9.04
Avg Eff Duration 7.30
Avg Wtd Coupon 2.23
Avg Wtd Price 104.01
Credit Quality Breakdown 01-31-2022 Bond %
AAA 55.20
AA 10.15
A 17.42
BBB 16.49
BB 0.00
B 0.00
Below B 0.43
NR 0.31
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.9 0.99
Greater Asia 18.3 0.94
Share Chg
since
01-2022
Share
Amount
Holdings :
10,925 Total Stocks , 17,748 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
R 178 mil Vanguard Total Stock Mkt Idx Instl 42.81
T 1,250 mil Vanguard Total Intl Stock Index Inv 28.65
T 1,493 mil Vanguard Total Bond Market II Idx 18.92
R 247 mil Vanguard Total Intl Bd II Idx Insl 8.42
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.0 0.93
r Basic Materials 4.8 0.85
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.3 1.12
i Communication Services 8.1 1.35
o Energy 4.1 0.83
p Industrials 10.6 0.94
a Technology 20.5 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.95
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTHX
ISIN: US92202E5087
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $84,990.12 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
47 Vanguard Target Retirement
2040 Fund (USD)
Morningstar Analyst RatingTM
„
02-24-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2040
TR USD
US Fund Target-Date
2040201 US Fund Target-Date
2040
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -18.25 17.29 6.80 12.76 15.47
2021 3.82 6.11 -0.98 5.02 14.56
2022 -5.66 — — — -5.66
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 4.10 11.68 10.28 9.85 7.78
Std 03-31-2022 4.10 — 10.28 9.85 7.78
Total Return 4.10 11.68 10.28 9.85 7.78
+/- Std Index 1.84 2.80 2.26 2.50 —
+/- Cat Index -0.37 0.55 0.30 0.43 —
% Rank Cat 47 50 41 28
No. in Cat 221 201 168 93
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-07-22 1.90 1.90
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
201 funds 168 funds 93 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 14.60 12.90 11.27
Mean 11.68 10.28 9.85
Sharpe Ratio 0.78 0.74 0.84
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Agg Tgt Alloc
NR USD
Alpha 0.33 -1.12
Beta 1.32 1.05
R-Squared 98.96 99.34
12-Month Yield 2.12%
Potential Cap Gains Exp 23.59%
4 4 4 4 4 4 4 4 4 4 4 4
84 89 89 88 88 86 84 83 82 83 76 74
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2040 Fund
27,769
Category Average
24,827
Standard Index
22,075
& * & & * * & * * * ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
20.50 23.18 28.32 29.76 28.45 30.21 35.77 32.31 39.13 44.27 42.03 39.65 NAV/Price -2.55 15.56 24.37 7.15 -1.59 8.73 20.71 -7.32 23.86 15.47 14.56 -5.66 Total Return % -3.14 3.52 10.07 2.26 0.21 0.16 6.05 -2.57 4.83 2.65 4.37 -0.47 +/- Standard Index
0.30 -0.15 1.32 1.63 1.25 -1.88 0.84 0.33 -0.49 2.38 -0.80 -0.06 +/- Category Index 19 31 15 12 43 27 25 37 43 40 81 — % Rank Cat
202 204 218 227 237 221 234 239 241 218 215 227 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 2.66 7.01 4.35
US Stocks 46.55 46.55 0.00
Non-US Stocks 31.02 31.02 0.00
Bonds 19.55 19.58 0.02
Other/Not Clsfd 0.22 0.22 0.00
Total 100.00 104.38 4.38
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.7 1.02 0.97
P/C Ratio TTM 12.5 1.00 0.94
P/B Ratio TTM 2.5 1.05 0.93
Geo Avg Mkt Cap
$mil
69037 1.50 0.92
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 9.04
Avg Eff Duration 7.30
Avg Wtd Coupon 2.23
Avg Wtd Price —
Credit Quality Breakdown 01-31-2022 Bond %
AAA 55.24
AA 10.13
A 17.40
BBB 16.48
BB 0.00
B 0.00
Below B 0.43
NR 0.31
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.9 0.99
Greater Asia 18.3 0.94
