Presentations — Vallejo City Council, July 18, 2022

Date: July 18, 2022
Presented by: MissionSquare Retirement
City of Vallejo
2 Year-to-Date
Activity
3 MissionSquare Retirement
Plan Education and Outreach
Results for Your Plan (2nd Quarter 2022)
Education 68
RPS
Consultations
18 RPS& CFP
Webinars
2 CFP®
Consultations
Participation
& Savings
13 457 Enrollments
60%
Increase in Plan
Contributions
$42k
Roll-ins
Financial
Wellness
12K+
Account
Logins
9 Financial Wellness
Logins
Retention $1.27M
44 Roll-outs
4 MissionSquare Retirement
Plan Goals and Objectives
Goals for Your plan (2022)
Education
Promote plan
awareness,
learning, and new
features
 Utilize eligible
data and online
enrollment to
further grow
enrollment
 Continue to
drive rollin
opportunities
Participation & Savings
Drive
engagement,
participation,
and savings
 Drive Auto
Increase
utilization
 Save the Raise
Campaign
 Contribution
limit increase
campaign
Financial Wellness
Improve financial
outlook and
retirement
readiness
 Promote
Financial
Wellness
Center
 Asset
Allocation
Campaign
Retention
Preserve assets
and support
needs post-
employment
 Exclusive
quarterly
retiree
webinars
 Consider
retiree event if
health concerns
abate
 Consider exit
interviews for
retirees
5 5
MissionSquare Research Institute
Market Trends
Market Volatility
 Global equity markets continue to prove challenging in the face of Russia's invasion of Ukraine
 Volatility this year reflects several issues including:
 Rapidly rising inflation
 Interest-rate hikes from the Federal Reserve
 Perceived slower growth in earnings
 Elevated valuations in equity indexes
 Concerns are heavily weighing on investor confidence
 MissionSquare continues to educate participants on time in the market over timing the market
6 MissionSquare Retirement
Time in the Market Over Timing
the Market
Source: Morningstar Direct. Measures performance of S&P 500 stock index from January 1,1992, to December 31, 2021.

For illustrative purposes only. Past performance is no guarantee of future results. It is not possible to invest directly in an index. The performance of an index is not an exact representation of any particular investment.

Performance of $10K when Best Days are Missed
$208,215
$95,390
$56,301
$35,785
$23,753 $16,164 $11,304
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Fully Invested Missed 10 Best
Days
Missed 20 Best
Days
Missed 30 Best
Days
Missed 40 Best
Days
Missed 50 Best
Days
Missed 60 Best
Days
(10.65% return)
(5.93% return)
(7.81% return)
(0.41% return)(1.61% return)
(2.93% return)
(4.34% return)
7 The
Journey
8 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 9
MissionSquare Retirement
Ongoing
Communications
Phase 4:

Notification of New
Website and Mobile App
Availability
Phase 3:

Launch Employer Digital
Guides, Checklists, and
Training
Phase 2:

Confidential: For use with plan sponsors and consultants only.

Digital Upgrades and New Experience
Key Milestones for our New Digital Platform for You and Your Employees in 2022
Initial Communications
to Employers and
Consultants
Phase 1:

EngageLaunch & SupportCommunicatePlan
We Are
Here
10 MissionSquare Retirement
Videos and Events
Strategic Updates Emails & FAQs
Sharing Upgrade News with Employers
Confidential: For use with plan sponsors and consultants only.

Updates provided
throughout
11 MissionSquare Retirement
 Emails
 Notifications
 Messages
 Mailers
 Landing Page
Introductions
Confidential: For use with plan sponsors and consultants only.

Sharing Upgrade News with Participants
Updates provided
leading up to
launch
12 MissionSquare Retirement
Digital Toolkit for Employers
Your Guide to the New Experience for Administration, Processing, and Support
Overview
Steps You’ll Need to Take
Payroll Processing
Reporting
Plan Administration
Employee Website
You’ll receive an
email with your
digital toolkit
Confidential: For use with plan sponsors and consultants only.

~For Institutional Use Only – Not for Public Distribution~

CITY OF VALLEJO
457(b), 401(a), and RHS Plans
June 30, 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 Reviews:
4 57(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 372,000 4,846,000 -20,679,000 91,333 Jun-22 $4.84 $4.84 $1.80 0.0% Jun-22

3.6% 14.7% 3.5% 5.0% Jun-22 $114.84 $114.84 $16.55 0.0% Jun-22

5.8 22.2 4.0 11.3 Jun-22 311.8 311.8 198.1 57.4%* Apr-22 $32.08 $32.08 $26.34 $28.84 Jun-22 543.2 543.2 474.6 14.4%* May-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
2Q2022 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
$20,000
3Q17 2Q18 1Q19 4Q19 3Q20 2Q21 1Q22
YoY % Change$ Billion Gross Domestic Product
-10
-5
0 5
10 15
-10
-5
0 5
10 15
Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 YoY Change (%)% Unemployment Rate
-90%
-60%
-30%
0%
30%
60%
90%
$1,300
$1,600
$1,900
$2,200
$2,500
$2,800
3Q17 2Q18 1Q19 4Q19 3Q20 2Q21 1Q22
YoY % Change$ Billion Corporate Profits
-2%
0%
2%
4%
6%
8%
10%
230
250
270
290
May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 YoY % ChangeIndex Consumer Price Index
1 Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.
90-Day T-Bill 0.27% 0.35% 0.37% 0.56% 1.08% 0.63%
Bloomberg US Aggregate -4.69% -10.35% -10.29% -0.93% 0.88% 1.54% Bloomberg Short US Treasury -0.02% -0.15% -0.15% 0.63% 1.13% 0.69% Bloomberg Int. US Treasury -1.67% -5.80% -6.35% -0.31% 0.87% 0.96% Bloomberg Long US Treasury -11.93% -21.25% -18.45% -2.94% 0.51% 1.63% Bloomberg US TIPS -6.08% -8.92% -5.14% 3.04% 3.21% 1.73% Bloomberg US Credit -6.90% -13.81% -13.64% -1.00% 1.24% 2.45% Bloomberg US Mortgage-Backed -4.01% -8.78% -9.03% -1.44% 0.36% 1.18% Bloomberg US Asset-Backed -0.91% -3.77% -4.27% 0.51% 1.38% 1.43% Bloomberg US 20-Yr Municipal -4.70% -11.57% -10.92% -0.29% 1.90% 3.02% Bloomberg US High Yield -9.83% -14.19% -12.81% 0.21% 2.10% 4.47% Bloomberg Global -8.26% -13.91% -15.25% -3.22% -0.55% 0.11% Bloomberg International -11.01% -16.49% -18.78% -5.07% -1.75% -1.06% Bloomberg Emerging Market -8.72% -17.14% -18.02% -3.54% -0.29% 2.48% 2Q2022 Bond Market Data

1.28%

1.72%

2.51%

2.80% 2.92% 2.99% 3.01% 3.04% 2.98%

3.38%

3.14%

0.05% 0.05% 0.06% 0.07% 0.25% 0.46%

0.87%

1.21%

1.45%

2.00% 2.06%
-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%
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
6/30/2022 6/30/2021
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%
11%
4%
6%
29%
1%
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 6.75 yrs.Average Credit Quality AA
Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America Source: Department of US Treasury

11.94 2.04

0.71 5.83

1.07 0.44

0.00 5.00 10.00 15.00
CCC
BBB
AAA
US Corporate Credit Spreads
1 Yr. Ago Qtr End
2%
1%
0%
21%
26%
1%
49%
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.
7% Consumer Staples -4.62% -5.58% 6.66% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. 3% Utilities -5.09% -0.55% 14.30% S&P 500 -16.10% -19.96% -10.62% 10.60% 11.31% 12.96% 4% Energy -5.17% 31.84% 39.99% Russell 1000 Value -12.21% -12.86% -6.82% 6.87% 7.17% 10.50% 15% Health Care -5.91% -8.33% 3.37% Russell 1000 Growth -20.92% -28.07% -18.77% 12.58% 14.29% 14.80% 3% Real Estate -14.72% -20.02% -5.17% Russell Mid Cap -16.85% -21.57% -17.30% 6.59% 7.96% 11.29% 8% Industrials -14.78% -16.79% -13.42% Russell Mid Cap Value -14.68% -16.23% -10.00% 6.70% 6.27% 10.62% 3% Materials -15.90% -17.89% -8.72% Russell Mid Cap Growth -21.07% -31.00% -29.57% 4.25% 8.88% 11.50% 11% Financials -17.50% -18.73% -12.68% Russell 2000 -17.20% -23.43% -25.20% 4.21% 5.17% 9.35% 27% Information Technology -20.24% -26.91% -13.56% Russell 2000 Value -15.28% -17.31% -16.28% 6.18% 4.89% 9.05% 9% Communication Services -20.71% -30.16% -29.05% Russell 2000 Growth -19.25% -29.45% -33.43% 1.40% 4.80% 9.30% 11% Consumer Discretionary -26.16% -32.82% -24.20% Russell 3000 -16.70% -21.10% -13.87% 9.77% 10.60% 12.57% Wgt. Sector QTR YTD 1 yr. DJ US Select REIT -18.10% -21.14% -6.41% 2.54% 4.28% 6.61% 4% Utilities -2.59% -1.03% 6.03%
4% Consumer Staples -7.05% -9.33% -10.46%
15% Financials -11.05% -11.99% -4.07%
10% Health Care -13.23% -19.98% -19.21%
4% Energy -13.49% 17.22% 27.15%
18% Industrials -16.07% -22.53% -15.77%
14% Consumer Discretionary -16.72% -28.81% -27.37%
2% Communication Services -17.75% -20.84% -25.82%
9% Real Estate -19.14% -21.40% -9.63%
13% Information Technology -19.15% -25.68% -21.94%
7% Materials -21.25% -14.94% -10.33%
Wgt. Sector QTR YTD 1 yr.
6% Consumer Staples 0.63% -8.03% -3.94%
2% Utilities -3.98% -4.80% 9.95%
16% Industrials -11.34% -17.33% -11.29%
5% Energy -12.60% 25.44% 10.09%
5% Materials -13.00% -12.19% -8.36%
18% Financials -13.17% -17.67% -12.33%
12% Health Care -14.83% -23.59% -29.27%
13% Information Technology -16.58% -24.84% -18.86%
2% Communication Services -17.52% -24.33% -27.43%
11% Consumer Discretionary -18.80% -32.07% -35.19%
8% Real Estate -21.57% -24.35% -16.66%
2Q2022 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
-1.09%
-14.58%
-6.39%
-6.14%
-3.61%
-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
-8.42%
-12.31%

5.02%

6.63%

4.02%

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 -13.73% -18.42% -19.42% 1.35% 2.50% 4.83% China 11% MSCI EAFE -14.51% -19.57% -17.77% 1.07% 2.20% 5.40% UK 10% Europe -14.49% -20.79% -17.61% 1.24% 2.16% 5.44% Canada 8% United Kingdom -10.48% -8.84% -4.00% 1.21% 2.24% 3.75% France 7% Germany -18.13% -28.68% -31.16% -4.04% -2.70% 3.97% Switzerland 7% France -14.76% -22.16% -18.32% 1.07% 3.15% 6.83% Australia 5% Pacific -14.43% -17.09% -18.10% 0.72% 2.31% 5.38% Germany 5% Japan -14.63% -20.27% -19.93% 1.01% 1.76% 5.59% Taiwan 4% Hong Kong -1.12% -2.92% -15.17% -2.29% 2.38% 6.80% India 4% Australia -18.11% -12.18% -13.05% 2.42% 4.48% 4.91%
Canada -15.75% -11.89% -7.95% 7.20% 6.79% 4.90%
MSCI EM -11.45% -17.63% -25.28% 0.57% 2.18% 3.06%
MSCI EM Latin America -21.87% -0.57% -16.08% -6.35% -0.58% -2.18% MSCI EM Asia -9.32% -17.20% -25.87% 3.12% 3.36% 5.53%
MSCI EM Eur/Mid East -14.41% -34.43% -31.46% -7.91% -1.43% -2.40% MSCI ACWI Value ex-US -11.90% -11.79% -12.77% 0.56% 1.23% 3.76% MSCI ACWI Growth ex-US -15.71% -24.79% -25.80% 1.62% 3.43% 5.71% MSCI ACWI Sm Cap ex-US -17.55% -22.92% -22.45% 2.94% 2.55% 6.22% Exchange Rates QTR 1Q22 4Q21 3Q21 2Q21 1Q21
Japanese Yen 135.69 121.44 115.17 111.50 111.05 110.67
Euro 0.96 0.90 0.88 0.86 0.84 0.85
British Pound 0.82 0.76 0.74 0.74 0.72 0.72
Swiss Franc 0.96 0.92 0.91 0.93 0.93 0.94
Chinese Yuan 6.70 6.34 6.37 6.44 6.46 6.55
2Q2022 International Market Data
-14.51%
-17.77%

1.07%

2.20%
-7.83%
-6.59%

4.37%

4.27%
-30% -15% 0% 15%
QTR
1 yr
3 yrs
5 yrs
MSCI EAFE Index Return
Local US$
-11.45%
-25.28%

0.57%

2.18%
-8.07%
-20.19%

3.25%

4.37%
-40% -30% -20% -10% 0% 10%
QTR
1 yr
3 yrs
5 yrs
MSCI Emerging Index Return
Local US$
-3.8% -3.0%

1.6% 0.1% 1.4%
-10%
0%
10%
20%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Large v. Small Cap
Performance Spread
-3.8%
-13.0%

1.1% 2.2% 1.9%
-20%
-10%
0%
10%
20%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Value v. Growth
Performance Spread
-6%
-12%
-3%
-2%
-2%
-11%
-18%
-7%
-4%
-5%
-8%
-12%
-2%
-1%
-3%
-4%
-3%
1%
0%
0%
-5%
-3%
1%
0%
-1%
-30%
-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
40%
Asia
30%
Canada
8%
Emerging
21%
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 Second Quarter 2022
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund R10 - $12,811,377 28.8% MFS International Intrinsic Value Equity R6 MINJX $771,634 1.7% Fidelity US Bond Index FXNAX $1,716,347 3.9% Fidelity Total International Index FTIHX $2,269,094 5.1% Sterling Capital Total Return Bond R6 STRDX $2,832,269 6.4% Vanguard International Growth Adm VWILX $748,520 1.7% Total $17,359,993 39.0% Total $3,789,248 8.5%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $1,941,275 4.4% Vanguard Target Retirement Income VTINX $230,312 0.5% Fidelity 500 Index FXAIX $4,893,804 11.0% Vanguard Target Retirement 2020 VTWNX $120,716 0.3% Vanguard US Growth Adm VWUAX $4,657,906 10.5% Vanguard Target Retirement 2025 VTTVX $914,912 2.1% Total $11,492,985 25.8% Vanguard Target Retirement 2030 VTHRX $1,081,123 2.4% Vanguard Target Retirement 2035 VTTHX $1,865,925 4.2%
Mid Cap Ticker Assets % Vanguard Target Retirement 2040 VFORX $658,240 1.5% Allspring Special Mid Cap Value Fund WFPRX $607,583 1.4% Vanguard Target Retirement 2045 VTIVX $674,769 1.5% Fidelity Mid Cap Index FSMDX $1,224,459 2.7% Vanguard Target Retirement 2050 VFIFX $940,220 2.1% MFS Mid Cap Growth R6 OTCKX $1,007,289 2.3% Vanguard Target Retirement 2055 VFFVX $365,743 0.8% Total $2,839,331 6.4% Vanguard Target Retirement 2060 VTTSX $131,621 0.3% Vanguard Target Retirement 2065 VLXVX $9,590 0.0%
Small Cap Ticker Assets % Total $6,993,171 15.7%
Fidelity Small Cap Index FSSNX $1,554,507 3.5%
Total $1,554,507 3.5% Miscellaneous Ticker Assets %
Participant Loans - $505,978 1.1%
Total $505,978 1.1%
TOTAL PLAN ASSETS $44,535,214
5 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan Second Quarter 2022

HISTORICAL PLAN ALLOCATION
Asset Class 2Q22 2021 2020 2019 2018 2017 2016 2015
Fixed Income 39.0% 33.7% N/A N/A N/A N/A N/A N/A
Large Cap 25.8% 31.0% N/A N/A N/A N/A N/A N/A
Mid Cap 6.4% 7.2% N/A N/A N/A N/A N/A N/A
Small Cap 3.5% 4.0% N/A N/A N/A N/A N/A N/A
International 8.5% 7.9% N/A N/A N/A N/A N/A N/A
Asset Allocation 15.7% 15.4% N/A N/A N/A N/A N/A N/A
Loans 1.1% 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

39.0%
Equi
ty

44.2%
Asset Allocation

15.7%
Loans

1.1%

50.5%

45.9%

32.6%

37.6%

16.9%

16.5%
2Q22
2021
EQUITY STYLE*
Core Growth Value

80.7%

84.2%

19.3%

15.8%
2Q22
2021
BY EQUITY REGION*
US Non-US

68.5%

68.9%

31.5%

31.1%
2Q22
2021
ACTIVE V PASSIVE**
Active Passive
6 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan Second 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 $17,243,266 $198,757 ($353,726) $433,550 ($161,853) $17,359,993 2Q22 $49,796,656 ($187,097) ($5,580,323) $44,029,236 Large Cap $14,863,563 $184,807 ($404,619) ($236,074) ($2,914,691) $11,492,985 YTD $53,098,741 ($290,962) ($8,778,543) $44,029,236 Mid Cap $3,421,840 $64,003 ($129,215) $12,704 ($530,002) $2,839,331 2021 N/A N/A N/A $53,098,741 Small Cap $1,929,308 $18,135 ($16,065) ($52,122) ($324,748) $1,554,507 2020 N/A N/A N/A N/A International $4,157,575 $74,105 ($95,005) $279,021 ($626,447) $3,789,248 2019 N/A N/A N/A N/A Asset Allocation $8,181,105 $357,303 ($85,576) ($437,079) ($1,022,582) $6,993,171 2018 N/A N/A N/A N/A Total $49,796,656 $897,109 ($1,084,207) $0 ($5,580,323) $44,029,236 Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)
-11.23%
-10.14%
-12.10%
-14.04%
Qtr
Returns
457(b) Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $98,803
($371)
($11,072)
$87,360
($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 Second Quarter 2022
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund R10 - $55,191 13.2% MFS International Intrinsic Value Equity R6 MINJX $0 0.0% Fidelity US Bond Index FXNAX $39,763 9.5% Fidelity Total International Index FTIHX $16,468 3.9% Sterling Capital Total Return Bond R6 STRDX $16,693 4.0% Vanguard International Growth Adm VWILX $733 0.2% Total $111,647 26.6% Total $17,202 4.1%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $221 0.1% Vanguard Target Retirement Income VTINX $0 0.0% Fidelity 500 Index FXAIX $54,445 13.0% Vanguard Target Retirement 2020 VTWNX $7,970 1.9% Vanguard US Growth Adm VWUAX $55,140 13.1% Vanguard Target Retirement 2025 VTTVX $4,402 1.0% Total $109,807 26.2% Vanguard Target Retirement 2030 VTHRX $103,521 24.7% Vanguard Target Retirement 2035 VTTHX $12,299 2.9%
Mid Cap Ticker Assets % Vanguard Target Retirement 2040 VFORX $12,175 2.9% Allspring Special Mid Cap Value Fund WFPRX $595 0.1% Vanguard Target Retirement 2045 VTIVX $8,347 2.0% Fidelity Mid Cap Index FSMDX $23,053 5.5% Vanguard Target Retirement 2050 VFIFX $3,484 0.8% MFS Mid Cap Growth R6 OTCKX $2,150 0.5% Vanguard Target Retirement 2055 VFFVX $2,072 0.5% Total $25,798 6.2% Vanguard Target Retirement 2060 VTTSX $0 0.0% Vanguard Target Retirement 2065 VLXVX $0 0.0%
Small Cap Ticker Assets % Total $154,270 36.8%
Fidelity Small Cap Index FSSNX $594 0.1%
Total $594 0.1% Miscellaneous Ticker Assets %
Participant Loans - $0 0.0%
Total $0 0.0%
TOTAL PLAN ASSETS $419,317
8 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans Second Quarter 2022

HISTORICAL PLAN ALLOCATION
Asset Class 2Q22 2021 2020 2019 2018 2017 2016 2015
Fixed Income 26.6% 23.7% N/A N/A N/A N/A N/A N/A
Large Cap 26.2% 30.3% N/A N/A N/A N/A N/A N/A
Mid Cap 6.2% 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 36.8% 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

26.6%
Equity

36.6%
Asset Allocation

36.8%
Loans

0.0%

61.6%

54.4%

37.8%

44.5%

0.5%

1.1%
2Q22
2021
EQUITY STYLE*
Core Growth Value

88.8%

85.3%

11.2%

14.7%
2Q22
2021
BY EQUITY REGION*
US Non-US

49.3%

55.8%

50.7%

44.2%
2Q22
2021
ACTIVE V PASSIVE**
Active Passive
9 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans Second 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 $113,934 $517 ($96) ($202) ($2,505) $111,647 2Q22 $477,774 $3,667 ($62,123) $419,317 Large Cap $140,472 $295 ($42) $88 ($31,006) $109,807 YTD $481,818 $31,495 ($93,996) $419,317 Mid Cap $30,881 $72 ($11) $36 ($5,181) $25,798 2021 N/A N/A N/A $481,818 Small Cap $700 $14 ($1) $2 ($122) $594 2020 N/A N/A N/A N/A International $19,521 $242 ($12) $76 ($2,625) $17,202 2019 N/A N/A N/A N/A Asset Allocation $172,266 $2,740 ($52) $0 ($20,684) $154,270 2018 N/A N/A N/A N/A Total $477,774 $3,881 ($214) $0 ($62,123) $419,317
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)
-12.95%
-10.14%
-12.10%
-14.04%
Qtr
Returns
401(a) Plans 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $14,052
$108
($1,827)
$12,333
($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 Second Quarter 2022
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund S11 - $17,260 1.1% MFS International Intrinsic Value Equity R6 MINJX $0 0.0% Fidelity US Bond Index FXNAX $295 0.0% Fidelity Total International Index FTIHX $12,855 0.8% Sterling Capital Total Return Bond R6 STRDX $0 0.0% Vanguard International Growth Adm VWILX $0 0.0% Total $17,555 1.1% Total $12,855 0.8%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $0 0.0% Vanguard Target Retirement Income VTINX $5,174 0.3% Fidelity 500 Index FXAIX $34,171 2.2% Vanguard Target Retirement 2020 VTWNX $52,340 3.4% Vanguard US Growth Adm VWUAX $47,485 3.1% Vanguard Target Retirement 2025 VTTVX $133,232 8.6% Total $81,656 5.3% Vanguard Target Retirement 2030 VTHRX $142,265 9.2% Vanguard Target Retirement 2035 VTTHX $155,094 10.0%
Mid Cap Ticker Assets % Vanguard Target Retirement 2040 VFORX $256,723 16.5% Allspring Special Mid Cap Value Fund WFPRX $0 0.0% Vanguard Target Retirement 2045 VTIVX $247,943 15.9% Fidelity Mid Cap Index FSMDX $18,078 1.2% Vanguard Target Retirement 2050 VFIFX $280,653 18.1% MFS Mid Cap Growth R6 OTCKX $452 0.0% Vanguard Target Retirement 2055 VFFVX $132,588 8.5% Total $18,530 1.2% Vanguard Target Retirement 2060 VTTSX $15,488 1.0% Vanguard Target Retirement 2065 VLXVX $315 0.0%
Small Cap Ticker Assets % Total $1,421,813 91.4%
Fidelity Small Cap Index FSSNX $2,386 0.2%
Total $2,386 0.2% TOTAL PLAN ASSETS $1,554,794
11 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan Second Quarter 2022

HISTORICAL PLAN ALLOCATION
Asset Class 2Q22 2021 2020 2019 2018 2017 2016 2015
Fixed Income 1.1% 0.2% N/A N/A N/A N/A N/A N/A
Large Cap 5.3% 6.4% N/A N/A N/A N/A N/A N/A
Mid Cap 1.2% 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 91.4% 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

1.1%
Equity

7.5%
Asset Allocation

91.4%

58.5%

48.2%

41.5%

51.8%
2Q22
2021
EQUITY STYLE*
Core Growth Value

88.9%

95.3%

11.1%

4.7%
2Q22
2021
BY EQUITY REGION*
US Non-US

49.0%

52.9%

51.0%

47.1%
2Q22
2021
ACTIVE V PASSIVE**
Active Passive
12 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan Second 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 $3,951 $530 ($32) $13,058 $48 $17,555 2Q22 $1,730,368 $62,624 ($238,198) $1,554,794 Large Cap $96,242 $7,208 ($276) $1,512 ($23,031) $81,656 YTD $1,778,538 $120,101 ($343,845) $1,554,794 Mid Cap $21,799 $537 ($51) ($34) ($3,722) $18,530 2021 N/A N/A N/A $1,778,538 Small Cap $2,621 $235 ($7) $8 ($471) $2,386 2020 N/A N/A N/A N/A International $14,112 $647 ($33) $30 ($1,901) $12,855 2019 N/A N/A N/A N/A Asset Allocation $1,591,644 $66,237 ($12,372) ($14,575) ($209,121) $1,421,813 2018 N/A N/A N/A N/A Total $1,730,368 $75,395 ($12,771) $0 ($238,198) $1,554,794 Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)
-13.53%
-10.14%
-12.10%
-14.04%
Qtr
Returns
RHS Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $3,475
$126
($478)
$3,122
($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 Second 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 ● ℗ - Trailing Benchmark and Peer Group for 5 year period.