Share Chg
since
01-2022
Share
Amount
Holdings :
10,989 Total Stocks , 17,179 Total Fixed-Income,
7% Turnover Ratio
Net Assets
%
R 169 mil Vanguard Total Stock Mkt Idx Instl 47.17
T 1,187 mil Vanguard Total Intl Stock Index Inv 31.60
T 941 mil Vanguard Total Bond Market II Idx 13.85
R 155 mil Vanguard Total Intl Bd II Idx Insl 6.14
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.0 0.93
r Basic Materials 4.8 0.85
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.3 1.12
i Communication Services 8.1 1.35
o Energy 4.1 0.83
p Industrials 10.6 0.94
a Technology 20.5 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.95
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFORX
ISIN: US92202E8701
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $73,507.97 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
48 Vanguard Target Retirement
2045 Fund (USD)
Morningstar Analyst RatingTM
„
02-24-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2045
TR USD
US Fund Target-Date
2045199 US Fund Target-Date
2045
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.88 18.70 7.36 13.90 16.30
2021 4.47 6.55 -1.08 5.49 16.16
2022 -5.67 — — — -5.67
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 4.88 12.61 10.89 10.19 8.49
Std 03-31-2022 4.88 — 10.89 10.19 8.49
Total Return 4.88 12.61 10.89 10.19 8.49
+/- Std Index 2.62 3.73 2.87 2.84 —
+/- Cat Index 0.08 1.07 0.64 0.63 —
% Rank Cat 42 36 33 19
No. in Cat 219 199 165 84
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-07-22 1.93 1.93
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
199 funds 165 funds 84 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.84 13.92 11.87
Mean 12.61 10.89 10.19
Sharpe Ratio 0.79 0.73 0.83
MPT Statistics Standard Index Best Fit Index
MSCI ACWI NR
USD
Alpha 0.43 -0.11
Beta 1.43 0.92
R-Squared 98.73 99.49
12-Month Yield 2.06%
Potential Cap Gains Exp 24.72%
4 4 4 4 4 4 4 4 4 4 4 4
84 89 89 88 89 88 88 88 89 90 84 83
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2045 Fund
28,649
Category Average
26,139
Standard Index
22,075
& * * & * * * * * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
12.87 14.55 17.76 18.65 17.78 18.89 22.50 20.21 24.70 28.19 28.38 26.77 NAV/Price -2.51 15.58 24.37 7.16 -1.57 8.87 21.42 -7.90 24.94 16.30 16.16 -5.67 Total Return % -3.11 3.54 10.06 2.27 0.22 0.30 6.77 -3.14 5.91 3.48 5.97 -0.49 +/- Standard Index
0.67 -0.26 1.30 1.91 1.45 -1.97 0.89 0.27 -0.03 3.35 -0.20 -0.23 +/- Category Index 14 43 26 12 42 28 26 43 43 36 68 — % Rank Cat
139 145 180 185 206 195 208 221 229 207 213 224 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 2.85 5.62 2.78
US Stocks 51.00 51.00 0.00
Non-US Stocks 34.00 34.00 0.00
Bonds 12.01 12.03 0.01
Other/Not Clsfd 0.14 0.14 0.00
Total 100.00 102.79 2.79
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.7 1.02 0.97
P/C Ratio TTM 12.5 1.00 0.94
P/B Ratio TTM 2.5 1.05 0.93
Geo Avg Mkt Cap
$mil
69024 1.50 0.95
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 9.05
Avg Eff Duration 7.31
Avg Wtd Coupon 2.23
Avg Wtd Price —
Credit Quality Breakdown 01-31-2022 Bond %
AAA 55.00
AA 10.25
A 17.49
BBB 16.51
BB 0.00
B 0.00
Below B 0.44
NR 0.31
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.9 0.99
Greater Asia 18.3 0.94
Share Chg
since
01-2022
Share
Amount
Holdings :
11,044 Total Stocks , 16,005 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
R 171 mil Vanguard Total Stock Mkt Idx Instl 51.68
T 1,202 mil Vanguard Total Intl Stock Index Inv 34.63
T 530 mil Vanguard Total Bond Market II Idx 8.45
R 89 mil Vanguard Total Intl Bd II Idx Insl 3.83
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.0 0.93
r Basic Materials 4.8 0.86
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.3 1.12
i Communication Services 8.1 1.35
o Energy 4.1 0.83
p Industrials 10.6 0.94
a Technology 20.5 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.95
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTIVX
ISIN: US92202E6077
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $68,241.02 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
49 Vanguard Target Retirement
2050 Fund (USD)
Morningstar Analyst RatingTM
„
02-24-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2050
TR USD
US Fund Target-Date
2050201 US Fund Target-Date
2050
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.86 18.67 7.35 14.01 16.39
2021 4.53 6.61 -1.11 5.63 16.41
2022 -5.65 — — — -5.65
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 5.07 12.74 10.96 10.23 8.04
Std 03-31-2022 5.07 — 10.96 10.23 8.04
Total Return 5.07 12.74 10.96 10.23 8.04
+/- Std Index 2.82 3.86 2.95 2.88 —
+/- Cat Index 0.26 1.10 0.67 0.70 —
% Rank Cat 41 38 37 19
No. in Cat 221 201 168 89
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-07-22 1.95 1.95
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
201 funds 168 funds 89 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.88 13.95 11.89
Mean 12.74 10.96 10.23
Sharpe Ratio 0.79 0.74 0.83
MPT Statistics Standard Index Best Fit Index
MSCI ACWI NR
USD
Alpha 0.52 -0.02
Beta 1.43 0.92
R-Squared 98.71 99.54
12-Month Yield 2.08%
Potential Cap Gains Exp 22.99%
4 4 4 4 4 4 4 4 4 4 4 4
84 89 89 88 89 88 88 88 89 91 87 86
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2050 Fund
28,732
Category Average
25,948
Standard Index
22,075
& * * & * * * * * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
20.41 23.09 28.19 29.62 28.49 30.39 36.20 32.52 39.77 45.45 46.90 44.25 NAV/Price -2.54 15.58 24.34 7.18 -1.58 8.85 21.39 -7.90 24.98 16.39 16.41 -5.65 Total Return % -3.13 3.54 10.04 2.29 0.22 0.28 6.73 -3.14 5.96 3.57 6.22 -0.46 +/- Standard Index
0.93 -0.35 1.51 2.18 1.62 -2.04 0.61 0.51 -0.10 3.48 -0.19 -0.27 +/- Category Index 14 44 30 16 45 29 38 37 47 37 74 — % Rank Cat
168 177 202 212 226 213 230 239 241 217 215 226 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 2.84 5.09 2.25
US Stocks 52.61 52.61 0.00
Non-US Stocks 34.91 34.91 0.00
Bonds 9.53 9.54 0.01
Other/Not Clsfd 0.12 0.12 0.00
Total 100.00 102.26 2.26
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.8 1.02 0.97
P/C Ratio TTM 12.5 1.01 0.94
P/B Ratio TTM 2.5 1.05 0.93
Geo Avg Mkt Cap
$mil
69144 1.50 0.96
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 9.05
Avg Eff Duration 7.31
Avg Wtd Coupon 2.23
Avg Wtd Price —
Credit Quality Breakdown 01-31-2022 Bond %
AAA 54.89
AA 10.31
A 17.53
BBB 16.52
BB 0.00
B 0.00
Below B 0.44
NR 0.32
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.02
Greater Europe 17.8 0.99
Greater Asia 18.2 0.94
Share Chg
since
01-2022
Share
Amount
Holdings :
11,044 Total Stocks , 15,304 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
R 139 mil Vanguard Total Stock Mkt Idx Instl 53.31
T 972 mil Vanguard Total Intl Stock Index Inv 35.55
T 330 mil Vanguard Total Bond Market II Idx 6.67
R 56 mil Vanguard Total Intl Bd II Idx Insl 3.06
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.0 0.93
r Basic Materials 4.8 0.85
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.3 1.12
i Communication Services 8.1 1.35
o Energy 4.0 0.83
p Industrials 10.6 0.94