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. To be replaced with Vanguard International Value (VTRIX).

Fidelity Total International Index ℗ ℗ -
Vanguard International Growth Adm ℗ ℗ -
Vanguard Target Retirement Income ℗ ℗ -
Vanguard Target Retirement 2020 ℗ ℗ -
Vanguard Target Retirement 2025 ℗ ℗ -
Vanguard Target Retirement 2030 ℗ ℗ -
Vanguard Target Retirement 2035 ℗ ℗ -
Vanguard Target Retirement 2040 ℗ ℗ -
Vanguard Target Retirement 2045 ℗ ℗ -
Vanguard Target Retirement 2050 ℗ ℗ -
Vanguard Target Retirement 2055 ℗ ℗ -
Vanguard Target Retirement 2060 ℗ ℗ -
Vanguard Target Retirement 2065 ℗ ℗ -
Investment Policy Status
15 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans Second Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MissionSquare PLUS Fund R10 0.47 0.91 1.85 2.09 2.17 2.05 1.89 2.22 2.45 2.27 2.12 1.98 5 Yr Constant Maturity US Treasury Yield 0.73 1.18 1.68 1.13 1.65 1.53 0.85 0.54 1.96 2.75 1.91 1.44 +/- Index (0.26) (0.27) 0.17 0.96 0.52 0.52 1.04 1.68 0.50 (0.48) 0.21 0.54 US Stable Value 22 21 18 13 13 18 10 12 16 13 8 7
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MissionSquare PLUS Fund S11 0.46 0.90 1.83 2.09 2.17 2.05 1.89 2.22 2.45 2.27 2.12 1.98 5 Yr Constant Maturity US Treasury Yield 0.73 1.18 1.68 1.13 1.65 1.53 0.85 0.54 1.96 2.75 1.91 1.44 +/- Index (0.27) (0.28) 0.15 0.96 0.52 0.52 1.04 1.68 0.49 (0.48) 0.21 0.54 US Stable Value 25 22 19 13 13 18 10 12 16 13 8 7
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity US Bond Index -4.66 -10.26 -10.35 -0.94 0.86 1.50 -1.79 7.80 8.48 0.01 3.50 2.52 Bloomberg US Aggregate Bond Index -4.69 -10.35 -10.29 -0.93 0.88 1.54 -1.54 7.51 8.72 0.01 3.54 2.65 +/- Index 0.03 0.09 (0.06) (0.01) (0.02) (0.04) (0.25) 0.29 (0.23) 0.00 (0.04) (0.13) US Fund Intermediate Core Bond 24 28 27 47 39 51 65 50 48 26 43 55 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Sterling Capital Total Return Bond R6 -4.69 -10.55 -10.75 -0.35 1.41 2.16 -1.12 9.35 9.37 -0.27 4.33 3.75 Bloomberg US Aggregate Bond Index -4.69 -10.35 -10.29 -0.93 0.88 1.54 -1.54 7.51 8.72 0.01 3.54 2.65 +/- Index 0.00 (0.20) (0.46) 0.58 0.53 0.62 0.42 1.84 0.65 (0.28) 0.79 1.10 US Fund Intermediate Core Bond 25 47 47 14 7 8 28 15 18 42 10 12 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MFS Value R6 -9.88 -13.13 -5.03 7.60 7.55 11.23 25.55 4.03 30.18 -9.78 17.86 14.25 Russell 1000 Value Index -12.21 -12.86 -6.82 6.87 7.17 10.50 25.16 2.80 26.54 -8.27 13.66 17.34 +/- Index 2.33 (0.27) 1.79 0.73 0.38 0.73 0.39 1.23 3.64 (1.51) 4.20 (3.09) US Fund Large Value 23 68 48 53 54 18 57 35 6 67 30 52
16 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans Second Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity 500 Index -16.10 -19.97 -10.63 10.59 11.29 12.95 28.69 18.40 31.47 -4.40 21.81 11.97 S&P 500 Index -16.10 -19.96 -10.62 10.60 11.31 12.96 28.71 18.40 31.49 -4.38 21.83 11.96 +/- Index 0.00 (0.01) (0.01) (0.01) (0.02) (0.01) (0.02) 0.00 (0.01) (0.02) (0.02) 0.01 US Fund Large Blend 57 46 33 18 14 11 21 33 22 22 32 27 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard US Growth Adm -27.19 -38.17 -37.59 6.26 11.02 13.24 12.45 58.74 33.51 0.75 31.74 -0.59 Russell 1000 Growth Index -20.92 -28.07 -18.77 12.58 14.29 14.80 27.60 38.49 36.39 -1.51 30.21 7.08 +/- Index (6.27) (10.10) (18.82) (6.32) (3.27) (1.56) (15.15) 20.24 (2.88) 2.26 1.53 (7.66) US Fund Large Growth 91 92 91 72 53 34 85 8 41 25 27 81 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Allspring Special Mid Cap Value Fund -10.19 -12.23 -4.17 9.03 8.12 12.35 28.80 3.36 35.68 -13.02 11.27 21.68 Russell Mid Cap Value Index -14.68 -16.23 -10.00 6.70 6.27 10.62 28.34 4.96 27.06 -12.29 13.34 20.00 +/- Index 4.49 4.00 5.83 2.33 1.85 1.73 0.46 (1.60) 8.62 (0.74) (2.07) 1.69 US Fund Mid-Cap Value 9 29 12 20 14 3 47 43 2 42 80 20
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity Mid Cap Index -16.85 -21.58 -17.31 6.57 7.95 11.28 22.56 17.11 30.51 -9.05 18.47 13.86 Russell Mid Cap Index -16.85 -21.57 -17.30 6.59 7.96 11.29 22.58 17.10 30.54 -9.06 18.52 13.80 +/- Index 0.00 (0.01) (0.01) (0.02) (0.01) (0.01) (0.02) 0.01 (0.03) 0.01 (0.05) 0.07 US Fund Mid-Cap Blend 85 76 79 53 27 19 66 24 24 25 26 57 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MFS Mid Cap Growth R6 -17.34 -30.20 -24.39 4.76 10.77 12.93 14.17 35.80 37.93 1.21 26.39 4.75 Russell Mid Cap Growth Index -21.07 -31.00 -29.57 4.25 8.88 11.50 12.73 35.59 35.47 -4.75 25.27 7.33 +/- Index 3.73 0.80 5.18 0.51 1.89 1.43 1.44 0.21 2.46 5.96 1.12 (2.58) US Fund Mid-Cap Growth 19 40 25 48 16 11 40 49 21 10 39 53 17 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans Second Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity Small Cap Index -17.18 -23.37 -25.20 4.26 5.25 9.51 14.71 19.99 25.71 -10.88 14.85 21.63 Russell 2000 Index -17.20 -23.43 -25.20 4.21 5.17 9.35 14.82 19.96 25.52 -11.01 14.65 21.31 +/- Index 0.02 0.06 0.00 0.05 0.08 0.16 (0.11) 0.03 0.18 0.14 0.20 0.32 US Fund Small Blend 79 76 91 66 57 50 89 12 36 34 26 46 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MFS International Intrinsic Value Equity R6 -15.08 -26.18 -22.14 1.98 4.35 8.58 10.72 20.56 25.99 -8.89 27.25 4.31 MSCI EAFE Value (Net) Index -12.41 -12.12 -11.95 0.18 0.52 4.25 10.89 -2.63 16.09 -14.78 21.44 5.02 +/- Index (2.67) (14.06) (10.19) 1.80 3.83 4.33 (0.17) 23.19 9.90 5.89 5.81 (0.72) US Fund Foreign Large Value 98 100 94 43 3 1 62 1 2 2 12 32 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity Total International Index -13.16 -18.55 -19.43 1.70 2.60 - 8.47 11.07 21.48 -14.38 27.63 - MSCI ACWI Ex-USA IMI (Net) Index -14.28 -19.08 -19.86 1.55 2.50 5.01 8.53 11.12 21.63 -14.76 27.81 4.41 +/- Index 1.12 0.53 0.43 0.15 0.10 - (0.06) (0.04) (0.16) 0.37 (0.18) - US Fund Foreign Large Blend 50 32 53 46 35 - 65 42 62 39 27 - QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard International Growth Adm -18.13 -31.60 -36.18 6.33 7.51 9.17 -0.74 59.74 31.48 -12.58 43.16 1.84 MSCI ACWI Ex-USA Growth (Net) Index -15.71 -24.79 -25.80 1.62 3.43 5.71 5.09 22.20 27.34 -14.43 32.01 0.12 +/- Index (2.42) (6.81) (10.38) 4.71 4.08 3.46 (5.83) 37.54 4.14 1.84 11.15 1.72 US Fund Foreign Large Growth 76 78 90 4 5 2 87 2 23 34 7 16 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement Income -7.37 -11.79 -10.14 2.09 3.34 4.12 5.25 10.02 13.16 -1.99 8.47 5.25 Vanguard Retirement Income Index -7.51 -11.75 -9.96 2.39 3.60 4.34 5.43 10.70 13.40 -1.98 8.67 5.35 +/- Index 0.14 (0.04) (0.18) (0.30) (0.26) (0.22) (0.18) (0.68) (0.24) (0.01) (0.19) (0.10) US Fund Target-Date Retirement 30 40 41 27 28 30 64 30 48 18 50 30 18 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans Second Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2020 -9.20 -13.80 -11.65 3.36 4.64 6.51 8.17 12.04 17.63 -4.24 14.08 6.95 Vanguard Retirement 2020 Index -9.30 -13.72 -11.41 3.75 4.97 6.79 8.43 12.86 17.87 -4.14 14.22 7.17 +/- Index 0.10 (0.08) (0.24) (0.39) (0.33) (0.28) (0.26) (0.82) (0.24) (0.10) (0.14) (0.22) US Fund Target-Date 2020 39 36 36 33 24 19 62 41 32 47 23 30 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2025 -10.72 -15.63 -13.21 3.74 5.07 7.10 9.80 13.30 19.63 -5.15 15.94 7.48 Vanguard Retirement 2025 Index -10.81 -15.46 -12.87 4.22 5.46 7.42 10.10 14.19 19.93 -5.01 16.08 7.66 +/- Index 0.09 (0.17) (0.34) (0.48) (0.39) (0.32) (0.30) (0.89) (0.30) (0.14) (0.14) (0.18) US Fund Target-Date 2025 69 52 51 34 25 20 47 34 20 48 22 21 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2030 -11.67 -16.66 -13.94 4.22 5.50 7.68 11.38 14.10 21.07 -5.86 17.52 7.85 Vanguard Retirement 2030 Index -11.82 -16.50 -13.65 4.67 5.87 7.99 11.65 14.96 21.33 -5.74 17.65 8.11 +/- Index 0.15 (0.16) (0.29) (0.45) (0.37) (0.31) (0.27) (0.86) (0.26) (0.12) (0.13) (0.26) US Fund Target-Date 2030 64 45 47 42 36 26 54 35 37 39 37 27 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2035 -12.41 -17.37 -14.36 4.80 5.96 8.27 12.96 14.79 22.44 -6.58 19.12 8.26 Vanguard Retirement 2035 Index -12.62 -17.24 -14.11 5.23 6.34 8.58 13.24 15.67 22.76 -6.48 19.24 8.55 +/- Index 0.21 (0.13) (0.25) (0.43) (0.38) (0.31) (0.28) (0.87) (0.33) (0.10) (0.12) (0.29) US Fund Target-Date 2035 36 30 37 42 39 29 78 38 49 31 40 32 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2040 -13.17 -18.08 -14.82 5.35 6.42 8.74 14.56 15.47 23.86 -7.32 20.71 8.73 Vanguard Retirement 2040 Index -13.43 -17.99 -14.57 5.77 6.79 9.06 14.85 16.31 24.19 -7.22 20.87 8.98 +/- Index 0.26 (0.09) (0.25) (0.42) (0.37) (0.32) (0.29) (0.83) (0.33) (0.11) (0.16) (0.25) US Fund Target-Date 2040 29 23 29 38 33 20 80 39 49 35 30 23 19 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans Second Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2045 -13.93 -18.82 -15.29 5.89 6.80 8.97 16.16 16.30 24.94 -7.90 21.42 8.87 Vanguard Retirement 2045 Index -14.22 -18.73 -15.05 6.31 7.17 9.29 16.45 17.03 25.36 -7.77 21.54 9.13 +/- Index 0.29 (0.09) (0.24) (0.42) (0.37) (0.32) (0.29) (0.73) (0.42) (0.13) (0.11) (0.26) US Fund Target-Date 2045 29 24 31 24 23 17 65 34 40 41 24 26 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2050 -14.21 -19.06 -15.45 5.91 6.81 8.97 16.41 16.39 24.98 -7.90 21.39 8.85 Vanguard Retirement 2050 Index -14.53 -19.02 -15.26 6.33 7.18 9.30 16.77 17.18 25.36 -7.77 21.54 9.13 +/- Index 0.32 (0.04) (0.19) (0.42) (0.37) (0.33) (0.36) (0.79) (0.38) (0.13) (0.14) (0.28) US Fund Target-Date 2050 30 20 27 21 23 21 70 35 45 37 31 27 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2055 -14.19 -19.07 -15.45 5.89 6.80 8.95 16.44 16.32 24.98 -7.89 21.38 8.88 Vanguard Retirement 2055 Index -14.53 -19.02 -15.26 6.33 7.18 9.30 16.77 17.18 25.36 -7.77 21.54 9.13 +/- Index 0.34 (0.05) (0.19) (0.44) (0.38) (0.35) (0.33) (0.86) (0.38) (0.12) (0.16) (0.25) US Fund Target-Date 2055 27 17 26 24 25 23 75 40 47 35 39 26 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2060 -14.19 -19.07 -15.44 5.89 6.79 8.96 16.44 16.32 24.96 -7.87 21.36 8.84 Vanguard Retirement 2060 Index -14.53 -19.02 -15.26 6.33 7.18 9.30 16.77 17.18 25.36 -7.77 21.54 9.13 +/- Index 0.34 (0.05) (0.18) (0.44) (0.39) (0.34) (0.33) (0.85) (0.40) (0.10) (0.18) (0.28) US Fund Target-Date 2060 26 19 25 26 31 50 77 41 56 30 43 23 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2065 -14.20 -19.03 -15.40 5.86 - - 16.46 16.17 24.96 -7.95 - - Vanguard Retirement 2065 Index -14.53 -19.02 -15.26 6.33 7.18 - 16.77 17.18 25.36 -7.77 - - +/- Index 0.33 (0.01) (0.14) (0.47) - - (0.31) (1.00) (0.39) (0.18) - - US Fund Target-Date 2065+ 15 15 17 36 - - 67 56 59 12 - - 20 Section 4

CITY OF VALLEJO, CA PLAN FEE ANALYSIS
457(b) Deferred Compensation Plan Second Quarter 2022
$242 $229 $206
$131 $128 $116
$105,029
$102,282
$93,081
4Q21 1Q22 2Q22
$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%

0.347%

0.327%

0.321%

0.00%

0.25%

0.50%
4Q21 1Q22 2Q22
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio

0.125%

0.025%

0.00%

0.10%

0.20%

0.30%
4Q21 1Q22 2Q22
Annualized Contracted Revenue v. Revenue Received
(as a % of total assets)
Revenue Received Contracted Revenue

0.230% 0.224% 0.222%

0.125% 0.125% 0.125%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%
4Q21 1Q22 2Q22
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 Second Quarter 2022
Fund Ticker
Quarter Average
Assets Net Expense Ratio Admin Fee
Est. Total Invest.

Cost
Est. Total Admin.

Cost
MissionSquare PLUS Fund R10 - $12,607,043 0.31% 0.125% $39,082 $15,759 Fidelity US Bond Index FXNAX $1,708,783 0.03% 0.125% $427 $2,136 Sterling Capital Total Return Bond R6 STRDX $2,985,803 0.35% 0.125% $10,450 $3,732 MFS Value R6 MEIKX $2,188,606 0.45% 0.125% $9,849 $2,736 Fidelity 500 Index FXAIX $5,483,448 0.02% 0.125% $823 $6,854 Vanguard US Growth Adm VWUAX $5,506,221 0.28% 0.125% $15,417 $6,883 Allspring Special Mid Cap Value Fund WFPRX $661,028 0.70% 0.125% $4,627 $826 Fidelity Mid Cap Index FSMDX $1,336,672 0.03% 0.125% $334 $1,671 MFS Mid Cap Growth R6 OTCKX $1,132,886 0.65% 0.125% $7,364 $1,416 Fidelity Small Cap Index FSSNX $1,741,908 0.03% 0.125% $435 $2,177 MFS International Intrinsic Value Equity R6 MINJX $800,774 0.62% 0.125% $4,965 $1,001 Fidelity Total International Index FTIHX $2,319,009 0.06% 0.125% $1,391 $2,899 Vanguard International Growth Adm VWILX $853,628 0.32% 0.125% $2,732 $1,067 Vanguard Target Retirement Income VTINX $239,035 0.08% 0.125% $191 $299 Vanguard Target Retirement 2020 VTWNX $222,099 0.08% 0.125% $178 $278 Vanguard Target Retirement 2025 VTTVX $1,099,888 0.08% 0.125% $880 $1,375 Vanguard Target Retirement 2030 VTHRX $1,120,202 0.08% 0.125% $896 $1,400 Vanguard Target Retirement 2035 VTTHX $1,999,547 0.08% 0.125% $1,600 $2,499 Vanguard Target Retirement 2040 VFORX $697,087 0.08% 0.125% $558 $871 Vanguard Target Retirement 2045 VTIVX $716,207 0.08% 0.125% $573 $895 Vanguard Target Retirement 2050 VFIFX $977,484 0.08% 0.125% $782 $1,222 Vanguard Target Retirement 2055 VFFVX $371,324 0.08% 0.125% $297 $464 Vanguard Target Retirement 2060 VTTSX $133,879 0.08% 0.125% $107 $167 Vanguard Target Retirement 2065 VLXVX $10,385 0.08% 0.125% $8 $13 TOTAL $46,912,946 $103,966 $58,641
Plan Administration Cost Quarter Annualized
Plan Generated Revenue (est): $14,620 $58,641
Contracted Revenue (est): $2,924 $11,728
Net Excess/(Deficit) (est): $11,696 $46,913
Annualized
22 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
401(a) Defined Contribution Plans Second Quarter 2022
$27 $22 $18
$22 $19 $16
$17,422
$15,477
$13,193
4Q21 1Q22 2Q22
$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%

0.259%

0.327%

0.321%

0.00%

0.25%

0.50%
4Q21 1Q22 2Q22
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio

0.125%

0.025%

0.00%

0.10%

0.20%

0.30%
4Q21 1Q22 2Q22
Annualized Contracted Revenue v. Revenue Received
(as a % of total assets)
Revenue Received Contracted Revenue

0.153% 0.143% 0.134%

0.125% 0.125% 0.125%

0.00%

0.20%

0.40%
4Q21 1Q22 2Q22
Annualized Total Cost Summary
(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant 23 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
401(a) Defined Contribution Plans Second Quarter 2022
Fund Ticker
Quarter Average
Assets Net Expense Ratio Admin Fee
Est. Total Invest.

Cost
Est. Total Admin.