a Technology 20.5 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.95
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFIFX
ISIN: US92202E8628
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $54,036.84 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
50 Vanguard Target Retirement
2055 Fund (USD)
Morningstar Analyst RatingTM
„
02-24-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2055
TR USD
US Fund Target-Date
2055199 US Fund Target-Date
2055
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.89 18.64 7.38 13.97 16.32
2021 4.54 6.61 -1.11 5.65 16.44
2022 -5.69 — — — -5.69
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 5.05 12.71 10.95 10.21 10.84
Std 03-31-2022 5.05 — 10.95 10.21 10.84
Total Return 5.05 12.71 10.95 10.21 10.84
+/- Std Index 2.79 3.82 2.93 2.86 —
+/- Cat Index 0.36 1.12 0.70 0.76 —
% Rank Cat 43 42 45 24
No. in Cat 219 199 163 69
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-06-22 1.95 1.95
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
199 funds 163 funds 69 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.89 13.95 11.88
Mean 12.71 10.95 10.21
Sharpe Ratio 0.79 0.74 0.83
MPT Statistics Standard Index Best Fit Index
MSCI ACWI NR
USD
Alpha 0.49 -0.05
Beta 1.43 0.92
R-Squared 98.73 99.54
12-Month Yield 2.06%
Potential Cap Gains Exp 20.49%
4 4 4 4 4 4 4 4 4 4 4 4
84 89 89 88 89 88 88 88 89 91 86 86
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2055 Fund
28,753
Category Average
26,859
Standard Index
22,075
& * * & ( * * * ( * ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
21.86 24.80 30.35 31.98 30.83 32.91 39.23 35.30 43.19 49.34 52.22 49.25 NAV/Price -2.27 15.58 24.33 7.19 -1.72 8.88 21.38 -7.89 24.98 16.32 16.44 -5.69 Total Return % -2.86 3.54 10.02 2.31 0.07 0.31 6.72 -3.13 5.95 3.50 6.25 -0.50 +/- Standard Index
1.48 -0.42 1.84 2.45 1.62 -2.03 0.43 0.68 -0.07 3.41 -0.06 -0.30 +/- Category Index 9 48 36 16 53 27 48 37 51 41 78 — % Rank Cat
235 102 130 156 238 193 206 221 229 207 213 224 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 2.93 5.18 2.25
US Stocks 52.50 52.50 0.00
Non-US Stocks 34.95 34.95 0.00
Bonds 9.50 9.52 0.01
Other/Not Clsfd 0.12 0.12 0.00
Total 100.00 102.26 2.26
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.7 1.02 0.99
P/C Ratio TTM 12.5 1.00 0.97
P/B Ratio TTM 2.5 1.05 0.97
Geo Avg Mkt Cap
$mil
69063 1.50 1.01
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 9.05
Avg Eff Duration 7.31
Avg Wtd Coupon 2.23
Avg Wtd Price —
Credit Quality Breakdown 01-31-2022 Bond %
AAA 54.87
AA 10.31
A 17.54
BBB 16.52
BB 0.00
B 0.00
Below B 0.44
NR 0.32
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.9 0.99
Greater Asia 18.3 0.94
Share Chg
since
01-2022
Share
Amount
Holdings :
11,044 Total Stocks , 15,278 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
R 83 mil Vanguard Total Stock Mkt Idx Instl 53.20
T 582 mil Vanguard Total Intl Stock Index Inv 35.60
T 197 mil Vanguard Total Bond Market II Idx 6.66
R 34 mil Vanguard Total Intl Bd II Idx Insl 3.06
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.0 0.93
r Basic Materials 4.8 0.85
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.3 1.12
i Communication Services 8.1 1.35
o Energy 4.1 0.83
p Industrials 10.6 0.94
a Technology 20.5 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.95
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFFVX
ISIN: US92202E8479
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 08-18-2010
Type: MF
Total Assets: $32,497.03 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
51 Vanguard Target Retirement
2060 Fund (USD)
Morningstar Analyst RatingTM
„
02-24-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2060
TR USD
US Fund Target-Date
2060188 US Fund Target-Date
2060
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.86 18.61 7.39 13.96 16.32
2021 4.54 6.61 -1.11 5.66 16.44
2022 -5.68 — — — -5.68
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 5.05 12.71 10.95 10.24 10.69
Std 03-31-2022 5.05 — 10.95 10.24 10.69
Total Return 5.05 12.71 10.95 10.24 10.69
+/- Std Index 2.80 3.83 2.93 2.88 —
+/- Cat Index 0.53 1.22 0.78 0.88 —
% Rank Cat 42 52 51 1
No. in Cat 219 188 141 1
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-07-22 1.95 1.95
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
188 funds 141 funds 1 funds
Morningstar RatingTM 3Q 3Q —
Morningstar Risk -Avg -Avg —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 15.87 13.94 11.87
Mean 12.71 10.95 10.24
Sharpe Ratio 0.79 0.74 0.83
MPT Statistics Standard Index Best Fit Index
MSCI ACWI NR
USD
Alpha 0.50 -0.04
Beta 1.43 0.92
R-Squared 98.71 99.54
12-Month Yield 1.99%
Potential Cap Gains Exp 17.41%
0 4 4 4 4 4 4 4 4 4 4 4
— 89 88 88 89 88 88 88 89 91 86 86
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2060 Fund
28,014
Category Average
27,395
Standard Index
21,128
_ _ & & ( & ( * ( * ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History — 21.81 26.75 28.20 27.21 29.04 34.63 31.18 38.16 43.59 48.04 45.31 NAV/Price — — 24.35 7.16 -1.68 8.84 21.36 -7.87 24.96 16.32 16.44 -5.68 Total Return % — — 10.04 2.27 0.11 0.27 6.70 -3.11 5.93 3.50 6.25 -0.49 +/- Standard Index — — 2.17 2.63 1.80 -2.03 0.30 0.82 0.00 3.43 0.12 -0.27 +/- Category Index — — 1 1 71 21 53 34 66 42 81 — % Rank Cat
— — 1 9 43 106 160 201 216 257 208 224 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 2.92 5.19 2.26
US Stocks 52.67 52.67 0.00
Non-US Stocks 34.81 34.81 0.00
Bonds 9.48 9.49 0.01
Other/Not Clsfd 0.12 0.12 0.00
Total 100.00 102.27 2.27
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.8 1.02 0.97
P/C Ratio TTM 12.5 1.01 0.95
P/B Ratio TTM 2.5 1.05 0.93
Geo Avg Mkt Cap
$mil
69239 1.50 0.97
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 9.05
Avg Eff Duration 7.32
Avg Wtd Coupon 2.22
Avg Wtd Price —
Credit Quality Breakdown 01-31-2022 Bond %
AAA 54.75
AA 10.38
A 17.58
BBB 16.53
BB 0.00
B 0.00
Below B 0.45
NR 0.32
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.02
Greater Europe 17.8 0.99
Greater Asia 18.2 0.94
Share Chg
since
01-2022
Share
Amount
Holdings :
11,044 Total Stocks , 15,288 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
R 39 mil Vanguard Total Stock Mkt Idx Instl 53.37
T 274 mil Vanguard Total Intl Stock Index Inv 35.45
T 93 mil Vanguard Total Bond Market II Idx 6.61
R 16 mil Vanguard Total Intl Bd II Idx Insl 3.08
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.0 0.93
r Basic Materials 4.8 0.85
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.3 1.12
i Communication Services 8.2 1.35
o Energy 4.0 0.83
p Industrials 10.6 0.94
a Technology 20.5 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.96
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTSX
ISIN: US92202E8396
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 01-19-2012
Type: MF
Total Assets: $15,523.21 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
52 Vanguard Target Retirement 2065 Fund
(USD)
Morningstar Analyst
RatingTM
„
02-24-2022
Standard Index Category Index Morningstar Cat
Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2060
TR USD