Cost
MissionSquare PLUS Fund R10 - $55,003 0.31% 0.125% $171 $69 Fidelity US Bond Index FXNAX $40,730 0.03% 0.125% $10 $51 Sterling Capital Total Return Bond R6 STRDX $17,057 0.35% 0.125% $60 $21 MFS Value R6 MEIKX $218 0.45% 0.125% $1 $0
Fidelity 500 Index FXAIX $59,588 0.02% 0.125% $9 $74
Vanguard US Growth Adm VWUAX $65,333 0.28% 0.125% $183 $82 Allspring Special Mid Cap Value Fund WFPRX $621 0.70% 0.125% $4 $1 Fidelity Mid Cap Index FSMDX $25,342 0.03% 0.125% $6 $32 MFS Mid Cap Growth R6 OTCKX $2,376 0.65% 0.125% $15 $3
Fidelity Small Cap Index FSSNX $647 0.03% 0.125% $0 $1
MFS International Intrinsic Value Equity R6 MINJX $0 0.62% 0.125% $0 $0 Fidelity Total International Index FTIHX $17,591 0.06% 0.125% $11 $22 Vanguard International Growth Adm VWILX $770 0.32% 0.125% $2 $1 Vanguard Target Retirement Income VTINX $0 0.08% 0.125% $0 $0 Vanguard Target Retirement 2020 VTWNX $7,743 0.08% 0.125% $6 $10 Vanguard Target Retirement 2025 VTTVX $4,667 0.08% 0.125% $4 $6 Vanguard Target Retirement 2030 VTHRX $109,862 0.08% 0.125% $88 $137 Vanguard Target Retirement 2035 VTTHX $13,172 0.08% 0.125% $11 $16 Vanguard Target Retirement 2040 VFORX $12,924 0.08% 0.125% $10 $16 Vanguard Target Retirement 2045 VTIVX $9,024 0.08% 0.125% $7 $11 Vanguard Target Retirement 2050 VFIFX $3,631 0.08% 0.125% $3 $5 Vanguard Target Retirement 2055 VFFVX $2,244 0.08% 0.125% $2 $3 Vanguard Target Retirement 2060 VTTSX $0 0.08% 0.125% $0 $0 Vanguard Target Retirement 2065 VLXVX $0 0.08% 0.125% $0 $0 TOTAL $448,545 $603 $561
Plan Administration Cost Quarter Annualized
Plan Generated Revenue (est): $140 $561
Contracted Revenue (est): $28 $112
Net Excess/(Deficit) (est): $112 $449
Annualized
24 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
Retirement Health Savings Plan Second Quarter 2022
$4 $3 $3
$45 $45 $43
$3,673
$3,625
$3,298
4Q21 1Q22 2Q22
$0
$2,500
$5,000
Average Participant Balance and Cost ($)
Avg. Invest Cost Avg. Admin Cost Avg. Part Balance

1.326%

1.330%

1.394%

1.432%

1.436%

1.504%

0.00%

0.50%

1.00%

1.50%

2.00%
4Q21 1Q22 2Q22
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio

1.231%

1.240%

1.308%

1.231%

1.240%

1.308%

0.00%

0.60%

1.20%

1.80%
4Q21 1Q22 2Q22
Annualized Contracted Revenue v. Revenue Received
(as a % of total assets)
Revenue Received Contracted Revenue

0.096% 0.091% 0.086%

1.231% 1.240% 1.308%

0.00%

0.50%

1.00%

1.50%
4Q21 1Q22 2Q22
Annualized Total Cost Summary
(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant 25 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
Retirement Health Savings Plan Second 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 - $10,446 0.31% 1.308% $32 $137 Fidelity US Bond Index FXNAX $307 0.03% 1.308% $0 $4
Sterling Capital Total Return Bond R6 STRDX $0 0.35% 1.308% $0 $0 MFS Value R6 MEIKX $0 0.45% 1.308% $0 $0
Fidelity 500 Index FXAIX $34,174 0.02% 1.308% $5 $447
Vanguard US Growth Adm VWUAX $54,775 0.28% 1.308% $153 $716 Allspring Special Mid Cap Value Fund WFPRX $0 0.70% 1.308% $0 $0 Fidelity Mid Cap Index FSMDX $19,740 0.03% 1.308% $5 $258 MFS Mid Cap Growth R6 OTCKX $424 0.65% 1.308% $3 $6
Fidelity Small Cap Index FSSNX $2,503 0.03% 1.308% $1 $33 MFS International Intrinsic Value Equity R6 MINJX $0 0.62% 1.308% $0 $0 Fidelity Total International Index FTIHX $13,483 0.06% 1.308% $8 $176 Vanguard International Growth Adm VWILX $0 0.32% 1.308% $0 $0 Vanguard Target Retirement Income VTINX $5,390 0.08% 1.308% $4 $70 Vanguard Target Retirement 2020 VTWNX $54,790 0.08% 1.308% $44 $717 Vanguard Target Retirement 2025 VTTVX $140,267 0.08% 1.308% $112 $1,835 Vanguard Target Retirement 2030 VTHRX $148,775 0.08% 1.308% $119 $1,946 Vanguard Target Retirement 2035 VTTHX $163,622 0.08% 1.308% $131 $2,140 Vanguard Target Retirement 2040 VFORX $275,650 0.08% 1.308% $221 $3,605 Vanguard Target Retirement 2045 VTIVX $268,422 0.08% 1.308% $215 $3,511 Vanguard Target Retirement 2050 VFIFX $295,126 0.08% 1.308% $236 $3,860 Vanguard Target Retirement 2055 VFFVX $138,376 0.08% 1.308% $111 $1,810 Vanguard Target Retirement 2060 VTTSX $15,990 0.08% 1.308% $13 $209 Vanguard Target Retirement 2065 VLXVX $320 0.08% 1.308% $0 $4 TOTAL $1,642,581 $1,413 $21,484
Plan Administration Cost Quarter Annualized
MissionSquare Administration Fee (0.55%) (est): $2,252 $9,034 MissionSquare Per Participant Fee ($25/year) (est): $3,104 $12,450 Total Plan Administration Fees (est): $5,356 $21,484
Annualized
26 Section 5
Allspring Special Mid Cap
Value R6 (USD)
Morningstar Quantitative
RatingTM
´Q
05-31-2022
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
Value391 US Fund Mid-Cap Value
Performance 06-30-2022
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 -10.19 — — -12.23
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -4.17 9.03 8.12 — 10.31
Std 06-30-2022 -4.17 — 8.12 — 10.31
Total Return -4.17 9.03 8.12 12.35 10.31
+/- Std Index 6.44 -1.57 -3.19 -0.60 —
+/- Cat Index 5.82 2.32 1.85 1.74 —
% Rank Cat 15 25 18 3
No. in Cat 405 391 361 268
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
391 funds 361 funds
268 funds
Morningstar RatingTM 4Q 4Q 5W
Morningstar Risk Avg Avg -Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 21.97 19.29 15.37
Mean 9.03 8.12 12.35
Sharpe Ratio 0.48 0.45 0.80
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap
Value TR USD
Alpha -1.19 2.42
Beta 1.05 0.95
R-Squared 79.20 97.21
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 97
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Allspring Special Mid Cap
Value R6
33,527
Category Average
26,174
Standard Index
37,807
_ _ _ & & & ( * & * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History — — 31.65 32.27 30.05 36.03 38.35 32.47 42.22 43.31 50.60 44.41 NAV/Price -0.56 18.91 39.13 12.12 -2.65 21.68 11.27 -13.02 35.68 3.36 28.80 -12.23 Total Return % -2.67 2.91 6.75 -1.57 -4.03 9.72 -10.56 -8.64 4.20 -15.03 0.09 7.73 +/- Standard Index

0.82 0.41 5.68 -2.63 2.13 1.69 -2.07 -0.74 8.62 -1.60 0.46 4.00 +/- Category Index — — — 24 24 20 71 50 2 49 53 — % Rank Cat
— — — 460 471 399 405 417 422 415 413 409 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.93 2.93 0.00
US Stocks 93.66 93.66 0.00
Non-US Stocks 3.41 3.41 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 15.6 0.85 1.15
P/C Ratio TTM 9.9 0.68 0.98
P/B Ratio TTM 2.3 0.64 1.15
Geo Avg Mkt Cap
$mil
17673 0.10 1.34
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 96.5 0.98
Greater Europe 2.3 2.28
Greater Asia 1.2 27.43
Share Chg
since
04-2022
Share
Amount
Holdings :
120 Total Stocks , 161 Total Fixed-Income,
38% Turnover Ratio
Net Assets
%
Y 2 mil Carlisle Companies Inc 4.05
8 mil Arch Capital Group Ltd 3.24
3 mil Republic Services Inc 3.20
7 mil LKQ Corp 3.09
Y 4 mil Amdocs Ltd 2.98
7 mil AerCap Holdings NV 2.75
3 mil American Electric Power Co Inc 2.73
T 5 mil Brown & Brown Inc 2.57
T 4 mil CBRE Group Inc Class A 2.50
7 mil FirstEnergy Corp 2.44
640,600 Humana Inc 2.41
T 11 mil Reynolds Consumer Products Inc Ord 2.38
4 mil D.R. Horton Inc 2.34
T 2 mil Jacobs Engineering Group Inc 2.28
8 mil Keurig Dr Pepper Inc 2.27
Sector Weightings Stocks % Rel Std Index
h Cyclical 42.7 1.50
r Basic Materials 3.7 1.62
t Consumer Cyclical 13.4 1.30
y Financial Services 17.5 1.35
u Real Estate 8.1 2.77
j Sensitive 36.4 0.79
i Communication Services 0.0 0.00
o Energy 8.4 1.93
p Industrials 20.6 2.48
a Technology 7.3 0.30
k Defensive 20.9 0.81
s Consumer Defensive 4.5 0.61
d Healthcare 9.2 0.60
f Utilities 7.3 2.34
Operations
Family: Allspring Global Investments
Manager: Multiple
Tenure: 13.5 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: $10,909.26 mil
Release date 06-30-2022 | 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®
27 Fidelity® 500 Index (USD)
Morningstar Analyst RatingTM
Œ
02-16-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell 1000 TR
USD
US Fund Large Blend
1,225 US Fund Large Blend
Performance 06-30-2022
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 -16.10 — — -19.97
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -10.63 10.59 11.29 12.95 11.90
Std 06-30-2022 -10.63 — 11.29 12.95 11.90
Total Return -10.63 10.59 11.29 12.95 11.90
+/- Std Index -0.02 -0.01 -0.01 -0.01 —
+/- Cat Index 2.40 0.42 0.29 0.13 —
% Rank Cat 37 21 18 12
No. in Cat 1359 1225 1107 811
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.

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
1,225 funds 1,107 funds 811 funds
Morningstar RatingTM 4Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 18.63 16.95 13.70
Mean 10.59 11.29 12.95
Sharpe Ratio 0.60 0.65 0.91
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
37,760
Category Average
30,233
Standard Index
37,807
_ * * & & * * & & * & _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

44.50 50.49 65.49 72.85 71.80 78.35 93.45 87.10 112.02 130.17 165.32 131.92 NAV/Price

2.10 15.99 32.37 13.66 1.38 11.97 21.81 -4.40 31.47 18.40 28.69 -19.97 Total Return % -0.01 -0.01 -0.01 -0.03 0.00 0.01 -0.02 -0.02 -0.01 0.00 -0.01 -0.01 +/- Standard Index

0.60 -0.43 -0.74 0.42 0.47 -0.09 0.12 0.38 0.05 -2.57 2.24 0.98 +/- Category Index — 35 41 18 20 26 28 25 23 37 23 — % Rank Cat
— 1686 1559 1568 1606 1409 1396 1402 1387 1363 1382 1393 No. of Funds in Cat Portfolio Analysis 05-31-2022 Top Holdings 04-30-2022
Asset Allocation % Net % Long % Short %
Cash -0.02 0.06 0.08
US Stocks 98.89 98.89 0.00
Non-US Stocks 1.11 1.11 0.00
Bonds 0.02 0.02 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.08 0.08
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 20.1 1.09 0.98
P/C Ratio TTM 15.5 1.08 0.94
P/B Ratio TTM 3.9 1.09 0.83
Geo Avg Mkt Cap
$mil
185514 1.08 0.79
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 98.9 1.00
Greater Europe 1.1 1.04
Greater Asia 0.0 1.11
Share Chg
since
04-2022
Share
Amount
Holdings :
504 Total Stocks , 1 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
T 163 mil Apple Inc 6.59
T 79 mil Microsoft Corp 5.82
T 5 mil Amazon.com Inc 3.01
T 3 mil Alphabet Inc Class A 1.95
T 9 mil Tesla Inc 1.81
T 3 mil Alphabet Inc Class C 1.81
T 19 mil Berkshire Hathaway Inc Class B 1.65
T 28 mil Johnson & Johnson 1.35
T 10 mil UnitedHealth Group Inc 1.34
T 26 mil NVIDIA Corp 1.33
T 24 mil Meta Platforms Inc Class A 1.28
T 45 mil Exxon Mobil Corp 1.16
T 31 mil JPMorgan Chase & Co 1.12
T 25 mil Procter & Gamble Co 1.01
T 17 mil Visa Inc Class A 1.01
Sector Weightings Stocks % Rel Std Index
h Cyclical 29.3 1.03
r Basic Materials 2.5 1.08
t Consumer Cyclical 10.7 1.04
y Financial Services 13.4 1.03
u Real Estate 2.8 0.95
j Sensitive 46.3 1.01
i Communication Services 8.8 0.99
o Energy 4.8 1.10
p Industrials 8.3 0.99
a Technology 24.4 1.01
k Defensive 24.3 0.95
s Consumer Defensive 6.9 0.93
d Healthcare 14.5 0.95
f Utilities 3.0 0.96
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 13.5 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: $366,256.46 mil
Release date 06-30-2022 | 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®
28 Fidelity® Mid Cap Index
(USD)
Morningstar Quantitative
RatingTM
ŒQ
05-31-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell Mid Cap TR
USD
US Fund Mid-Cap
Blend367 US Fund Mid-Cap Blend
Performance 06-30-2022
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 -16.85 — — -21.58
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -17.31 6.57 7.95 11.28 11.62
Std 06-30-2022 -17.31 — 7.95 11.28 11.62
Total Return -17.31 6.57 7.95 11.28 11.62
+/- Std Index -6.69 -4.03 -3.36 -1.68 —
+/- Cat Index -0.01 -0.02 -0.01 -0.01 —
% Rank Cat 80 56 32 21
No. in Cat 407 367 325 217
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.

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
367 funds 325 funds 217 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 21.65 19.31 15.45
Mean 6.57 7.95 11.28
Sharpe Ratio 0.38 0.44 0.73
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap TR
USD
Alpha -4.29 -0.02
Beta 1.11 1.00
R-Squared 90.89 100.00
12-Month Yield —
Potential Cap Gains Exp 16.53%
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
35,282
Category Average
29,935
Standard Index
41,400
_ * * & * ( & * & & ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

10.39 11.96 15.83 17.45 16.32 18.17 20.98 18.63 23.63 27.01 31.99 24.89 NAV/Price — 17.22 34.78 13.11 -2.44 13.86 18.47 -9.05 30.51 17.11 22.56 -21.58 Total Return % — 1.21 2.39 -0.57 -3.83 1.90 -3.36 -4.67 -0.98 -1.29 -6.14 -1.62 +/- 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
— 412 399 369 432 427 443 464 404 407 391 416 No. of Funds in Cat Portfolio Analysis 05-31-2022 Top Holdings 04-30-2022
Asset Allocation % Net % Long % Short %
Cash 0.02 0.24 0.22
US Stocks 98.80 98.80 0.00
Non-US Stocks 1.16 1.16 0.00
Bonds 0.02 0.02 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.22 0.22
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.3 0.94 1.15
P/C Ratio TTM 13.5 0.94 1.06
P/B Ratio TTM 2.9 0.81 1.08
Geo Avg Mkt Cap
$mil
18286 0.11 1.80
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 98.9 1.00
Greater Europe 0.8 0.78
Greater Asia 0.3 6.30
Share Chg
since
04-2022
Share
Amount
Holdings :
823 Total Stocks , 1 Total Fixed-Income,
12% Turnover Ratio
Net Assets
%
T 2 mil Marathon Petroleum Corp 0.62
T 533,682 Pioneer Natural Resources Co 0.60
T 2 mil Occidental Petroleum Corp 0.58
T 1 mil Valero Energy Corp 0.53
T 1 mil Archer-Daniels Midland Co 0.50
T 2 mil Devon Energy Corp 0.50
T 2 mil Marvell Technology Inc 0.50
T 371,041 McKesson Corp 0.49
T 239,093 Palo Alto Networks Inc 0.48
T 375,148 Synopsys Inc 0.48
T 1 mil Phillips 66 0.47
T 2 mil Corteva Inc 0.46
T 3 mil Williams Companies Inc 0.45
T 50,960 AutoZone Inc 0.42
T 164,723 O'Reilly Automotive Inc 0.42
Sector Weightings Stocks % Rel Std Index
h Cyclical 38.3 1.34
r Basic Materials 5.0 2.18
t Consumer Cyclical 11.8 1.14
y Financial Services 12.7 0.98
u Real Estate 8.8 3.02
j Sensitive 41.3 0.90
i Communication Services 3.6 0.41
o Energy 7.1 1.63
p Industrials 13.9 1.68
a Technology 16.6 0.69
k Defensive 20.4 0.79
s Consumer Defensive 4.5 0.60
d Healthcare 10.3 0.68
f Utilities 5.6 1.82
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 10.8 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: $22,515.59 mil
Release date 06-30-2022
©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®
29 Fidelity® Small Cap Index
(USD)
Morningstar Quantitative
RatingTM
´Q
05-31-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ S&P 500 TR USD Russell 2000 TR
USD
US Fund Small Blend
576 US Fund Small Blend
Performance 06-30-2022
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 -17.18 — — -23.37
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -25.20 4.26 5.25 9.51 10.28
Std 06-30-2022 -25.20 — 5.25 9.51 10.28
Total Return -25.20 4.26 5.25 9.51 10.28
+/- Std Index -14.59 -6.34 -6.06 -3.45 —
+/- Cat Index -0.01 0.05 0.08 0.16 —
% Rank Cat 92 74 62 54
No. in Cat 605 576 528 350
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.

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
576 funds 528 funds 350 funds
Morningstar RatingTM 2Q 3Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return -Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 24.25 22.02 18.35
Mean 4.26 5.25 9.51
Sharpe Ratio 0.27 0.29 0.55
MPT Statistics Standard Index Best Fit Index
Russell 2000 TR
USD
Alpha -6.37 0.05
Beta 1.15 1.00
R-Squared 78.00 100.00
12-Month Yield —
Potential Cap Gains Exp 5.18%
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
30,999
Category Average
28,760
Standard Index
41,400
_ * * * * * & * * & ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

10.66 12.15 16.54 16.79 15.46 18.36 20.32 17.24 21.03 24.98 27.56 21.12 NAV/Price — 16.38 39.02 5.19 -4.24 21.63 14.85 -10.88 25.71 19.99 14.71 -23.37 Total Return % — 0.38 6.64 -8.50 -5.63 9.67 -6.98 -6.49 -5.78 1.59 -13.99 -3.41 +/- Standard Index — 0.03 0.20 0.30 0.17 0.32 0.20 0.14 0.18 0.03 -0.11 0.06 +/- Category Index — 34 33 40 44 40 22 33 30 14 93 — % Rank Cat
— 662 681 737 780 750 802 769 702 671 630 611 No. of Funds in Cat Portfolio Analysis 04-30-2022
Asset Allocation % Net % Long % Short %
Cash -0.08 1.04 1.12
US Stocks 98.86 98.86 0.00
Non-US Stocks 1.11 1.11 0.00
Bonds 0.11 0.11 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 101.12 1.12
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 13.5 0.73 1.00
P/C Ratio TTM 10.5 0.73 0.84
P/B Ratio TTM 2.0 0.56 0.88
Geo Avg Mkt Cap
$mil
2372 0.01 0.55
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 99.5 1.01
Greater Europe 0.2 0.16
Greater Asia 0.3 7.73
Share Chg
since
03-2022
Share
Amount
Holdings :
2,011 Total Stocks , 1 Total Fixed-Income,
24% Turnover Ratio
Net Assets
%
Y 2,290 E-mini Russell 2000 Index Future J 1.14
Y 195 mil Fidelity Revere Str Tr 1.04
T 2 mil Ovintiv Inc 0.54
T 311,143 Avis Budget Group Inc 0.45
T 2 mil Antero Resources Corp 0.41
T 1 mil BJ's Wholesale Club Holdings Inc 0.36
786,061 Chesapeake Energy Corp Ordinary Sh 0.34
T 4 mil AMC Entertainment Holdings Inc Cla 0.32
309,130 EastGroup Properties Inc 0.31
T 798,083 Tenet Healthcare Corp 0.31
T 8 mil Southwestern Energy Co 0.31
T 405,966 Tetra Tech Inc 0.30
1 mil Performance Food Group Co 0.30
T 2 mil WillScot Mobile Mini Holdings Corp 0.30
T 2 mil Macy's Inc 0.29
Sector Weightings Stocks % Rel Std Index
h Cyclical 37.8 1.33
r Basic Materials 3.8 1.67
t Consumer Cyclical 10.0 0.97
y Financial Services 14.6 1.13
u Real Estate 9.4 3.22
j Sensitive 39.4 0.86
i Communication Services 3.4 0.39
o Energy 7.1 1.62
p Industrials 15.3 1.85
a Technology 13.5 0.56
k Defensive 22.8 0.89
s Consumer Defensive 4.3 0.58
d Healthcare 15.4 1.01
f Utilities 3.1 0.99
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 10.8 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: $17,162.36 mil
Release date 06-30-2022
©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®
30 Fidelity® Total International
Index (USD)
Morningstar Quantitative
RatingTM
„Q
05-31-2022
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
Blend699 US Fund Foreign Large
Blend
Performance 06-30-2022
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 -13.16 — — -18.55
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -19.43 1.70 2.60 — 4.54
Std 06-30-2022 -19.43 — 2.60 — 4.54
Total Return -19.43 1.70 2.60 — 4.54
+/- Std Index -0.01 0.35 0.10 — —
+/- Cat Index -0.01 0.35 0.10 — —
% Rank Cat 62 41 37 —
No. in Cat 754 699 607 —
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.

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
699 funds 607 funds
414 funds
Morningstar RatingTM 3Q 3Q —
Morningstar Risk Avg Avg —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 17.75 15.89 —
Mean 1.70 2.60 —
Sharpe Ratio 0.15 0.17 —
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha 0.38 0.38
Beta 1.01 1.01
R-Squared 98.95 98.95
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 98
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Fidelity® Total International
Index
13,591
Category Average
13,030
Standard Index
13,626
_ _ _ _ _ _ & * ( * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History — — — — — 10.00 12.53 10.50 12.42 13.57 14.34 11.68 NAV/Price — — — — — — 27.63 -14.38 21.48 11.07 8.47 -18.55 Total Return % — — — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.13 +/- Standard Index — — — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.13 +/- Category Index — — — — — — 22 49 53 32 69 — % Rank Cat
— — — — — — 756 741 732 785 767 766 No. of Funds in Cat Portfolio Analysis 05-31-2022 Top Holdings 04-30-2022
Asset Allocation % Net % Long % Short %
Cash -0.20 2.28 2.48
US Stocks 0.76 0.76 0.00
Non-US Stocks 99.24 99.24 0.00
Bonds 0.13 0.13 0.00
Other/Not Clsfd 0.08 0.08 0.00
Total 100.00 102.48 2.48
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 12.6 1.04 0.92
P/C Ratio TTM 8.9 1.04 0.94
P/B Ratio TTM 1.6 1.03 0.90
Geo Avg Mkt Cap
$mil
28174 0.72 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 11.5 1.03
Greater Europe 43.6 1.01
Greater Asia 44.9 0.99
Share Chg
since
04-2022
Share
Amount
Holdings :
5,071 Total Stocks , 3 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
T 193 mil Fidelity Revere Str Tr 2.24
R 1,674 MSCI EAFE Index TAS Future June 22 1.97
7 mil Taiwan Semiconductor Manufacturing 1.62
842,455 Nestle SA 1.19
2 mil Tencent Holdings Ltd 0.91
T 1,441 MSCI Emerging Markets Index Future 0.89
1 mil Samsung Electronics Co Ltd 0.88
123,872 ASML Holding NV 0.82
206,718 Roche Holding AG 0.81
2 mil Shell PLC 0.79
464,591 AstraZeneca PLC 0.71
653,915 Novartis AG 0.69
503,951 Novo Nordisk A/S Class B 0.65
5 mil Alibaba Group Holding Ltd Ordinary 0.63
82,987 LVMH Moet Hennessy Louis Vuitton SE 0.62
Sector Weightings Stocks % Rel Std Index
h Cyclical 42.4 1.01
r Basic Materials 9.0 1.11
t Consumer Cyclical 10.7 0.97
y Financial Services 19.2 0.95
u Real Estate 3.5 1.41
j Sensitive 37.1 1.03
i Communication Services 6.3 0.90
o Energy 5.9 0.97
p Industrials 13.0 1.12
a Technology 11.9 1.06
k Defensive 20.5 0.93
s Consumer Defensive 8.1 0.91
d Healthcare 9.2 0.91
f Utilities 3.3 1.01
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 6.1 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: $8,057.59 mil
Release date 06-30-2022
©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®
31 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 Bond396 US Fund Intermediate
Core Bond
Performance 06-30-2022
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 -4.66 — — -10.26
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -10.35 -0.94 0.86 1.50 2.07
Std 06-30-2022 -10.35 — 0.86 1.50 2.07
Total Return -10.35 -0.94 0.86 1.50 2.07
+/- Std Index -0.05 0.00 -0.02 -0.04 —
+/- Cat Index -0.05 0.00 -0.02 -0.04 —
% Rank Cat 30 40 35 46
No. in Cat 440 396 359 264
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.