US Fund Target-Date
2065+
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.92 18.59 7.36 13.95 16.17
2021 4.55 6.61 -1.11 5.66 16.46
2022 -5.63 — — — -5.63
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 5.12 12.69 — — 10.56
Std 03-31-2022 5.12 — — — 10.56
Total Return 5.12 12.69 — — 10.56
+/- Std Index 2.86 3.81 — — —
+/- Cat Index 0.59 1.20 — — —
% Rank Cat 40 57 — —
No. in Cat 148 15 — —
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 03-31-22 1.95 1.95
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
15 funds
— —
Morningstar RatingTM — — —
Morningstar Risk — — —
Morningstar Return — — —
3 Yr 5 Yr 10 Yr
Standard Deviation 15.89 — —
Mean 12.69 — —
Sharpe Ratio 0.79 — —
MPT Statistics Standard Index Best Fit Index
MSCI ACWI NR
USD
Alpha 0.47 -0.07
Beta 1.43 0.92
R-Squared 98.71 99.54
12-Month Yield 1.80%
Potential Cap Gains Exp 13.18%
0 0 0 0 0 0 4 4 4 4 4 4
— — — — — — 88 88 89 90 86 86
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2065 Fund
15,822
Category Average
15,728
Standard Index
14,092
_ _ _ _ _ _ _ & ) ( ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History — — — — — — 21.70 19.61 24.05 27.50 31.42 29.65 NAV/Price — — — — — — — -7.95 24.96 16.17 16.46 -5.63 Total Return % — — — — — — — -3.19 5.94 3.35 6.26 -0.45 +/- Standard Index — — — — — — — 0.75 0.00 3.28 0.13 -0.22 +/- Category Index — — — — — — — 25 79 63 76 — % Rank Cat
— — — — — — — 16 17 53 134 162 No. of Funds in Cat
Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 2.93 5.18 2.25
US Stocks 52.58 52.58 0.00
Non-US Stocks 34.95 34.95 0.00
Bonds 9.43 9.44 0.01
Other/Not Clsfd 0.12 0.12 0.00
Total 100.00 102.27 2.27
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.7 1.02 0.98
P/C Ratio TTM 12.5 1.00 0.96
P/B Ratio TTM 2.5 1.05 0.95
Geo Avg Mkt Cap
$mil
69098 1.50 0.97
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 9.05
Avg Eff Duration 7.32
Avg Wtd Coupon 2.22
Avg Wtd Price —
Credit Quality Breakdown 01-31-2022 Bond %
AAA 54.73
AA 10.39
A 17.59
BBB 16.53
BB 0.00
B 0.00
Below B 0.45
NR 0.32
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.8 0.99
Greater Asia 18.2 0.94
Share Chg
since
01-2022
Share
Amount
Holdings :
11,044 Total Stocks , 15,247 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
R 8 mil Vanguard Total Stock Mkt Idx Instl 53.28
T 57 mil Vanguard Total Intl Stock Index Inv 35.60
T 19 mil Vanguard Total Bond Market II Idx 6.57
R 3 mil Vanguard Total Intl Bd II Idx Insl 3.06
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.0 0.93
r Basic Materials 4.8 0.85
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.3 1.12
i Communication Services 8.1 1.35
o Energy 4.1 0.83
p Industrials 10.6 0.94
a Technology 20.5 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.95
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 4.8 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VLXVX
ISIN: US92202E6804
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 07-12-2017
Type: MF
Total Assets: $3,271.33 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
53 Vanguard Target Retirement
Income Fund (USD)
Morningstar Analyst RatingTM
„
02-24-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod Incm
TR USD
US Fund Target-Date
Retirement148 US Fund Target-Date
Retirement
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -5.91 7.84 3.12 5.15 10.02
2021 0.08 3.23 -0.13 2.01 5.25
2022 -4.77 — — — -4.77
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 0.15 5.75 5.30 4.95 5.26
Std 03-31-2022 0.15 — 5.30 4.95 5.26
Total Return 0.15 5.75 5.30 4.95 5.26