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
396 funds 359 funds 264 funds
Morningstar RatingTM 3Q 3Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 4.56 4.05 3.56
Mean -0.94 0.86 1.50
Sharpe Ratio -0.31 -0.04 0.26
MPT Statistics Standard Index Best Fit Index
Bloomberg US Agg
Bond TR USD
Alpha -0.01 -0.01
Beta 1.00 1.00
R-Squared 99.49 99.49
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
12,818
Category Average
12,776
Standard Index
12,866
_ ) ( * & ( ( * * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

11.78 11.89 11.36 11.73 11.49 11.49 11.59 11.28 11.91 12.45 11.98 10.64 NAV/Price

7.79 4.23 -2.19 5.99 0.63 2.52 3.50 0.01 8.48 7.80 -1.79 -10.26 Total Return % -0.06 0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 0.09 +/- Standard Index -0.06 0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 0.09 +/- Category Index — 82 69 26 18 66 57 29 49 41 63 — % Rank Cat
— 1165 1079 1038 1042 985 986 1019 430 415 423 452 No. of Funds in Cat Portfolio Analysis 05-31-2022 Top Holdings 04-30-2022
Asset Allocation % Net % Long % Short %
Cash 0.93 0.93 0.00
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 98.12 98.12 0.00
Other/Not Clsfd 0.95 0.95 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 6.41
Avg Wtd Coupon —
Avg Wtd Price 94.30
Credit Quality Breakdown 05-31-2022 Bond %
AAA 74.04
AA 4.58
A 11.05
BBB 10.24
BB 0.07
B 0.00
Below B 0.00
NR 0.02
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
04-2022
Share
Amount
Holdings :
0 Total Stocks , 8,269 Total Fixed-Income,
76% Turnover Ratio
Net Assets
%
Y 724 mil United States Treasury Notes 1.5% 1.23
Y 711 mil Federal Home Loan Mortgage Corpora 1.19
Y 584 mil United States Treasury Notes 2.25% 1.09
Y 529 mil United States Treasury Notes 2.25% 0.96
T 556 mil United States Treasury Notes 1.25% 0.91
T 507 mil United States Treasury Notes 1.5% 0.89
Y 456 mil United States Treasury Notes 0.125% 0.83
Y 430 mil United States Treasury Notes 0.5% 0.76
Y 473 mil United States Treasury Notes 0.875% 0.76
Y 411 mil United States Treasury Notes 1% 0.74
Y 425 mil Federal National Mortgage Associat 0.71
Y 365 mil United States Treasury Notes 0.375% 0.67
Y 386 mil Federal National Mortgage Associat 0.64
Y 372 mil United States Treasury Notes 1.25% 0.63
Y 337 mil United States Treasury Notes 1.75% 0.62
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: 8.2 Years
Objective: Multisector Bond
Base Currency: USD
Ticker: FXNAX
ISIN: US3161463563
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 05-04-2011
Type: MF
Total Assets: $52,687.01 mil
Release date 06-30-2022 | 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 MFS International Intrinsic
Value R6 (USD)
Morningstar Analyst RatingTM
„
01-04-2022
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
Growth397 US Fund Foreign Large
Growth
Performance 06-30-2022
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 -15.08 — — -26.18
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -22.14 1.98 4.35 8.58 6.09
Std 06-30-2022 -22.14 — 4.35 8.58 6.09
Total Return -22.14 1.98 4.35 8.58 6.09
+/- Std Index -2.72 0.62 1.85 3.75 —
+/- Cat Index 3.66 0.36 0.92 2.87 —
% Rank Cat 22 48 33 5
No. in Cat 452 397 347 221
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.

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
397 funds 347 funds 221 funds
Morningstar RatingTM 4Q 4Q 5Q
Morningstar Risk Low Low Low
Morningstar Return Avg Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 15.13 13.55 11.90
Mean 1.98 4.35 8.58
Sharpe Ratio 0.17 0.30 0.70
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
Growth NR USD
Alpha 0.79 0.46
Beta 0.75 0.86
R-Squared 75.67 88.56
12-Month Yield —
Potential Cap Gains Exp 47.38%
0 0 0 0 0 0 0 0 0 7 4 7
— — — — — — — — — 87 96 96
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
MFS International Intrinsic
Value R6
23,756
Category Average
15,887
Standard Index
14,217
_ _ _ _ _ _ _ _ ( ( * _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

23.78 27.09 33.82 33.16 34.24 35.00 43.29 37.67 45.50 51.85 53.25 39.31 NAV/Price -1.81 16.13 27.80 1.61 6.85 4.31 27.25 -8.89 25.99 20.56 10.72 -26.18 Total Return %

11.90 -0.70 12.52 5.47 12.51 -0.19 0.06 5.30 4.48 9.91 2.89 -7.76 +/- Standard Index

12.40 -0.54 12.32 4.25 8.10 4.18 -4.76 5.53 -1.35 -1.64 5.62 -1.39 +/- Category Index — — — — — — — — 71 55 41 — % Rank Cat
— — — — — — — — 469 447 450 462 No. of Funds in Cat
Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 4.10 4.12 0.01
US Stocks 14.03 14.03 0.00
Non-US Stocks 81.86 81.86 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.01 0.01
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 23.5 1.94 1.15
P/C Ratio TTM 18.6 2.17 1.25
P/B Ratio TTM 3.1 1.98 1.03
Geo Avg Mkt Cap
$mil
34269 0.87 0.68
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 18.6 1.67
Greater Europe 60.0 1.38
Greater Asia 21.4 0.47
Share Chg
since
02-2022
Share
Amount
Holdings :
95 Total Stocks , 0 Total Fixed-Income,
7% Turnover Ratio
Net Assets
%
Y 11 mil Nestle SA 5.28
Y 8 mil Cadence Design Systems Inc 5.16
6 mil Schneider Electric SE 3.43
Y 4 mil Pernod Ricard SA 2.84
Y 14 mil Diageo PLC 2.67
4 mil Franco-Nevada Corp 2.56
Y 7 mil Taiwan Semiconductor Manufacturing 2.54
Y 165,909 Givaudan SA 2.48
Y 2 mil L'Oreal SA 2.44
3 mil Analog Devices Inc 2.37
6 mil Legrand SA 2.26
7 mil Reckitt Benckiser Group PLC 2.18
9 mil Samsung Electronics Co Ltd 2.10
Y 2 mil Ansys Inc 1.85
6 mil Henkel AG & Co KGaA Participating 1.74
Sector Weightings Stocks % Rel Std Index
h Cyclical 23.3 0.56
r Basic Materials 11.9 1.48
t Consumer Cyclical 4.9 0.44
y Financial Services 4.9 0.24
u Real Estate 1.6 0.66
j Sensitive 46.7 1.30
i Communication Services 0.0 0.00
o Energy 0.0 0.00
p Industrials 22.0 1.89
a Technology 24.7 2.20
k Defensive 30.0 1.35
s Consumer Defensive 25.4 2.88
d Healthcare 4.6 0.46
f Utilities 0.0 0.00
Operations
Family: MFS
Manager: Multiple
Tenure: 13.7 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: $22,328.54 mil
Release date 06-30-2022
©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 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
Growth532 US Fund Mid-Cap Growth
Performance 06-30-2022
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 -17.34 — — -30.20
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -24.39 4.76 10.77 — 12.47
Std 06-30-2022 -24.39 — 10.77 — 12.47
Total Return -24.39 4.76 10.77 12.93 12.47
+/- Std Index -13.78 -5.84 -0.54 -0.03 —
+/- Cat Index 5.18 0.50 1.89 1.42 —
% Rank Cat 31 54 16 11
No. in Cat 586 532 493 380
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.

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
532 funds 493 funds
380 funds
Morningstar RatingTM 3Q 5Q 5W
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 20.67 18.75 15.09
Mean 4.76 10.77 12.93
Sharpe Ratio 0.30 0.58 0.84
MPT Statistics Standard Index Best Fit Index
Morningstar US Mid
Cap Brd Grt TR USD
Alpha -4.94 -1.38
Beta 0.99 0.93
R-Squared 79.86 95.17
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 97
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
MFS Mid Cap Growth R6
34,127
Category Average
27,381
Standard Index
37,807
_ _ _ * & ( * & & * * _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History — — 14.14 14.38 14.64 14.56 16.98 16.49 22.56 30.39 33.54 23.41 NAV/Price -6.12 16.18 37.27 8.95 4.60 4.75 26.39 1.21 37.93 35.80 14.17 -30.20 Total Return % -8.23 0.18 4.88 -4.74 3.21 -7.21 4.56 5.60 6.44 17.40 -14.54 -10.24 +/- Standard Index -4.47 0.38 1.53 -2.95 4.80 -2.58 1.12 5.96 2.46 0.21 1.44 0.80 +/- Category Index — — — 32 9 55 31 9 17 40 46 — % Rank Cat
— — — 749 733 644 617 605 618 604 588 605 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.83 2.83 0.00
US Stocks 85.89 85.89 0.00
Non-US Stocks 11.28 11.28 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 33.3 1.81 1.31
P/C Ratio TTM 23.9 1.66 1.17
P/B Ratio TTM 4.8 1.37 1.06
Geo Avg Mkt Cap
$mil
19122 0.11 1.21
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 91.9 0.93
Greater Europe 7.6 7.55
Greater Asia 0.4 10.18
Share Chg
since
04-2022
Share
Amount
Holdings :
89 Total Stocks , 0 Total Fixed-Income,
23% Turnover Ratio
Net Assets
%
T 942,298 Monolithic Power Systems Inc 3.13
T 3 mil PerkinElmer Inc 3.08
T 3 mil Cadence Design Systems Inc 3.04
T 2 mil Steris PLC 2.60
T 791,774 MSCI Inc 2.58
T 2 mil Arthur J. Gallagher & Co 2.46
T 3 mil AMETEK Inc 2.25
T 2 mil Verisk Analytics Inc 2.14
T 1 mil Icon PLC 1.90
T 2 mil Vulcan Materials Co 1.86
T 1 mil Extra Space Storage Inc 1.80
Y 2 mil Entegris Inc 1.73
T 588,237 Pool Corp 1.73
T 729,455 Synopsys Inc 1.72
T 5 mil Envista Holdings Corp Ordinary Sha 1.69
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.7 1.18
r Basic Materials 1.9 0.84
t Consumer Cyclical 17.5 1.70
y Financial Services 9.8 0.75
u Real Estate 4.4 1.52
j Sensitive 44.8 0.98
i Communication Services 4.5 0.51
o Energy 0.3 0.08
p Industrials 14.9 1.80
a Technology 25.0 1.03
k Defensive 21.5 0.84
s Consumer Defensive 1.0 0.14
d Healthcare 20.5 1.35
f Utilities 0.0 0.00
Operations
Family: MFS
Manager: Multiple
Tenure: 13.7 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: $12,903.37 mil
Release date 06-30-2022 | 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®
34 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
1,145 US Fund Large Value
Performance 06-30-2022
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 -9.88 — — -13.13
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -5.03 7.60 7.55 11.23 7.91
Std 06-30-2022 -5.03 — 7.55 11.23 7.91
Total Return -5.03 7.60 7.55 11.23 7.91
+/- Std Index 5.59 -3.00 -3.76 -1.73 —
+/- Cat Index 1.79 0.73 0.38 0.73 —
% Rank Cat 50 57 60 21
No. in Cat 1217 1145 1077 779
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 06-30-22 1.75 1.74
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.

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
1,145 funds 1,077 funds 779 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 17.98 16.47 13.57
Mean 7.60 7.55 11.23
Sharpe Ratio 0.46 0.46 0.81
MPT Statistics Standard Index Best Fit Index
Morningstar US
Large Mid Brd Val
TR USD
Alpha -1.93 -0.94
Beta 0.92 0.95
R-Squared 90.17 98.04
12-Month Yield 1.84%
Potential Cap Gains Exp 51.24%
4 1 4 1 1 1 1 1 1 1 1 4
99 98 99 99 99 99 99 99 99 99 99 99
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
MFS Value R6
31,329
Category Average
27,422
Standard Index
37,807
* * & * & ( * ( & * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

22.35 25.35 33.20 34.94 32.79 36.05 40.56 35.30 44.41 44.82 54.33 46.74 NAV/Price -0.05 16.57 35.95 10.68 -0.42 14.25 17.86 -9.78 30.18 4.03 25.55 -13.13 Total Return % -2.16 0.57 3.57 -3.01 -1.81 2.29 -3.97 -5.39 -1.30 -14.37 -3.15 6.83 +/- Standard Index -0.44 -0.94 3.43 -2.77 3.40 -3.09 4.20 -1.51 3.64 1.23 0.39 -0.27 +/- 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 1244 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 0.58 0.58 0.00
US Stocks 91.82 91.82 0.00
Non-US Stocks 7.60 7.60 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 18.6 1.01 1.20
P/C Ratio TTM 15.2 1.06 1.30
P/B Ratio TTM 3.1 0.88 1.25
Geo Avg Mkt Cap
$mil
98587 0.57 0.88
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 92.9 0.94
Greater Europe 7.1 6.97
Greater Asia 0.0 0.00
Share Chg
since
04-2022
Share
Amount
Holdings :
75 Total Stocks , 0 Total Fixed-Income,
8% Turnover Ratio
Net Assets
%
Y 17 mil JPMorgan Chase & Co 3.72
Y 12 mil Johnson & Johnson 3.36
Y 3 mil Northrop Grumman Corp 2.58
Y 30 mil Pfizer Inc 2.54
Y 9 mil Texas Instruments Inc 2.49
Y 34 mil Comcast Corp Class A 2.45
Y 6 mil Cigna Corp 2.43
Y 5 mil Aon PLC Class A 2.29
Y 7 mil Chubb Ltd 2.25
Y 12 mil Duke Energy Corp 2.23
Y 7 mil Honeywell International Inc 2.23
Y 5 mil Accenture PLC Class A 2.21
Y 9 mil Marsh & McLennan Companies Inc 2.20
Y 11 mil Progressive Corp 2.12
Y 2 mil Thermo Fisher Scientific Inc 2.01
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.7 1.18
r Basic Materials 4.3 1.88
t Consumer Cyclical 2.6 0.25
y Financial Services 26.3 2.03
u Real Estate 0.4 0.15
j Sensitive 33.0 0.72
i Communication Services 3.7 0.41
o Energy 4.0 0.92
p Industrials 17.8 2.14
a Technology 7.5 0.31
k Defensive 33.3 1.30
s Consumer Defensive 6.9 0.93
d Healthcare 19.2 1.26
f Utilities 7.3 2.34
Operations
Family: MFS
Manager: Multiple
Tenure: 16.2 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: $57,225.55 mil
Release date 06-30-2022
©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 Fund profile & characteristics
Fund Net Assets $11.4 Billion
Inception Date January 2, 1991
Credit Quality1 Aa3/AA-/AA
Effective Duration2 2.71
Market/Book Value Ratio 97.67%
# of Holdings over 4,000
# of Investment Managers 12
# of Synthetic & Separate Account GIC Issuers 8
# of Traditional GIC providers 8
Sector allocation
Agencies 0.64%
Asset-Backed 5.36%
Cash & Cash Equivalents 11.94%
Credits 27.45%
Maturing GICs 22.47%
Mortgage-Backed 17.03%
Municipals 0.71%
Other 0.04%
Treasuries 12.04%
Wrap Providers 2.33%
Structure
Tier 1 - Cash Buffer 5.7%
Tier 2 - Shorter Duration Focus 8.8%
Tier 3 - Laddered Maturity Focus 22.5%
Tier 4 - Total Return Focus 63.1%
Maturity allocation
0-1 Yrs 22.6%
1-2 Yrs 9.6%
2-3 Yrs 11.9%
3-4 Yrs 8.6%
4-5 Yrs 12.1%
5+ Yrs 35.3%
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 risk of loss of principal and delivering stable returns, and to meet 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 (20.3%)
Minnesota Life 4.1%
Metropolitan Life 4.0%
Metropolitan Tower Life 3.8%
Principal Life 3.3%
Jackson National Life 1.6%
Prudential 1.4%
United of Omaha 1.1%
New York Life 1.0%
Synthetic GIC (55.8%)
Transamerica Life 15.8%
Pacific Life 13.4%
Prudential 12.9%
Metropolitan Tower Life 7.9%
Principal Life 5.8%
Separate Account GIC (18.3%)
New York Life 9.3%
Massachusetts Mutual Life 6.7%
Lincoln National Life 2.2%
Performance as of 03/31/2022
PerformanceCrediting
Rate 3
Total
estimated
expensesShare Class/CUSIP YTD 1 Year 3 Year 5 Year 10 Year PLUS Fund (Gross) / – 2.11% 0.52% 2.16% 2.45% 2.49% 2.49% 0.21% 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 1.80% 0.44% 1.85% 2.14% 2.18% 2.18% 0.52% R95/ 92208J600 1.74% 0.43% 1.80% 2.09% 2.13% 2.13% 0.57% R85/ 92208J501 1.70% 0.42% 1.75% 2.04% 2.08% 2.07% 0.62% R75/ 92208J402 1.65% 0.41% 1.70% 1.99% 2.03% 2.02% 0.67% R5/ 92208J303 1.54% 0.38% 1.60% 1.88% 1.93% 1.92% 0.77% R3/ 92208J204 1.25% 0.31% 1.30% 1.59% 1.63% 1.63% 1.06% R1/ 92208J105 0.99% 0.24% 1.04% 1.33% 1.37% 1.36% 1.32% ICE BofA US 3 Month Treasury Bill Index — 0.04% 0.06% 0.81% 1.13% 0.63% — Morningstar US CIT Stable Value Index6,7 — 0.40% 1.69% 2.10% 2.13% 1.98% — Standard Deviation (Gross) — — 0.02 0.08 0.06 0.07 —
PLUS Fund Gross total fee is 0.21% 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 0.11% 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 investments.missionsq.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 March 2022
MissionSquare PLUS Fund
36 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 investments.missionsq.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 March 31, 2022 duration would be 3.39.

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., © 2022 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.

Fact sheet | MissionSquar e PLUS Fund FACT SHEET March 2022Institutional only MissionSquare Investments 777 N. Capitol Street, NE, Washington, DC 20002-4240 investments.missionsq.org FS7071-0000-0322
37 Sterling Capital Total Return
Bond R6 (USD)
Morningstar Quantitative
RatingTM
‰Q
05-31-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Bloomberg US
Agg Bond TR USD
Bloomberg US Agg
Bond TR USD
US Fund Intermediate
Core Bond396 US Fund Intermediate
Core Bond
Performance 06-30-2022
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 -4.69 — — -10.55
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -10.75 -0.35 — — 1.47
Std 06-30-2022 -10.75 — — — 1.47
Total Return -10.75 -0.35 1.41 2.16 1.47
+/- Std Index -0.46 0.59 0.53 0.62 —
+/- Cat Index -0.46 0.59 0.53 0.62 —
% Rank Cat 49 12 4 7
No. in Cat 440 396 359 264
Subsidized Unsubsidized
7-day Yield 07-11-22 2.77 1 —
30-day SEC Yield 06-30-22 3.05 1 3.01

1. Contractual waiver; Expires 01-31-2023
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.

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 % 0.46
Risk and Return Profile
3 Yr 5 Yr 10 Yr
396 funds
359 funds 264 funds
Morningstar RatingTM 4Q 5W 5W
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg High High
3 Yr 5 Yr 10 Yr
Standard Deviation 4.98 4.26 3.60
Mean -0.35 1.41 2.16
Sharpe Ratio -0.16 0.09 0.44
MPT Statistics Standard Index Best Fit Index
Bloomberg US
Universal TR USD
Alpha 0.64 0.67
Beta 1.02 1.04
R-Squared 87.10 95.67
12-Month Yield 2.65%
Potential Cap Gains Exp 2.91%
5 5 5 5 5 5 5 5 5 5 5 4
94 97 96 97 97 95 97 98 96 96 97 96
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Sterling Capital Total Return
Bond R6
13,651
Category Average
12,776
Standard Index
12,866
_ _ _ _ _ _ _ _ & & & _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History — — — — — — — 10.22 10.82 11.35 10.87 9.60 NAV/Price

6.73 6.14 -0.97 5.99 0.54 3.75 4.33 -0.27 9.37 9.35 -1.12 -10.55 Total Return % -1.11 1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.20 +/- Standard Index -1.11 1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.20 +/- Category Index — — — — — — — — 17 10 23 — % Rank Cat
— — — — — — — — 430 415 423 452 No. of Funds in Cat
Portfolio Analysis 06-30-2022
Asset Allocation % Net % Long % Short %
Cash 0.35 2.01 1.66
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 97.85 97.85 0.00
Other/Not Clsfd 1.80 1.80 0.00
Total 100.00 101.66 1.66
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 8.56
Avg Eff Duration 6.01
Avg Wtd Coupon 2.91
Avg Wtd Price 92.78
Credit Quality Breakdown 06-30-2022 Bond %
AAA 59.61
AA 10.55
A 14.08
BBB 15.68
BB 0.06
B 0.00
Below B 0.02
NR 0.00
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
05-2022
Share
Amount
Holdings :
0 Total Stocks , 373 Total Fixed-Income,
49% Turnover Ratio
Net Assets
%
Y 53 mil United States Treasury Bonds 2.5% 3.91
T 68 mil United States Treasury Bonds 1.375% 3.90
T 29 mil United States Treasury Notes 1.5% 2.36
Y 23 mil Federated Hermes Treasury Obl IS 2.01
21 mil ONEMAIN FINANCIAL ISSUANCE TRUST 1 1.56
Y 17 mil Fnma Pass-Thru I 3.5% 1.38
T 16 mil United States Treasury Notes 2.625% 1.38
16 mil ONEMAIN DIRECT AUTO RECEIVABLES TR 1.29
T 15 mil AMERICREDIT AUTOMOBILE RECEIVABLES 1.25
16 mil HERTZ VEHICLE FINANCING III LLC 1. 1.20
Y 14 mil Fnma Pass-Thru I 3.5% 1.16
R 12 mil United States Treasury Notes 0.125% 1.03
R 12 mil Fnma Pass-Thru I 3% 1.01
12 mil Capital One Multi Asset Execution 0.98
Y 13 mil Federal National Mortgage Associat 0.97
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: 14.5 Years
Objective: Growth and Income
Base Currency: USD
Ticker: STRDX
ISIN: US85918D6242
Minimum Initial Purchase: $10 mil
Min Auto Investment Plan: $10 mil
Purchase Constraints: A
Incept: 02-01-2018
Type: MF
Total Assets: $1,152.76 mil
Release date 06-30-2022 | 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 Vanguard International
Growth Adm (USD)
Morningstar Analyst RatingTM
„
06-30-2022
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
Growth397 US Fund Foreign Large
Growth
Performance 06-30-2022
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 -18.13 — — -31.60
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -36.18 6.33 7.51 9.17 7.24
Std 06-30-2022 -36.18 — 7.51 9.17 7.24
Total Return -36.18 6.33 7.51 9.17 7.24
+/- Std Index -16.76 4.97 5.02 4.34 —
+/- Cat Index -10.38 4.71 4.08 3.46 —
% Rank Cat 91 6 6 3
No. in Cat 452 397 347 221
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.

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
397 funds 347 funds 221 funds
Morningstar RatingTM 5Q 4Q 5Q
Morningstar Risk +Avg High High
Morningstar Return High High High
3 Yr 5 Yr 10 Yr
Standard Deviation 21.79 19.90 16.78
Mean 6.33 7.51 9.17
Sharpe Ratio 0.36 0.41 0.57
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
Growth NR USD
Alpha 5.41 4.94
Beta 1.08 1.23
R-Squared 74.64 87.31
12-Month Yield —
Potential Cap Gains Exp 57.64%
7 7 7 7 7 7 7 7 7 7 7 7
93 95 96 96 95 93 96 95 97 98 98 97
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard International
Growth Adm
21,841
Category Average
15,887
Standard Index
14,217
_ & & ( ( & & * & & ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

51.99 61.28 74.22 68.47 67.06 67.33 95.58 79.22 102.79 160.29 139.30 95.28 NAV/Price -13.58 20.18 23.12 -5.51 -0.54 1.84 43.16 -12.58 31.48 59.74 -0.74 -31.60 Total Return %

0.13 3.35 7.83 -1.64 5.12 -2.65 15.97 1.61 9.97 49.09 -8.57 -13.18 +/- Standard Index

0.63 3.51 7.63 -2.86 0.71 1.72 11.15 1.84 4.14 37.54 -5.84 -6.81 +/- Category Index — 24 15 65 67 12 6 31 22 4 89 — % Rank Cat
— 250 278 341 361 363 399 439 469 447 450 462 No. of Funds in Cat Portfolio Analysis 03-31-2022
Asset Allocation % Net % Long % Short %
Cash 1.71 2.31 0.60
US Stocks 13.15 13.15 0.00
Non-US Stocks 84.51 84.51 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.62 0.62 0.00
Total 100.00 100.60 0.60
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.65 0.98
P/C Ratio TTM 12.3 1.44 0.83
P/B Ratio TTM 3.7 2.30 1.20
Geo Avg Mkt Cap
$mil
73941 1.88 1.48
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 20.8 1.87
Greater Europe 48.5 1.12
Greater Asia 30.7 0.68
Share Chg
since
12-2021
Share
Amount
Holdings :
113 Total Stocks , 0 Total Fixed-Income,
25% Turnover Ratio
Net Assets
%
Y 5 mil ASML Holding NV 5.84
Y 2 mil MercadoLibre Inc 4.56
Y 45 mil Tencent Holdings Ltd 3.88
T 959,991 Adyen NV 3.55
Y 91 mil Taiwan Semiconductor Manufacturing 3.47
Y 2 mil Tesla Inc 3.23
10 mil Moderna Inc 3.18
Y 2 mil Kering SA 2.85
4 mil Illumina Inc 2.54
T 96 mil Alibaba Group Holding Ltd Ordinary 2.45
T 8 mil Spotify Technology SA 2.14
4 mil Ferrari NV 1.82
49 mil Meituan Class B 1.74
3 mil Genmab A/S 1.72
Y 11 mil Nidec Corp 1.61
Sector Weightings Stocks % Rel Std Index
h Cyclical 37.8 0.90
r Basic Materials 0.5 0.06
t Consumer Cyclical 27.3 2.46
y Financial Services 10.1 0.49
u Real Estate 0.0 0.00
j Sensitive 38.3 1.07
i Communication Services 7.8 1.12
o Energy 2.2 0.36
p Industrials 10.6 0.91
a Technology 17.8 1.58
k Defensive 23.8 1.08
s Consumer Defensive 6.0 0.68
d Healthcare 16.8 1.67
f Utilities 1.0 0.31
Operations
Family: Vanguard
Manager: Multiple
Tenure: 12.6 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: $42,676.83 mil
Release date 06-30-2022
©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 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
2020158 US Fund Target-Date
2020
Performance 06-30-2022
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 -9.20 — — -13.80
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -11.65 3.36 4.64 6.51 5.73
Std 06-30-2022 -11.65 — 4.64 6.51 5.73
Total Return -11.65 3.36 4.64 6.51 5.73
+/- Std Index 1.98 -0.17 -0.27 0.19 —
+/- Cat Index 2.29 0.61 0.28 0.70 —
% Rank Cat 38 41 32 24
No. in Cat 169 158 133 64
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-11-22 2.32 2.32
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.

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
158 funds 133 funds 64 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 9.81 8.81 7.50
Mean 3.36 4.64 6.51
Sharpe Ratio 0.33 0.43 0.79
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2030
TR USD
Alpha 0.26 0.60
Beta 0.82 0.74
R-Squared 98.55 98.94
12-Month Yield 2.46%
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 49
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Vanguard Target Retirement
2020 Fund
20,000
Category Average
17,407
Standard Index
19,572
* * & & & * & * * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

21.69 23.83 27.11 28.46 27.15 28.26 31.38 28.63 32.53 34.29 31.02 26.74 NAV/Price

0.60 12.35 15.85 7.11 -0.68 6.95 14.08 -4.24 17.63 12.04 8.17 -13.80 Total Return %

0.01 0.31 1.54 2.22 1.11 -1.62 -0.58 0.52 -1.39 -0.78 -2.02 2.14 +/- Standard Index -1.14 -0.18 2.87 1.24 1.20 -0.71 1.29 -0.08 -0.10 -1.28 -0.87 2.90 +/- Category Index 32 36 18 1 23 29 17 42 28 46 68 — % Rank Cat
205 208 222 228 237 221 234 250 233 178 171 171 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 3.00 10.58 7.58
US Stocks 25.82 25.82 0.00
Non-US Stocks 17.65 17.65 0.00
Bonds 53.03 53.08 0.06
Other/Not Clsfd 0.50 0.50 0.00
Total 100.00 107.64 7.64
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.8 1.13 0.94
P/C Ratio TTM 11.9 1.09 0.92
P/B Ratio TTM 2.4 1.15 0.92
Geo Avg Mkt Cap
$mil
62536 1.56 0.89
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.82
Avg Eff Duration 6.25
Avg Wtd Coupon 1.91
Avg Wtd Price 97.15
Credit Quality Breakdown 05-31-2022 Bond %
AAA 64.20
AA 8.10
A 14.13
BBB 12.96
BB 0.00
B 0.00
Below B 0.40
NR 0.22
Regional Exposure Stocks % Rel Std Index
Americas 63.7 1.02
Greater Europe 17.7 1.00
Greater Asia 18.5 0.94
Share Chg
since
04-2022
Share
Amount
Holdings :
10,554 Total Stocks , 18,547 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
Y 1,418 mil Vanguard Total Bond Market II Idx 30.73
T 64 mil Vanguard Total Stock Mkt Idx Instl 26.17
Y 456 mil Vanguard Total Intl Stock Index Inv 18.09
Y 230 mil Vanguard Total Intl Bd II Idx Insl 13.51
Y 185 mil Vanguard Shrt-Term Infl-Prot Sec I 10.26
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.5 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.8 0.98
a Technology 19.0 1.18
k Defensive 22.1 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.1 0.97
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.4 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: $43,143.21 mil
Release date 06-30-2022
©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®
40 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
2025201 US Fund Target-Date
2025
Performance 06-30-2022
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 -10.72 — — -15.63
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -13.21 3.74 5.07 7.10 6.29
Std 06-30-2022 -13.21 — 5.07 7.10 6.29
Total Return -13.21 3.74 5.07 7.10 6.29
+/- Std Index 0.43 0.20 0.16 0.79 —
+/- Cat Index 1.66 0.81 0.41 0.61 —
% Rank Cat 51 42 37 19
No. in Cat 227 201 174 89
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-08-22 2.20 2.20
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.

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 174 funds 89 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 11.54 10.34 8.67
Mean 3.74 5.07 7.10
Sharpe Ratio 0.32 0.42 0.76
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2030
TR USD
Alpha 0.28 0.68
Beta 0.97 0.87
R-Squared 99.10 99.22
12-Month Yield 2.20%
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 51
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2025 Fund
21,028
Category Average
18,810
Standard Index
19,572
& * & & & & & * & * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

12.27 13.59 15.75 16.53 15.62 16.35 18.50 17.01 19.84 21.54 20.34 17.16 NAV/Price -0.37 13.29 18.14 7.17 -0.85 7.48 15.94 -5.15 19.63 13.30 9.80 -15.63 Total Return % -0.96 1.25 3.83 2.28 0.94 -1.09 1.28 -0.39 0.60 0.47 -0.39 0.30 +/- Standard Index -0.61 -0.37 1.87 1.13 1.21 -0.91 1.40 -0.25 0.26 -0.37 -0.30 2.11 +/- Category Index 16 43 24 4 24 23 21 42 22 40 57 — % Rank Cat
145 154 181 185 206 195 208 226 232 214 220 230 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.70 9.52 6.82
US Stocks 32.80 32.80 0.00
Non-US Stocks 22.16 22.16 0.00
Bonds 41.89 41.95 0.05
Other/Not Clsfd 0.45 0.45 0.00
Total 100.00 106.87 6.87
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.9 1.13 0.94
P/C Ratio TTM 11.9 1.09 0.93
P/B Ratio TTM 2.4 1.15 0.92
Geo Avg Mkt Cap
$mil
62744 1.57 0.87
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.56
Avg Eff Duration 6.77
Avg Wtd Coupon 2.11
Avg Wtd Price 96.23
Credit Quality Breakdown 05-31-2022 Bond %
AAA 59.22
AA 9.22
A 16.10
BBB 14.78
BB 0.00
B 0.00
Below B 0.45
NR 0.24
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.02
Greater Europe 17.6 0.99
Greater Asia 18.4 0.93
Share Chg
since
04-2022
Share
Amount
Holdings :
10,772 Total Stocks , 18,424 Total Fixed-Income,
7% Turnover Ratio
Net Assets
%
Y 140 mil Vanguard Total Stock Mkt Idx Instl 33.24
Y 2,219 mil Vanguard Total Bond Market II Idx 27.74
Y 992 mil Vanguard Total Intl Stock Index Inv 22.69
Y 359 mil Vanguard Total Intl Bd II Idx Insl 12.14
T 94 mil Vanguard Shrt-Term Infl-Prot Sec I 3.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.5 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.7 0.98
a Technology 19.0 1.18
k Defensive 22.2 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.1 0.97
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.4 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: $74,492.99 mil
Release date 06-30-2022
©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®
41 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
2030200 US Fund Target-Date
2030
Performance 06-30-2022
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 -11.67 — — -16.66
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -13.94 4.22 5.50 7.68 6.18
Std 06-30-2022 -13.94 — 5.50 7.68 6.18
Total Return -13.94 4.22 5.50 7.68 6.18
+/- Std Index -0.31 0.69 0.59 1.36 —
+/- Cat Index 1.61 0.92 0.43 0.45 —
% Rank Cat 47 47 46 25
No. in Cat 228 200 173 94
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-11-22 2.17 2.17
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.

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
200 funds 173 funds 94 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 12.82 11.52 9.62
Mean 4.22 5.50 7.68
Sharpe Ratio 0.34 0.43 0.75
MPT Statistics Standard Index Best Fit Index
Morningstar Mod
Tgt Risk TR USD
Alpha 0.51 0.51
Beta 1.08 1.08
R-Squared 99.29 99.29
12-Month Yield 2.17%
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 60
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2030 Fund
22,056
Category Average
19,708
Standard Index
19,572
& * & & * * * * * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

20.92 23.38 27.64 29.04 27.72 29.20 33.63 30.82 36.45 40.55 38.42 32.02 NAV/Price -1.27 14.24 20.49 7.17 -1.03 7.85 17.52 -5.86 21.07 14.10 11.38 -16.66 Total Return % -1.86 2.20 6.18 2.28 0.76 -0.72 2.87 -1.10 2.05 1.28 1.19 -0.72 +/- Standard Index -0.04 -0.43 0.85 1.16 1.27 -1.41 0.93 -0.03 -0.17 0.41 -0.31 1.91 +/- Category Index 22 38 25 5 31 32 34 37 32 38 61 — % Rank Cat
205 208 222 228 237 221 234 239 241 224 221 231 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.55 8.45 5.90
US Stocks 37.77 37.77 0.00
Non-US Stocks 25.43 25.43 0.00
Bonds 33.86 33.91 0.05
Other/Not Clsfd 0.39 0.39 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 15.9 1.13 0.94
P/C Ratio TTM 11.9 1.09 0.93
P/B Ratio TTM 2.4 1.16 0.90
Geo Avg Mkt Cap
$mil
62818 1.57 0.87
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.99
Avg Eff Duration 7.08
Avg Wtd Coupon 2.24
Avg Wtd Price 95.69
Credit Quality Breakdown 05-31-2022 Bond %
AAA 56.32
AA 9.86
A 17.25
BBB 15.84
BB 0.00
B 0.00
Below B 0.48
NR 0.25
Regional Exposure Stocks % Rel Std Index
Americas 64.1 1.03
Greater Europe 17.6 0.99
Greater Asia 18.4 0.93
Share Chg
since
04-2022
Share
Amount
Holdings :
10,884 Total Stocks , 18,258 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
T 166 mil Vanguard Total Stock Mkt Idx Instl 38.28
T 1,169 mil Vanguard Total Intl Stock Index Inv 26.04
Y 1,978 mil Vanguard Total Bond Market II Idx 24.08
Y 318 mil Vanguard Total Intl Bd II Idx Insl 10.49
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.7 0.98
a Technology 19.0 1.18
k Defensive 22.2 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.1 0.98
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.4 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: $76,477.03 mil
Release date 06-30-2022
©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®
42 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
2035198 US Fund Target-Date
2035
Performance 06-30-2022
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 -12.41 — — -17.37
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -14.36 4.80 5.96 8.27 6.97
Std 06-30-2022 -14.36 — 5.96 8.27 6.97
Total Return -14.36 4.80 5.96 8.27 6.97
+/- Std Index -0.72 1.27 1.05 1.95 —
+/- Cat Index 1.56 1.00 0.44 0.44 —
% Rank Cat 37 48 45 27
No. in Cat 220 198 171 86
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-11-22 2.23 2.23
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.

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
198 funds 171 funds 86 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 14.06 12.66 10.58
Mean 4.80 5.96 8.27
Sharpe Ratio 0.36 0.43 0.74
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2035
TR USD
Alpha 0.86 1.09
Beta 1.18 0.94
R-Squared 99.24 99.35
12-Month Yield 2.35%
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 67
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2035 Fund
23,145
Category Average
21,187
Standard Index
19,572
& * & & * * * * * * ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

12.51 14.09 16.98 17.84 16.84 17.74 20.69 18.82 22.52 25.22 23.84 19.70 NAV/Price -2.24 15.16 22.82 7.24 -1.26 8.26 19.12 -6.58 22.44 14.79 12.96 -17.37 Total Return % -2.83 3.12 8.52 2.35 0.53 -0.31 4.46 -1.82 3.41 1.97 2.77 -1.43 +/- Standard Index

0.04 -0.20 0.79 1.44 1.32 -1.80 0.60 0.24 -0.60 1.41 -0.67 1.71 +/- Category Index 19 40 23 10 37 32 35 32 42 43 79 — % Rank Cat
139 154 181 185 205 195 208 221 229 207 213 223 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.59 7.29 4.69
US Stocks 41.99 41.99 0.00
Non-US Stocks 28.45 28.45 0.00
Bonds 26.65 26.68 0.04
Other/Not Clsfd 0.31 0.31 0.00
Total 100.00 104.73 4.73
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.8 1.13 0.95
P/C Ratio TTM 11.9 1.09 0.94
P/B Ratio TTM 2.4 1.15 0.92
Geo Avg Mkt Cap
$mil
62682 1.57 0.89
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.99
Avg Eff Duration 7.08
Avg Wtd Coupon 2.24
Avg Wtd Price 95.70
Credit Quality Breakdown 05-31-2022 Bond %
AAA 56.16
AA 9.94
A 17.30
BBB 15.86
BB 0.00
B 0.00
Below B 0.49
NR 0.25
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.6 0.99
Greater Asia 18.4 0.93
Share Chg
since
04-2022
Share
Amount
Holdings :
10,984 Total Stocks , 17,895 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
T 180 mil Vanguard Total Stock Mkt Idx Instl 42.56
T 1,273 mil Vanguard Total Intl Stock Index Inv 29.14
Y 1,508 mil Vanguard Total Bond Market II Idx 18.86
Y 246 mil Vanguard Total Intl Bd II Idx Insl 8.35
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.5 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.8 0.98
a Technology 19.0 1.18
k Defensive 22.1 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.1 0.97
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.4 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: $74,223.36 mil
Release date 06-30-2022
©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
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
2040200 US Fund Target-Date
2040
Performance 06-30-2022
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 -13.17 — — -18.08
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -14.82 5.35 6.42 8.74 6.71
Std 06-30-2022 -14.82 — 6.42 8.74 6.71
Total Return -14.82 5.35 6.42 8.74 6.71
+/- Std Index -1.18 1.81 1.51 2.42 —
+/- Cat Index 1.32 1.08 0.55 0.56 —
% Rank Cat 32 43 39 21
No. in Cat 222 200 173 94
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-11-22 2.29 2.29
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.

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
200 funds 173 funds 94 funds
Morningstar RatingTM 4Q 4Q 4Q
Morningstar Risk Avg Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.30 13.81 11.49
Mean 5.35 6.42 8.74
Sharpe Ratio 0.38 0.44 0.73
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Agg Tgt Alloc
NR USD
Alpha 1.20 -0.62
Beta 1.28 1.04
R-Squared 99.06 99.35
12-Month Yield 2.38%
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 75
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2040 Fund
24,113
Category Average
21,479
Standard Index
19,572
& * & & * * & * * * ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

20.50 23.18 28.32 29.76 28.45 30.21 35.77 32.31 39.13 44.27 42.03 34.43 NAV/Price -2.55 15.56 24.37 7.15 -1.59 8.73 20.71 -7.32 23.86 15.47 14.56 -18.08 Total Return % -3.14 3.52 10.07 2.26 0.21 0.16 6.05 -2.57 4.83 2.65 4.37 -2.14 +/- Standard Index

0.30 -0.15 1.32 1.63 1.25 -1.88 0.84 0.33 -0.49 2.38 -0.80 1.32 +/- Category Index 19 31 15 12 43 27 25 37 43 40 81 — % Rank Cat
202 204 218 227 237 221 234 239 241 218 215 226 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.60 6.04 3.44
US Stocks 46.27 46.27 0.00
Non-US Stocks 31.33 31.33 0.00
Bonds 19.57 19.59 0.03
Other/Not Clsfd 0.23 0.23 0.00
Total 100.00 103.47 3.47
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.8 1.13 0.95
P/C Ratio TTM 11.9 1.09 0.94
P/B Ratio TTM 2.4 1.15 0.93
Geo Avg Mkt Cap
$mil
62695 1.57 0.94
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.99
Avg Eff Duration 7.08
Avg Wtd Coupon 2.24
Avg Wtd Price —
Credit Quality Breakdown 05-31-2022 Bond %
AAA 56.22
AA 9.91
A 17.28
BBB 15.85
BB 0.00
B 0.00
Below B 0.48
NR 0.25
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.6 0.99
Greater Asia 18.4 0.93
Share Chg
since
04-2022
Share
Amount
Holdings :
11,060 Total Stocks , 17,316 Total Fixed-Income,
7% Turnover Ratio
Net Assets
%
T 171 mil Vanguard Total Stock Mkt Idx Instl 46.89
T 1,211 mil Vanguard Total Intl Stock Index Inv 32.08
Y 958 mil Vanguard Total Bond Market II Idx 13.87
Y 156 mil Vanguard Total Intl Bd II Idx Insl 6.10
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.5 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.8 0.98
a Technology 19.0 1.18
k Defensive 22.1 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.1 0.97
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.4 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: $63,766.36 mil
Release date 06-30-2022
©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
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
2045198 US Fund Target-Date
2045
Performance 06-30-2022
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 -13.93 — — -18.82
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -15.29 5.89 6.80 8.97 7.51
Std 06-30-2022 -15.29 — 6.80 8.97 7.51
Total Return -15.29 5.89 6.80 8.97 7.51
+/- Std Index -1.65 2.36 1.89 2.65 —
+/- Cat Index 1.00 1.36 0.77 0.69 —
% Rank Cat 33 28 30 19
No. in Cat 220 198 171 85
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-11-22 2.35 2.35
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.

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.

MSCI ACWI NR
USD
Alpha 1.54 0.05
Beta 1.38 0.92
R-Squared 98.80 99.52
12-Month Yield 2.35%
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
24,657
Category Average
22,481
Standard Index
19,572
& * * & * * * * * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

12.87 14.55 17.76 18.65 17.78 18.89 22.50 20.21 24.70 28.19 28.38 23.04 NAV/Price -2.51 15.58 24.37 7.16 -1.57 8.87 21.42 -7.90 24.94 16.30 16.16 -18.82 Total Return % -3.11 3.54 10.06 2.27 0.22 0.30 6.77 -3.14 5.91 3.48 5.97 -2.88 +/- Standard Index

0.67 -0.26 1.30 1.91 1.45 -1.97 0.89 0.27 -0.03 3.35 -0.20 0.76 +/- Category Index 14 43 26 12 42 28 26 43 43 36 68 — % Rank Cat
139 145 180 185 206 195 208 221 229 207 213 223 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.66 4.85 2.19
US Stocks 50.65 50.65 0.00
Non-US Stocks 34.26 34.26 0.00
Bonds 12.28 12.29 0.02
Other/Not Clsfd 0.16 0.16 0.00
Total 100.00 102.21 2.21
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.9 1.13 0.95
P/C Ratio TTM 11.9 1.09 0.94
P/B Ratio TTM 2.4 1.15 0.94
Geo Avg Mkt Cap
$mil
62720 1.57 0.94
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.99
Avg Eff Duration 7.08
Avg Wtd Coupon 2.23
Avg Wtd Price —
Credit Quality Breakdown 05-31-2022 Bond %
AAA 56.06
AA 9.99
A 17.34
BBB 15.87
BB 0.00
B 0.00
Below B 0.49
NR 0.26
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.02
Greater Europe 17.6 0.99
Greater Asia 18.4 0.93
Share Chg
since
04-2022
Share
Amount
Holdings :
11,110 Total Stocks , 16,188 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
T 174 mil Vanguard Total Stock Mkt Idx Instl 51.33
T 1,231 mil Vanguard Total Intl Stock Index Inv 35.08
Y 556 mil Vanguard Total Bond Market II Idx 8.66
T 92 mil Vanguard Total Intl Bd II Idx Insl 3.87
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.5 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.8 0.98
a Technology 19.0 1.18
k Defensive 22.2 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.1 0.97
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.4 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: $59,082.12 mil
Release date 06-30-2022
©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
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
2050200 US Fund Target-Date
2050
Performance 06-30-2022
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 -14.21 — — -19.06
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -15.45 5.91 6.81 8.97 6.88
Std 06-30-2022 -15.45 — 6.81 8.97 6.88
Total Return -15.45 5.91 6.81 8.97 6.88
+/- Std Index -1.81 2.38 1.90 2.66 —
+/- Cat Index 0.95 1.32 0.76 0.72 —
% Rank Cat 31 26 32 22
No. in Cat 222 200 173 90
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-11-22 2.38 2.38
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.