+/- Std Index -2.11 -3.13 -2.71 -2.40 —
+/- Cat Index -2.18 -1.06 -0.72 -0.15 —
% Rank Cat 49 44 41 37
No. in Cat 166 148 122 77
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-07-22 2.16 2.11
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
148 funds 122 funds 77 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg -Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 6.15 5.30 4.52
Mean 5.75 5.30 4.95
Sharpe Ratio 0.83 0.79 0.96
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Con Tgt Alloc
NR USD
Alpha 0.59 -0.07
Beta 0.54 0.80
R-Squared 92.60 98.20
12-Month Yield 2.48%
Potential Cap Gains Exp 27.65%
7 7 4 4 4 4 4 4 4 4 4 4
62 61 66 66 68 68 67 69 67 68 64 60
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Vanguard Target Retirement
Income Fund
17,739
Category Average
16,590
Standard Index
22,075
& ( ( & & * ( & * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
11.53 12.19 12.50 12.91 12.45 12.81 13.55 12.75 14.05 14.93 14.46 13.74 NAV/Price
5.25 8.23 5.87 5.54 -0.17 5.25 8.47 -1.99 13.16 10.02 5.25 -4.77 Total Return %
4.66 -3.82 -8.44 0.65 1.62 -3.32 -6.18 2.77 -5.87 -2.80 -4.94 0.41 +/- Standard Index
1.12 -0.56 -0.58 1.45 1.12 -0.73 -0.07 0.21 -0.11 -0.54 -2.37 -0.63 +/- Category Index 9 67 56 19 7 41 62 21 49 36 65 — % Rank Cat
260 281 293 272 172 171 175 187 183 168 167 168 No. of Funds in Cat Portfolio Analysis 02-28-2022
Asset Allocation % Net % Long % Short %
Cash 3.83 15.10 11.27
US Stocks 16.98 16.98 0.00
Non-US Stocks 11.44 11.44 0.00
Bonds 67.21 67.27 0.06
Other/Not Clsfd 0.54 0.54 0.00
Total 100.00 111.33 11.33
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.7 1.02 0.95
P/C Ratio TTM 12.4 1.00 0.93
P/B Ratio TTM 2.5 1.05 0.94
Geo Avg Mkt Cap
$mil
68766 1.49 0.92
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.57
Avg Eff Duration 6.23
Avg Wtd Coupon 1.81
Avg Wtd Price 104.56
Credit Quality Breakdown 01-31-2022 Bond %
AAA 65.71
AA 7.73
A 13.33
BBB 12.65
BB 0.00
B 0.00
Below B 0.33
NR 0.26
Regional Exposure Stocks % Rel Std Index
Americas 63.6 1.02
Greater Europe 18.0 1.00
Greater Asia 18.4 0.95
Share Chg
since
01-2022
Share
Amount
Holdings :
9,935 Total Stocks , 18,625 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
T 827 mil Vanguard Total Bond Market II Idx 36.73
R 20 mil Vanguard Total Stock Mkt Idx Instl 17.21
R 158 mil Vanguard Shrt-Term Infl-Prot Sec I 17.01
R 134 mil Vanguard Total Intl Bd II Idx Insl 16.03
T 145 mil Vanguard Total Intl Stock Index Inv 11.66
Y 0 Vanguard Shrt-Term Infl-Prot Sec I 0.00
Y 0 Vanguard Total Stock Mkt Idx Inv 0.00
Y 0 Vanguard Total Intl Bd II Idx Inve 0.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.1 0.93
r Basic Materials 4.8 0.86
t Consumer Cyclical 11.6 1.18
y Financial Services 15.9 1.00
u Real Estate 3.7 0.50
j Sensitive 43.2 1.11
i Communication Services 8.1 1.35
o Energy 4.1 0.84
p Industrials 10.6 0.94
a Technology 20.4 1.23
k Defensive 20.7 0.93
s Consumer Defensive 6.6 0.93
d Healthcare 11.4 0.95
f Utilities 2.7 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTINX
ISIN: US92202E1029
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $23,519.03 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
54 Vanguard US Growth
Admiral™ (USD)
Morningstar Analyst RatingTM
„
05-21-2021
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell 1000
Growth TR USD
US Fund Large Growth
1,124 US Fund Large Growth
Performance 03-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -11.98 35.72 15.75 14.80 58.74
2021 -1.28 12.85 -1.40 2.37 12.45