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.

MSCI ACWI NR
USD
Alpha 1.54 0.04
Beta 1.39 0.92
R-Squared 98.84 99.57
12-Month Yield 2.39%
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
24,648
Category Average
22,233
Standard Index
19,572
& * * & * * * * * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

20.41 23.09 28.19 29.62 28.49 30.39 36.20 32.52 39.77 45.45 46.90 37.96 NAV/Price -2.54 15.58 24.34 7.18 -1.58 8.85 21.39 -7.90 24.98 16.39 16.41 -19.06 Total Return % -3.13 3.54 10.04 2.29 0.22 0.28 6.73 -3.14 5.96 3.57 6.22 -3.12 +/- Standard Index

0.93 -0.35 1.51 2.18 1.62 -2.04 0.61 0.51 -0.10 3.48 -0.19 0.57 +/- Category Index 14 44 30 16 45 29 38 37 47 37 74 — % Rank Cat
168 177 202 212 226 213 230 239 241 217 215 225 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.81 4.52 1.71
US Stocks 52.19 52.19 0.00
Non-US Stocks 35.42 35.42 0.00
Bonds 9.45 9.46 0.01
Other/Not Clsfd 0.12 0.12 0.00
Total 100.00 101.72 1.72
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.8 1.13 0.95
P/C Ratio TTM 11.9 1.09 0.94
P/B Ratio TTM 2.4 1.15 0.94
Geo Avg Mkt Cap
$mil
62649 1.57 0.96
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.99
Avg Eff Duration 7.09
Avg Wtd Coupon 2.23
Avg Wtd Price —
Credit Quality Breakdown 05-31-2022 Bond %
AAA 55.91
AA 10.06
A 17.39
BBB 15.88
BB 0.00
B 0.00
Below B 0.49
NR 0.26
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.7 0.99
Greater Asia 18.5 0.93
Share Chg
since
04-2022
Share
Amount
Holdings :
11,120 Total Stocks , 15,323 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
T 143 mil Vanguard Total Stock Mkt Idx Instl 52.89
T 1,012 mil Vanguard Total Intl Stock Index Inv 36.27
Y 339 mil Vanguard Total Bond Market II Idx 6.64
Y 57 mil Vanguard Total Intl Bd II Idx Insl 3.01
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.5 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.8 0.98
a Technology 19.0 1.18
k Defensive 22.1 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.1 0.97
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.4 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: $46,942.31 mil
Release date 06-30-2022
©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
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
2055198 US Fund Target-Date
2055
Performance 06-30-2022
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 -14.19 — — -19.07
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -15.45 5.89 6.80 8.95 9.19
Std 06-30-2022 -15.45 — 6.80 8.95 9.19
Total Return -15.45 5.89 6.80 8.95 9.19
+/- Std Index -1.81 2.35 1.89 2.64 —
+/- Cat Index 1.08 1.34 0.81 0.78 —
% Rank Cat 30 32 34 24
No. in Cat 220 198 169 69
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-11-22 2.38 2.38
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.

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.

MSCI ACWI NR
USD
Alpha 1.52 0.02
Beta 1.39 0.92
R-Squared 98.84 99.57
12-Month Yield 2.37%
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
24,672
Category Average
22,983
Standard Index
19,572
& * * & ( * * * ( * ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

21.86 24.80 30.35 31.98 30.83 32.91 39.23 35.30 43.19 49.34 52.22 42.26 NAV/Price -2.27 15.58 24.33 7.19 -1.72 8.88 21.38 -7.89 24.98 16.32 16.44 -19.07 Total Return % -2.86 3.54 10.02 2.31 0.07 0.31 6.72 -3.13 5.95 3.50 6.25 -3.14 +/- Standard Index

1.48 -0.42 1.84 2.45 1.62 -2.03 0.43 0.68 -0.07 3.41 -0.06 0.58 +/- Category Index 9 48 36 16 53 27 48 37 51 41 78 — % Rank Cat
235 102 130 156 238 193 206 221 229 207 213 223 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.69 4.39 1.70
US Stocks 52.37 52.37 0.00
Non-US Stocks 35.37 35.37 0.00
Bonds 9.45 9.46 0.01
Other/Not Clsfd 0.12 0.12 0.00
Total 100.00 101.72 1.72
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.9 1.13 0.97
P/C Ratio TTM 11.9 1.09 0.96
P/B Ratio TTM 2.4 1.15 0.97
Geo Avg Mkt Cap
$mil
62750 1.57 0.99
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.99
Avg Eff Duration 7.09
Avg Wtd Coupon 2.23
Avg Wtd Price —
Credit Quality Breakdown 05-31-2022 Bond %
AAA 55.96
AA 10.04
A 17.38
BBB 15.88
BB 0.00
B 0.00
Below B 0.49
NR 0.26
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.02
Greater Europe 17.6 0.99
Greater Asia 18.4 0.93
Share Chg
since
04-2022
Share
Amount
Holdings :
11,120 Total Stocks , 15,323 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
T 87 mil Vanguard Total Stock Mkt Idx Instl 53.07
Y 612 mil Vanguard Total Intl Stock Index Inv 36.22
Y 206 mil Vanguard Total Bond Market II Idx 6.65
Y 34 mil Vanguard Total Intl Bd II Idx Insl 3.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.5 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.7 0.98
a Technology 19.0 1.18
k Defensive 22.2 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.1 0.98
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.4 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: $28,554.85 mil
Release date 06-30-2022
©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
2060 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 2060
TR USD
US Fund Target-Date
2060191 US Fund Target-Date
2060
Performance 06-30-2022
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 -14.19 — — -19.07
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -15.44 5.89 6.79 8.96 8.82
Std 06-30-2022 -15.44 — 6.79 8.96 8.82
Total Return -15.44 5.89 6.79 8.96 8.82
+/- Std Index -1.80 2.36 1.88 2.64 —
+/- Cat Index 1.22 1.42 0.88 0.89 —
% Rank Cat 29 35 43 1
No. in Cat 221 191 152 1
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-11-22 2.37 2.37
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.

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.

MSCI ACWI NR
USD
Alpha 1.53 0.03
Beta 1.39 0.92
R-Squared 98.84 99.57
12-Month Yield 2.30%
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
24,039
Category Average
23,430
Standard Index
18,732
_ _ & & ( & ( * ( * ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History — 21.81 26.75 28.20 27.21 29.04 34.63 31.18 38.16 43.59 48.04 38.88 NAV/Price — — 24.35 7.16 -1.68 8.84 21.36 -7.87 24.96 16.32 16.44 -19.07 Total Return % — — 10.04 2.27 0.11 0.27 6.70 -3.11 5.93 3.50 6.25 -3.13 +/- Standard Index — — 2.17 2.63 1.80 -2.03 0.30 0.82 0.00 3.43 0.12 0.60 +/- 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 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.83 4.52 1.69
US Stocks 52.42 52.42 0.00
Non-US Stocks 35.20 35.20 0.00
Bonds 9.43 9.44 0.01
Other/Not Clsfd 0.12 0.12 0.00
Total 100.00 101.70 1.70
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.9 1.13 0.95
P/C Ratio TTM 11.9 1.09 0.93
P/B Ratio TTM 2.4 1.16 0.93
Geo Avg Mkt Cap
$mil
62872 1.57 0.95
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.99
Avg Eff Duration 7.08
Avg Wtd Coupon 2.23
Avg Wtd Price —
Credit Quality Breakdown 05-31-2022 Bond %
AAA 56.05
AA 9.99
A 17.34
BBB 15.87
BB 0.00
B 0.00
Below B 0.49
NR 0.26
Regional Exposure Stocks % Rel Std Index
Americas 64.1 1.03
Greater Europe 17.5 0.99
Greater Asia 18.3 0.93
Share Chg
since
04-2022
Share
Amount
Holdings :
11,120 Total Stocks , 15,302 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
T 42 mil Vanguard Total Stock Mkt Idx Instl 53.12
T 295 mil Vanguard Total Intl Stock Index Inv 36.04
T 100 mil Vanguard Total Bond Market II Idx 6.65
Y 16 mil Vanguard Total Intl Bd II Idx Insl 2.98
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.7 0.98
a Technology 19.0 1.18
k Defensive 22.2 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.2 0.98
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.4 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: $13,873.60 mil
Release date 06-30-2022
©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
2065 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
2065+36 US Fund Target-Date
2065+
Performance 06-30-2022
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 -14.20 — — -19.03
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -15.40 5.86 — — 6.67
Std 06-30-2022 -15.40 — — — 6.67
Total Return -15.40 5.86 — — 6.67
+/- Std Index -1.76 2.32 — — —
+/- Cat Index 1.26 1.39 — — —
% Rank Cat 20 50 — —
No. in Cat 150 36 — —
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 06-30-22 2.37 2.37
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.

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.

MSCI ACWI NR
USD
Alpha 1.49 -0.01
Beta 1.39 0.92
R-Squared 98.82 99.57
12-Month Yield 2.10%
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
13,575
Category Average
13,397
Standard Index
12,495
_ _ _ _ _ _ _ & ) ( ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History — — — — — — 21.70 19.61 24.05 27.50 31.42 25.44 NAV/Price — — — — — — — -7.95 24.96 16.17 16.46 -19.03 Total Return % — — — — — — — -3.19 5.94 3.35 6.26 -3.09 +/- Standard Index — — — — — — — 0.75 0.00 3.28 0.13 0.64 +/- Category Index — — — — — — — 25 79 63 76 — % Rank Cat
— — — — — — — 16 17 53 134 162 No. of Funds in Cat
Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 3.03 4.69 1.66
US Stocks 52.41 52.41 0.00
Non-US Stocks 35.23 35.23 0.00
Bonds 9.21 9.22 0.01
Other/Not Clsfd 0.12 0.12 0.00
Total 100.00 101.67 1.67
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.9 1.13 0.97
P/C Ratio TTM 11.9 1.09 0.96
P/B Ratio TTM 2.4 1.16 0.95
Geo Avg Mkt Cap
$mil
62856 1.57 0.97
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.99
Avg Eff Duration 7.09
Avg Wtd Coupon 2.23
Avg Wtd Price —
Credit Quality Breakdown 05-31-2022 Bond %
AAA 55.96
AA 10.04
A 17.38
BBB 15.88
BB 0.00
B 0.00
Below B 0.49
NR 0.26
Regional Exposure Stocks % Rel Std Index
Americas 64.1 1.03
Greater Europe 17.6 0.99
Greater Asia 18.4 0.93
Share Chg
since
04-2022
Share
Amount
Holdings :
11,120 Total Stocks , 15,220 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 9 mil Vanguard Total Stock Mkt Idx Instl 53.12
T 65 mil Vanguard Total Intl Stock Index Inv 36.07
T 21 mil Vanguard Total Bond Market II Idx 6.48
T 4 mil Vanguard Total Intl Bd II Idx Insl 2.93
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.7 0.98
a Technology 19.0 1.18
k Defensive 22.2 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.2 0.98
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 5.0 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: $3,055.38 mil
Release date 06-30-2022
©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
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
Retirement147 US Fund Target-Date
Retirement
Performance 06-30-2022
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 -7.37 — — -11.79
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -10.14 2.09 3.34 4.12 4.76
Std 06-30-2022 -10.14 — 3.34 4.12 4.76
Total Return -10.14 2.09 3.34 4.12 4.76
+/- Std Index 3.50 -1.45 -1.57 -2.20 —
+/- Cat Index -0.12 -0.70 -0.51 -0.13 —
% Rank Cat 47 33 30 36
No. in Cat 166 147 126 78
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-11-22 2.41 2.41
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.

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
147 funds 126 funds 78 funds
Morningstar RatingTM 4Q 4Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 6.89 5.95 4.87
Mean 2.09 3.34 4.12
Sharpe Ratio 0.25 0.40 0.72
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Con Tgt Alloc
NR USD
Alpha -0.30 -0.22
Beta 0.56 0.81
R-Squared 93.67 98.58
12-Month Yield 2.87%
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 62
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Vanguard Target Retirement
Income Fund
16,431
Category Average
15,288
Standard Index
19,572
& ( ( & & * ( & * * ( _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

11.53 12.19 12.50 12.91 12.45 12.81 13.55 12.75 14.05 14.93 14.46 12.65 NAV/Price

5.25 8.23 5.87 5.54 -0.17 5.25 8.47 -1.99 13.16 10.02 5.25 -11.79 Total Return %

4.66 -3.82 -8.44 0.65 1.62 -3.32 -6.18 2.77 -5.87 -2.80 -4.94 4.14 +/- Standard Index

1.12 -0.56 -0.58 1.45 1.12 -0.73 -0.07 0.21 -0.11 -0.54 -2.37 0.55 +/- Category Index 9 67 56 19 7 41 62 21 49 36 65 — % Rank Cat
260 281 293 272 172 171 175 187 183 168 167 167 No. of Funds in Cat Portfolio Analysis 05-31-2022
Asset Allocation % Net % Long % Short %
Cash 3.22 12.14 8.92
US Stocks 17.32 17.32 0.00
Non-US Stocks 11.72 11.72 0.00
Bonds 67.16 67.22 0.07
Other/Not Clsfd 0.58 0.58 0.00
Total 100.00 108.98 8.98
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.9 1.13 0.97
P/C Ratio TTM 11.9 1.09 0.96
P/B Ratio TTM 2.4 1.15 0.98
Geo Avg Mkt Cap
$mil
62767 1.57 0.98
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.49
Avg Eff Duration 6.01
Avg Wtd Coupon 1.81
Avg Wtd Price 97.56
Credit Quality Breakdown 05-31-2022 Bond %
AAA 66.59
AA 7.54
A 13.18
BBB 12.11
BB 0.00
B 0.00
Below B 0.37
NR 0.21
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.02
Greater Europe 17.6 0.99
Greater Asia 18.4 0.93
Share Chg
since
04-2022
Share
Amount
Holdings :
9,964 Total Stocks , 18,743 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
Y 813 mil Vanguard Total Bond Market II Idx 36.51
T 21 mil Vanguard Total Stock Mkt Idx Instl 17.56
Y 146 mil Vanguard Shrt-Term Infl-Prot Sec I 16.76
Y 131 mil Vanguard Total Intl Bd II Idx Insl 15.90
Y 146 mil Vanguard Total Intl Stock Index Inv 12.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.5 0.91
r Basic Materials 5.2 1.02
t Consumer Cyclical 10.7 1.06
y Financial Services 15.8 0.96
u Real Estate 3.8 0.51
j Sensitive 42.4 1.11
i Communication Services 7.4 1.18
o Energy 5.3 1.08
p Industrials 10.8 0.98
a Technology 19.0 1.18
k Defensive 22.2 0.97
s Consumer Defensive 6.9 1.05
d Healthcare 12.1 0.97
f Utilities 3.1 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.4 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: $21,942.88 mil
Release date 06-30-2022
©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 US Growth
Admiral™ (USD)
Morningstar Analyst RatingTM
„
05-15-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ S&P 500 TR USD Russell 1000
Growth TR USD
US Fund Large Growth
1,138 US Fund Large Growth
Performance 06-30-2022
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 -27.19 — — -38.17
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -37.59 6.26 11.02 13.24 6.67
Std 06-30-2022 -37.59 — 11.02 13.24 6.67
Total Return -37.59 6.26 11.02 13.24 6.67
+/- Std Index -26.98 -4.34 -0.29 0.28 —
+/- Cat Index -18.82 -6.32 -3.27 -1.56 —
% Rank Cat 92 73 54 34
No. in Cat 1248 1138 1052 787
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-11-22 0.38 0.38
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.

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
1,138 funds 1,052 funds 787 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk High +Avg +Avg
Morningstar Return -Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 25.12 21.89 17.21
Mean 6.26 11.02 13.24
Sharpe Ratio 0.34 0.54 0.77
MPT Statistics Standard Index Best Fit Index
Morningstar US
Large Mid Brd Grt
TR USD
Alpha -4.83 -4.45
Beta 1.19 1.14
R-Squared 78.52 95.38
12-Month Yield 0.11%
Potential Cap Gains Exp 56.26%
7 7 7 7 7 7 7 7 7 7 7 7
96 98 97 95 94 95 95 94 95 97 97 97
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard US Growth
Admiral™
38,252
Category Average
33,394
Standard Index
37,807
* & * & & ) & & * & ) _
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 06-22 History

46.73 55.01 74.25 77.39 77.07 75.37 94.59 86.92 111.41 169.97 168.46 104.16 NAV/Price -0.53 18.54 35.71 13.20 8.61 -0.59 31.74 0.75 33.51 58.74 12.45 -38.17 Total Return % -2.64 2.54 3.33 -0.49 7.22 -12.55 9.91 5.13 2.02 40.34 -16.25 -18.21 +/- Standard Index -3.17 3.29 2.23 0.15 2.94 -7.66 1.53 2.26 -2.88 20.24 -15.14 -10.10 +/- 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 1274 No. of Funds in Cat Portfolio Analysis 03-31-2022
Asset Allocation % Net % Long % Short %
Cash 3.09 3.12 0.03
US Stocks 92.42 92.42 0.00
Non-US Stocks 4.50 4.50 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.03 0.03
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 31.2 1.69 1.18
P/C Ratio TTM 24.9 1.73 1.20
P/B Ratio TTM 8.9 2.51 1.18
Geo Avg Mkt Cap
$mil
208098 1.21 0.68
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 98.3 0.99
Greater Europe 1.7 1.64
Greater Asia 0.0 0.00
Share Chg
since
12-2021
Share
Amount
Holdings :
267 Total Stocks , 0 Total Fixed-Income,
41% Turnover Ratio
Net Assets
%
Y 19 mil Apple Inc 7.30
Y 10 mil Microsoft Corp 6.84
T 932,197 Amazon.com Inc 6.78
T 2 mil Tesla Inc 5.93
Y 630,438 Alphabet Inc Class C 3.93
Y 5 mil NVIDIA Corp 3.34
Y 1 mil Shopify Inc Registered Shs -A- Sub 2.05
T 2 mil Mastercard Inc Class A 1.98
T 12 mil The Trade Desk Inc Class A 1.84
T 277,044 Alphabet Inc Class A 1.72
T 2 mil Netflix Inc 1.50
T 3 mil Visa Inc Class A 1.39
Y 3 mil Salesforce Inc 1.35
Y 1 mil Adobe Inc 1.32
Y 3 mil Meta Platforms Inc Class A 1.30
Sector Weightings Stocks % Rel Std Index
h Cyclical 29.5 1.04
r Basic Materials 0.2 0.10
t Consumer Cyclical 21.1 2.05
y Financial Services 7.0 0.54
u Real Estate 1.2 0.41
j Sensitive 56.4 1.23
i Communication Services 12.0 1.35
o Energy 0.5 0.12
p Industrials 3.2 0.38
a Technology 40.7 1.68
k Defensive 14.1 0.55
s Consumer Defensive 3.0 0.41
d Healthcare 11.1 0.73
f Utilities 0.0 0.00
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.8 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: $32,006.42 mil
Release date 06-30-2022
©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 Standardized and Tax Adjusted Returns Disclosure Statement 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 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 visit http://advisor.morningstar.com/familyinfo.asp.

Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses.

If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken into account, including M&E risk charges, fund-level expenses such as management fees and operating fees, contract-level administration fees, and charges such as surrender, contract, and sales charges. The maximum redemption fee is the maximum amount a fund may charge if redeemed in a specific time period after the fund’s purchase.

After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after- tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out of certain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution are as specified by the fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than before-tax returns. After-tax returns for exchange-traded funds are based on net asset value.

Money Market Fund Disclosures
If money market fund(s) are included in the Standardized Returns table below, each money market fund’s name will be followed by a superscripted letter that links it to the applicable disclosure below:

Institutional Money Market Funds (designated by an “S”):

You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Government Money Market Funds that have chosen to rely on the ability to impose liquidity fees and suspend redemptions (designated by an ”L” ) and
Retail Money Market Funds (designated by an “L”):

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Government Money Market Funds that have chosen not to rely on the ability to impose liquidity fees and suspend redemptions (designated by an “N”):

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Annualized returns 06-30-2022
Standardized Returns (%) 7-day Yield
Subsidized
7-day Yield
Unsubsidized
1Yr 5Yr 10Yr Since
Inception
Inception
Date
Max Front
Load %
Max Back
Load %
Net Exp
Ratio %
Gross Exp
Ratio %
Max
Redemption %
as of date as of date
Allspring Special Mid Cap Value R6 — — -4.17 8.12 — 10.31 06-28-2013 NA NA 0.70 0.70 NA Fidelity® 500 Index — — -10.63 11.29 12.95 11.90 05-04-2011 NA NA 0.02 0.02 NA Fidelity® Mid Cap Index — — -17.31 7.95 11.28 11.62 09-08-2011 NA NA 0.03 0.03 NA Fidelity® Small Cap Index — — -25.20 5.25 9.51 10.28 09-08-2011 NA NA 0.03 0.03 NA Fidelity® Total International Index — — -19.43 2.60 — 4.54 06-07-2016 NA NA 0.06 0.06 NA Fidelity® US Bond Index — — -10.35 0.86 1.50 2.07 05-04-2011 NA NA 0.03 0.03 NA MFS International Intrinsic Value R6 — — -22.14 4.35 8.58 6.09 05-01-2006 NA NA 0.62 0.62 NA Release date 06-30-2022
©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 Annualized returns 06-30-2022
Standardized Returns (%) 7-day Yield
Subsidized
7-day Yield
Unsubsidized
1Yr 5Yr 10Yr Since
Inception
Inception
Date
Max Front
Load %
Max Back
Load %
Net Exp
Ratio %
Gross Exp
Ratio %
Max
Redemption %
as of date as of date
MFS Mid Cap Growth R6 — — -24.39 10.77 — 12.47 01-02-2013 NA NA 0.651 0.66 NA MFS Value R6 — — -5.03 7.55 11.23 7.91 05-01-2006 NA NA 0.45 0.45 NA Sterling Capital Total Return Bond R6 — — -10.75 — — 1.47 02-01-2018 NA NA 0.352 0.46 NA Vanguard International Growth Adm — — -36.18 7.51 9.17 7.24 08-13-2001 NA NA 0.32 0.32 NA Vanguard Target Retirement 2020 Fund — — -11.65 4.64 6.51 5.73 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2025 Fund — — -13.21 5.07 7.10 6.29 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2030 Fund — — -13.94 5.50 7.68 6.18 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2035 Fund — — -14.36 5.96 8.27 6.97 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2040 Fund — — -14.82 6.42 8.74 6.71 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2045 Fund — — -15.29 6.80 8.97 7.51 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2050 Fund — — -15.45 6.81 8.97 6.88 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2055 Fund — — -15.45 6.80 8.95 9.19 08-18-2010 NA NA 0.08 0.08 NA Vanguard Target Retirement 2060 Fund — — -15.44 6.79 8.96 8.82 01-19-2012 NA NA 0.08 0.08 NA Vanguard Target Retirement 2065 Fund — — -15.40 — — 6.67 07-12-2017 NA NA 0.08 0.08 NA Vanguard Target Retirement Income Fund — — -10.14 3.34 4.12 4.76 10-27-2003 NA NA 0.08 0.08 NA Vanguard US Growth Admiral™ — — -37.59 11.02 13.24 6.67 08-13-2001 NA NA 0.28 0.28 NA Bloomberg US Agg Bond TR USD -10.29 0.88 1.54 — 01-03-1980 Bloomberg US Universal TR USD -10.89 0.94 1.83 — 12-31-1998 Morningstar Lifetime Mod 2020 TR USD -13.95 4.36 5.81 — 02-18-2009 Morningstar Lifetime Mod 2025 TR USD -14.87 4.66 6.49 — 02-18-2009 Morningstar Lifetime Mod 2030 TR USD -15.55 5.07 7.23 — 02-18-2009 Morningstar Lifetime Mod 2035 TR USD -15.92 5.52 7.83 — 02-18-2009 Morningstar Lifetime Mod 2040 TR USD -16.14 5.87 8.18 — 02-18-2009 Morningstar Lifetime Mod 2045 TR USD -16.28 6.03 8.28 — 02-18-2009 Morningstar Lifetime Mod 2050 TR USD -16.40 6.04 8.25 — 02-18-2009 Morningstar Lifetime Mod 2055 TR USD -16.53 5.99 8.17 — 02-18-2009 Morningstar Lifetime Mod 2060 TR USD -16.66 5.91 — — 06-23-2014 Morningstar Lifetime Mod Incm TR
USD
-10.02 3.85 4.25 — 02-18-2009
Morningstar Mod Tgt Risk TR USD -13.64 4.91 6.32 — 02-18-2009 Morningstar US Large Mid Brd Grt TR
USD
-22.26 — — — 12-21-2020
Morningstar US Large Mid Brd Val TR
USD
-4.53 — — — 12-21-2020
Morningstar US Mid Cap Brd Grt TR
USD
-24.15 — — — 12-21-2020
Morningstar US Mod Agg Tgt Alloc NR
USD
-13.62 — — — 06-30-2020
Morningstar US Mod Con Tgt Alloc NR
USD
-11.43 — — — 06-30-2020
MSCI ACWI Ex USA Growth NR USD -25.80 3.43 5.71 — 01-01-2001 MSCI ACWI Ex USA NR USD -19.42 2.50 4.83 — 01-01-2001
MSCI ACWI NR USD -15.75 7.00 8.76 — 01-01-2001
Russell 1000 Growth TR USD -18.77 14.29 14.80 — 01-01-1987 Russell 1000 TR USD -13.04 11.00 12.82 — 12-31-1978
Russell 1000 Value TR USD -6.82 7.17 10.50 — 01-01-1987 Russell 2000 TR USD -25.20 5.17 9.35 — 12-31-1978
Russell Mid Cap Growth TR USD -29.57 8.88 11.50 — 02-01-1995 Russell Mid Cap TR USD -17.30 7.96 11.29 — 12-31-1978
Russell Mid Cap Value TR USD -10.00 6.27 10.62 — 12-31-1985 S&P 500 TR USD -10.62 11.31 12.96 — 01-30-1970
US Fund Foreign Large Blend -18.69 2.08 5.11 — —
US Fund Intermediate Core Bond -10.74 0.72 1.47 — —
US Fund Large Blend -11.58 9.77 11.63 — —
US Fund Money Market - Taxable 0.11 0.80 0.43 — —

1. Contractual waiver; Expires 12-31-2023

2. Contractual waiver; Expires 01-31-2023
Release date 06-30-2022
©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 Annualized returns 06-30-2022
Return after Tax (%) On Distribution On Distribution and Sales of Shares 1Yr 5Yr 10Yr Since Inception Inception Date 1Yr 5Yr 10Yr Since Inception Allspring Special Mid Cap Value R6 -6.69 6.76 — 8.70 06-28-2013 -1.06 6.06 — 7.82 Fidelity® 500 Index -10.96 10.71 12.20 11.16 05-04-2011 -6.08 8.84 10.52 9.65 Fidelity® Mid Cap Index -18.17 7.14 10.43 10.80 09-08-2011 -9.65 6.12 9.09 9.45 Fidelity® Small Cap Index -25.84 4.39 8.56 9.35 09-08-2011 -14.23 3.98 7.52 8.24 Fidelity® Total International Index -19.92 1.93 — 3.94 06-07-2016 -11.03 1.87 — 3.41 Fidelity® US Bond Index -10.84 0.08 0.56 1.10 05-04-2011 -5.77 0.52 0.84 1.28 MFS International Intrinsic Value R6 -23.64 2.98 7.34 4.84 05-01-2006 -11.74 3.35 6.68 4.56 MFS Mid Cap Growth R6 -24.99 9.65 — 11.46 01-02-2013 -13.70 8.23 — 10.04 MFS Value R6 -6.14 6.28 9.86 6.73 05-01-2006 -2.57 5.49 8.72 6.07 Sterling Capital Total Return Bond R6 -11.81 — — 0.12 02-01-2018 -6.19 — — 0.61 Vanguard International Growth Adm -38.17 6.30 8.24 6.31 08-13-2001 -19.10 6.03 7.43 5.91 Vanguard Target Retirement 2020 Fund -15.30 2.75 5.10 4.65 06-07-2006 -3.94 3.50 4.95 4.44 Vanguard Target Retirement 2025 Fund -16.25 3.54 5.86 5.36 10-27-2003 -5.21 3.87 5.46 4.98 Vanguard Target Retirement 2030 Fund -17.13 4.08 6.54 5.32 06-07-2006 -5.40 4.26 5.99 4.89 Vanguard Target Retirement 2035 Fund -17.81 4.49 7.07 6.12 10-27-2003 -5.34 4.66 6.51 5.65 Vanguard Target Retirement 2040 Fund -18.42 4.96 7.61 5.87 06-07-2006 -5.43 5.02 6.95 5.40 Vanguard Target Retirement 2045 Fund -18.08 5.57 7.94 6.75 10-27-2003 -6.43 5.29 7.14 6.15 Vanguard Target Retirement 2050 Fund -17.84 5.69 8.04 6.16 06-07-2006 -6.92 5.28 7.15 5.54 Vanguard Target Retirement 2055 Fund -17.39 5.82 8.14 8.45 08-18-2010 -7.39 5.26 7.15 7.46 Vanguard Target Retirement 2060 Fund -16.67 6.00 8.26 8.15 01-19-2012 -8.21 5.21 7.14 7.05 Vanguard Target Retirement 2065 Fund -15.85 — — 6.19 07-12-2017 -8.80 — — 5.14 Vanguard Target Retirement Income Fund -12.21 1.99 2.97 3.62 10-27-2003 -4.79 2.29 2.89 3.43 Vanguard US Growth Admiral™ -39.58 9.11 11.73 5.92 08-13-2001 -19.85 8.79 10.90 5.53 Release date 06-30-2022
©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 Mutual Fund Detail Report
Disclosure Statement
The Mutual Fund Detail Report is supplemental sales literature, and therefore must be preceded or accompanied by the mutual fund’s current prospectus or an equivalent statement. Please read this information carefully. In all cases, this disclosure statement should accompany the Mutual Fund Detail Report.

Morningstar is not itself a FINRA-member firm.

All data presented is based on the most recent information available to Morningstar as of the release date and may or may not be an accurate reflection of current data for securities included in the fund’s portfolio. There is no assurance that the data will remain the same.

Unless otherwise specified, the definition of “funds” used throughout this Disclosure Statement includes closed-end funds, exchange-traded funds, grantor trusts, index mutual funds, open-ended mutual funds, and unit investment trusts. It does not include exchange-traded notes or exchange-traded commodities.

Prior to 2016, Morningstar’s methodology evaluated open-end mutual funds and exchange-traded funds as separate groups. Each group contained a subset of the current investments included in our current comparative analysis. In this report, historical data presented on a calendar-year basis and trailing periods ending at the most-recent month-end reflect the updated methodology.

Risk measures (such as alpha, beta, r-squared, standard deviation, mean, or Sharpe ratio) are calculated for securities or portfolios that have at least a three-year history.

Most Morningstar rankings do not include any adjustment for one-time sales charges, or loads. Morningstar does publish load-adjusted returns, and ranks such returns within a Morningstar Category in certain reports. The total returns for ETFs and fund share classes without one-time loads are equal to Morningstar’s calculation of load-adjusted returns. Share classes that are subject to one-time loads relating to advice or sales commissions have their returns adjusted as part of the load-adjusted return calculation to reflect those loads.

Comparison of Fund Types
Funds, including closed-end funds, exchange-traded funds (ETFs), money market funds, open-end funds, and unit investment trusts (UITs), have many similarities, but also many important differences. In general, publically-offered funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. Funds pool money from their investors and manage it according to an investment strategy or objective, which can vary greatly from fund to fund. Funds have the ability to offer diversification and professional management, but also involve risk, including the loss of principal.

A closed-end fund is an investment company, which typically makes one public offering of a fixed number of shares. Thereafter, shares are traded on a secondary market. As a result, the secondary market price may be higher or lower than the closed-end fund's net asset value (NAV). If these shares trade at a price above their NAV, they are said to be trading at a premium. Conversely, if they are trading at a price below their NAV, they are said to be trading at a discount. A closed-end mutual fund’s expense ratio is an annual fee charged to a shareholder. It includes operating expenses and management fees, but does not take into account any brokerage costs. Closed-end funds may also have 12b- 1 fees. Income distributions and capital gains of the closed-end fund are subject to income tax, if held in a taxable account.

An ETF is an investment company that typically has an investment objective of striving to achieve a similar return as a particular market index. The ETF will invest in either all or a representative sample of the securities included in the index it is seeking to imitate. Like closed-end funds, an ETF can be traded on a secondary market and thus have a market price that may be higher or lower than its net asset value. If these shares trade at a price above their NAV, they are said to be trading at a premium. Conversely, if they are trading at a price below their NAV, they are said to be trading at a discount. ETFs are not actively managed, so their value may be affected by a general decline in the U.S. market segments relating to their underlying indexes. Similarly, an imperfect match between an ETF’s holdings and those of its underlying index may cause its performance to vary from that of its underlying index. The expense ratio of an ETF is an annual fee charged to a shareholder. It includes operating expenses and management fees, but does not take into account any brokerage costs. ETFs do not have 12b-1 fees or sales loads. Capital gains from funds held in a taxable account are subject to income tax. In many, but not all cases, ETFs are generally considered to be more tax-efficient when compared to similarly invested mutual funds.

Holding company depository receipts (HOLDRs) are similar to ETFs, but they focus on narrow industry groups. HOLDRs initially own 20 stocks, which are unmanaged, and can become more concentrated due to mergers, or the disparate performance of their holdings. HOLDRs can only be bought in 100- share increments. Investors may exchange shares of a HOLDR for its underlying stocks at any time.

A money-market fund is an investment company that invests in commercial paper, banker's acceptances, repurchase agreements, government securities, certificates of deposit and other highly liquid securities, and pays money market rates of interest. Money markets are not FDIC-insured, may lose money, and are not guaranteed by a bank or other financial institution.

An open-end fund is an investment company that issues shares on a continuous basis. Shares can be purchased from the open-end mutual fund itself, or through an intermediary, but cannot be traded on a secondary market, such as the New York Stock Exchange. Investors pay the open-end mutual fund’s current net asset value plus any initial sales loads. Net asset value is calculated daily, at the close of business. Open-end mutual fund shares can be redeemed, or sold back to the fund or intermediary, at their current net asset value minus any deferred sales loads or redemption fees. The expense ratio for an open-end mutual fund is an annual fee charged to a shareholder. It includes operating expenses and management fees, but does not take into account any brokerage costs. Open-end funds may also have 12b-1 fees. Income distributions and capital gains of the open-end fund are subject to income tax, if held in a taxable account.

A unit investment trust (UIT) is an investment company organized under a trust agreement between a sponsor and trustee. UITs typically purchase a fixed portfolio of securities and then sell units in the trust to investors. The major difference between a UIT and a mutual fund is that a mutual fund is actively managed, while a UIT is not. On a periodic basis, UITs usually distribute to the unit holder their pro rata share of the trust's net investment income and net realized capital gains, if any. If the trust is one that invests only in tax-free securities, then the income from the trust is also tax-free. UITs generally make one public offering of a fixed number of units. However, in some cases, the sponsor will maintain a secondary market that allows existing unit holders to sell their units and for new investors to buy units. A one-time initial sales charge is deducted from an investment made into the trust. UIT investors may also pay creation and development fees, organization costs, and/or trustee and operation expenses. UIT units may be redeemed by the sponsor at their net Release date 06-30-2022
©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 asset value minus a deferred sales charge, and sold to other investors. UITs have set termination dates, at which point the underlying securities are sold and the sales proceeds are paid to the investor. Typically, a UIT investment is rolled over into successive trusts as part of a long-term strategy. A rollover fee may be charged for the exercise of rollover purchases. There are tax consequences associated with rolling over an investment from one trust to the next.

Performance
The performance data given represents past performance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor's shares, when sold, may be worth more or less than the original investment. Fund portfolio statistics change over time. Funds are not FDIC-insured, may lose value, and are not guaranteed by a bank or other financial institution.

Morningstar calculates after-tax returns using the highest applicable federal marginal income tax rate plus the investment income tax and Medicare surcharge. As of 2018, this rate is 37% plus 3.8% investment income plus 0.9% Medicare surcharge, or 41.7%. This rate changes periodically in accordance with changes in federal law.

Pre-Inception Returns
The analysis in this report may be based, in part, on adjusted historical returns for periods prior to the inception of the share class of the fund shown in this report (“Report Share Class”). If pre-inception returns are shown, a performance stream consisting of the Report Share Class and older share class(es) is created.

Morningstar adjusts pre-inception returns downward to reflect higher expenses in the Report Share Class, we do not hypothetically adjust returns upwards for lower expenses. For more information regarding calculation of pre-inception returns please see the Morningstar Extended Performance Methodology.

When pre-inception data is presented in the report, the header at the top of the report will indicate this. In addition, the pre-inception data included in the report will appear in italics.

While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.
12b1 Expense %
A 12b-1 fee is a fee used to pay for a mutual fund’s distribution costs. It is often used as a commission to brokers for selling the fund. The amount of the fee is taken from a fund’s returns.

Alpha
Alpha is a measure of the difference between a security or portfolio’s actual returns and its expected performance, given its level of risk (as measured by beta.) Alpha is often seen as a measure of the value added or subtracted by a portfolio manager.

Asset Allocation
Asset Allocation reflects asset class weightings of the portfolio. The “Other” category includes security types that are not neatly classified in the other asset classes, such as convertible bonds and preferred stocks, or cannot be classified by Morningstar as a result of missing data. Morningstar may display asset allocation data in several ways, including tables or pie charts. In addition, Morningstar may compare the asset class breakdown of the fund against its three-year average, category average, and/or index proxy.

Asset allocations shown in tables may include a breakdown among the long, short, and net (long positions net of short) positions. These statistics summarize what the fund’s managers are buying and how they are positioning the fund’s portfolio. When short positions are captured in these portfolio statistics, investors get a more robust description of the fund’s exposure and risk. Long positions involve buying the security outright and selling it later, with the hope the security’s price rises over time. Short positions are taken with the hope of benefitting from anticipated price declines. The investor borrows the security from another investor, sells it and receives cash, and then is obligated to buy it back at some point in the future. If the price falls after the short sale, the investor will have sold high and can buy low to close the short position and lock in a profit. However, if the price of the security increases after the short sale, the investor will experience a loss buying it at a higher price than the sale price.

Most fund portfolios hold fairly conventional securities, such as long positions in equities and bonds. Morningstar may generate a colored pie chart for these portfolios. Other portfolios use other investment strategies or securities, such as short positions or derivatives, in an attempt to reduce transaction costs, enhance returns, or reduce risk. Some of these securities and strategies behave like conventional securities, while other have unique return and risk characteristics. Portfolios that incorporate investment strategies resulting in short positions or portfolio with relatively exotic derivative positions often report data to Morningstar that does not meet the parameters of the calculation underlying a pie chart’s generation. Because of the nature of how these securities are reported to Morningstar, we may not always get complete portfolio information to report asset allocation. Morningstar, at its discretion, may determine if unidentified characteristics of fund holdings are material.

Asset allocation and other breakdowns may be rescaled accordingly so that percentages total to 100 percent. (Morningstar used discretion to determine if unidentified characteristics of fund holdings are material, pie charts and other breakdowns may rescale identified characteristics to 100% for more intuitive presentation.)
Note that all other portfolio statistics presented in this report are based on the long (or long rescaled) holdings of the fund only.

Average Effective Duration
Duration is a time measure of a bond's interest-rate sensitivity. Average effective duration is a weighted average of the duration of the fixed-income securities within a portfolio.

Average Effective Maturity
Average Effective Maturity is a weighted average of the maturities of all bonds in a portfolio.

Average Weighted Coupon
A coupon is the fixed annual percentage paid out on a bond. The average weighted coupon is the asset-weighted coupon of each bond in the portfolio.

Average Weighted Price
Average Weighted Price is the asset-weighted price of bonds held in a portfolio, expressed as a percentage of par (face) value. This number reveals if the portfolio favors bonds selling at prices above or below par value (premium or discount securities respectively.)
Release date 06-30-2022
©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®
56 Best Fit Index
Alpha, beta, and R-squared statistics are presented for a broad market index and a “best fit” index. The Best Fit Index identified in this report was determined by Morningstar by calculating R-squared for the fund against approximately 100 indexes tracked by Morningstar. The index representing the highest R-squared is identified as the best fit index. The best fit index may not be the fund’s benchmark, nor does it necessarily contain the types of securities that may be held by the fund or portfolio.

Beta
Beta is a measure of a security or portfolio’s sensitivity to market movements (proxied using an index.) A beta of greater than 1 indicates more volatility than the market, and a beta of less than 1 indicates less volatility than the market.

Credit Quality Breakdown
Credit Quality breakdowns are shown for corporate-bond holdings in the fund’s portfolio and depict the quality of bonds in the underlying portfolio. It shows the percentage of fixed-income securities that fall within each credit-quality rating as assigned by a Nationally Recognized Statistical Rating Organization (NRSRO).

Bonds not rated by an NRSRO are included in the Other/Not-Classified category.

Deferred Load %
The back-end sales charge or deferred load is imposed when an investor redeems shares of a fund. The percentage of the load charged generally declines the longer the fund’s shares are held by the investor. This charge, coupled with 12b-1 fees, commonly serves as an alternative to a traditional front-end load.

Expense Ratio %
The expense ratio is the annual fee that all funds charge their shareholders. It expresses the percentage of assets deducted each fiscal year for fund expenses, including 12b-1 fees, management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund. Portfolio transaction fees, or brokerage costs, as well as front-end or deferred sales charges are not included in the expense ratio. The expense ratio, which is deducted from the fund’s average net assets, is accrued on a daily basis. The gross expense ratio, in contrast to the net expense ratio, does not reflect any fee waivers in effect during the time period.

Front-end Load %
The initial sales charge or front-end load is a deduction made from each investment in the fund and is generally based on the amount of the investment.

Geometric Average Market Capitalization
Geometric Average Market Capitalization is a measure of the size of the companies in which a portfolio invests.

Growth of 10,000
For funds, this graph compares the growth of an investment of 10,000 (in the base currency of the fund) with that of an index and/or with that of the average for all funds in its Morningstar Category. The total returns are not adjusted to reflect sales charges or the effects of taxation but are adjusted to reflect actual ongoing fund expenses, and they assume reinvestment of dividends and capital gains. If adjusted, effects of sales charges and taxation would reduce the performance quoted. If pre-inception data is included in the analysis, it will be graphed.

The index in the Growth of 10,000 graph is an unmanaged portfolio of specified securities and cannot be invested in directly. The index does not reflect any initial or ongoing expenses. A fund's portfolio may differ significantly from the securities in the index. The index is chosen by Morningstar.

Management Fees %
The management fee includes the management and administrative fees listed in the Management Fees section of a fund’s prospectus. Typically, these fees represent the costs shareholders paid for management and administrative services over the fund’s prior fiscal year.

Maximum Redemption Fee %
The Maximum Redemption Fee is the maximum amount a fund may charge if redeemed in a specific time period after the fund’s purchase (for example, 30, 180, or 365 days).

Mean
Mean is the annualized geometric return for the period shown.

Morningstar Analyst Rating™
The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission.

The Manager Research Group evaluates investment products based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe investment products are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Morningstar Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of investment products using alternative investment strategies, the modification by alpha dispersion is not used.

Separately managed accounts are rated using the methodology for actively managed funds. A proxy fee is deducted from all separately managed accounts in a given Morningstar Category. The proxy fee is based on a survey of separately managed account model-delivery fees.

The Morningstar Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active investment products, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active investment product will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category.

The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active investment products. For passive investment products, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an investment product will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive investment products. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of investment products using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an investment product will deliver a weighted pillar score above a predetermined threshold within its peer group. Morningstar Analyst Ratings ultimately reflect the Manager Release date 06-30-2022
©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®
57 Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to http://global.morningstar.com/equitydisclosure.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the investment product Morningstar Quantitative Rating™
Morningstar’s quantitative fund ratings consist of: (i) Morningstar Quantitative Rating (overall score), (ii) Quantitative Parent pillar, (iii) Quantitative People pillar, and (iv) Quantitative Process pillar (collectively the“Quantitative Fund Ratings”).The Quantitative Fund Ratings are calculated monthly and derived from the analyst-driven ratings of a fund’s peers as determined by statistical algorithms. Morningstar, Inc. calculates Quantitative Fund Ratings for funds when an analyst rating does not exist as part of its qualitative coverage. • Morningstar Quantitative Rating: Intended to be comparable to Morningstar’s Analyst Ratings for open-end funds and ETFs, which is the summary expression of Morningstar's forward-looking analysis of a fund. The Morningstar Analyst Rating is based on the analyst's conviction in the fund's ability to outperform its peer group and/or relevant benchmark on a risk- adjusted basis over a full market cycle of at least 5 years. Ratings are assigned on a five-tier scale with three positive ratings of Gold, Silver, and Bronze, a Neutral rating, and a Negative rating. Morningstar calculates the Morningstar Quantitative Rating using a statistical model derived from the Morningstar Analyst Rating our fund analysts assign to open-end funds and ETFs. Please go to https://shareholders.morningstar.com/investor-
relations/governance/Compliance--Disclosure/default.aspx for information about Morningstar Analyst Rating Morningstar’s fund analysts assign to funds. • Quantitative Parent pillar: Intended to be comparable to Morningstar’s Parent pillar scores, which provides Morningstar’s analyst opinion on the stewardship quality of a firm. Morningstar calculates the Quantitative Parent pillar using an algorithm designed to predict the Parent Pillar score our fund analysts would assign to the fund. The quantitative pillar rating is expressed in both a rating and a numerical value as High (5), Above Average (4), Average (3), Below Average (2), Low (1).
• Quantitative People pillar: Morningstar’s People pillar scores, which provides Morningstar’s analyst opinion on the fund manager’s talent, tenure, and resources. Morningstar calculates the Quantitative People pillar using an algorithm designed to predict the People pillar score our fund analysts would assign to the fund. The quantitative pillar rating is expressed in both a rating and a numerical value as High (5), Above Average (4), Average (3), Below Average (2), Low (1).
• Quantitative Process Pillar: Intended to be comparable to Morningstar’s Process pillar scores, which provides Morningstar’s analyst opinion on the fund’s strategy and whether the management has a competitive advantage enabling it to execute the process and consistently over time.

Morningstar calculates the Quantitative Process pillar using an algorithm designed to predict the Process pillar score our fund analysts would assign to the fund. The quantitative pillar rating is expressed in both a rating and a numerical value as High (5), Above Average (4), Average (3), Below Average (2), and Low (1).