2022 -15.08 — — — -15.08
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -3.27 20.31 19.78 16.14 8.41
Std 03-31-2022 -3.27 — 19.78 16.14 8.41
Total Return -3.27 20.31 19.78 16.14 8.41
+/- Std Index -18.91 1.38 3.79 1.51 —
+/- Cat Index -18.24 -3.29 -1.11 -0.90 —
% Rank Cat 87 33 24 20
No. in Cat 1236 1124 1025 765
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-07-22 0.15 0.15
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.28
12b1 Expense % NA
Net Expense Ratio % 0.28
Gross Expense Ratio % 0.28
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,124 funds 1,025 funds 765 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk +Avg +Avg +Avg
Morningstar Return +Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 22.76 19.77 16.18
Mean 20.31 19.78 16.14
Sharpe Ratio 0.90 0.96 0.97
MPT Statistics Standard Index Best Fit Index
Morningstar US
Large Mid Brd Grt
TR USD
Alpha -0.16 -3.80
Beta 1.12 1.14
R-Squared 77.16 94.55
12-Month Yield 0.08%
Potential Cap Gains Exp 56.26%
7 7 7 7 7 7 7 7 7 7 7 0
96 98 97 95 94 95 95 94 95 97 97 —
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard US Growth
Admiral™
52,538
Category Average
42,204
Standard Index
45,062
* & * & & ) & & * & ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 03-22 History
46.73 55.01 74.25 77.39 77.07 75.37 94.59 86.92 111.41 169.97 168.46 143.06 NAV/Price -0.53 18.54 35.71 13.20 8.61 -0.59 31.74 0.75 33.51 58.74 12.45 -15.08 Total Return % -2.64 2.54 3.33 -0.49 7.22 -12.55 9.91 5.13 2.02 40.34 -16.25 -10.48 +/- Standard Index -3.17 3.29 2.23 0.15 2.94 -7.66 1.53 2.26 -2.88 20.24 -15.14 -6.04 +/- Category Index 34 16 30 18 12 82 23 21 37 7 86 — % Rank Cat
1683 1681 1712 1710 1681 1463 1363 1405 1360 1289 1237 1270 No. of Funds in Cat Portfolio Analysis 12-31-2021
Asset Allocation % Net % Long % Short %
Cash 3.15 3.17 0.02
US Stocks 90.44 90.44 0.00
Non-US Stocks 6.41 6.41 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.02 0.02
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 37.4 1.71 1.38
P/C Ratio TTM 27.9 1.63 1.26
P/B Ratio TTM 10.5 2.48 1.37
Geo Avg Mkt Cap
$mil
206532 0.94 0.62
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 97.8 0.99
Greater Europe 2.0 2.07
Greater Asia 0.2 4.26
Share Chg
since
09-2021
Share
Amount
Holdings :
279 Total Stocks , 0 Total Fixed-Income,
41% Turnover Ratio
Net Assets
%
T 10 mil Microsoft Corp 6.33
Y 19 mil Apple Inc 6.31
Y 914,829 Amazon.com Inc 5.76
Y 2 mil Tesla Inc 4.69
Y 1 mil Shopify Inc Registered Shs -A- Sub 3.66
Y 662,697 Alphabet Inc Class C 3.62
T 6 mil NVIDIA Corp 3.39
Y 2 mil Netflix Inc 2.02
T 12 mil The Trade Desk Inc Class A 2.01
Y 3 mil Meta Platforms Inc Class A 1.99
Y 2 mil Adobe Inc 1.62
Y 274,021 Alphabet Inc Class A 1.50
T 2 mil Mastercard Inc Class A 1.48
T 3 mil Moderna Inc 1.38
T 3 mil Salesforce.com Inc 1.38
Sector Weightings Stocks % Rel Std Index
h Cyclical 26.5 0.88
r Basic Materials 0.2 0.10
t Consumer Cyclical 19.0 1.60
y Financial Services 6.1 0.46
u Real Estate 1.2 0.45
j Sensitive 60.1 1.28
i Communication Services 14.1 1.51
o Energy 0.1 0.02
p Industrials 3.4 0.41
a Technology 42.6 1.67
k Defensive 13.4 0.58
s Consumer Defensive 3.0 0.46
d Healthcare 10.4 0.76
f Utilities 0.0 0.01
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.5 Years
Objective: Growth
Base Currency: USD
Ticker: VWUAX
ISIN: US9219106005
Minimum Initial Purchase: $50,000
Purchase Constraints: —
Incept: 08-13-2001
Type: MF
Total Assets: $44,406.75 mil
Release date 03-31-2022
©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
55