Morningstar Quantitative Ratings have not been made available to the issuer of the security prior to publication.

Risk Warning
The quantitative fund ratings are not statements of fact. Morningstar does not guarantee the completeness or accuracy of the assumptions or models used in determining the quantitative fund ratings. In addition, there is the risk that the return target will not be met due to such things as unforeseen changes in changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, and tax rate. For investments in foreign markets there are further risks, generally based on exchange rate changes or changes in political and social conditions. A change in the fundamental factors underlying the quantitative fund ratings can mean that the recommendation is subsequently no longer accurate.

For more information about Morningstar’s quantitative methodology, please visit https://shareholders.morningstar.com/investor-
relations/governance/Compliance--Disclosure/default.aspx Morningstar Category
Morningstar Category is assigned by placing funds into peer groups based on their underlying holdings. The underlying securities in each portfolio are the primary factor in our analysis as the investment objective and investment strategy stated in a fund’s prospectus may not be sufficiently detailed for our proprietary classification methodology. Funds are placed in a category based on their portfolio statistics and compositions over the past three years. Analysis of performance and other indicative facts are also considered. If the fund is new and has no portfolio history, Morningstar estimates where it will fall before giving it a permanent category assignment. Categories may be changed based on recent changes to the portfolio.

Morningstar Rank
Morningstar Rank is the total return percentile rank within each Morningstar Category. The highest (or most favorable) percentile rank is zero and the lowest (or least favorable) percentile rank is 100. Historical percentile ranks are based on a snapshot of a fund at the time of calculation.

Morningstar Rating™
The Morningstar Rating™for funds, or "star rating", is calculated for funds and separate accounts with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. For more information about the Morningstar Rating for funds, including its methodology, please go to
global.morningstar.com/managerdisclosures
The Morningstar Return rates a fund’s performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (-Ave), and the bottom 10% Low (Low). Morningstar Return is Release date 06-30-2022
©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®
58 measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.

Morningstar Risk
Morningstar Risk evaluates a fund’s downside volatility relative to that of other products in its Morningstar Category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk (Low), the next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next

22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.

Style Analysis
The Morningstar Style Box reveals a fund's investment style as of the date noted on this report.

For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth.) A darkened cell in the style box matrix indicates the weighted average style of the portfolio.

For portfolios holding fixed-income investments, a Fixed Income Style Box is calculated. The vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. There are three credit categories- “High”, “Medium”, and “Low; and there are three interest rate sensitivity categories- “Limited”, “Moderate”, and “Extensive” resulting in nine possible combinations. As in the equity Style Box the combination of credit and interest rate sensitivity for a portfolio is represented by a darkened cell in the matrix.

Morningstar uses credit rating information from credit rating agencies (CRA’s) that have been designated Nationally Recognized Statistical Rating Organizations (NRSRO’s) by the Securities and Exchange Commission (SEC) in the United States. For a list of all NRSROs, please visit https://www.sec.gov/ocr/ocr-learn-nrsros.html. Additionally, Morningstar will use credit ratings from CRA’s which have been recognized by foreign regulatory institutions that are deemed the equivalent of the NRSRO designation.

To determine the rating applicable to a holding and the subsequent holding weighted value of a portfolio two methods may be employed. First is a common methodology approach where if a case exists such that two rating organizations/ agencies have rated a holding, the lower rating of the two should be applied; if three or more CRA’s have rated a holdingt the median rating should be applied, and in cases where there are more than two ratings and a median rating cannot be determined the lower of the two middle ratings should be applied. Alternatively, if there is more than one rating available an average can be calculated from all and applied. Please Note: Morningstar, Inc. is not an NRSRO nor does it issue a credit rating on the fund. Credit ratings for any security held in a portfolio may change over time.

Morningstar uses the credit rating information to calculate a weighted-average credit quality value for the portfolio. This value is based only upon those holdings which are considered to be classified as “fixed_income”, such as government, corporate, or securitized issues. Other types of holdings such as equities and many, though not all, types of derivatives are excluded. The weighted-average credit quality value is represented by a rating symbol which corresponds to the long-term rating symbol schemas employed by most CRA’s.

Note that this value is not explicitly published but instead serves an an input in Style Box calculation. This symbol is then used to map to a Style Box credit quality category of “low,” “medium,” or “high”. Funds with a "low" credit quality category are those whose weighted-average credit quality is determined to be equivalent to the commonly used High Yield classification, meaning a rating below “BBB”, portfolios assigned to the “high” credit category have either a “AAA” or “AA+” average credit quality value, while "medium" are those with an average rating of “AA” inclusive to “BBB-“. It is expected and intended that the majority of portfolios will be assigned a credit category of “medium”.

For assignment to an interest-rate sensitivity category Morningstar uses the average effective duration of the portfolio. From this value there are three distinct methodologies employed to determine assignment to category.

Portfolios which are assigned to Morningstar municipal-bond categoriesemploy static breakpoints between categories. These breakpoints are “Limited” equal to

4.5 years or less,; (ii) “Moderate” equal to 4.5 years to less than 7 years, and “Extensive” equal to more than 7 years. For portfolios assigned to Morningstar categories other than U.S> Taxable, including all domiciled outside the United States, static duration breakpoints are also used. The values differ from the municipal category values, : (i) “Limited” equals less than or equal to 3.5 years,“Moderate” equals greater than 3.5 years but less than or equal to 6 years, “Extensive” is assigned to portfolios with effective durations of more than 6 years. Note: Interest-rate sensitivity for non-U.S. domiciled portfolios (excluding those in Morningstar convertible categories) may be assigned using average modified duration when average effective duration is not available.

For portfolios Morningstar classifies as U.S Taxable Fixed-Income, interest-rate sensitivity category assignment is based on the effective duration of the Morningstar Core Bond Index (MCBI). The classification assignment is dynamically determined relative to the benchmark index value. A “Limited” category will be assigned to portfolios whose average effective duration is between 25% to 75% of MCBI average effective duration, where the average effective duration is between 75% to 125% of the MCBI the portfolio will be classified as “Moderate”, and those portfolios with an average effective duration value 125% or greater of the average effective duration of the MCBI will be classified as “Extensive”.

P/B Ratio TTM
The Price/Book Ratio (or P/B Ratio) for a fund is the weighted average of the P/B Ratio of the stocks in its portfolio. Book value is the total assets of a company, less total liabilities. The P/B ratio of a company is calculated by dividing the market price of its outstanding stock by the company's book value, and then adjusting for the number of shares outstanding. Stocks with negative book values are excluded from this calculation. It shows approximately how much an investor is paying for a company’s assets based on historical valuations.

P/C Ratio TTM
The Price/Cash Flow Ratio (or P/C Ratio) for a fund is the weighted average of the P/C Ratio of the stocks in its portfolio. The P/C Ratio of a stock represents the amount an investor is willing to pay for a dollar generated from a company’s operations. It shows the ability of a company to generate cash and acts as a gauge of liquidity and solvency.

P/E Ratio TTM
The Price/Earnings Ratio (or P/E Ratio) for a fund is the weighted average of the P/E Ratios of the stocks in its portfolio. The P/E Ratio of a stock is the stock’s current price divided by the company’s trailing 12-month earnings per share. A high P/E Ratio usually indicates the market will pay more to obtain the company’s earnings because it believes in the company’s abilities to increase their earnings. A low P/E Ratio indicates the market has less confidence that the company’s earnings will increase, however value investors may believe such Release date 06-30-2022
©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®
59 stocks have an overlooked or undervalued potential for appreciation.

Percentile Rank in Category
Percentile Rank is a standardized way of ranking items within a peer group, in this case, funds within the same Morningstar Category. The observation with the largest numerical value is ranked zero the observation with the smallest numerical value is ranked 100. The remaining observations are placed equal distance from one another on the rating scale. Note that lower percentile ranks are generally more favorable for returns (high returns), while higher percentile ranks are generally more favorable for risk measures (low risk).

Performance Quartile
Performance Quartile reflects a fund’s Morningstar Rank.

Potential Capital Gains Exposure
Potential Capital Gains Exposure is an estimate of the percent of a fund’s assets that represent gains. It measures how much the fund’s assets have appreciated, and it can be an indicator of possible future capital gains distributions. A positive potential capital gains exposure value means that the fund’s holdings have generally increased in value while a negative value means that the fund has reported losses on its book.

Quarterly Returns
Quarterly Return is calculated applying the same methodology as Total Return except it represents return through each quarter-end.

R-Squared
R-squared is the percentage of a security or portfolio’s return movements that are explained by movements in its benchmark index, showing the degree of correlation between the security or portfolio and the benchmark. This figure is helpful in assessing how likely it is that beta and alpha are statistically significant. A value of 1 indicates perfect correlation between the security or portfolio and its benchmark. The lower the R-squared value, the lower the correlation.

Regional Exposure
The regional exposure is a display of the portfolio’s assets invested in the regions shown on the report.

Sector Weightings
Super Sectors represent Morningstar's broadest classification of equity sectors by assigning the 11 equity sectors into three classifications. The Cyclical Super Sector includes industries significantly impacted by economic shifts, and the stocks included in these sectors generally have betas greater than 1. The Defensive Super Sector generally includes industries that are relatively immune to economic cycles, and the stocks in these industries generally have betas less than 1. The Sensitive Super Sector includes industries that ebb and flow with the overall economy, but not severely so. Stocks in the Sensitive Super Sector generally have betas that are close to 1.

Share Change
Shares Change represents the number of shares of a stock bought or sold by a fund since the previously reported portfolio of the fund.

Sharpe Ratio
Sharpe Ratio uses standard deviation and excess return (a measure of a security or portfolio’s return in excess of the U.S. Treasury three-month Treasury Bill) to determine the reward per unit of risk.

Standard Deviation
Standard deviation is a statistical measure of the volatility of the security or portfolio’s returns. The larger the standard deviation, the greater the volatility of return.

Standardized Returns
Standardized Return applies the methodology described in the Standardized Returns page of this report. Standardized Return is calculated through the most recent calendar-quarter end for one-year, five-year, 10-year, and/or since- inception periods, and it demonstrates the impact of sales charges (if applicable) and ongoing fund expenses. Standardized Return reflects the return an investor may have experience if the security was purchased at the beginning of the period and sold at the end, incurring transaction charges.

Total Return
Total Return, or "Non Load-Adjusted Return", reflects performance without adjusting for sales charges (if applicable) or the effects of taxation, but it is adjusted to reflect all actual ongoing security expenses and assumes reinvestment of dividends and capital gains. It is the return an investor would have experienced if the fund was held throughout the period. If adjusted for sales charges and the effects of taxation, the performance quoted would be significantly reduced.

Total Return +/- indicates how a fund has performed relative to its peers (as measure by its Standard Index and/or Morningstar Category Index) over the time periods shown.

Trailing Returns
Standardized Return applies the methodology described in the Standardized Returns page of this report. Standardized Return is calculated through the most recent calendar-quarter end for one-year, five-year, 10-year, and/or since- inception periods, and it demonstrates the impact of sales charges (if applicable) and ongoing fund expenses. Standardized Return reflects the return an investor may have experienced if the fund was purchased at the beginning of the period and sold at the end, incurring transaction charges.

Load-Adjusted Monthly Return is calculated applying the same methodology as Standardized Return, except that it represents return through month-end. As with Standardized Return, it reflects the impact of sales charges and ongoing fund expenses, but not taxation. If adjusted for the effects of taxation, the performance quoted would be significantly different.

Trailing Return +/- indicates how a fund has performed relative to its peers (as measure by its Standard Index and/or Morningstar Category Index) over the time periods shown.

Investment Risks
International/Emerging Market Equities: Investing in international securities involves special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.

Sector Strategies: Portfolios that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks.

Non-Diversified Strategies: Portfolios that invest a significant percentage of assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.

Small Cap Equities: Portfolios that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and Release date 06-30-2022
©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®
60 are not as well established as larger blue-chip companies. Historically, smaller- company stocks have experienced a greater degree of market volatility than the overall market average.

Mid Cap Equities: Portfolios that invest in companies with market capitalization below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies.

High-Yield Bonds: Portfolios that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default.

Tax-Free Municipal Bonds: The investor should note that the income from tax- free municipal bond funds may be subject to state and local taxation and the Alternative Minimum Tax.

Bonds: Bonds are subject to interest rate risk. As the prevailing level of bond interest rates rise, the value of bonds already held in a portfolio declines.

Portfolios that hold bonds are subject to declines and increases in value due to general changes in interest rates.

HOLDRs: The investor should note that these are narrow industry-focused products that, if the industry is hit by hard times, will lack diversification and possible loss of investment would be likely. These securities can trade at a discount to market price, ownership is of a fractional share interest, the underlying investments may not be representative of the particular industry, the HOLDR might be delisted from the AMEX if the number of underlying companies drops below nine, and the investor may experience trading halts.

Hedge Funds: The investor should note that hedge fund investing involves specialized risks that are dependent upon the type of strategies undertaken by the manager. This can include distressed or event-driven strategies, long/short strategies, using arbitrage (exploiting price inefficiencies), international investing, and use of leverage, options and/or derivatives. Although the goal of hedge fund managers may be to reduce volatility and produce positive absolute return under a variety of market conditions, hedge funds may involve a high degree of risk and are suitable only for investors of substantial financial means who could bear the entire loss of their investment.

Bank Loan/Senior Debt: Bank loans and senior loans are impacted by the risks associated with fixed income in general, including interest rate risk and default risk. They are often non-investment grade; therefore, the risk of default is high.

These securities are also relatively illiquid. Managed products that invest in bank loans/senior debt are often highly leveraged, producing a high risk of return volatility.

Exchange Traded Notes (ETNs): ETNs are unsecured debt obligations. Any repayment of notes is subject to the issuer's ability to repay its obligations.

ETNs do not typically pay interest.

Leveraged ETFs: Leveraged investments are designed to meet multiples of the return performance of the index they track and seek to meet their fund objectives on a daily basis (or other time period stated within the prospectus objective). The leverage/gearing ratio is the amount of excess return that a leveraged investment is designed to achieve in comparison to its index performance (i.e. 200%, 300%, -200%, or -300% or 2X, 3X, -2X, -3X).

Compounding has the ability to affect the performance of the fund to be either greater or less than the index performance multiplied by the multiple stated within the funds objective over a stated time period.

Short Positions: When a short position moves in an unfavorable way, the losses are theoretically unlimited. The broker may demand more collateral and a manager might have to close out a short position at an inopportune time to limit further losses.

Long-Short: Due to the strategies used by long-short funds, which may include but are not limited to leverage, short selling, short-term trading, and investing in derivatives, these funds may have greater risk, volatility, and expenses than those focusing on traditional investment strategies.

Liquidity Risk: Closed-end fund, ETF, and HOLDR trading may be halted due to market conditions, impacting an investor’s ability to sell a fund.

Market Price Risk: The market price of ETFs, HOLDRs, and closed-end funds traded on the secondary market is subject to the forces of supply and demand and thus independent of the NAV. This can result in the market price trading at a premium or discount to the NAV, which will affect an investor’s value.

Market Risk: The market prices of ETFs and HOLDRs can fluctuate as a result of several factors, such as security-specific factors or general investor sentiment.

Therefore, investors should be aware of the prospect of market fluctuations and the impact it may have on the market price.

Target-Date Funds: Target-date funds typically invest in other mutual funds and are designed for investors who are planning to retire during the target date year.

The fund's target date is the approximate date when investors expect to begin withdrawing their money. A target-date fund's investment objective/strategy typically becomes more conservative over time, primarily by reducing its allocation to equity mutual funds and increasing its allocations in fixed-income mutual funds. An investor's principal value in a target-date fund is not guaranteed at any time, including at the fund's target date.

High double- and triple-digit returns: High double- and triple-digit returns were the result of extremely favorable market conditions, which may not continue to be the case. High returns for short time periods must not be a major factor when making investment decisions.

Benchmark Disclosure
Bloomberg US Agg Bond TR USD
This index is composed of the BarCap Government/Credit Index, the Mortgage- Backed Securities Index, and the Asset-Backed Securities Index. The returns we publish for the index are total returns, which includes the daily reinvestment of dividends. Bloomberg Indexes and its associated data, Copyright © 2022 Bloomberg Index Services Limited. Bloomberg® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”).

Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material or guarantee the accuracy or completeness of any information herein, nor does Bloomberg make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, Bloomberg shall not have any liability or responsibility for injury or damages arising in connection therewith. The constituents displayed for this index are from the following proxy: iShares Core US Aggregate Bond ETF.

Bloomberg US Universal TR USD
BarCap U.S. Universal Bond Index: The U.S. Universal Index mirrors the increasingly popular “Core Plus” choice set used by many U.S.-dollar investors.

It is the union of the U.S. Aggregate Index, the U.S. High Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non- Release date 06-30-2022
©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®
61 ERISA portion of the CMBS Index, and the CMBS High Yield Index. Municipal debt, private placements, and non-dollar- denominated issues are excluded from the Universal Index. The constituents displayed for this index are from the following proxy: iShares Core Total USD Bond Market ETF.

Foreign Large Blend
These funds seek capital appreciation by investing in a variety of large international stocks. Large-cap foreign stocks have market capitalizations greater than $5 billion. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds typically will have less than 20% of assets invested in U.S. stocks.

Intermediate Core Bond
Intermediate-term core bond portfolios invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index.

Large Blend
Large-blend portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index.

Money Market-Taxable
These funds invest in short-term money market securities in order to provide a level of current income that is consistent with the preservation of capital.

Morningstar Lifetime Mod 2020 TR USD
The Morningstar Lifetime Moderate 2020 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.

This portfolio is held in proportions appropriate for a U.S. investor who is about ten years away from retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Lifetime Mod 2025 TR USD
The Morningstar Lifetime Moderate 2025 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.

This portfolio is held in proportions appropriate for a U.S. investor who is about 15 years away from retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Lifetime Mod 2030 TR USD
The Morningstar Lifetime Moderate 2030 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.

This portfolio is held in proportions appropriate for a U.S. investor who is about 20 years away from retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Lifetime Mod 2035 TR USD
The Morningstar Lifetime Moderate 2035 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.

This portfolio is held in proportions appropriate for a U.S. investor who is about 25 years away from retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Lifetime Mod 2040 TR USD
The Morningstar Lifetime Moderate 2040 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.

This portfolio is held in proportions appropriate for a U.S. investor who is about 30 years away from retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Lifetime Mod 2045 TR USD
The Morningstar Lifetime Moderate 2045 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.

This portfolio is held in proportions appropriate for a U.S. investor who is about 35 years away from retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Lifetime Mod 2050 TR USD
The Morningstar Lifetime Moderate 2050 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.

This portfolio is held in proportions appropriate for a U.S. investor who is about 40 years away from retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Lifetime Mod 2055 TR USD
The Morningstar Lifetime Moderate 2055 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.

This portfolio is held in proportions appropriate for a U.S. investor who is about 45 years away from retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Lifetime Mod 2060 TR USD
The index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2060. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

Morningstar Lifetime Mod Incm TR USD
The Morningstar Lifetime Moderate Income Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a U.S. investor who is at least ten years into retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Mod Tgt Risk TR USD
The Morningstar Moderate Target Risk Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.

This portfolio is held in a static allocation appropriate for U.S. investors who seek average exposure to equity market risk and returns.

Morningstar US Large Mid Brd Grt TR USD
The index provides a comprehensive depiction of the performance and fundamental characteristics of the Large-Mid Cap Growth segment of U.S. equity markets. It targets stocks representing the faster growing half of the U.S. large- and mid-cap market. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

Morningstar US Large Mid Brd Val TR USD
The index provides a comprehensive depiction of the performance and fundamental characteristics of the Large-Mid Cap Value segment of U.S. equity markets. It targets stocks representing the cheaper half of the U.S. large- and mid-cap market. This Index does not incorporate Environmental, Social, or Release date 06-30-2022
©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®
62 Governance (ESG) criteria.

Morningstar US Mid Cap Brd Grt TR USD
The index measures the performance of US mid-cap growth stocks. It targets stocks representing the faster growing half of the mid-cap market. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

Morningstar US Mod Agg Tgt Alloc NR USD
The Morningstar Target Allocation Index family consists of indexes that offer a diversified mix of stocks and bonds created for local investors to benchmark their allocation funds. Morningstar's Category classification system defines the level of equity and bond exposure for each index. The Morningstar US Moderately Aggressive Target Allocation Index seeks 77.5% exposure to global equity markets.

Morningstar US Mod Con Tgt Alloc NR USD
The Morningstar Target Allocation Index family consists of indexes that offer a diversified mix of stocks and bonds created for local investors to benchmark their allocation funds. Morningstar's Category classification system defines the level of equity and bond exposure for each index. The Morningstar US Moderately Conservative Target Allocation Index seeks 40% exposure to global equity markets.

MSCI ACWI Ex USA Growth NR USD
The index measures the performance of the growth large and mid cap segments of the particular regions, excluding USA equity securities, including developed and emerging market. It is free float-adjusted market-capitalization weighted.

The constituents displayed for this index are from the following proxy: iShares MSCI ACWI ETF.

MSCI ACWI Ex USA NR USD
The MSCI AC World ex USA is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The index consists of 48 developed and emerging market country indices. The returns we publish for the index are total returns, which include reinvestment of dividends. The constituents displayed for this index are from the following proxy: iShares MSCI ACWI ex US ETF.

MSCI ACWI NR USD
The index measures the performance of the large and mid cap segments of all country markets. It is free float-adjusted market-capitalization weighted. The constituents displayed for this index are from the following proxy: iShares MSCI ACWI ETF.

Russell 1000 Growth TR USD
Tracks the companies within the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. The constituents displayed for this index are from the following proxy: iShares Russell 1000 Growth ETF.

Russell 1000 TR USD
Consists of the 1000 largest companies within the Russell 3000 index, which represents approximately 98% of the investable US equity market. Also known as the Market-Oriented Index, because it represents the group of stocks from which most active money managers choose. The constituents displayed for this index are from the following proxy: iShares Russell 1000 ETF.

Russell 1000 Value TR USD
Tracks the companies within the Russell 1000 with lower price-to-book ratios and lower forecasted growth values. The constituents displayed for this index are from the following proxy: iShares Russell 1000 Value ETF.

Russell 2000 TR USD
Consists of the 2000 smallest companies in the Russell 3000 Index. The constituents displayed for this index are from the following proxy: iShares Russell 2000 ETF.

Russell Mid Cap Growth TR USD
Tracks the companies within the Russell Midcap Index with higher price-to-book ratios and higher forecasted growth values. The constituents displayed for this index are from the following proxy: iShares Russell Mid-Cap Growth ETF.

Russell Mid Cap TR USD
Measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. The constituents displayed for this index are from the following proxy: iShares Russell Mid-Cap ETF.

Russell Mid Cap Value TR USD
Tracks the companies within the Russell Midcap Index having lower price-to- book ratios and lower forecasted growth values. The constituents displayed for this index are from the following proxy: iShares Russell Mid-Cap Value ETF.

S&P 500 TR USD
A market capitalization-weighted index composed of the 500 most widely held stocks whose assets and/or revenues are based in the US; it's often used as a proxy for the U.S. stock market. TR (Total Return) indexes include daily reinvestment of dividends. The constituents displayed for this index are from the following proxy: SPDR® S&P 500 ETF Trust.

Release date 06-30-2022
©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®
63

Vallejo City CouncilJuly 18, 2022

Vallejo City Council
July 18, 2022